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HulicHulic Co.,Ltd.3003東証プライム不動産業FY ending Dec 2025, consolidated, J-GAAP

Hulic FY ending Dec 2025 results

About 86% of Hulic's sales come from Real estate business, with Hotel,ryokan business and Other making up much of the rest.

Out of every ¥100 of sales, about ¥26 is left as operating profit.

Revenue changed +23.0% from the prior year, operating profit +14.4%.

Revenue and profit pattern

Revenue and profit upRevenue grew faster

Revenue +23.0% · profit +14.4%, calculated from disclosed figures.

Operating leverage: 0.63× (profit growth ÷ revenue growth)

What changed from last year

FY ending Dec 2024 → FY ending Dec 2025

Revenue
+23.0%¥591.6B → ¥727.4B
Operating income
+14.4%¥163.4B → ¥186.8B
Net income attributable to owners
+11.7%¥102.3B → ¥114.3B
Operating cash flow
-23.8%¥353.4B → ¥269.2B
Free cash flow
Loss-¥21.4B → -¥176.8B

Results at a glance

  • Revenue for the FY ending Dec 2025 was ¥727.4B, up +23.0% from ¥591.6B.
  • Operating income grew +14.4% to ¥186.8B, and net income attributable to owners rose +11.7% to ¥114.3B.
  • Operating cash flow dropped -23.8% to ¥269.2B, and heavy property investment left free cash flow at -¥176.8B.

What drove the change

  • Buildings completed or bought over the past two years kept office rent coming in steadily
  • Sales of properties held for sale went well and produced larger gains
  • Higher interest payments on growing debt meant ordinary profit grew more slowly than operating income

Things to watch

  • A weaker economy could lead tenants to leave or push for lower rents
  • Much of its investment is funded by borrowing, so a sharp rise in interest rates would raise funding costs
  • Most properties are in the Tokyo area, so a major earthquake there could damage its assets

Annual securities report, FY ending Dec 2025 / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual securities report, FY ending Dec 2025 / 事業等のリスク

Where the money goes

FY ending Dec 2024 → FY ending Dec 2025

※ Cost of revenue is not disclosed; expenses are combined

Where ¥100 of sales goes

For every ¥100 Hulic sells, how much goes where, and how much is kept.

FY ending Dec 2025
Operating costs
¥74
Operating profit
¥26
Net profit kept
¥16

Annual margin trends

Operating margin25.7%
FY ending Dec 2020: 29.6%29.6%FY ending Dec 2021: 25.6%25.6%FY ending Dec 2022: 24.1%24.1%FY ending Dec 2023: 32.7%32.7%FY ending Dec 2024: 27.6%27.6%FY ending Dec 2025: 25.7%25.7%FY20FY21FY22FY23FY24FY25
Net margin15.7%
FY ending Dec 2020: 18.7%18.7%FY ending Dec 2021: 15.6%15.6%FY ending Dec 2022: 15.1%15.1%FY ending Dec 2023: 21.2%21.2%FY ending Dec 2024: 17.3%17.3%FY ending Dec 2025: 15.7%15.7%FY20FY21FY22FY23FY24FY25

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Dec 2025

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

  • EDINET (FSA Japan)

    有価証券報告書－第96期(2025/01/01－2025/12/31)

    ID S100XR5L2026-03-17Open

  • EDINET (FSA Japan)

    有価証券報告書－第95期(2024/01/01－2024/12/31)

    ID S100VEQB2025-03-18Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第94期(2023/01/01－2023/12/31)

    ID S100TDMQ2024-05-10Open

  • EDINET (FSA Japan)

    有価証券報告書－第93期(2022/01/01－2022/12/31)

    ID S100QDD52023-03-14Open

  • EDINET (FSA Japan)

    有価証券報告書－第92期(令和3年1月1日－令和3年12月31日)

    ID S100NNWR2022-03-15Open

  • EDINET (FSA Japan)

    有価証券報告書－第91期(令和2年1月1日－令和2年12月31日)

    ID S100KYN92021-03-16Open

Extracted from XBRL: 52 / Derived from other figures: 2

Spotted an error? Report it (corrections keep the original record)

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