Star Mica Holdings (2975): FY2025 Results Summary — Record Revenue and Profit Led by Owner-Change Condo Strategy

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Star Mica Holdings, a TSE Prime real estate company whose core business is buying, renovating and reselling pre-owned condominiums, posted record revenue and profit for FY2025 (the fiscal year ended November 30, 2025; the company has a November fiscal year end). Revenue rose 23.8% year on year to JPY 69.1bn and operating profit grew 32.4% to JPY 7.3bn, with net profit up 34.7% to JPY 4.1bn. The company attributes the profit growth to the success of its “back to owner-change condos” strategy and sales of mid- to high-priced renovated condos in urban areas. For FY2026 it targets a further +20%+ profit growth and consecutive record-high revenue and profit, and plans to raise its dividend per share to JPY 45.0.

Consolidated Results (Full-Year Actual)

FY2025 exceeded the company’s revised forecasts, with record revenue and profit and EPS growth of +33.8% year on year. Operating profit increased from JPY 5,524.5mn in FY2024 to JPY 7,314.0mn in FY2025, and ROE reached 15.2%.

Item	FY2025	YoY
Revenue	JPY 69.1bn	+23.8%
Gross profit	JPY 12.2bn	+25.0%
Operating profit	JPY 7.3bn	+32.4%
Recurring profit	JPY 6.1bn	+33.6%
Net profit	JPY 4.1bn	+34.7%
EPS	JPY 124.40	+33.8%
ROE	15.2%	–

Segment Results

The Renovated Condominium business (Sales) drove the record earnings, with a significant increase in both revenue and gross profit. The Investment business grew sharply on gains from whole-building sales, while the Advisory business declined due to a decrease in one-time consulting fees.

Item	FY2024 (JPY mn)	FY2025 (JPY mn)	YoY
Revenue	55,849	69,158	+23.8%
Renovated condominium business	53,735	66,012	+22.8%
Rent	4,667	4,623	-0.9%
Sales	49,068	61,389	+25.1%
Investment business	896	2,168	+142.0%
Advisory business	1,218	976	-19.8%
Gross profit	9,816	12,275	+25.0%
Renovated condominium business	8,613	11,232	+30.4%
Rent	2,473	2,398	-3.1%
Sales	6,140	8,833	+43.9%
Investment business	200	288	+44.4%
Advisory business	1,002	754	-24.8%

On the balance sheet, total assets grew 12.4% to JPY 115,462mn and inventories rose 9.6% to JPY 105,029mn, as the company achieved record-high purchase and sales volumes. Shareholders’ equity increased 16.4% to JPY 29,610mn and the equity ratio improved to 25.6%, clearing the Mid-Term Plan targets of JPY 100bn in sales inventory and a 25% equity ratio ahead of schedule.

FY2026 Forecast

For FY2026 the company forecasts revenue of JPY 84.7bn (+22.5% YoY), operating profit of JPY 9.2bn (+27.1%) and net profit of JPY 5.0bn (+21.7%), aiming for consecutive record-high revenue and profit. EPS is forecast at JPY 150.14 (+20.7%) and ROE at 16.2%. The company notes it has largely achieved its FY2026 numerical goals one year ahead of schedule.

Item	FY2025 (Result)	FY2026 (Forecast)	YoY
Revenue	JPY 69.1bn	JPY 84.7bn	+22.5%
Gross profit	JPY 12.2bn	JPY 14.8bn	+21.1%
Operating profit	JPY 7.3bn	JPY 9.2bn	+27.1%
Recurring profit	JPY 6.1bn	JPY 7.4bn	+21.7%
Net profit	JPY 4.1bn	JPY 5.0bn	+21.7%
EPS	JPY 124.40	JPY 150.14	+20.7%
ROE	15.2%	16.2%	–

Shareholder Returns

In FY2025 the company resolved three dividend increases reflecting profit growth, lifting the dividend per share to JPY 37.0, and conducted a JPY 0.2bn share buyback. Combined with dividends of JPY 1.2bn, this resulted in a total shareholder return ratio of 35.0% (JPY 1.4bn). For FY2026 it forecasts a dividend per share of JPY 45.0 (YoY JPY +8.0, +22%), continuing stable and growing dividends alongside growth investment.

Item	FY2025	FY2026 (Forecast)
Dividend per share (DPS)	JPY 37.0	JPY 45.0
Total shareholder return (dividend + buyback)	35.0%	30% (≒ payout ratio)
Dividend total	JPY 1.2bn	JPY 1.5bn
Share buyback	JPY 0.2bn	–

Mid-Term Plan Progress

FY2025 was the second year of the Mid-Term Plan “Find the Value 2026.” The company reports it largely achieved its FY2026 numerical goals one year ahead of schedule and that its quantitative goals were also largely met. Key results included EPS growth of +33.8% (FY24-25), inventory of JPY 105.0bn, an equity ratio of 25.6%, an operating profit margin of 10.6%, ROE of 15.2%, and a total shareholder return of 35.0%. The owner-change (OC) condo turnover period improved by 16.1 months versus FY2023 to 34.1 months, aided by two securitization fund formations and a strategic capital and business alliance with the Development Bank of Japan (DBJ).

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.