Nomura Real Estate, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 6%, Raises Record High Profit Forecast, Dividend Revised Upward by 4 Yen

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Wed Jan 28, 2026 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 28th (15:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) decreased 20.4% from the same period last year to 70.0 billion yen.

However, the full-year forecast for consolidated ordinary profit has been revised upward 5.6%, from the previous forecast of 108 billion yen to 114 billion yen (compared to 106 billion yen in the previous period), increasing the growth rate from 1.2% to 6.8%, further surpassing the previous forecast of record-high profits for five 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 10.5%, from the previous forecast of 57.1 billion yen to 63.1 billion yen (compared to 47.0 billion yen in the same period of the previous year), increasing the growth rate from 21.4% to 34.1%.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 36 yen to 40 yen (compared to 170 yen before the 5-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 dropped to 19.2 billion yen, a 32.2% decrease compared to the same period last year. The operating profit margin decreased from 16.0% in the same period last year to 12.6%.

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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	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	82.5	Jan 30, 2025	J-GAAP
Apr - Dec, 2025	581,562	80,320	70,099	42,940	50.0	61.5	Jan 28, 2026	J-GAAP
YoY	+1.7%	-18.7%	-20.4%	-31.2%	-30.8%

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	542,251	64,806	57,162	43,642	51.1	18	Oct 30, 2025	J-GAAP
Oct - Mar, 2025 New	552,251	70,806	63,162	43,642	51.1	22	Jan 28, 2026	J-GAAP
Revision Rate	+1.8%	+9.3%	+10.5%	0.0%	0.0%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	940,000	122,000	108,000	75,000	87.8	36	Apr 24, 2025	J-GAAP
Mar, 2026 New	950,000	128,000	114,000	75,000	87.8	40	Jan 28, 2026	J-GAAP
Revision Rate	+1.1%	+4.9%	+5.6%	0.0%	0.0%

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	552,251	70,806	63,162	43,642	51.1	22	Jan 28, 2026	J-GAAP
YoY	+46.8%	+39.9%	+34.1%	+35.0%	+36.3%

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	950,000	128,000	114,000	75,000	87.8	40	Jan 28, 2026	J-GAAP
YoY	+25.4%	+7.6%	+6.8%	+0.2%	+1.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
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
Oct - Dec, 2025	183,813	23,126	19,261	11,582	13.5	12.6	Jan 28, 2026	J-GAAP
YoY	-3.5%	-24.1%	-32.2%	-41.8%	-41.4%