Tokyu Fudosan Holdings Corp. · TSE:3289
Tokyu Fudosan — Q1 FY2025 Earnings Presentation
56 slides from Tokyu Fudosan's earnings presentation, Aug 6, 2025
Slide 1: Financial Highlights FY2025 First Quarter Ended June 30, 2025
Securities Code: 3289 Financial Highlights FY2025 First Quarter (First Three Months) Ended June 30, 2025 August 6, 2025
Slide 2: Forward-looking statements notice
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: Contents
Contents ・ Summary of the Financial Results for FY2025 Q1 ・・・・・ 5 ・ Key Themes of Medium-Term Management Plan 2030 ・・・・・ 21 ・ Segment Overview ・・・・・ 26 ・ Sustainability and DX Initiatives ・・・・・ 49 © TOKYU FUDOSAN HOLDINGS CORPORATION 3
Slide 4: Highlights
Highlights Topics Contents Operating profit: 41.2 billion yen (YoY +9.6 billion yen) Net profit *1 : 30.6 billion yen (YoY +11.7 billion yen) Profit increased year on year due to strong real estate agent business and sales to investors, etc. against the backdrop of a robust real estate transaction m
Slide 5: Summary of the Financial Results for FY2025 Q1
Summary of the Financial Results for FY2025 Q1 Financial Highlights FY2025 First Quarter (First Three Months) Ended June 30, 2025
Slide 6: FY2024 and FY2025 Major business environment
Reprint of Presentation Materials FY2024 and FY2025 Major business environment of FY2024 Being under uncertain conditions, pay close attention to changes in the business environment but assume that there will be no significant environmental changes in the near future. Topics Contents The Shibuya are
Slide 7: FY2025 Q1 Operating Results, major index
FY2025 Q1 Operating Results, major index Revenues and profit increased YoY, and steady progress was made against the full-year forecasts FY2024 FY2025 FY2025 (¥ billion) Comparison FY2024 Progress note Q1 Q1 Forecast*2 Operating Revenue 267.2 288.0 20.8 1,150.3 1,270.0 22.7% Operating profit 31.6 41
Slide 8: FY2025 Q1 Segment performance
FY2025 Q1 Segment performance Profit for Urban Development and Real Estate Agents increased YoY, while profit for Strategic Investment and Property Management & Operation decreased YoY FY2024 FY2025 FY2025 (¥ billion) Comparison Remarks*1 FY2024 Progress Q1 Q1 Forecast Operating revenue 267.2 288.0
Slide 9: FY2025 Q1 Analysis of segment performance
FY2025 Q1 Analysis of segment performance Profit increased by 9.6 billion yen YoY led by strong performance in the real estate agents sales business and sales to investors as well as improved operation of Offices and Commercial facilities, etc. ･ Wellness business (1.3) billion yen ･ Infrastructure
Slide 10: FY2025 Q1 Summary of balance sheets
FY2025 Q1 Summary of balance sheets Progress in investments has led to an increase in non-current assets and real estate for sale （¥ billion） Comparison （¥ billion） FY2024 FY2025 FY2024 FY2025 Comparison Mar-31, 2025 Jun-30, 2025 Mar-31, 2025 Jun-30, 2025 Cash and deposits 160.9 200.9 39.9 Interest-
Slide 11: Asset Breakdown by Segment and ROA Trends
Reprint of Presentation Materials Results for FY2024: Asset Breakdown by Segment and ROA Trends of FY2024 Company acquisition and progress in investments has led to an increase in non-current assets and real estate for sale. < Asset breakdown by segment > *1 Excluding elimination < Breakdown of Urba
Slide 12: Market value appraisal for leased properties
Reprint of Presentation Materials Market value appraisal for leased properties of FY2024 Unrealized gains of rental and other real estate expanded to 435.1 billion yen. FY2023 FY2024 (¥ billion) Comparison Remarks Mar-31, 2024 Mar-31, 2025 Carrying value 749.5 747.5 (2.1) □Market value at the end of
Slide 13: FY2024 Summary of Cash flow and Investment plan
Reprint of Presentation Materials FY2024 Summary of Cash flow and Investment plan of FY2024 Capital investment will focus on renewable energy facilities, and investment mainly in rental housing and logistics facilities is planned for real estate for sale. (¥ billion) FY2023 FY2024 Remarks Net cash p
Slide 14: FY2025 Analysis of segment performance forecast
Reprint of Presentation Materials FY2025 Analysis of segment performance forecast of FY2024 Plan to increase profit by 12.2 billion yen YoY due to increased earnings from sales to investors, Real estate agents business, and Hotel business. ･ Property Management business +0.4 billion yen ･ Infrastruc
Slide 15: Gains on sales to investors and total value of investment
Gains on sales to investors and total value of investment Driven by a strong buying and selling market, efficient asset turnover and profit generation are being promoted. Approximately 50% of planned sales in FY2025 has already been secured. < Trends in gains on sales to Investors, etc. > < Sales to
Slide 16: Financial Condition
Reprint of Presentation Materials Financial Condition of FY2024 Long-term ratio of interest-bearing debt at the end of FY2024 was 95.3%, and the fixed ratio was 92.4%. The Japan Credit Rating Agency (JCR) upgraded its long-term issuer rating from A to A+ in recognition of strengthening stable revenu
Slide 17: Shareholder Return
Reprint of Presentation Materials Shareholder Return of FY2024 Shareholder return policy: Raised payout ratio to 35% or higher (FY2025-FY2027) and implemented progressive dividend payments. Annual dividend: Revised to 36.5 yen for the year ending March 2025 (+2.5 yen from revised forecast, +5.5 yen
Slide 18: Financial Targets ①
Reprint of Summary of the Financial Results for FY2024, and Forecast for FY2025 Presentation Materials (Financial Targets) ① of FY2024 Steady growth towards achieving financial targets in the medium-term management plan 2030. FY2023 FY2024 FY2025 FY2027 FY2030 (Latest (Result) forecast) (Result) (Fo
Slide 19: Financial Targets ②
Reprint of Summary of the Financial Results for FY2024, and Forecast for FY2025 Presentation Materials (Financial Targets) ② of FY2024 Long-term management policy/Reference indicators *1 (Operating profit ¥150 billion or more; Net profit ¥75 billion or more) Five years ahead of schedule 2.5x 2.3x ¥2
Slide 20: Changes in Share Price, Etc.
Changes in Share Price, Etc. (October 1, 2019 - August 1, 2025) 1,300yen 11.0% Share price BPS ROE Forecast ROE FY2025(Forecast)10.1% 1,200yen FY2024: 9.9% 10.0% FY2023: 9.6% BPS: 1,154.60 yen 1,100yen 9.0% 1,000yen Share price on Aug 1 : 1,108.5 yen 8.0% 900yen FY2022: 7.3% FY2019: 6.7% 800yen 7.0%
Slide 21: Key Themes of Medium-Term Management Plan 2030
Key Themes of Medium-Term Management Plan 2030 Financial Highlights FY2025 First Quarter (First Three Months) Ended June 30, 2025
Slide 22: Three Key Themes of Medium-Term Management Plan 2030
Reprint of Mid-term Management Plan 2030 Three Key Themes of Medium-Term Management Plan 2030 We will promote three Key Themes where market expansion can be expected given the changes and heightening of social needs and where the Group can demonstrate its strengths and thereby achieve a high growth
Slide 23: Key Theme 1: Promote Greater Shibuya Area Strategy
Key Theme 1: Promote Greater Shibuya Area Strategy Against the backdrop of the increasing appeal of the district, we will expand Greater Shibuya Area profits*1 by increasing stable earnings centering on core projects. Construction completed on Period of the Management plan 2025 – 2030 Toward the nex
Slide 24: Key Theme 2: Establish GX Business Model
Reprint of Mid-term Management Plan 2030 Key Theme 2: Establish GX Business Model｜ We will maximize renewables value through development of the non-FIT business, etc. based on a robust renewables value chain and work to actualize synergies between Group-leading profit growth and the real estate busi
Slide 25: Key Theme 3: Expand Glocal Business
Key Theme 3: Expand Glocal Business｜ We will create new business that grasps changes in the business environment occurring globally and co-create locally (regionally). Domestic Expanding inbound demand / market Promotion of Japan as a major tourism destination Invest in tourism resources and add app
Slide 26: Segment Overview
Segment Overview Financial Highlights FY2025 First Quarter (First Three Months) Ended June 30, 2025
Slide 27: Urban Development ① FY2025 Q1 Results
Urban Development ① FY2025 Q1 Results Despite a decrease in the number of units sold of condominiums in the Residential business, revenues and profit increased due to an increase in sales to investors and improved operation of Offices and Commercial facilities. [¥ billion] < Breakdown of revenues in
Slide 28: Urban Development ② Vacancy Rate and Rent trends and Portfolio Characteristics
Urban Development ② Vacancy Rate and Rent trends and Portfolio Characteristics < Office Area > As of June 30, 2025, vacancy rate at 0.3 % (office buildings and commercial facilities), and average office rent Metropolitan 5 districts continues to show an upward trend, excluding the impact of partial
Slide 29: Urban Development ③ Major projects (Offices and Commercial facilities, etc.)
Urban Development ③ Major projects Reprint of Presentation Materials (Offices and Commercial facilities, etc.) of FY2024 Other projects Chayamachi B-2/B-3 Blocks Redevelopment Project Osaka Commercial/office/ accommodation etc. Total floor space: 31 Reconstruction of Tokyu Land Corporation’s buildin
Slide 30: Urban Development ④ Major projects (the Greater Shibuya Area)
Reprint of Presentation Materials Urban Development ④ Major projects (the Greater Shibuya Area) of FY2024 Several projects, such as Next Shibuya Sakuragaoka Block and Jinnan 1-chome Block, are underway in the Greater Shibuya Area. The Greater Redevelopment Project Commercial facility Shibuya Area Of
Slide 31: Urban Development ⑤ Sold a partial interest in Shibuya Sakura Stage
Reprint of Presentation Materials Urban Development ⑤ Sold a partial interest in Shibuya Sakura Stage of FY2024 As part of the "Co-Creation with Partners" business policy, sold the equivalent of 49% co-ownership interest in the sectional ownership of Shibuya Sakura Stage SHIBUYA Tower. <Overview of
Slide 32: Urban Development ⑥ Office Market
Urban Development ⑥ Office Market Due to the tight supply-demand balance in Shibuya-ku, average rent is increasing. < Vacancy rate > < Average rent > （%） (yen/ Chiyoda-ku Chiyoda-ku 12.0 Chuo-ku Chuo-ku tsubo) Minato-ku Minato-ku Shinjuku-ku 10.0 Shinjuku-ku 25,000 24,555 Shibuya-ku Shibuya-ku Metro
Slide 33: Urban Development ⑦ Condominium index
Urban Development ⑦ Condominium index Contract ratio at the beginning of FY2025 Q1 increased to 85% < Major upcoming projects > Accounting year FY2023 FY2024 FY2025 Forecast Average price per unit (¥ million/unit) 70 84 88(Q1 : 165 million yen/unit) No. of units sold 1,280 units 1,006 units 878 unit
Slide 34: Urban Development ⑧ Major Large-Scale Residential Projects
Urban Development ⑧ Major Large-Scale Residential Projects Nishi-Nippori Station Sengakuji Station Block Type2 BRANZ Tower Osaka Umeda BRANZ TOWER Osaki BRANZ TOWER Shirokane 1-chome West Urban Redevelopment Project District Redevelopment Address: Osaka-shi, Osaka Address: Shinagawa-ku, Yokohama Kit
Slide 35: Strategic Investment ① FY2025 Q1 Results
Strategic Investment ① FY2025 Q1 Results Revenues and profit decreased due to a decrease in logistics facilities sales, while overseas business saw an improvement in profit and loss during period of U.S. facilities. < AUM Trends > FY2024 FY2025 Activia REIT Comforia REIT Private REITs, etc. [¥ billi
Slide 36: Strategic Investment ② Renewable energy business
Strategic Investment ② Renewable energy business Integration of Renewable Japan Co., Ltd. as a consolidated subsidiary has led to significant expansion of power generation facilities and the addition of O&M business. Projects acquired (As of June 30, 2025) Renewable energy facilities Portfolio (As o
Slide 37: Strategic Investment ③ Expansion of renewable energy business
Strategic Investment ③ Expansion of renewable energy business Steadily promote solar and onshore wind power to drive profit growth based on strong renewable energy value chain. Investment in facilities already in operation (before depreciation) and profit from electricity sales (including plan) Busi
Slide 38: Strategic Investment ④ Purpose of making Renewable Japan a consolidated subsidiary (1)
Reprint of Presentation Materials Strategic Investment ④ Purpose of making Renewable Japan a consolidated subsidiary (1) of FY2024 Realize value chain development for the Renewable Energy Business by making Renewable Japan a consolidated subsidiary. Value chain for the Renewable Energy Business Sola
Slide 39: Strategic Investment ⑤ Purpose of making Renewable Japan a consolidated subsidiary (2)
Reprint of Presentation Materials Strategic Investment ⑤ Purpose of making Renewable Japan a consolidated subsidiary (2) of FY2024 Further accelerate growth in the Renewable Energy Business through synergies between both companies. Strengthening green electricity supply • Group-owned power plants *1
Slide 40: Strategic Investment ⑥ Industry business (Logistics facilities, etc.)
Strategic Investment ⑥ Industry business (Logistics facilities, etc.) The acquisition and leasing of prime location projects are steadily progressing, continue rotating assets. Projects acquired Major projects Properties in operation: 8 Property name Location Total floor area Completion Projects und
Slide 41: Strategic Investment ⑦ Overseas operations
Strategic Investment ⑦ Overseas operations Multiple projects underway in the United States and Asia Status of overseas expansion < Overseas business, 25 projects across 8 countries 32 projects across 9 urban regions investment balance by area > In-house development performance: Leasable area in oper
Slide 42: Strategic Investment ⑧ Overseas operations (U.S. Business)
Strategic Investment ⑧ 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 シアトル拡大図 Enlarged view of Se
Slide 43: Property Management & Operation ① FY2025 Q1 Results
Property Management & Operation ① FY2025 Q1 Results Profits decreased due to a decrease in sales to investors, etc., and hotel business remained strong due to factors such as capturing inbound demand. < Breakdown of revenues in FY2024 FY2025 Property management business > (¥ billion) Comparison Rema
Slide 44: Property Management & Operation ② Stock of properties
Property Management & Operation ② Stock of properties Rather than relying on profit growth through stock expansion, aim to shift from "quantity" to "quality." Condominium Management Stock Trends Major properties under management (thousand units) Under facility management Under comprehensive manageme
Slide 45: Property Management & Operation ③ Major projects (Wellness)
Property Management & Operation ③ Major projects (Wellness) Due to factors such as capturing inbound demand, Tokyu Stay’s RevPAR has remained high, with its ADR exceeding 20,000 yen. TOKYU Harvest Club VIALA Hakonekoyu (tentative name)Tokyu Stay Tokyu Harvest Club Kusatsu & VIALA / VIALA Kusatsu Ret
Slide 46: Real Estate Agents ① FY2025 Q1 Results
Real Estate Agents ① FY2025 Q1 Results Increased in revenues and profit mainly driven by the brokerage business < Breakdown in revenues of Real estate sales agent business > capitalizing on the strong real estate transaction market. Top position (2 consecutive years) *2 in the amount of real estate
Slide 47: Real Estate Agents ② Performance indicators in sales agent
Real Estate Agents ② Performance indicators in sales agent FY2025 Q1 Retail* Wholesale Total Highlights Rate of change YoY Amount of transactions 402.9 140.1 542.9 □Retail (billion yen) +14.1% +9.9% +13.0% ・Number of offices: 225 as of March 31, 2025, and 228 as of June 30, 2025 231 as of March 31,
Slide 48: Real Estate Agents ③ Stock of properties
Real Estate Agents ③ Stock of properties Rental housing management stock trends Major properties under management (thousand units) 160 140 120 153 138 144 144 130 100 80 SHINONOME CANAL COURT CODAN March March March June March (Started property management in 2019; total rental units: 1,712) 2023 202
Slide 49: Sustainability and DX Initiatives
Sustainability and DX Initiatives Financial Highlights FY2025 First Quarter (First Three Months) Ended June 30, 2025
Slide 50: Materiality and KPI
Materiality and KPI We will aim to achieve non-financial KPI based on materialities Themes to work on (Materialities) Target indicators FY2024 Result FY2025 Targets*6 ・Customer satisfaction level*1 91.9% 90% or more Create a variety of lifestyles ・Products and services that Cumulative total of 83 ca
Slide 51: Human Capital Strategy
Human Capital Strategy We've set human capital KPIs for each strategy. Human capital Measures Human capital KPI FY2024 Results (YoY) Target*3 Outcomes Results for FY2024 or April 2025 Actual strategies Dissemination of 1. Degree of personal investment in achieving the 90% [(2)] long-term vision of e
Slide 52: Corporate Governance
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 Officers > Improved linkage between achieveme
Slide 53: 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. Received "AA" in the MSCI ESG Rating and recognized on the highest-rated A-List by CDP for 4 consecutive
Slide 54: DX Initiatives
DX Initiatives Achieved many of the numerical targets for FY2030 set in the long-term vision at an early stage in FY2024 Reduced labor costs through the improvement of operational efficiency by utilizing DX KPI FY2025 targets FY2030 targets FY2024 results DX investment amount DX investment (Annual i
Slide 55: Status of dialogue implementation with investors and analysts
Reprint of Presentation Materials Status of dialogue implementation with investors and analysts of FY2024 We continued engaging with investors and analysts to aid our sustainable growth and build our organization’s value over the long term. Main themes of our dialogue with investors and analysts/ IR
Slide 56: For a Vibrantly Shining Future
FORA VIBRANTLY SHINING FUTURE WE ARE GREEN @ TOKYU FUDOSAN HOLDINGS
Tokyu Fudosan Holdings — Q1 FY2025 Earnings Presentation on 6ix