Worth reading
46Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Deterioration
Direction inferred from the company’s description.Scale
-43.9
Year-on-year change in consolidated net sales (%)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationSecond quarter (interim period) of the fiscal year ending September 20265 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥355.8 100 million-43.9%
Operating profit¥121.4 100 million-19.7%
Ordinary income¥118.8 100 million-24.9%
Net income¥80.9 100 million-25.3%
Selling, general and administrative expenses¥59.9 100 million
Results for the three months of the current quarter
Net Sales
¥205.8 100 million
Gross profit
¥85 100 million
Operating profit
¥57.8 100 million
Ordinary income
¥56.3 100 million
Net income
¥38.6 100 million
Full-year earnings forecast
Lease fund business_sales amount
¥2,105 100 million
Lease fund business_amount originated
¥6,000 100 million
Domestic real estate fund business_sales amount
¥505 100 million
Domestic real estate fund business_amount originated
¥734 100 million
Overseas real estate fund business_sales amount
¥57 100 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Sales of highly profitable projects in the lease fund business; projects concluded by overseas subsidiaries with U.S. investorsImpact¥2.92 billion year-on-year increase in gross profit
- Reports concerning tax reforms affecting the domestic real estate fund business; temporary suspension of new sales and response to cancellationsImpact¥27.13 billion year-on-year decrease in net sales; ¥1.86 billion year-on-year decrease in gross profit
- Incentive compensation associated with the sale of an entire property that had been managed after being sold by the domestic real estate fund businessImpactReduced the decline in profit
New initiatives
- Developing new investors for domestic fractionalized real estate products through partnerships with accounting firms and regional banks
- Continuing efforts involving large properties in prime locations, products designed to meet investment management needs, and highly profitable development projects
- Beginning collaboration with a leading U.S. partner
- Promoting the origination of a large-scale multifamily residential property in Texas as the first project under the collaboration
Key KPIsA metric the company considers important as a management benchmark.
- Lease fund business: sales of equity investments¥1,081.2 100 millionYear on year against the same period last year-4.8%
- Lease fund business: amount originated¥2,777 100 million
- Domestic real estate fund business: sales amount¥166.5 100 millionYear on year against the same period last year-62.8%
- Domestic real estate fund business: amount originated¥312 100 million
- Lease fund business: inventory¥509 100 million
- Domestic real estate fund business: inventory¥589 100 million
- Number of accounting firm partnerships9,103 Engagements
- Number of financial institution partnerships181 Engagements
Segment results
Lease fund business
Net Sales
¥171.4 100 million+18.0%
Gross profit
¥151.2 100 million+24.0%
Sales of equity investments
¥1,081.2 100 million-4.8%
Domestic real estate fund business
Net Sales
¥180.8 100 million-60.0%
Gross profit
¥30.7 100 million-37.7%
Sales amount
¥166.5 100 million-62.8%
Overseas real estate fund business
Net Sales
¥0.3 100 million-99.1%
Gross profit
¥0.2 100 million-99.0%
Other Businesses
Net Sales
¥3.2 100 million+41.6%
Gross profit
¥-0.7 100 million
Number of stores and locations
End of period18 Location
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending September 2026 |
| Net Sales | ¥355.8 100 million (YoY -43.9%) |
| Operating profit | ¥121.4 100 million (YoY -19.7%) |
| Ordinary income | ¥118.8 100 million (YoY -24.9%) |
| Net income | ¥80.9 100 million (YoY -25.3%) |
| Selling, general and administrative expenses | ¥59.9 100 million |
| Results for the three months of the current quarter | Net Sales ¥205.8 100 million / Gross profit ¥85 100 million / Operating profit ¥57.8 100 million / Ordinary income ¥56.3 100 million / Net income ¥38.6 100 million |
| Full-year earnings forecast | Lease fund business_sales amount ¥2,105 100 million / Lease fund business_amount originated ¥6,000 100 million / Domestic real estate fund business_sales amount ¥505 100 million / Domestic real estate fund business_amount originated ¥734 100 million / Overseas real estate fund business_sales amount ¥57 100 million |
| Segment results | Lease fund business Net Sales ¥171.4 100 million (YoY +18.0%) / Gross profit ¥151.2 100 million (YoY +24.0%) / Sales of equity investments ¥1,081.2 100 million (YoY -4.8%) / Domestic real estate fund business Net Sales ¥180.8 100 million (YoY -60.0%) / Gross profit ¥30.7 100 million (YoY -37.7%) / Sales amount ¥166.5 100 million (YoY -62.8%) / Overseas real estate fund business Net Sales ¥0.3 100 million (YoY -99.1%) / Gross profit ¥0.2 100 million (YoY -99.0%) / Sales of equity investments Not disclosed / Other Businesses Net Sales ¥3.2 100 million (YoY +41.6%) / Gross profit ¥-0.7 100 million |
| Breakdown of Factors Affecting the Change | Factors Sales of highly profitable projects in the lease fund business; projects concluded by overseas subsidiaries with U.S. investors / Impact ¥2.92 billion year-on-year increase in gross profit, Factors Reports concerning tax reforms affecting the domestic real estate fund business; temporary suspension of new sales and response to cancellations / Impact ¥27.13 billion year-on-year decrease in net sales; ¥1.86 billion year-on-year decrease in gross profit, Factors Incentive compensation associated with the sale of an entire property that had been managed after being sold by the domestic real estate fund business / Impact Reduced the decline in profit |
| Key KPIs | Indicator name Lease fund business: sales of equity investments / Value ¥1,081.2 100 million / Year on year against the same period last year ¥-4.8 100 million, Indicator name Lease fund business: amount originated / Value ¥2,777 100 million / Year on year against the same period last year Not disclosed, Indicator name Domestic real estate fund business: sales amount / Value ¥166.5 100 million / Year on year against the same period last year ¥-62.8 100 million, Indicator name Domestic real estate fund business: amount originated / Value ¥312 100 million / Year on year against the same period last year Not disclosed, Indicator name Lease fund business: inventory / Value ¥509 100 million / Year on year against the same period last year Not disclosed, Indicator name Domestic real estate fund business: inventory / Value ¥589 100 million / Year on year against the same period last year Not disclosed, Indicator name Number of accounting firm partnerships / Value 9,103 Engagements / Year on year against the same period last year Not disclosed, Indicator name Number of financial institution partnerships / Value 181 Engagements / Year on year against the same period last year Not disclosed |
| Number of stores and locations | End of period 18 Location / Number of store openings and closures during the period Not disclosed |
| New initiatives | Developing new investors for domestic fractionalized real estate products through partnerships with accounting firms and regional banks, Continuing efforts involving large properties in prime locations, products designed to meet investment management needs, and highly profitable development projects, Beginning collaboration with a leading U.S. partner, Promoting the origination of a large-scale multifamily residential property in Texas as the first project under the collaboration |
Items this document does not state (17)
Gross Profit MarginOperating profit marginProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket 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.The company explained that the primary reason for the decline in revenue from the domestic real estate fund business was the temporary suspension of new sales of fractionalized real estate products in the first quarter following reports concerning tax reforms, together with its response to cancellations. The company also stated that the business records the sales amount of real estate as net sales, whereas the lease fund business and other businesses record fees as net sales, so the contraction of the domestic real estate fund business resulted in a significant decline in consolidated net sales.
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