Financials Daiwa House Industry Co., Ltd.

Equities

1925

JP3505000004

Homebuilding

Market Closed - Japan Exchange Other stock markets 01:30:00 2025-12-09 EST			5-day change	1st Jan Change
5,164.00 ^JPY	+0.27%		+0.47%	+6.30%

11-13	Daiwa House Industry Co., Ltd. Revises Consolidated Earnings Guidance for the Fiscal Year Ending March 31, 2026	CI
11-13	Daiwa House Industry Co., Ltd. Announces Dividend for the Second Quarter Ended September 30, 2025, Payable on December 5, 2025 and Provides Dividend Guidance for the Year Ending March 31, 2026	CI

Projected Income Statement: Daiwa House Industry Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	4,126,769	4,439,536	4,908,199	5,202,919	5,434,819	5,620,409	5,908,792	6,114,954
Change	-	7.58%	10.56%	6%	4.46%	3.41%	5.13%	3.49%
EBITDA ¹	435,524	483,584	578,834	557,414	678,065	641,616	682,157	726,828
Change	-	11.03%	19.7%	-3.7%	21.64%	-5.38%	6.32%	6.55%
EBIT ¹	357,121	383,256	465,370	440,210	546,279	498,062	531,055	566,532
Change	-	7.32%	21.43%	-5.41%	24.1%	-8.83%	6.62%	6.68%
Interest Paid ¹	-10,013	-13,033	-18,836	-31,531	-41,563	-42,950	-46,050	-50,100
Earnings before Tax (EBT) ¹	311,210	353,300	440,496	455,834	488,783	446,560	494,780	523,460
Change	-	13.52%	24.68%	3.48%	7.23%	-8.64%	10.8%	5.8%
Net income ¹	195,076	225,272	308,399	298,752	325,058	290,239	331,212	353,759
Change	-	15.48%	36.9%	-3.13%	8.81%	-10.71%	14.12%	6.81%
Announcement Date	5/14/21	5/13/22	5/12/23	5/10/24	5/13/25	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	1,037,733	1,122,588	920,658	1,121,524	1,105,003	1,292,351	1,007,795	1,253,534	1,160,352	1,486,518	1,214,595	1,330,232	1,211,637	1,446,455	1,287,182	1,365,441	1,297,672	1,484,524	1,292,144	1,338,801	1,378,663	1,536,850	1,344,322	-	-	-	-	-
Change	-	8.18%	-17.99%	21.82%	-1.47%	16.95%	-22.02%	24.38%	-7.43%	28.11%	-18.29%	9.52%	-8.92%	19.38%	-11.01%	6.08%	-4.96%	14.4%	-12.96%	3.61%	2.98%	11.47%	-12.53%	-	-	-	-	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	127,233	124,366	186,079	155,415	142,698	157,169	222,783	155,744	-	165,760	146,468	163,823	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-2.25%	49.62%	-16.48%	-8.18%	10.14%	41.75%	-30.09%	-	-	-11.64%	11.85%	-	-	-	-	-
EBIT ¹	95,058	106,039	58,440	101,921	93,505	129,390	59,694	94,945	68,086	242,645	93,075	98,088	93,817	155,230	121,847	112,808	122,569	189,055	118,116	103,283	115,019	158,555	129,220	-	-	-	-	-
Change	-	11.55%	-44.89%	74.4%	-8.26%	38.38%	-53.87%	59.05%	-28.29%	256.38%	-61.64%	5.39%	-4.35%	65.46%	-21.51%	-7.42%	8.65%	54.24%	-37.52%	-12.56%	11.36%	37.85%	-18.5%	-	-	-	-	-
Charge d'intérêts ¹	-2,506	-2,632	-2,910	-3,117	-3,467	-3,539	-3,847	-4,463	-5,139	-5,387	-6,780	-7,506	-8,479	-8,766	-10,107	-10,782	-10,663	-10,011	-9,991	-10,642	-9,211	-9,000	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	95,241	71,998	60,483	103,056	92,471	97,290	57,715	100,292	64,662	217,827	90,843	140,433	91,873	132,685	129,775	99,380	119,837	139,791	112,740	94,799	87,461	148,000	-	-	-	-	-	-
Change	-	-24.4%	-15.99%	70.39%	-10.27%	5.21%	-40.68%	73.77%	-35.53%	236.87%	-58.3%	54.59%	-34.58%	44.42%	-2.19%	-23.42%	20.58%	16.65%	-19.35%	-15.91%	-7.74%	69.22%	-	-	-	-	-	-
Net income ¹	63,943	39,804	38,585	68,997	59,912	57,778	36,533	69,461	60,269	142,136	60,007	94,481	61,796	82,468	91,393	64,949	80,490	88,226	76,239	61,479	69,648	77,176	93,320	72,526	94,244	103,305	110,297	78,383
Change	-	-37.75%	-3.06%	78.82%	-13.17%	-3.56%	-36.77%	90.13%	-13.23%	135.84%	-57.78%	57.45%	-34.59%	33.45%	10.82%	-28.93%	23.93%	9.61%	-13.59%	-19.36%	13.29%	10.81%	20.92%	-22.28%	29.94%	9.61%	6.77%	-28.93%
Announcement Date	2/9/21	5/14/21	8/10/21	11/9/21	2/10/22	5/13/22	8/9/22	11/10/22	2/10/23	5/12/23	8/7/23	11/10/23	2/9/24	5/10/24	8/7/24	11/12/24	2/13/25	5/13/25	8/6/25	11/13/25	-	-	-	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	2,042,182	2,397,354	2,261,329	2,646,870	2,544,827	2,658,092	2,652,623	2,782,196	2,630,945	2,871,055
Change	-	17.39%	-5.67%	17.05%	-3.86%	4.45%	-0.21%	4.88%	-5.44%	9.13%
EBITDA	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	160,361	222,895	154,639	310,731	191,163	249,047	234,655	311,624	221,399	289,101
Change	-	39%	-30.62%	100.94%	-38.48%	30.28%	-5.78%	32.8%	-28.95%	30.58%
Charge d'intérêts	-6,027	-	-8,310	-	-14,286	-	-20,889	-	-20,633	-
Earnings before Tax (EBT)	163,539	-	158,007	-	231,276	-	229,155	-	207,539	-
Change	-	-	-	-	-	-	-	-	-	-
Net income ¹	107,582	117,690	105,994	202,405	154,488	144,264	156,342	168,716	137,718	152,382
Change	-	9.4%	-9.94%	90.96%	-23.67%	-6.62%	8.37%	7.91%	-18.37%	10.65%
Announcement Date	11/9/21	5/13/22	11/10/22	5/12/23	11/10/23	5/10/24	11/12/24	5/13/25	11/13/25	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Daiwa House Industry Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	860,660	1,188,847	1,590,417	1,753,600	1,975,878	2,050,200	2,095,352	2,148,113
Change	-	38.13%	33.78%	10.26%	12.68%	3.76%	2.2%	2.52%
Announcement Date	5/14/21	5/13/22	5/12/23	5/10/24	5/13/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Daiwa House Industry Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	372,904	425,807	518,143	355,780	416,543	500,000	525,000	532,500
Change	-	14.19%	21.68%	-31.34%	17.08%	20.04%	5%	1.43%
Free Cash Flow (FCF) ¹	40,334	-130,987	-287,845	-8,125	-72,809	126,000	62,967	90,067
Change	-	-424.76%	-119.75%	97.18%	-796.11%	273.06%	-50.03%	43.04%
Announcement Date	5/14/21	5/13/22	5/12/23	5/10/24	5/13/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Daiwa House Industry Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	10.55%	10.89%	11.79%	10.71%	12.48%	11.42%	11.54%	11.89%
EBIT Margin (%)	8.65%	8.63%	9.48%	8.46%	10.05%	8.86%	8.99%	9.26%
EBT Margin (%)	7.54%	7.96%	8.97%	8.76%	8.99%	7.95%	8.37%	8.56%
Net margin (%)	4.73%	5.07%	6.28%	5.74%	5.98%	5.16%	5.61%	5.79%
FCF margin (%)	0.98%	-2.95%	-5.86%	-0.16%	-1.34%	2.24%	1.07%	1.47%
FCF / Net Income (%)	20.68%	-58.15%	-93.34%	-2.72%	-22.4%	43.41%	19.01%	25.46%
Profitability
ROA	6.98%	7.12%	7.82%	6.75%	7.6%	5.38%	5.55%	5.67%
ROE	11%	11.7%	14.3%	12.7%	12.9%	10.81%	11.75%	11.79%
Financial Health
Leverage (Debt/EBITDA)	1.98x	2.46x	2.75x	3.15x	2.91x	3.2x	3.07x	2.96x
Debt / Free cash flow	21.34x	-9.08x	-5.53x	-215.83x	-27.14x	16.27x	33.28x	23.85x
Capital Intensity
CAPEX / Current Assets (%)	9.04%	9.59%	10.56%	6.84%	7.66%	8.9%	8.89%	8.71%
CAPEX / EBITDA (%)	85.62%	88.05%	89.51%	63.83%	61.43%	77.93%	76.96%	73.26%
CAPEX / FCF (%)	924.54%	-325.08%	-180.01%	-4,378.83%	-572.1%	396.83%	833.77%	591.23%
Items per share
Cash flow per share ¹	416.6	497	641.7	636.5	722.4	656.5	652.5	714.7
Change	-	19.28%	29.13%	-0.81%	13.49%	-9.12%	-0.61%	9.53%
Dividend per Share ¹	116	126	130	143	150	172.8	196.3	215.1
Change	-	8.62%	3.17%	10%	4.9%	15.17%	13.65%	9.57%
Book Value Per Share ¹	2,805	3,081	3,467	3,810	4,226	4,486	4,827	5,203
Change	-	9.84%	12.52%	9.9%	10.92%	6.14%	7.61%	7.8%
EPS ¹	297.2	343.8	469.1	457.2	514	471	544.5	592.1
Change	-	15.69%	36.44%	-2.55%	12.43%	-8.37%	15.62%	8.74%
Nbr of stocks (in thousands)	654,080	655,497	658,872	639,824	618,584	618,740	618,740	618,740
Announcement Date	5/14/21	5/13/22	5/12/23	5/10/24	5/13/25	-	-	-