Worth reading
42Recurring
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
1250
¥ millionWording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFull fiscal year ended February 20269 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥13,543 million+9.0%
Operating profit¥774 million-20.6%
Ordinary income¥468 million-36.8%
Net income¥294 million-36.2%
Operating profit margin5.7%; year-on-year change: Not disclosed
Full-year earnings forecast
Net Sales
¥15,500 million
Operating profit
¥1,250 million
Ordinary income
¥850 million
Profit attributable to owners of the parent
¥530 million
Operating profit margin
8.1 %
Annual dividend
¥30
What the company explained in this material
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Incorporates the sale of large properties. Operating profit is expected to increase on the assumption that sales of properties held for sale will progress. Numerical assumptions: Not disclosedNew initiatives
- Acquisition of all shares of 富士ホーム, making it a wholly owned subsidiary (25 September 2025)
- Expansion of real estate management services and development of an operating base in the Asakusa area
- Sale of large properties, diversification of property types and expansion of recurring revenue
Key KPIsA metric the company considers important as a management benchmark.
- Balance of properties held for sale¥8,293 million
- Equity ratio27.5 %Year on year against the same period last yearUp 5.1 percentage points from the end of the previous fiscal year
- Average sale price of single-building income-producing properties¥7.9 hundred millionYear on year against the same period last yearUp ¥130 million year on year
- PBR1.09 times
- ROE8.5 %
- PER13.4 times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Average sale price of single-building income-producing properties: ¥790 million, up ¥130 million year on year; number of properties sold by price range and property typeSegment results
Real estate sales business
Net Sales
¥12,585 million
Year-on-year (%)9.5
Operating profit
¥926 million
Operating profit year-on-year_pct-10.2
Real Estate Leasing
Net Sales
¥703 million
Year-on-year (%)-1.2
Operating profit
¥74 million
Operating profit year-on-year_pct-42.3
Property Management Business
Net Sales
¥254 million
Year-on-year (%)13.9
Operating profit
¥88 million
Operating profit year-on-year_pct9.4
Adjustments
Operating profit
¥-315 million
Medium-term management plan targets
The current medium-term management plan covers the fiscal years ending February 2025 through February 2027. Its strategies include increasing operating profit, expanding recurring revenue, collaborating with external partners and expanding the scale of the sales business. Numerical targets: Not disclosedMarket Size / Share
- Share of real estate in the total assets of Japan's top 1% of affluent individuals77 %
- Real estate purchases by overseas investors in 2024¥9,397 hundred millionYear on year against the same period last year+63.0%
- Population of Tokyo's 23 wards in 2035999 10,000 people
Number of employees
Non-consolidated, excluding secondees
Number of Employees68 people
Annual Dividend
Annual dividend per share¥30
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Full fiscal year ended February 2026 |
| Net Sales | ¥13,543 million (YoY +9.0%) |
| Operating profit | ¥774 million (YoY -20.6%) |
| Ordinary income | ¥468 million (YoY -36.8%) |
| Net income | ¥294 million (YoY -36.2%) |
| Operating profit margin | 5.7%; year-on-year change: Not disclosed |
| Full-year earnings forecast | Net Sales ¥15,500 million / Operating profit ¥1,250 million / Ordinary income ¥850 million / Profit attributable to owners of the parent ¥530 million / Operating profit margin 8.1 % / Annual dividend ¥30 |
| Segment results | Real estate sales business Net Sales ¥12,585 million / Year-on-year (%) 9.5 / Operating profit ¥926 million / Operating profit year-on-year_pct -10.2 / Real Estate Leasing Net Sales ¥703 million / Year-on-year (%) -1.2 / Operating profit ¥74 million / Operating profit year-on-year_pct -42.3 / Property Management Business Net Sales ¥254 million / Year-on-year (%) 13.9 / Operating profit ¥88 million / Operating profit year-on-year_pct 9.4 / Adjustments Operating profit ¥-315 million |
| Key KPIs | Indicator name Balance of properties held for sale / Value ¥8,293 million / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 27.5 % / Year on year against the same period last year Up 5.1 percentage points from the end of the previous fiscal year, Indicator name Average sale price of single-building income-producing properties / Value ¥7.9 hundred million / Year on year against the same period last year Up ¥130 million year on year, Indicator name PBR / Value 1.09 times / Year on year against the same period last year Not disclosed, Indicator name ROE / Value 8.5 % / Year on year against the same period last year Not disclosed, Indicator name PER / Value 13.4 times / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Average sale price of single-building income-producing properties: ¥790 million, up ¥130 million year on year; number of properties sold by price range and property type |
| Number of employees | Number of Employees 68 people / Subject Non-consolidated, excluding secondees |
| Assumptions Underlying the Business Outlook | Incorporates the sale of large properties. Operating profit is expected to increase on the assumption that sales of properties held for sale will progress. Numerical assumptions: Not disclosed |
| Medium-term management plan targets | The current medium-term management plan covers the fiscal years ending February 2025 through February 2027. Its strategies include increasing operating profit, expanding recurring revenue, collaborating with external partners and expanding the scale of the sales business. Numerical targets: Not disclosed |
| Annual Dividend | Annual dividend per share ¥30 / Interim Not disclosed / End of period Not disclosed |
| Market Size / Share | Indicator Share of real estate in the total assets of Japan's top 1% of affluent individuals / Value 77 %, Indicator Real estate purchases by overseas investors in 2024 / Value ¥9,397 hundred million / Year on year against the same period last year ¥63 hundred million, Indicator Population of Tokyo's 23 wards in 2035 / Value 999 10,000 people |
| New initiatives | Acquisition of all shares of 富士ホーム, making it a wholly owned subsidiary (25 September 2025), Expansion of real estate management services and development of an operating base in the Asakusa area, Sale of large properties, diversification of property types and expansion of recurring revenue |
Items this document does not state (14)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planBreakdown of Factors Affecting the ChangeNumber of stores and locationsRisk amount incorporated into the outlookFinancial targetsPayout ratioAcquisition 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.For the fiscal year ended February 2026, revenue increased in the real estate sales and real estate management businesses, while rental income declined in the real estate leasing business due to increased acquisitions of newly built properties and properties intended for end-user demand. For the fiscal year ending February 2027, the company expects operating profit to increase as sales of properties held for sale progress, incorporating the sale of large properties.
How to read this page
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