Worth reading
62In focus
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
10.7
% (year-on-year change in net sales)Wording
Conditional
How definitive the wording is.Results for this period
Interim period (second quarter)1 April 2026 to 30 September 2026ConsolidatedJapanese GAAPNet Sales2,912,657¥ millionYear on year +10.7%Progress 47.4%
Operating profit250,945¥ millionYear on year +13.3%Progress 50.2%
Ordinary income227,427¥ millionYear on year +10.8%Progress 51.9%
Net income attributable to owners of the parent150,122¥ millionYear on year +9.0%
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¥121.18
Financial position at period-end
Total assets9,090,293¥ million
of which net assets 3,080,745 ¥ millionEquity ratio 32.8%vs. prior year-end -1.6pt
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-69,294
Investment-246,109
Financials+458,045
Net change+142,642
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¥571,144 million
Segment revenueDetached homes ¥638,383 million (YoY +18.0%), Rental Housing ¥735,917 million (YoY +4.7%), Condominiums ¥140,161 million (YoY +4.4%), Commercial facilities ¥669,950 million (YoY +5.2%), Business facilities ¥697,002 million (YoY +17.8%), Environmental Energy ¥77,186 million (YoY +18.4%)
Segment profitDetached homes ¥30,789 million (Non-GAAP operating income) (YoY +16.9%), Rental Housing ¥79,101 million (Non-GAAP operating income) (YoY +4.3%), Condominiums ¥14,309 million (Non-GAAP operating income) (YoY +75.2%), Commercial facilities ¥82,146 million (Non-GAAP operating income) (YoY -5.9%), Business facilities ¥88,874 million (Non-GAAP operating income) (YoY +39.9%), Environmental Energy ¥8,840 million (Non-GAAP operating income) (YoY +12.3%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥6,150,000 million (YoY +10.3%)
Operating profit¥500,000 million (YoY -18.7%)
Ordinary income¥438,000 million (YoY -23.4%)
Profit attributable to owners of parent¥287,000 million (YoY -18.1%)
Revision to Earnings ForecastNet Sales Not disclosed → ¥6,150,000 million / Operating profit Not disclosed → ¥500,000 million / Ordinary income Not disclosed → ¥438,000 million / Profit attributable to owners of parent Not disclosed → ¥287,000 million
Annual Dividend Forecast¥175.00 (actual for the fiscal year ended March 2026) → ¥180.00 (excluding the stock split; after the split, ¥86.00 for the interim period and ¥47.00 for the year-end)（Approximately 2.9% increase）
Payout ratio35% or more (based on Non-GAAP net income)
Shareholder Return PolicyProgressive dividends, with a payout ratio of 35% or more based on Non-GAAP net income attributable to owners of the parent
Factors Behind Changes in Business Performance
Contributions came from expanded sales of custom-designed and standardized homes and subdivision homes, sales of high-priced products, the renovation and purchase-and-resale businesses, an increase in the number of properties under management, condominium sales, orders for large-scale projects, real estate sales, and the renewable energy business. In the US, sales incentives remained elevated against a backdrop of rising mortgage rates, putting downward pressure on profit margins. The commercial facilities business reported higher revenue but lower profit.
Disclosure regarding the going concern assumption
Not applicable.
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 consolidation0 additions, 0 exclusions (no material changes)
Material subsequent eventsThe company split each common share into 2 shares, effective 1 October 2026. The total number of shares issued was 659,830,086 before the stock split and 1,319,660,172 after the split.
Impairment loss¥1,220 million
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets ¥298 million, Gain on sale of investment securities ¥4,356 million, Gain on sale of shares of affiliates ¥615 million / Extraordinary loss Loss on sale of noncurrent assets ¥571 million, Loss on disposal of fixed assets ¥817 million, Impairment Losses ¥1,220 million, Loss on sale of investment securities ¥1 million, Impairment Losses on Investment Securities ¥29 million, Loss on sale of shares of affiliates －, Losses from disasters ¥780 million
Depreciation and amortization¥74,609 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for institutional investors and analysts)
Issued Shares at Period-End1,319,660,172
Treasury Shares at Period-End80,580,644
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026 to 30 September 2026 |
| Net Sales | ¥2,912,657 million (YoY +10.7%) |
| Operating profit | ¥250,945 million (YoY +13.3%) |
| Ordinary income | ¥227,427 million (YoY +10.8%) |
| Profit attributable to owners of the parent | ¥150,122 million (YoY +9.0%) |
| Net income per share | ¥121.18 |
| Equity ratio | End of the current fiscal period 32.8 / End of previous period 34.4 |
| Total assets | ¥9,090,293 million |
| Net assets | ¥3,080,745 million |
| Cash flows from operating activities | ¥-69,294 million |
| Cash flows from investing activities | ¥-246,109 million |
| Cash flows from financing activities | ¥458,045 million |
| Cash and cash equivalents at end of period | ¥571,144 million |
| Full-year earnings forecast | Net Sales ¥6,150,000 million (YoY +10.3%) / Operating profit ¥500,000 million (YoY -18.7%) / Ordinary income ¥438,000 million (YoY -23.4%) / Profit attributable to owners of parent ¥287,000 million (YoY -18.1%) |
| Revision to Earnings Forecast | Net Sales Not disclosed → ¥6,150,000 million / Operating profit Not disclosed → ¥500,000 million / Ordinary income Not disclosed → ¥438,000 million / Profit attributable to owners of parent Not disclosed → ¥287,000 million |
| Annual Dividend Forecast | ¥175.00 (actual for the fiscal year ended March 2026) → ¥180.00 (excluding the stock split; after the split, ¥86.00 for the interim period and ¥47.00 for the year-end)（Approximately 2.9% increase） |
| Payout ratio | 35% or more (based on Non-GAAP net income) |
| Shareholder Return Policy | Progressive dividends, with a payout ratio of 35% or more based on Non-GAAP net income attributable to owners of the parent |
| Segment revenue | Detached homes ¥638,383 million (YoY +18.0%), Rental Housing ¥735,917 million (YoY +4.7%), Condominiums ¥140,161 million (YoY +4.4%), Commercial facilities ¥669,950 million (YoY +5.2%), Business facilities ¥697,002 million (YoY +17.8%), Environmental Energy ¥77,186 million (YoY +18.4%) |
| Segment profit | Detached homes ¥30,789 million (Non-GAAP operating income) (YoY +16.9%), Rental Housing ¥79,101 million (Non-GAAP operating income) (YoY +4.3%), Condominiums ¥14,309 million (Non-GAAP operating income) (YoY +75.2%), Commercial facilities ¥82,146 million (Non-GAAP operating income) (YoY -5.9%), Business facilities ¥88,874 million (Non-GAAP operating income) (YoY +39.9%), Environmental Energy ¥8,840 million (Non-GAAP operating income) (YoY +12.3%) |
| Depreciation and amortization | ¥74,609 million |
| Impairment loss | ¥1,220 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥298 million, Gain on sale of investment securities ¥4,356 million, Gain on sale of shares of affiliates ¥615 million / Extraordinary loss Loss on sale of noncurrent assets ¥571 million, Loss on disposal of fixed assets ¥817 million, Impairment Losses ¥1,220 million, Loss on sale of investment securities ¥1 million, Impairment Losses on Investment Securities ¥29 million, Loss on sale of shares of affiliates －, Losses from disasters ¥780 million |
| Disclosure regarding the going concern assumption | Not applicable. |
| 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 | 0 additions, 0 exclusions (no material changes) |
| Material subsequent events | The company split each common share into 2 shares, effective 1 October 2026. The total number of shares issued was 659,830,086 before the stock split and 1,319,660,172 after the split. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for institutional investors and analysts) |
| Issued Shares at Period-End | 1,319,660,172 |
| Treasury Shares at Period-End | 80,580,644 |
| Factors Behind Changes in Business Performance | Contributions came from expanded sales of custom-designed and standardized homes and subdivision homes, sales of high-priced products, the renovation and purchase-and-resale businesses, an increase in the number of properties under management, condominium sales, orders for large-scale projects, real estate sales, and the renewable energy business. In the US, sales incentives remained elevated against a backdrop of rising mortgage rates, putting downward pressure on profit margins. The commercial facilities business reported higher revenue but lower profit. |
Items this document does not state (3)
Operating MarginRegional 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.The company said it revised its full-year earnings forecast based on second-quarter results. Interim results benefited from expanded sales and sales initiatives in the housing business and elsewhere, an increase in the number of properties under management, orders for large-scale projects, real estate sales, and the renewable energy business. These benefits were partly offset by persistently high sales incentives against a backdrop of rising US mortgage rates and lower profit in the commercial facilities business.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.