Mitsubishi Estate Co., Ltd. (TSE: 8802), the owner and developer of Tokyo's Marunouchi business district and one of Japan's largest real-estate groups, reported its full-year results for the fiscal year ended March 31, 2026 on May 13, 2026. Consolidated operating revenue climbed 10.5% year-on-year to ¥1,746,148 million, the strongest top-line growth in recent years. Operating profit rose 6.6% to ¥329,730 million, ordinary profit increased 3.9% to ¥273,086 million, and net profit attributable to owners of the parent jumped 17.5% to ¥222,507 million, up from ¥189,356 million a year earlier. Earnings per share advanced to ¥181.80 from ¥151.04.
The robust profit growth, particularly at the net level, reflects improving conditions across Mitsubishi Estate's diversified real-estate portfolio — spanning Marunouchi office leasing, condominium development and sales, hotel and resort operations, and overseas property development. Comprehensive income reached ¥318,337 million (+21.8%), well above the prior year's ¥261,325 million, pointing to both strong underlying earnings and favourable mark-to-market contributions from investment holdings. Total assets expanded to ¥8,566,247 million from ¥7,996,591 million, reflecting continued portfolio growth and capital deployment.
Marunouchi rents and condo sales drive balanced revenue growth
Mitsubishi Estate's flagship Marunouchi district operation — centred on the world's largest collection of premium office towers around Tokyo Station — continued to benefit from tight central-Tokyo vacancy rates and selective rent revisions on lease renewals. Alongside the office leasing core, the company's residential development arm contributed meaningfully through condominium completions and deliveries during the year. The overseas real-estate segment, which encompasses development projects in the United States, Southeast Asia, and Europe, also broadened the revenue base. The operating margin of 18.9% of revenue (versus 19.6% in FY2025) remained one of the highest among Japanese real-estate majors, even as revenue scaled up, demonstrating disciplined cost management across property operations.
Balance sheet strengthens; equity ratio holds at 31.4%
Total consolidated assets stood at ¥8,566,247 million at year-end, up from ¥7,996,591 million. Net assets rose to ¥2,877,585 million from ¥2,740,873 million, while shareholders' equity (自己資本) expanded to ¥2,689,479 million from ¥2,563,580 million. The equity ratio edged slightly lower to 31.4% from 32.1%, reflecting the faster growth of assets relative to equity — typical of a large asset-heavy developer scaling its portfolio. Operating cash flow strengthened markedly to ¥508,917 million from ¥324,116 million the prior year, a testament to the group's improving cash generation. The board also resolved a share buyback at the May 13 board meeting, the impact of which has been incorporated into the FY2027 EPS guidance.
Dividend raised to ¥46; FY2027 guided to ¥2 trillion revenue
Mitsubishi Estate raised its full-year dividend for FY2026 to ¥46 per share (¥23 interim + ¥23 year-end), up from ¥43 in FY2025, continuing a progressive dividend track. For FY2027 (Apr 2026–Mar 2027), the company guides for operating revenue of ¥2,000,000 million (+14.5%), operating profit of ¥370,000 million (+12.2%), ordinary profit of ¥295,000 million (+8.0%), and net profit of ¥235,000 million (+5.6%), with EPS of ¥196.27. The dividend is forecast to rise further to ¥49 per share (¥24 interim + ¥25 year-end) in FY2027. The guidance toward ¥2 trillion in revenue marks a new threshold for the group and signals management's confidence in continued pipeline monetisation, lease-rate improvement, and overseas project deliveries.
| Metric | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Operating revenue (¥ million) | 1,746,148 | 1,579,812 | +10.5% |
| Operating profit (¥ million) | 329,730 | 309,232 | +6.6% |
| Ordinary profit (¥ million) | 273,086 | 262,960 | +3.9% |
| Net profit attrib. to owners (¥ million) | 222,507 | 189,356 | +17.5% |
| EPS (¥) | 181.80 | 151.04 | +17.1% |
| Comprehensive income (¥ million) | 318,337 | 261,325 | +21.8% |
| Total assets (¥ million) | 8,566,247 | 7,996,591 | +7.1% |
| Net assets (¥ million) | 2,877,585 | 2,740,873 | +5.0% |
| Equity ratio | 31.4% | 32.1% | −0.7pp |
| Annual dividend (¥) | 46 | 43 | +7.0% |
| FY2027 guidance — revenue (¥ million) | 2,000,000 | — | +14.5% |
| FY2027 guidance — operating profit (¥ million) | 370,000 | — | +12.2% |
| FY2027 guidance — ordinary profit (¥ million) | 295,000 | — | +8.0% |
| FY2027 guidance — net profit (¥ million) | 235,000 | — | +5.6% |
| FY2027 guidance — EPS (¥) | 196.27 | — | — |
| FY2027 dividend forecast (¥) | 49 | — | +6.5% |
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.