Worth reading
70In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
500
¥ million (increase from the initial net income forecast)Wording
Definitive
How definitive the wording is.Contents of this document
Earnings presentation materialsQ3 FY202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥65,492 million+50.8%
Operating profit¥7,628 million+77.7%
Ordinary income¥5,485 million+75.8%
Net income¥5,284 million+91.2%
Gross Profit Margin18.1 %
Full-year earnings forecast
Net Sales
¥106,000 million
Operating profit
¥12,700 million
Ordinary income
¥9,500 million
Net income for the current fiscal year
¥8,500 million
Earnings per share
¥410.78
Annual dividend
¥135
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 Sales61.8 %
Operating profit60.1 %
Ordinary income57.7 %
Net income for the current fiscal year62.2 %
Property Sourcing55.6 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Revenue and operating incomeIncrease in flow and stock revenue
Ordinary incomeForeign exchange gains and losses associated with loans to the U.S. subsidiary (＋¥21 million in the third quarter of the fiscal year ending December 2026, compared with ▲¥249 million in the same period of the previous year)
Net incomeGain on the sale of fixed assets: ＋¥33 million; impact of the liquidation of NRP: ＋¥1,656 million (＋¥626 million in the same period of the previous year)
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
U.S. dollar exchange rate
¥150
Interest RatesInterest rate level incorporating a rate hike in December 2026
New initiatives
- Promote the introduction of interest rate-linked and CPI-linked clauses
- Expansion of acquisitions centered on JINUSHI leaseback transactions
- Continue to target annual acquisitions of ¥100 billion or more
Key KPIsA metric the company considers important as a management benchmark.
- Acquisitions (on a contract basis)¥556 100 million-35.8%
- Finalization rate of transactions scheduled for sale in the current period99 %
- Tenant-contracted ratio for properties held for sale99.5 %
- SG&A coverage ratio of the stock business
- Track record of introducing interest-rate-linked and CPI-linked clauses9/58
Segment results
Flow business
Net Sales
¥59,757 million
Revenue_yoy_pct48.3
Gross profit
¥6,908 million
Gross profit_yoy_pct30.2
Stock business
Net Sales
¥5,364 million
Revenue_yoy_pct70.9
Gross profit
¥4,725 million
Gross profit_yoy_pct71.8
Other
Net Sales
¥369 million
Revenue_yoy_pct9,350
Gross profit
¥219 million
Gross profit_yoy_pct5,511.8
Medium-term management plan targets
Annual acquisitions¥100 billion or more
Target fiscal year2026-2028
Financial targets
Equity ratio
Actual results26.8 %
Year-end forecastApproximately 30%
Net debt-to-equity ratio
Actual results1.84 x
Market Size / Share
Land-lease market
¥10 1 trillion
CRE Market
¥46 1 trillion
Number of employees
118 people
As ofAs of November 2026
Annual Dividend
Annual
¥135 per share
Interim
¥65 per share
End of period
¥70 per share
Payout ratio
32.9 %
| Item | Details |
|---|---|
| Document type | Earnings presentation materials |
| Fiscal Period Covered | Q3 FY2026 |
| Net Sales | ¥65,492 million (YoY +50.8%) |
| Operating profit | ¥7,628 million (YoY +77.7%) |
| Ordinary income | ¥5,485 million (YoY +75.8%) |
| Net income | ¥5,284 million (YoY +91.2%) |
| Gross Profit Margin | 18.1 % |
| Full-year earnings forecast | Net Sales ¥106,000 million / Operating profit ¥12,700 million / Ordinary income ¥9,500 million / Net income for the current fiscal year ¥8,500 million / Earnings per share ¥410.78 / Annual dividend ¥135 |
| Progress against full-year forecast | Net Sales 61.8 % / Operating profit 60.1 % / Ordinary income 57.7 % / Net income for the current fiscal year 62.2 % / Property Sourcing 55.6 % |
| Segment results | Flow business Net Sales ¥59,757 million / Revenue_yoy_pct 48.3 / Gross profit ¥6,908 million / Gross profit_yoy_pct 30.2 / Stock business Net Sales ¥5,364 million / Revenue_yoy_pct 70.9 / Gross profit ¥4,725 million / Gross profit_yoy_pct 71.8 / Other Net Sales ¥369 million / Revenue_yoy_pct 9,350 / Gross profit ¥219 million / Gross profit_yoy_pct 5,511.8 |
| Breakdown of Factors Affecting the Change | Revenue and operating income Increase in flow and stock revenue / Ordinary income Foreign exchange gains and losses associated with loans to the U.S. subsidiary (＋¥21 million in the third quarter of the fiscal year ending December 2026, compared with ▲¥249 million in the same period of the previous year) / Net income Gain on the sale of fixed assets: ＋¥33 million; impact of the liquidation of NRP: ＋¥1,656 million (＋¥626 million in the same period of the previous year) |
| Key KPIs | Acquisitions (on a contract basis) ¥556 100 million (YoY -35.8%), Finalization rate of transactions scheduled for sale in the current period 99 %, Tenant-contracted ratio for properties held for sale 99.5 %, Indicator name SG&A coverage ratio of the stock business / value Not disclosed / yoy_pct Not disclosed, Track record of introducing interest-rate-linked and CPI-linked clauses 9/58 |
| Number of employees | 118 people |
| Assumptions Underlying the Business Outlook | U.S. dollar exchange rate ¥150 / Interest Rates Interest rate level incorporating a rate hike in December 2026 |
| Medium-term management plan targets | Annual acquisitions ¥100 billion or more / Target fiscal year 2026-2028 |
| Financial targets | Equity ratio Actual results 26.8 % / Year-end forecast Approximately 30% / Net debt-to-equity ratio Actual results 1.84 x |
| Annual Dividend | Annual ¥135 per share / Interim ¥65 per share / End of period ¥70 per share |
| Payout ratio | 32.9 % |
| Market Size / Share | Land-lease market ¥10 1 trillion / CRE Market ¥46 1 trillion |
| New initiatives | Promote the introduction of interest rate-linked and CPI-linked clauses, Expansion of acquisitions centered on JINUSHI leaseback transactions, Continue to target annual acquisitions of ¥100 billion or more |
Items this document does not state (11)
Operating profit marginSelling, general and administrative expensesResults for the three months of the current quarterSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsRisk 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.Confidence in current-period earnings has increased. The company cited the fact that 99% of the transactions scheduled for sale have been finalized, that it has received a letter of intent for the remaining transaction, and that flow and stock revenue are increasing.
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.