Nomura Real Estate (3231) Q1 2026 earnings summary

Executive summary

• Operating revenue for the first quarter rose 10.2% year-over-year to ¥221.4 billion, while business profit was ¥38.6 billion and profit attributable to owners was ¥23.1 billion, in line with full-year forecasts.

• Business profit increased 0.7% year-over-year, but net profit and operating profit declined slightly.

• Comprehensive income dropped 50.0% year-over-year to ¥13.1 billion, mainly due to negative foreign currency translation adjustments.

• No changes were made to the full-year earnings and dividend forecasts announced in April 2025.

Financial highlights

• Gross profit ratio for housing sales in Q1 was 25.9%; full-year gross margin expected at around 24%.

• Property sales in Q1 totaled ¥36.5 billion, with gross profits of ¥10.4 billion; full-year gross profit expected between ¥40–50 billion.

• Basic earnings per share for Q1 was ¥26.99, adjusted for a 5-for-1 stock split effective April 2025.

• Total assets decreased 1.1% from March 31, 2025, to ¥2,657.7 billion; net assets slightly decreased to ¥750.4 billion.

• Cash and cash equivalents at quarter-end were ¥33.97 billion, down ¥1.93 billion from the previous fiscal year-end.

Outlook and guidance

• Full-year operating revenue is forecast at ¥940.0 billion, up ¥182.3 billion from the previous year, with business profit expected to reach ¥135.0 billion.

• Profit attributable to owners of parent is forecast at ¥75.0 billion, with a dividend per share of ¥36.00, marking the 14th consecutive year of dividend increases.

• Largest booking of housing sales expected in Q4; full-year housing sales revenue planned at ¥320 billion.

• Progress rate of housing sales contracts at 75.3% against the annual plan.

• Overseas property sales planned in Asia and the U.K. for the current fiscal year.