Financials Mitsubishi Estate Co., Ltd.

Equities

8802

JP3899600005

Real Estate Development & Operations

Market Closed - Japan Exchange Other stock markets 01:30:00 2026-02-13 am EST			5-day change	1st Jan Change
4,853.00 ^JPY	-3.38%		+14.78%	+27.01%

Feb. 10	Mitsubishi Estate Co., Ltd. Announces Board Resignations	CI
Feb. 09	Mitsubishi Estate Co., Ltd. announces an Equity Buyback for 13,000,000 shares, representing 1.07% for ¥30,000 million.	CI

Projected Income Statement: Mitsubishi Estate Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,207,594	1,349,489	1,377,827	1,504,687	1,579,812	1,821,354	1,877,095	1,956,208
Change	-	11.75%	2.1%	9.21%	4.99%	15.29%	3.06%	4.21%
EBITDA ¹	313,501	370,558	388,283	376,928	425,889	440,579	469,609	508,765
Change	-	18.2%	4.78%	-2.92%	12.99%	3.45%	6.59%	8.34%
EBIT ¹	224,394	278,977	296,702	278,627	309,232	335,494	357,860	389,874
Change	-	24.32%	6.35%	-6.09%	10.98%	8.49%	6.67%	8.95%
Interest Paid ¹	-21,623	-20,742	-25,001	-35,996	-47,561	-51,700	-58,933	-66,900
Earnings before Tax (EBT) ¹	201,265	253,779	252,902	274,532	316,959	337,679	358,416	380,687
Change	-	26.09%	-0.35%	8.55%	15.45%	6.54%	6.14%	6.21%
Net income ¹	135,655	155,171	165,343	168,432	189,356	212,694	223,443	241,250
Change	-	14.39%	6.56%	1.87%	12.42%	12.32%	5.05%	7.97%
Announcement Date	5/13/21	5/12/22	5/11/23	5/10/24	5/12/25	-	-	-

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
Net sales ¹	250,571	429,711	307,402	271,621	325,547	444,919	305,367	289,198	311,759	471,503	292,465	295,468	338,515	578,239	328,239	312,826	406,854	531,893	356,954	386,250	466,869	656,609	339,808	405,725
Change	-	71.49%	-28.46%	-11.64%	19.85%	36.67%	-31.37%	-5.29%	7.8%	51.24%	-37.97%	1.03%	14.57%	70.82%	-43.23%	-4.7%	30.06%	30.73%	-32.89%	8.21%	20.87%	40.64%	-48.25%	19.4%
EBITDA ¹	-	-	88,513	-	-	-	-	-	-	-	-	-	-	-	75,926	74,408	120,339	155,216	94,599	74,106	109,190	129,283	89,830	105,925
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2%	61.73%	28.98%	-39.05%	-21.66%	0%	18.4%	-30.52%	17.92%
EBIT ¹	41,405	84,917	62,563	49,095	60,682	106,637	83,518	58,560	57,934	96,690	48,400	41,914	56,507	131,806	51,798	48,080	94,600	114,754	62,405	45,185	119,784	118,456	63,124	79,219
Change	-	105.09%	-26.32%	-21.53%	23.6%	75.73%	-21.68%	-29.88%	-1.07%	66.9%	-49.94%	-13.4%	34.82%	133.26%	-60.7%	-7.18%	96.76%	21.3%	-45.62%	-27.59%	165.1%	-1.11%	-46.71%	25.5%
Charge d'intérêts ¹	-5,388	-5,179	-5,116	-5,165	-5,206	-5,255	-5,445	-5,853	-7,151	-6,552	-7,742	-8,679	-9,749	-9,826	-11,611	-11,428	-11,715	-12,807	-11,907	-13,151	-14,999	-15,510	-	-
Earnings before Tax (EBT) ¹	48,281	70,674	57,674	33,475	55,160	107,470	84,564	38,622	45,249	84,467	46,340	36,230	57,009	134,953	49,357	47,459	89,701	130,442	52,074	44,791	146,110	102,025	-	-
Change	-	46.38%	-18.39%	-41.96%	64.78%	94.83%	-21.31%	-54.33%	17.16%	86.67%	-45.14%	-21.82%	57.35%	136.72%	-63.43%	-3.85%	89.01%	45.42%	-60.08%	-13.99%	226.2%	-30.17%	-	-
Net income ¹	37,843	46,873	34,708	20,579	31,855	68,029	61,553	14,789	26,467	62,534	19,269	22,277	36,001	90,885	25,941	24,080	55,770	83,565	31,985	26,086	98,461	75,150	43,171	48,776
Change	-	23.86%	-25.95%	-40.71%	54.79%	113.56%	-9.52%	-75.97%	78.96%	136.27%	-69.19%	15.61%	61.61%	152.45%	-71.46%	-7.17%	131.6%	49.84%	-61.72%	-18.44%	277.45%	-23.68%	-42.55%	12.98%
Announcement Date	2/10/21	5/13/21	8/6/21	11/10/21	2/10/22	5/12/22	8/5/22	11/10/22	2/9/23	5/11/23	8/10/23	11/9/23	2/9/24	5/10/24	8/8/24	11/7/24	2/7/25	5/12/25	8/7/25	11/10/25	2/9/26	-	-	-

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	579,023	770,466	594,565	783,262	587,933	916,754	641,065	-	743,204	1,003,796
Change	-	33.06%	-22.83%	31.74%	-24.94%	55.93%	-30.07%	-	-	35.06%
EBITDA	156,623	-	-	-	-	-	151,275	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
EBIT ¹	111,658	167,319	142,078	154,624	90,314	188,313	99,878	209,354	107,590	226,210
Change	-	49.85%	-15.09%	8.83%	-41.59%	108.51%	-46.96%	109.61%	-48.61%	110.25%
Charge d'intérêts	-10,281	-	-11,298	-	-16,421	-	-23,039	-	-25,058	-
Earnings before Tax (EBT)	91,149	-	123,186	-	82,570	-	96,816	-	96,865	-
Change	-	-	-	-	-	-	-	-	-	-
Net income ¹	55,287	99,884	76,342	89,001	41,546	126,886	50,021	-	58,071	147,129
Change	-	80.66%	-23.57%	16.58%	-53.32%	205.41%	-60.58%	-	-	153.36%
Announcement Date	11/10/21	5/12/22	11/10/22	5/11/23	11/9/23	5/10/24	11/7/24	5/12/25	11/10/25	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Mitsubishi Estate Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	2,349,379	2,504,300	2,641,617	2,857,919	3,083,152	3,281,880	3,408,233	3,569,652
Change	-	6.59%	5.48%	8.19%	7.88%	6.45%	3.85%	4.74%
Announcement Date	5/13/21	5/12/22	5/11/23	5/10/24	5/12/25	-	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Mitsubishi Estate Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	353,631	347,694	298,439	474,260	463,898	583,000	423,847	430,354
Change	-	-1.68%	-14.17%	58.91%	-2.18%	25.67%	-27.3%	1.54%
Free Cash Flow (FCF) ¹	-146,217	-33,688	-42,132	-167,011	-37,388	-219,100	7,650	-34,900
Change	-	76.96%	-25.07%	-296.4%	77.61%	-486.02%	103.49%	-556.21%
Announcement Date	5/13/21	5/12/22	5/11/23	5/10/24	5/12/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Mitsubishi Estate Co., Ltd.

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	25.96%	27.46%	28.18%	25.05%	26.96%	24.19%	25.02%	26.01%
EBIT Margin (%)	18.58%	20.67%	21.53%	18.52%	19.57%	18.42%	19.06%	19.93%
EBT Margin (%)	16.67%	18.81%	18.36%	18.25%	20.06%	18.54%	19.09%	19.46%
Net margin (%)	11.23%	11.5%	12%	11.19%	11.99%	11.68%	11.9%	12.33%
FCF margin (%)	-12.11%	-2.5%	-3.06%	-11.1%	-2.37%	-12.03%	0.41%	-1.78%
FCF / Net Income (%)	-107.79%	-21.71%	-25.48%	-99.16%	-19.74%	-103.01%	3.42%	-14.47%
Profitability
ROA	3.54%	4.04%	4.07%	3.34%	3.38%	3.78%	3.9%	4.15%
ROE	7.6%	8.1%	7.9%	7.4%	7.6%	8.21%	8.65%	9.17%
Financial Health
Leverage (Debt/EBITDA)	7.49x	6.76x	6.8x	7.58x	7.24x	7.45x	7.26x	7.02x
Debt / Free cash flow	-16.07x	-74.34x	-62.7x	-17.11x	-82.46x	-14.98x	445.52x	-102.28x
Capital Intensity
CAPEX / Current Assets (%)	29.28%	25.76%	21.66%	31.52%	29.36%	32.01%	22.58%	22%
CAPEX / EBITDA (%)	112.8%	93.83%	76.86%	125.82%	108.92%	132.33%	90.26%	84.59%
CAPEX / FCF (%)	-241.85%	-1,032.1%	-708.34%	-283.97%	-1,240.77%	-266.09%	5,540.48%	-1,233.1%
Items per share
Cash flow per share ¹	167.9	185.2	196.5	209	231.8	423.8	365.6	301
Change	-	10.29%	6.11%	6.35%	10.92%	82.82%	-13.73%	-17.67%
Dividend per Share ¹	31	36	38	40	43	46.73	51.55	57
Change	-	16.13%	5.56%	5.26%	7.5%	8.67%	10.31%	10.58%
Book Value Per Share ¹	1,383	1,515	1,664	1,896	2,057	2,139	2,199	2,288
Change	-	9.48%	9.9%	13.93%	8.5%	3.96%	2.81%	4.05%
EPS ¹	101.3	116.4	125.5	132	151	172.9	186.7	206.6
Change	-	14.91%	7.81%	5.11%	14.46%	14.48%	7.97%	10.67%
Nbr of stocks (in thousands)	1,338,573	1,322,612	1,301,875	1,266,239	1,245,982	1,212,587	1,212,587	1,212,587
Announcement Date	5/13/21	5/12/22	5/11/23	5/10/24	5/12/25	-	-	-