Nomura Real Estate Holdings, Inc. (TSE: 3231), one of Tokyo's major real-estate developers — known for its Proud-brand condominiums alongside commercial property, leasing, property management, and overseas operations — reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under Japanese GAAP. Revenue rose 24.4% year-on-year to a record ¥942,505 million, up from ¥757,638 million, while operating profit climbed 16.2% to ¥138,242 million from ¥118,958 million. Ordinary profit advanced 16.9% to ¥124,807 million, and net profit attributable to owners of the parent rose 10.8% to ¥82,880 million from ¥74,835 million. Basic EPS came in at ¥96.69 versus a split-adjusted ¥86.77.
Record revenue tops ¥942.5 billion
The headline of the year was record top-line growth, with revenue up 24.4% to ¥942.5 billion on strength across the housing and leasing businesses plus gains on property sales. Operating profit grew a more measured 16.2% to ¥138.2 billion, reflecting the mix of lower-margin development revenue against higher-margin recurring leasing income. The company's preferred "business profit" measure — which adjusts operating profit for equity-method results, acquisition-related intangible amortization, and the P/L on sales of overseas project-company stakes — rose 17.8% to ¥147,384 million from ¥125,104 million, the metric management uses to gauge underlying earnings power.
Stock split and dividend policy
A 5-for-1 common-stock split took effect April 1, 2025, so all per-share figures are split-adjusted. The FY3/2026 annual dividend was ¥40.00 per share (interim ¥18.00 plus year-end ¥22.00) on a post-split basis, up from a split-adjusted ¥34.00 the prior year (¥170.00 before the split). For FY3/2027 management guides a higher ¥44.00 annual dividend (¥22.00 interim plus ¥22.00 year-end), signalling confidence in sustained earnings and a continued progressive distribution policy.
Solid balance sheet
Total assets stood at ¥2,811,989 million (¥2.81 trillion) and net assets at ¥802,729 million, leaving an equity ratio of 28.5%, up from 27.9% a year earlier. Book value per share reached ¥938.08 on a split-adjusted basis. The improvement in the equity ratio against a backdrop of record revenue points to disciplined balance-sheet management even as the development pipeline expanded, giving the company capacity to fund new projects while sustaining higher shareholder returns.
FY27 guidance: revenue past ¥1 trillion, modest profit growth
For the fiscal year ending March 31, 2027 (FY3/2027), management guides revenue up 14.6% to ¥1,080,000 million (¥1.08 trillion), crossing the ¥1 trillion mark for the first time. Profit growth, however, is set to be far more modest: operating profit is seen up just 1.3% to ¥140,000 million, business profit up 1.8% to ¥150,000 million, ordinary profit up 0.2% to ¥125,000 million, and net profit attributable to owners up 3.8% to ¥86,000 million, with EPS of ¥100.68. The contrast between double-digit revenue growth and low-single-digit profit growth signals that management expects margin normalization as the revenue mix shifts, even as the top line crosses a symbolic threshold.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 942,505 | 757,638 | +24.4% |
| Operating profit (¥M) | 138,242 | 118,958 | +16.2% |
| Business profit (¥M) | 147,384 | 125,104 | +17.8% |
| Ordinary profit (¥M) | 124,807 | 106,740 | +16.9% |
| Net profit attrib. to owners (¥M) | 82,880 | 74,835 | +10.8% |
| Basic EPS (¥) | 96.69 | 86.77 | +11.4% |
| Equity ratio | 28.5% | 27.9% | +0.6pp |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.