Hulic raised its profit forecast for the year to December 2026 and added a revenue forecast of ¥900bn, a figure it had earlier left out as hard to predict. The company said it based the new number on recent business trends.
Operating profit is now guided at ¥217bn, up from ¥210bn. Ordinary profit rises to ¥190bn from ¥185bn, and net profit attributable to owners of the parent to ¥126bn from ¥121bn.
| Item | Previous forecast | Revised forecast | Change |
|---|---|---|---|
| Revenue | Not disclosed | ¥900bn | n/a |
| Operating profit | ¥210bn | ¥217bn | +3.3% |
| Ordinary profit | ¥185bn | ¥190bn | +2.7% |
| Net profit (parent owners) | ¥121bn | ¥126bn | +4.1% |
Sales, not rent, drive the revision
Hulic gives one reason for the upgrade: it pursued a "high-quality rental portfolio" and sold properties that did not fit its holding policy. It expects record results on every profit line, but that remains a forecast, not an achieved result.
The nine months to September 30 show the same mix. Revenue rose 35.4% to ¥574.7bn, while operating profit rose 13.2% to ¥120.5bn and net profit 14.5% to ¥69.5bn. Hulic said office rental income was stable and sales of properties held for sale went well. Its sales included Hulic Minatomirai, Hulic Fuchu Tower, part of Quartz Shinsaibashi and the Eastnet Building. Real estate segment revenue rose 31.6% to ¥470.6bn and segment operating profit 11.4% to ¥127.4bn. The earnings release gives no separate rental income figure, so the split between rent and sales cannot be read from it.
Dividend
The year-end dividend forecast rises ¥3.0 to ¥36.5 a share, which with the ¥33.5 interim already paid brings the annual forecast to ¥70.0, from ¥67.0 previously and ¥62.0 a year earlier. Hulic's current plan targets a stepwise rise in its payout ratio to 45% by 2029.