[5/13 financial results reconstruction] Real estate industry: View full-year net profit "Top 5 companies with increased profits"

[Summary]

Of the financial results disclosed on May 13, 2026, Real estate stocks that closed on May 13 in the real estate industry have been rearranged based on net income. This time, as a "foothold for performance evaluation," we will first compare and rank full-year net income, and at the same time look at sales, operating income, operating profit margin, and company forecasts.

The top five companies are as follows (preference is given to those on a full-year basis, the end-of-year figures are for the fiscal year ending March 2026), and in the short term, the focus is on continuing profit growth, but when looking at company forecasts for next year, there are some stocks that require a cautious perspective.

Selection conditions

This evaluation targeted the financial results released on May 13th and was extracted under the following conditions.

• Target date: Financial statement file for 2026-05-13
• Sector: `Real estate industry`
• If possible, prioritize `2026Q4` (full year ending March 2026)
• Targets stocks whose net profits can be confirmed numerically
• Confirm the change rate (net profit) compared to the past as a supplementary indicator

Real estate industry Top 5 companies by net profit (as of May 13, 2026)

*Top rankings are in order of net profit size. Although the stock is oriented toward major companies, it is important to note that there are stocks of different sizes mixed together.

How to read from a cross-industry perspective (increase in sales and profits)

1) Sales expansion is working for the top 4 companies

The top 1 to 3 major companies have very large sales, and both operating income and net income are increasing. In particular, Mitsubishi Estate's sales increased by double digits, confirming the foundation of earnings and the simultaneous progress of profit expansion.

2) Room for stabilization of operating profit margin is a differentiating point

Looking only at operating profit margins, real estate stocks are susceptible to fluctuations due to land sales and redevelopment phases. Of the top five companies this time, the profitability of the three major companies stands out, with Mitsui Fu at 14.7%, Mitsubishi Estate at 18.9%, and Sumitomo Fu at 28.3%. On the other hand, the Hoosiers' profit margin is 10.0% and Mie Kotsu GHD's is 8.8%, so there is a difference in the level of profit margin. This difference is likely to reflect differences in profit structures (reliance on development, operating assets, investment/redevelopment ratio).

3) Some factors are causing caution in the outlook for next fiscal year

Mitsubishi Estate, Mitsui Fu, and Sumitomo Fu have disclosed their plans for the next fiscal year, so it is relatively easy to confirm their sustainability for the full year. On the other hand, Mie Kotsu GHD is a conglomerate that does not specialize in real estate, but also includes transportation, distribution, leisure, etc. I would like to check the profit contribution of each segment, rather than evaluating them all using the same yardstick as major real estate companies.

Comments by stock

• Mitsui Fu (8801)
• Overall the most balanced.
• In addition to increased sales and profits (+3.2%, +7.9%), the forecast for next year is also in the positive zone.
• Mitsubishi Estate (8802)
• Good balance between profit margin and room for profit growth.
• The operating profit increase plan for next year is based on maintaining the current profit efficiency.
• Sumitomo Fu (8830)
• The speed of profit growth is reasonably strong.
• Operating profit margin is estimated to be high at 28.3%, and profitability stands out among the three major companies.
• Hoosiers (3284)
• Earnings growth is extremely fast (sales +50%).
• However, due to its small size, market evaluation tends to be volatile.
• Mie Kotsu GHD (3232)
• Although net income has increased, the business portfolio is different from that of a company specializing in real estate.
• It is necessary to look at the profit structure separately, including transportation, distribution, and leisure.

This industry evaluation (short conclusion)

Looking at the real estate industry's 5/13 frame, the three major companies are overwhelmingly the top companies in terms of full-year net income. However, the top five companies include "small and medium-sized stocks with high growth but high volatility", so In practical terms, it is appropriate to look at three points: ``Has full-year profit increased?'' ``Is next year's plan realistic?'' and ``Can operating profit margin be sustained?''

Evaluation signal (this conclusion)

• Bullish factors: The top three companies can confirm full-year sales and profit increases and a certain level of improvement in operating efficiency.
• Neutral factor: Some stocks are small in size, and there is an element of decreased profits in the next fiscal year forecast.
• Bearish factors: Easily affected by temporary supply and demand events and asset transaction timing depending on the industry

Source

This article is based on the financial results released on May 13th. For details on each stock, see the links to individual financial results articles.

• Mitsui Fu: `Summary of financial results for the fiscal year ending March 2026 [Japanese standards] (consolidated)`
• Mitsubishi Estate: `Summary of financial results for the fiscal year ending March 2026 [Japanese standards] (consolidated)`
• Sumitomo Fu: `Summary of financial results for the fiscal year ending March 2026 [Japanese standards] (consolidated)`
• Hoosiers: `Summary of financial results for the fiscal year ending March 2026 [Japanese standards] (consolidated)`
• Mie Kotsu GHD: `Summary of financial results for the fiscal year ending March 2026 [Japanese standards] (consolidated)`