Mitsui Fudosan Co., Ltd. (TSE: 8801) reported consolidated full-year results for the fiscal year ended March 31, 2026 (FY3/2026) under Japanese GAAP. Revenue rose 3.2% year-on-year to a record ¥2,709,747 million, operating profit climbed 6.7% to ¥397,788 million, and net profit attributable to owners of the parent rose 12.0% to ¥278,684 million from ¥248,799 million. Basic EPS came in at ¥101.04 versus ¥89.26, ROE improved to 8.7% from 8.0%, and the operating margin held at 14.7%. Comprehensive income nearly doubled, up 98.1% to ¥318,406 million.
Record revenue tops ¥2.7 trillion
The year marked another record for Japan's largest developer, whose portfolio spans office buildings, the "LaLaport" and "MITSUI OUTLET PARK" retail facilities, residential development and sales, the Tokyo Midtown and Nihonbashi districts, hotels and resorts, logistics, and property management, alongside a growing overseas (U.S., U.K. and Asia) book. Revenue cleared the ¥2.7 trillion mark for the first time, extending a multi-year growth run powered by a robust Japanese leasing market, strong property sales to investors and individuals, and contributions from large mixed-use redevelopment projects in central Tokyo.
"Business profit" up 12% on leasing and property-sale gains
Management's preferred headline measure — business profit, defined as operating profit plus equity-method earnings (including gains and losses on the sale of shares of real-estate-for-sale affiliates) and gains and losses on fixed-asset sales — rose 11.6% to ¥445,120 million from ¥398,688 million. The advance was driven by leasing strength across the office and retail portfolios and by gains realised on property sales, the engine of Mitsui Fudosan's earnings model in which it develops, leases up and then crystallises value through disposals. Ordinary (recurring) profit rose 7.9% to ¥313,319 million, with the gap to business profit reflecting financing costs in a higher-rate environment.
Balance sheet over ¥10 trillion; cash flow into investment
Total assets stood at ¥10,103,474 million and net assets at ¥3,384,844 million, with an equity ratio of 32.4% and owners' equity of ¥3,277,508 million. Book value per share was ¥1,206.06. Operating cash flow came in at ¥145,270 million, down from ¥599,252 million the prior year as working-capital movements and the timing of property sales weighed, while investing cash flow was an outflow of ¥321,970 million as the company continued to deploy capital into its development pipeline. Period-end cash and equivalents were ¥82,317 million.
Dividend lifted to ¥35; fresh buyback resolved
Mitsui Fudosan stepped up shareholder returns. The FY3/2026 annual dividend was raised to ¥35.00 (¥17.00 interim + ¥18.00 year-end) from ¥31.00 (¥15.00 + ¥16.00), for a payout ratio of 34.6% and total dividends of ¥96,047 million. On May 13, 2026, the board resolved a new share buyback; reflecting the repurchase, treasury shares rose to 38.4 million from 9.8 million a year earlier. For FY3/2027 the company forecasts a further increase in the annual dividend to ¥37.00 (¥18.50 interim + ¥18.50 year-end).
FY2027 guidance points to more records
For the fiscal year ending March 2027, management guides revenue of ¥2,800,000 million (+3.3%) — another record — with operating profit of ¥410,000 million (+3.1%), business profit of ¥450,000 million (+1.1%), ordinary profit of ¥315,000 million (+0.5%), and net profit attributable to owners of ¥285,000 million (+2.3%). Guided EPS is ¥105.50, an outlook that already reflects the newly resolved buyback. The forecast extends Mitsui Fudosan's record-setting trajectory while signalling a measured pace of profit growth as financing costs rise and the company keeps investing through the cycle.
| Metric | FY3/2026 | FY3/2025 | YoY |
|---|---|---|---|
| Revenue (¥M) | 2,709,747 | 2,625,363 | +3.2% |
| Operating profit (¥M) | 397,788 | 372,732 | +6.7% |
| Business profit (¥M) | 445,120 | 398,688 | +11.6% |
| Ordinary profit (¥M) | 313,319 | 290,262 | +7.9% |
| Net profit attrib. to owners (¥M) | 278,684 | 248,799 | +12.0% |
| Basic EPS (¥) | 101.04 | 89.26 | +13.2% |
| ROE | 8.7% | 8.0% | +0.7pp |
| Annual dividend (¥) | 35.00 | 31.00 | +12.9% |
| FY27 net guidance (¥M) | 285,000 | — | +2.3% |
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.