Komori
Financial results presentation3299MUGEN ESTATE Co.,Ltd.Real Estate

Financial Results Presentation for the Third Quarter of the Fiscal Year Ending December 2026

Sales of high-end residential properties and large-scale properties were sluggish, resulting in lower revenue and profit for the cumulative third quarter. Meanwhile, sales in regional areas expanded, with revenue progress at 66.4% against the full-year forecast and progress toward net income attributable to owners of the parent at 48.6%.

Worth reading
59In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Deterioration
Direction inferred from the company’s description.
Scale
6031
¥ million (year-on-year decrease in revenue)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationQ3 FY202610 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales40,928 Millions of yen-12.8%
Operating profit4,683 Millions of yen-34.2%
Ordinary income3,710 Millions of yen-41.2%
Net income¥2,320 million -44.7%profit attributable to owners of the parent
Gross Profit Margin24.8 %
Operating profit margin11.4 %
Selling, general and administrative expenses5,472 Millions of yen
Full-year earnings forecast
Net Sales
61,599 Millions of yen
Gross profit
15,628 Millions of yen
Operating profit
8,588 Millions of yen
Ordinary income
7,237 Millions of yen
Profit attributable to owners of the parent
4,770 Millions of yen
Real estate sales business revenue
58,022 Millions of yen
Revenue from rental and other businesses
3,577 Millions of yen
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 Sales66.4
Real estate sales business revenue65.9
Revenue from rental and other businesses75.4
Gross profit65
Operating profit54.5
Ordinary income51.3
Profit attributable to owners of the parent48.6
Revenue from the resale business (investment)60.9
Revenue from the resale business (residential)75.2
Real estate specified joint enterprise business revenue51.4
Real estate sales business acquisitions65.7
Purchase of properties for the resale business (investment)66.1
Purchase of properties for the resale business (residential)64.6
Real estate specified joint enterprise business acquisitions100
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Although the plan is weighted toward the fourth quarter, the company aims to make up the shortfall through sales of large-scale properties and achieve its full-year plan.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit
Lower gross profit due to lower revenueAmount not disclosed
Difference in gross profit marginAmount not disclosed
Decrease in selling, general and administrative expensesAmount not disclosed
Ordinary income
Increase in interest expense340 Millions of yen
New initiatives
  • Expansion of sales channels by strengthening collaboration with financial institutions, including regional banks
  • Expansion of sales channels targeting affluent domestic investors
  • Strengthening leasing activities for completed development properties
  • Expanding sales activities and sales channels toward selling out the Soka Project within the year
  • Strengthening IR and SR activities and dialogue with investors
Key KPIsA metric the company considers important as a management benchmark.
  • Number of properties sold in the real estate acquisition-and-resale business473 projects
    Year on year against the same period last year+2.0%
  • Number of investment properties sold154 projects
    Year on year against the same period last year-1.0%
  • Number of residential properties sold319 projects
    Year on year against the same period last year+3.0%
  • Number of properties sold to overseas investors96 projects
    Year on year against the same period last year-33.0%
  • Equity ratio33.2 %
  • Net debt-to-equity ratio1.37 Times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Real estate acquisition and resale
Number of sales
473 projects+0.4%
Average selling price
78.9 Millions of yen-15.5%
Investment Properties
Number of sales
154 projects-0.6%
Average selling price
131.1 Millions of yen+7.7%
Residential Properties
Number of sales
319 projects+0.9%
Average selling price
53.8 Millions of yen-32.3%
Foreign investors
Number of sales
96 projects-25.6%
Average selling price
115.4 Millions of yen-18.0%
Segment results
Real Estate Sales Business
Net Sales
38,230 Millions of yen
Year-on-Year Change in Revenue (%)-14.7
Operating profit
5,778 Millions of yen
Operating profit year-on-year_pct-32.5
Rental and other businesses
Net Sales
2,697 Millions of yen
Year-on-Year Change in Revenue (%)27.1
Operating profit
687 Millions of yen
Operating profit year-on-year_pct30.4
Purchase-and-resale business (investment properties)
Net Sales
20,192 Millions of yen
Year-on-year (%)7
Purchase-and-resale business (residential)
Net Sales
17,166 Millions of yen
Year-on-year (%)-31.7
Financial targets
Equity ratio
Target30.0%～35.0%
Actual results33.2 %
Net debt-to-equity ratio
Target1.2x–1.5x
Actual results1.37 Times
Number of employees
Consolidated
520 People
Non-consolidated
474 People
Record date30 September 2026
Annual Dividend
Annual
¥104 per share
Interim
¥52 per share
End of period
¥52 per share
Payout ratio
51.3
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredQ3 FY2026
Net Sales40,928 Millions of yen (YoY -12.8%)
Operating profit4,683 Millions of yen (YoY -34.2%)
Ordinary income3,710 Millions of yen (YoY -41.2%)
Net income¥2,320 million (profit attributable to owners of the parent) (YoY -44.7%)
Gross Profit Margin24.8 %
Operating profit margin11.4 %
Selling, general and administrative expenses5,472 Millions of yen
Full-year earnings forecastNet Sales 61,599 Millions of yen / Gross profit 15,628 Millions of yen / Operating profit 8,588 Millions of yen / Ordinary income 7,237 Millions of yen / Profit attributable to owners of the parent 4,770 Millions of yen / Real estate sales business revenue 58,022 Millions of yen / Revenue from rental and other businesses 3,577 Millions of yen
Progress against full-year forecastNet Sales 66.4 / Real estate sales business revenue 65.9 / Revenue from rental and other businesses 75.4 / Gross profit 65 / Operating profit 54.5 / Ordinary income 51.3 / Profit attributable to owners of the parent 48.6 / Revenue from the resale business (investment) 60.9 / Revenue from the resale business (residential) 75.2 / Real estate specified joint enterprise business revenue 51.4 / Real estate sales business acquisitions 65.7 / Purchase of properties for the resale business (investment) 66.1 / Purchase of properties for the resale business (residential) 64.6 / Real estate specified joint enterprise business acquisitions 100
Self-assessment against the planAlthough the plan is weighted toward the fourth quarter, the company aims to make up the shortfall through sales of large-scale properties and achieve its full-year plan.
Segment resultsReal Estate Sales Business Net Sales 38,230 Millions of yen / Year-on-Year Change in Revenue (%) -14.7 / Operating profit 5,778 Millions of yen / Operating profit year-on-year_pct -32.5 / Rental and other businesses Net Sales 2,697 Millions of yen / Year-on-Year Change in Revenue (%) 27.1 / Operating profit 687 Millions of yen / Operating profit year-on-year_pct 30.4 / Purchase-and-resale business (investment properties) Net Sales 20,192 Millions of yen / Year-on-year (%) 7 / Purchase-and-resale business (residential) Net Sales 17,166 Millions of yen / Year-on-year (%) -31.7
Breakdown of Factors Affecting the ChangeOperating profit Lower gross profit due to lower revenue Amount not disclosed / Difference in gross profit margin Amount not disclosed / Decrease in selling, general and administrative expenses Amount not disclosed / Ordinary income Increase in interest expense 340 Millions of yen
Key KPIsIndicator name Number of properties sold in the real estate acquisition-and-resale business / Value 473 projects / Year on year against the same period last year 2 projects, Indicator name Number of investment properties sold / Value 154 projects / Year on year against the same period last year -1 projects, Indicator name Number of residential properties sold / Value 319 projects / Year on year against the same period last year 3 projects, Indicator name Number of properties sold to overseas investors / Value 96 projects / Year on year against the same period last year -33 projects, Indicator name Equity ratio / Value 33.2 % / Year on year against the same period last year Not disclosed, Indicator name Net debt-to-equity ratio / Value 1.37 Times / Year on year against the same period last year Not disclosed
Unit price and quantity metricsReal estate acquisition and resale Number of sales 473 projects (YoY +0.4%) / Average selling price 78.9 Millions of yen (YoY -15.5%) / Investment Properties Number of sales 154 projects (YoY -0.6%) / Average selling price 131.1 Millions of yen (YoY +7.7%) / Residential Properties Number of sales 319 projects (YoY +0.9%) / Average selling price 53.8 Millions of yen (YoY -32.3%) / Foreign investors Number of sales 96 projects (YoY -25.6%) / Average selling price 115.4 Millions of yen (YoY -18.0%)
Number of employeesConsolidated 520 People / Non-consolidated 474 People / Record date 30 September 2026
Financial targetsEquity ratio Target 30.0%～35.0% / Actual results 33.2 % / Net debt-to-equity ratio Target 1.2x–1.5x / Actual results 1.37 Times
Annual DividendAnnual ¥104 per share / Interim ¥52 per share / End of period ¥52 per share
Payout ratio51.3
New initiativesExpansion of sales channels by strengthening collaboration with financial institutions, including regional banks, Expansion of sales channels targeting affluent domestic investors, Strengthening leasing activities for completed development properties, Expanding sales activities and sales channels toward selling out the Soka Project within the year, Strengthening IR and SR activities and dialogue with investors
Items this document does not state (10)
Results for the three months of the current quarterNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey 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 main factors were lower sales of high-end and large-scale properties, weak demand from overseas investors, and lower revenue from the real estate acquisition-and-resale business. Ordinary profit was also affected by interest expense, which increased by ¥340 million year on year because of higher interest-bearing debt and rising borrowing rates.

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.