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HEIWA REAL ESTATE, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 9%, Raises Record High Profit Forecast, Dividend Revised Upward by 5 Yen

Fri Jan 30, 2026 3:00 pm JST Earnings

8803 HEIWA REAL ESTATE CO.,LTD. 【J-GAAP】

Earnings Report

HEIWA REAL ESTATE CO.,LTD. <8803> [TSE Prime] announced its financial results in the afternoon session on January 30th (15:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) increased 11.8% from the same period last year, reaching 7.28 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 8.5%, from the previous forecast of 11.7 billion yen to 12.7 billion yen (compared to 11.6 billion yen in the previous period), increasing the growth rate from 0.4% to 9.0%, further surpassing the previous forecast of record-high profits for two 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 (second half) is expected to increase 14.6%, from the previous forecast of 6.86 billion yen to 7.86 billion yen (compared to 7.07 billion yen in the same period of the previous year), turning to an 11.3% increase in the consolidated ordinary profit outlook.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 88 yen to 93 yen (compared to 172 yen before the 2-for-1 forward stock split in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 26.7% from the same period last year, reaching 2.45 billion yen. However, the operating profit margin decreased from 27.2% in the same period last year to 26.4%.

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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, 2023 35,715 10,951 9,953 7,614 106.4 86.8 Jan 31, 2024 J-GAAP
Apr - Dec, 2024 26,947 7,479 6,520 4,939 72.8 56.0 Jan 31, 2025 J-GAAP
Apr - Dec, 2025 32,772 8,659 7,287 6,166 92.4 57.4 Jan 30, 2026 J-GAAP
YoY +21.6% +15.8% +11.8% +24.8% +26.9%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2025 Prev 27,180 8,134 6,869 5,353 80.5 52 Oct 31, 2025 J-GAAP
Oct - Mar, 2025 New 28,680 9,034 7,869 5,953 89.6 57 Jan 30, 2026 J-GAAP
Revision Rate +5.5% +11.1% +14.6% +11.2% +11.2%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 49,000 13,900 11,700 9,700 145.9 88 May 16, 2025 J-GAAP
Mar, 2026 New 50,500 14,800 12,700 10,300 154.9 93 Jan 30, 2026 J-GAAP
Revision Rate +3.1% +6.5% +8.5% +6.2% +6.2%

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 23,314 7,942 7,070 6,134 90.8 54.50 Apr 30, 2025 J-GAAP
Oct - Mar, 2025 Guidance 28,680 9,034 7,869 5,953 89.6 57 Jan 30, 2026 J-GAAP
YoY +23.0% +13.7% +11.3% -3.0% -1.4%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 44,433 13,022 11,463 8,450 118.1 83 Apr 30, 2024 J-GAAP
Mar, 2025 42,075 13,196 11,651 9,565 141.6 86 Apr 30, 2025 J-GAAP
Mar, 2026 Guidance 50,500 14,800 12,700 10,300 154.9 93 Jan 30, 2026 J-GAAP
YoY +20.0% +12.2% +9.0% +7.7% +9.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Oct - Dec, 2024 8,186 2,225 1,939 1,508 22.2 27.2 Jan 31, 2025 J-GAAP
Jan - Mar, 2025 15,128 5,717 5,131 4,626 68.5 37.8 Apr 30, 2025 J-GAAP
Apr - Jun, 2025 13,123 3,438 3,114 2,258 33.8 26.2 Jul 31, 2025 J-GAAP
Jul - Sep, 2025 8,697 2,328 1,717 2,089 31.3 26.8 Oct 31, 2025 J-GAAP
Oct - Dec, 2025 10,952 2,893 2,456 1,819 27.3 26.4 Jan 30, 2026 J-GAAP
YoY +33.8% +30.0% +26.7% +20.6% +22.6%

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