Tokyu Fudosan Holdings (3289) Q4 2026 earnings summary

Executive summary

• FY2025 achieved record highs in operating revenue, operating profit, and profit attributable to owners, driven by strong real estate agent business, investor sales, and improved occupancy in key areas, especially Greater Shibuya.

• All business segments posted profit growth year-over-year, with notable gains in real estate agents and residential businesses.

Financial highlights

• Operating revenue rose to ¥1,246.0 billion in FY2025, up 8.3% or ¥95.7 billion year-over-year; operating profit increased by 18.6% to ¥166.9 billion; net profit attributable to owners was ¥96.7 billion, up 24.7%.

• EPS grew to ¥135.45, a 24.6% increase from FY2024.

• ROE reached 11.2% and ROA 5.0% for FY2025; equity ratio at 26.3%, DER at 2.0x, EBITDA multiple at 7.6x.

• Comprehensive income for FY2025 was ¥117,013 million, up 18.9% year-over-year.

Outlook and guidance

• FY2026 forecasts record profit, with operating revenue projected at ¥1,400.0 billion (+12.4%), operating profit at ¥190.0 billion (+13.9%), and profit attributable to owners at ¥100.0 billion (+3.4%).

• ROE is expected to be approximately 11%, with EPS forecast at ¥140.02 and average EPS growth of 13.5% per year from FY2024 to FY2026.

• Dividend policy targets a payout ratio of 35% or more, with annual dividends planned at ¥50.0 per share for FY2026.

• Despite uncertainties from international instability, rising rates, and inflation, continued growth is expected, supported by strong investor sales and real estate agent business.