Tokyu Fudosan Holdings (3289) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 and nine-month operating revenue and profit, driven by strong condominium, real estate agent, and hotel business performance amid robust housing and inbound tourism markets.

• Integrated Renewable Japan as a consolidated subsidiary to strengthen the renewable energy business and value chain.

• Upgraded long-term issuer rating to A+ (Stable) by JCR, reflecting improved financial structure and stable earnings sources.

• Progress toward full-year forecasts: 67.0% for operating revenue and 65.1% for operating profit achieved.

Financial highlights

• Q3 operating profit: ¥87.8B (YoY +16.6%); net profit: ¥47.4B (YoY +4.4%); both at record levels.

• Operating revenue: ¥763.2B (YoY +6.3%); ordinary profit: ¥79.1B (YoY +16.4%).

• EBITDA: ¥189.2B (YoY +¥19.3B); EBITDA multiple improved to 8.7x.

• Equity ratio: 25.1% (up from 24.8%); D/E ratio stable at 2.2x.

• Dividend per share revised to ¥34.0 (+¥2.0 vs initial forecast); payout ratio 33.2%.

Outlook and guidance

• FY2024 operating profit forecast raised to ¥135.0B; net profit forecast to ¥73.0B; EPS forecast ¥102.39.

• All medium-term management plan financial targets for FY2025 achieved two years ahead of schedule.

• Next medium-term management plan to start in FY2025, focusing on international city competitiveness, regional resource utilization, and sustainable business models.

• No change to previously announced forecasts; business conditions remain favorable.