Worth reading
67In 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
316
Millions of yen (year-on-year increase in operating profit)Wording
Definitive
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending May 2026 (15th fiscal year)14 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥36,417 million-15.7%
Operating profit¥2,896 million+12.3%
Ordinary income¥2,689 million+8.5%
Net income¥1,882 million +12.8%net income attributable to owners of the parent
Selling, general and administrative expenses¥1,796 million
Gross Profit Margin
Rate12.9%
Year-on-year change (points)Increased from 9.7% to 12.9% (the comparison table on page 2 does not disclose the change)
Operating profit margin
Rate8.0%
Year-on-year change (points)Increased from 6.0% to 8.0%
Full-year earnings forecast
Net Sales
¥44,000 million
Operating profit
¥3,500 million
Ordinary income
¥3,000 million
Net income
¥2,070 million net income attributable to owners of the parent
Orders received
¥35,000 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
In the fiscal year ended May 2026, revenue fell short of plan, while profit exceeded plan. The first year of First VISION 2031 got off to a strong start.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Completed construction+¥4,583 million
Real estate sales-¥7,548 million
Joint venture income-¥3,908 million
Other revenue+¥97 million
Gross profit
Gross profit on completed construction+¥1,321 million
Gross profit on real estate sales+¥14 million
Gross profit on joint venture income-¥1,048 million
Gross profit on other revenue+¥206 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The assumption is that the ordinary income margin will decline in the fiscal year ending May 2027 due to higher interest rates. The order plan for the fiscal year ending May 2027 is ¥35 billion, with a 20% order ratio under the company-originated ordering model. Other numerical assumptions are not disclosedNew initiatives
- Front-loaded investment in human capital (recruitment and training)
- Obtaining DX certification and improving operating efficiency through digital technologies
- Expanding the company-originated ordering model and joint ventures
- Proactive front-loaded investment in real estate for sale
Key KPIsA metric the company considers important as a management benchmark.
- Order backlog at period-end¥28,360 millionYear on year against the same period last year-20.7%
- Orders received during the period¥20,138 millionYear on year against the same period last year-24.4%
- Gross margin on completed construction11.5 %Year on year against the same period last yearIncreased from 8.0%
- ROE18 %Year on year against the same period last yearDecreased from 18.3%
- Order ratio under the company-originated ordering model10.7 %Year on year against the same period last yearDecreased from 32.0%
Segment results
Construction
Net Sales
¥27,224 million
Segment profit
¥3,036 million
Year on year against the same period last yearRevenue was ¥22,641 million in the fiscal year ended May 2025, and segment profit was ¥1,740 million
Real Estate Business
Net Sales
¥8,817 million
Segment profit
¥1,106 million
Year on year against the same period last yearRevenue was ¥20,274 million in the fiscal year ended May 2025, and segment profit was ¥2,187 million
Medium-term management plan targets
First VISION 2031
Fiscal year ending May 2028Revenue of ¥50 billion
Fiscal year ending May 2031Revenue of ¥100 billion and an operating margin of at least 8%
Comparison with actual resultsFor the fiscal year ended May 2026, revenue was ¥36.417 billion and operating income was ¥2.896 billion. Profit for the fiscal year ended May 2026 exceeded the initial plan
Financial targets
ROE
Actual results18.0%
Cost of shareholders’ equityApproximately 6–7%
Market Size / Share
Condominium units started in Tokyo and the three neighboring prefectures40,305 units (2025)
Condominium units supplied in Tokyo and the three neighboring prefectures21,962 units (2025)
Selling price of new condominiums in the Tokyo metropolitan area¥91.82 million (2025)
Orders received and order backlog
Orders received¥20,138 million (fiscal year ended May 2026), ¥35,000 million (plan for the fiscal year ending May 2027)
Order backlog¥28,360 million (at 31 May 2026)
Number of employees
Number of Employees179 People non-consolidated, period-end
Change during the periodIncreased by 18 from 161 people in the fiscal year ended May 2025
Hiring planSecure at least 30 new graduates each year from the class of 2027 onward, with a target of at least 300 employees in the fiscal year ending May 2031
Annual Dividend
Annual dividend per share¥48 (actual for the fiscal year ended May 2026), ¥51 (forecast for the fiscal year ending May 2027)
Interim and Year-End BreakdownYear-end dividend. The interim dividend is not disclosed
Payout ratio
30.5% (actual for the fiscal year ended May 2026), 30.0% (forecast for the fiscal year ending May 2027). The basic policy is to maintain a consolidated payout ratio of at least 30%Acquisition of treasury shares
The company states that it intends to repurchase shares flexibly, but the amount, number of shares and period for the repurchase are not disclosed| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending May 2026 (15th fiscal year) |
| Net Sales | ¥36,417 million (YoY -15.7%) |
| Operating profit | ¥2,896 million (YoY +12.3%) |
| Ordinary income | ¥2,689 million (YoY +8.5%) |
| Net income | ¥1,882 million (net income attributable to owners of the parent) (YoY +12.8%) |
| Gross Profit Margin | Rate 12.9% / Year-on-year change (points) Increased from 9.7% to 12.9% (the comparison table on page 2 does not disclose the change) |
| Operating profit margin | Rate 8.0% / Year-on-year change (points) Increased from 6.0% to 8.0% |
| Selling, general and administrative expenses | ¥1,796 million |
| Full-year earnings forecast | Net Sales ¥44,000 million / Operating profit ¥3,500 million / Ordinary income ¥3,000 million / Net income ¥2,070 million (net income attributable to owners of the parent) / Orders received ¥35,000 million |
| Self-assessment against the plan | In the fiscal year ended May 2026, revenue fell short of plan, while profit exceeded plan. The first year of First VISION 2031 got off to a strong start. |
| Segment results | Construction Net Sales ¥27,224 million / Segment profit ¥3,036 million / Year on year against the same period last year Revenue was ¥22,641 million in the fiscal year ended May 2025, and segment profit was ¥1,740 million / Real Estate Business Net Sales ¥8,817 million / Segment profit ¥1,106 million / Year on year against the same period last year Revenue was ¥20,274 million in the fiscal year ended May 2025, and segment profit was ¥2,187 million |
| Breakdown of Factors Affecting the Change | Net Sales Completed construction +¥4,583 million / Real estate sales -¥7,548 million / Joint venture income -¥3,908 million / Other revenue +¥97 million / Gross profit Gross profit on completed construction +¥1,321 million / Gross profit on real estate sales +¥14 million / Gross profit on joint venture income -¥1,048 million / Gross profit on other revenue +¥206 million |
| Key KPIs | Indicator name Order backlog at period-end / Value ¥28,360 million / Year on year against the same period last year ¥-20.7 million, Indicator name Orders received during the period / Value ¥20,138 million / Year on year against the same period last year ¥-24.4 million, Indicator name Gross margin on completed construction / Value 11.5 % / Year on year against the same period last year Increased from 8.0%, Indicator name ROE / Value 18 % / Year on year against the same period last year Decreased from 18.3%, Indicator name Order ratio under the company-originated ordering model / Value 10.7 % / Year on year against the same period last year Decreased from 32.0% |
| Number of employees | Number of Employees 179 People (non-consolidated, period-end) / Change during the period Increased by 18 from 161 people in the fiscal year ended May 2025 / Hiring plan Secure at least 30 new graduates each year from the class of 2027 onward, with a target of at least 300 employees in the fiscal year ending May 2031 |
| Assumptions Underlying the Business Outlook | The assumption is that the ordinary income margin will decline in the fiscal year ending May 2027 due to higher interest rates. The order plan for the fiscal year ending May 2027 is ¥35 billion, with a 20% order ratio under the company-originated ordering model. Other numerical assumptions are not disclosed |
| Medium-term management plan targets | First VISION 2031 Fiscal year ending May 2028 Revenue of ¥50 billion / Fiscal year ending May 2031 Revenue of ¥100 billion and an operating margin of at least 8% / Comparison with actual results For the fiscal year ended May 2026, revenue was ¥36.417 billion and operating income was ¥2.896 billion. Profit for the fiscal year ended May 2026 exceeded the initial plan |
| Financial targets | ROE Actual results 18.0% / Target Not disclosed / Cost of shareholders’ equity Approximately 6–7% |
| Annual Dividend | Annual dividend per share ¥48 (actual for the fiscal year ended May 2026), ¥51 (forecast for the fiscal year ending May 2027) / Interim and Year-End Breakdown Year-end dividend. The interim dividend is not disclosed |
| Payout ratio | 30.5% (actual for the fiscal year ended May 2026), 30.0% (forecast for the fiscal year ending May 2027). The basic policy is to maintain a consolidated payout ratio of at least 30% |
| Acquisition of treasury shares | The company states that it intends to repurchase shares flexibly, but the amount, number of shares and period for the repurchase are not disclosed |
| Orders received and order backlog | Orders received ¥20,138 million (fiscal year ended May 2026), ¥35,000 million (plan for the fiscal year ending May 2027) / Order backlog ¥28,360 million (at 31 May 2026) |
| Market Size / Share | Condominium units started in Tokyo and the three neighboring prefectures 40,305 units (2025) / Condominium units supplied in Tokyo and the three neighboring prefectures 21,962 units (2025) / Selling price of new condominiums in the Tokyo metropolitan area ¥91.82 million (2025) / Market share Not disclosed |
| New initiatives | Front-loaded investment in human capital (recruitment and training), Obtaining DX certification and improving operating efficiency through digital technologies, Expanding the company-originated ordering model and joint ventures, Proactive front-loaded investment in real estate for sale |
Items this document does not state (7)
Results for the three months of the current quarterProgress against full-year forecastUnit price and quantity metricsNumber 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.Revenue declined due to lower real estate sales and joint venture income following the previous year's increase. Profit increased due to improved gross margins on completed construction, a higher gross margin on real estate sales, and price pass-through and efficiency gains in the construction business.
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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