JINUSHI Co., Ltd. (3252): FY2025 Results Summary — Record Net Profit as Mid-Term Target Hit a Year Early

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

JINUSHI Co., Ltd. (TSE Prime: 3252), a real estate company specializing in the “JINUSHI business” of acquiring land and leasing it to tenants, reported results for the fiscal year ended December 31, 2025 (FY12/25). Net sales rose 33.7% year on year to ¥76,327 million and profit attributable to owners of parent grew 21.1% to a record-high ¥7,369 million, reaching the ¥7.0 billion net profit target of the current Medium-term Management Plan one year ahead of schedule. For FY12/26 the company forecasts net sales of ¥100,000 million and net profit of ¥8,000 million, and it plans to raise the annual dividend to ¥130 per share.

Note: The company labels this period “FY12/25” (the fiscal year ended December 31, 2025); it is classified as FY2025 on this site. All figures, tables and period labels below follow the company’s materials.

Consolidated Results (Full-Year Actual)

Net sales increased 33.7% year on year, but operating profit edged down 0.8% and ordinary profit declined 13.0%, reflecting an asset replacement (sale of fixed assets) accompanying accelerated purchases and foreign exchange losses on yen-denominated loans to the U.S. subsidiary. Extraordinary income of ¥3,120 million — including a ¥1,587 million gain on sale of fixed assets and a ¥906 million settlement received from BALM — lifted net profit to a record ¥7,369 million, exceeding the initial forecast of ¥6.1 billion and the November 2025 upwardly revised forecast of ¥7.1 billion. Purchases (agreements signed) reached 115 projects worth ¥142.0 billion, up 49 projects and 137.1% in value year on year.

Item (Millions of yen)	FY12/24	FY12/25	Change	YoY (%)
Net sales	57,068	76,327	+19,259	+33.7
Gross profit	13,394	14,038	+644	+4.8
Operating profit	8,677	8,603	(73)	(0.8)
Ordinary profit	8,265	7,191	(1,073)	(13.0)
Extraordinary income	ー	3,120	+3,120	ー
Income taxes	2,122	2,828	+706	ー
Profit attributable to owners of parent	6,087	7,369	+1,282	+21.1
Net profit per share (Yen)	334.89	357.07	+22.18	ー
Net profit on net sales (%)	10.7	9.7	(1.0)	ー

Business Breakdown (Flow Business / Stock Business)

JINUSHI classifies its earnings into the Flow Business (gains on sale from the Real Estate Investment Business) and the Stock Business (leasing income from the Real Estate Investment Business plus the Real Estate Leasing Business and the Asset Management Business). Flow Business net sales rose 34.9% to ¥71,697 million, while Stock Business net sales grew 18.8% to ¥4,626 million. Stock Business gross profit increased 20.1% to ¥4,120 million as stable income steadily accumulated, lifting the SG&A coverage ratio to 75.8%.

Item (Millions of yen)	FY12/24	FY12/25	Change	YoY (%)
Net sales — Flow Business	53,165	71,697	+18,531	+34.9
Net sales — Stock Business	3,895	4,626	+731	+18.8
Net sales — others	7	4	(2)	(42.6)
Gross profit — Flow Business	9,955	9,914	(41)	(0.4)
Gross profit — Stock Business	3,432	4,120	+688	+20.1
Gross profit — others	7	4	(2)	(42.6)

FY12/26 Forecast

For FY12/26, JINUSHI forecasts net sales of ¥100,000 million (+31.0%) and net profit of ¥8,000 million (+8.6%), which would mark the sixth consecutive year of higher earnings. Operating profit is projected at ¥12,000 million and ordinary profit at ¥9,000 million. The company expects to record profit mainly in the fourth quarter, and it targets net profit of ¥10.0 billion or more under its new Medium-term Management Plan running to FY12/28.

Item (Millions of yen)	FY12/25 (Results)	FY12/26 (Forecast)	Change
Net sales	76,327	100,000	+23,672
Operating profit	8,603	12,000	+3,396
Ordinary profit	7,191	9,000	+1,808
Net profit	7,369	8,000	+630
Net profit per share (Yen)	357.07	386.84	+29.77
Net profit on net sales (%)	9.7	8.0	(1.7)

Shareholder Returns

The FY12/25 annual dividend was ¥110 per share, up ¥25 (+29.4%) year on year, for a payout ratio of 30.8%. For FY12/26 the company plans an annual dividend of ¥130 per share (interim ¥65; year-end ¥65), up ¥20, for a payout ratio of 33.6%. JINUSHI operates a progressive dividend policy, aiming to increase the dividend alongside profit growth.

Medium-term Management Plan (2026-2028)

Under its new Medium-term Management Plan (2026-2028), JINUSHI targets net profit of ¥10 billion or more and assets under management (AUM) of ¥500 billion or more, with benchmark management indicators of ROE of approximately 15%, an equity ratio of approximately 30%, and a progressive dividend. The plan calls for continuously achieving annual purchases of ¥100 billion or more, driven by the dual pillars of New Development and JINUSHI LEASEBACK, and for diversifying sales destinations with JINUSHI REIT as the core alongside JINUSHI FUND and JINUSHI CLUB.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.