Tokyu Fudosan Holdings (3289) Q4 2025 earnings summary

Executive summary

• FY2024 achieved record highs in operating revenue, operating profit, and net profit, surpassing forecasts, with an annual dividend of 36.5 yen, up 2.5 yen from forecast.

• Strong performance in condominiums, real estate agents, and hotels amid robust property and inbound demand.

• Segment profits rose in Urban Development, Property Management & Operation, and Real Estate Agents, while Strategic Investment declined.

• Company acquisition and investment progress led to higher non-current assets and real estate for sale.

• All major profit metrics exceeded full-year forecasts announced in November 2024.

Financial highlights

• Operating revenue rose to ¥1,150.3B (up 4.3% YoY), operating profit to ¥140.8B (up 17.1% YoY), and net profit attributable to owners to ¥77.6B (up 13.2% YoY).

• EPS reached ¥108.69 (up ¥12.28 YoY), and comprehensive income increased 14.7% YoY to ¥98.4B.

• Extraordinary income included a ¥3.4B gain on step acquisitions and ¥2.8B profit on sales of affiliated company shares.

• Extraordinary losses included a ¥5.5B provision for loss on business liquidation and ¥2.9B loss on valuation of investment securities.

• Cash and cash equivalents at year-end decreased to ¥157.5B, while interest-bearing debt increased to ¥1,747.8B.

Outlook and guidance

• FY2025 forecasts operating revenue of ¥1,270.0B (up 10.4% YoY), operating profit of ¥153.0B (up 8.7% YoY), and net profit attributable to owners of ¥85.0B (up 9.6% YoY).

• EPS projected at ¥119.08, dividend per share at ¥42.0, and ROE at 10.1%.

• Dividend payout ratio to be maintained at 35% or more, with progressive dividends.

• Medium-term management plan 2030 launched, targeting sustainable profit growth and enhanced shareholder returns.

• Approximately 40% of planned FY2025 sales to investors already secured.