T&D (8795) Q3 2026 earnings summary

Executive summary

• Group adjusted profit for the nine months ended December 2025 was ¥122.5 billion, up 22.1% year-over-year, reaching 83.9% of the full-year forecast of ¥146.0 billion.

• Ordinary revenues for the nine months ended December 31, 2025, rose 3.0% year-over-year to ¥2,607.8 billion, driven by a 34.4% increase in investment income despite a 1.6% decline in insurance premiums.

• Ordinary profit increased 0.6% to ¥180.3 billion, while profit attributable to owners of parent declined 9.8% year-over-year to ¥108.6 billion, mainly due to a reversal of temporary valuation gains at a foreign reinsurance affiliate and higher extraordinary losses.

• Comprehensive income surged 230.5% to ¥357.7 billion, reflecting significant gains in available-for-sale securities.

Financial highlights

• Core profit in the domestic life insurance business rose 40.5% year-over-year to ¥166.7 billion, driven by higher interest and dividends income.

• Investment income grew to ¥552.2 billion (up 34.4%), offsetting a decline in insurance premium income.

• Group MCEV increased 11.4% from the previous fiscal year-end to ¥4,397.4 billion, reflecting new business value accumulation and higher stock prices.

• Solvency margin ratio remained strong at 944.5% (consolidated), despite a decrease due to investment activities.

• Total assets as of December 31, 2025, reached ¥17,343.3 billion, up 3.8% from the previous fiscal year-end.

Outlook and guidance

• Full-year group adjusted profit forecast remains at ¥146.0 billion, with no changes to the annual dividend per share forecast of ¥124.0.

• Full-year forecast for ordinary revenues is ¥3,010.0 billion, with ordinary profit projected at ¥223.0 billion and profit attributable to owners of parent at ¥118.0 billion (down 6.6% year-over-year).

• Share buyback program up to ¥100.0 billion, with ¥83.1 billion acquired as of January 2026.