Nomura Real Estate (3231) Q1 2027 earnings summary

Executive summary

• First quarter operating revenue was ¥191.064 billion, business profit ¥27.1 billion, and net profit attributable to owners ¥14.728 billion, all decreasing year-over-year, but progress is on track for full-year targets.

• Comprehensive income rose 37.1% year-over-year to ¥18.013 billion, despite lower profits.

• Full-year forecasts remain unchanged, expecting record-high operating revenue and profits, and a dividend increase for the 15th consecutive year.

Financial highlights

• Q1 operating revenue: ¥191.064 billion (down 13.7% YoY); business profit: ¥27.1 billion; net profit: ¥14.728 billion, all down year-over-year.

• Operating gross profit was ¥63.465 billion, down from ¥72.515 billion year-over-year.

• EPS for the quarter was ¥17.23, compared to ¥26.99 in the prior year.

• Shareholders’ equity ratio stood at 28.3%, with total assets at ¥2,836.892 billion and interest-bearing debt at ¥1,696.5 billion.

• ROA for FY26/3 was 5.4% and ROE was 10.7%, both exceeding long-term targets.

Outlook and guidance

• Full-year operating revenue forecast is ¥1,080.0 billion, up 14.6% year-over-year; profit attributable to owners projected at ¥86.0 billion, up 3.8% year-over-year.

• Annual dividend per share forecast is ¥44.0, up ¥4.0 YoY, with a payout ratio of 43.7%.

• No revision to full-year outlook despite material cost increases and construction delays, as contingency reserves are expected to absorb impacts.