Worth reading
59In 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
113
¥100 million (increase in ordinary income from the year-earlier period)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending March 202711 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥3,121 hundred million+9.2%
Operating profit¥299 hundred million+46.0%
Ordinary income¥305 hundred million+58.9%
Net income¥213 100 million +68.5%quarterly net income attributable to owners of the parent
Operating profit margin9.6 %
Selling, general and administrative expenses¥219 100 million; selling, general and administrative expenses as a percentage of revenue not disclosed
Results for the three months of the current quarterConsolidated: revenue of ¥312.1 billion, operating income of ¥29.9 billion, ordinary income of ¥30.5 billion, and quarterly net income attributable to owners of the parent of ¥21.3 billion. Standalone: revenue of ¥216.9 billion, operating income of ¥20.7 billion, ordinary income of ¥43.5 billion, and quarterly net income of ¥37.0 billion.
Full-year earnings forecastConsolidated: revenue of ¥1.38 trillion, gross profit of ¥214.0 billion, operating income of ¥110.0 billion, ordinary income of ¥105.0 billion, and net income attributable to owners of the parent of ¥66.0 billion. Standalone: revenue of ¥870.0 billion, operating income of ¥70.0 billion, ordinary income of ¥95.0 billion, and net income of ¥69.0 billion. Standalone orders: ¥730.0 billion.
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。Consolidated: revenue 22.6%, gross profit 24.2%, operating income 27.1%, ordinary income 29.0%, and net income attributable to owners of the parent 32.3%. Standalone: revenue 24.9%, operating income 29.5%, ordinary income 45.8%, net income 53.6%, and orders 34.1%. Orders: construction business 34.5%, privately developed condominiums 33.8%, rental condominiums and employee housing, etc. 49.8%, non-residential 0.0%, other 26.1%, contract operations 25.7%, and design and supervision 19.2%.
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Standalone orders are progressing largely as expected against the full-year forecast.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Breakdown of the ¥11.3 billion year-on-year increase in consolidated ordinary income: ¥6.9 billion from improved construction margins, ¥2.5 billion from real estate, ¥2.6 billion from other factors including the delivery of high-priced condominium properties, ¥2.6 billion from equity-method investment gains, etc., and a ¥0.7 billion increase in general and administrative expenses.
New initiatives
In April 2026, the company acquired a 30% interest in a U.S. company engaged in the development and construction of rental multifamily housing. The company plans to shift gradually toward a light-asset business model to improve capital efficiency and diversify risk.Key KPIsA metric the company considers important as a management benchmark.
Standalone orders of ¥248.8 billion, up 93.8% year on year; 19 privately developed condominium orders, compared with 13 in the year-earlier period; 447,959 condominium units under management; 127,004 rental condominium units under management; 67,947 employee housing units under management on behalf of clients; 9,563 employees; and an equity ratio of 42.1%.Unit price and quantity metricsThese figures show sales broken down by price and volume.
Average order value per privately developed condominium project of ¥9.86 billion, with 19 orders. Condominium units recognized as revenue totaled 281 in the first quarter, with 1,600 units scheduled for recognition for the full year.Segment results
Revenue: construction-related business ¥235.0 billion, up 3.7% year on year; real estate-related business ¥59.8 billion, up 18.6%; management and operations business ¥37.5 billion, down 0.4%; overseas business ¥1.2 billion, down 14.8%. Operating income plus equity-method investment gains and losses, etc.: construction-related business ¥23.2 billion, up 50.6%; real estate-related business ¥6.9 billion, up 12.2%; management and operations business ¥1.7 billion, down 3.9%; overseas business ¥0.8 billion, compared with a ¥0.7 billion loss in the year-earlier period.Financial targets
Actual D/E ratio of 0.73x and equity ratio of 42.1% are presented. Target values: not disclosed.Market Size / Share
The company’s share of construction in the Tokyo metropolitan area was 36.1% in the first quarter of FY2026, and 18.6% in the Kinki region. Supply volumes and first-month sales rates in the Tokyo metropolitan and Kinki regions are also presented by property size.Orders received and order backlog
Standalone orders of ¥248.8 billion, against a full-year forecast of ¥730.0 billion. Order backlog: not disclosed.Number of employees
Consolidated: 9,563 employees; standalone: 2,888 employees. In the year-earlier period, the figures were 9,115 and 2,779, respectively. Hiring plan: not disclosed.Gross profit
¥51.8 billion, up 24.3% year on year+24.3%
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥3,121 hundred million (YoY +9.2%) |
| Operating profit | ¥299 hundred million (YoY +46.0%) |
| Ordinary income | ¥305 hundred million (YoY +58.9%) |
| Net income | ¥213 100 million (quarterly net income attributable to owners of the parent) (YoY +68.5%) |
| Gross profit | ¥51.8 billion, up 24.3% year on year (YoY +24.3%) |
| Operating profit margin | 9.6 % |
| Selling, general and administrative expenses | ¥219 100 million; selling, general and administrative expenses as a percentage of revenue not disclosed |
| Results for the three months of the current quarter | Consolidated: revenue of ¥312.1 billion, operating income of ¥29.9 billion, ordinary income of ¥30.5 billion, and quarterly net income attributable to owners of the parent of ¥21.3 billion. Standalone: revenue of ¥216.9 billion, operating income of ¥20.7 billion, ordinary income of ¥43.5 billion, and quarterly net income of ¥37.0 billion. |
| Full-year earnings forecast | Consolidated: revenue of ¥1.38 trillion, gross profit of ¥214.0 billion, operating income of ¥110.0 billion, ordinary income of ¥105.0 billion, and net income attributable to owners of the parent of ¥66.0 billion. Standalone: revenue of ¥870.0 billion, operating income of ¥70.0 billion, ordinary income of ¥95.0 billion, and net income of ¥69.0 billion. Standalone orders: ¥730.0 billion. |
| Progress against full-year forecast | Consolidated: revenue 22.6%, gross profit 24.2%, operating income 27.1%, ordinary income 29.0%, and net income attributable to owners of the parent 32.3%. Standalone: revenue 24.9%, operating income 29.5%, ordinary income 45.8%, net income 53.6%, and orders 34.1%. Orders: construction business 34.5%, privately developed condominiums 33.8%, rental condominiums and employee housing, etc. 49.8%, non-residential 0.0%, other 26.1%, contract operations 25.7%, and design and supervision 19.2%. |
| Self-assessment against the plan | Standalone orders are progressing largely as expected against the full-year forecast. |
| Segment results | Revenue: construction-related business ¥235.0 billion, up 3.7% year on year; real estate-related business ¥59.8 billion, up 18.6%; management and operations business ¥37.5 billion, down 0.4%; overseas business ¥1.2 billion, down 14.8%. Operating income plus equity-method investment gains and losses, etc.: construction-related business ¥23.2 billion, up 50.6%; real estate-related business ¥6.9 billion, up 12.2%; management and operations business ¥1.7 billion, down 3.9%; overseas business ¥0.8 billion, compared with a ¥0.7 billion loss in the year-earlier period. |
| Breakdown of Factors Affecting the Change | Breakdown of the ¥11.3 billion year-on-year increase in consolidated ordinary income: ¥6.9 billion from improved construction margins, ¥2.5 billion from real estate, ¥2.6 billion from other factors including the delivery of high-priced condominium properties, ¥2.6 billion from equity-method investment gains, etc., and a ¥0.7 billion increase in general and administrative expenses. |
| Key KPIs | Standalone orders of ¥248.8 billion, up 93.8% year on year; 19 privately developed condominium orders, compared with 13 in the year-earlier period; 447,959 condominium units under management; 127,004 rental condominium units under management; 67,947 employee housing units under management on behalf of clients; 9,563 employees; and an equity ratio of 42.1%. |
| Unit price and quantity metrics | Average order value per privately developed condominium project of ¥9.86 billion, with 19 orders. Condominium units recognized as revenue totaled 281 in the first quarter, with 1,600 units scheduled for recognition for the full year. |
| Number of employees | Consolidated: 9,563 employees; standalone: 2,888 employees. In the year-earlier period, the figures were 9,115 and 2,779, respectively. Hiring plan: not disclosed. |
| Financial targets | Actual D/E ratio of 0.73x and equity ratio of 42.1% are presented. Target values: not disclosed. |
| Orders received and order backlog | Standalone orders of ¥248.8 billion, against a full-year forecast of ¥730.0 billion. Order backlog: not disclosed. |
| Market Size / Share | The company’s share of construction in the Tokyo metropolitan area was 36.1% in the first quarter of FY2026, and 18.6% in the Kinki region. Supply volumes and first-month sales rates in the Tokyo metropolitan and Kinki regions are also presented by property size. |
| New initiatives | In April 2026, the company acquired a 30% interest in a U.S. company engaged in the development and construction of rental multifamily housing. The company plans to shift gradually toward a light-asset business model to improve capital efficiency and diversify risk. |
Items this document does not state (9)
Number of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresKey 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 main factors were an increase in gross profit from completed construction projects due to improved gross margins, and an increase in gross profit from real estate due to the delivery of high-priced properties in the condominium business. In the overseas business, realized gains from the sale of investment projects in the continental United States and elsewhere also contributed to the increase in ordinary income.
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