Mitsui Fudosan (8801) Q3 2025 earnings summary

Executive summary

• Nine-month and full-year results show strong progress, with revenue from operations rising to ¥1,981,849 million for the nine months ended December 31, 2025, up 18.2% year-over-year, and total assets reaching ¥9,975,659 million.

• EPS for FY2023 grew by 15% year-over-year, with a forecasted EPS of ¥85.9 for FY2024 and basic EPS for the nine months ended December 2025 at ¥79.43.

• Upward revision to full-year forecast: operating, business, and ordinary income each raised, with net income forecasted at ¥270,000 million for FY2025/2026.

• Share repurchase of up to ¥45 billion announced, with total shareholder return ratio projected at 53.5%.

• Strategic equity holdings reduced by over 20% versus fiscal 2023, advancing toward a 50% reduction goal by 2026.

Financial highlights

• Operating income for the nine months ended December 2025 increased 37.2% year-over-year to ¥302,623 million; ordinary income rose 43.1% to ¥247,511 million.

• Net profit for the nine months was ¥219,868 million, up 52.7% year-over-year; comprehensive income surged 870.6% to ¥190,387 million.

• Extraordinary income included a ¥51,676 million gain on sale of fixed assets and ¥45,327 million gain on sale of investment securities.

• Equity ratio as of December 31, 2025, was 32.0%; total assets at ¥9,975,659 million.

• Dividend per share increased to ¥34.00 forecast for the year ending March 31, 2026.

Outlook and guidance

• Full-year revenue forecast is ¥2,700,000 million (+2.8% YoY), with operating income of ¥395,000 million (+6.0%) and net income attributable to shareholders of ¥270,000 million (+8.5%).

• Management targets annual EPS growth of 8% or higher through FY2030 and ROE of 10% or higher by FY2030.

• Total payout return ratio is set at 50% or higher each period from FY2024–FY2026, with stable dividend increases linked to profit growth.

• Interest-bearing debt year-end guidance revised up to ¥4.55 trillion, with expected decline from Q3 level due to cost recovery.