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Earnings Presentation146AColumbia Works Inc.Real Estate

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

For the cumulative third quarter of the fiscal year ending December 2026, sales increased 2.9% and operating income decreased 2.9%, remaining broadly flat despite the reaction to the sale of a large property in the previous year. The full-year forecast remains unchanged, with deliveries planned to be concentrated in the fourth quarter.

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Earnings PresentationThird quarter of the fiscal year ending December 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥29,528 million+2.9%
Operating profit¥4,749 million-2.9%
Net income¥2,575 million-13.9%
Gross Profit Margin23.9 %
Selling, general and administrative expenses¥2,293 million
Results for the three months of the current quarter
Net Sales
¥9,581 million
Gross profit
¥2,241 million
Operating profit
¥1,473 million
Net income for the current fiscal year
¥609 million
Gross Profit Margin
23.4 %
Selling, general and administrative expenses
¥768 million
Full-year earnings forecast
Net Sales
¥55,400 million
Gross profit
¥11,600 million
Operating profit
¥7,600 million
Net income for the current fiscal year
¥4,200 million
Dividend
¥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 Sales53.3%
Gross profit60.7%
Operating profit62.5%
AM revenue75.4%
Property management revenue113.8%
Hotel operating revenue62.0%
サンクス沖縄 revenue22.7%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Although progress is behind plan, it is proceeding steadily as forecast at the second-quarter stage. Excluding timing adjustments for properties, progress is running ahead of plan.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Real estate development gross profit
¥-355 million
Increase in gross profit from operating businesses
¥648 million
Higher SG&A Expenses
¥-434 million
Operating profit variance from plan
¥-925 million
Improved property profitability
¥1,260 million
Selling price upside versus plan
¥410 million
Cost control
¥850 million
Subsidiary growth and SG&A control
¥684 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Policy-rate increase2 times in total, approximately 0.5%
Policy rate1.25%
Equity ratio at fiscal year-endAssumed to be 25% or higher
Office vacancy rate in Tokyo's five central wards1.85%
Year-on-year change in average office rents in Tokyo's five central wards13.7
Annual increase in interest expense if the policy rate rises 0.25%Approximately ¥150 million
New initiatives
  • Plan to add an extension to an existing building in Shimoochiai, Shinjuku-ku
  • Open a hotel in Akihabara in December 2026
  • Plan to open a hotel in Maruyamacho, Shibuya-ku, in 2028
  • Launch a business targeting affluent customers
  • Focus on value-enhancement projects with short construction periods
Key KPIsA metric the company considers important as a management benchmark.
  • New investment amount¥42,757 million
    Year on year against the same period last year+60.3%
  • Number of acquisitions15 Deals
    Year on year against the same period last year+36.4%
  • Inventories¥62,171 million
    Year on year against the same period last year+69.2%
  • AUM¥78,572 million
    Year on year against the same period last year+79.5%
  • Number of rental units under management4,151 units
    Year on year against the same period last year+59.1%
  • Number of sales13 Deals
  • Share of gross profit from recurring assets29.6 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of sales
13 Deals
Project Pricing
¥2,050 million
Number of rental units under management
4,151 units
Year on year against the same period last year+59.1%
AUM
¥78,572 million
Year on year against the same period last year+79.5%
Segment results
Real Estate Development
Profit
¥4,962 million-6.7%
Real Estate Operations
Profit
¥2,081 million+45.2%
AM
Sales
¥528 million+64.6%
Property Management
Sales
¥683 million+67.8%
Hotel Operations
Sales
¥171 million-19.7%
Thanks Okinawa
Sales
¥590 million-27.6%
Medium-term management plan targets
Recurring operating profit
Fiscal year ending December 2026¥523 million
Fiscal year ending December 2030¥3,200 million
AUM
Target fiscal yearFiscal year ending December 2026
Target value¥100,000 million
Number of rental units under management
Target fiscal yearFiscal year ending December 2026
Target value3,500 units
Financial targets
Equity ratio
PolicyMaintain a level of 20% to 30%
3Q-end actual23.4 %
End-of-period estimate25% or higher
Annual Dividend
Annual¥94
Payout ratio
17.3 %
Policy15〜20%
Acquisition of treasury shares
Acquisition periodJune-July 2026
PurposeDelivery of shares upon exercise of stock acquisition rights, M&A, and use in stock compensation plans
Contents of this document
ItemDetails
Document typeEarnings Presentation
Fiscal Period CoveredThird quarter of the fiscal year ending December 2026
Net Sales¥29,528 million (YoY +2.9%)
Operating profit¥4,749 million (YoY -2.9%)
Net income¥2,575 million (YoY -13.9%)
Gross Profit Margin23.9 %
Selling, general and administrative expenses¥2,293 million
Results for the three months of the current quarterNet Sales ¥9,581 million / Gross profit ¥2,241 million / Operating profit ¥1,473 million / Net income for the current fiscal year ¥609 million / Gross Profit Margin 23.4 % / Selling, general and administrative expenses ¥768 million
Full-year earnings forecastNet Sales ¥55,400 million / Gross profit ¥11,600 million / Operating profit ¥7,600 million / Net income for the current fiscal year ¥4,200 million / Dividend ¥94
Progress against full-year forecastNet Sales 53.3% / Gross profit 60.7% / Operating profit 62.5% / AM revenue 75.4% / Property management revenue 113.8% / Hotel operating revenue 62.0% / サンクス沖縄 revenue 22.7%
Self-assessment against the planAlthough progress is behind plan, it is proceeding steadily as forecast at the second-quarter stage. Excluding timing adjustments for properties, progress is running ahead of plan.
Segment resultsReal Estate Development Sales Not disclosed / Profit ¥4,962 million (YoY -6.7%) / Real Estate Operations Sales Not disclosed / Profit ¥2,081 million (YoY +45.2%) / AM Sales ¥528 million (YoY +64.6%) / Property Management Sales ¥683 million (YoY +67.8%) / Hotel Operations Sales ¥171 million (YoY -19.7%) / Thanks Okinawa Sales ¥590 million (YoY -27.6%)
Breakdown of Factors Affecting the ChangeReaction to large projects in the previous fiscal year Not disclosed / Real estate development gross profit ¥-355 million / Increase in gross profit from operating businesses ¥648 million / Higher SG&A Expenses ¥-434 million / Operating profit variance from plan ¥-925 million / Improved property profitability ¥1,260 million / Selling price upside versus plan ¥410 million / Cost control ¥850 million / Subsidiary growth and SG&A control ¥684 million
Key KPIsIndicator name New investment amount / Value ¥42,757 million / Year on year against the same period last year ¥60.3 million, Indicator name Number of acquisitions / Value 15 Deals / Year on year against the same period last year 36.4 Deals, Indicator name Inventories / Value ¥62,171 million / Year on year against the same period last year ¥69.2 million, Indicator name AUM / Value ¥78,572 million / Year on year against the same period last year ¥79.5 million, Indicator name Number of rental units under management / Value 4,151 units / Year on year against the same period last year 59.1 units, Indicator name Number of sales / Value 13 Deals / Year on year against the same period last year Not disclosed, Indicator name Share of gross profit from recurring assets / Value 29.6 % / Year on year against the same period last year Not disclosed
Unit price and quantity metricsNumber of sales Value 13 Deals / Year on year against the same period last year Not disclosed / Project Pricing Value ¥2,050 million / Year on year against the same period last year Not disclosed / Number of rental units under management Value 4,151 units / Year on year against the same period last year 59.1 units / AUM Value ¥78,572 million / Year on year against the same period last year ¥79.5 million
Assumptions Underlying the Business OutlookPolicy-rate increase 2 times in total, approximately 0.5% / Policy rate 1.25% / Equity ratio at fiscal year-end Assumed to be 25% or higher / Office vacancy rate in Tokyo's five central wards 1.85% / Year-on-year change in average office rents in Tokyo's five central wards 13.7 / Annual increase in interest expense if the policy rate rises 0.25% Approximately ¥150 million
Medium-term management plan targetsRecurring operating profit Fiscal year ending December 2026 ¥523 million / Fiscal year ending December 2030 ¥3,200 million / AUM Target fiscal year Fiscal year ending December 2026 / Target value ¥100,000 million / Number of rental units under management Target fiscal year Fiscal year ending December 2026 / Target value 3,500 units
Financial targetsEquity ratio Policy Maintain a level of 20% to 30% / 3Q-end actual 23.4 % / End-of-period estimate 25% or higher
Annual DividendAnnual ¥94 / Interim Not disclosed / End of period Not disclosed
Payout ratio17.3 %
Acquisition of treasury sharesAcquisition period June-July 2026 / Purpose Delivery of shares upon exercise of stock acquisition rights, M&A, and use in stock compensation plans / Amount Not disclosed / Number of Shares Not disclosed
New initiativesPlan to add an extension to an existing building in Shimoochiai, Shinjuku-ku, Open a hotel in Akihabara in December 2026, Plan to open a hotel in Maruyamacho, Shibuya-ku, in 2028, Launch a business targeting affluent customers, Focus on value-enhancement projects with short construction periods
Items this document does not state (9)
Ordinary incomeOperating profit marginNumber of stores and locationsNumber of employeesRisk 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.

The reaction to the sale of a large project worth more than ¥12 billion in the same period of the previous year, lower gross profit from real estate development, and higher selling, general and administrative expenses reduced operating income. These effects were offset by higher gross profit from the operations business, higher selling prices and cost control for properties already delivered, subsidiary growth, and restraint in selling, general and administrative expenses.

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