Worth reading
60In 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
16381
Millions of yen (increase in operating income)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales1,984,743¥ millionYear on year +7.7%Progress 96.8%
Operating profit135,256¥ millionYear on year +13.8%Progress 95.3%
Ordinary income139,169¥ millionYear on year +7.5%Progress 99.4%
Net income attributable to owners of the parent99,030¥ millionYear on year +5.5%Progress 91.7%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥299.01
Operating Margin6.8%
Financial position at period-end
Total assets1,367,502¥ million
of which net assets 496,598 ¥ millionEquity ratio 36.5%vs. prior year-end -1.9pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+40,490
Investment-41,702
Financials+37,219
Net change+36,007
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥258,120 million
Segment revenue
Construction544,28328.5%+0.6%
Real Estate Leasing Business1,203,09163.1%+3.3%
Real estate development147,0837.7%+186.5%
Financial Business12,8080.7%+5.1%
Segment profit
Construction45,14829.0%-4.2%
Real Estate Leasing Business85,55455.0%+6.5%
Real estate development18,53511.9%+259.8%
Financial Business6,3864.1%-4.5%
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥2,050,000 million (YoY +3.3%)
Operating profit¥142,000 million (YoY +5.0%)
Ordinary income¥140,000 million (YoY +0.6%)
Net income¥108,000 million (YoY +9.1%)
Annual Dividend Forecast¥714.00 (actual for the fiscal year ended March 2025, based on the pre-stock-split basis; equivalent to ¥142.8 after taking the split into account) → ¥163.00 (forecast for the fiscal year ending March 2027, based on the post-stock-split basis)（Increase of 14.1% (after taking the stock split into account)）
Payout ratio50.3% (fiscal year ended March 2026), 50.0% (forecast for the fiscal year ending March 2027)
Shareholder Return PolicyTargeting a consolidated payout ratio of 50%
Factors Behind Changes in Business Performance
Revenue from completed construction contracts increased due to steady progress on construction projects and other factors. Revenue from the real estate leasing business increased against a backdrop of more properties under master lease agreements and a high occupancy rate. Revenue from the real estate development business increased due to the consolidation of 株式会社アスコット as a subsidiary and an increase in the number of income-producing properties sold. Meanwhile, higher personnel expenses and other costs, as well as rising funding costs in the financial business, weighed on profits.
Disclosure regarding the going concern assumption
No applicable matters
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew 0 / Excluded 0 / Company name None
Material subsequent eventsThe Company entered into an agreement to transfer all shares of 株式会社ソラスト to that company. Following the successful completion of the tender offer and the transfer of the shares, ソラスト will no longer be an equity-method affiliate, and the Company expects to record an extraordinary gain of approximately ¥10 billion from around August 2026 onward.
Impairment lossAmount ¥496 million / Subject assets Not disclosed
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets 221 / Gain on sale of investment securities 11 / Gain on sale of shares in an affiliated company 378 / Total extraordinary income 611 / Extraordinary loss Loss on disposal and sale of non-current assets 212 / Impairment loss 496 / Impairment Loss on Investment Securities 530 / Total extraordinary loss 1,239
Depreciation and amortization¥19,449 million
Orders received and order backlogOrders received ¥570,514 million / Order backlog ¥783,634 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for institutional investors and securities analysts)
Issued Shares at Period-End344,594,895
Treasury Shares at Period-End18,979,084
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥1,984,743 million (YoY +7.7%) |
| Operating profit | ¥135,256 million (YoY +13.8%) |
| Ordinary income | ¥139,169 million (YoY +7.5%) |
| Profit attributable to owners of the parent | ¥99,030 million (YoY +5.5%) |
| Net income per share | ¥299.01 |
| Operating Margin | 6.8% |
| Equity ratio | End of the current fiscal period 36.5% / End of previous period 38.4% |
| Total assets | ¥1,367,502 million |
| Net assets | ¥496,598 million |
| Cash flows from operating activities | ¥40,490 million |
| Cash flows from investing activities | ¥-41,702 million |
| Cash flows from financing activities | ¥37,219 million |
| Cash and cash equivalents at end of period | ¥258,120 million |
| Full-year earnings forecast | Net Sales ¥2,050,000 million (YoY +3.3%) / Operating profit ¥142,000 million (YoY +5.0%) / Ordinary income ¥140,000 million (YoY +0.6%) / Net income ¥108,000 million (YoY +9.1%) |
| Annual Dividend Forecast | ¥714.00 (actual for the fiscal year ended March 2025, based on the pre-stock-split basis; equivalent to ¥142.8 after taking the split into account) → ¥163.00 (forecast for the fiscal year ending March 2027, based on the post-stock-split basis)（Increase of 14.1% (after taking the stock split into account)） |
| Payout ratio | 50.3% (fiscal year ended March 2026), 50.0% (forecast for the fiscal year ending March 2027) |
| Shareholder Return Policy | Targeting a consolidated payout ratio of 50% |
| Segment revenue | Construction ¥544,283 million (YoY +0.6%) / Real Estate Leasing Business ¥1,203,091 million (YoY +3.3%) / Real estate development ¥147,083 million (YoY +186.5%) / Financial Business ¥12,808 million (YoY +5.1%) |
| Segment profit | Construction ¥45,148 million (YoY -4.2%) / Real Estate Leasing Business ¥85,554 million (YoY +6.5%) / Real estate development ¥18,535 million (YoY +259.8%) / Financial Business ¥6,386 million (YoY -4.5%) |
| Orders received and order backlog | Orders received ¥570,514 million / Order backlog ¥783,634 million |
| Depreciation and amortization | ¥19,449 million |
| Impairment loss | Amount ¥496 million / Subject assets Not disclosed |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets 221 / Gain on sale of investment securities 11 / Gain on sale of shares in an affiliated company 378 / Total extraordinary income 611 / Extraordinary loss Loss on disposal and sale of non-current assets 212 / Impairment loss 496 / Impairment Loss on Investment Securities 530 / Total extraordinary loss 1,239 |
| Disclosure regarding the going concern assumption | No applicable matters |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New 0 / Excluded 0 / Company name None |
| Material subsequent events | The Company entered into an agreement to transfer all shares of 株式会社ソラスト to that company. Following the successful completion of the tender offer and the transfer of the shares, ソラスト will no longer be an equity-method affiliate, and the Company expects to record an extraordinary gain of approximately ¥10 billion from around August 2026 onward. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for institutional investors and securities analysts) |
| Issued Shares at Period-End | 344,594,895 |
| Treasury Shares at Period-End | 18,979,084 |
| Factors Behind Changes in Business Performance | Revenue from completed construction contracts increased due to steady progress on construction projects and other factors. Revenue from the real estate leasing business increased against a backdrop of more properties under master lease agreements and a high occupancy rate. Revenue from the real estate development business increased due to the consolidation of 株式会社アスコット as a subsidiary and an increase in the number of income-producing properties sold. Meanwhile, higher personnel expenses and other costs, as well as rising funding costs in the financial business, weighed on profits. |
Items this document does not state (2)
Revision to Earnings ForecastRegional sales
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.Higher sales were driven by steady progress on construction projects, an increase in properties under master lease agreements and a high occupancy rate, as well as the consolidation of 株式会社アスコット as a subsidiary in the real estate development business and an increase in the number of income-producing properties sold. Although personnel expenses and other costs increased, operating income rose mainly because of higher sales and profits in the real estate development business.
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