Financial Results Presentation for the First Quarter of the Fiscal Year Ending November 2026

In the first quarter, strong condominium and detached-house sales drove net sales above the prior-year quarter and above the initial budget. Operating income and net income were below the prior-year quarter due to differences in the timing of development-property sales and a lower gross margin, but both were well above budget as a result of tight control of selling, general and administrative expenses.

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11.1

Year-on-year change in revenue (%)

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The increase in net sales was primarily attributable to strong condominium sales, which offset the large development-property sales recorded in the prior-year quarter. Although the gross margin declined due to sales of long-held inventory contracted in the fourth quarter of the previous fiscal year, operating income exceeded budget as a result of approximately ¥90 million in additional gross profit and approximately ¥145 million in selling, general and administrative expense savings. Compared with the prior-year quarter, the decline in profit was attributable to the reversal of the effect of large development-property sales recorded in the first quarter of the previous fiscal year.

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