Tokyu Fudosan Holdings (3289) Q4 2026 earnings summary

Executive summary

• Achieved record highs in operating profit (JPY 166.9 billion) and net income (JPY 96.7 billion) for FY ended March 2026, surpassing midterm plan targets two years ahead of schedule, with all business segments posting profit growth year-over-year.

• ROE reached 11.2% and EPS grew 24.6% year-over-year, with strong performance in brokerage, office leasing, and condominium sales, especially in Greater Shibuya.

• Operating revenue rose 8.3% year-over-year to ¥1,246.0 billion, with robust real estate market conditions and improved occupancy in key areas.

• Updated midterm management plan to be announced next year, maintaining focus on high growth, efficiency, and resilience to market fluctuations.

• Achieved record highs in operating revenue, operating profit, ordinary profit, and profit attributable to owners of parent for the fifth consecutive year.

Financial highlights

• Operating profit: JPY 166.9 billion; Net income: JPY 96.7 billion for FY ended March 2026.

• NAV per share increased to JPY 1,739; unrealized gains on investment properties rose 15% to JPY 498.8 billion.

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

• Dividend increased to JPY 48 for FY ended March 2026, with a planned increase to JPY 50 for FY ending March 2027; payout ratio 35.7%.

• Total assets grew to ¥3,419.1 billion, and net assets to ¥916.6 billion as of March 31, 2026.

Outlook and guidance

• FY ending March 2027 guidance: operating revenue JPY 1.4 trillion, operating profit JPY 190 billion, net income JPY 100 billion.

• 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.

• Plan to achieve all FY 2028 financial targets one year ahead of schedule.

• Expect continued strong performance in sales to investors, condominium sales, and brokerage operations.

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