Worth reading
64In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
-31
Year-on-year change in revenue (%)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsThird quarter of the fiscal year ending May 202615 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥23,989 million-31.0%
Operating profit¥1,612 million-14.5%
Ordinary income¥1,483 million-18.0%
Net income¥997 million-16.8%
Gross Profit Margin11.7%
Operating profit margin6.7%
Selling, general and administrative expenses¥1,193 million
Full-year earnings forecast
Net Sales
¥36,300 million
Operating profit
¥2,900 million
Ordinary income
¥2,700 million
Profit attributable to owners of the parent
¥1,840 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales66.1%
Operating profit55.7%
Ordinary income55.0%
Profit attributable to owners of the parent54.2%
Construction business revenue89.5%
Real-estate business revenue21.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue is expected to fall short of the initial plan, while all profit figures have been revised upwardBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Completed construction
¥3,152 million
Real estate sales
¥-11,668 million
Joint venture income
¥-2,259 million
Gross profit on completed construction
¥1,160 million
Gross profit on real estate sales
¥-693 million
Gross profit on joint venture income
¥-721 million
Selling, general and administrative expenses
¥21 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Real estate development land salesAnticipates the closing of a large-scale transaction in Q4
Tokyo metropolitan area housing supply in 2026Expected to be approximately 23,000 units
Tokyo metropolitan area housing starts in 2026Expected to be at approximately the same level as in 2025
New initiatives
- Obtained design certification for a self-developed property as a Select Model under the Tokyo Metropolitan Government’s Tokyo Child-Friendly Housing Certification Program
- Improve medium-term earnings capacity by expanding self-developed projects
- Develop new technologies, including new seismic isolation methods
- Secure construction personnel through business alliances and continue considering M&A
Key KPIsA metric the company considers important as a management benchmark.
Number of orders
8 Engagements
Order backlog at period-end
309 Hundreds of millions of yen
Year on year against the same period last yearTrending higher
Gross margin on completed construction in the construction business
11.6 %
Year on year against the same period last yearUp from 6.9%
Gross margin on real estate sales
13.3 %
Year on year against the same period last yearUp from 7.6%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Total units ordered
892 units
Average number of units per order
112 units
Segment results
Construction
Net Sales
¥19,966 million+18.7%
Segment profit
¥2,254 million+104.4%
Segment profit margin11.3%
Real Estate Business
Net Sales
¥3,809 million-78.5%
Segment profit
¥231 million-86.0%
Segment profit margin6.1%
Medium-term management plan targets
Fiscal year ending May 2026
Net Sales40,000
Operating profit2,800
Profit attributable to owners of the parent1,750
Fiscal year ending May 2027
Net Sales44,000
Operating profit3,080
Profit attributable to owners of the parent2,000
Fiscal year ending May 2028
Net Sales50,000
Operating profit3,500
Profit attributable to owners of the parent2,300
Financial targets
ROE18.3% (actual for the fiscal year ended May 2025)
Cost of shareholders’ equityApproximately 6–7%
Market Size / Share
Tokyo metropolitan area housing starts in 202540,305 units
Tokyo metropolitan area housing supply in 202521,962 units
Average sales price in Tokyo’s 23 wards in 2025¥136.13 million
Average sales price in the Greater Tokyo Area in 2025¥91.82 million
Orders received and order backlog
Order backlog¥30.9 billion (as of the third quarter of the fiscal year ending May 2026)
Number of employees
Number of Employees180 on a consolidated basis and 161 on a non-consolidated basis (as of the end of May 2025)
Hiring planMore than 300 employees in the fiscal year ending May 2031, and at least 30 new graduates hired each year from the class of 2027 onward
Annual Dividend
Forecast for the fiscal year ending May 2026¥46 (year-end)
Year-end dividend¥46
Payout ratio
30.0% (forecast for the fiscal year ending May 2026)Acquisition of treasury shares
Policy of acquiring treasury shares flexibly. Specific acquisition limit, number of shares and period: Not disclosed| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Third quarter of the fiscal year ending May 2026 |
| Net Sales | ¥23,989 million (YoY -31.0%) |
| Operating profit | ¥1,612 million (YoY -14.5%) |
| Ordinary income | ¥1,483 million (YoY -18.0%) |
| Net income | ¥997 million (YoY -16.8%) |
| Gross Profit Margin | 11.7% |
| Operating profit margin | 6.7% |
| Selling, general and administrative expenses | ¥1,193 million |
| Full-year earnings forecast | Net Sales ¥36,300 million / Operating profit ¥2,900 million / Ordinary income ¥2,700 million / Profit attributable to owners of the parent ¥1,840 million |
| Progress against full-year forecast | Net Sales 66.1% / Operating profit 55.7% / Ordinary income 55.0% / Profit attributable to owners of the parent 54.2% / Construction business revenue 89.5% / Real-estate business revenue 21.8% |
| Self-assessment against the plan | Revenue is expected to fall short of the initial plan, while all profit figures have been revised upward |
| Segment results | Construction Net Sales ¥19,966 million (YoY +18.7%) / Segment profit ¥2,254 million (YoY +104.4%) / Segment profit margin 11.3% / Real Estate Business Net Sales ¥3,809 million (YoY -78.5%) / Segment profit ¥231 million (YoY -86.0%) / Segment profit margin 6.1% |
| Breakdown of Factors Affecting the Change | Completed construction ¥3,152 million / Real estate sales ¥-11,668 million / Joint venture income ¥-2,259 million / Gross profit on completed construction ¥1,160 million / Gross profit on real estate sales ¥-693 million / Gross profit on joint venture income ¥-721 million / Selling, general and administrative expenses ¥21 million |
| Key KPIs | Number of orders 8 Engagements / Order backlog at period-end 309 Hundreds of millions of yen / Gross margin on completed construction in the construction business 11.6 % / Gross margin on real estate sales 13.3 % |
| Unit price and quantity metrics | Total units ordered 892 units / Average number of units per order 112 units |
| Number of employees | Number of Employees 180 on a consolidated basis and 161 on a non-consolidated basis (as of the end of May 2025) / Hiring plan More than 300 employees in the fiscal year ending May 2031, and at least 30 new graduates hired each year from the class of 2027 onward |
| Assumptions Underlying the Business Outlook | Real estate development land sales Anticipates the closing of a large-scale transaction in Q4 / Tokyo metropolitan area housing supply in 2026 Expected to be approximately 23,000 units / Tokyo metropolitan area housing starts in 2026 Expected to be at approximately the same level as in 2025 |
| Medium-term management plan targets | Fiscal year ending May 2026 Net Sales 40,000 / Operating profit 2,800 / Profit attributable to owners of the parent 1,750 / Fiscal year ending May 2027 Net Sales 44,000 / Operating profit 3,080 / Profit attributable to owners of the parent 2,000 / Fiscal year ending May 2028 Net Sales 50,000 / Operating profit 3,500 / Profit attributable to owners of the parent 2,300 |
| Financial targets | ROE 18.3% (actual for the fiscal year ended May 2025) / Cost of shareholders’ equity Approximately 6–7% |
| Annual Dividend | Forecast for the fiscal year ending May 2026 ¥46 (year-end) / Interim Dividend Not disclosed / Year-end dividend ¥46 |
| Payout ratio | 30.0% (forecast for the fiscal year ending May 2026) |
| Acquisition of treasury shares | Policy of acquiring treasury shares flexibly. Specific acquisition limit, number of shares and period: Not disclosed |
| Orders received and order backlog | Orders received Not disclosed / Order backlog ¥30.9 billion (as of the third quarter of the fiscal year ending May 2026) |
| Market Size / Share | Tokyo metropolitan area housing starts in 2025 40,305 units / Tokyo metropolitan area housing supply in 2025 21,962 units / Average sales price in Tokyo’s 23 wards in 2025 ¥136.13 million / Average sales price in the Greater Tokyo Area in 2025 ¥91.82 million |
| New initiatives | Obtained design certification for a self-developed property as a Select Model under the Tokyo Metropolitan Government’s Tokyo Child-Friendly Housing Certification Program, Improve medium-term earnings capacity by expanding self-developed projects, Develop new technologies, including new seismic isolation methods, Secure construction personnel through business alliances and continue considering M&A |
Items this document does not state (5)
Results for the three months of the current quarterNumber of stores and locationsRisk amount incorporated into the outlookCapital expendituresKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.The company explains that income from joint ventures declined year on year because it was significantly affected by the delivery of large-scale projects in the previous fiscal year. Meanwhile, profitability of construction work has improved in the construction business, and profit in the real estate business is expected to exceed the plan, mainly due to the sale of high-margin development land.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.