Tokyu Fudosan Holdings (3289) Q2 2026 earnings summary

Executive summary

• Full-year earnings forecast revised upward to JPY 160 billion operating profit and JPY 90 billion net profit, reflecting strong real estate agent business, investor sales, and record highs in operating revenue and profit metrics for the first half.

• ROE target raised to 10.7% and EPS growth rate projected at 16% for the fiscal year.

• Annual dividend forecast increased to JPY 44.5, with a payout ratio of 35.3%.

• Progress in the first year of the mid-term management plan is proceeding smoothly.

Financial highlights

• Operating revenue for the first six months was ¥591.3 billion, up 17.5% year-over-year, and operating profit rose to ¥78.5 billion, up 55.3% year-over-year.

• Profit attributable to owners of parent reached ¥52.2 billion, up 108.1% year-over-year.

• Extraordinary income included profit on sales of affiliated company shares (¥9.5 billion in FY2025 Q2).

• Gross profit margin for condominiums revised upward to 31% for the full year.

• EPS achieved average annual growth over 30% in the previous medium-term plan; 16% EPS growth expected this year.

Outlook and guidance

• Full-year operating revenue forecast revised to ¥1,300.0 billion, operating profit to ¥160.0 billion, and net profit to ¥90.0 billion.

• Dividend increases to continue in line with profit growth.

• No significant changes expected in the business environment despite rising construction costs and interest rates.