Decision and Details
Revision of the earnings forecast for the domestic real estate fund business for the fiscal year ending September 2026
Because the possibility arose that the tax benefits relating to inheritance tax and gift tax for fractionalized real estate products would be significantly reduced or eliminated, the Company temporarily suspended new sales and implemented special cancellation measures for investors who had already submitted purchase applications. Establishing a new sales policy also took time, and details of the tax law revisions scheduled for 1 January 2027 remain undisclosed.
The earnings forecast for the fiscal year ending September 2026 has been revised. First-half results are expected to fall below the assumptions underlying the previous forecast.
| Item | Details |
|---|---|
| Matter Covered | Revision of the earnings forecast for the domestic real estate fund business for the fiscal year ending September 2026 |
| Decision Date | 26 March 2026 |
| Implementation Date | Applied to the earnings forecast for the fiscal year ending September 2026 (announced this time, not based on actual results) |
| Period Covered | Fiscal year ending September 2026 |
| Amount | Net sales: ¥100,000 million announced on 30 October 2025; ¥52,589 million announced on 26 March 2026; gross profit: ¥16,000 million and ¥8,829 million; real estate fund formation amount: ¥120,000 million and ¥73,480 million; real estate product sales: ¥100,000 million and ¥50,516 million |
| Impact on Business Performance | The earnings forecast for the fiscal year ending September 2026 has been revised. First-half results are expected to fall below the assumptions underlying the previous forecast. |
| Reason | Because the possibility arose that the tax benefits relating to inheritance tax and gift tax for fractionalized real estate products would be significantly reduced or eliminated, the Company temporarily suspended new sales and implemented special cancellation measures for investors who had already submitted purchase applications. Establishing a new sales policy also took time, and details of the tax law revisions scheduled for 1 January 2027 remain undisclosed. |
| Related previous disclosures | “The Company's Response in Light of Future Tax Law Revisions,” dated 19 December 2025; earnings forecast announced on 30 October 2025 |
| Future plans | Once details of the tax law revisions are disclosed, the Company will formulate a new sales policy for fractionalized real estate products and work to secure revenue. The tax law revisions are scheduled to take effect on 1 January 2027. |
Items this document does not state (3)
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.The Company temporarily suspended new sales and implemented special cancellation measures for investors who had already submitted purchase applications in response to the possibility that the inheritance tax and gift tax benefits of fractionalized real estate products would be significantly reduced or eliminated. In addition, establishing a new sales policy took time, and details of the tax law revisions have not yet been disclosed. As a result, first-half results are expected to fall below the previous forecast, and the full-year plan was therefore reviewed cautiously.