Results for this period
Third quarter1 January 2026 to 30 September 2026ConsolidatedJapanese GAAPThe 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.
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.
Sales of fractionalized real estate investment products declined, as customers and sales channels remained cautious due to the impact of tax reforms, resulting in lower revenue and profit. In the stock-based fee business, real estate management revenue declined year on year as a result of the business separation. Contracts and settlements for domestic sales of whole-building income-producing real estate are expected to be concentrated in the fourth quarter.
There are no applicable matters.
| Item | Details |
|---|---|
| Fiscal Period Classification | Third quarter |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 January 2026 to 30 September 2026 |
| Net Sales | ¥34,895 million (YoY -33.3%) |
| Operating profit | ¥2,609 million (YoY -37.3%) |
| Ordinary income | ¥1,639,782 thousand |
| Profit attributable to owners of the parent | ¥2,114 million (YoY -8.7%) |
| Net income per share | ¥42.78 |
| Equity ratio | End of the current fiscal period 24.3 / End of previous period 28.5 |
| Total assets | ¥88,708 million |
| Net assets | ¥21,631 million |
| Full-year earnings forecast | Net Sales ¥77,000 million (YoY +14.0%) / Operating profit ¥4,300 million (YoY -13.8%) / Ordinary income Not disclosed / Income before income taxes ¥4,500 million (YoY -13.3%) / Net income ¥3,100 million (YoY -6.5%) |
| Revision to Earnings Forecast | None |
| Annual Dividend Forecast | Annual Dividend Forecast 20 / Year-end dividend forecast 10 / Annual dividend (previous-period actual) 16 → Annual Dividend Forecast 26 / Year-end dividend forecast 16（Annual Dividend Forecast 30 / Year-end dividend forecast 60 / Annual vs. previous-period actual 62.5） |
| Payout ratio | 40.6 |
| Shareholder Return Policy | A consolidated dividend payout ratio of approximately 40% as a basic guideline |
| Segment revenue | Income-producing real estate sales ¥31,414 million, Recurring Fee-Based Services ¥3,480 million |
| Segment profit | Income-producing real estate sales ¥3,512 million, Recurring Fee-Based Services ¥1,252 million |
| Depreciation and amortization | ¥252,642 thousand |
| Impairment loss | ¥49,026 thousand |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of investment securities ¥24,426 thousand, Gain on transfer of business ¥1,740,700 thousand / Extraordinary loss Loss on retirement of non-current assets ¥1,982 thousand, Impairment Losses ¥49,026 thousand, Loss on valuation of investment securities ¥74,000 thousand |
| Disclosure regarding the going concern assumption | There are 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 Number of companies 0 / Company name Not disclosed / Excluded Number of companies 1 / Company name Avenue Works Normandie LLC |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for analysts and institutional investors) |
| Issued Shares at Period-End | 50,797,264 |
| Treasury Shares at Period-End | 1,183,130 |
| Factors Behind Changes in Business Performance | Sales of fractionalized real estate investment products declined, as customers and sales channels remained cautious due to the impact of tax reforms, resulting in lower revenue and profit. In the stock-based fee business, real estate management revenue declined year on year as a result of the business separation. Contracts and settlements for domestic sales of whole-building income-producing real estate are expected to be concentrated in the fourth quarter. |
Items this document does not state (8)
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 sales of fractionalized real estate investment products, customers and referral companies remained cautious following tax reforms. In the stock-based fee business, real estate management revenue declined as a result of the business separation. The full-year forecast was unchanged, reflecting the expected concentration of contracts and settlements in the fourth quarter for domestic sales of whole-building income-producing real estate. The dividend forecast was increased based on the change to a dividend policy that targets a consolidated payout ratio of approximately 40% and on recent earnings progress.