T&D (8795) Q4 2026 earnings summary

Executive summary

• Group adjusted profit for FY ended March 2026 reached a record ¥158.5 billion, up 13.1% year-over-year and surpassing forecasts, driven by strong domestic life insurance performance.

• Profit attributable to owners of parent rose 10.0% to ¥138.9 billion, supported by higher interest and dividend income.

• Dividend per share for FY2026 is expected at ¥130, up ¥50 year-over-year, marking the 11th consecutive annual increase, with a further increase to ¥164 forecast for FY2027.

• Comprehensive income surged to ¥373.9 billion from a loss of ¥1.5 billion in the prior year.

• Ordinary revenues for FY2026 were ¥3,482.2 billion, down 6.7% year-over-year, mainly due to lower investment income and other ordinary revenues.

Financial highlights

• Adjusted EPS increased 19.1% year-on-year, aided by share buybacks.

• Core profit in the domestic life insurance business surged 48.0% year-over-year to ¥239.8 billion.

• Investment income jumped 53.2% to ¥747.9 billion; insurance premium income rose 2.2% to ¥2,635.7 billion.

• Net assets increased 14.8% to ¥1,617.6 billion; equity ratio improved to 9.3%.

• Net income per share was ¥279.64, up from ¥241.67 year-over-year.

Outlook and guidance

• FY2027 group adjusted profit is forecast at ¥172.0 billion, up ¥13.4 billion year-on-year, with adjusted ROE at 11%.

• Dividend per share forecast for FY2027 is ¥164.00, up from ¥130.00 in FY2026.

• FY2027 ordinary revenues are forecast at ¥3,000.0 billion, down 13.8%; ordinary profit expected at ¥235.0 billion, down 8.6%.

• Profit attributable to owners of parent projected at ¥135.0 billion, down 2.9%.

• Focus on maintaining ESR within 185%-225% range, balancing investment and shareholder returns.