Hulic (3003) Q4 2025 earnings summary

Executive summary

• FY2025 profits exceeded revised forecasts, with all profit items up over 10% year-over-year, marking the 17th consecutive year of record-high profit and dividend per share since listing.

• Operating revenue rose 22.9% year-over-year to JPY727.4 bn, driven by stable leasing income and robust real estate sales.

• Operating profit reached JPY186.8 bn (+14.3% YoY), ordinary profit JPY172.9 bn (+12.0% YoY), and profit attributable to owners JPY114.3 bn (+11.7% YoY).

• The company continued to execute its Medium- to Long-term Management Plan, focusing on portfolio restructuring and development projects.

Financial highlights

• Comprehensive income for the year was JPY135.3 bn, up 25.0% year-over-year.

• Total assets increased to JPY3,506.1 bn, with net assets rising to JPY940.0 bn and an equity ratio of 26.0%.

• Cash flows from operating activities were JPY269.2 bn, while investing activities used JPY544.5 bn and financing activities provided JPY272.3 bn.

• Free cash flow was negative due to large-scale investments and M&A activity.

• Cash and cash equivalents at year-end were JPY130.7 bn.

Outlook and guidance

• FY2026 forecast targets operating profit of JPY210.0 bn (+23.1 bn YoY), ordinary profit of JPY185.0 bn (+12.0 bn YoY), and net income of JPY121.0 bn (+6.6 bn YoY).

• EPS is projected at JPY159.35 for 2026.

• Annual dividend planned at 67.0 yen (+5.0 yen YoY), payout ratio 42.0%.

• New medium- and long-term management plan to be announced in February 2026.