Loadstar Capital (3482): FY2025 Results Summary — 13th Straight Year of Revenue and Profit Growth, Dividend Raised to 86 Yen

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Loadstar Capital K.K. (TSE Prime: 3482), a Tokyo-based real estate investment company combining real estate and technology, reported its results for FY2025 (fiscal year ended December 31, 2025). Consolidated net sales reached a record 44.6 billion yen (+29.7% year on year) and profit before income taxes rose to a record 11.6 billion yen (+16.1%), marking 13 consecutive fiscal years of revenue and profit growth since the company’s founding. The company plans a dividend of 86 yen per share, exceeding its initial plan, and states that its Medium-Term Management Plan ending in the fiscal year to December 2027 is progressing smoothly.

Consolidated Results (Full-Year Actual)

According to the company, progress was generally in line with the plan, and planned profit was achieved as scheduled. Net sales of 44.6 billion yen reached 93.1% of the original forecast, while operating profit (13.4 billion yen), profit before income taxes (11.6 billion yen) and profit (7.9 billion yen) each exceeded the original forecast. ROE was 27.7%, down 3.5 points from the previous fiscal year’s 31.2%, and EPS rose to 479.56 yen from 416.73 yen.

Item (billion yen)	FY2025	FY2024	YoY	Vs. Original Forecast
Net sales	44.6	34.4	129.7%	93.1%
Gross profit	15.4	13.3	115.7%	100.1%
SG&A expenses	2.0	1.9	106.8%	92.3%
Operating profit	13.4	11.4	117.2%	101.5%
Profit before income taxes	11.6	10.0	116.1%	104.1%
Profit	7.9	6.8	116.1%	104.4%

On the balance sheet, real estate as inventory — which the company describes as the management foundation for the future — increased to 92.5 billion yen (81.5 billion yen at the end of FY2024), exceeding 90 billion yen. Cash and deposits were 14.5 billion yen, interest-bearing debt was 69.6 billion yen and net assets were 32.9 billion yen, with total liabilities and net assets of 124.0 billion yen. The company notes that unrealized gains, the difference between book value and external valuation, amount to 37.9 billion yen (before tax deduction) and are not reflected on the balance sheet. Cash flow from operating activities was △2.6 billion yen, reflecting the increase in real estate inventory, while cash flow from financing activities was 5.6 billion yen.

Segment Results

Loadstar operates three businesses: the Corporate Funding Business (real estate investment, leasing and hotel operations using internal funds), the Asset Management Business, and the Crowdfunding Business (OwnersBook, described as Japan’s first real estate crowdfunding business).

In the Corporate Funding Business (Real Estate Investment), 9 properties were sold and net sales increased by 22% to a record 34.2 billion yen. Anticipating the return-to-office trend, the company pursued acquisitions focused on office properties from the beginning of 2025 and acquired 7 properties. Real Estate Leasing net sales rose 21% to a record 3.5 billion yen as rental income from offices and hotels increased. Net sales from hotel operations (six luxury resort hotels acquired from Hiramatsu) were 4.26 billion yen against operating costs of 4.24 billion yen (including depreciation of approximately 0.6 billion yen); the company cites intensifying competition and rising labor costs and prices.

In the Asset Management Business, the sale of a large-scale property generated a significant incentive fee, lifting net sales by 48% to a record 1.7 billion yen, although AUM decreased to 110 billion yen. In the Crowdfunding Business, net sales increased by 26% to a record 0.8 billion yen, and operating loans remained at 9.2 billion yen. The company also launched its third equity-type transaction in November, the first in six years.

Business	Metric	FY2025	FY2024
Corporate Funding (Real Estate Investment)	Net sales (billion yen)	34.2	27.9
Corporate Funding (Real Estate Investment)	Profit margin (real estate sales)	31.8%	35.1%
Corporate Funding (Real Estate Leasing)	Net sales (billion yen)	3.5	2.9
Corporate Funding (Real Estate Leasing)	Profit margin (leasing)	54.7%	50.4%
Corporate Funding (Hotel Operations)	Net sales (billion yen)	4.2	1.6
Corporate Funding (Hotel Operations)	Profit margin	0.5%	11.3%
Asset Management	Net sales (billion yen)	1.7	1.1
Asset Management	AUM (billion yen)	110	140
Crowdfunding	Net sales (billion yen)	0.82	0.65
Crowdfunding	Annual investment amount (billion yen)	14.4	13.4

FY2026 Forecast

For FY2026, Loadstar plans a 26% increase in net sales and a 16% increase in profit before income taxes, aiming for a 14th consecutive fiscal year of revenue and profit growth. The company notes that the gross profit margin in the Corporate Funding business will decrease slightly due to the estimation of eviction expenses, and that consolidating Hash DasH Holdings Co., Ltd. (HHD), which became a consolidated subsidiary at the end of December 2025, will increase SG&A expenses such as personnel costs and amortization of goodwill. It expects the real estate market to become even more active given strong office demand and expanding investment demand.

Item (billion yen)	FY2026 Forecast	YoY	FY2025 (Actual)
Net sales	56.1	125.8%	44.6
Gross profit	18.8	122.0%	15.4
SG&A expenses	2.8	141.0%	2.0
Operating profit	15.9	119.1%	13.4
Profit before income taxes	13.5	116.0%	11.6
Profit	9.1	115.1%	7.9

By business, the company plans to accelerate acquisitions of mainly urban office properties in the Corporate Funding Business, focus on large-scale offices and hotels to steadily increase AUM in the Asset Management Business, and release its first real estate security token offering (STO) project as soon as possible in the Crowdfunding Business. Regarding risks, it states that the impact of interest rate hikes is factored in to a certain extent.

Shareholder Returns

Loadstar aims to provide stable and continuous returns with a target dividend payout ratio of 18% or higher. The FY2025 dividend is planned at 86 yen per share, an increase of 3 yen from the initial plan, marking the 8th consecutive year of dividend increase since the company started paying dividends and a 23% increase from the previous fiscal year. For FY2026, the company plans a dividend of 98 yen per share, aiming for a 9th consecutive year of dividend increase. Share buybacks will be implemented based on a comprehensive assessment of stock price trends, economic conditions and other factors. Shareholders holding at least 1,000 shares for at least six months receive a special OwnersBook investment allotment and no refund fees.

Item	FY2024	FY2025	FY2026 (Plan)
Dividend per share (yen)	70.0	86.0	98.0
Dividend payout ratio	17%	18%	18%

Medium-Term Management Plan (FY2025-2027) and Topics

Under its Medium-Term Management Plan, Loadstar targets net sales of 60.0 billion yen and profit before tax of 16.7 billion yen for FY2027, along with ROE of 25% or higher, a dividend payout ratio of 18% or higher, owned assets of 150.0 billion yen, AUM of 300.0 billion yen and an OwnersBook investment amount of 20.0 billion yen. The company acknowledges that the targets from owned assets downward are set high but says it will promote business activities across the entire organization to approach them.

Indicator (billion yen)	2024 Results	2025 Results	2026 Plan	2027 Target
Net sales	34.4	44.6	56.1	60.0
Profit before tax	10.0	11.6	13.5	16.7
ROE	31.2%	27.7%	–	≧25%
Dividend payout ratio	17%	18%	18%	≧18%
Owned assets	81.5	92.5	–	150.0
AUM	140.0	110.0	–	300.0
OwnersBook investment amount	13.4	14.4	–	20.0

As a topic for FY2025, Loadstar completed its first-ever M&A by acquiring Hash DasH Holdings Co., Ltd. on December 25, 2025, for approximately 750 million yen (including incidental expenses), with goodwill of approximately 1.1 billion yen to be amortized over around 7 years and no borrowing related to the acquisition. HHD develops and owns a security token platform and has a securities company specializing in security tokens within its group, enabling the Loadstar Group to provide real estate STO products consistently from sourcing to structuring, sales and management. The company aims to release its first STO transaction around summer 2026. Loadstar also acquired retail and office buildings in Ginza facing GINZA SIX across Miyuki Street (Ginza Kikumasa Building and Ginza New Central Building), which it believes will be a significant growth driver.

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.