Open House Group (3288): FY2025 Results Summary — Record Net Sales and Profit as Net Income Tops ¥100 Billion

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Open House Group Co., Ltd. (3288, TSE) reported record-high net sales and profit for FY2025 (October 2024 to September 2025). Net sales reached 1,336,468 million yen (103.1% year on year), operating profit was 145,933 million yen (122.5%), and profit attributable to owners of parent was 100,670 million yen (108.3%), surpassing the 100 billion yen mark. For FY2026, the company is targeting growth of 10% or more in net sales and all profit items, aiming for new record-high net sales and profit, and it revised its three-year cumulative net income target upward from the initial 250.0 billion yen to 305.5 billion yen.

Consolidated Results (Full-Year Actual)

Improvement in the gross profit margin of the single-family home related business drove a significant overachievement. Excluding gains on negative goodwill (12,766 million yen in FY2024 and 5,147 million yen in FY2025), profit attributable to owners of parent grew 119.2% year on year to 95,523 million yen. The operating profit margin rose from 9.2% to 10.9% of net sales. The company maintained a sound financial position, with an equity ratio of 38.1% (up 1.9pt from 36.2%) and a net D/E ratio of 0.6x.

Item (¥ million)	FY2024 (2023/10-2024/9)	FY2025 (2024/10-2025/9)	YoY
Net sales	1,295,862	1,336,468	103.1%
Operating profit	119,088	145,933	122.5%
Ordinary profit	120,283	139,491	116.0%
Profit attributable to owners of parent	92,921	100,670	108.3%
Profit attributable to owners of parent excluding gain on negative goodwill	80,155	95,523	119.2%

Segment Results

From FY2025, the “Meldia” segment was abolished and consolidated into the single-family home related, property resale, and other segments, with FY2024 figures also prepared under the new classification. In the single-family home related business, operating profit reached 136.9% year on year and the operating profit margin improved to 10.3%, as demand for affordable single-family homes recovers in urban areas. The property resale business improved its gross profit margin by 3.4pt on high demand for investment properties. In Others, net sales for the U.S. real estate business exceeded 100.0 billion yen, supported by robust demand for renovated single-family rental homes even as high interest rates dampen demand for new single-family homes in the U.S. The condominium business fell below the prior year, while Pressance Corporation increased operating profit despite rising construction costs.

Segment (¥ million)	Net sales FY2024	Net sales FY2025	Sales YoY	Operating profit FY2024	Operating profit FY2025	OP YoY
Total	1,295,862	1,336,468	103.1%	119,088	145,933	122.5%
Single-family home related business	658,511	676,371	102.7%	50,777	69,507	136.9%
Condominium business	89,294	73,222	82.0%	10,664	8,047	75.5%
Property resale business	232,873	218,630	93.9%	17,654	23,196	131.4%
Others (including U.S. real estate business)	121,467	151,261	124.5%	11,168	15,743	141.0%
Pressance Corporation	200,487	227,316	113.4%	28,346	28,720	101.3%
Adjustments	(6,772)	(10,334)	–	476	719	–

FY2026 Forecast

For FY2026 (October 2025 to September 2026), Open House Group is targeting growth of 10% or more in net sales and all profit items, aiming to achieve new record-high net sales and profit. By segment, the company forecasts net sales of 741,900 million yen for the single-family home related business (109.7% year on year), 100,000 million yen for the condominium business (136.6%), 235,300 million yen for the property resale business (107.6%), 165,700 million yen for Others including the U.S. real estate business (109.5%), and 245,300 million yen for Pressance Corporation (107.9%).

Item (¥ million)	FY2026 Forecast	FY2025 (Actual)	YoY
Net sales	1,485,000	1,336,468	111.1%
Operating profit	170,000	145,933	116.5%
Ordinary profit	160,000	139,491	114.7%
Profit attributable to owners of parent	112,000	100,670	111.3%
Annual dividends per share (JPY)	188.00	178.00	+10.00
Amount of share buybacks	25,000	24,999	0

Shareholder Returns

Open House Group updated its shareholder return policy from a payout ratio of 20% or more to a total return ratio of 40% or more. The annual dividend per share for FY2025 was 178.00 yen (+12.00 yen year on year), and the FY2026 plan is 188.00 yen (+10.00 yen). In FY2025 the company executed a share buyback of approximately 25.0 billion yen (4,002 thousand shares, 3.44% of outstanding shares) and cancelled all treasury stock acquired during the year (4,002 thousand shares, 3.32% of total issued shares). For FY2026, it plans a buyback of 25.0 billion yen (5,000 thousand shares, 4.44%). The company states it will continue to increase dividends this fiscal year and implement share buybacks and cancellation.

Item	FY2024	FY2025	FY2026 (Plan)
Dividends per share (yen)	166.00	178.00	188.00
Amount of share buybacks (¥ million)	–	24,999	25,000

Medium-Term Plan / Topics

Under its three-year policy for financials, investment, and shareholder returns (September 2024 to September 2026), the company revised its cumulative net profit target upward from the initial 250 billion yen to 305.5 billion yen; actuals as of September 30, 2025 stood at 232.1 billion yen. The financial policy calls for an equity ratio of 35% and a net D/E ratio within 1.0x, with a total investment amount of 500 billion yen cumulatively over three years. The three-year cumulative shareholder return amount was revised upward from the initial 100 billion yen to 130 billion yen. A new management structure started in October 2025, with Ryosuke Fukuoka assuming the position of President & CEO and founder Masaaki Arai becoming Director, Founder.

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.