Financial Highlights

Highlights of FY2025 Financial Results

For the current fiscal year, revenue from operations increased by ¥84.3 billion, or 3.2%, compared to the previous fiscal year, business income increased by ¥46.4 billion, or 11.6%, ordinary income increased by ¥23.0 billion, or 7.9%, and net income attributable to shareholders of the Company increased by ¥29.8 billion, or 12.0%. Furthermore, revenue from operations, business income, ordinary income, and net income attributable to shareholders of the Company all reached record highs. Revenue from operations and business income have reached record highs for 14 and 2 consecutive fiscal years, respectively. Ordinary income and net income attributable to shareholders of the Company have reached record highs for 4 consecutive fiscal years.

Consolidated Five-Year Summary

(Millions of yen)

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Years Ended March 31	2022	2023	2024	2025	2026
Revenue and Earnings
Revenue from Operations	2,100,870	2,269,103	2,383,289	2,625,363	2,709,747
Business Income (*1)	244,978	305,405	339,690	398,688	445,120
Ordinary Income	224,940	265,358	267,890	290,262	313,319
Profit Attributable to Owners of Parent	176,986	196,998	224,647	248,799	278,684
Financial Position
Total Assets	8,208,012	8,841,396	9,489,527	9,859,856	10,103,474
Real Property for Sale (*2)	2,051,704	2,163,634	2,375,281	2,500,757	2,603,087
Tangible and Intangible Fixed Assets	3,914,135	4,293,130	4,405,526	4,707,418	4,679,110
Interest-Bearing Debt (*3)	3,667,234	4,048,531	4,430,422	4,416,086	4,632,547
Net Assets	2,913,752	3,031,220	3,234,656	3,270,723	3,384,844
Cash Flows
Cash Flow from Operating Activities	271,469	297,708	241,697	599,252	145,270
Cash Flow from Investing Activities	(210,057)	(422,034)	(286,987)	(321,970)	(179,014)
Cash Flow from Financing Activities	(139,600)	111,448	59,988	(269,367)	(59,118)
Free Cash Flow (*4)	61,412	(124,326)	(45,290)	277,282	(33,744)
Per Share Data
Earnings per Share (Yen)(*5)	61.5	69.3	80.2	89.3	101.0
Net Assets per Share (Yen)(*5)	980.7	1,035.8	1,109.9	1,135.1	1,206.1
Annual Dividend per Share (Yen)(*5)	18	21	28	31	35
Key Management Indices
Return on Equity (%)(*6)	6.61	6.92	7.47	7.95	8.68
Debt/Equity Ratio (Times)(*7)	1.31	1.40	1.42	1.40	1.41
Return on Assets (%)(*8)	3.31	3.86	3.94	4.12	4.46
Equity Ratio (%)	34.1	32.8	32.8	31.9	32.4
EBITDA (Billion of yen)(*9)	356.4	430.7	473.4	513.2	548.7

*1

Operating income is disclosed for FY2023 and prior.
*2

Real Property for Sale: Real Property for Sale + Real Property for Sale in Progress + Land for Development + Advances Paid for Purchases
*3

Interest-Bearing Debt: Short-Term Debt + Commercial Paper + Bond Redeemable within One Year + Corporate Bonds + Long-Term Debt
*4

Free Cash Flow: Cash Flows from Operating Activities + Cash Flows from Investing Activities
*5

The Company conducted a 3-for-1 stock split for common shares, and calculated the figures for fiscal years prior to fiscal year 2022 as if the stock split had been conducted at the beginning of the previous fiscal
*6

ROE: Profit Attributable to Owners of Parent/Average shareholders' equity over period
*7

Debt/Equity Ratio: Interest-Bearing Debt/Shareholders' equity
*8

～FY2023：ROA=(Operating income + non-operating income)/average total assets over period　
FY2024～：ROA=Business income/average total assets over period
*9

EBITDA: Operating income +Depreciation

Revenue and Earnings

Revenue from Operations(Billions of yen)
Business Income*/Profit Attributable to Owners of Parent(Billions of yen)
*Operating income is disclosed for FY2023 and prior.