T&D (8795) Q2 2026 earnings summary

Executive summary

• Group adjusted profit for the six months ended September 30, 2025, was ¥70.1 billion, down 13.4% year-over-year, mainly due to lower investment income from Fortitude, while positive spread in domestic life insurance increased.

• Profit attributable to owners of parent rose 3.0% year-over-year to ¥67.3 billion, driven by higher interest and dividends income.

• Ordinary revenues for the six months ended September 30, 2025, rose 3.6% year-over-year to ¥1,718.6 billion, driven by strong investment income despite a slight decline in insurance premiums.

• Comprehensive income surged to ¥191.9 billion from a loss of ¥18.6 billion in the prior year period, reflecting significant gains in available-for-sale securities.

• Interim dividend of ¥62 per share paid; annual dividend forecast at ¥124 per share, marking 11 consecutive years of increases.

Financial highlights

• Annualized premiums of new policies increased 8.6% year-over-year to ¥114.3 billion; policies in force up 2.7% to ¥1,749.6 billion.

• Core profit for the domestic life insurance business rose 27.4% year-over-year to ¥103.4 billion, supported by favorable sales and higher interest/dividends income.

• Investment income jumped 32.6% year-over-year to ¥326.3 billion, offsetting a 0.8% decline in insurance premium income.

• Group MCEV increased 8.2% from March 2025 to ¥4,269.5 billion, reflecting new business value accumulation and higher stock prices and interest rates.

• Earnings per share for the period was ¥133.30, up from ¥123.96 a year earlier.

Outlook and guidance

• Full-year group adjusted profit forecast is ¥146.0 billion, with 48.1% progress as of the first half.

• Full-year ordinary revenues are forecast at ¥3,010.0 billion, up 12.3% year-over-year.

• Profit attributable to owners of parent is projected at ¥118.0 billion, down 6.6% year-over-year.

• No change to earnings or annual dividend per share forecasts for the year ending March 31, 2026.

• Annual dividend per share is forecast to increase to ¥124.00 from ¥80.00 in the previous year.