Mitsui Fudosan (8801) Q1 2025 earnings summary

Executive summary

• Achieved record or strong year-on-year growth in operating revenues, operating income, and ordinary income, with Q1 FY2024 revenue at ¥630.4 billion (+12.3%) and Q1 FY2025 revenue at ¥802,316 million (+27.3%).

• Business income rose 23.9% year-on-year to ¥104.8 billion, driven by robust domestic property sales and facility operations.

• Profit attributable to owners of parent declined 24.3% year-on-year in Q1 FY2024 due to absence of prior extraordinary gains, but surged 91.1% in Q1 FY2025 to ¥124,232 million.

• All major profit metrics exceeded 25% of full-year forecasts in Q1 FY2024, indicating strong progress toward annual targets.

• Comprehensive income for Q1 FY2024 was ¥89.2 billion, down 46.7% year-on-year; Q1 FY2025 comprehensive income grew 24.2% to ¥110,796 million.

Financial highlights

• Q1 FY2024 operating revenue: ¥630.4 billion (+12.3% YoY); Q1 FY2025: ¥802,316 million (+27.3% YoY).

• Business income: ¥104.8 billion (+23.9% YoY); operating income: ¥101.3 billion (+26.0% YoY) in Q1 FY2024; Q1 FY2025 operating income: ¥160,112 million (+58.1% YoY).

• Ordinary profit: ¥90.2 billion (+23.7% YoY) in Q1 FY2024; Q1 FY2025: ¥144,005 million (+59.7% YoY).

• Profit attributable to owners of parent: ¥65.0 billion (-24.3% YoY) in Q1 FY2024; Q1 FY2025: ¥124,232 million (+91.1% YoY).

• Basic EPS for Q1 FY2025: ¥44.81, up from ¥23.20 in prior year.

Outlook and guidance

• Full-year revenue forecast for FY2024: ¥2,600.0 billion; FY2025: ¥2,700,000 million (+2.8% YoY).

• Operating income forecast: FY2024: ¥340.0 billion; FY2025: ¥380,000 million (+1.9%).

• Net income forecast: FY2024: ¥235.0 billion; FY2025: ¥260,000 million (+4.5%).

• Annual dividend forecast raised to ¥33.00 per share for FY2025.

• Guidance and dividend payout ratio targets remain unchanged; EPS growth target of +8% CAGR through FY2026.