Worth reading
74In 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
8.3
% (year-on-year change in net income)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter of the fiscal year ending December 202614 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥23,470 million+137.4%
Operating profit¥5,337 million+109.9%
Ordinary income¥4,494 million+103.6%
Net income¥3,245 million+108.3%
Selling, general and administrative expenses¥2,600 million
Operating profit margin
Rate22.7%
Year on year against the same period last year28.4% in the same period of the previous year
Full-year earnings forecast
Ordinary income
¥7,200 million
Net income
¥5,000 million
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 income64.9%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progressing strongly, with numerous sales exceeding planned profitsAssumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
References inflation, higher interest expenses and higher-than-expected sales prices. Numerical assumptions: not disclosedNew initiatives
- Entry into the development of grid-scale battery storage facilities
- Securing a ¥3.96 billion budget for 6 properties in Kumamoto, Kagoshima, Chiba, Shiga and Kyoto prefectures
- New mandate to act as sales agent for a tower condominium development with 508 units, one of the largest in Hokkaido
- Completion and opening of a hotel in Naha intended for long-term ownership
- Grant of 58,500 restricted stock units to 58 employees
- Launch and mandate of a new private fund
Key KPIsA metric the company considers important as a management benchmark.
- Standalone property sales18 EngagementsYear on year against the same period last year14 transactions in the year-earlier period
- Standalone property acquisitions19 EngagementsYear on year against the same period last year22 transactions in the year-earlier period
- Real estate brokerage closings29 EngagementsYear on year against the same period last year29 transactions in the year-earlier period
- Condominium units delivered157 unitsYear on year against the same period last year223 units in the year-earlier period
- Buildings under property management contracts167 EngagementsYear on year against the same period last year164 buildings in the year-earlier period
- Inventory of properties for sale and properties under development for sale¥68,727 million
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- クマシュー社 properties for sale181 EngagementsYear on year against the same period last year192 properties at the time of acquisition
- クマシュー社 inventory of properties for sale¥294 millionYear on year against the same period last year¥24.5 billion at the time of acquisition
- クマシュー社 average price per property¥162 millionYear on year against the same period last year¥127 million at the time of acquisition
Segment results
Real estate investment and development business
Net Sales
¥20,115 million
Operating profit
¥5,100 million
Prior-year period
Net Sales
¥13,880 million
Operating profit
¥4,430 million
Real estate consulting business
Net Sales
¥744 million
Operating profit
¥168 million
Prior-year period
Net Sales
¥1,176 million
Operating profit
¥192 million
Real estate management business
Net Sales
¥2,811 million
Operating profit
¥1,426 million
Prior-year period
Net Sales
¥2,456 million
Operating profit
¥1,250 million
Medium-term management plan targets
FY2026
Ordinary income¥7.20 billion
Net income for the current fiscal year¥5.00 billion
Dividend per share¥80
Consolidated payout ratio30.0%
FY2027
Ordinary income¥7.90 billion
Net income for the current fiscal year¥5.50 billion
Consolidated payout ratio30.0%
Long-term Targets
Equity ratioAt least 30%
Financial targets
Equity ratio
TargetAt least 30%
Actual results21.6%
Market Size / Share
Lists net financial asset balances and the number of households among the wealthy and ultra-wealthy. Ultra-wealthy: ¥135 trillion and 118,000 households; wealthy: ¥334 trillion and 1.535 million households, among othersNumber of employees
Number of Employees232 consolidated, 140 standalone
Change during the periodUp 50 people from 2025 due to the consolidation of クマシュー社
Capital expenditures
¥39.6 100 million budget for 6 grid-scale battery storage facilities
Annual Dividend
Annual dividend amount¥80 per share
Payout ratio
30.0% (FY2026 target), 30.9% (FY2025 actual)Acquisition of treasury shares
¥1.6 billion increase in the amount allocated for share repurchases. Repurchase period and number of shares: not disclosed| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥23,470 million (YoY +137.4%) |
| Operating profit | ¥5,337 million (YoY +109.9%) |
| Ordinary income | ¥4,494 million (YoY +103.6%) |
| Net income | ¥3,245 million (YoY +108.3%) |
| Operating profit margin | Rate 22.7% / Year on year against the same period last year 28.4% in the same period of the previous year |
| Selling, general and administrative expenses | ¥2,600 million |
| Full-year earnings forecast | Ordinary income ¥7,200 million / Net income ¥5,000 million / Net Sales Not disclosed / Operating profit Not disclosed |
| Progress against full-year forecast | Net income 64.9% |
| Self-assessment against the plan | Progressing strongly, with numerous sales exceeding planned profits |
| Segment results | Real estate investment and development business Net Sales ¥20,115 million / Operating profit ¥5,100 million / Prior-year period Net Sales ¥13,880 million / Operating profit ¥4,430 million / Real estate consulting business Net Sales ¥744 million / Operating profit ¥168 million / Prior-year period Net Sales ¥1,176 million / Operating profit ¥192 million / Real estate management business Net Sales ¥2,811 million / Operating profit ¥1,426 million / Prior-year period Net Sales ¥2,456 million / Operating profit ¥1,250 million |
| Key KPIs | Indicator name Standalone property sales / Value 18 Engagements / Year on year against the same period last year 14 transactions in the year-earlier period, Indicator name Standalone property acquisitions / Value 19 Engagements / Year on year against the same period last year 22 transactions in the year-earlier period, Indicator name Real estate brokerage closings / Value 29 Engagements / Year on year against the same period last year 29 transactions in the year-earlier period, Indicator name Condominium units delivered / Value 157 units / Year on year against the same period last year 223 units in the year-earlier period, Indicator name Buildings under property management contracts / Value 167 Engagements / Year on year against the same period last year 164 buildings in the year-earlier period, Indicator name Inventory of properties for sale and properties under development for sale / Value ¥68,727 million / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Indicator name クマシュー社 properties for sale / Value 181 Engagements / Year on year against the same period last year 192 properties at the time of acquisition, Indicator name クマシュー社 inventory of properties for sale / Value ¥294 million / Year on year against the same period last year ¥24.5 billion at the time of acquisition, Indicator name クマシュー社 average price per property / Value ¥162 million / Year on year against the same period last year ¥127 million at the time of acquisition |
| Number of employees | Number of Employees 232 consolidated, 140 standalone / Change during the period Up 50 people from 2025 due to the consolidation of クマシュー社 |
| Assumptions Underlying the Business Outlook | References inflation, higher interest expenses and higher-than-expected sales prices. Numerical assumptions: not disclosed |
| Medium-term management plan targets | FY2026 Ordinary income ¥7.20 billion / Net income for the current fiscal year ¥5.00 billion / Dividend per share ¥80 / Consolidated payout ratio 30.0% / FY2027 Ordinary income ¥7.90 billion / Net income for the current fiscal year ¥5.50 billion / Consolidated payout ratio 30.0% / Long-term Targets Equity ratio At least 30% |
| Financial targets | Equity ratio Target At least 30% / Actual results 21.6% |
| Annual Dividend | Annual dividend amount ¥80 per share / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | 30.0% (FY2026 target), 30.9% (FY2025 actual) |
| Acquisition of treasury shares | ¥1.6 billion increase in the amount allocated for share repurchases. Repurchase period and number of shares: not disclosed |
| Capital expenditures | ¥39.6 100 million (budget for 6 grid-scale battery storage facilities) |
| Market Size / Share | Lists net financial asset balances and the number of households among the wealthy and ultra-wealthy. Ultra-wealthy: ¥135 trillion and 118,000 households; wealthy: ¥334 trillion and 1.535 million households, among others |
| New initiatives | Entry into the development of grid-scale battery storage facilities, Securing a ¥3.96 billion budget for 6 properties in Kumamoto, Kagoshima, Chiba, Shiga and Kyoto prefectures, New mandate to act as sales agent for a tower condominium development with 508 units, one of the largest in Hokkaido, Completion and opening of a hotel in Naha intended for long-term ownership, Grant of 58,500 restricted stock units to 58 employees, Launch and mandate of a new private fund |
Items this document does not state (7)
Gross Profit MarginResults for the three months of the current quarterBreakdown of Factors Affecting the ChangeNumber of stores and locationsRisk amount incorporated into the outlookOrders 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.Performance progressed steadily, led by the core real estate investment and development business. Favorable sales exceeding planned profits were achieved in many cases, helped by inflation, and the increase in interest expenses was absorbed by higher-than-expected sales prices. Personnel expenses also increased as a result of proactive investment in human capital.
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.