Hulic, the Tokyo-based office and hotel landlord, booked operating revenue of ¥416.6bn for the six months to June 2026, up 38.8% from a year earlier, as newly completed and acquired office buildings kept rental income steady and sales of properties held for resale progressed smoothly. Operating profit rose 7.0% to ¥80.3bn, ordinary profit rose 6.4% to ¥70.9bn, and net profit attributable to owners rose 11.3% to ¥50.0bn.
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Operating revenue | ¥416.6bn | ¥300.1bn | +38.8% |
| Operating profit | ¥80.3bn | ¥75.1bn | +7.0% |
| Ordinary profit | ¥70.9bn | ¥66.5bn | +6.4% |
| Net profit attributable to owners | ¥50.0bn | ¥44.9bn | +11.3% |
The real estate segment, still the company's main engine, generated ¥349.6bn in revenue (up 35.8%) and ¥87.3bn in operating profit (up 9.4%). Hulic added the Kamiyacho Building (in part) and the leasehold land under its Kudan Building in Tokyo, plus a Sapporo network center, to its fixed-asset holdings during the half, and completed a redevelopment in Osaka's Shinsaibashi district in March. As of the end of June, the group held roughly 250 rental properties concentrated near stations in Tokyo's 23 wards, with about 1.26 million square meters of leasable space. Hotel and ryokan operations brought in ¥31.6bn in revenue, up 13.0%, as inbound demand kept room rates firm, though operating profit there edged up only 1.8% to ¥2.7bn.
The softer note sits in the "other" segment, which includes building maintenance, an after-school tutoring subsidiary, energy, drilling-equipment and prepared-food businesses. Revenue there more than doubled to ¥39.4bn, but the segment swung to an operating loss of ¥2.5bn from a ¥52mn loss a year earlier. The reason: Hulic booked an additional ¥5.1bn of goodwill amortization tied to movements in the share price of its consolidated tutoring subsidiary. Strip that charge out and the segment would have posted an operating profit of ¥2.7bn. It is a reminder that Hulic's earnings, while dominated by property, carry a tail of smaller businesses whose accounting can swing on stock-market moves unrelated to real estate fundamentals.
Hulic left its full-year guidance unchanged: operating profit of ¥210.0bn (up 12.4%), ordinary profit of ¥185.0bn (up 6.9%) and net profit of ¥121.0bn (up 5.8%), with earnings per share guided at ¥159.34. The company does not forecast full-year revenue at all, saying property-sale timing is too dependent on market conditions to predict reliably. The interim dividend was confirmed at ¥33.50 per share, tracking toward a full-year payout of ¥67.00, up from ¥62.00 last year.
On the balance sheet, total assets reached ¥3.59tn at the end of June, up ¥86.4bn from December, while net assets rose to ¥980.3bn and the equity ratio held at 26.3%. Borrowings stood at ¥1.67tn, of which ¥50.1bn were non-recourse loans tied to special-purpose companies. Operating cash flow jumped to ¥155.8bn from ¥47.2bn a year earlier, driven largely by higher pre-tax profit, a decline in inventory and a drawdown in operating investment securities, even as tax payments rose to ¥32.9bn from ¥30.0bn. Investing activities used ¥200.2bn and financing activities brought in ¥69.5bn. This half-year earnings summary, the filing notes, was not reviewed by an external auditor.