Hulic Co., Ltd. TSE:3003
Hulic : Summary of Q&A at Financial Results Briefing for FY2025 (January 1, 2025 - December 31, 2025)
Source: MarketScreener
February 4, 2026 Hulic Co., Ltd. (TSE Prime 3003)
Summary of Q&A at Financial Results Briefing (held on January 29, 2026) for FY2025 (January 1, 2025 - December 31, 2025)
Please note that this document is a condensed transcript prepared by the Company by summarizing the actual interactions as appropriate and not a word-for-word transcript of the actual Q&A session.
For the presentation material used, please click the links below. IR Presentation (PDF)
A. We expect an increase of approximately JPY25.0 bn in the Real Estate segment. Meanwhile, in the Hotels/Ryokans segment, profit is expected to decline year on year due to the burden of opening costs, and record a modest profit overall.
Q. Please provide your outlook for non-operating income and expenses.A. For non-operating expenses, we have fully factored in higher interest rates and expect a corresponding increase in interest payments. Regarding non-operating income related to lease terminations, the substantial increase in FY2025 reflected a one-off factor associated with the departure of a large tenant.
Q. Please provide your outlook for "Others" and "Elimination or Corporate" in the segment information.A. "Others" is expected to post higher profit, mainly due to contributions from Cook Deli and Koken Boring Machine, which became consolidated subsidiaries in 2025. "Elimination or Corporate" largely consists of consolidation adjustments, and we do not expect significant changes.
【Real Estate Investment】 Q. Gross investment reached approximately JPY760.0 bn in FY2025. What level of investment do you expect for FY2026, and what types of properties are targeted?A. We expect gross investment in FY2026 to be on par with or above the FY2025 level. At the same time, we also anticipate a high volume of sales, so net investment is unlikely to
increase substantially. We plan to present quantitative figures in the new Medium- and Longterm Management Plan (2026-2036). In real estate investment, we intend to continue focusing on our focus areas, including Ginza.
Q. With respect to utilization after acquisition-such as long-term holding, asset turnover, development/reconstruction, or contributions within the Group-please share any comments you can.A. While it is difficult to present the overall picture, our policy is to hold properties located in our focus areas over the long term. For CRE (corporate real estate business), we generally hold properties as stable leasing income sources during leaseback periods, after which we may consider various exit options. To expand earnings on a consolidated basis, we aim to increase AUM in our Group REITs and funds, and contributions within the Group remain an option. Actively recycling assets to control the balance sheet is also important.
【Review of Real Estate Holding Policy】 Q. Among the properties sold in FY2025, development land and large-scale redevelopment projects were included as part of a policy review. As construction costs appear to be peaking out, do you expect similar sales to occur going forward?A. In view of the declining working population, we are not positive on large-scale offices over the long term and will continue to review our holdings. We also plan to reassess development projects from the standpoint of profitability.
Q. Please update us on the status of large office properties held through SPCs (such as the Dentsu Headquarters Building and Otemachi Place). Given rising interest rates, are there concerns about deteriorating SPC cash flows? Also, how are you thinking about potential exits?A. While we refrain from commenting on individual cases, large offices-whether held directly or through SPCs-are subject to ongoing review.
【Real Estate Leasing】 Q. Please tell us about the status of rent increase negotiations for existing office properties.A. Since around 2024, we have gradually made progress in rent negotiations with existing tenants and have achieved rent increases ranging from approximately 5% to 20%.
【Raysum】 Q. Please provide your outlook for Raysum for FY2026.A. Raysum ended FY2025 at JPY25.5 bn, which was JPY2.0 bn above plan. For FY2026, we expect a slight increase compared with FY2025.
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