Mitsui Fudosan Co., Ltd. · TSE:8801
Mitsui Fudosan — Q3 FY2025 Earnings Presentation
31 slides from Mitsui Fudosan's earnings presentation, February 2026
Slide 1: Summary of 3Q, FY2025 Financial Results and Business Highlights
Financial Results and Business Highlights for Summary of 3Q, FY2025 We will present in detail the 3Q results for the Mitsui Fudosan Group for the fiscal year ending March 2026. As usual, we will use the Financial Results and Business Highlights materials dated February 6, which are available on our
Slide 2: Nine-month cumulative results at record highs
Financial Results and Business Highlights for Summary of 3Q, FY2025 First, the nine-month cumulative results for the 3Q of FY2025. We reported YoY increases in operating revenue, operating income, business income, ordinary income and profit attributable to owners of parent, and also hit new record h
Slide 3: Full-year forecasts revised upward
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next, based on the strong performances of the Property Sales to Investors business and the Management segment, we have revised up our full-year forecasts. Operating income has been revised up by 10 billion yen from 385 billion yen t
Slide 4: Record highs projected; FY2026 targets achieved a year early
Financial Results and Business Highlights for Summary of 3Q, FY2025 As a result, we project full-year operating revenue, operating income, business income, ordinary profit and net profit to achieve new record highs. As well, we now expect to achieve the FY2026 targets of business income of 440 billi
Slide 5: Share repurchase program completed and cancellation of shares
Financial Results and Business Highlights for Summary of 3Q, FY2025 With regard to the 45 billion yen share repurchase program resolved by the Board in February 2025, the full amount of acquisitions were completed last year on November 27. The Board has resolved at this time to cancel the acquired s
Slide 6: Profit and loss statement
Financial Results and Business Highlights for Summary of 3Q, FY2025 We will explain the results in detail using the Financial Results and Business Highlights. Jumping forward to slide 64 of the materials, we will begin with the profit and loss statement. 3Q nine-month operating revenue was 1 trillio
Slide 7: Progress rate against full-year guidance
Financial Results and Business Highlights for Summary of 3Q, FY2025 Progress relative to our full-year guidance is shown on the right in the table entitled Progress Rate. Relative to the upwardly revised forecasts, 3Q operating revenue stood at 73.4%, business income at 80.8%, ordinary income at 81.
Slide 8: Non-operating income: equity method and interest expense
Financial Results and Business Highlights for Summary of 3Q, 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, 3Q equity in net income or loss of affiliated compa
Slide 9: Other non-operating income
Financial Results and Business Highlights for Summary of 3Q, FY2025 Under Other non-operating income, the impact of dividends received was offset by losses on the retirement of fixed assets related to rebuilding projects for a net loss of 1.1 billion yen. As a consequence, overall nine-month non-ope
Slide 10: Extraordinary gains
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next, for extraordinary gains and losses, please refer to the box on the upper right entitled Extraordinary Income. As shown here, we posted 51.6 billion yen in nine-month extraordinary gains on the sale of tangible assets, in line
Slide 11: Extraordinary losses and impairment
Financial Results and Business Highlights for Summary of 3Q, FY2025 Under extraordinary losses, we incurred 16.8 billion yen in impairment losses. As explained at the time of 1H results, this is related to LaLaport BBCC, a retail facility in Kuala Lumpur, Malaysia. As we have a JV partner for this p
Slide 12: Leasing segment
Financial Results and Business Highlights for Summary of 3Q, FY2025 We will start with the Leasing segment. Please see slide 66. As shown at the top of the page, 3Q operating revenue was 695.9 billion yen and business income was 136.3 billion yen. This represents YoY increases of 53.2 billion yen an
Slide 13: Property Sales segment
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next is the Property Sales segment. Please turn to slide 67. As shown at the top of the page, operating revenue for Property Sales as a whole in 3Q was 520.2 billion yen and business income was 162.1 billion yen, up YoY by 215.1 bil
Slide 14: Reported units and completed inventory
Financial Results and Business Highlights for Summary of 3Q, FY2025 We show the number of reported units in the middle of the page. The combined total of condominiums and detached housing units was 2,373, down 27 units YoY. However, the average price per unit for condominium and detached housing uni
Slide 15: Property Sales to Investors and Overseas Individuals
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next is Property Sales to Investors and Overseas Individuals. Please return to the top of the page. Operating revenue was 153 billion yen, up 69.7 billion yen YoY. Business income for the subsegment was 59.5 billion yen, the combina
Slide 16: Management segment: Property Management
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next is the Management segment. Please turn to slide 68. Please look at the top row of the table. For the Management segment as a whole, 3Q operating revenue was 374 billion yen and business income was 58.9 billion yen, up 18.4 bill
Slide 17: Brokerage and Asset Management
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next is the Brokerage and Asset Management subsegment. Operating revenue was 97.1 billion yen and business income was 27.3 billion yen, up 9.9 billion yen and 5.1 billion yen YoY respectively. The main driver was an increase in proj
Slide 18: Facility Operations segment
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next is the Facility Operations segment. Please turn to slide 69. The overall Facility Operations segment reported 3Q operating revenues of 184.6 billion yen and business income of 38.2 billion yen, up 15.5 billion yen and 6.4 billi
Slide 19: Other segment
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next is the Other segment. Please turn to page 70. Overall, the Other segment reported 3Q operating revenue of 206.9 billion yen and business income of 6.2 billion yen. Reflecting the impact of factors such as a large-scale order in
Slide 20: Overseas business: Leasing
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next, for reference, we show figures for the Overseas business. Please turn to page 71. Overall combined Overseas business income for 3Q was 27.9 billion yen, up 7.3 billion yen YoY. Please note there is a 3-month lag in reporting O
Slide 21: Overseas business: Property Sales and others
Financial Results and Business Highlights for Summary of 3Q, FY2025 In the Property Sales segment, revenues grew 75.9 billion yen YoY on progress on sales of US West Coast rental residential properties. However, we incurred a 1.6 billion yen loss in business income, owing to losses related to the sa
Slide 22: Balance sheet: total assets, D/E and equity ratio
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next, we will cover the balance sheet. Please turn to slide 72. At the bottom of the page on the left, total assets as of the end of 3Q FY2025 were 9 trillion 975.6 billion yen, up 115.8 billion yen compared to the end of the previo
Slide 23: Real Property for Sale changes
Financial Results and Business Highlights for Summary of 3Q, FY2025 We will now discuss the major components of change including cost recovery. Please turn to slide 73. As shown in the table on the upper left, the total outstanding balance of Real Property for Sale was 2 trillion 511.1 billion yen,
Slide 24: Breakdown by group company of real property for sale
Financial Results and Business Highlights for Summary of 3Q, FY2025 As you can see from the breakdown of these figures, Mitsui Fudosan Residential reported a net increase in cost recovery of 51.6 billion yen, primarily on progress on handovers of properties such as Mita Garden Hills. Mitsui Fudosan
Slide 25: Tangible and intangible assets
Financial Results and Business Highlights for Summary of 3Q, FY2025 Next, looking at the lower left, the outstanding balance of Tangible and Intangible Assets was 4 trillion 594.4 billion yen, down 112.9 billion yen from the end of the previous fiscal year. New investments were 162 billion yen, due
Slide 26: Interest-bearing debt
Financial Results and Business Highlights for Summary of 3Q, FY2025 On the liability side, please see the table on the upper right. The outstanding balance of interest-bearing debt as of 3Q FY2025 was 4 trillion 727.5 billion yen, up 311.4 billion yen compared to the end of the previous fiscal year.
Slide 27: Forecast revision: operating and business income
Financial Results and Business Highlights for Summary of 3Q, FY2025 Finally, we will discuss the revisions to our full-year forecasts in more detail. Please turn to slide 74. First, with regard to operating income and business income, both were ahead of our full- year forecasts as of 1H by more than
Slide 28: Forecast revision: Rehouse brokerage and net profit
Financial Results and Business Highlights for Summary of 3Q, FY2025 Second, reflecting the strength of the retail brokerage Rehouse business, following the upward revision as of 2Q, we revise our full-year business income forecast by a further 5 billion yen, raising our full-year forecast to 85 bill
Slide 29: Record highs and early achievement of profit targets
Financial Results and Business Highlights for Summary of 3Q, FY2025 As a result of the upward revisions, we expect to reach new record highs for each of operating revenue, operating income, business income, ordinary income and profit attributable to owners of parent. Also, as mentioned at the outset
Slide 30: Interest-bearing debt forecast
Financial Results and Business Highlights for Summary of 3Q, FY2025 Please turn to page 75. As shown on the lower right, with regard to outstanding interest-bearing debt, reflecting near-term conditions such as forex rates, we now project the balance as of fiscal year-end to be 4 trillion 700 billio
Slide 31: EPS growth and ROE guidance; closing
Financial Results and Business Highlights for Summary of 3Q, FY2025 Please turn back to slide 3. Reflecting earnings revisions, we had revised up our guidance for our growth metric, EPS growth, from our initial guidance of around 9.6% to around 10.3% at the end of 1H. However, factoring in our lates