Starts Corporation (8850) Q2 2025 earnings summary

Executive summary

• Revenue for the six months ended September 2024 rose 3.7% year-over-year to ¥108,851 million, with operating income up 19.0% to ¥15,071 million and net income attributable to shareholders up 26.4% to ¥12,027 million.

• Growth was driven by steady performance in construction, rental brokerage, property management, publishing, hotel/leisure, and financial/consulting segments.

• The company maintained a broad domestic and international presence, with expansion in managed properties and overseas offices.

Financial highlights

• Operating income margin improved, with operating profit up 19.0% year-over-year.

• Net income per share for the period was ¥242.14, up from ¥191.62 a year earlier.

• Total assets at September 30, 2024, were ¥318,133 million, with equity ratio rising to 53.9% from 50.0% at the previous fiscal year-end.

• Cash and equivalents at period-end were ¥86,913 million, up slightly from the previous year.

Outlook and guidance

• Full-year revenue is forecast at ¥228,000 million (down 2.3% year-over-year), with operating and ordinary income both projected at ¥30,700 million (up 0.7%), and net income at ¥22,400 million (up 1.4%).

• No changes to previously announced guidance.

• Annual dividend forecast is ¥110 per share.