Tokyu Fudosan Holdings Corp. · TSE:3289
Tokyu Fudosan — Q3 FY2025 Earnings Presentation
72 slides from Tokyu Fudosan's earnings presentation, Feb 6, 2026
Slide 1: Financial Highlights FY2025 Third Quarter
Securities Code: 3289 Financial Highlights FY2025 Third Quarter (First Nine Months) Ended December 31, 2025 February 6, 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 Topics Contents Operating profit: 104.1 billion yen (YoY +16.3 billion yen) Quarterly net profit*1 62.2 billion yen (YoY +14.7 billion yen) FY2025 Q3 Operating ・ Profit increased led by improved operation of Offices and Commercial facilities centered on Results properties in the Greater S
Slide 4: Financial Indexes Forecast for FY2025
Reprint (FY2025 Q2 Presentation Material) Financial Indexes Forecast for FY2025 FY2024 FY2025 FY2027 FY2030 (Result) (Initial forecast) (Latest forecast) (Target) (Target) ROE 9.9% 10.1% 10.7% 9.5%-10％ 10％ or more Potential, efficiency ROA 4.5% 4.6% 4.8% 4.7% 5％ or more Approx. EPS ¥108.69 ¥119.08 ¥
Slide 5: FY2025 Revision of Earnings Forecast
Reprint (FY2025 Q2 Presentation Material) FY2025 Revision of Earnings Forecast Revised the full-year forecast upwards Operating profit ROE 160.0 billion yen (+7.0 billion yen) 10.7% (+0.6pt) Annual dividend forecast Net profit Annual EPS growth rate 44.5 yen (+2.5 yen) 90.0 billion yen (+5.0 billion
Slide 6: Shareholder Return
Reprint (FY2025 Q2 Presentation Material) Shareholder Return Revised the annual dividend forecast for FY2025 upwards Annual dividend (forecast) 44.5 yen (+2.5 yen from Dividend payout ratio (forecast) 35.3 % (±0pt initial forecast, +8.0 yen compared to the previous year) from initial forecast, +1.7p
Slide 7: Initiatives to Enhance Corporate Value and Market Valuation (1)
Reprint (FY2025 Q2 Presentation Material) Initiatives to Enhance Corporate Value and Market Valuation (1) 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 Greater Sh
Slide 8: Promote Greater Shibuya Area Strategy
Reprint (FY2025 Q2 Presentation Material) Promote Greater Shibuya Area Strategy Further enhance the appeal of the district, and increase profits in the Greater Shibuya Area Agreed to revise all office rents in the Greater Shibuya Area upwards, and rate of increase exceeds 10% (Results for April to S
Slide 9: Growth of Real Estate Agent Business (1)
Reprint (FY2025 Q2 Presentation Material) 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 18.0% (FY2024) transactions*1 for FY2024 (2 consecutive ye
Slide 10: Growth of Real Estate Agent Business (2)
Reprint (FY2025 Q2 Presentation Material) Growth of Real Estate Agent Business (2) Tokyu Livable realized business growth by promoting the most effective use of real estate information Real estate multi-value creator strategy ・ Make the most effective use of real estate information by utilizing our
Slide 11: Initiatives to Enhance Corporate Value and Market Valuation (2)
Reprint (FY2025 Q2 Presentation Material) Initiatives to Enhance Corporate Value and Market Valuation (2) Aim to increase corporate value by pursuing high growth potential and efficiency and increasing tolerance Comparison of PER and ROE of seven major domestic real estate companies Towards the impr
Slide 12: Changes in Share Price, etc.
Changes in Share Price, etc. (May 12, 2022 – February 4, 2026) PBR*1 : 1.25x ｜ P/NAV multiple*2 : 0.92x ｜ PER*1 : 11.76x (as of February 4, 2026) 1,700 yen Share price BPS NAV per share *3 1,610.21 yen 1,600 yen 1,482.5 yen 1,500 yen 1,400 yen 1,300 yen 1,186.26 yen 1,200 yen 1,100 yen 1,142.66 yen
Slide 13: Summary of the Financial Results for FY2025 Q3
Summary of the Financial Results for FY2025 Q3 Financial Highlights FY2025 Third Quarter (First Nine Months) Ended December 31, 2025
Slide 14: Recognition of Major Business Environment for FY2025
Partly Updated (Underlined blue text) Recognition of Major Business Environment for FY2025 ・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. ・Dom
Slide 15: Recognition of Major Business Environment for FY2025
Partly Updated (Underlined blue text) Recognition of Major Business Environment for FY2025 ・Market expansion continues in response to the trend toward decarbonization. ・Seeking profit growth by building a value chain for renewable energy businesses Renewable energy including development and sale of
Slide 16: FY2025 Q3 Operating Results
FY2025 Q3 Operating Results Increased in revenues and profit driven by Urban Development with strong operation of Offices and Commercial facilities and sale of condominiums and Real Estate Agents with strong brokerage businesses FY2024 FY2025 FY2025 Comparison FY2024 Progress note (¥ billion) Q3 Q3
Slide 17: FY2025 Q3 Analysis of Operating Profit
FY2025 Q3 Analysis of Operating Profit Operating profit increased by 16.3 billion yen YoY led by improved operation of Offices and Commercial facilities, increase in number of condominiums sold and strong performance in the real estate agents business, etc. (¥ billion) ・ Overseas business +0.4 billi
Slide 18: Gains on Sales to Investors and Total Value of Investment
Gains on Sales to Investors and Total Value of Investment Approximately 80% of the gain on sales to investors, etc. in FY2025 have been secured Acquisition of assets, primarily for sales to investors, are also progressing steadily, centering on rental housing and industry < Trends in gains on sales
Slide 19: FY2025 Q3 Balance Sheet
FY2025 Q3 Balance Sheet Progress in investments has led to an increase in real estate for sale and non-current assets Long-term ratio of interest-bearing debt at the end of September 2025 was approx. 92%, the fixed ratio was approx. 90%, and the external credit rating for long-term (Japan Credit Rat
Slide 20: Market Value Appraisal for Leased Properties
Reprint (FY2025 Q2 Presentation Material) Market Value Appraisal for Leased Properties (As of the end of March 2025) • Unrealized gains of rental and other real estate expanded to 435.1 billion yen. < Changes in market value and book value of leased properties and others > Carrying value Latent prof
Slide 21: Statement of Cash Flows and Investment Plan
Reprint (FY2025 Q2 Presentation Material) Statement of Cash Flows and Investment Plan • Investments were made steadily toward the full-year plan, mainly in renewable energy facilities (capital investment), rental housing and logistics facilities (real estate for sale) < Statement of Cash Flows > FY2
Slide 22: FY2025 Full-Year Earnings Forecast
Reprint (FY2025 Q2 Presentation Material) FY2025 Full-Year Earnings Forecast Forecast for the full year has been revised upwards due to expectations of strong performance in the real estate agents business and sales to investors, with ROE planned at 10.7% (+0.6pt from initial forecast) FY2025 FY2025
Slide 23: Analysis of Revised Forecast for Operating Profit (vs. initial forecast)
Reprint (FY2025 Q2 Presentation Material) FY2025 Analysis of Revised Forecast for Operating Profit (vs. initial forecast) • Operating profit has been revised upwards by 7 billion yen from initial forecast due to expectations of strong performance in the real estate agents business and sales to inves
Slide 24: Analysis of Revised Forecast for Operating Profit (YoY comparison)
Reprint (FY2025 Q2 Presentation Material) FY2025 Analysis of Revised Forecast for Operating Profit (YoY comparison) Plan to increase operating profit by 19.2 billion yen YoY due to strong performance in the real estate agents business and sales to investors as well as improved operation of Offices a
Slide 25: Segment Overview
Segment Overview Financial Highlights FY2025 Third Quarter (First Nine Months) Ended December 31, 2025
Slide 26: Urban Development (1) FY2025 Q3 Results
Urban Development (1) FY2025 Q3 Results Q3: Revenues and profit increased led by improved operation of Offices and Commercial facilities, increase in the number of condominiums sold and increase in sales to investors, etc. Full-year forecasts: Revenues and profit increased led by improved operation
Slide 27: 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 (results for April to December 2025) Vacancy rate at end of December 2025: 0.7% (offices and commercial facilities) < Va
Slide 28: Urban Development (3) Major Projects
Reprint (FY2025 Q2 Presentation Material) Urban Development (3) Major Projects (Offices and Commercial Facilities, etc.) Large-scale development projects Rebuilding of Chayamachi B-2/B-3 Blocks Tokyu Akasaka building Redevelopment Project Osaki Riverwalk Garden Shinjuku West Gate Chiyoda-ku Osaka-sh
Slide 29: Urban Development (4) Major Projects (Greater Shibuya Area)
Reprint (FY2025 Q2 Presentation Material) 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. The Greater Redevelopment Project
Slide 30: Urban Development (5) Office Market
Urban Development (5) 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 <
Slide 31: Urban Development (6) Condominiums Performance Index
Urban Development (6) Condominiums Performance Index Contract ratio for condominiums increased to 99% (at the end of FY2025 Q3) Accounting year FY2023 FY2024 FY2025 Plan Operating revenue ¥89.5 billion ¥84.8 billion ¥79.8 billion Average price per unit (¥ million/unit) 70 84 89 (Q3: 109 million yen/
Slide 32: Urban Development (7) Condominiums Land Bank
Reprint (FY2025 Q2 Presentation Material) Urban Development (7) 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 2028 < Land bank > As of Sept
Slide 33: Urban Development (8) Rental Housing Business
Reprint (FY2025 Q2 Presentation Material) Urban Development (8) Rental Housing Business (For Sales to Investors) Steadily increase investments mainly in prime locations, while rotating assets Projects acquired (As of Sep 30, 2025) Major projects Properties in operation: 42 / Projects under developme
Slide 34: Strategic Investment (1) FY2025 Q3 Results
Strategic Investment (1) FY2025 Q3 Results Q3: Despite an improvement of profit and loss during period in the U.S. business, etc., revenues and profit decreased due to a decrease in sales of logistics facilities Full-year forecast: Revenues and profit are expected to increase due to improvements in
Slide 35: Strategic Investment (2) Renewable Energy Power Generation Facilities Portfolio
Reprint (FY2025 Q2 Presentation Material) 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
Slide 36: 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 37: Strategic Investment (4) Renewable Energy Value Chain
Reprint (FY2025 Q2 Presentation Material) 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 Aggregation Asset Power plant
Slide 38: Strategic Investment (5) Renewable Energy Market Forecast
Reprint (FY2025 Q2 Presentation Material) Strategic Investment (5) 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 39: Strategic Investment (6) Business Characteristics
Strategic Investment (6) Renewable Energy Business Business Characteristics High long-term stability and efficiency that increases over time, with resilience to inflation Business characteristics: High long-term stability and (Reference) Trends in capital costs for solar power efficiency, with resil
Slide 40: Strategic Investment (7) Industry Business (Logistics Facilities)
Reprint (FY2025 Q2 Presentation Material) Strategic Investment (7) Industry Business (Logistics Facilities, etc.) The acquisition and leasing of prime location projects are steadily progressing, continue rotating assets. Projects acquired (as of September 30, 2025) Major projects Properties in opera
Slide 41: Strategic Investment (8) Overseas Operations
Reprint (FY2025 Q2 Presentation Material) Strategic Investment (8) Overseas Operations Multiple projects underway in the United States and Asia 25 projects across 8 countries* 33 projects across 9 urban regions Asian business In-house development performance: Leasable area in operation: approx. 7,50
Slide 42: Strategic Investment (9) Overseas Operations (U.S. Business)
Reprint (FY2025 Q2 Presentation Material) Strategic Investment (9) 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
Slide 43: Strategic Investment (10) Overseas Operations (Asian Business)
Reprint (FY2025 Q2 Presentation Material) Strategic Investment (10) Overseas Operations (Asian Business) Multiple projects underway in Asia in cooperation with excellent partners Asian business, investment amount by country Major projects in Thailand Aim to further expand business by developing a jo
Slide 44: Property Management & Operation (1) FY2025 Q3 Results
Property Management & Operation (1) FY2025 Q3 Results Q3: Although hotel business remained strong, revenues and profit decreased due to a decrease in sales to investors, etc. Full-year forecast: Revenues and profit are expected to increase due to continued strong performance in hotel business < Oper
Slide 45: Property Management & Operation (2) Management Stock
Reprint (FY2025 Q2 Presentation Material) 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 Buildin
Slide 46: Property Management & Operation (3) Hotel Business
Property Management & Operation (3) Hotel Business: Major Projects and Operational Status, etc. Due to factors such as capturing inbound demand, Tokyu Stay’s RevPAR continued to rise YoY. Tokyu Stay Shibuya Ebisu Tokyu Stay Mercure Hiroshima Tokyu Harvest Club Kusatsu & VIALA / VIALA Kusatsu Retreat
Slide 47: Real Estate Agents (1) FY2025 Q3 Results
Real Estate Agents (1) FY2025 Q3 Results Q3 and full-year forecasts: Increased in revenues and profit mainly driven by the brokerage business capitalizing on the strong real estate transaction market. Tokyu Livable was at the top position *1 in the amount of real estate brokerage transactions *2 and
Slide 48: 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 49: 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 50: 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 51: Real Estate Agents (5) Management Properties in Rental Housing Service
Reprint (FY2025 Q2 Presentation Material) 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 Sep 30, 2025) Properties under management (tho
Slide 52: Sustainability and DX Initiatives
Sustainability and DX Initiatives Financial Highlights FY2025 Third Quarter (First Nine Months) Ended December 31, 2025
Slide 53: Materiality and KPI
Reprint (FY2025 Q2 Presentation Material) Materiality and KPI For details, please refer to the Environmental Management Report and DX Report disclosed in May and the Integrated Report disclosed in September 2025. We will aim to achieve non-financial KPI based on materialities Themes to work on (Mate
Slide 54: Human Capital Strategy
Reprint (FY2025 Q1 Presentation Material) 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 ach
Slide 55: 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 56: 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 57: DX Initiatives
Reprint (FY2025 Q1 Presentation Material) 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
Slide 58: Status of dialogue implementation with investors and analysts
Reprint (FY2024 Q4 Presentation Material) 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. Main themes of our dialogue with investors and analysts/ IR e
Slide 59: Fact Sheets
Fact Sheets Financial Highlights FY2025 Third Quarter (First Nine Months) Ended December 31, 2025
Slide 60: Consolidated Statements of Income
Consolidated Statements of Income (\ billion) Statements of Income FY2024 FY2025 FY2025 (consolidated base) FY2020 FY2021 FY2022 FY2023 Latest Q1 Q2 Q3 Full-year Q1 Q2 3Q vs. Initial vs. FY2024 forecast vs. FY2024 forecast Operating revenue 907.7 989.0 1,005.8 1,103.0 267.2 503.3 763.2 1,150.3 288.0
Slide 61: Consolidated Balance Sheet
Consolidated Balance Sheet (\ billion) Balance Sheet FY2020 FY2021 FY2022 FY2023 FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2025 Mar-31, 2026 (consolidated base) Mar-31, Mar-31, Mar-31, Mar-31, Latest Q1 Q2 Q3 Full-Year Q1 Q2 3Q Vs. Initial 2021 2022 2023 2024 Vs.FY2024 forecast Vs. FY2024 Forecast C
Slide 62: Major Indicators, etc.
Major Indicators, etc. (¥ billion) Management Indicators FY2020 FY2021 FY2022 FY2023 FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2025 Mar-31, 2026 (consolidated base) Mar-31, Mar-31, Mar-31, Mar-31, Latest Q1 Q2 Q3 Full-year Q1 Q2 Q3 Vs. initial 2021 2022 2023 2024 Vs. FY2024 forecast Vs. FY2024 forec
Slide 63: Asset Breakdown by segment and Leased Properties
Asset Breakdown by segment and Leased Properties Asset Breakdown by Segment FY2020 FY2021 FY2022 FY2023 FY2024 (Before Elimination) Mar-31, 2021 Mar-31, 2022 Mar-31, 2023 Mar-31, 2024 Mar-31, 2025 Urban Development 1,708.2 1,627.5 1,644.1 1,707.9 1,713.8 Strategic Investment 375.6 463.6 537.0 646.3
Slide 64: Interest-bearing Debt and related indicators
Interest-bearing Debt and related indicators (¥ billion) FY2024 Mar-31, 2025 FY2025 Mar-31, 2026 FY2025 Mar-31, 2026 FY2020 FY2021 FY2022 FY2023 Mar-31, Mar-31, Mar-31, Mar-31, Interest-bearing Debt Latest 2021 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Vs. initial Breakdown Vs. FY2024 forecast Vs.
Slide 65: Consolidated Statement of Cash Flows and Investments
Reprint (FY2025 Q2 Presentation Material) Consolidated Statement of Cash Flows and Investments (\ billion) FY2024 FY2025 Cash Flows FY2020 FY2021 FY2022 FY2023 Q2 Full-year Q2 (consolidated base) Vs. FY2024 Net cash provided by (used in) operating activities 100.4 76.5 94.7 156.5 (34.4) 47.4 12.6 +4
Slide 66: Trends in Operating Revenue by segment
Trends in Operating Revenue by segment (\ billion) FY2024 FY2025 FY2025 Trends in Operating Revenue by FY2020 FY2021 FY2022 FY2023 Latest Q1 Q2 Q3 Full-year Q1 Q2 Q3 Vs. initial Segment Vs. FY2024 forecast Vs. FY2024 forecast Operating revenue 907.7 989.0 1,005.8 1,103.0 267.2 503.3 763.2 1,150.3 28
Slide 67: Trends in Operating Profit by segment
Trends in Operating Profit by segment (\ billion) FY2024 FY2025 FY2025 Trends in Operating Profit by FY2020 FY2021 FY2022 FY2023 Latest Q1 Q2 Q3 Full-year Q1 Q2 Q3 Vs. initial Segment Vs. FY2024 forecast Vs. FY2024 forecast Operating profit 56.5 83.8 110.4 120.2 31.6 50.5 87.8 140.8 41.2 78.5 104.1
Slide 68: Operating Profit Target by Segment
Reprint (FY2025 Q2 Presentation Material) Operating Profit Target by Segment (Medium-term Management Plan) (\ billion) Operating Profit Target by FY2024 FY2025 FY2027 FY2030 segment Result Forecast Target Target Operating profit 140.8 160.0 170.0 220.0 or more Urban Development 70.5 75.5 68.5 70.5 O
Slide 69: Trend in Sales to Investors, etc.
Trend in Sales to Investors, etc. (\ billion) FY2024 FY2025 FY2025 Breakdown of FY2020 FY2021 FY2022 FY2023 Latest Q1 Q2 Q3 Full-year Q1 Q2 Q3 Vs. initial Sales to Investors, etc. Vs. FY2024 forecast Vs. FY2024 forecast Operating revenue 138.6 139.2 176.7 225.7 36.2 51.6 89.1 182.4 46.2 104.3 116.9
Slide 70: Major KPI in Each Business (1)
Major KPI in Each Business (1) FY2024 FY2025 FY2025 FY2020 FY2021 FY2022 FY2023 Mar-31, 2025 Mar-31, 2026 Mar-31, 2026 Vacancy Rate and Rent Mar-31, Mar-31, Mar-31, Mar-31, Latest 2021 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Vs. initial Vs. FY2024 forecast Vs. FY2024 forecast Vacancy rate 1.3% 1.
Slide 71: Major KPI in Each Business (2)
Major KPI in Each Business (2) FY2024 FY2025 FY2025 FY2020 FY2021 FY2022 FY2023 Mar-31, 2025 Mar-31, 2026 Mar-31, 2026 Stock of Properties Under Management Mar-31, Mar-31, Mar-31, Mar-31, Latest 2021 2022 2023 2024 Q1 Q2 Q3 Full-year Q1 Q2 Q3 Vs. initial Vs. FY2024 forecast Vs. FY2024 forecast Condo
Slide 72: For a Vibrantly Shining Future
FOR A VIBRANTLY SHINING FUTURE WE ARE GREEN @ TOKYU FUDOSAN HOLDINGS
Tokyu Fudosan Holdings — Q3 FY2025 Earnings Presentation on 6ix