Tokyu Fudosan Holdings (3289) Q2 2026 earnings summary

Executive summary

• Operating revenue for FY2025 Q2 rose to ¥591.3 billion, up 17.5% year-over-year, with operating profit at ¥78.5 billion, up 55.3%, driven by strong Urban Development and Real Estate Agents segments and improved office/commercial occupancy.

• Achieved record highs in operating revenue and all profit metrics for the first six months, led by sales to investors and robust real estate agent business.

• Full-year forecasts were revised upward: operating profit to ¥160.0 billion (+¥7.0 billion from initial), net profit to ¥90.0 billion (+¥5.0 billion), and ROE to 10.7%.

• Shareholder returns enhanced with a forecasted annual dividend of ¥44.5, up ¥8.0 from the previous year, and a payout ratio target of 35% or more.

Financial highlights

• FY2025 Q2 profit attributable to owners of parent reached ¥52.2 billion, up 108.1% year-over-year.

• Operating revenue progress at 45.5% of full-year forecast; operating profit at 49.1%.

• Earnings per share increased to ¥72.92 from ¥35.15 year-over-year.

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

• Comprehensive income for the period was ¥42.5 billion.

Outlook and guidance

• FY2025 full-year operating revenue forecast revised to ¥1,300.0 billion (up 2.4% from initial), operating profit to ¥160.0 billion (up 4.6%), and net profit to ¥90.0 billion (up 5.9%).

• EPS forecast raised to ¥126.07, with a growth rate of 16.0% year-over-year.

• ROE forecast raised to 10.7%.

• Upward revision driven by strong real estate agents business and sales to investors.

• Dividend forecast for FY2025 revised to ¥44.50 per share.