Worth reading
46Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
-38.5
Year-on-year change in operating profit (%)Wording
Conditional
How definitive the wording is.Results for this period
First quarter1 January 2026–31 March 2026ConsolidatedJapanese GAAPNet Sales532,063¥ millionYear on year +4.0%Progress 20.5%
Operating profit23,905¥ millionYear on year -38.5%Progress 15.2%
Ordinary income21,775¥ millionYear on year -42.2%Progress 13.6%
Net income attributable to owners of the parent16,758¥ millionYear on year -18.6%Progress 17.6%
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¥155.09
Financial position at period-end
Total assets2,612,798¥ million
of which net assets 1,179,723 ¥ millionEquity ratio 39.8%vs. prior year-end +0.8pt
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.
Segment revenueTimber and Building Materials ¥56,429 million (YoY -3.1%), Housing Business ¥126,691 million (YoY +3.4%), Overseas Housing Business ¥280,973 million (YoY +3.7%), Real Estate Business ¥63,127 million (YoY +14.8%), Resources and Environmental Business ¥7,207 million (YoY +7.3%), Other (outside reportable segments) ¥7,138 million (YoY +4.1%)
Segment profitTimber and Building Materials ¥-1,058 million, Housing Business ¥6,480 million (YoY -12.6%), Overseas Housing Business ¥19,889 million (YoY -39.1%), Real Estate Business ¥-3,155 million, Resources and Environmental Business ¥254 million (YoY -41.7%), Other (outside reportable segments) ¥1,187 million (YoY -42.1%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥2,590,000 million (YoY +14.2%)
Operating profit¥157,000 million (YoY -6.9%)
Ordinary income¥160,000 million (YoY -8.5%)
Net income¥95,000 million (YoY -10.9%)
Revision to Earnings ForecastNo revision
Annual Dividend Forecast¥53.00 → ¥50.00
Factors Behind Changes in Business Performance
Net sales increased due to a rise in the number of detached custom-built homes under construction following strong orders in the previous fiscal year, an increase in the number of homes sold in Australia, the contribution of 株式会社ＬｅＴｅｃｈ to sales, and an increase in sales volume in the overseas forestry business. Profit declined due to production delays at U.S. lumber mills, lower gains on land sales, higher personnel and other costs, a decline in the number of homes sold resulting from persistently high U.S. mortgage rates and uncertainty over the economic outlook, and lower equity-method investment income.
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 companies / Excluded 0 companies / Company name None
Material subsequent eventsOn 7 May 2026, the Company resolved to borrow ¥835,100 million from Sumitomo Mitsui Banking Corporation for purposes including the acquisition of shares in U.S.-based Tri Pointe Homes, Inc. The borrowing is scheduled to be executed on 11 May 2026.
Impairment lossNo applicable matters.
Breakdown of extraordinary income (loss)Gain on sale of investment securities ¥2,578 million, Gain on sale of shares in an affiliated company ¥6,973 million
Depreciation and amortization¥7,371 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Securities analysts and institutional investors
Issued Shares at Period-End618,555,804 shares
Treasury Shares at Period-End5,385,247 shares
| Item | Details |
|---|---|
| Fiscal Period Classification | First quarter |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 January 2026–31 March 2026 |
| Net Sales | ¥532,063 million (YoY +4.0%) |
| Operating profit | ¥23,905 million (YoY -38.5%) |
| Ordinary income | ¥21,775 million (YoY -42.2%) |
| Profit attributable to owners of the parent | ¥16,758 million (YoY -18.6%) |
| Net income per share | ¥155.09 |
| Equity ratio | End of the current fiscal period 39.8 / End of previous period 39 |
| Total assets | ¥2,612,798 million |
| Net assets | ¥1,179,723 million |
| Full-year earnings forecast | Net Sales ¥2,590,000 million (YoY +14.2%) / Operating profit ¥157,000 million (YoY -6.9%) / Ordinary income ¥160,000 million (YoY -8.5%) / Net income ¥95,000 million (YoY -10.9%) |
| Revision to Earnings Forecast | No revision |
| Annual Dividend Forecast | ¥53.00 → ¥50.00 |
| Segment revenue | Timber and Building Materials ¥56,429 million (YoY -3.1%), Housing Business ¥126,691 million (YoY +3.4%), Overseas Housing Business ¥280,973 million (YoY +3.7%), Real Estate Business ¥63,127 million (YoY +14.8%), Resources and Environmental Business ¥7,207 million (YoY +7.3%), Other (outside reportable segments) ¥7,138 million (YoY +4.1%) |
| Segment profit | Timber and Building Materials ¥-1,058 million, Housing Business ¥6,480 million (YoY -12.6%), Overseas Housing Business ¥19,889 million (YoY -39.1%), Real Estate Business ¥-3,155 million, Resources and Environmental Business ¥254 million (YoY -41.7%), Other (outside reportable segments) ¥1,187 million (YoY -42.1%) |
| Depreciation and amortization | ¥7,371 million |
| Impairment loss | No applicable matters. |
| Breakdown of extraordinary income (loss) | Gain on sale of investment securities ¥2,578 million, Gain on sale of shares in an affiliated company ¥6,973 million |
| 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 companies / Excluded 0 companies / Company name None |
| Material subsequent events | On 7 May 2026, the Company resolved to borrow ¥835,100 million from Sumitomo Mitsui Banking Corporation for purposes including the acquisition of shares in U.S.-based Tri Pointe Homes, Inc. The borrowing is scheduled to be executed on 11 May 2026. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Securities analysts and institutional investors |
| Issued Shares at Period-End | 618,555,804 shares |
| Treasury Shares at Period-End | 5,385,247 shares |
| Factors Behind Changes in Business Performance | Net sales increased due to a rise in the number of detached custom-built homes under construction following strong orders in the previous fiscal year, an increase in the number of homes sold in Australia, the contribution of 株式会社ＬｅＴｅｃｈ to sales, and an increase in sales volume in the overseas forestry business. Profit declined due to production delays at U.S. lumber mills, lower gains on land sales, higher personnel and other costs, a decline in the number of homes sold resulting from persistently high U.S. mortgage rates and uncertainty over the economic outlook, and lower equity-method investment income. |
Items this document does not state (9)
Operating MarginCash flows from operating activitiesCash flows from investing activitiesCash flows from financing activitiesCash and cash equivalents at end of periodPayout ratioShareholder Return PolicyRegional salesOrders received and order backlog
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.Net sales increased due to a rise in the number of detached custom-built homes under construction following strong orders in the previous fiscal year, an increase in the number of homes sold in Australia, and the contribution of 株式会社ＬｅＴｅｃｈ to sales. Profit was affected by production delays at U.S. lumber mills, lower gains on land sales, higher personnel and other costs, and a decline in the number of homes sold due to persistently high U.S. mortgage rates and uncertainty over the economic outlook.
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