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Nomura Real Estate, First Half Ordinary Profit Decreases by 15%, Jul-Sep Ordinary Profit Decreases by 35%

Thu Oct 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 October 30th (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) decreased 14.8% from the same period last year to 50.8 billion yen. Progress toward the full-year plan of 108 billion yen was 47.1%, almost the same as the five-year average of 46.7%.

Based on the first-half performance announced by the company and the unchanged full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to grow 21.4% from the same period last year, reaching 57.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit dropped to 16.9 billion yen, a 34.7% decrease compared to the same period last year. The operating profit margin significantly dropped from 16.7% in the same period last year to 11.6%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 368,318 61,372 54,615 32,956 37.9 55.6 Oct 26, 2023 J-GAAP
Apr - Sep, 2024 381,343 68,363 59,652 42,514 49.2 55.9 Oct 25, 2024 J-GAAP
Apr - Sep, 2025 397,749 57,194 50,838 31,358 36.5 47.1 Oct 30, 2025 J-GAAP
YoY +4.3% -16.3% -14.8% -26.2% -25.8%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance ー ー ー ー － 18 Apr 24, 2025 J-GAAP
Apr - Sep, 2025 Results 397,749 57,194 50,838 31,358 36.5 18 Oct 30, 2025 J-GAAP
Revision Rate － － － － －

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 376,295 50,595 47,088 32,321 37.5 17.50 Apr 24, 2025 J-GAAP
Oct - Mar, 2025 Guidance 542,251 64,806 57,162 43,642 50.9 18 Oct 30, 2025 J-GAAP
YoY +44.1% +28.1% +21.4% +35.0% +35.8%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 734,715 112,114 98,248 68,164 78.5 28 Apr 25, 2024 J-GAAP
Mar, 2025 757,638 118,958 106,740 74,835 86.8 34 Apr 24, 2025 J-GAAP
Mar, 2026 Guidance 940,000 122,000 108,000 75,000 87.5 36 Apr 24, 2025 J-GAAP
YoY +24.1% +2.6% +1.2% +0.2% +0.8%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
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
Jan - Mar, 2025 185,784 20,113 18,671 12,427 14.4 10.8 Apr 24, 2025 J-GAAP
Apr - Jun, 2025 221,419 36,804 33,917 23,192 27.0 16.6 Jul 30, 2025 J-GAAP
Jul - Sep, 2025 176,330 20,390 16,921 8,166 9.5 11.6 Oct 30, 2025 J-GAAP
YoY -2.3% -32.4% -34.7% -54.9% -54.6%

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