Komori
Earnings presentation2337Ichigo Inc.Real estate

Financial Results Presentation for the First Quarter of the Fiscal Year Ending February 2027

In the first quarter of the fiscal year ending February 2027, core business profit increased 45% year on year and net income increased 24%. While the Value-Add business recorded a significant increase in gains on real estate sales, the Hotel and Asset Management businesses reported lower profit.

Worth reading
67In 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
45
Year-on-year change (business profit), %
Wording
Avoiding a definitive answer
How definitive the wording is.

Contents of this document

Earnings presentationFirst quarter of the fiscal year ending February 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Operating profit¥2,587 million-25.0%
Ordinary income¥1,448 million-38.0%
Net income¥2,883 million+24.0%
Results for the three months of the current quarter
Operating profit
¥2,587 million
Ordinary income
¥1,448 million
Net income
¥2,883 million
Business profit
¥6,822 million
Full-year earnings forecast
Operating profit
¥20,600 million
Ordinary income
¥14,900 million
Extraordinary Gains and Losses
¥13,400 million
Net income
¥18,000 million
Cash net income
¥24,000 million
EPS
¥45.13
Cash EPS
¥60.17
Business profit
¥34,000 million
ROE
15 %
Cash ROE
20 %
Dividends
¥15.5
DOE
5.1 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing steadily
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Value-Add business flow income¥4,116 million+214.0%
  • Value-Add business stock income¥2,041 million+1.0%
  • Hotel business stock income¥1,906 million-14.0%
  • Asset Management business flow income¥34 million-92.0%
  • Clean Energy business stock income¥1,311 million+5.0%
New initiatives
  • Opening of THE VILLAGE OSAKA, a community-building office
  • Construction and opening of THE VILLAGE SAPPORO
  • Opening of THE KNOT FUKUOKA Tenjin and THE KNOT UTSUNOMIYA
  • Promoting the Grid-Scale Battery Storage Business
  • Launch of the community co-creation program
Key KPIsA metric the company considers important as a management benchmark.
  • Fixed-cost coverage ratio of recurring income196 %
  • Recurring revenue ratio60 %
  • Cash net income / accounting profit2.1 times
  • RevPAR¥16.3 thousand
    Year on year against the same period last year-10.0%
  • AUM¥3,656 hundred million
  • Tradepia Odaiba occupancy rate97 %
    Year on year against the same period last year80% of prior-year level
Segment results
  • Asset Management
    Business profit¥309 million
  • Shinchiku
    Business profit¥4,815 million
  • Hotels
    Business profit¥1,212 million
  • Ichigo Owners
    Business profit¥-40 million
  • Clean Energy
    Business profit¥571 million
Medium-term management plan targets
Long-term visionIchigo 2030
Target value
  • ROE of 15% or higher
  • Cash ROE of 18% or higher
  • Stock income ratio of 60% or higher
  • Stock income fixed-cost coverage ratio of 200% or higher
  • DOE of 5% or higher
Financial targets
ROE
Target15% or higher
Actual results14.6 %
Cash ROE
Target18% or more
Actual results16.2 %
DOE
Target5% or more
Actual results4.1 %
Number of stores and locations
Hotels6 THE KNOT properties nationwide, approximately 1,300 rooms
Power generation and battery storage facilities49 solar and wind power facilities, 4 grid-scale battery storage facilities, and others
Openings during the period2 VILLAGE properties and 1 THE KNOT FUKUOKA Tenjin property
Capital expenditures
¥4 100 million total project cost for the first grid-scale battery storage facility
Annual Dividend
Annual
¥15.5 per share
Payout ratio
DOE
5.1 %
Acquisition of treasury shares
Buyback limit
¥100 hundred million
Number of shares acquired
22,284 thousand shares
Period7 November 2025–5 June 2026
Amount acquired during the period
¥51 hundred million
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFirst quarter of the fiscal year ending February 2027
Operating profit¥2,587 million (YoY -25.0%)
Ordinary income¥1,448 million (YoY -38.0%)
Net income¥2,883 million (YoY +24.0%)
Results for the three months of the current quarterOperating profit ¥2,587 million / Ordinary income ¥1,448 million / Net income ¥2,883 million / Business profit ¥6,822 million
Full-year earnings forecastOperating profit ¥20,600 million / Ordinary income ¥14,900 million / Extraordinary Gains and Losses ¥13,400 million / Net income ¥18,000 million / Cash net income ¥24,000 million / EPS ¥45.13 / Cash EPS ¥60.17 / Business profit ¥34,000 million / ROE 15 % / Cash ROE 20 % / Dividends ¥15.5 / DOE 5.1 %
Self-assessment against the planProgressing steadily
Segment resultsSegment Asset Management / Business profit ¥309 million / yoy_pct -51, Segment Shinchiku / Business profit ¥4,815 million / yoy_pct 144, Segment Hotels / Business profit ¥1,212 million / yoy_pct -23, Segment Ichigo Owners / Business profit ¥-40 million / yoy_pct –, Segment Clean Energy / Business profit ¥571 million / yoy_pct 15
Breakdown of Factors Affecting the ChangeValue-Add business flow income ¥4,116 million (YoY +214.0%), Value-Add business stock income ¥2,041 million (YoY +1.0%), Hotel business stock income ¥1,906 million (YoY -14.0%), Asset Management business flow income ¥34 million (YoY -92.0%), Clean Energy business stock income ¥1,311 million (YoY +5.0%)
Key KPIsFixed-cost coverage ratio of recurring income 196 %, Recurring revenue ratio 60 %, Cash net income / accounting profit 2.1 times, RevPAR ¥16.3 thousand, AUM ¥3,656 hundred million, Tradepia Odaiba occupancy rate 97 %
Number of stores and locationsHotels 6 THE KNOT properties nationwide, approximately 1,300 rooms / Power generation and battery storage facilities 49 solar and wind power facilities, 4 grid-scale battery storage facilities, and others / Openings during the period 2 VILLAGE properties and 1 THE KNOT FUKUOKA Tenjin property
Medium-term management plan targetsLong-term vision Ichigo 2030 / Target value ROE of 15% or higher, Cash ROE of 18% or higher, Stock income ratio of 60% or higher, Stock income fixed-cost coverage ratio of 200% or higher, DOE of 5% or higher
Financial targetsROE Target 15% or higher / Actual results 14.6 % / Cash ROE Target 18% or more / Actual results 16.2 % / DOE Target 5% or more / Actual results 4.1 %
Annual DividendAnnual ¥15.5 per share / Interim Not disclosed / End of period Not disclosed
Payout ratioRate Not disclosed / DOE 5.1 %
Acquisition of treasury sharesBuyback limit ¥100 hundred million / Number of shares acquired 22,284 thousand shares / Period 7 November 2025–5 June 2026 / Amount acquired during the period ¥51 hundred million
Capital expenditures¥4 100 million (total project cost for the first grid-scale battery storage facility)
New initiativesOpening of THE VILLAGE OSAKA, a community-building office, Construction and opening of THE VILLAGE SAPPORO, Opening of THE KNOT FUKUOKA Tenjin and THE KNOT UTSUNOMIYA, Promoting the Grid-Scale Battery Storage Business, Launch of the community co-creation program
Items this document does not state (12)
Net SalesGross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastUnit price and quantity metricsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookOrders 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.

In the Value-Add business, flow income increased due to the sale of commercial facilities that had undergone value-enhancement work and the sale of subsidiaries holding real estate. The Hotel business reported lower profit due to hotels shortly after opening, the decline following the Kansai Expo, and higher operating costs and rental expenses. The Asset Management business reported lower profit due to the impact of the large-scale sale recorded in the same period of the previous year.

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.
Financial Results Presentation for the First Quarter of the Fiscal Year Ending February 2027 | Ichigo Inc. (2337) timely disclosure | Komori