Komori
Earnings presentation materials8802Mitsubishi Estate Company,LimitedReal Estate

Fact Sheet: Second Quarter of FY2027/3

For the cumulative second quarter of the fiscal year ending March 2027, operating revenue increased by ¥137,409 million year on year and operating profit increased by ¥79,535 million. The full-year forecasts call for operating revenue of ¥2 trillion and operating profit of ¥380 billion, among other figures, with operating profit at 49.2% of the full-year forecast.

Worth reading
60In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
79535
¥ million (year-on-year change in operating income)
Wording
Conditional
How definitive the wording is.

Contents of this document

Supplementary Materials to the Earnings ReportSecond quarter of the fiscal year ending March 202710 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥880,614 million
Operating profit¥187,126 million
Ordinary income¥156,140 million
Net income¥129,133 million profit attributable to owners of the parent
Gross Profit Margin
Rate38.3% (domestic condominiums)
Year-on-year change (points)Increase of 3.0 percentage points
Full-year earnings forecast
Operating revenue
¥2,000,000 million
Operating profit
¥380,000 million
Ordinary income
¥305,000 million
Net income for the current fiscal year
¥265,000 million
Profit attributable to owners of the parent
¥245,000 million
Progress against full-year forecast　通期の予想に対して、いまどこまで進んだかの割合です。
Operating revenue44.0%
Operating profit49.2%
Ordinary income51.2%
Profit attributable to owners of parent for the quarter52.7%
By segmentOperating revenue, operating profit and gains on sales of properties, among others, are presented by segment.
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Extraordinary income
Gain on sale of investment securities
¥19,118 million year-on-year change
Gains on property sales
¥58,000 million year-on-year change
Segment operating profit
Overseas Business
¥38,395 million year-on-year change
Marunouchi business
¥14,743 million year-on-year change
Housing Business
¥7,714 million year-on-year change
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Average exchange rate during the period (yen/USD)
155 Yen/dollar
Average exchange rate during the period (yen/GBP)
210 Yen/GBP
Period-end exchange rate (yen/USD)
155 Yen/dollar
Period-end exchange rate (yen/GBP)
210 Yen/GBP
Average interest rate
1.99 %
Key KPIsA metric the company considers important as a management benchmark.
  • ROEOver 9% (full-year forecast)
  • EPS¥107.4
  • Net debt to EBITDA
  • D/E ratio1.4 x
  • ICR6 x
  • Vacancy rate (offices nationwide)1.58 %
  • Marunouchi office vacancy rate0.34 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Domestic condominiums
Sales
¥107,933 million
Units recognized as revenue
725 units
Gross profit margin
38.3 %
Newly launched units
970 units
Condominium contracted backlog
¥392,481 million
Segment results
Operating revenue
Commercial Real Estate business
¥242,181 million
Year-on-year change-29,058
Marunouchi business
¥222,945 million
Year-on-year change25,102
Housing Business
¥202,350 million
Year-on-year change9,022
Overseas Business
¥176,662 million
Year-on-year change120,087
Investment Management Business
¥22,751 million
Year-on-year change7,249
Design, Supervision and Real Estate Services business
¥42,366 million
Year-on-year change6,218
Other
¥7,155 million
Year-on-year change942
Operating profit
Commercial Real Estate business
¥47,258 million
Year-on-year change7,903
Marunouchi business
¥64,630 million
Year-on-year change14,743
Housing Business
¥27,752 million
Year-on-year change7,714
Overseas Business
¥49,589 million
Year-on-year change38,395
Investment Management Business
¥2,987 million
Year-on-year change4,289
Design, Supervision and Real Estate Services business
¥6,916 million
Year-on-year change4,014
Other
¥-645 million
Year-on-year change625
Financial targets
ROE
Target valueOver 9% (forecast for the fiscal year ending March 2027)
Actual value8.5% (fiscal year ended March 2026)
Debt-to-equity ratio
Actual value1.4
Capital expenditures
¥269,025 million cumulative second quarter of the fiscal year ending March 2027
Annual Dividend
Annual dividend per share¥49
Payout ratio
23.9% (full-year forecast)
Acquisition of treasury shares
Cash flow from the acquisition and disposal of treasury shares was negative ¥38,867 million. Details of the acquisition limit: Not disclosed.
Contents of this document
ItemDetails
Document typeSupplementary Materials to the Earnings Report
Fiscal Period CoveredSecond quarter of the fiscal year ending March 2027
Net Sales¥880,614 million
Operating profit¥187,126 million
Ordinary income¥156,140 million
Net income¥129,133 million (profit attributable to owners of the parent)
Gross Profit MarginRate 38.3% (domestic condominiums) / Year-on-year change (points) Increase of 3.0 percentage points
Full-year earnings forecastOperating revenue ¥2,000,000 million / Operating profit ¥380,000 million / Ordinary income ¥305,000 million / Net income for the current fiscal year ¥265,000 million / Profit attributable to owners of the parent ¥245,000 million
Progress against full-year forecastOperating revenue 44.0% / Operating profit 49.2% / Ordinary income 51.2% / Profit attributable to owners of parent for the quarter 52.7% / By segment Operating revenue, operating profit and gains on sales of properties, among others, are presented by segment.
Segment resultsOperating revenue Commercial Real Estate business ¥242,181 million / Marunouchi business ¥222,945 million / Housing Business ¥202,350 million / Overseas Business ¥176,662 million / Investment Management Business ¥22,751 million / Design, Supervision and Real Estate Services business ¥42,366 million / Other ¥7,155 million / Operating profit Commercial Real Estate business ¥47,258 million / Marunouchi business ¥64,630 million / Housing Business ¥27,752 million / Overseas Business ¥49,589 million / Investment Management Business ¥2,987 million / Design, Supervision and Real Estate Services business ¥6,916 million / Other ¥-645 million
Breakdown of Factors Affecting the ChangeExtraordinary income Gain on sale of investment securities ¥19,118 million (year-on-year change) / Gains on property sales ¥58,000 million (year-on-year change) / Segment operating profit Overseas Business ¥38,395 million (year-on-year change) / Marunouchi business ¥14,743 million (year-on-year change) / Housing Business ¥7,714 million (year-on-year change)
Key KPIsIndicator name ROE / Value Over 9% (full-year forecast), Indicator name EPS / Value ¥107.4, Indicator name Net debt to EBITDA / Value Not disclosed, Indicator name D/E ratio / Value 1.4 x, Indicator name ICR / Value 6 x, Indicator name Vacancy rate (offices nationwide) / Value 1.58 %, Indicator name Marunouchi office vacancy rate / Value 0.34 %
Unit price and quantity metricsDomestic condominiums Sales ¥107,933 million / Units recognized as revenue 725 units / Gross profit margin 38.3 % / Newly launched units 970 units / Condominium contracted backlog ¥392,481 million
Assumptions Underlying the Business OutlookAverage exchange rate during the period (yen/USD) 155 Yen/dollar / Average exchange rate during the period (yen/GBP) 210 Yen/GBP / Period-end exchange rate (yen/USD) 155 Yen/dollar / Period-end exchange rate (yen/GBP) 210 Yen/GBP / Average interest rate 1.99 %
Financial targetsROE Target value Over 9% (forecast for the fiscal year ending March 2027) / Actual value 8.5% (fiscal year ended March 2026) / Debt-to-equity ratio Target value Not disclosed / Actual value 1.4
Annual DividendAnnual dividend per share ¥49 / Interim and Year-End Breakdown Not disclosed
Payout ratio23.9% (full-year forecast)
Acquisition of treasury sharesCash flow from the acquisition and disposal of treasury shares was negative ¥38,867 million. Details of the acquisition limit: Not disclosed.
Capital expenditures¥269,025 million (cumulative second quarter of the fiscal year ending March 2027)
Items this document does not state (12)
Operating profit marginSelling, general and administrative expensesResults for the three months of the current quarterSelf-assessment against the planNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsOrders received and order backlogMarket Size / ShareKey points of the Q&ANew initiatives

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

No narrative explanation was provided for the main factors behind the increases and decreases. The tables show that operating profit in the overseas, Marunouchi and residential businesses, among others, exceeded the year-earlier period. Gains on sales of investment securities increased by ¥19,118 million year on year, while gains on sales of properties increased by ¥58,000 million.

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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Fact Sheet: Second Quarter of FY2027/3 | Mitsubishi Estate Company,Limited (8802) timely disclosure | Komori