Ichigo (2337) Q4 2026 earnings summary

Executive summary

• Achieved record business profit, net income, cash earnings, and stock earnings, with business profit up 13% and net income up 9.5% year-over-year, driven by strong SRE and Ichigo Owners segments, while Hotel and Clean Energy saw declines.

• Revenue rose 10.9% year-over-year to JPY 92.7 billion, supported by robust rental income, asset sales, and clean energy initiatives.

• Maintained a progressive dividend policy, executed significant share buybacks, and raised the DOE target, reflecting a permanent dividend increase.

• Continued focus on sustainability, receiving RE100 certification, achieving CO2 reduction nine times greater than emissions, and expanding renewable energy and battery storage.

Financial highlights

• FY26/2 business profit: JPY 28.0B (+13% YOY); net income: JPY 16.6B (+9.5% YOY); EPS: JPY 40.11 (+15.1% YOY); cash EPS flat; cash earnings JPY 42.2B (+9% YOY); stock earnings JPY 24.3B (+6% YOY).

• Operating profit increased 25.4% to JPY 20.4B; recurring profit up 24.2% to JPY 17.1B.

• Total assets grew to JPY 435.8B (+7.2% YOY); shareholders’ equity ratio was 26.6%.

• Dividend per share increased to JPY 11.5 (+10% YOY); DOE target raised to 5% for FY27/2.

Outlook and guidance

• FY27/2 forecast: business profit JPY 34.0B (+21% YOY), net income JPY 18.0B (+8% YOY), cash net income JPY 24.0B (+30% YOY), EPS JPY 45.13 (+13% YOY), cash EPS JPY 60.17 (+35% YOY).

• Dividend forecast raised to JPY 15.5 (+35% YOY); DOE target increased to 5%.

• Durable growth expected, with high capital efficiency and ongoing balance sheet shrinkage.