Worth reading
66In 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
-8.1
Year-on-year change in EBITDA (%)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationQ3 FY202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥38,288 million+5.3%
Operating profit¥3,623 million-22.9%
Net income¥2,485 million-17.1%
Operating profit margin9.5 %
Results for the three months of the current quarter
Net Sales
¥12,688 million
EBITDA
¥2,044 million
Operating profit
¥819 million
Net income
¥589 million
EBITDA margin
16.1 %
Operating profit margin
6.5 %
Net profit margin
4.6 %
Full-year earnings forecast
Net Sales
¥51,700 million
EBITDA
¥7,100 million
Operating profit
¥3,800 million
Net income
¥2,100 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 Sales74.1%
EBITDA86.7%
Operating profit95.3%
Net income118.4%
Ishinkan (medical care housing) business revenue73.5%
Ishinkan (medical care housing) business EBITDA85.2%
Ishinkan (medical care housing) business segment profit94.5%
Comprehensive Medical Support Business revenue105.6%
Comprehensive Medical Support Business operating profit before provisions105.9%
Comprehensive Medical Support Business segment profit100.0%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is on track against the full-year forecast / nearly achieved the full-year forecast as of the third quarterBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Change in EBITDA
Change in revenue from existing facilities-915
Increase in personnel expenses at existing facilities-568
Revenue increase from new facilities2,366
Increase in personnel expenses at new facilities-1,545
Increase in rent and lease expenses-¥169 million
Increase in personnel expenses (SG&A)-¥225 million
Other512
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Ishinkan (medical care housing) business
Opening plan9 facilities
Utilization rateExpected to recover gradually toward the end of the fiscal year
Medical fee revisionThe impact of the fiscal 2026 medical fee revision is reflected to a certain extent
Personnel expenses, etc.Planned to increase, taking into account the impact of inflation and other factors
Comprehensive Medical Support BusinessPlans to begin supporting medical institutions with several hundred beds during the current fiscal year
New initiatives
- Establish the comprehensive medical support business as a separate segment and a new growth driver
- Expand the comprehensive support platform for medical institutions, including financial support and the supply of medical and nursing care products
- Prioritize dominant regions and use opening schemes other than in-house construction, including leases, M&A and real estate securitization
- Develop standard care manuals, standard care records and severity classifications to improve operations
- Introduce the new communication tool “TUNAG”
Key KPIsA metric the company considers important as a management benchmark.
- Occupancy rate at existing facilities73.8 %
- Occupancy rate at new facilities41.6 %
- Percentage of end-of-life care provided in facilities98.9 %
- Average customer satisfaction score8.8 out of 10
- NPS57.1 Points
- MSCI ESG RatingAAYear on year against the same period last yearUpgraded by one notch from A
Segment results
Ishinkan (medical care housing) business
Net Sales
¥37,393 million+3.9%
EBITDA
¥5,536 million-15.7%
Segment profit
¥3,023 million-33.8%
Comprehensive Medical Support Business
Net Sales
¥897 million+100.0%
Operating profit before provisions
¥635 million+150.0%
Segment profit
¥599 million+350.0%
Medium-term management plan targets
Equity ratioTarget of 30%
Medium-term outlookExpected to exceed a 30% equity ratio
Financial targets
Equity ratio
Guideline30 %
Results for the third quarter of the fiscal year ending September 202649 %
Comprehensive medical support business ROIC
Plan for the fiscal year ending September 202627.6 %
Market Size / Share
Medical institutions targeted for support72.7% of general hospitals were loss-making (fiscal 2024)
Ishinkan (medical care facilities) share of cancer patient admissionsApproximately 2.1% of the total domestic market
Target market1.5 million hospital beds in Japan
Number of stores and locations
Number of facilities at period end137 Facility
Facilities opened during the period8 Facility
Capacity7,108 Facility
Capacity unitPeople
Number of employees
Changes during the period and hiring planDeploy more than 100 nurses and care workers per month who are available for nationwide travel
Annual Dividend
4 Yen/share
End of period4
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Q3 FY2026 |
| Net Sales | ¥38,288 million (YoY +5.3%) |
| Operating profit | ¥3,623 million (YoY -22.9%) |
| Net income | ¥2,485 million (YoY -17.1%) |
| Operating profit margin | 9.5 % |
| Results for the three months of the current quarter | Net Sales ¥12,688 million / EBITDA ¥2,044 million / Operating profit ¥819 million / Net income ¥589 million / EBITDA margin 16.1 % / Operating profit margin 6.5 % / Net profit margin 4.6 % |
| Full-year earnings forecast | Net Sales ¥51,700 million / EBITDA ¥7,100 million / Operating profit ¥3,800 million / Net income ¥2,100 million |
| Progress against full-year forecast | Net Sales 74.1% / EBITDA 86.7% / Operating profit 95.3% / Net income 118.4% / Ishinkan (medical care housing) business revenue 73.5% / Ishinkan (medical care housing) business EBITDA 85.2% / Ishinkan (medical care housing) business segment profit 94.5% / Comprehensive Medical Support Business revenue 105.6% / Comprehensive Medical Support Business operating profit before provisions 105.9% / Comprehensive Medical Support Business segment profit 100.0% |
| Self-assessment against the plan | Progress is on track against the full-year forecast / nearly achieved the full-year forecast as of the third quarter |
| Segment results | Ishinkan (medical care housing) business Net Sales ¥37,393 million (YoY +3.9%) / EBITDA ¥5,536 million (YoY -15.7%) / Segment profit ¥3,023 million (YoY -33.8%) / Comprehensive Medical Support Business Net Sales ¥897 million (YoY +100.0%) / Operating profit before provisions ¥635 million (YoY +150.0%) / Segment profit ¥599 million (YoY +350.0%) |
| Breakdown of Factors Affecting the Change | Change in EBITDA Change in revenue from existing facilities -915 / Increase in personnel expenses at existing facilities -568 / Revenue increase from new facilities 2,366 / Increase in personnel expenses at new facilities -1,545 / Increase in rent and lease expenses -¥169 million / Increase in personnel expenses (SG&A) -¥225 million / Other 512 |
| Key KPIs | Occupancy rate at existing facilities 73.8 %, Occupancy rate at new facilities 41.6 %, Percentage of end-of-life care provided in facilities 98.9 %, Average customer satisfaction score 8.8 out of 10, NPS 57.1 Points, MSCI ESG Rating AA |
| Number of stores and locations | Number of facilities at period end 137 Facility / Facilities opened during the period 8 Facility / Capacity 7,108 Facility / Capacity unit People |
| Number of employees | Number of Employees Not disclosed / Changes during the period and hiring plan Deploy more than 100 nurses and care workers per month who are available for nationwide travel |
| Assumptions Underlying the Business Outlook | Ishinkan (medical care housing) business Opening plan 9 facilities / Utilization rate Expected to recover gradually toward the end of the fiscal year / Medical fee revision The impact of the fiscal 2026 medical fee revision is reflected to a certain extent / Personnel expenses, etc. Planned to increase, taking into account the impact of inflation and other factors / Comprehensive Medical Support Business Plans to begin supporting medical institutions with several hundred beds during the current fiscal year |
| Medium-term management plan targets | Equity ratio Target of 30% / Medium-term outlook Expected to exceed a 30% equity ratio |
| Financial targets | Equity ratio Guideline 30 % / Results for the third quarter of the fiscal year ending September 2026 49 % / Comprehensive medical support business ROIC 27.6 % |
| Annual Dividend | 4 Yen/share |
| Market Size / Share | Medical institutions targeted for support 72.7% of general hospitals were loss-making (fiscal 2024) / Ishinkan (medical care facilities) share of cancer patient admissions Approximately 2.1% of the total domestic market / Target market 1.5 million hospital beds in Japan |
| New initiatives | Establish the comprehensive medical support business as a separate segment and a new growth driver, Expand the comprehensive support platform for medical institutions, including financial support and the supply of medical and nursing care products, Prioritize dominant regions and use opening schemes other than in-house construction, including leases, M&A and real estate securitization, Develop standard care manuals, standard care records and severity classifications to improve operations, Introduce the new communication tool “TUNAG” |
Items this document does not state (10)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesUnit price and quantity metricsRisk amount incorporated into the outlookPayout 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.Revenue increased as facilities were opened and ramped up, while EBITDA declined due to lower facility utilization rates and higher personnel expenses resulting from shift changes. The full-year forecast was left unchanged in light of the uncertainty surrounding the impact of the medical fee revision.
How to read this page
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