Improved Free Cash Flow GenerationFree cash flow surged to roughly ¥3.0B in 2025 and covered about 85% of reported earnings, indicating stronger cash conversion versus prior years. Durable FCF improves ability to fund maintenance capex, dividends, and selective deleveraging without relying on new equity.
Recovering Revenue And Stronger MarginsRevenue and margins improved in 2024–2025 with net margin near 7%, signaling better operational efficiency and pricing or occupancy trends. Stronger margins enhance earnings durability and provide buffer to absorb cyclical rent or valuation swings in real estate markets.
Higher Dividend And Shareholder FocusManagement increased the interim dividend and set a higher full-year dividend target, reflecting confidence in cash flows and a commitment to shareholder returns. A visible payout policy can stabilize investor base and disciplines capital allocation over the medium term.