FPG (7148): FY2025 Results Summary — Record Net Sales, Profit Decline on Development Sale Postponement

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

Financial Partners Group Co., Ltd. (FPG; Prime Market of TSE, Code: 7148) reported consolidated net sales of JPY 129.76 billion for FY9/2025 (October 1, 2024 – September 30, 2025), up +20.4% year on year and surpassing the previous fiscal year’s record high. Profits decreased both year on year and versus the initial forecast, primarily due to the postponement of the sale of the development project “Prestige Residence SHIROKANEDAI,” a luxury rental apartment, from the initially planned current fiscal year to the next fiscal year, with the expectation of higher profitability based on an upward outlook for residential property prices. The annual dividend per share rose to JPY 130.40 (+JPY 10.10 YoY), and for FY9/2026 the company is aiming to set a new record high for profit.

Note: FPG’s fiscal year ends September 30. This article covers the fiscal year ended September 30, 2025, which the materials label “FY9/2025”; the materials’ labels are retained in the tables and text below.

Consolidated Results (Full-Year Actual)

Consolidated net sales exceeded JPY 129.7 billion, driven by the Leasing Fund Business and the Domestic Real Estate Fund Business, achieving an increase in revenue versus both the prior year and the initial forecast (achievement rate +5.1% versus the initial forecast of JPY 123.50 billion). Gross profit was JPY 36.04 billion ((6.0%) YoY), operating income JPY 25.41 billion ((11.2%) YoY), and profit attributable to owners of parent JPY 18.15 billion ((11.2%) YoY), each below the initial forecast due to the postponement of the development project sale.

Item (JPY billion)	FY9/2024	FY9/2025	Difference	% Change
Net sales	107.78	129.76	+21.98	+20.4%
Gross Profit	38.34	36.04	(2.30)	(6.0%)
Operating income	28.63	25.41	(3.21)	(11.2%)
Ordinary income	28.90	26.49	(2.41)	(8.4%)
Profit attributable to owners of parent	20.45	18.15	(2.30)	(11.2%)
Annual dividend per share (yen)	120.30	130.40	+10.10	+8.4%

Results by Business

Leasing Fund Business: Driven by proactive sales, including short-term full-equity projects favored by investors, the equity placement sales amount reached JPY 233.22 billion (+26.5% YoY), a significant new record high. Net sales of JPY 29.84 billion surpassed the prior year’s record, boosted by the bulk sale of an aircraft held by overseas subsidiary AMENTUM ALPHA LIMITED, which resulted in the gross recording of JPY 2.55 billion in net sales. Gross profit decreased YoY but exceeded the initial forecast. The annual arrangement amount reached JPY 365.0 billion, nearly achieving the revised forecast of JPY 370.0 billion.

Domestic Real Estate Fund Business: Net sales increased to JPY 95.98 billion (+27.8% YoY), driven by record-high sales of the real estate fractional ownership investment products. The sales amount marked a fifth consecutive record-high year at JPY 94.9 billion, and cumulative sales surpassed JPY 300.0 billion. Gross profit increased YoY to JPY 10.07 billion, but the initial forecast was not met due to the postponement of a development project sale to FY9/2026. International Real Estate Fund Business: Following a continued cautious approach, both net sales and gross profit missed the initial forecast but increased YoY; the initial inventory was completely sold out in the first half of the fiscal year, and arrangements for the current fiscal year were suspended while monitoring US interest rate and inflation trends.

Business	Metric	FY9/2024	FY9/2025	% Change
Leasing Fund Business	Net Sales	29.27	29.84	+1.9%
Leasing Fund Business	Gross Profit	26.11	23.14	(11.4%)
Leasing Fund Business	Equity Placement Sales	184.37	233.22	+26.5%
Domestic Real Estate Fund Business	Net Sales	75.09	95.98	+27.8%
Domestic Real Estate Fund Business	Gross Profit	9.72	10.07	+3.6%
Domestic Real Estate Fund Business	Sales	73.84	94.95	+28.6%
International Real Estate Fund Business	Net Sales	2.73	3.51	+28.7%
International Real Estate Fund Business	Gross Profit	2.35	3.10	+32.0%
International Real Estate Fund Business	Equity Placement Sales	12.88	16.85	+30.8%
Other Business	Net Sales	0.67	0.41	(38.4%)
Other Business	Gross Profit	0.15	(0.28)	–

FY9/2026 Forecast

For FY9/2026, FPG is aiming to set a new record high for profit (the previous record-high profit attributable to owners of parent was JPY 20.45 billion in FY9/2024). In the Leasing Fund Business, excluding the gross recording of the previous year’s aircraft sale by an overseas subsidiary, net sales are expected to increase, and gross profit is expected to increase accordingly; the arrangement amount is forecast at JPY 475.0 billion (versus JPY 365.0 billion in FY9/2025). The Domestic Real Estate Fund Business is aiming for a sales amount of JPY 100.0 billion, with an arrangement amount forecast of JPY 120.0 billion (versus JPY 43.6 billion in FY9/2025). The International Real Estate Fund Business will pursue arrangement and sales while closely monitoring US interest rate and inflation trends.

Item (JPY billion)	FY9/2025 Results	FY9/2026 Forecasts	Difference	% Change
Net sales	129.76	130.50	+0.73	+0.6%
Gross Profit	36.04	41.60	+5.55	+15.4%
Operating income	25.41	30.40	+4.98	+19.6%
Ordinary income	26.49	30.60	+4.10	+15.5%
Profit attributable to owners of parent	18.15	21.00	+2.84	+15.7%

Shareholder Returns

The basic policy is to ensure continuous and stable dividends while securing necessary internal reserves for sustainable growth and enhancing corporate value, aiming for a consolidated dividend payout ratio of 50%. The annual dividend for FY9/2025 is JPY 130.40 per share (interim JPY 65.20 and year-end JPY 65.20; payout ratio 60.3%). The year-end dividend of JPY 65.20 per share is scheduled to be proposed at the 24th Annual General Meeting of Shareholders on December 23, 2025. For FY9/2026, the annual dividend per share is forecast to be JPY 125.40 (interim JPY 62.70 and year-end JPY 62.70), in line with the shareholder return policy targeting a consolidated payout ratio of 50%.

Item	FY9/2025	FY9/2026 (Forecast)
Interim dividend (yen)	65.20	62.70
Year-end dividend (yen)	65.20	62.70
Annual dividend per share (yen)	130.40	125.40
Consolidated dividend payout ratio	60.3%	50.0%

Topics

Centered around FPG, and leveraging the combined strengths of FPG Securities, FPG Trust, and FPG Amentum, the company launched “F.bit No. 1” as Japan’s first fractional aircraft investment product for individual investors, a publicly offered aircraft beneficiary certificate issuing trust. Applications began on June 30, and due to demand exceeding the number of units issued, the product was sold out following a lottery on July 24; in response to strong demand, the arrangement of F.bit No. 2 has commenced. FPG also expanded its sales office network to 18 offices with the establishment of the Shizuoka Sales Office in October 2025, and from October 2025 expanded the scope of online transactions to include the Domestic Real Estate Fund Business. Among key management indicators, ROE was 32.9% and the equity ratio was 45.0% for FY9/2025.

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.