Iida Group Holdings (3291): FY2025 Results Summary — Higher Revenue and Profit as Detached-House Margins Improve

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

Iida Group Holdings Co., Ltd. released its financial results presentation for the year ended March 2026 (labeled “FY 2025”, April 2025 – March 2026, IFRS) on May 15, 2026. Both revenue and profit increased year on year: revenue was ¥1,508.8 billion and operating profit was ¥94.4 billion, even including approximately ¥5 billion of advertising costs related to EXPO 2025 Osaka, Kansai Japan. The operating profit margin was 6.3%, up 0.8 percentage points year on year.

Note: The company labels the fiscal year ended March 31, 2026 as “FY2025” in its materials, and this article follows the company’s labels. All amounts in the tables below are in millions of yen (¥1 mil) as presented in the materials.

Consolidated Results (Full-Year Actual)

Revenue was 1,508,864 (103.4% of the prior year), gross profit was 268,552 with a margin of 17.8% (up from 15.9%), and operating profit was 94,444 (117.4%). Profit attributable to owners of parent was 63,315 (124.9%), and basic earnings per share were ¥229.13. Against the company’s FY 2025 budget, revenue came in at 98.6% (budget: 1,530,000), operating profit at 101.6% (budget: 93,000), and profit attributable to owners of parent at 109.2% (budget: 58,000).

Item (¥1 mil)	FY 2025 (2025.4-2026.3)	FY 2024 (2024.4-2025.3)	Change
Revenue	1,508,864	1,459,639	103.4%
Gross Profit	268,552 (margin 17.8%)	232,377 (margin 15.9%)	115.6%
Operating Profit	94,444 (margin 6.3%)	80,452 (margin 5.5%)	117.4%
Profit Attributable to Owners of Parent	63,315 (margin 4.2%)	50,697 (margin 3.5%)	124.9%
Basic Earnings per Share	¥229.13	¥181.16	–

Segment Results

In the detached houses business, revenue was 100.8% of the prior year and the gross profit margin improved to 16.0%, up 2.1 percentage points year on year; the number of units sold decreased by 1,638 year on year to 36,989, while the average selling price rose to ¥32.94 million per unit, +1.64 million year on year. Condominiums sold 1,688 units at an average selling price of ¥50.10 million (+¥3.03 million per unit year on year) with a gross profit margin of 18.7%. The contract construction business increased as a whole year on year, with revenue of ¥83.5 billion and gross profit of ¥22.6 billion (113.7%). Revenue of “others” was ¥111.4 billion, 134.4% year on year, due to expansion of the housing business in the U.S. and the profit-earning properties business.

Segment (¥1 mil)	FY2025 Revenue	FY2024 Revenue	Change yoy	FY2025 GP (Margin)
Detached houses	1,218,583	1,209,120	100.8%	194,997 (16.0%)
Condominiums	95,290	89,194	106.8%	17,825 (18.7%)
Contract constructions	83,521	78,412	106.5%	22,635 (27.1%)
Others	111,468	82,912	134.4%	33,093 (29.7%)
Total	1,508,864	1,459,639	103.4%	268,552 (17.8%)

SG&A costs were 173,002, +¥19.6 billion year on year, with an SG&A-costs-to-sales ratio of 11.5%. The company cites the recording of approximately ¥5 billion of advertising costs related to EXPO 2025 Osaka, Kansai Japan and an increase in personnel costs along with a rise in the number of employees. On the balance sheet, inventories increased by 174,667 year on year to 966,039, the shareholders’ equity ratio was 50.8% (down 2.1 percentage points), ROE was 6.3% (+1.1 percentage points), and the D/E ratio was 0.77.

FY2026 Forecast (Year Ending March 2027)

For the year ending March 2027 (FY2026), the company forecasts revenue of 1,663,000 (110.2% of FY 2025), operating profit of 103,600 (109.7%), and profit attributable to owners of the parent company of 65,500 (103.5%). Detached-house unit sales are expected to reach 40,000 units (108.1% year on year) due to the appropriate inventory of units waiting for contract at the beginning of the current fiscal year, while condominium unit sales are expected to be 1,600 units (94.8%). Regarding the situation in the Middle East, the company expects the impact of rising material prices to gradually become apparent in sales settlements from October 2026 onward, but considering the current situation, the impact is expected to be limited. From the plan for FY2027/3, the renovation works business has been reclassified from being included within existing segments to a standalone segment.

Item (¥1 mil)	FY 2026 Forecast (Full Year)	FY 2025 (Actual)	Change
Revenue	1,663,000	1,508,864	110.2%
Operating Profit	103,600 (margin 6.2%)	94,444 (margin 6.3%)	109.7%
Profit Attributable to Owners of the Parent Company	65,500 (margin 3.9%)	63,315 (margin 4.2%)	103.5%

Shareholder Returns

The company’s shareholder return policy is to keep a progressive dividend payment linked to business performance and to purchase treasury stocks flexibly. Under the progressive dividend policy, the company raises the dividend payment at least in line with an increase in business performance, without reducing the payment even if business performance worsens. The dividend per share for FY2025 was ¥100.00, which includes a commemorative dividend related to participation in the EXPO for FY2026/3, with a payout ratio of 43.6%. For FY2026, the company forecasts a dividend per share of ¥92.00 with a payout ratio of 38.8%.

Item	FY2023	FY2024	FY2025	FY2026 (Forecast)
EPS (¥)	132.57	181.16	229.13	237.04
DPS (¥)	90.00	90.00	100.00*	92.00
Payout ratio	67.9%	49.7%	43.6%	38.8%

* A commemorative dividend related to participation in the EXPO is included for FY2026/3.

Financial Policy and Topics

The company aims to secure “Safe Money” of approximately ¥200 billion to keep solid management, based on the results of its regular stress test, and estimates that it will be able to secure this level by the end of FY2027/3. The inventory of houses waiting for contract at the end of March 2026 was 25,700 units, a level the company describes as appropriate for the sales plan for FY2027/3. On sustainability, all of the Group’s newly built detached houses have been ZEH compliant since April 2025, and the company was certified as a KENKO Investment for Health Outstanding Organization 2026 (Large Enterprise Category).

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.