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Presentation materials for financial results146AColumbia Works Inc.Real Estate

Financial Results Presentation for the Second Quarter of the Fiscal Year Ending December 2026

In the first half of the fiscal year ending December 2026, revenue and operating profit significantly exceeded the year-earlier period and the internal plan, driven by growth in the number of properties sold and average project prices, as well as improved profitability. The full-year earnings forecast was left unchanged pending an assessment of the likelihood of completing the large projects concentrated in the second half.

Worth reading
80Important
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
156.9
Year-on-year change in operating profit (%)
Wording
Conditional
How definitive the wording is.

Contents of this document

Presentation materials for financial resultsSecond 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¥19,946 million+105.3%
Operating profit¥3,276 million+156.9%
Ordinary incomeAmount not stated+247.2%
Net income¥1,966 million+183.8%
Gross Profit Margin24.1 %
Operating profit margin16.4 %
Selling, general and administrative expenses¥1,525 million
Results for the three months of the current quarter
Reported as Q2 results
Net Sales¥19,946 million
Gross profit¥4,802 million
Operating profit¥3,276 million
Net income for the current fiscal year¥1,966 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
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 Sales36.0%
Gross profit41.4%
Selling, general and administrative expenses38.1%
Operating profit43.1%
Business profit45.6%
Net income for the current fiscal year46.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Significantly ahead of plan and progressing smoothly
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
Reasons for leaving the full-year forecast unchanged, rising construction material costs, investors' appetite for investment, sensitivity to rising interest rates, the risk of valuation losses on inventories, declining gross margins, higher interest expense, and the outlook for expanding AUM and the number of rental units under management
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Timing shifts in revenue recognitionApproximately +¥400 million
Improved profitability of properties soldApproximately +¥300 million
Thanks Okinawa ahead of planApproximately +¥50 million
Real estate operations business ahead of planApproximately +¥150 million
Underspending on SG&A expensesApproximately +¥300 million
Variance from operating profit plan+¥1,240 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Policy rate increasesAssumes 2 rate hikes in 2026, totaling approximately +0.5%
Sales plan24 real estate development properties
Interest rates and construction costsInterest expense, higher yields at the time of sale, rising construction costs, and longer construction periods are estimated conservatively
New initiatives
  • The rental property management company obtained a construction business license and brought renovation work in-house
  • Moving off balance sheet through fund-based development
  • Rebranding the hotel brand as NOCTIS
  • Focusing on a fund-based development scheme using development-oriented SPCs
Key KPIsA metric the company considers important as a management benchmark.
  • AUM¥68,400 million
  • Number of rental units under management3,357 units
    Year on year against the same period last year+69.5%
  • Number of sales9 Engagements
  • Project Pricing¥1,995 million
    Year on year against the same period last year¥1,213 million in the year-earlier period
  • Share of gross profit from recurring assets26.8 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Project Pricing¥1,995 million (¥1,213 million in the year-earlier period)
Number of sales9 properties / full-year plan of 24 properties
Segment results
Real estate development
Net Sales¥18,472 million, +110.5% year on year
Real estate operations business
Net Sales¥1,474 million, +56.6% year on year
Rental income¥661 million, +19.4% year on year
Hotel Operations¥119 million, -21.5% year on year
Property Management¥389 million, +100.1% year on year
Asset management fees¥304 million, +640.6% year on year
Thanks Okinawa¥509 million, +77.4% year on year
Medium-term management plan targets
AUMTarget of ¥100 billion at the end of FY2026
Revenue from the rental property management businessTarget of ¥5 billion within 10 years
Financial targets
Equity ratioMaintain a level of 20–30% at each fiscal year-end. Q2 actual: 23.3%
Capital expenditures
¥32,132 million
Annual Dividend
Annual dividend per share¥94
Payout ratio
17.3 %
Policy15～20%
Contents of this document
ItemDetails
Document typePresentation materials for financial results
Fiscal Period CoveredSecond quarter of the fiscal year ending December 2026
Net Sales¥19,946 million (YoY +105.3%)
Operating profit¥3,276 million (YoY +156.9%)
Ordinary income非開示 (YoY +247.2%)
Net income¥1,966 million (YoY +183.8%)
Gross Profit Margin24.1 %
Operating profit margin16.4 %
Selling, general and administrative expenses¥1,525 million
Results for the three months of the current quarterNet Sales ¥19,946 million / Gross profit ¥4,802 million / Operating profit ¥3,276 million / Net income for the current fiscal year ¥1,966 million / Subject Reported as Q2 results
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
Progress against full-year forecastNet Sales 36.0% / Gross profit 41.4% / Selling, general and administrative expenses 38.1% / Operating profit 43.1% / Business profit 45.6% / Net income for the current fiscal year 46.8%
Self-assessment against the planSignificantly ahead of plan and progressing smoothly
Segment resultsReal estate development Net Sales ¥18,472 million, +110.5% year on year / Real estate operations business Net Sales ¥1,474 million, +56.6% year on year / Rental income ¥661 million, +19.4% year on year / Hotel Operations ¥119 million, -21.5% year on year / Property Management ¥389 million, +100.1% year on year / Asset management fees ¥304 million, +640.6% year on year / Thanks Okinawa ¥509 million, +77.4% year on year
Breakdown of Factors Affecting the ChangeTiming shifts in revenue recognition Approximately +¥400 million / Improved profitability of properties sold Approximately +¥300 million / Thanks Okinawa ahead of plan Approximately +¥50 million / Real estate operations business ahead of plan Approximately +¥150 million / Underspending on SG&A expenses Approximately +¥300 million / Variance from operating profit plan +¥1,240 million
Key KPIsIndicator name AUM / Value ¥68,400 million / Year on year against the same period last year Not disclosed, Indicator name Number of rental units under management / Value 3,357 units / Year on year against the same period last year 69.5 units, Indicator name Number of sales / Value 9 Engagements / Year on year against the same period last year Not disclosed, Indicator name Project Pricing / Value ¥1,995 million / Year on year against the same period last year ¥1,213 million in the year-earlier period, Indicator name Share of gross profit from recurring assets / Value 26.8 % / Year on year against the same period last year Not disclosed
Unit price and quantity metricsProject Pricing ¥1,995 million (¥1,213 million in the year-earlier period) / Number of sales 9 properties / full-year plan of 24 properties
Assumptions Underlying the Business OutlookPolicy rate increases Assumes 2 rate hikes in 2026, totaling approximately +0.5% / Sales plan 24 real estate development properties / Interest rates and construction costs Interest expense, higher yields at the time of sale, rising construction costs, and longer construction periods are estimated conservatively
Medium-term management plan targetsAUM Target of ¥100 billion at the end of FY2026 / Revenue from the rental property management business Target of ¥5 billion within 10 years
Financial targetsEquity ratio Maintain a level of 20–30% at each fiscal year-end. Q2 actual: 23.3%
Annual DividendAnnual dividend per share ¥94 / Breakdown Not disclosed
Payout ratio17.3 %
Capital expenditures¥32,132 million
Key points of the Q&AReasons for leaving the full-year forecast unchanged, rising construction material costs, investors' appetite for investment, sensitivity to rising interest rates, the risk of valuation losses on inventories, declining gross margins, higher interest expense, and the outlook for expanding AUM and the number of rental units under management
New initiativesThe rental property management company obtained a construction business license and brought renovation work in-house, Moving off balance sheet through fund-based development, Rebranding the hotel brand as NOCTIS, Focusing on a fund-based development scheme using development-oriented SPCs
Items this document does not state (6)
Number of stores and locationsNumber of employeesRisk amount incorporated into the outlookAcquisition of treasury sharesOrders 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 factors cited for the increase in profit include higher sales volume and project prices, sales of real estate development properties, higher-than-expected selling prices, cost control, performance above plan in the subsidiaries and real estate operations business, and underspending on selling, general and administrative expenses.

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