Tokyu Fudosan Holdings Corp. · TSE:3289
Tokyu Fudosan — FY2025 Earnings Presentation
79 slides from Tokyu Fudosan's earnings presentation, May 15, 2026
Slide 1: Financial Highlights FY2025
Securities Code: 3289 Financial Highlights FY2025 Ended March 31, 2026 May 15, 2026
Slide 2: Forward-looking statements
The forecasts and other forward-looking statements in this report are based on currently available information and certain assumptions determined as rational. Consequently, any statements herein do not constitute assurances regarding actual results by the Group. Actual performance may significantly
Slide 3: Highlights
Highlights FY2025 Operating Results FY2026 Earnings Forecast Shareholder Return ✓ Operating revenue and each ✓ Targets for FY2027 in medium- ✓ FY2025 profit increased for five term management plan Annual dividend 48.0 yen consecutive periods, Plan to exceed the targets one (+11.5 yen YoY/ +3.5 yen f
Slide 4: Introduction of President & CEO
Introduction of President & CEO Tokyu Fudosan Holdings Corporation Hoshino Hiroaki President & CEO 〈 Career Summary 〉 1989 Joined TOKYU LAND CORPORATION 2018 Operating Officer, the Company 2022 Director & Operating Officer, the Company 2023 President & CEO, TOKYU LAND CORPORATION 2026 President & CE
Slide 5: Financial Indexes for FY2025 and FY2026
Financial Indexes for FY2025 and FY2026 FY2024 FY2025 FY2026 FY2027 FY2030 (Result) (Forecast) (Result) (Forecast) (Target) (Target) Approx. ROE 9.9% 10.7% 11.2% 11% 9.5%-10％ 10％ or more Potential, efficiency Approx. ROA 4.5% 4.8% 5.0% 5.5% 4.7% 5％ or more Approx. EPS ¥108.69 ¥126.07 ¥135.45 ¥140.02
Slide 6: Progress of Medium-Term Management Plan 2030 (1)
Progress of Medium-Term Management Plan 2030 (1) Exceeded the FY2027 targets ahead of schedule Operating Average EPS Net profit ROE vs. FY2027 target profit growth rate FY2025 Results ¥166.9 billion ¥96.7 billion 11.2% 24.6%/year Exceeded net profit and ROE targets (+¥26.1 billion) (+¥19.1 billion)
Slide 7: Progress of Medium-Term Management Plan 2030 (2)
Progress of Medium-Term Management Plan 2030 (2) Advancing the goals of “pursuing high growth and efficiency” and “increasing tolerance to market fluctuation risk” set forth in the Medium-Term Management Plan 2030 Pursuing high growth and efficiency Increasing tolerance to market fluctuation risk (e
Slide 8: Review of Medium-Term Management Plan 2030
Review of Medium-Term Management Plan 2030 We will update “Medium-Term Management Plan 2030” , formulated last May, and announce the revised plan next year Average EPS Operating profit Net profit ROE growth rate FY2026 Forecast ¥190.0 billion ¥100.0 billion Approx. 11% 13.5%/year FY2027 Target ¥170.
Slide 9: Initiatives to Enhance Corporate Value and Market Valuation
Initiatives to Enhance Corporate Value and Market Valuation Promote business strengthening and expansion that contribute to the improvement in ROA for the increase in corporate value Main initiatives Growth in income gain PBR ROE ROA ・ Promote the Greater Shibuya Area Strategy FY2030: 10% or more FY
Slide 10: Promote Greater Shibuya Area Strategy (1)
Promote Greater Shibuya Area Strategy (1) - Initiatives to Strengthen Industrial Development Capability - Implement seamless support according to the growth phase to strengthen industrial development capacity in the Greater Shibuya Area Developing a global startup ecosystem Adopted as a contracted o
Slide 11: Promote Greater Shibuya Area Strategy (2)
Promote Greater Shibuya Area Strategy (2) - Initiatives to Strengthen Urban Tourism - Expanding business opportunities and revenue by strengthen urban tourism in the Greater Shibuya Area Promote the expansion of functions to spread attractive contents and extend the stay time Commercial Facilities a
Slide 12: Promote Greater Shibuya Area Strategy (3)
Promote Greater Shibuya Area Strategy (3) Further enhance the appeal of the district, and increase profits in the Greater Shibuya Area Profit in the Greater Shibuya Area*1 FY2024 ¥19 billion FY2025 ¥24 billion (+¥5 billion) FY2030 target ¥30 billion Agreed to revise upwards for all office rents Impr
Slide 13: Trends in Unrealized Gains of Leased Properties
Trends in Unrealized Gains of Leased Properties Unrealized gains increased, primarily due to rising office rents FY2025 Office rent increase Average rent increase rate approaches 15%*1 Changes in book value and unrealized gains Changes in NAV per share*2 of leased properties CAGR +11.1% (¥ billion)
Slide 14: Growth of Real Estate Agent Business (1)
Growth of Real Estate Agent Business (1) Highly efficient real estate agent business grew Operating profit margin in real estate agent Top position in the amount of real estate brokerage business was 21.8% (FY2025) transactions*1 for FY2024 (2 consecutive years)*2 Operating profit in real estate age
Slide 15: Growth of Real Estate Agent Business (2)
Growth of Real Estate Agent Business (2) Growth of real estate agents business contributed to the improvement in the Company’s efficiency While the market conditions Real Estate Agents business segment remain strong, the number of transactions increased by approximately 60% over the last 10 years *1
Slide 16: Shareholder Return
Shareholder Return Annual dividend: Increased to 48.0 yen for FY2025; 50.0 yen planned for FY2026 Annual dividend Dividend payout ratio FY2025 48.0 yen (up 11.5 yen YoY / up 3.5 yen from the forecast) FY2025 35.4% (+0.1 pts from the forecast) FY2026 50.0 yen (up 2.0 yen YoY) FY2026 35.7% (+0.3 pts c
Slide 17: Changes in Share Price, etc.
Changes in Share Price, etc. (May 12, 2022 – May 13, 2026) PBR*1 : 1.1x ｜ P/NAV multiple*2 : 0.80x ｜ PER: 10.0x *1 (as of May 13, 2026) 2,000 yen Share price BPS NAV per share *3 1,900 yen 1,800 yen 1,739.32 yen 1,700 yen 1,600 yen 1,500 yen 1,398.50 yen 1,400 yen 1,300 yen 1,200 yen 1,260.05 yen 1,
Slide 18: Business Portfolio Management
Reprint (Mid-term Management Plan 2030) Business Portfolio Management Each business will be subject to fixed-point observation and verification pivoting on two axes, market growth potential and competitive advantage, and we will work to maintain or improve the growth and competitiveness of each busi
Slide 19: Summary of the Financial Results for FY2025 and Earnings Forecast for FY2026
Summary of the Financial Results for FY2025 and Earnings Forecast for FY2026 Financial Highlights FY2025 Ended March 31, 2026
Slide 20: Recognition of Major Business Environment
Recognition of Major Business Environment ∙ A gradual upward trend mainly for labor costs continues to be seen. Construction cost ∙ Aim to increase profitability through selective investments in prime locations and further provision of added value. ∙ Domestic interest rate is rising, but real estate
Slide 21: Recognition of Major Business Environment
Recognition of Major Business Environment ∙ Condominium sales continue to perform well, and sales of properties centered on those in central Tokyo remain strong. Condominiums ∙ The mortgage interest rate hike has not yet had an impact on the customers’ purchase intention. ∙ Market expansion continue
Slide 22: FY2025 Operating Results
FY2025 Operating Results Increased in revenues and profit driven by strong performance in the real estate agents business and sales to investors, as well as strong operation of offices and commercial facilities centered in the Greater Shibuya Area, etc. FY2025 FY2024 FY2025 Comparison Comparison not
Slide 23: FY2025 Analysis of Operating Profit (YoY)
FY2025 Analysis of Operating Profit (YoY) Operating profit increased by 26.1 billion yen YoY; All segments increased profits, especially led by the real estate agents business segment with strong brokerage businesses ・ Infrastructure & Industry business +1.5 billion yen (Sales to investors, etc., +3
Slide 24: FY2025 Balance Sheet
FY2025 Balance Sheet Progress in investments has led to an increase in real estate for sale Long-term ratio of interest-bearing debt at the end of March 2026 was approx. 96%, the fixed ratio was approx. 94%, and the external credit rating for long-term (Japan Credit Rating Agency) was A+ (stable) FY
Slide 25: Market Value Appraisal for Leased Properties
Market Value Appraisal for Leased Properties (As of the end of March 2026) Driven primarily by increasing office rents, market valuations rose, and unrealized gains on investment properties expanded to 498.8 billion yen. NAV per share* : 1,739 yen (up 10.6% from the end of the previous fiscal year)
Slide 26: Statement of Cash Flows and Investment Plan
Statement of Cash Flows and Investment Plan FY2025 investment results : Investments are progressing well, primarily in renewable energy facilities for capital investments as well as rental housing and logistics facilities for real estate for sale FY2026 investment plan : Plan to invest primarily in
Slide 27: FY2026 Full-Year Earnings Forecast
FY2026 Full-Year Earnings Forecast Forecast for a new record profit due to expectations of strong performance in the sales to investors, etc., sales of condominiums and real estate agents business, with ROE planned at approx. 11%, EPS average growth planned at 13.5% per year (FY2024-FY2026) FY2026 F
Slide 28: FY2026 Analysis of Revised Forecast for Operating Profit
FY2026 Analysis of Revised Forecast for Operating Profit Plan to increase operating profit by 23.1 billion yen YoY, driven by a significant increase in profits from the wellness business due to sales to investors, etc., as well as strong performance in the residential and the real estate agents busi
Slide 29: Gains on Sales to Investors and Total Value of Investment
Gains on Sales to Investors and Total Value of Investment Gains on the sales to investors, etc. are planned at 63.3 billion yen in FY2026. Approx. 25% have been secured Acquisition of assets for sales to investors, etc. is progressing steadily, primarily in the rental housing and logistics facilitie
Slide 30: Segment Overview
Segment Overview Financial Highlights FY2025 Ended March 31, 2026
Slide 31: Urban Development (1) FY2025 Results and FY2026 Forecasts
Urban Development (1) FY2025 Results and FY2026 Forecasts FY2025 Results : Both revenues and profit increased led by improved occupancy of Offices and Commercial facilities and robust performance in sales to investors, etc. FY2026 Forecasts: Both revenues and profit increased led by improved occupan
Slide 32: Urban Development (2) Vacancy Rate and Rent Trends and Area
Urban Development (2) Vacancy Rate and Rent Trends and Area Average office rent increase rate approaches 15%, with all properties in the Greater Shibuya Area agreeing to increases (FY2025 results). Vacancy rate at end of March 2026 at 0.7% (offices and commercial facilities) and average office rent
Slide 33: Urban Development (3) Major Projects
Urban Development (3) Major Projects (Offices and Commercial Facilities, etc.) Large-scale development projects Nishi-Nippori Ekimae Block Nihonbashi 1-chome East Block Jinnan 1-chome BlockWest Osaki Riverwalk Garden Shinjuku West Gate Redevelopment Project Redevelopment Project District Redevelopme
Slide 34: Urban Development (4) Major Projects (Greater Shibuya Area)
Urban Development (4) Major Projects (Greater Shibuya Area) Several projects, such as Next Shibuya Sakuragaoka Block, Jinnan 1-chome Block and Koen-dori West District Redevelopment, are underway in the Greater Shibuya Area. Redevelopment Project Commercial facility The Greater Office building Hotel
Slide 35: Urban Development (5) Supporting startups in the Greater Shibuya Area
Urban Development (5) Supporting the growth of startups and fostering co-creation in the Greater Shibuya Area Enhance the value of Shibuya in tandem with the growth of our tenant companies such as startups and our own company, thereby creating a virtuous cycle of revenue growth through the “attracti
Slide 36: Urban Development (6) Office Market
Urban Development (6) Office Market In Shibuya-ku, average rent increased significantly due to tight supply-demand balance, and new supply is expected to be limited compared to other areas in central Tokyo Trends in market vacancy rates and average rents in Chiyoda, Chuo, Minato, Shinjuku, Shibuya A
Slide 37: Urban Development (7) Condominiums Performance Index
Urban Development (7) Condominiums Performance Index Contract ratio for condominiums increased to 76% (as of March 31, 2026) Accounting year FY2024 FY2025 FY2026 Plan Operating revenue ¥84.8 billion ¥80.4 billion ¥119.9 billion Average price per unit (¥ million/unit) 84 89 99 No. of units sold 1,006
Slide 38: Urban Development (8) Condominiums Land Bank
Urban Development (8) Condominiums Land Bank Excellent land bank centered on redevelopment projects in central Tokyo Construction has already started for all high-rise condominiums to be delivered by the fiscal year ending March 2029 < Land bank > As of March 31, 2026 approx. 8,800 units (After conv
Slide 39: Urban Development (9) Rental Housing Business
Urban Development (9) Rental Housing Business (For Sales to Investors) Steadily increase investments mainly in prime locations, while rotating assets Projects acquired (As of March 31, 2026) Major projects Properties in operation: 54 / Projects under development: 45/ COMFORIA Shibaura MOKU Balance s
Slide 40: Strategic Investment (1) FY2025 Results and FY2026 Forecasts
Strategic Investment (1) FY2025 Results and FY2026 Forecasts FY2025 Results: Both revenues and profit increased due to strong performance in sales to investors and improvement of profit and loss during period in the U.S. business, etc. FY2026 Forecasts: Both revenues and profit increased due to impr
Slide 41: Strategic Investment (2) Power Generation Facilities Portfolio
Strategic Investment (2) Renewable Energy Business Power Generation Facilities Portfolio We distribute and own the highest rated capacity in Japan throughout the country, and approximately 70% of the secured projects are FIT projects Projects acquired (As of March 31, 2026) Facilities in operation P
Slide 42: Strategic Investment (3) Trends in Profit from Electricity Sales
Strategic Investment (3) Renewable Energy Business Trends in Profit from Electricity Sales Increased profit from electricity sales with the increase in the number of facilities in operation Trends in profit from electricity sales *1 at facilities in operation Business Strategy: Expand both the power
Slide 43: Strategic Investment (4) Renewable Energy Value Chain
Strategic Investment (4) Renewable Energy Business Value Chain Aim for profit growth based on a strong renewable energy business value chain Value chain for the Group’s renewable energy business Asset business Non-asset business Asset Aggregation Land Power plant Electricity Power Development O&M*1
Slide 44: Strategic Investment (5) O&M and PPA
Strategic Investment (5) Renewable Energy Business O&M and PPA Non-asset businesses, which we are actively strengthening, are seeing steady growth in our O&M*1 and retail power (PPA*2) operations O&M Contract Offsite PPA business partners Management Capacity Trends (examples) The managed capacity ex
Slide 45: Strategic Investment (6) Market Forecast
Reprint (FY2025 Q2 Presentation Material) Strategic Investment (6) Renewable Energy Business Market Forecast In February 2025, the Seventh Strategic Energy Plan was approved by the cabinet and the energy mix target for fiscal 2040 was officially announced Total electricity generation in fiscal 2040
Slide 46: Strategic Investment (7) Business Characteristics
Strategic Investment (7) Renewable Energy Business Business Characteristics High long-term stability and efficiency that increases over time Business characteristics: High long-term stability and (Reference) Trends in capital costs for solar power efficiency, with resilience to inflation generation
Slide 47: Strategic Investment (8) Industry Business
Strategic Investment (8) Industry Business (Logistics Facilities, etc.) The acquisition and leasing of prime location projects are steadily progressing, continue rotating assets. Projects acquired (as of March 31, 2026) Major projects Properties in operation: 8 / Projects under development: 20 / Bal
Slide 48: Strategic Investment (9) Overseas Operations
Strategic Investment (9) Overseas Operations Multiple projects underway in the United States and Asia 26 projects across 8 countries*2 43 projects across 10 urban regions In-house development performance: Leasable area in operation: Asian business approx. 7,500 units approx. 790,000 m² ¥100 billion
Slide 49: Strategic Investment (10) U.S. Business
Strategic Investment (10) Overseas Operations (U.S. Business) We will work to improve profitability and secure stable profits by investing in preferred equity and long-term ownership investments / The occupancy rate for rental housing is maintained at over 90% U.S. Portfolio (As of March 31, 2026) R
Slide 50: Strategic Investment (11) Asian Business
Strategic Investment (11) Overseas Operations (Asian Business) Multiple projects underway in Asia in cooperation with excellent partners Asian business, investment amount by country Major projects in Thailand Other China Secured multiple projects, including logistics facilities Vietnam Indonesia As
Slide 51: Property Management & Operation (1) FY2025 Results & FY2026 Forecast
Property Management & Operation (1) FY2025 Results & FY2026 Forecast FY2025 Results: Profits increased YoY due to continued strong hotel performance and an increase in property management fees despite a decrease in sales to investors, etc., FY2026 Forecasts: Both revenues and profit increase due to
Slide 52: Property Management & Operation (2) Management Stock
Property Management & Operation (2) Management Business: Management Stock, etc. Top-class management track record in the industry with solid reliability and high-quality services utilizing the expertise in a wide range of business fields Condominiums Buildings and others The Group The Group 11.5% 19
Slide 53: Property Management & Operation (3) Hotel Business
Property Management & Operation (3) Hotel Business: Major Projects and Operational Status, etc. RevPAR continues to rise YoY; despite a decline in Chinese guests, the total number of inbound guests continues to increase due to growth in guests from other countries and regions. We will pursue the acq
Slide 54: Real Estate Agents (1) FY2025 Results & FY2026 Forecast
Real Estate Agents (1) FY2025 Results & FY2026 Forecast FY2025 Results : Significant increase in profits due to continued growth in the brokerage business, etc. Tokyu Livable was at the top position *1 in the amount of real estate brokerage transactions *2 and commission income *3 for the first half
Slide 55: Real Estate Agents (2) Retail
Real Estate Agents (2) Real Estate Agents Business (Retail) Commission income increased significantly, accompanied by an increase in the number of transactions due to the improvement in productivity and increase in the number of sales staff Commission income Amount of transactions Number of Number o
Slide 56: Real Estate Agents (3) Wholesale
Real Estate Agents (3) Real Estate Agents Business (Wholesale) Average handling price is on an upward trend due to the strengthening of initiatives on major projects, and we are responding to the diverse needs of our customers for various real estate throughout Japan Commission income Amount of tran
Slide 57: Real Estate Agents (4) Most Effective Use of Real Estate Information
Partly Updated (Underlined blue text) Real Estate Agents (4) Real Estate Agents Business (Most Effective Use of Real Estate Information) Make the most effective use of real estate information obtained from extensive customer contact points in a wide range of business areas Real estate sales agent Re
Slide 58: Real Estate Agents (5) Rental Housing Management
Real Estate Agents (5) Management Properties in Rental Housing Service Plans to continue increasing the number of managed units, which is the largest in the industry Rental housing management stock trends (As of March 31, 2026) Properties under management (thousand units) 151 157 138 144 130 SHINONO
Slide 59: Sustainability and DX Initiatives
Sustainability and DX Initiatives Financial Highlights FY2025 Ended March 31, 2026
Slide 60: Materiality and KPI
Materiality and KPI We will aim to achieve non-financial KPI based on materialities Themes to work on (Materialities) Target indicators FY2025 Result *3 FY2030 Targets*4 ・ Customer satisfaction level*1 90.7% 90% or more Create a variety of lifestyles ・ Products and services that contribute to Cumula
Slide 61: Human Capital Strategy
Human Capital Strategy We've set human capital KPIs for each strategy. Human capital Measures Human capital KPI FY2025 Results (YoY) Target*3 Outcomes Results for FY2025 or April 2026 Actual strategies Dissemination of 1. Degree of personal investment in achieving the 90% [±0] 90% (FY2025) long-term
Slide 62: Corporate Governance
Reprint (FY2025 Q1 Presentation Material) Corporate Governance Establish a governance system that contributes to ensuring sound and transparent management and strengthening the system for implementing the long-term management policy < Corporate Governance Structure > < System of Remuneration for Off
Slide 63: Sustainable Management External Evaluation
Sustainable Management ❬External Evaluation❭ Selected as a constituent of the FTSE4Good Index Series for 16 consecutive years, 6th place in Japan and the top of the domestic real estate industry. Selected for the “A List” Company, the highest rating in CDP 2025, for 5 consecutive years (in two categ
Slide 64: DX Initiatives
DX Initiatives Selected for the “Digital Transformation Stocks 2026” (hereinafter “DX Stocks”) ・Second selection for the DX Stocks ・Recognition of our business for realizing cutting-edge digital transformation through our DX vision, “Digital Fusion: Removing All Boundaries with the Power of Digital,
Slide 65: Status of dialogue with investors and analysts
Status of dialogue implementation with investors and analysts We continued engaging with investors and analysts to aid our sustainable growth and build our organization’s value over the long term. IR events organized Main themes of our dialogue with investors and analysts/ main concerns expressed by
Slide 66: Fact Sheets of the FY2025 Ended March 31, 2026
Fact Sheets of the FY2025 Ended March 31, 2026 Fact Sheets of the FY2025 Ended March 31, 2026
Slide 67: Consolidated Statements of Income
Consolidated Statements of Income (\ billion) Statements of Income FY2024 FY2025 FY2026 (consolidated base) FY2021 FY2022 FY2023 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Full-year Forecast vs. FY2024 vs. FY2025 Operating revenue 989.0 1,005.8 1,103.0 267.2 503.3 763.2 1,150.3 288.0 591.3 832.2 1,246.0 +95.7 1,40
Slide 68: Consolidated Balance Sheet
Consolidated Balance Sheet (¥ billion) Balance Sheet FY2021 FY2022 FY2023 FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2026 Mar-31, 2027 (consolidated base) Mar-31, Mar-31, Mar-31, Q1 Q2 Q3 Full-Year Q1 Q2 Q3 Full-Year Forecast 2022 2023 2024 Vs.FY2024 Vs. FY2025 Cash and deposits 154.0 171.0 246.6 151
Slide 69: Major Indicators, etc.
Major Indicators, etc. (¥ billion) Management Indicators FY2021 FY2022 FY2023 FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2026 Mar-31, 2027 (consolidated base) Mar-31, Mar-31, Mar-31, Q1 Q2 Q3 Full-Year Q1 Q2 Q3 Full-Year Forecast 2022 2023 2024 Vs. FY2024 Vs. FY2025 ROA *1 3.2% 4.1% 4.2% － － － 4.5% －
Slide 70: Asset Breakdown by segment and Leased Properties
Asset Breakdown by segment and Leased Properties Asset Breakdown by Segment FY2021 FY2022 FY2023 FY2024 FY2025 (Before Elimination) Mar-31, 2022 Mar-31, 2023 Mar-31, 2024 Mar-31, 2025 Mar-31, 2026 Urban Development 1,627.5 1,644.1 1,707.9 1,713.8 1,753.0 Strategic Investment 463.6 537.0 646.3 901.5
Slide 71: Interest-bearing Debt and related indicators
Interest-bearing Debt and related indicators (¥ billion) FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2026 Mar-31, 2027 FY2021 FY2022 FY2023 Mar-31, Mar-31, Mar-31, Interest-bearing Debt 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Full-year Forecast Vs. FY2024 Vs. FY2025 Long-term borrowings 983.2 1,046
Slide 72: Consolidated Statement of Cash Flows and Investments
Consolidated Statement of Cash Flows and Investments (\ billion) FY2024 FY2025 Cash Flows FY2021 FY2022 FY2023 Q2 Full-year Q2 Full-year (consolidated base) Vs. FY2024 Net cash provided by (used in) operating activities 76.5 94.7 156.5 (34.4) 47.4 12.6 129.5 +82.1 Net cash provided by (used in) inve
Slide 73: Trends in Operating Revenue by segment
Trends in Operating Revenue by segment (\ billion) FY2024 FY2025 FY2026 Trends in Operating Revenue by FY2021 FY2022 FY2023 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Full-year Forecast Segment Vs. FY2024 Vs. FY2025 Operating revenue 989.0 1,005.8 1,103.0 267.2 503.3 763.2 1,150.3 288.0 591.3 832.2 1,246.0 +95.7 1
Slide 74: Trends in Operating Profit by segment
Trends in Operating Profit by segment (\ billion) FY2024 FY2025 FY2026 Trends in Operating Profit by FY2021 FY2022 FY2023 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Full-year Forecast Segment Vs. FY2024 Vs. FY2025 Operating profit 83.8 110.4 120.2 31.6 50.5 87.8 140.8 41.3 78.8 104.1 166.9 +26.1 190.0 +23.1 Urban
Slide 75: Operating Profit Target by Segment
Operating Profit Target by Segment (Medium-term Management Plan as of the announcement in May 2025 ) (\ billion) Operating Profit Target by FY2024 FY2025 FY2026 FY2027 FY2030 Segment Result Result Forecast Target Target Operating profit 140.8 166.9 190.0 170.0 220.0 or more Urban Development 70.5 75
Slide 76: Trend in Sales to Investors, etc.
Trend in Sales to Investors, etc. (¥ billion) FY2024 FY2025 FY2026 Breakdown of FY2021 FY2022 FY2023 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Full-year Forecast Sales to Investors, etc. Vs. FY2024 Vs. FY2025 Operating revenue 139.2 176.7 225.7 36.2 51.6 89.1 182.4 46.2 104.3 116.9 255.5 +73.0 332.7 +77.2 Urban D
Slide 77: Major KPI in Each Business (1)
Major KPI in Each Business (1) FY2024 FY2025 FY2026 FY2021 FY2022 FY2023 Mar-31, 2025 Mar-31, 2026 Mar-31, 2027 Vacancy Rate and Rent Mar-31, Mar-31, Mar-31, 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Full-year Forecast Vs. FY2024 Vs. FY2025 Vacancy rate 1.3% 1.1% 4.8% 3.7% 1.8% 1.1% 0.3% 0.3% 0.6%
Slide 78: Major KPI in Each Business (2)
Major KPI in Each Business (2) FY2024 FY2025 FY2026 FY2021 FY2022 FY2023 Mar-31, 2025 Mar-31, 2026 Mar-31, 2027 Stock of Properties Under Management Mar-31, Mar-31, Mar-31, 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Full-year Forecast Vs. FY2024 Vs. FY2025 Condominium [thousand units] 832 868 845 82
Slide 79: For a Vibrantly Shining Future
FOR A VIBRANTLY SHINING FUTURE WE ARE GREEN @ TOKYU FUDOSAN HOLDINGS
Tokyu Fudosan Holdings — FY2025 Earnings Presentation on 6ix