Mitsubishi Estate Co. (8802) Q3 2026 earnings summary

Executive summary

• Operating profit for FY2025 3Q reached ¥227.3 billion, up ¥32.8 billion year-over-year, and profit attributable to owners of parent was ¥156.5 billion, up ¥50.7 billion, both record highs for the third quarter.

• Operating revenue for 3Q FY2025 rose 15.5% year-over-year to ¥1,210,073 million, with operating profit up 16.9% to ¥227,374 million and profit attributable to owners of parent up 22.7% to ¥166,809 million.

• Comprehensive income increased 22.7% year-over-year to ¥130,116 million.

• Strong leasing of new office buildings, upward rent revisions, and robust retail and hotel business performance drove results.

• Capital gains advanced steadily in Japan and overseas, with significant U.S. data center sales to be recognized in 4Q.

Financial highlights

• Operating revenue for FY2025 3Q was ¥1,210.1 billion, up ¥162.2 billion year-over-year.

• EPS for 3Q FY2025 was ¥127.45, up from ¥84.23 in 3Q FY2024.

• Total assets as of December 31, 2025, were ¥8,220.1 billion, up ¥223.5 billion from March 2025.

• Total equity to total assets ratio was 30.8% as of Dec. 31, 2025.

• ROE improved to the mid-8% range, progressing toward a 10% target.

Outlook and guidance

• FY2025 operating profit forecast revised upward to ¥330 billion, an increase of ¥5 billion from previous guidance.

• Profit attributable to owners of parent forecast raised by ¥25 billion to ¥220 billion, driven by accelerated sales of strategic holdings.

• Full-year FY2025 forecast: operating revenue ¥1,850,000 million (+17.1%), operating profit ¥330,000 million (+16.2%), ordinary profit ¥275,000 million (+6.7%), profit attributable to owners of parent ¥220,000 million (+4.6%), EPS ¥181.72.

• Dividend forecast for FY2025 is ¥46 per share, with a progressive policy of +¥3 per year until FY2030.

• Forecast revisions were made during the quarter, and share repurchases are factored into EPS guidance.