Worth reading
64In 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
209
¥100 million (year-on-year increase in acquisition contract value)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsSecond 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¥34,592 million-13.1%
Operating profit¥4,416 million+8.9%
Ordinary income¥3,258 million+2.6%
Net income¥2,092 million-24.7%
Gross Profit Margin
Rate21
Year-on-year change (points)4.6
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
Annual Dividend
¥130
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 Sales34.6
Operating profit36.8
Ordinary income36.2
Net income for the current fiscal year26.2
Procurement49.4
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress in line with expectations / Progressing smoothlyBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Revenue and operating incomeFactorsDecrease in property sale transactions
- Foreign exchange gains or losses associated with loans to the U.S. subsidiaryImpact on profit or loss in 2Q of fiscal year ending December 2025-357Impact on profit or loss in 2Q of fiscal year ending December 2026158
- Sale of fixed assetsImpact in 2Q of fiscal year ending December 202633
- Impact of the liquidation of NRP in the previous yearImpact in 2Q of fiscal year ending December 2025626
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
U.S. dollar exchange rate
¥150
Number of interest-rate hikes
2 times
Sale datePrimarily expected in the fourth quarter
New initiatives
- Expand acquisitions through JINUSHI Leaseback
- Promote the introduction of interest rate-linked and CPI-linked clauses
- Increase ground rent upon expiration of the lease term
- Expand acquisitions through both new development and JINUSHI Leaseback
Key KPIsA metric the company considers important as a management benchmark.
- Procurement contract value494 Hundreds of millions of yenYear on year against the same period last year+73.3%
- Percentage of properties planned for sale that have been finalized92 %
- Percentage of investment properties with tenant contracts in place99.6 %
- Equity ratio24.6 %Year on year against the same period last yearDown 9.5 percentage points from the previous fiscal year-end
- Net debt-to-equity ratio2.16 timesYear on year against the same period last yearUp 1.06x from the previous fiscal year-end
- DCR160.4 %Year on year against the same period last yearUp 25.5 percentage points from the previous fiscal year-end
Segment results
Flow business
Net Sales
¥30,815 million-18.5%
Gross profit
¥4,027 million-16.1%
Recurring-Revenue Businesses
Net Sales
¥3,407 million+71.3%
Gross profit
¥3,009 million+75.7%
Other
Net Sales
¥369 million+9,687.9%
Gross profit
¥219 million+5,711.0%
Medium-term management plan targets
Net income for the current fiscal year
¥100 100 million or more
Target fiscal yearFY2028 December
Annual acquisitions
¥1,000 100 million or more
Target fiscal yearContinuing
Market Size / Share
- Land-lease market¥10 trillion
- CRE market and land held by listed companies¥46 trillion
Number of employees
Number of Employees117 People
As ofAugust 2026
Annual Dividend
Annual
¥130
Interim
¥65
End of period
¥65
Payout ratio
33.6 %
| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥34,592 million (YoY -13.1%) |
| Operating profit | ¥4,416 million (YoY +8.9%) |
| Ordinary income | ¥3,258 million (YoY +2.6%) |
| Net income | ¥2,092 million (YoY -24.7%) |
| Gross Profit Margin | Rate 21 / Year-on-year change (points) 4.6 |
| 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 / Annual Dividend ¥130 |
| Progress against full-year forecast | Net Sales 34.6 / Operating profit 36.8 / Ordinary income 36.2 / Net income for the current fiscal year 26.2 / Procurement 49.4 |
| Self-assessment against the plan | Progress in line with expectations / Progressing smoothly |
| Segment results | Flow business Net Sales ¥30,815 million (YoY -18.5%) / Gross profit ¥4,027 million (YoY -16.1%) / Recurring-Revenue Businesses Net Sales ¥3,407 million (YoY +71.3%) / Gross profit ¥3,009 million (YoY +75.7%) / Other Net Sales ¥369 million (YoY +9,687.9%) / Gross profit ¥219 million (YoY +5,711.0%) |
| Breakdown of Factors Affecting the Change | Factors Decrease in property sale transactions / Subject Revenue and operating income, Factors Foreign exchange gains or losses associated with loans to the U.S. subsidiary / Impact on profit or loss in 2Q of fiscal year ending December 2025 ¥-357 million / Impact on profit or loss in 2Q of fiscal year ending December 2026 ¥158 million, Factors Sale of fixed assets / Impact in 2Q of fiscal year ending December 2026 ¥33 million, Factors Impact of the liquidation of NRP in the previous year / Impact in 2Q of fiscal year ending December 2025 ¥626 million |
| Key KPIs | Procurement contract value 494 Hundreds of millions of yen, Percentage of properties planned for sale that have been finalized 92 %, Percentage of investment properties with tenant contracts in place 99.6 %, Equity ratio 24.6 %, Net debt-to-equity ratio 2.16 times, DCR 160.4 % |
| Number of employees | Number of Employees 117 People / As of August 2026 |
| Assumptions Underlying the Business Outlook | U.S. dollar exchange rate ¥150 / Number of interest-rate hikes 2 times / Sale date Primarily expected in the fourth quarter |
| Medium-term management plan targets | Net income for the current fiscal year ¥100 100 million or more / Annual acquisitions ¥1,000 100 million or more |
| Annual Dividend | Annual ¥130 / Interim ¥65 / End of period ¥65 |
| Payout ratio | 33.6 % |
| Market Size / Share | Land-lease market ¥10 trillion, CRE market and land held by listed companies ¥46 trillion |
| New initiatives | Expand acquisitions through JINUSHI Leaseback, Promote the introduction of interest rate-linked and CPI-linked clauses, Increase ground rent upon expiration of the lease term, Expand acquisitions through both new development and JINUSHI Leaseback |
Items this document does not state (11)
Operating profit marginSelling, general and administrative expensesResults for the three months of the current quarterUnit 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 operating income declined because fewer properties were sold. The stock business posted higher revenue and profit as rental income and the asset management business expanded. Net income was affected by the absence of the ¥626 million extraordinary gain related to the liquidation of NRP in the previous year. Acquisitions accelerated against a backdrop of expanding business opportunities resulting from Tokyo Stock Exchange reforms, investor demand and rising construction costs.
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.