Integral (5842) Q4 2024 earnings summary

Executive summary

• Revenue surged 121.8% year-over-year to ¥31,230 million, driven by significant investment exits and carried interest realization from Fund III and active exits across multiple funds.

• Operating income rose 136.6% to ¥26,017 million, and profit attributable to owners of the parent increased 139.0% to ¥18,106 million.

• Launched real estate investment business and completed first closing of Real Estate Fund I in early 2025.

• Fund V Series reached final closing with JPY 250bn in commitments; investment period starts January 31, 2025.

• Major exits included Skymark, JRC, Itokin, Mamezou K2TOP Holdings, and T-Garden.

Financial highlights

• Revenue more than doubled year-over-year to ¥31,230mn in FY2024.

• Net income rose to ¥18,106mn from ¥7,574mn year-over-year.

• Operating income increased to ¥26,017mn from ¥10,994mn year-over-year.

• Total assets increased to ¥79,050mn from ¥56,296mn, and equity attributable to owners of parent rose to ¥57,624mn.

• Cash and cash equivalents at year-end were ¥22,137mn, up from ¥18,922mn.

Outlook and guidance

• FY2025 annual dividend forecast maintained at JPY 34 per share, with interim and year-end dividends of JPY 17 each.

• Dividend policy remains at 2% DOE, based on equity attributable to owners.

• Fund V Series investment period starts January 31, 2025, with ¥4.4 billion in management fees expected for FY2025.

• Continued fundraising for Real Estate Fund I, targeting over JPY 10bn in committed capital.

• No formal earnings forecast provided due to unpredictability of private equity market conditions and fair value estimates.