Worth reading
66In 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
65.2
% (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFirst quarter of the fiscal year ending December 202615 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥18,261 million+65.2%
Operating profit¥6,115 million+10.2%
Net income¥3,829 million+6.8%
Selling, general and administrative expenses¥688 million
Gross Profit Margin
Rate37.3%
Year on year against the same period last year111.2%
Operating profit margin
Rate33.5%
Year on year against the same period last year110.2%
Results for the three months of the current quarterRevenue of ¥18.2 billion, operating profit of ¥6.1 billion, profit before tax of ¥5.6 billion, and net profit of ¥3.8 billion. These figures represent standalone results for the first quarter.
Full-year earnings forecast
Net Sales
¥56,150 million
Gross profit
¥18,843 million
Selling, general and administrative expenses
¥2,867 million
Operating profit
¥15,976 million
Profit before tax
¥13,538 million
Net income for the current fiscal year
¥9,178 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 Sales32.5%
Gross profit36.1%
Selling, general and administrative expenses24.0%
Operating profit38.3%
Profit before tax41.4%
Net income for the current fiscal year41.7%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Both revenue and expenses are progressing as planned, and progress against the plan is favorable.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Sale of a large office building, recovery in the real estate market, rising rents, property acquisitions, and the accumulation of new AUM. The amount of change attributable to each factor was not disclosed.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
A certain degree of interest rate increases has already been incorporated into the plan. Specific figures for exchange rates, interest rates, raw material prices and other assumptions were not disclosed.New initiatives
- Plans to launch the first real estate STO around summer 2026
- Issuance of stock options to officers and employees
- Plans to introduce a restricted stock compensation plan for executive officers
- Acquisition of 3 properties, including a large office building in central Tokyo
Key KPIsA metric the company considers important as a management benchmark.
- Properties for sale991 Hundreds of millions of yen
- Number of properties for sale26 Property
- AUM1,200 over ¥100 million
- Operating loans related to OwnersBook120 Hundreds of millions of yen
- OwnersBook members28,200 people
- ROE31.2 %
- Net debt-to-equity ratio1.8 times
- Interest coverage ratio19.3 times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The Company referred to its policy of improving room occupancy and room rates, but figures for the quarter were not disclosed.Segment results
Corporate Funding Business (real estate investment)
Net Sales
¥15,800 million+80.0%
Operating marginReal estate investment profit margin: 36.6%
Corporate Funding Business (real estate leasing)
Net Sales
¥836 million+11.0%
Operating marginReal estate leasing profit margin: 55.6%
Corporate Funding Business (hotel operations)
Net Sales
¥1,107 million-3.0%
Operating margin0.5%
Asset Management Business
Net Sales
¥292 million+72.0%
AUM
1,200 over ¥100 million
Crowdfunding Business
Net Sales
¥215 million+22.0%
Medium-term management plan targets
Target fiscal year2027
Net Sales
600 Hundreds of millions of yen
Profit before tax
167 Hundreds of millions of yen
ROE
25% or higher
Payout ratio
18% or more
Real estate book balance
1,500 Hundreds of millions of yen
AUM
3,000 Hundreds of millions of yen
OwnersBook investment amount
200 Hundreds of millions of yen
Financial targets
ROE25% or more in 2027; 27.7% actual in 2025
Equity ratioTargeting 25%–30%. The ratio based on the balance sheet for the first quarter of 2026 was 26.6%, or 39.3% after adding unrealized gains on properties.
Market Size / Share
Japan's real estate investment
¥6.22 trillion
Year on year+13.0%
Percentage of foreign investors
34 %
Share of Japan's real estate investment accounted for by the five central Tokyo wards
42 %
Investment ranking by city in Tokyo2nd
Number of stores and locations
6 hotels. The number of openings and closures during the period was not disclosed.Number of employees
Approximately 100 employees. A separate chart shows 66 employees in 2025. Changes during the period and the hiring plan were not disclosed.Annual Dividend
Annual dividend per share¥98
Payout ratio
Target of 18% or moreAcquisition of treasury shares
Share buybacks will be conducted flexibly based on a comprehensive assessment of share price trends, economic conditions and other factors. The acquisition limit, number of shares and period were not disclosed.| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥18,261 million (YoY +65.2%) |
| Operating profit | ¥6,115 million (YoY +10.2%) |
| Net income | ¥3,829 million (YoY +6.8%) |
| Gross Profit Margin | Rate 37.3% / Year on year against the same period last year 111.2% |
| Operating profit margin | Rate 33.5% / Year on year against the same period last year 110.2% |
| Selling, general and administrative expenses | ¥688 million |
| Results for the three months of the current quarter | Revenue of ¥18.2 billion, operating profit of ¥6.1 billion, profit before tax of ¥5.6 billion, and net profit of ¥3.8 billion. These figures represent standalone results for the first quarter. |
| Full-year earnings forecast | Net Sales ¥56,150 million / Gross profit ¥18,843 million / Selling, general and administrative expenses ¥2,867 million / Operating profit ¥15,976 million / Profit before tax ¥13,538 million / Net income for the current fiscal year ¥9,178 million |
| Progress against full-year forecast | Net Sales 32.5% / Gross profit 36.1% / Selling, general and administrative expenses 24.0% / Operating profit 38.3% / Profit before tax 41.4% / Net income for the current fiscal year 41.7% |
| Self-assessment against the plan | Both revenue and expenses are progressing as planned, and progress against the plan is favorable. |
| Segment results | Corporate Funding Business (real estate investment) Net Sales ¥15,800 million (YoY +80.0%) / Operating margin Real estate investment profit margin: 36.6% / Corporate Funding Business (real estate leasing) Net Sales ¥836 million (YoY +11.0%) / Operating margin Real estate leasing profit margin: 55.6% / Corporate Funding Business (hotel operations) Net Sales ¥1,107 million (YoY -3.0%) / Operating margin 0.5% / Asset Management Business Net Sales ¥292 million (YoY +72.0%) / AUM 1,200 over ¥100 million / Crowdfunding Business Net Sales ¥215 million (YoY +22.0%) |
| Breakdown of Factors Affecting the Change | Sale of a large office building, recovery in the real estate market, rising rents, property acquisitions, and the accumulation of new AUM. The amount of change attributable to each factor was not disclosed. |
| Key KPIs | Indicator name Properties for sale / Value 991 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name Number of properties for sale / Value 26 Property / Year on year against the same period last year Not disclosed, Indicator name AUM / Value 1,200 over ¥100 million / Year on year against the same period last year Not disclosed, Indicator name Operating loans related to OwnersBook / Value 120 Hundreds of millions of yen / Year on year against the same period last year Not disclosed, Indicator name OwnersBook members / Value 28,200 people / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 31.2 % / Year on year against the same period last year Not disclosed, Indicator name Net debt-to-equity ratio / Value 1.8 times / Year on year against the same period last year Not disclosed, Indicator name Interest coverage ratio / Value 19.3 times / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | The Company referred to its policy of improving room occupancy and room rates, but figures for the quarter were not disclosed. |
| Number of stores and locations | 6 hotels. The number of openings and closures during the period was not disclosed. |
| Number of employees | Approximately 100 employees. A separate chart shows 66 employees in 2025. Changes during the period and the hiring plan were not disclosed. |
| Assumptions Underlying the Business Outlook | A certain degree of interest rate increases has already been incorporated into the plan. Specific figures for exchange rates, interest rates, raw material prices and other assumptions were not disclosed. |
| Medium-term management plan targets | Target fiscal year 2027 / Net Sales 600 Hundreds of millions of yen / Profit before tax 167 Hundreds of millions of yen / ROE 25% or higher / Payout ratio 18% or more / Real estate book balance 1,500 Hundreds of millions of yen / AUM 3,000 Hundreds of millions of yen / OwnersBook investment amount 200 Hundreds of millions of yen |
| Financial targets | ROE 25% or more in 2027; 27.7% actual in 2025 / Equity ratio Targeting 25%–30%. The ratio based on the balance sheet for the first quarter of 2026 was 26.6%, or 39.3% after adding unrealized gains on properties. |
| Annual Dividend | Annual dividend per share ¥98 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | Target of 18% or more |
| Acquisition of treasury shares | Share buybacks will be conducted flexibly based on a comprehensive assessment of share price trends, economic conditions and other factors. The acquisition limit, number of shares and period were not disclosed. |
| Market Size / Share | Japan's real estate investment ¥6.22 trillion / Percentage of foreign investors 34 % / Share of Japan's real estate investment accounted for by the five central Tokyo wards 42 % / Investment ranking by city in Tokyo 2nd |
| New initiatives | Plans to launch the first real estate STO around summer 2026, Issuance of stock options to officers and employees, Plans to introduce a restricted stock compensation plan for executive officers, Acquisition of 3 properties, including a large office building in central Tokyo |
Items this document does not state (5)
Ordinary incomeRisk amount incorporated into the outlookCapital 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.The sale of the large office building Grace Kojimachi generated substantial profit. Against a backdrop of a recovering real estate market, the return to offices and rising rents, and favorable real estate market conditions, property acquisitions and revenue across the businesses also increased.
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.