Mitsui Fudosan Co., Ltd. · TSE:8801
Mitsui Fudosan — Q2 FY2025 Earnings Presentation
25 slides from Mitsui Fudosan's earnings presentation, Nov 7, 2025
Slide 1: Financial Results and Business Highlights: Summary of 2Q, FY2025
Financial Results and Business Highlights for Summary of 2Q, FY2025 We will present in detail our 2Q results for the fiscal year ending March 2026. As usual, we will use the Financial Results and Business Highlights materials dated November 7, which are available on our IR website. Similar to last t
Slide 2: 1H FY2025 results, forecast revision and shareholder returns
Financial Results and Business Highlights for Summary of 2Q, FY2025 First, the results for the 1H of FY2025. We achieved new record highs for operating revenue and all levels of profit down to net profit. As well, we have revised up our full-year forecasts, based on near-term conditions and outlook,
Slide 3: Reduction of strategic equity holdings and key takeaways
Financial Results and Business Highlights for Summary of 2Q, FY2025 In addition, we have made solid progress in reducing our strategic equity holdings: the cumulative reduction from the beginning of the previous fiscal year to the end of this fiscal year's 2Q is just under 40%. These are today's key
Slide 4: 1H results and upward revision to full-year forecasts
Financial Results and Business Highlights for Summary of 2Q, FY2025 The first item to highlight is the results for the 1H of FY2025. We achieved YOY growth in revenue and profits for each of operating revenue, operating income, business income, ordinary income and profit attributable to the owners o
Slide 5: Revised full-year forecasts by profit level
Financial Results and Business Highlights for Summary of 2Q, FY2025 As shown in the middle of the table on the lower part of the page, our projection for operating income has been revised up by 5 billion yen from 380 billion yen to 385 billion yen. The forecast for business income has been revised u
Slide 6: Record highs expected and dividend guidance raised
Financial Results and Business Highlights for Summary of 2Q, FY2025 As a result, we expect to achieve new record highs for the full year in operating revenue, operating income, business income, ordinary income and net income. With regard to the new record highs, the forecasts represent the 14th cons
Slide 7: Consolidated profit and loss statement
Financial Results and Business Highlights for Summary of 2Q, FY2025 We will now discuss the results in more detail. Please turn to slide 65 and the consolidated profit and loss statement. 1H operating revenue was 1 trillion, 353.4 billion yen, up 190.9 billion yen or 16.4% YoY. Business income, whic
Slide 8: Non-operating income and expenses
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next, before covering the details of the segment results, please return to the table on the left. We will discuss the major items below the line. First, under non-operating income, there was a 2.5 billion yen YoY decline in equity i
Slide 9: Extraordinary gains
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next, for extraordinary gains and losses, please refer to the box on the upper right entitled Extraordinary Income. As shown here, we posted 40.5 billion yen in 1H extraordinary gains on the sale of investment securities. This is in
Slide 10: Extraordinary losses: impairment of LaLaport BBCC
Financial Results and Business Highlights for Summary of 2Q, FY2025 Under extraordinary losses, we incurred 16.6 billion yen in impairment losses. This is related to LaLaport BBCC, a retail facility in Kuala Lumpur, Malaysia. This facility opened during the pandemic, and as a result many core tenant
Slide 11: Non-controlling interests and JV partner impact
Financial Results and Business Highlights for Summary of 2Q, FY2025 We note that we have a JV partner for this project. As there are losses that are attributable to the partner in line with their share, an amount that is roughly half of the impairment loss of 16.6 billion yen, or slightly more than
Slide 12: Leasing segment
Financial Results and Business Highlights for Summary of 2Q, FY2025 We will start with the Leasing segment. Please see slide 67. As shown at the top of the page, 1H operating revenue was 456.2 billion yen and business income was 88.5 billion yen. This represents YoY increases of 36.5 billion yen and
Slide 13: Property Sales segment
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next, is the Property Sales segment. Please turn to slide 68. As shown at the top of the page, operating revenue for Property Sales as a whole in 1H was 398.7 billion yen and business income was 124.2 billion yen, up YoY by 131.2 bi
Slide 14: Completed inventory and sales to investors and overseas individuals
Financial Results and Business Highlights for Summary of 2Q, FY2025 We show completed inventory on the lower part of the page. As you can see, completed inventory as of the end of 1H was 43 units for condominiums and 26 for detached housing, for a scant total of just 69 units. Inventory levels remai
Slide 15: Management segment
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next is the Management segment. Please turn to slide 69, and look at the top row of the table. For the Management segment as a whole, 1H operating revenue was 246.7 billion yen and business income was 38.5 billion yen, up 11.5 billi
Slide 16: Facility Operations segment
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next is the Facility Operations segment. Please turn to slide 70. The overall Facility Operations segment reported 1H operating revenues of 120.2 billion yen and business income of 23.3 billion yen, up 10.2 billion yen and 3.9 billi
Slide 17: Other segment
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next is the Other segment. Please turn to page 71. Overall, the Other segment reported 1H operating revenue of 131.4 billion yen and business income of 2 billion yen. As a result of an increase in the number of reported properties f
Slide 18: Overseas business
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next, for reference, we show figures for the Overseas business. Please turn to page 72. Overall combined Overseas business income for 1H was 19.8 billion yen, down 0.7 billion yen YoY. Please note there is a 3-month lag in reporting
Slide 19: Balance sheet: total assets
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next, we will cover the balance sheet. Please turn to slide 73. At the bottom of the page on the left, total assets as of the end of 1H FY2025 were 9 trillion 838 billion yen, down 21.8 billion yen compared to the end of the previou
Slide 20: Real Property for Sale changes and cost recovery
Financial Results and Business Highlights for Summary of 2Q, FY2025 We will now discuss the major components of change including cost recovery. Please turn to slide 74. As shown in the table on the upper left, the total outstanding balance of Real Property for Sale was 2 trillion 437.4 billion yen,
Slide 21: Tangible and intangible assets and interest-bearing debt
Financial Results and Business Highlights for Summary of 2Q, FY2025 Next, looking at the lower left, the outstanding balance of Tangible and Intangible Assets was 4 trillion 629.4 billion yen, down 77.9 billion yen from the end of the previous fiscal year. New investments were 108.7 billion yen, due
Slide 22: D/E ratio and equity ratio
Financial Results and Business Highlights for Summary of 2Q, FY2025 Going back to page 73, as a result of the above, the D/E ratio as of the end of 1H FY2025 was 1.42x and the equity ratio was 32.9%, as shown on the lower right. 22
Slide 23: Full-year forecast revisions in detail
Financial Results and Business Highlights for Summary of 2Q, FY2025 Finally, we will discuss the revisions to our full-year forecasts in more detail. Please turn to slide 76. First, with regard to the Management segment, based on the strength of the Rehouse retail brokerage business and the improved
Slide 24: Net profit forecast, dividend and share buyback
Financial Results and Business Highlights for Summary of 2Q, FY2025 Taking into account the increase in corporate tax as a result of higher profits and the impact of net profits attributable to non-controlling interests in 2Q related to impairment losses as discussed earlier, we revise up our initia
Slide 25: EPS growth and ROE guidance; closing
Financial Results and Business Highlights for Summary of 2Q, FY2025 Please turn back to slide 3. Reflecting these revisions, we also revise up our guidance for our growth metric, EPS growth, from our initial guidance of around 9.6% to around 10.3%. We have also revised up our guidance for efficiency