Worth reading
80Important
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
5.1
% (year-on-year change in cumulative third-quarter gross profit from the domestic single-building resale business)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationThird quarter of the fiscal year ending December 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥34,895 million+66.7%
Operating profit¥2,609 million+62.7%
Net income¥2,114 million+91.3%
Full-year earnings forecast
Net Sales
¥77,000 million
Operating profit
¥4,300 million
Profit before tax
¥4,500 million
Net income
¥3,100 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Net Sales45.3%
Operating profit60.7%
Profit before tax72.9%
Net income68.2%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The full-year plan remains unchangedBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Domestic whole-building real estate sales+¥0.75 billion
Fractional real estate product sales-¥3.35 billion
Office condominium sales+¥440 million
Overseas real estate sales+¥170 million
Recurring fees, etc.-¥110 million
Personnel Expenses+¥0.75 billion
Sales brokerage fees-¥370 million
Other SG&A expenses-¥440 million
Non-Operating Income and Expenses+¥1.49 billion
Extraordinary income and lossesIncrease from extraordinary gains and other items (including a ¥1.74 billion gain on the transfer of a business and a ¥120 million extraordinary loss)
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Contract signing and settlement of domestic single-building resale propertiesExpected to be concentrated in the fourth quarter
Interest expense due to domestic interest rate increasesAlready incorporated into the plan
U.S. interest ratesContinued high interest rates
New initiatives
- Change to a dividend policy based primarily on a consolidated payout ratio of approximately 40%
- Increase in the year-end dividend forecast from ¥10 to ¥16
- Reintroduction of the shareholder benefit program
- Launch of hotel operator ADWホテルマネジメント
- Offering of the first real estate crowdfunding product
- Acquisition of grid-scale battery storage facilities and expansion of their operations
Key KPIsA metric the company considers important as a management benchmark.
Domestic single-building resale business cumulative 3Q gross profit
¥48.7 100 million+5.1%
Real estate crowdfunding members
4,000 participants
Number of battery storage facility acquisition contracts
11 Locations
Number of battery storage facilities in operation
3 Locations
Domestic income-producing real estate balance
¥739 100 million
Segment results
Income-producing real estate sales
Net Sales
¥31,414 million
Operating profit
¥3,512 million
Recurring Fee-Based Services
Net Sales
¥3,480 million
Operating profit
¥1,252 million
Medium-term management plan targets
Second medium-term management plan
Period CoveredFiscal years ending December 2024 through December 2026
Profit-before-tax target¥30 100 million
Comparison with actual resultsAchieved as of FY2025
Long-Term Vision
Target fiscal year¥2,034 100 million
Profit before tax¥200 100 million
BtoC share40%
Financial targets
ROE
FY2027 target13〜14%
FY2025 results16.9%
Market Size / Share
2034 B2C share target40%
International visitors to Japan
4,268 10,000 people 2025
Number of stores and locations
battery storage facilities
Number at period end11
In operation3
New acquisition contracts during the period2
Number of employees
255 people
As ofEnd of December 2025
Annual Dividend
¥26 per share
Interim10
End of period16
Payout ratio
Approximately 40% (current forecast: 40.6%)| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Third quarter of the fiscal year ending December 2026 |
| Net Sales | ¥34,895 million (YoY +66.7%) |
| Operating profit | ¥2,609 million (YoY +62.7%) |
| Net income | ¥2,114 million (YoY +91.3%) |
| Full-year earnings forecast | Net Sales ¥77,000 million / Operating profit ¥4,300 million / Profit before tax ¥4,500 million / Net income ¥3,100 million |
| Progress against full-year forecast | Net Sales 45.3% / Operating profit 60.7% / Profit before tax 72.9% / Net income 68.2% |
| Self-assessment against the plan | The full-year plan remains unchanged |
| Segment results | Income-producing real estate sales Net Sales ¥31,414 million / Operating profit ¥3,512 million / Recurring Fee-Based Services Net Sales ¥3,480 million / Operating profit ¥1,252 million |
| Breakdown of Factors Affecting the Change | Domestic whole-building real estate sales +¥0.75 billion / Fractional real estate product sales -¥3.35 billion / Office condominium sales +¥440 million / Overseas real estate sales +¥170 million / Recurring fees, etc. -¥110 million / Personnel Expenses +¥0.75 billion / Sales brokerage fees -¥370 million / Other SG&A expenses -¥440 million / Non-Operating Income and Expenses +¥1.49 billion / Extraordinary income and losses Increase from extraordinary gains and other items (including a ¥1.74 billion gain on the transfer of a business and a ¥120 million extraordinary loss) |
| Key KPIs | Domestic single-building resale business cumulative 3Q gross profit ¥48.7 100 million (YoY +5.1%) / Real estate crowdfunding members 4,000 participants / Number of battery storage facility acquisition contracts 11 Locations / Number of battery storage facilities in operation 3 Locations / Domestic income-producing real estate balance ¥739 100 million |
| Number of stores and locations | battery storage facilities Number at period end 11 / In operation 3 / New acquisition contracts during the period 2 |
| Number of employees | 255 people |
| Assumptions Underlying the Business Outlook | Contract signing and settlement of domestic single-building resale properties Expected to be concentrated in the fourth quarter / Interest expense due to domestic interest rate increases Already incorporated into the plan / U.S. interest rates Continued high interest rates |
| Medium-term management plan targets | Second medium-term management plan Period Covered Fiscal years ending December 2024 through December 2026 / Profit-before-tax target ¥30 100 million / Comparison with actual results Achieved as of FY2025 / Long-Term Vision Target fiscal year ¥2,034 100 million / Profit before tax ¥200 100 million / BtoC share 40% |
| Financial targets | ROE FY2027 target 13〜14% / FY2025 results 16.9% / ROIC Not disclosed |
| Annual Dividend | ¥26 per share |
| Payout ratio | Approximately 40% (current forecast: 40.6%) |
| Market Size / Share | 2034 B2C share target 40% / International visitors to Japan 4,268 10,000 people (2025) |
| New initiatives | Change to a dividend policy based primarily on a consolidated payout ratio of approximately 40%, Increase in the year-end dividend forecast from ¥10 to ¥16, Reintroduction of the shareholder benefit program, Launch of hotel operator ADWホテルマネジメント, Offering of the first real estate crowdfunding product, Acquisition of grid-scale battery storage facilities and expansion of their operations |
Items this document does not state (11)
Ordinary incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey 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.The factors behind the decline in consolidated revenue and profit included lower sales in the fractional real estate business, the sale of the construction business and the property management business for external owners, and the continuation of high interest rates in the United States. Meanwhile, pretax profit benefited from a ¥1.74 billion gain on the transfer of a business associated with the separation of a subsidiary's business. In the domestic single-building resale business, the Company explained that property contract signings and settlements are expected to be concentrated in the fourth quarter.
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.