Worth reading
62In focus
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
19.42
¥ billions (operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings briefing transcriptFiscal year ending March 2026, full year12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥164.89 hundred million+1.5%
Operating profit¥19.42 hundred million+1.4%
Gross Profit MarginImproved (the specific margin and year-on-year change were not disclosed)
Results for the three months of the current quarter
Net Sales
¥52.45 hundred million+27.3%
Operating profit
¥7.09 hundred million+53.5%
Orders received
¥47.52 hundred million+27.2%
Order backlog
¥39.31 hundred million+63.3%
Full-year earnings forecast
Fiscal year ending March 2027
Net Sales
¥183.97 hundred million
Operating profit
¥19.51 hundred million
Dividend per share
¥59
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue fell short of the initial forecast, but each profit metric exceeded the forecast at the end of the fiscal yearBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Improvement in gross profit¥1.57 hundred millionDirectionIncreased
- Decrease in bonusesDirectionIncreased
- Rent, depreciation and amortization, fees paid and other expenses associated with the relocation of the Osaka head office and the opening of The Place Shimbashi¥2.33 hundred millionDirectionDecreased
New initiatives
- Adoption of progressive dividends
- Full-scale launch of the new EXPERIENCE DESIGN service
- Increased Investment in Human Capital
- Company-wide use of generative AI
- Strengthening of marketing and PR
- Execution of M&A transactions
- Accelerating monetization of the real estate brokerage business
Key KPIsA metric the company considers important as a management benchmark.
- Number of large projects received worth ¥100 million or more38 EngagementsYear on year against the same period last yearRecord high
- Value of large projects received worth ¥100 million or more¥75.77 hundred millionYear on year against the same period last yearRecord high
- Order win rateClose to the 70% targetYear on year against the same period last yearImproved
- Order backlog¥39.31 hundred millionYear on year against the same period last year+63.3%
- Share of large projects42 %Year on year against the same period last yearExpansion
- Share of renovation projects47.1 %Year on year against the same period last yearIncreased
Unit price and quantity metricsThese figures show sales broken down by price and volume.
- Fourth-quarter project value per project¥4,291.6 10,000Year on year against the same period last yearApproximately double the level as of the first quarter of the fiscal year ending March 2024
- Number of inquiries for medium-sized projects52 EngagementsYear on year against the same period last yearIncreased
- Fourth-quarter order win rateClose to the 70% targetYear on year against the same period last yearImproved
Medium-term management plan targets
Plan nameVISION2027
Target fiscal yearFiscal year ending March 2028
Net Sales
¥200 hundred million
Operating profit
20 over ¥100 million
Operating profit margin
10 % or higher
Comparison with actual resultsFor the fiscal year ending March 2026, revenue fell short of the target, while operating profit was ¥1.94 billion, representing growth of 11.4%
Financial targets
ROE
Actual results18.4 %
Hurdle rate
Target14 %
Orders received and order backlog
Full-year orders received
¥178.39 hundred million
Fourth-quarter orders received
¥47.52 hundred million
Fourth-quarter order backlog
¥39.31 hundred million
Number of employees
The company reported an increase in personnel, but the headcount and change in headcount were not disclosedCapital expenditures
¥2.33 100 million related costs associated with the relocation of the Osaka head office and the opening of The Place Shimbashi, among others
Annual Dividend
Fiscal year ending March 2026
Annual¥49
Target for the fiscal year ending March 2027
Annual¥59
Payout ratio
Guideline40 %
Previous30 %
| Item | Details |
|---|---|
| Document type | Earnings briefing transcript |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | ¥164.89 hundred million (YoY +1.5%) |
| Operating profit | ¥19.42 hundred million (YoY +1.4%) |
| Gross Profit Margin | Improved (the specific margin and year-on-year change were not disclosed) |
| Results for the three months of the current quarter | Net Sales ¥52.45 hundred million (YoY +27.3%) / Operating profit ¥7.09 hundred million (YoY +53.5%) / Orders received ¥47.52 hundred million (YoY +27.2%) / Order backlog ¥39.31 hundred million (YoY +63.3%) |
| Full-year earnings forecast | Fiscal year ending March 2027 Net Sales ¥183.97 hundred million / Operating profit ¥19.51 hundred million / Dividend per share ¥59 |
| Self-assessment against the plan | Revenue fell short of the initial forecast, but each profit metric exceeded the forecast at the end of the fiscal year |
| Breakdown of Factors Affecting the Change | Factors Improvement in gross profit / Amount ¥1.57 hundred million / Direction Increased, Factors Decrease in bonuses / Amount Not disclosed / Direction Increased, Factors Rent, depreciation and amortization, fees paid and other expenses associated with the relocation of the Osaka head office and the opening of The Place Shimbashi / Amount ¥2.33 hundred million / Direction Decreased |
| Key KPIs | Indicator name Number of large projects received worth ¥100 million or more / Value 38 Engagements / Year on year against the same period last year Record high, Indicator name Value of large projects received worth ¥100 million or more / Value ¥75.77 hundred million / Year on year against the same period last year Record high, Indicator name Order win rate / Value Close to the 70% target / Year on year against the same period last year Improved, Indicator name Order backlog / Value ¥39.31 hundred million / Year on year against the same period last year ¥63.3 hundred million, Indicator name Share of large projects / Value 42 % / Year on year against the same period last year Expansion, Indicator name Share of renovation projects / Value 47.1 % / Year on year against the same period last year Increased |
| Unit price and quantity metrics | Indicator name Fourth-quarter project value per project / Value ¥4,291.6 10,000 / Year on year against the same period last year Approximately double the level as of the first quarter of the fiscal year ending March 2024, Indicator name Number of inquiries for medium-sized projects / Value 52 Engagements / Year on year against the same period last year Increased, Indicator name Fourth-quarter order win rate / Value Close to the 70% target / Year on year against the same period last year Improved |
| Number of employees | The company reported an increase in personnel, but the headcount and change in headcount were not disclosed |
| Medium-term management plan targets | Plan name VISION2027 / Target fiscal year Fiscal year ending March 2028 / Net Sales ¥200 hundred million / Operating profit 20 over ¥100 million / Operating profit margin 10 % or higher / Comparison with actual results For the fiscal year ending March 2026, revenue fell short of the target, while operating profit was ¥1.94 billion, representing growth of 11.4% |
| Financial targets | ROE Actual results 18.4 % / Hurdle rate Target 14 % |
| Annual Dividend | Fiscal year ending March 2026 Annual ¥49 / Interim Not disclosed / End of period Not disclosed / Target for the fiscal year ending March 2027 Annual ¥59 |
| Payout ratio | Guideline 40 % / Previous 30 % |
| Capital expenditures | ¥2.33 100 million (related costs associated with the relocation of the Osaka head office and the opening of The Place Shimbashi, among others) |
| Orders received and order backlog | Full-year orders received ¥178.39 hundred million / Fourth-quarter orders received ¥47.52 hundred million / Fourth-quarter order backlog ¥39.31 hundred million |
| New initiatives | Adoption of progressive dividends, Full-scale launch of the new EXPERIENCE DESIGN service, Increased Investment in Human Capital, Company-wide use of generative AI, Strengthening of marketing and PR, Execution of M&A transactions, Accelerating monetization of the real estate brokerage business |
Items this document does not state (12)
Ordinary incomeNet incomeOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSegment resultsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesMarket 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.Gross margin improved as the company focused on high-value-added services, increasing gross profit by ¥157 million. At the same time, the decline in bonuses absorbed the increase in salaries associated with the larger workforce. Expenses of ¥233 million related to the relocation of the Osaka head office and the opening of The Place Shimbashi, including rent, depreciation and amortization, and fees paid, weighed on profit. The shortfall in revenue against the initial forecast was attributed to large projects scheduled for the end of the fiscal year being pushed into the following fiscal year.
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