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Financial results presentation146AColumbia Works Inc.Real Estate

Financial Results Briefing Materials for the First Quarter of the Fiscal Year Ending December 2026

In the first quarter of the fiscal year ending December 2026, the number of properties sold was in line with the plan, while operating profit exceeded the plan due to improved cost control and growth in the property management and asset management businesses. Revenue from the real estate development business increased 89.7% year on year, and operating profit increased 51.2%.

Worth reading
82Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
51.2
Year-on-year change in operating profit (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFirst quarter of the fiscal year ending December 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥10,140 million+87.0%
Operating profit¥1,288 million+51.2%
Ordinary incomeAmount not stated+51.3%
Net income¥616 million+20.6%
Gross Profit Margin19.7 %
Operating profit margin12.7 %
Selling, general and administrative expenses¥707 million
Results for the three months of the current quarter
Net Sales
¥10,140 million
Gross profit
¥1,996 million
Operating profit
¥1,288 million
Net income for the current fiscal year
¥616 million
Full-year earnings forecast
Net Sales
¥55,400 million
Gross profit
¥11,600 million
Selling, general and administrative expenses
¥4,000 million
Operating profit
¥7,600 million
Business profit
¥7,737 million
Net income for the current fiscal year
¥4,200 million
Operating profit margin
13.7 %
Net profit margin
7.6 %
EPS
¥544.28
Total assets + AUM
¥160,000 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 Sales18.3
Gross profit17.2
Selling, general and administrative expenses17.7
Operating profit17
Business profit16.6
Net income for the current fiscal year14.7
Asset management fees21.7
Number of rental units under management35.1
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The first quarter got off to a strong start. Sales were in line with the plan, while gross profit and operating profit were ahead of plan.
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
  1. The company said the impact of higher construction material costs and longer construction periods would be limited because buffers had been incorporated into the plan.
  2. The company said that if interest rates rise beyond expectations, there would be an impact from higher interest costs and on selling prices, but there is scope to absorb this through higher rents, adjustments to the timing of sales, and fund-based development.
  3. The company said that the targets of ¥100 billion in AUM and 3,500 rental units under management could be achieved through measures such as large-scale external contracts.
  4. The company said that share buybacks and shareholder benefits are not under consideration at this time.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Increase in development gross profit¥95 million
  • Increase in operations gross profit¥60 million
  • Decrease in selling, general and administrative expenses¥145 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Policy rate increasesTwo increases in 2026, totaling approximately 0.5%
Increase in yields at the time of saleApproximately 0.5% factored into the plan
Construction costs and construction periodEstimated conservatively
New initiatives
  • Establishing a development SPC and advancing hotel development in Okinawa under a fund-based development scheme
  • Using off-balance-sheet structures to improve capital efficiency
  • Rebranding the Akihabara hotel under the NOCTIS brand, with the opening scheduled for November 2026 or later
  • Accelerating preparations for a Prime Market listing
Key KPIsA metric the company considers important as a management benchmark.
  • Number of sales4 Engagements
  • Project Pricing¥2,325 million
    Year on year against the same period last year¥1,198 million in the same quarter last year
  • Share of gross profit from recurring assets31.6 %
  • AUM¥62,890 million
  • Number of rental units under management2,877 units
    Year on year against the same period last year+58.9%
  • RevPAR¥13,534
    Year on year against the same period last year¥15,716 in the same quarter last year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of sales
4 Engagements
Project Pricing
¥2,325 million
Segment results
  • Real estate development
    Sales¥9,447 million
    Year on year against the same period last year+89.7%
  • Real estate operations business
    Sales¥693 million
    Year on year against the same period last year+56.8%
  • Rental income
    Sales¥283 million
    Year on year against the same period last year+12.1%
  • Hotel Operations
    Sales¥46 million
    Year on year against the same period last year-28.1%
  • Property Management
    Sales¥210 million
    Year on year against the same period last year+150.4%
  • Asset management fees
    Sales¥151 million
    Year on year against the same period last year+269.8%
Medium-term management plan targets
Operating profit for the fiscal year ending December 2026
¥6,000 million
Operating profit for the fiscal year ending December 2027
¥7,500 million
AUM for the fiscal year ending December 2026
¥100,000 million
Rental units under management for the fiscal year ending December 2026
3,500 units
Achievement statusThe medium-term management plan target for the fiscal year ending December 2026 is expected to be achieved one year ahead of schedule
Financial targets
Equity ratio
TargetAt least 20% at each fiscal year-end
Actual results22.8 %
PBR
TargetConsistently above 2.0x
Actual resultsIn the 1.4x–2.1x range
Annual Dividend
Annual
¥94
Payout ratio
17.3 %
Policy15～20%
Acquisition of treasury shares
Not under consideration
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFirst quarter of the fiscal year ending December 2026
Net Sales¥10,140 million (YoY +87.0%)
Operating profit¥1,288 million (YoY +51.2%)
Ordinary income非開示 (YoY +51.3%)
Net income¥616 million (YoY +20.6%)
Gross Profit Margin19.7 %
Operating profit margin12.7 %
Selling, general and administrative expenses¥707 million
Results for the three months of the current quarterNet Sales ¥10,140 million / Gross profit ¥1,996 million / Operating profit ¥1,288 million / Net income for the current fiscal year ¥616 million
Full-year earnings forecastNet Sales ¥55,400 million / Gross profit ¥11,600 million / Selling, general and administrative expenses ¥4,000 million / Operating profit ¥7,600 million / Business profit ¥7,737 million / Net income for the current fiscal year ¥4,200 million / Operating profit margin 13.7 % / Net profit margin 7.6 % / EPS ¥544.28 / Total assets + AUM ¥160,000 million
Progress against full-year forecastNet Sales 18.3 / Gross profit 17.2 / Selling, general and administrative expenses 17.7 / Operating profit 17 / Business profit 16.6 / Net income for the current fiscal year 14.7 / Asset management fees 21.7 / Number of rental units under management 35.1
Self-assessment against the planThe first quarter got off to a strong start. Sales were in line with the plan, while gross profit and operating profit were ahead of plan.
Segment resultsSegment Real estate development / Sales ¥9,447 million / Year on year against the same period last year 89.7, Segment Real estate operations business / Sales ¥693 million / Year on year against the same period last year 56.8, Segment Rental income / Sales ¥283 million / Year on year against the same period last year 12.1, Segment Hotel Operations / Sales ¥46 million / Year on year against the same period last year -28.1, Segment Property Management / Sales ¥210 million / Year on year against the same period last year 150.4, Segment Asset management fees / Sales ¥151 million / Year on year against the same period last year 269.8
Breakdown of Factors Affecting the ChangeFactors Increase in development gross profit / Amount ¥95 million, Factors Increase in operations gross profit / Amount ¥60 million, Factors Decrease in selling, general and administrative expenses / Amount ¥145 million
Key KPIsIndicator Number of sales / Value 4 Engagements / Year on year against the same period last year Not disclosed, Indicator Project Pricing / Value ¥2,325 million / Year on year against the same period last year ¥1,198 million in the same quarter last year, Indicator Share of gross profit from recurring assets / Value 31.6 % / Year on year against the same period last year Not disclosed, Indicator AUM / Value ¥62,890 million / Year on year against the same period last year Not disclosed, Indicator Number of rental units under management / Value 2,877 units / Year on year against the same period last year 58.9 units, Indicator RevPAR / Value ¥13,534 / Year on year against the same period last year ¥15,716 in the same quarter last year
Unit price and quantity metricsNumber of sales 4 Engagements / Project Pricing ¥2,325 million
Assumptions Underlying the Business OutlookPolicy rate increases Two increases in 2026, totaling approximately 0.5% / Increase in yields at the time of sale Approximately 0.5% factored into the plan / Construction costs and construction period Estimated conservatively
Medium-term management plan targetsOperating profit for the fiscal year ending December 2026 ¥6,000 million / Operating profit for the fiscal year ending December 2027 ¥7,500 million / AUM for the fiscal year ending December 2026 ¥100,000 million / Rental units under management for the fiscal year ending December 2026 3,500 units / Achievement status The medium-term management plan target for the fiscal year ending December 2026 is expected to be achieved one year ahead of schedule
Financial targetsEquity ratio Target At least 20% at each fiscal year-end / Actual results 22.8 % / PBR Target Consistently above 2.0x / Actual results In the 1.4x–2.1x range
Annual DividendAnnual ¥94 / Interim Not disclosed / End of period Not disclosed
Payout ratio17.3 %
Acquisition of treasury sharesNot under consideration
Key points of the Q&AThe company said the impact of higher construction material costs and longer construction periods would be limited because buffers had been incorporated into the plan., The company said that if interest rates rise beyond expectations, there would be an impact from higher interest costs and on selling prices, but there is scope to absorb this through higher rents, adjustments to the timing of sales, and fund-based development., The company said that the targets of ¥100 billion in AUM and 3,500 rental units under management could be achieved through measures such as large-scale external contracts., The company said that share buybacks and shareholder benefits are not under consideration at this time.
New initiativesEstablishing a development SPC and advancing hotel development in Okinawa under a fund-based development scheme, Using off-balance-sheet structures to improve capital efficiency, Rebranding the Akihabara hotel under the NOCTIS brand, with the opening scheduled for November 2026 or later, Accelerating preparations for a Prime Market listing
Items this document does not state (6)
Number of stores and locationsNumber of employeesRisk amount incorporated into the outlookCapital expendituresOrders received and order backlogMarket Size / Share

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 cited higher revenue in the real estate development business, driven by increases in the number of projects and average project value, growth in the number of rental units under management and in the external contract and asset management businesses, cost control in development expenses, and unspent selling, general and administrative expense budgets. Meanwhile, the gross profit margin declined due to a higher sales contribution from joint projects with other companies that have low gross margins, as well as the absence of the prior-year benefit from selling properties with high gross margins.

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Financial Results Briefing Materials for the First Quarter of the Fiscal Year Ending December 2026 | Columbia Works Inc. (146A) timely disclosure | Komori