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How definitive the wording is.Contents of this document
Financial results 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¥20,190 million-15.6%
Operating profit¥1,692 million-16.2%
Ordinary income¥1,702 million-16.5%
Net income¥1,147 million-19.0%
Gross Profit Margin21.7
Operating profit margin8.4
Selling, general and administrative expenses¥2,681 million
Full-year earnings forecast
Fiscal year ending February 2027
Net Sales
¥23,580 million
Operating profit
¥2,016 million
Ordinary income
¥2,020 million
Net income
¥1,342 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。
Consolidated
Net Sales100.5
Operating profit109.1
Ordinary income109.2
Net income125.1
Rental housing business
Net Sales100.5
Segment profit103.7
Rental development business
Net Sales100
Segment profit139.5
Rental management business
Net Sales100.6
Segment profit102.6
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Sales, operating profit, ordinary profit and net profit were all above 100% of the revised plan. Property sales in the rental development business did not progress as planned.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Sluggish property sales in the rental development business, rising land and construction costs, narrowing yield differentials amid rising interest rates, a review of selling prices in the rental housing business, and expansion of long-term extended building warranties in the rental management business
New initiatives
- Creation of the Design Company
- Transition from a committee-based structure to a structure with dedicated organizations assigned to specific issues
- Establishment of a Risk Management Office and an Internal Control Office
- Establishment of a wholly owned construction company, scheduled to begin operations in March 2027
- Installation of a break room at the Chiba plant
- Introduction of a support allowance for the departments to which employees on leave belong
- Introduction of a medical insurance program for employees
- Introduction of a new rental management system in the fiscal year ending February 2027
Key KPIsA metric the company considers important as a management benchmark.
- Cumulative buildings constructed2,925 buildingsYear on year against the same period last yearUp 69 buildings from the end of the previous fiscal year
- Units under management12,612 unitsYear on year against the same period last yearUp 137 units from the end of the previous fiscal year
- Occupancy at period-end98.8 %Year on year against the same period last yearUp 0.3 percentage points from the end of the previous fiscal year
Segment results
Rental housing business
Net Sales
¥9,491 million-13.9%
Segment profit
¥1,142 million+13.5%
Rental development business
Net Sales
¥1,385 million-70.3%
Segment profit
¥119 million-83.1%
Rental management business
Net Sales
¥10,524 million+5.1%
Segment profit
¥1,291 million+13.7%
Head office and other
Net Sales
¥-1,211 million
Segment profit
¥-860 million
Medium-term management plan targets
Vision 2030
Target fiscal year2030
Target value
- Market capitalization of ¥25 billion
- Operating margin of 10%
- ROE9％
- PBR of 1x
- Average annual income of ¥9 million
- Three days off per week
Financial targets
ROE9％
PBR1x
Market Size / Share
- Approximately 2 million people aged 25–35 in the Tokyo metropolitan area
- Approximately 25% of young people dissatisfied or somewhat dissatisfied with conventional living spaces
- Approximately 500,000 applicable young people
- A market exists that can support the business through a stable annual supply of 2,000 units by the Company
Number of employees
198 people
Additional information34 temporary employees. As of 28 February 2026
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Full fiscal year ended February 2026 |
| Net Sales | ¥20,190 million (YoY -15.6%) |
| Operating profit | ¥1,692 million (YoY -16.2%) |
| Ordinary income | ¥1,702 million (YoY -16.5%) |
| Net income | ¥1,147 million (YoY -19.0%) |
| Gross Profit Margin | 21.7 |
| Operating profit margin | 8.4 |
| Selling, general and administrative expenses | ¥2,681 million |
| Full-year earnings forecast | Fiscal year ending February 2027 Net Sales ¥23,580 million / Operating profit ¥2,016 million / Ordinary income ¥2,020 million / Net income ¥1,342 million |
| Progress against full-year forecast | Consolidated Net Sales 100.5 / Operating profit 109.1 / Ordinary income 109.2 / Net income 125.1 / Rental housing business Net Sales 100.5 / Segment profit 103.7 / Rental development business Net Sales 100 / Segment profit 139.5 / Rental management business Net Sales 100.6 / Segment profit 102.6 |
| Self-assessment against the plan | Sales, operating profit, ordinary profit and net profit were all above 100% of the revised plan. Property sales in the rental development business did not progress as planned. |
| Segment results | Rental housing business Net Sales ¥9,491 million (YoY -13.9%) / Segment profit ¥1,142 million (YoY +13.5%) / Rental development business Net Sales ¥1,385 million (YoY -70.3%) / Segment profit ¥119 million (YoY -83.1%) / Rental management business Net Sales ¥10,524 million (YoY +5.1%) / Segment profit ¥1,291 million (YoY +13.7%) / Head office and other Net Sales ¥-1,211 million / Segment profit ¥-860 million |
| Breakdown of Factors Affecting the Change | Sluggish property sales in the rental development business, rising land and construction costs, narrowing yield differentials amid rising interest rates, a review of selling prices in the rental housing business, and expansion of long-term extended building warranties in the rental management business |
| Key KPIs | Cumulative buildings constructed 2,925 buildings, Units under management 12,612 units, Occupancy at period-end 98.8 % |
| Number of employees | 198 people |
| Medium-term management plan targets | Vision 2030 Target fiscal year 2030 / Target value Market capitalization of ¥25 billion, Operating margin of 10%, ROE9％, PBR of 1x, Average annual income of ¥9 million, Three days off per week |
| Financial targets | ROE 9％ / PBR 1x |
| Market Size / Share | Approximately 2 million people aged 25–35 in the Tokyo metropolitan area, Approximately 25% of young people dissatisfied or somewhat dissatisfied with conventional living spaces, Approximately 500,000 applicable young people, A market exists that can support the business through a stable annual supply of 2,000 units by the Company |
| New initiatives | Creation of the Design Company, Transition from a committee-based structure to a structure with dedicated organizations assigned to specific issues, Establishment of a Risk Management Office and an Internal Control Office, Establishment of a wholly owned construction company, scheduled to begin operations in March 2027, Installation of a break room at the Chiba plant, Introduction of a support allowance for the departments to which employees on leave belong, Introduction of a medical insurance program for employees, Introduction of a new rental management system in the fiscal year ending February 2027 |
Items this document does not state (11)
Results for the three months of the current quarterUnit price and quantity metricsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAnnual DividendPayout 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.In the rental development business, planned property sales did not progress as planned due to rising land and construction costs and narrowing yield differentials with other financial products amid rising interest rates. Profitability in the rental housing business improved following a review of selling prices, while renovation orders in the rental management business improved following the expansion of long-term extended building warranties.
How to read this page
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