Nomura Real Estate, The Current Fiscal Year Ordinary Profit Revised Upward by 2%, Raises Record High Profit Forecast, Dividend Revised Upward by 5 yen

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Thu Jan 30, 2025 3:30 pm JST Earnings

3231 Nomura Real Estate Holdings, Inc. 【J-GAAP】

Earnings Report

Nomura Real Estate Holdings, Inc. <3231> [TSE Prime] announced its financial results after the market closed on January 30th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2025 (April to December) increased 26.5% from the same period last year, reaching 88 billion yen.

In addition, the full-year consolidated ordinary profit has been revised upward 2.0%, from the previous forecast of 100 billion yen to 102 billion yen (compared to 98.2 billion yen in the previous period), increasing the growth rate from 1.8% to 3.8%, further surpassing the previous forecast of record-high profits for four consecutive terms.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (2H) has been revised upward 5.0%, from the previous forecast of 40.3 billion yen to 42.3 billion yen (compared to 43.6 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 7.5% to 2.9%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 165 yen to 170 yen (compared to 140 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit increased 89.3% from the same period last year, reaching 28.4 billion yen. The operating profit margin jumped from 11.5% in the same period last year to 16.0%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2022	422,590	61,450	58,184	40,919	46.2	61.8	Jan 26, 2023	J-GAAP
Apr - Dec, 2023	518,345	78,619	69,626	43,225	49.7	70.9	Jan 31, 2024	J-GAAP
Apr - Dec, 2024	571,854	98,845	88,069	62,408	72.3	86.3	Jan 30, 2025	J-GAAP
YoY	+10.3%	+25.7%	+26.5%	+44.4%	+45.5%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024 Prev	408,657	45,637	40,348	27,486	32.0	16.50	Oct 25, 2024	J-GAAP
Oct - Mar, 2024 New	378,657	45,637	42,348	29,486	34.3	17.50	Jan 30, 2025	J-GAAP
Revision Rate	-7.3%	0.0%	+5.0%	+7.3%	+7.2%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2025 Prev	790,000	114,000	100,000	70,000	81.5	33	Apr 25, 2024	J-GAAP
Mar, 2025 New	760,000	114,000	102,000	72,000	83.8	34	Jan 30, 2025	J-GAAP
Revision Rate	-3.8%	0.0%	+2.0%	+2.9%	+2.9%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2023	366,397	50,742	43,633	35,208	40.5	15	Apr 25, 2024	J-GAAP
Oct - Mar, 2024 Guidance	378,657	45,637	42,348	29,486	34.3	17.50	Jan 30, 2025	J-GAAP
YoY	+3.3%	-10.1%	-2.9%	-16.3%	-15.3%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2023	654,735	99,598	94,121	64,520	73.1	24	Apr 26, 2023	J-GAAP
Mar, 2024	734,715	112,114	98,248	68,164	78.5	28	Apr 25, 2024	J-GAAP
Mar, 2025 Guidance	760,000	114,000	102,000	72,000	83.8	34	Jan 30, 2025	J-GAAP
YoY	+3.4%	+1.7%	+3.8%	+5.6%	+6.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2023	150,027	17,247	15,011	10,269	11.8	11.5	Jan 31, 2024	J-GAAP
Jan - Mar, 2024	216,370	33,495	28,622	24,939	28.7	15.5	Apr 25, 2024	J-GAAP
Apr - Jun, 2024	200,915	38,197	33,721	24,418	28.3	19.0	Jul 25, 2024	J-GAAP
Jul - Sep, 2024	180,428	30,166	25,931	18,096	20.9	16.7	Oct 25, 2024	J-GAAP
Oct - Dec, 2024	190,511	30,482	28,417	19,894	23.0	16.0	Jan 30, 2025	J-GAAP
YoY	+27.0%	+76.7%	+89.3%	+93.7%	+95.3%