Worth reading
53Recurring
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
988.3
Year-on-year change (net income attributable to owners of the parent), %Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsSecond quarter of the fiscal year ending November 20268 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥10,499 million+95.3%
Operating profit¥2,735 million
Ordinary income¥2,334 million+573.3%
Net income¥2,437 million+988.3%
Selling, general and administrative expenses¥1,260 million
Full-year earnings forecast
Net Sales
¥17,730 million
Gross profit
¥6,500 million
Operating profit
¥4,150 million
Ordinary income
¥2,920 million
Net income
¥2,620 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 Sales59.2%
Gross profit61.5%
Gross profit from the investment management business25.9%
Gross profit from the investment banking business61.2%
Gross profit from the facilities operations business71.5%
Gross profit from other businesses45.0%
Operating profit65.9%
Ordinary income79.9%
Net income93.0%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress toward the full-year plan is on track at the net income levelBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Gain on disposal of fixed assets¥974 million
- Gross profit from sales of operating investment securities¥285 million
- Gross profit from real estate leasing¥1,602 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Cost of capitalApproximately 7–9%
- Increase in interest expense during the period+0.75 pt vs. end of the previous period
New initiatives
- Screening of investment opportunities and a sale policy based on the cost of capital
- Consideration of a review of the shareholder return policy, including raising the minimum DOE
- Planned disclosure of a business structure transformation plan by the end of the current fiscal year
Key KPIsA metric the company considers important as a management benchmark.
- Balance of leased real estate¥64,802 million
- Number of leased real estate properties92 Engagements
- NOI yield7.1 %Year on year against the same period last year-0.5%
- Balance of assets under management¥14,562 millionYear on year against the same period last year+16.8%
- Borrowings outstanding¥48,429 million
- Weighted average remaining maturity8.7 Year
- Weighted average interest rate1.8 %
- Leverage74.4 %Year on year against the same period last year-1.4%
- Percentage of interest rates fixed12.4 %Year on year against the same period last year-5.0%
- Net debt-to-equity ratio1.62 timesYear on year against the same period last year-0.3%
Segment results
Investment management business
Gross profit
¥7 million
Year on year against the same period last year-67.7%
Investment Banking Business
Gross profit
¥3,758 million
Year on year against the same period last year-11.4%
Gross profit from real estate leasing
¥1,602 million
Facility operations business
Gross profit
¥211 million
Year on year against the same period last year+9.2%
Other Businesses
Gross profit
¥18 million
Financial targets
Net debt-to-equity ratio
Actual results1.62 times
Annual Dividend
Annual dividend per share¥71
Breakdown
Interim Dividend34
Year-end dividend37
| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Second quarter of the fiscal year ending November 2026 |
| Net Sales | ¥10,499 million (YoY +95.3%) |
| Operating profit | ¥2,735 million |
| Ordinary income | ¥2,334 million (YoY +573.3%) |
| Net income | ¥2,437 million (YoY +988.3%) |
| Selling, general and administrative expenses | ¥1,260 million |
| Full-year earnings forecast | Net Sales ¥17,730 million / Gross profit ¥6,500 million / Operating profit ¥4,150 million / Ordinary income ¥2,920 million / Net income ¥2,620 million |
| Progress against full-year forecast | Net Sales 59.2% / Gross profit 61.5% / Gross profit from the investment management business 25.9% / Gross profit from the investment banking business 61.2% / Gross profit from the facilities operations business 71.5% / Gross profit from other businesses 45.0% / Operating profit 65.9% / Ordinary income 79.9% / Net income 93.0% |
| Self-assessment against the plan | Progress toward the full-year plan is on track at the net income level |
| Segment results | Investment management business Gross profit ¥7 million / yoy_pct -67.7 / Investment Banking Business Gross profit ¥3,758 million / yoy_pct -11.4 / Gross profit from real estate leasing ¥1,602 million / Facility operations business Gross profit ¥211 million / yoy_pct 9.2 / Other Businesses Gross profit ¥18 million / yoy_pct Not disclosed |
| Breakdown of Factors Affecting the Change | Factors Gain on disposal of fixed assets / Amount ¥974 million, Factors Gross profit from sales of operating investment securities / Amount ¥285 million, Factors Gross profit from real estate leasing / Amount ¥1,602 million |
| Key KPIs | Indicator name Balance of leased real estate / Value ¥64,802 million / Year on year against the same period last year Not disclosed, Indicator name Number of leased real estate properties / Value 92 Engagements / Year on year against the same period last year Not disclosed, Indicator name NOI yield / Value 7.1 % / Year on year against the same period last year -0.5 %, Indicator name Balance of assets under management / Value ¥14,562 million / Year on year against the same period last year ¥16.8 million, Indicator name Borrowings outstanding / Value ¥48,429 million / Year on year against the same period last year Not disclosed, Indicator name Weighted average remaining maturity / Value 8.7 Year / Year on year against the same period last year Not disclosed, Indicator name Weighted average interest rate / Value 1.8 % / Year on year against the same period last year Not disclosed, Indicator name Leverage / Value 74.4 % / Year on year against the same period last year -1.4 %, Indicator name Percentage of interest rates fixed / Value 12.4 % / Year on year against the same period last year -5 %, Indicator name Net debt-to-equity ratio / Value 1.62 times / Year on year against the same period last year -0.25 times |
| Assumptions Underlying the Business Outlook | Item Cost of capital / Value Approximately 7–9%, Item Increase in interest expense during the period / Value +0.75 pt vs. end of the previous period |
| Financial targets | Net debt-to-equity ratio Actual results 1.62 times / ROE Not disclosed |
| Annual Dividend | Annual dividend per share ¥71 / Breakdown Interim Dividend 34 / Year-end dividend 37 |
| New initiatives | Screening of investment opportunities and a sale policy based on the cost of capital, Consideration of a review of the shareholder return policy, including raising the minimum DOE, Planned disclosure of a business structure transformation plan by the end of the current fiscal year |
Items this document does not state (14)
Gross Profit MarginOperating profit marginResults for the three months of the current quarterUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsPayout ratioAcquisition 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.Profit growth was driven by the sale of properties with substantial unrealized gains in the investment banking business, the recognition of extraordinary income from the transfer of non-current assets, and increased profit in the facilities operations business. Ordinary income also benefited from fewer borrowings involving loan arrangement fees than in the same period of the previous year. Rental income declined due to the loss of rental income from properties sold in the previous period and lower income from MC contracts.
How to read this page
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