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Earnings presentation146AColumbia Works Inc.Real Estate

Summary of the Results for the Nine Months Ended September 2026 (Supplementary Text)

For the nine months ended September, net sales and operating profit were roughly in line with the year-earlier period, as property sales during the current period and growth in the real estate operations business largely offset the impact of the large-property sale in the previous year. Property handovers are expected to be concentrated in the fourth quarter, and the full-year earnings forecast was maintained.

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Contents of this document

Earnings presentationFiscal year ending December 2026, third quarter12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net income¥2,575 millions-13.9%
Selling, general and administrative expensesPersonnel expenses associated with subsidiary growth and taxes and dues related to property sales (non-deductible consumption tax) increased. Amount and SG&A ratio to net sales: Not disclosed
Full-year earnings forecast
Net Sales
¥55,400 millions
Operating profit
¥7,600 millions+26.1%
Forward EPS
¥544.28
Annual Dividend
¥94
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Results tracked above plan excluding the impact of the timing adjustment for sales.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Impact of the large-property sale in the previous year
  • Property sales during the current period
  • Growth in the real estate operations business
  • Increase in personnel expenses
  • Increase in taxes and dues related to property sales
  • Increase in interest expense and tax expense
  • Impact of special income in the year-earlier period
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Two interest-rate hikes during the year
  • Increase in sales yields
  • Equity ratio of at least 25% at fiscal year-end
New initiatives
  • Open the Akihabara hotel in December 2026 under the name “NOCTIS”
  • Plan to open a hotel under the same brand in Maruyamacho, Shibuya-ku, in 2028
  • Launch a new construction business within the rental property management business
  • Launch a business targeting affluent customers
  • Establish an in-house fund and accept mandates for external projects
Key KPIsA metric the company considers important as a management benchmark.
  • Cumulative new investment¥427.6 100 million
    Year on year against the same period last year+60.3%
  • Number of acquisitions15 projects
    Year on year against the same period last year+36.4%
  • AUM¥786 100 million
    Year-ago period438
  • Units under management4,151 units
    vs. previous quarter-end794
  • Real estate development project ratio74.6 %
  • Value-enhancement ratio21.5 %
  • Land resale ratio3.9 %
  • Share of gross profit from recurring assets29.6 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Number of sales13 projects
  • Project Pricing¥2,050 millions
  • Units under management4,151 units
Segment results
  • Real estate operations business
    Gross margin非開示 (YoY +45.2%)
  • AM
    Net Sales¥528 millions (YoY +64.6%)
  • Property Management
    Net Sales¥683 millions (YoY +67.8%)
  • Hotel Operations
    Net Sales¥171 millions
  • Thanks Okinawa
    Net Sales¥590 millions (YoY -27.6%)
Medium-term management plan targets
  • TargetStock operating profit of ¥3.2 billion
    Target fiscal year2,030
  • TargetAUM of ¥100 billion
    Target dateYear-End
    Actual results¥786 100 million
  • TargetAUM of ¥150 billion
    Target fiscal year¥2,027 100 million
  • Target3,500 rental units under management
    Target dateFull year
    Actual results4,151 units
Financial targets
Equity ratio
Actual results23.4
Results unit%
TargetAround 25% or at least 25% at fiscal year-end
Annual Dividend
Annual¥94
Payout ratio
Payout ratio17.3
Policy15～20%
Acquisition of treasury shares
To be conducted in June-July 2026. Amount and number of shares under the acquisition limit: Not disclosed
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFiscal year ending December 2026, third quarter
Net income¥2,575 millions (YoY -13.9%)
Selling, general and administrative expensesPersonnel expenses associated with subsidiary growth and taxes and dues related to property sales (non-deductible consumption tax) increased. Amount and SG&A ratio to net sales: Not disclosed
Full-year earnings forecastNet Sales ¥55,400 millions / Operating profit ¥7,600 millions (YoY +26.1%) / Forward EPS ¥544.28 / Annual Dividend ¥94
Self-assessment against the planResults tracked above plan excluding the impact of the timing adjustment for sales.
Segment resultsSegment Real estate operations business / Gross margin 非開示 (YoY +45.2%), Segment AM / Net Sales ¥528 millions (YoY +64.6%), Segment Property Management / Net Sales ¥683 millions (YoY +67.8%), Segment Hotel Operations / Net Sales ¥171 millions, Segment Thanks Okinawa / Net Sales ¥590 millions (YoY -27.6%)
Breakdown of Factors Affecting the ChangeImpact of the large-property sale in the previous year, Property sales during the current period, Growth in the real estate operations business, Increase in personnel expenses, Increase in taxes and dues related to property sales, Increase in interest expense and tax expense, Impact of special income in the year-earlier period
Key KPIsIndicator name Cumulative new investment / Value ¥427.6 100 million / Year on year against the same period last year ¥60.3 100 million, Indicator name Number of acquisitions / Value 15 projects / Year on year against the same period last year 36.4 projects, Indicator name AUM / Value ¥786 100 million / Year-ago period ¥438 100 million, Indicator name Units under management / Value 4,151 units / vs. previous quarter-end 794 units, Indicator name Real estate development project ratio / Value 74.6 %, Indicator name Value-enhancement ratio / Value 21.5 %, Indicator name Land resale ratio / Value 3.9 %, Indicator name Share of gross profit from recurring assets / Value 29.6 %
Unit price and quantity metricsIndicator name Number of sales / Value 13 projects, Indicator name Project Pricing / Value ¥2,050 millions, Indicator name Units under management / Value 4,151 units
Assumptions Underlying the Business OutlookTwo interest-rate hikes during the year, Increase in sales yields, Equity ratio of at least 25% at fiscal year-end
Medium-term management plan targetsTarget Stock operating profit of ¥3.2 billion / Target fiscal year 2,030, Target AUM of ¥100 billion / Target date Year-End / Actual results ¥786 100 million, Target AUM of ¥150 billion / Target fiscal year ¥2,027 100 million, Target 3,500 rental units under management / Target date Full year / Actual results 4,151 units
Financial targetsEquity ratio Actual results 23.4 / Results unit % / Target Around 25% or at least 25% at fiscal year-end
Annual DividendAnnual ¥94 / Interim Not disclosed / End of period Not disclosed
Payout ratioPayout ratio 17.3 / Policy 15～20%
Acquisition of treasury sharesTo be conducted in June-July 2026. Amount and number of shares under the acquisition limit: Not disclosed
New initiativesOpen the Akihabara hotel in December 2026 under the name “NOCTIS”, Plan to open a hotel under the same brand in Maruyamacho, Shibuya-ku, in 2028, Launch a new construction business within the rental property management business, Launch a business targeting affluent customers, Establish an in-house fund and accept mandates for external projects
Items this document does not state (14)
Net SalesOperating profitOrdinary incomeGross Profit MarginOperating profit marginResults for the three months of the current quarterProgress against full-year forecastNumber 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 impact of the large-property sale in the previous year was largely offset by property sales during the current period and growth in the real estate operations business. The main reason for the gap between the nine-month cumulative results and the company's internal plan was the scheduling of the sale of some large properties for the fourth quarter. Excluding the impact of the timing adjustment, the company stated that results were tracking above plan.

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