Worth reading
70In focus
Scored from 5 of 6 sectionsDirection
Deterioration
Direction inferred from the company’s description.Scale
-500
¥ million (revision to the full-year revenue forecast)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Presentation materials for financial resultsThird quarter of the fiscal year ending July 20268 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥7,902 million +37.0%cumulative through Q3
Operating profit¥-39 million cumulative through Q3
Ordinary income¥-147 million cumulative through Q3
Net income¥-84 million cumulative through Q3, net income attributable to owners of the parent
Results for the three months of the current quarter
Net Sales
¥2,661 million+11.0%
Gross profit
¥960 million+3.0%
Operating profit
¥-37 million
yoy_change-128
Ordinary income
¥-79 million
yoy_change-150
Net income
¥-31 million net income attributable to owners of the parent
yoy_change-47
Full-year earnings forecast
Net Sales
¥11,500 million
Gross profit
¥3,900 million
Operating profit
¥130 million
Ordinary income
¥0 million
Net income
-50～0net income attributable to owners of the parent
What the company explained in this material
Key points of the Q&AKey questions raised by investors at the briefing and the company's answers
- Questions Seasonality in the progress rates for gross profit and operating profit / Answer There is a time lag before personnel and marketing expenses contribute to earnings, and the progress rate tends to increase in the second half of the fiscal year. Higher transaction volumes in Q3, when activity increases, are also a factor behind the improvement in second-half results.
- Questions Current conditions in the pre-owned real estate market / Answer The number of completed transactions for pre-owned condominiums in the Tokyo metropolitan area increased year on year for 17 consecutive months through March 2026, but declined year on year for 2 consecutive months in April and May. In the Tokyo wards, the number of completed transactions in May 2026 was down 17.9% year on year.
- Questions Impact of increases in policy rates and mortgage rates / Answer The earnings forecast incorporates an increase in interest expenses resulting from higher borrowing rates.
- Questions Impact of the situation in the Middle East / Answer There are risks of higher costs resulting from increases in energy prices and logistics costs, as well as foreign-exchange fluctuations, but no direct impact has materialized at this time.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Brokerage and Ancillary Services TransactionsPlanned to increase by slightly more than 20% year on year
Increase in Proprietary ProductsPlanned to increase by slightly less than 40% year on year
MarketAssumes continued gradual expansion in demand for pre-owned and renovated housing
Sales staffExpanded as planned through Q3
New initiatives
- Launched “SUITE by cowcamo,” a dedicated service desk for high-priced properties
- Set new business KPIs for proprietary products to reflect the expansion of the business scale
Key KPIsA metric the company considers important as a management benchmark.
- Number of transactions299 transactions Q3
- Revenue per transaction¥2.9 million Q3
- Active sales headcount84 people Q3
- Sales Productivity1.2 transactions Q3
- Inventory value¥51 hundred million Q3
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of transactions
299 transactions Q3
Revenue per transaction
¥2.9 million Q3
Segment results
Brokerage and Ancillary Services
Gross profit
¥803 million +17.0%Q3 standalone
Proprietary products
Gross profit
¥156 million -35.0%Q3 standalone
Market Size / Share
Share of Pre-Owned Condominiums More Than 25 Years OldEstimated to exceed 60% in 2025 (58% as of 2023)
Number of employees
Number of Employees84 people active sales headcount, Q3
| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Third quarter of the fiscal year ending July 2026 |
| Net Sales | ¥7,902 million (cumulative through Q3) (YoY +37.0%) |
| Operating profit | ¥-39 million (cumulative through Q3) |
| Ordinary income | ¥-147 million (cumulative through Q3) |
| Net income | ¥-84 million (cumulative through Q3, net income attributable to owners of the parent) |
| Results for the three months of the current quarter | Net Sales ¥2,661 million (YoY +11.0%) / Gross profit ¥960 million (YoY +3.0%) / Operating profit ¥-37 million / Ordinary income ¥-79 million / Net income ¥-31 million (net income attributable to owners of the parent) |
| Full-year earnings forecast | Net Sales ¥11,500 million / Gross profit ¥3,900 million / Operating profit ¥130 million / Ordinary income ¥0 million / Net income -50～0 |
| Segment results | Brokerage and Ancillary Services Sales Not disclosed / Gross profit ¥803 million (Q3 standalone) (YoY +17.0%) / Proprietary products Sales Not disclosed / Gross profit ¥156 million (Q3 standalone) (YoY -35.0%) |
| Key KPIs | Indicator name Number of transactions / Value 299 transactions (Q3) / Year on year against the same period last year Not disclosed, Indicator name Revenue per transaction / Value ¥2.9 million (Q3) / Year on year against the same period last year Not disclosed, Indicator name Active sales headcount / Value 84 people (Q3) / Year on year against the same period last year Not disclosed, Indicator name Sales Productivity / Value 1.2 transactions (Q3) / Year on year against the same period last year Not disclosed, Indicator name Inventory value / Value ¥51 hundred million (Q3) / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Number of transactions 299 transactions (Q3) / Revenue per transaction ¥2.9 million (Q3) |
| Number of employees | Number of Employees 84 people (active sales headcount, Q3) |
| Assumptions Underlying the Business Outlook | Brokerage and Ancillary Services Transactions Planned to increase by slightly more than 20% year on year / Increase in Proprietary Products Planned to increase by slightly less than 40% year on year / Market Assumes continued gradual expansion in demand for pre-owned and renovated housing / Sales staff Expanded as planned through Q3 |
| Market Size / Share | Share of Pre-Owned Condominiums More Than 25 Years Old Estimated to exceed 60% in 2025 (58% as of 2023) |
| Key points of the Q&A | Questions Seasonality in the progress rates for gross profit and operating profit / Answer There is a time lag before personnel and marketing expenses contribute to earnings, and the progress rate tends to increase in the second half of the fiscal year. Higher transaction volumes in Q3, when activity increases, are also a factor behind the improvement in second-half results., Questions Current conditions in the pre-owned real estate market / Answer The number of completed transactions for pre-owned condominiums in the Tokyo metropolitan area increased year on year for 17 consecutive months through March 2026, but declined year on year for 2 consecutive months in April and May. In the Tokyo wards, the number of completed transactions in May 2026 was down 17.9% year on year., Questions Impact of increases in policy rates and mortgage rates / Answer The earnings forecast incorporates an increase in interest expenses resulting from higher borrowing rates., Questions Impact of the situation in the Middle East / Answer There are risks of higher costs resulting from increases in energy prices and logistics costs, as well as foreign-exchange fluctuations, but no direct impact has materialized at this time. |
| New initiatives | Launched “SUITE by cowcamo,” a dedicated service desk for high-priced properties, Set new business KPIs for proprietary products to reflect the expansion of the business scale |
Items this document does not state (15)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planBreakdown of Factors Affecting the ChangeNumber of stores and locationsRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders 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 cited the expected postponement of some sales of proprietary products to the next fiscal year, delays in ramping up newly hired personnel for brokerage and ancillary services, and a slower-than-expected contribution to earnings from upfront investments. Although the company is also working to control and streamline indirect costs, it expects operating profit and below to fall short of the initial forecasts due to lower gross profit.
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.