Worth reading
59In focus
Scored from 5 of 6 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
6.1
Year-on-year change in operating income (%)Wording
Conditional
How definitive the wording is.Results for this period
First quarter1 January 2026–31 March 2026ConsolidatedJapanese GAAPNet Sales8,103¥ millionYear on year -2.8%Progress 13.3%
Operating profit1,246¥ millionYear on year +6.1%Progress 7.1%
Ordinary income900¥ millionYear on year -5.9%Progress 5.4%
Net income attributable to owners of the parent593¥ millionYear on year -11.9%Progress 5.1%
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¥77.78
Financial position at period-end
Total assets104,063¥ million
of which net assets 29,226 ¥ millionEquity ratio 28.0%vs. prior year-end -1.3pt
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.
Segment revenueDX New-Build Real Estate Business ¥2,096,290 thousand (YoY -2.6%), DX Regenerated Real Estate Business ¥3,393,951 thousand (YoY +38.0%), DX Real Estate Value Enhancement Business ¥2,298,455 thousand (YoY -33.7%), Real Estate Leasing Business ¥303,023 thousand (YoY +19.3%)
Segment profitDX New-Build Real Estate Business ¥393,766 thousand (YoY -43.0%), DX Regenerated Real Estate Business ¥346,141 thousand (YoY +9.3%), DX Real Estate Value Enhancement Business ¥641,939 thousand (YoY +104.4%), Real Estate Leasing Business ¥136,791 thousand (YoY +11.3%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥61,000 million (YoY +31.1%)
Operating profit¥17,500 million (YoY +74.6%)
Ordinary income¥16,700 million (YoY +86.5%)
Net income¥11,600 million (YoY +89.1%)
Revision to Earnings ForecastNo (unchanged from the latest forecast)
Annual Dividend Forecast¥338 per share (before taking the stock split into account) → ¥522 per share (before taking the stock split into account)（+54.4%）
Payout ratio40% (target)
Shareholder Return PolicyDividend policy targeting a 40% payout ratio
Factors Behind Changes in Business Performance
The DX New-Build Real Estate Business was affected by sales including A*G Ropponmatsu; the DX Regenerated Real Estate Business by sales of the high-priced Premium Renovation Series; the DX Real Estate Value Enhancement Business by the completion of sales in its investment business; and the Real Estate Leasing Business by stable operations of leased assets, including healthcare facilities.
Disclosure regarding the going concern assumption
No applicable matters.
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 consolidationNewly consolidated: 0 companies; excluded: 0 companies (company names: —)
Material subsequent eventsThe company resolved to issue 11,700 common shares as restricted stock compensation. It also resolved to conduct a stock split, effective 1 July 2026, under which each share will be split into 3 shares, and to make related amendments to its Articles of Incorporation and adjustments to stock acquisition rights and other instruments. The company will introduce a shareholder benefit program, providing shareholders holding 100 or more shares with a ¥500 digital gift.
Impairment lossNone (impairment losses on fixed assets and other items by reportable segment)
Depreciation and amortization¥70,531 thousand
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingNone (対象者：Not applicable)
Issued Shares at Period-End7,630,075
Treasury Shares at Period-End352
| Item | Details |
|---|---|
| Fiscal Period Classification | First quarter |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 January 2026–31 March 2026 |
| Net Sales | ¥8,103 million (YoY -2.8%) |
| Operating profit | ¥1,246 million (YoY +6.1%) |
| Ordinary income | ¥900 million (YoY -5.9%) |
| Profit attributable to owners of the parent | ¥593 million (YoY -11.9%) |
| Net income per share | ¥77.78 |
| Equity ratio | End of the current fiscal period 28 / End of previous period 29.3 |
| Total assets | ¥104,063 million |
| Net assets | ¥29,226 million |
| Full-year earnings forecast | Net Sales ¥61,000 million (YoY +31.1%) / Operating profit ¥17,500 million (YoY +74.6%) / Ordinary income ¥16,700 million (YoY +86.5%) / Net income ¥11,600 million (YoY +89.1%) |
| Revision to Earnings Forecast | No (unchanged from the latest forecast) |
| Annual Dividend Forecast | ¥338 per share (before taking the stock split into account) → ¥522 per share (before taking the stock split into account)（+54.4%） |
| Payout ratio | 40% (target) |
| Shareholder Return Policy | Dividend policy targeting a 40% payout ratio |
| Segment revenue | DX New-Build Real Estate Business ¥2,096,290 thousand (YoY -2.6%), DX Regenerated Real Estate Business ¥3,393,951 thousand (YoY +38.0%), DX Real Estate Value Enhancement Business ¥2,298,455 thousand (YoY -33.7%), Real Estate Leasing Business ¥303,023 thousand (YoY +19.3%) |
| Segment profit | DX New-Build Real Estate Business ¥393,766 thousand (YoY -43.0%), DX Regenerated Real Estate Business ¥346,141 thousand (YoY +9.3%), DX Real Estate Value Enhancement Business ¥641,939 thousand (YoY +104.4%), Real Estate Leasing Business ¥136,791 thousand (YoY +11.3%) |
| Depreciation and amortization | ¥70,531 thousand |
| Impairment loss | None (impairment losses on fixed assets and other items by reportable segment) |
| Disclosure regarding the going concern assumption | 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 | Newly consolidated: 0 companies; excluded: 0 companies (company names: —) |
| Material subsequent events | The company resolved to issue 11,700 common shares as restricted stock compensation. It also resolved to conduct a stock split, effective 1 July 2026, under which each share will be split into 3 shares, and to make related amendments to its Articles of Incorporation and adjustments to stock acquisition rights and other instruments. The company will introduce a shareholder benefit program, providing shareholders holding 100 or more shares with a ¥500 digital gift. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | None (対象者：Not applicable) |
| Issued Shares at Period-End | 7,630,075 |
| Treasury Shares at Period-End | 352 |
| Factors Behind Changes in Business Performance | The DX New-Build Real Estate Business was affected by sales including A*G Ropponmatsu; the DX Regenerated Real Estate Business by sales of the high-priced Premium Renovation Series; the DX Real Estate Value Enhancement Business by the completion of sales in its investment business; and the Real Estate Leasing Business by stable operations of leased assets, including healthcare facilities. |
Items this document does not state (8)
Operating MarginCash flows from operating activitiesCash flows from investing activitiesCash flows from financing activitiesCash and cash equivalents at end of periodRegional salesOrders received and order backlogBreakdown of extraordinary income (loss)
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 recognizes revenue when projects are delivered, so quarterly results are affected by the size and timing of projects delivered. Although progress was limited in the first quarter, the company has secured sufficient inventory to achieve its full-year targets and explained that it expects to meet its full-year forecast if projects scheduled for delivery from the second quarter onward proceed as planned. By segment, the company cited sales of its Premium Renovation Series, completion of sales in its investment business, and stable operations at healthcare and other facilities.
How to read this page
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