Worth reading
59In 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
-52.3
Year-on-year change in net sales (%)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending December 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥14,568 million-52.3%
Operating profit¥1,729 million-41.3%
Ordinary income¥1,307 million-47.0%
Net income¥876 million-51.6%
Gross Profit Margin20.8 %
Results for the three months of the current quarterFirst-quarter results: revenue of ¥14.5 billion, net income of ¥800 million, and acquisitions of ¥27.8 billion
Full-year earnings forecast
Net Sales
¥100,000 million
Operating profit
¥12,000 million
Ordinary income
¥9,000 million
Net income for the current fiscal year
¥8,000 million
Earnings per share
¥386.62
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 Sales14.6%
Operating profit14.4%
Ordinary income14.5%
Net income for the current fiscal year11.0%
Procurement27.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress in line with expectationsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Decrease in property sale transactionsFactors reducing revenue and operating profit: revenue down ¥15,960 million year on year and operating profit down ¥1,218 million year on year
- Foreign exchange gains or losses associated with loans to the U.S. subsidiaryImpact on ordinary profit: a loss of ¥232 million in the year-earlier period and a gain of ¥90 million in the current period
- Sale of fixed assetsExtraordinary gain of ¥33 million
- Impact of the liquidation of NRP in the previous fiscal yearExtraordinary gain of ¥170 million in the year-earlier period
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
U.S. dollar exchange rate
¥150
Timing of profit recognitionPrimarily the fourth quarter
New initiatives
- Acquisitions through collaboration with the AEON Group
- Expansion of the operating area to Hokkaido and Sapporo
- JINUSHI leaseback collaboration with Kyushu Electric Power
Key KPIsA metric the company considers important as a management benchmark.
- Acquisitions (on a contract basis)¥278 100 millionYear on year against the same period last year+115.5%
- Number of acquisition contracts23 Engagements
- Tenant-contracted ratio for properties held for sale100 %
- Equity ratio24.3 %Year on year against the same period last yearDown from 34.1% at the end of the previous fiscal year
- Net debt-to-equity ratio2.3 timesYear on year against the same period last yearUp from 1.10x at the end of the previous fiscal year
Segment results
Flow business
Net Sales
¥12,952 million-56.0%
Gross profit
¥1,630 million-49.1%
Recurring-Revenue Businesses
Net Sales
¥1,407 million+30.8%
Gross profit
¥1,265 million+31.0%
Other
Net Sales
¥208 million+5,623.7%
Gross profit
¥133 million+3,560.7%
Medium-term management plan targets
Net income for the current fiscal year
¥10,000 million
Target fiscal yearFY2028 December
Market Size / Share
- Land-lease market¥10 trillion
- Land held by listed companies in the CRE market¥46 trillion
Number of employees
Number of Employees119 people
As ofAs of May 2026
Annual Dividend
Annual
¥130 per share
Interim
¥65 per share
End of period
¥65 per share
Payout ratio
33.6 %
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥14,568 million (YoY -52.3%) |
| Operating profit | ¥1,729 million (YoY -41.3%) |
| Ordinary income | ¥1,307 million (YoY -47.0%) |
| Net income | ¥876 million (YoY -51.6%) |
| Gross Profit Margin | 20.8 % |
| Results for the three months of the current quarter | First-quarter results: revenue of ¥14.5 billion, net income of ¥800 million, and acquisitions of ¥27.8 billion |
| Full-year earnings forecast | Net Sales ¥100,000 million / Operating profit ¥12,000 million / Ordinary income ¥9,000 million / Net income for the current fiscal year ¥8,000 million / Earnings per share ¥386.62 |
| Progress against full-year forecast | Net Sales 14.6% / Operating profit 14.4% / Ordinary income 14.5% / Net income for the current fiscal year 11.0% / Procurement 27.8% |
| Self-assessment against the plan | Progress in line with expectations |
| Segment results | Flow business Net Sales ¥12,952 million (YoY -56.0%) / Gross profit ¥1,630 million (YoY -49.1%) / Recurring-Revenue Businesses Net Sales ¥1,407 million (YoY +30.8%) / Gross profit ¥1,265 million (YoY +31.0%) / Other Net Sales ¥208 million (YoY +5,623.7%) / Gross profit ¥133 million (YoY +3,560.7%) |
| Breakdown of Factors Affecting the Change | Factors Decrease in property sale transactions / Amount Factors reducing revenue and operating profit: revenue down ¥15,960 million year on year and operating profit down ¥1,218 million year on year, Factors Foreign exchange gains or losses associated with loans to the U.S. subsidiary / Amount Impact on ordinary profit: a loss of ¥232 million in the year-earlier period and a gain of ¥90 million in the current period, Factors Sale of fixed assets / Amount Extraordinary gain of ¥33 million, Factors Impact of the liquidation of NRP in the previous fiscal year / Amount Extraordinary gain of ¥170 million in the year-earlier period |
| Key KPIs | Indicator name Acquisitions (on a contract basis) / Value ¥278 100 million / Year on year against the same period last year +115.5%, Indicator name Number of acquisition contracts / Value 23 Engagements / Year on year against the same period last year Not disclosed, Indicator name Tenant-contracted ratio for properties held for sale / Value 100 % / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 24.3 % / Year on year against the same period last year Down from 34.1% at the end of the previous fiscal year, Indicator name Net debt-to-equity ratio / Value 2.3 times / Year on year against the same period last year Up from 1.10x at the end of the previous fiscal year |
| Number of employees | Number of Employees 119 people / As of As of May 2026 |
| Assumptions Underlying the Business Outlook | U.S. dollar exchange rate ¥150 / Timing of profit recognition Primarily the fourth quarter |
| Medium-term management plan targets | Net income for the current fiscal year ¥10,000 million |
| Annual Dividend | Annual ¥130 per share / Interim ¥65 per share / End of period ¥65 per share |
| Payout ratio | 33.6 % |
| Market Size / Share | ¥10 trillion, ¥46 trillion |
| New initiatives | Acquisitions through collaboration with the AEON Group, Expansion of the operating area to Hokkaido and Sapporo, JINUSHI leaseback collaboration with Kyushu Electric Power |
Items this document does not state (10)
Operating profit marginSelling, general and administrative expensesUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsAcquisition 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.Revenue and profit declined due to a decrease in property sale transactions. The company plans to recognize most of its profit in the fourth quarter this fiscal year and considers progress to be in line with expectations at this point.
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.