Nomura Real Estate (3231) Q3 2025 earnings summary

Executive summary

• Operating revenue and profits reached record highs for the third quarter, with operating revenue at ¥571.8 billion (up 10.3% YoY) and profit attributable to owners of parent at ¥62.4 billion, a 44.4% increase YoY, driven by growth in all six business units and strong housing and overseas sales.

• Growth was fueled by increased housing unit sales, higher average sales prices, and expansion in hotel and overseas businesses, especially in Vietnam.

Financial highlights

• Third quarter operating revenue: ¥571.8 billion; business profit: ¥101.3 billion; net profit attributable to owners: ¥62.4 billion; basic EPS: ¥361.34.

• Full-year operating revenue forecast revised to ¥760 billion (down from initial), business profit to ¥120 billion (up), ordinary profit to ¥102 billion, and net profit to ¥72 billion.

• Dividend for the full year increased to ¥170 per share, marking 13 consecutive years of growth; payout ratio 40.7%, total return ratio 47.7%.

• Comprehensive income for the period was ¥54,901 million, up 12.4% YoY.

Outlook and guidance

• Upward revision of full-year business profit outlook due to strong domestic and overseas performance, especially in Vietnam.

• Dividend forecast revised upward to ¥170.00 per share for the fiscal year ending March 31, 2025.

• Business profit target of ¥115.0 billion for Phase I of the Mid- to Long-term Business Plan expected to be exceeded.