Komori
Financial Results Presentation146AColumbia Works Inc.Real Estate

Medium-Term Management Plan (through 2030)

A new medium-term management plan through the fiscal year ending December 2030 was formulated, with EPS changed from operating profit to the most important performance indicator. Through expansion of the property operations business, use of external capital, AI investment and M&A, the company aims to achieve EPS of ¥1,200 and operating profit of ¥20 billion in 2030.

Worth reading
62In focus
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
1200
Yen per share (EPS target for the fiscal year ending December 2030)
Wording
Conditional
How definitive the wording is.

Contents of this document

Medium-Term Management Plan PresentationFiscal year ending December 2030 (medium-term management plan: fiscal years ending December 2026 to December 2030)13 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Operating profit¥200 million
Gross Profit Margin
RateAround 20%
Year-on-year change (points)Expected to decline in the development business, but growth in the operations business is expected to lift the consolidated figure by 2–3 percentage points and maintain it at around 20%.
Full-year earnings forecast
Fiscal year ending December 2026
Net Sales
55,400 Millions of yen
Gross profit
11,600 Millions of yen
Operating profit
7,600 Millions of yen
Net income for the current fiscal year
4,200 Millions of yen
EPS
¥544.28
Fiscal year ending December 2030
Operating profit
¥200 million
EPS
¥1,200
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing smoothly / Expected to achieve the operating profit target of the previous medium-term management plan one fiscal year ahead of schedule
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • EPS dilution impact (cumulative for 2025–2027)¥-105.97
  • EPS upside after the capital increase (cumulative for 2025–2027)¥265.64
  • Excess amount after absorbing dilution¥159.67
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • AssumptionsRent premium
    Figures+20–30% versus market rents
  • AssumptionsPeriod of exposure to market risk
    FiguresMore than 3 years for in-house development versus approximately 1 year for value-add and fund-type projects
  • AssumptionsAutomation of routine tasks through AI
    FiguresTarget reduction of approximately 70%
  • AssumptionsRecurring operating profit
    FiguresFrom ¥523 million in the fiscal year ending December 2026 to ¥3,200 million in the fiscal year ending December 2030
New initiatives
  • Change in management objectives, with EPS as the most important indicator
  • Expansion of fund-type development projects and joint ventures using external capital and partners
  • Expansion of third-party contracts in the real estate operations business (PM, BM and AM)
  • In-house development of an AI platform and automation of approximately 70% of routine tasks
  • Nationwide rollout of NOCTIS hotels
  • Active consideration of M&A targeting asset management companies, rental property management companies, hotel operators and interior construction companies
Key KPIsA metric the company considers important as a management benchmark.
  • ROE>24
  • ROA (ordinary profit to total assets)10～
  • Equity ratio20～30
  • AUM¥4,000 100 million including externally contracted business
  • Number of rental units under management9,000 Units including externally contracted business
  • Number of guest rooms800 Rooms including externally contracted business
  • Recurring operating profit¥32 million
  • Target reduction in routine tasks through AI70 %
  • PBR>2.0
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Price per transaction¥1,995 million as of June 2026
  • Number of sales24 Transactions plan for the fiscal year ending December 2026
  • Number of rental units under management9,000 Units target for the fiscal year ending December 2030
  • Number of guest rooms800 Rooms target for the fiscal year ending December 2030
Segment results
  • Real estate development
    Revenue for the fiscal year ending December 202534,771 Millions of yen
    Forecast revenue for the fiscal year ending December 202652,500 Millions of yen
    Forecast revenue for the fiscal year ending December 202766,000 Millions of yen
  • Real estate operations business
    Revenue for the fiscal year ending December 20252,313 Millions of yen
    Forecast revenue for the fiscal year ending December 20262,900 Millions of yen
    Forecast revenue for the fiscal year ending December 20274,000 Millions of yen
Medium-term management plan targets
  • Target fiscal yearFiscal year ending December 2030
    TargetEPS of ¥1,200, operating profit of ¥20 billion, recurring operating profit of ¥3.2 billion, ROE of over 24%, and PBR of over 2.0x
  • Target fiscal yearFiscal year ending December 2030
    TargetAUM of approximately ¥400 billion, 9,000 rental units under management, 800 rooms, ROA of 10% or more, and an equity ratio of 20%–30%
Financial targets
  • ROE
    Target value>24%
    Actual valueFY2025 actual: 23.5%
  • ROA (ordinary profit to total assets)
    Target value10%～
  • Equity ratio
    Target value20%～30%
  • PBR
    Target value>2.0x
    Actual value1.3x as of July 2026
Number of employees
Number of Employees98 People as of June 2026
Changes during the period and hiring planTarget consolidated workforce of 120 people for the fiscal year ending December 2027. The company plans to secure, recruit and develop talented personnel.
Annual Dividend
Annual dividend per share¥94
Payout ratio
Rate17.3 %
Acquisition of treasury shares
Reference to share repurchases from June to July 2026. Details of the repurchase amount, number of shares and period are undisclosed.
Contents of this document
ItemDetails
Document typeMedium-Term Management Plan Presentation
Fiscal Period CoveredFiscal year ending December 2030 (medium-term management plan: fiscal years ending December 2026 to December 2030)
Operating profit¥200 million
Gross Profit MarginRate Around 20% / Year-on-year change (points) Expected to decline in the development business, but growth in the operations business is expected to lift the consolidated figure by 2–3 percentage points and maintain it at around 20%.
Full-year earnings forecastFiscal year ending December 2026 Net Sales 55,400 Millions of yen / Gross profit 11,600 Millions of yen / Operating profit 7,600 Millions of yen / Net income for the current fiscal year 4,200 Millions of yen / EPS ¥544.28 / Fiscal year ending December 2030 Operating profit ¥200 million / EPS ¥1,200
Self-assessment against the planProgressing smoothly / Expected to achieve the operating profit target of the previous medium-term management plan one fiscal year ahead of schedule
Segment resultsSegment Real estate development / Revenue for the fiscal year ending December 2025 34,771 Millions of yen / Forecast revenue for the fiscal year ending December 2026 52,500 Millions of yen / Forecast revenue for the fiscal year ending December 2027 66,000 Millions of yen, Segment Real estate operations business / Revenue for the fiscal year ending December 2025 2,313 Millions of yen / Forecast revenue for the fiscal year ending December 2026 2,900 Millions of yen / Forecast revenue for the fiscal year ending December 2027 4,000 Millions of yen
Breakdown of Factors Affecting the ChangeFactors EPS dilution impact (cumulative for 2025–2027) / Amount ¥-105.97, Factors EPS upside after the capital increase (cumulative for 2025–2027) / Amount ¥265.64, Factors Excess amount after absorbing dilution / Amount ¥159.67
Key KPIsIndicator name ROE / Value >24, Indicator name ROA (ordinary profit to total assets) / Value 10～, Indicator name Equity ratio / Value 20～30, Indicator name AUM / Value ¥4,000 100 million (including externally contracted business), Indicator name Number of rental units under management / Value 9,000 Units (including externally contracted business), Indicator name Number of guest rooms / Value 800 Rooms (including externally contracted business), Indicator name Recurring operating profit / Value ¥32 million, Indicator name Target reduction in routine tasks through AI / Value 70 %, Indicator name PBR / Value >2.0
Unit price and quantity metricsIndicator name Price per transaction / Value ¥1,995 million (as of June 2026), Indicator name Number of sales / Value 24 Transactions (plan for the fiscal year ending December 2026), Indicator name Number of rental units under management / Value 9,000 Units (target for the fiscal year ending December 2030), Indicator name Number of guest rooms / Value 800 Rooms (target for the fiscal year ending December 2030)
Number of employeesNumber of Employees 98 People (as of June 2026) / Changes during the period and hiring plan Target consolidated workforce of 120 people for the fiscal year ending December 2027. The company plans to secure, recruit and develop talented personnel.
Assumptions Underlying the Business OutlookAssumptions Rent premium / Figures +20–30% versus market rents, Assumptions Period of exposure to market risk / Figures More than 3 years for in-house development versus approximately 1 year for value-add and fund-type projects, Assumptions Automation of routine tasks through AI / Figures Target reduction of approximately 70%, Assumptions Recurring operating profit / Figures From ¥523 million in the fiscal year ending December 2026 to ¥3,200 million in the fiscal year ending December 2030
Medium-term management plan targetsTarget fiscal year Fiscal year ending December 2030 / Target EPS of ¥1,200, operating profit of ¥20 billion, recurring operating profit of ¥3.2 billion, ROE of over 24%, and PBR of over 2.0x, Target fiscal year Fiscal year ending December 2030 / Target AUM of approximately ¥400 billion, 9,000 rental units under management, 800 rooms, ROA of 10% or more, and an equity ratio of 20%–30%
Financial targetsIndicator ROE / Target value >24% / Actual value FY2025 actual: 23.5%, Indicator ROA (ordinary profit to total assets) / Target value 10%～ / Actual value Not disclosed, Indicator Equity ratio / Target value 20%～30% / Actual value Not disclosed, Indicator PBR / Target value >2.0x / Actual value 1.3x as of July 2026
Annual DividendAnnual dividend per share ¥94 / Interim and Year-End Breakdown Not disclosed
Payout ratioRate 17.3 % / Total payout ratio and DOE Not disclosed
Acquisition of treasury sharesReference to share repurchases from June to July 2026. Details of the repurchase amount, number of shares and period are undisclosed.
New initiativesChange in management objectives, with EPS as the most important indicator, Expansion of fund-type development projects and joint ventures using external capital and partners, Expansion of third-party contracts in the real estate operations business (PM, BM and AM), In-house development of an AI platform and automation of approximately 70% of routine tasks, Nationwide rollout of NOCTIS hotels, Active consideration of M&A targeting asset management companies, rental property management companies, hotel operators and interior construction companies
Items this document does not state (13)
Net SalesOrdinary incomeNet incomeOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastNumber of stores and locationsRisk amount incorporated into the outlookCapital expendituresOrders received and order backlogMarket Size / ShareKey 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.

To increase capital efficiency and expand recurring earnings from the property operations business, thereby achieving both profit growth and earnings repeatability.

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.
Medium-Term Management Plan (through 2030) | Columbia Works Inc. (146A) timely disclosure | Komori