Tokyu Fudosan Holdings (3289) Q1 2027 earnings summary

Executive summary

• FY2026 Q1 operating revenue was ¥285,774 million, a decrease of 0.8% year-over-year, while operating profit rose 12.7% to ¥46,593 million.

• Net profit attributable to owners declined 16.8% year-over-year to ¥25,502 million, mainly due to the absence of prior year extraordinary gains.

• Comprehensive income increased to ¥31,514 million, up 65.9% year-over-year.

• Operating profit growth was driven by the Property Management & Operation segment and wellness business.

• The company is progressing toward full-year targets, with operating profit at 24.5% and net profit at 25.5% of annual forecasts.

Financial highlights

• Ordinary profit for Q1 FY2026 was ¥40,725 million, up 8.6% year-over-year.

• Earnings per share for Q1 FY2026 was ¥35.77, down from ¥42.83 in Q1 FY2025.

• Total assets as of June 30, 2026 were ¥3,475,651 million, up from ¥3,419,052 million at March 31, 2026.

• Interest-bearing debt increased by ¥90 billion to ¥1,916.9 billion.

• Unrealized gains on investment properties expanded to ¥498.8 billion; NAV per share increased 10.6% to ¥1,739.

Outlook and guidance

• FY2026 full-year forecast: operating revenue ¥1,400,000 million (up 12.4%), operating profit ¥190,000 million (up 13.9%), ordinary profit ¥161,000 million (up 8.9%), net profit ¥100,000 million (up 3.4%), EPS ¥140.02.

• ROE is planned at approximately 11%, with EPS growth averaging 13.5% per year from FY2024 to FY2026.

• Annual dividend planned at ¥50.00, up from ¥48.00 in FY2025, with a payout ratio of 35.7%.