Komori
Presentation materials for financial results146AColumbia Works Inc.Real estate

Questions from Investors and Our Views (June 2026)

We disclosed investor questions and the company's views received following the results for the first quarter of the fiscal year ending December 2026. The first quarter progressed as planned, and we have left our full-year forecast unchanged, with property sales and large-scale projects in the second half serving as the pillars of growth.

Worth reading
71In 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
214
¥100 million (new investments in the first quarter)
Wording
Conditional
How definitive the wording is.

Contents of this document

Summary of Q&AFirst quarter of the fiscal year ending December 202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales101.4 Hundreds of millions of yen+87.0%
Operating profit12.88 Hundreds of millions of yen+51.2%
Gross Profit Margin19.7 %
Results for the three months of the current quarter
Net Sales
101.4 Hundreds of millions of yen
Operating profit
12.88 Hundreds of millions of yen
Full-year earnings forecast
Dividend per share
¥94
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 Sales
18.3 %
Operating profit
17 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress broadly in line with plan
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
  1. First-quarter results were broadly in line with plan, with operating profit 30.5% above plan.
  2. Progress against the full-year forecast was 18.3% for revenue and 17.0% for operating profit, in line with the initial plan.
  3. The full-year plan is weighted toward the second half because the sale of large properties is expected in the second half and fourth quarter.
  4. Risks including higher interest rates, persistently high construction costs and construction delays have already been incorporated into the plan.
  5. We will selectively expand value enhancement of existing properties, as well as hotels, offices and fund-based development.
  6. For recurring revenue, we are targeting 3,500 managed units and AUM of ¥100 billion.
  7. We are targeting a payout ratio of 15–20% and forecast annual dividends of ¥94 per share.
  8. We aim to transfer to the Prime Market around spring 2027.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Policy rate increases
0.5 Approximately % 0.25% × 2 increases
Lending rate spread
1 Approximately %
Assumed average funding rate
2.5 Approximately %
Development project ratio
70 Approximately %
New initiatives
  • Policy of focusing acquisitions on value enhancement of existing real estate
  • Expand value enhancement businesses for offices and fund-based development
  • Launch the new hotel brand NOCTIS
  • Begin preparations ahead of schedule for a transfer to the Prime Market around spring 2027
Key KPIsA metric the company considers important as a management benchmark.
  • Number of new investments9 Engagements
  • New investment amount214 Hundreds of millions of yen
  • Number of settlements4 Engagements
  • AUM500 Hundreds of millions of yen
  • Share of gross profit from recurring assets30 %
    Year on year against the same period last yearExpanded from approximately 20% to approximately 30%
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Price per transaction
23 Hundreds of millions of yen
Target average transaction value going forward
30〜40
Financial targets
Minimum equity ratio
20 %
Equity ratio at the end of the first quarter
22.8 %
P/B ratio targetConsistent achievement of a PBR above 2.0x
Annual Dividend
Annual
¥94 per share
Payout ratio
Targeting 15–20% (17.3% forecast for the fiscal year ending December 2026)
Acquisition of treasury shares
See the decision dated 17 June 2026. The amount, number of shares and period of the buyback are not disclosed in this document
Contents of this document
ItemDetails
Document typeSummary of Q&A
Fiscal Period CoveredFirst quarter of the fiscal year ending December 2026
Net Sales101.4 Hundreds of millions of yen (YoY +87.0%)
Operating profit12.88 Hundreds of millions of yen (YoY +51.2%)
Gross Profit Margin19.7 %
Results for the three months of the current quarterNet Sales 101.4 Hundreds of millions of yen / Operating profit 12.88 Hundreds of millions of yen
Full-year earnings forecastNet Sales Not disclosed / Operating profit Not disclosed / Ordinary income Not disclosed / Net income Not disclosed / Earnings per Share Not disclosed / Dividend per share ¥94
Progress against full-year forecastNet Sales 18.3 % / Operating profit 17 %
Self-assessment against the planProgress broadly in line with plan
Key KPIsIndicator name Number of new investments / Value 9 Engagements / Year on year against the same period last year Not disclosed, Indicator name New investment amount / Value 214 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name Number of settlements / Value 4 Engagements / Year on year against the same period last year Not disclosed, Indicator name AUM / Value 500 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name Share of gross profit from recurring assets / Value 30 % / Year on year against the same period last year Expanded from approximately 20% to approximately 30%
Unit price and quantity metricsPrice per transaction 23 Hundreds of millions of yen / Target average transaction value going forward 30〜40
Assumptions Underlying the Business OutlookPolicy rate increases 0.5 Approximately % (0.25% × 2 increases) / Lending rate spread 1 Approximately % / Assumed average funding rate 2.5 Approximately % / Development project ratio 70 Approximately %
Financial targetsMinimum equity ratio 20 % / Equity ratio at the end of the first quarter 22.8 % / P/B ratio target Consistent achievement of a PBR above 2.0x
Annual DividendAnnual ¥94 per share / Interim Not disclosed / End of period Not disclosed
Payout ratioTargeting 15–20% (17.3% forecast for the fiscal year ending December 2026)
Acquisition of treasury sharesSee the decision dated 17 June 2026. The amount, number of shares and period of the buyback are not disclosed in this document
Key points of the Q&AFirst-quarter results were broadly in line with plan, with operating profit 30.5% above plan., Progress against the full-year forecast was 18.3% for revenue and 17.0% for operating profit, in line with the initial plan., The full-year plan is weighted toward the second half because the sale of large properties is expected in the second half and fourth quarter., Risks including higher interest rates, persistently high construction costs and construction delays have already been incorporated into the plan., We will selectively expand value enhancement of existing properties, as well as hotels, offices and fund-based development., For recurring revenue, we are targeting 3,500 managed units and AUM of ¥100 billion., We are targeting a payout ratio of 15–20% and forecast annual dividends of ¥94 per share., We aim to transfer to the Prime Market around spring 2027.
New initiativesPolicy of focusing acquisitions on value enhancement of existing real estate, Expand value enhancement businesses for offices and fund-based development, Launch the new hotel brand NOCTIS, Begin preparations ahead of schedule for a transfer to the Prime Market around spring 2027
Items this document does not state (13)
Ordinary incomeNet incomeOperating profit marginSelling, general and administrative expensesSegment resultsBreakdown of Factors Affecting the ChangeNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsCapital 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.

This was because we prioritized acquisitions aimed at growth from the next fiscal year onward during the first quarter. We explained that the year-on-year decline in gross profit margin was mainly due to a higher sales mix of projects conducted jointly with other companies, which have lower gross margins, and a change in the mix following the sale of high-margin properties in the same quarter of the previous year. Full-year results are weighted toward the second half because sales timing has been adjusted to maximize profitability and the sale of large properties is expected in the fourth quarter.

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.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Questions from Investors and Our Views (June 2026) | Columbia Works Inc. (146A) timely disclosure | Komori