Ichigo Inc. (TSE: 2337) reported consolidated results for the first quarter of the fiscal year ending February 2027 (March–May 2026) under Japanese GAAP. Revenue fell 15.9% to ¥10,497 million and operating profit declined 25.4% to ¥2,587 million, but business profit — which adds gains on sales of properties and hotels — jumped 45.3% to ¥6,822 million, and net profit attributable to owners of the parent rose 23.7% to ¥2,883 million. Basic earnings per share were ¥7.28, up from ¥5.52 a year earlier.
Value-add real estate and clean energy
Ichigo is a Japanese specialist in sustainable real estate — acquiring, renovating and repositioning properties — alongside a growing clean-energy business in solar and wind power. As is typical of its model, revenue and operating profit are lumpy from quarter to quarter, while gains on asset sales flow through business profit and net profit. Ordinary profit fell 37.8% to ¥1,448 million on higher net financing costs, but net profit exceeded ordinary profit thanks to property-sale gains booked below the operating line.
HELIX brought into the group
During the quarter Ichigo made HELIX a consolidated subsidiary, adding to its real-estate platform. The company's cash net profit — net profit plus depreciation, goodwill amortisation and similar items — rose 59.2% to ¥6,087 million, underlining the cash generation behind the headline figures.
Full-year guidance reaffirmed
For the full year to February 2027, Ichigo reiterated guidance for revenue of ¥34,000 million (+21.2%), business profit of ¥20,600 million (+0.7%), ordinary profit of ¥14,900 million (−12.8%) and net profit attributable to owners of the parent of ¥18,000 million (+8.2%), with EPS of ¥45.13. The first-quarter net profit represents about 16% of that full-year target, in line with the group's typically second-half-weighted sales schedule.
Balance sheet and dividend
Total assets stood at ¥445,099 million and net assets at ¥109,054 million, for an equity ratio of 24.4% and net assets per share of ¥276.07. Ichigo guides a full-year dividend of ¥15.50 per share, up from ¥11.50 the previous year.
| Metric | Q1 FY2/2027 | Q1 FY2/2026 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 10.50 | 12.49 | −15.9% |
| Operating profit (¥ billion) | 2.59 | 3.47 | −25.4% |
| Business profit (¥ billion) | 6.82 | 4.70 | +45.3% |
| Net profit attrib. to owners (¥ billion) | 2.88 | 2.33 | +23.7% |
| Basic EPS (¥) | 7.28 | 5.52 | +31.9% |
| Annual dividend (¥, forecast) | 15.50 | 11.50 | +34.8% |
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.