Worth reading
70In 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
7216
Millions of yen (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
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¥36,739 million+24.4%
Operating profit¥19,489 million+27.6%
Ordinary income¥16,219 million+27.6%
Net income¥11,204 million+37.3%
Gross Profit Margin77.4 %
Selling, general and administrative expenses¥8,931 million
Results for the three months of the current quarter
Sales of investment interests in products
¥42,209 million
Increase in business-matching contract partners
23 Engagements
Full-year earnings forecast
Net Sales
¥48,960 million
Operating profit
¥23,580 million
Ordinary income
¥19,670 million
Profit attributable to owners of the parent
¥13,000 million
Sales of investment interests in products
¥180,000 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 Sales75.0%
Operating profit82.7%
Ordinary income82.5%
Profit attributable to owners of the parent86.2%
Sales of investment interests in products82.3%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Profits at every level exceeded the initial plan, with progress rates remaining high.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Costs of sales
Increase¥977 million
Selling, general and administrative expenses
Increase¥2,020 million
Breakdown
Personnel Expenses801
Rent208
Taxes and dues252
Non-operating income
Increase¥585 million
Non-Operating Expenses
Increase¥1,294 million
Breakdown
Foreign-exchange losses647
Equity-method investment losses761
Interest income641
Interest expenses2,123
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The company stated that it is closely monitoring trends in foreign exchange rates and interest rates and their impact on customer sentiment. Numerical assumptions: Not disclosedNew initiatives
- Collaboration in the aircraft, real estate, and environmental energy sectors through a capital and business alliance with Sojitz Corporation
- Sales of fractionalized aircraft lease products using trust structures
- New investments in 株式会社松葉屋本店 and 橘倉酒造株式会社 through the private equity investment business
- Diversification of assets handled through collaboration with Sojitz in the real estate business, and the conversion of historical and cultural assets into financial products
Key KPIsA metric the company considers important as a management benchmark.
- Sales of investment interests in products¥148,052 million+30.4%
- Deal structuring volume¥426,239 million+20.7%
- Number of deals originated51 Engagements+45.7%
- Outstanding investment interests in products¥147,163 million+33.2%
- Business-matching contract partners973 Engagements+5.8%
- Sales share excluding aircraft28.9 %
Segment results
Operating Lease Business
Net Sales
¥33,725 million
Year on year against the same period last year+29.4%
Real estate business
Net Sales
¥337 million
Year on year against the same period last year-14.4%
Environmental and Energy Business
Net Sales
¥219 million
Year on year against the same period last year+29.8%
PE (private equity) investment business
Net Sales
¥161 million
Year on year against the same period last year-56.8%
Other businesses
Net Sales
¥2,295 million
Year on year against the same period last year-9.3%
Medium-term management plan targets
Target fiscal year2026
Net Sales
¥69,400 million
Net income for the current fiscal year
¥25,000 million
Revenue mix excluding operating lease businessApproximately 30%
ROE25% or higher
Payout ratioTargeting 50% or higher
Financial targets
ROE
Target25% or higher
Initial forecast for 202616.9%
Equity ratio
End of Q3 202627.4%
Market Size / Share
Japanese operating lease market size
Expected in 2026¥12,750 100 million
2027 forecast¥13,930 100 million
Sales share excluding aircraft28.9%
Number of employees
Number of Employees
Standalone263
Consolidated387
Record date30 September 2026
Annual Dividend
Annual dividend per share
108 yen
Interim and Year-End BreakdownInterim: ¥54; year-end: ¥54
Payout ratio
50.3 %
Target50% or higher
| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Q3 FY2026 |
| Net Sales | ¥36,739 million (YoY +24.4%) |
| Operating profit | ¥19,489 million (YoY +27.6%) |
| Ordinary income | ¥16,219 million (YoY +27.6%) |
| Net income | ¥11,204 million (YoY +37.3%) |
| Gross Profit Margin | 77.4 % |
| Selling, general and administrative expenses | ¥8,931 million |
| Results for the three months of the current quarter | Sales of investment interests in products ¥42,209 million / Increase in business-matching contract partners 23 Engagements |
| Full-year earnings forecast | Net Sales ¥48,960 million / Operating profit ¥23,580 million / Ordinary income ¥19,670 million / Profit attributable to owners of the parent ¥13,000 million / Sales of investment interests in products ¥180,000 million |
| Progress against full-year forecast | Net Sales 75.0% / Operating profit 82.7% / Ordinary income 82.5% / Profit attributable to owners of the parent 86.2% / Sales of investment interests in products 82.3% |
| Self-assessment against the plan | Profits at every level exceeded the initial plan, with progress rates remaining high. |
| Segment results | Operating Lease Business Net Sales ¥33,725 million / yoy_pct 29.4 / Real estate business Net Sales ¥337 million / yoy_pct -14.4 / Environmental and Energy Business Net Sales ¥219 million / yoy_pct 29.8 / PE (private equity) investment business Net Sales ¥161 million / yoy_pct -56.8 / Other businesses Net Sales ¥2,295 million / yoy_pct -9.3 |
| Breakdown of Factors Affecting the Change | Costs of sales Increase ¥977 million / Selling, general and administrative expenses Increase ¥2,020 million / Breakdown Personnel Expenses 801 / Rent 208 / Taxes and dues 252 / Non-operating income Increase ¥585 million / Non-Operating Expenses Increase ¥1,294 million / Breakdown Foreign-exchange losses 647 / Equity-method investment losses 761 / Interest income 641 / Interest expenses 2,123 |
| Key KPIs | Sales of investment interests in products ¥148,052 million (YoY +30.4%), Deal structuring volume ¥426,239 million (YoY +20.7%), Number of deals originated 51 Engagements (YoY +45.7%), Outstanding investment interests in products ¥147,163 million (YoY +33.2%), Business-matching contract partners 973 Engagements (YoY +5.8%), Sales share excluding aircraft 28.9 % |
| Number of employees | Number of Employees Standalone 263 / Consolidated 387 / Record date 30 September 2026 |
| Assumptions Underlying the Business Outlook | The company stated that it is closely monitoring trends in foreign exchange rates and interest rates and their impact on customer sentiment. Numerical assumptions: Not disclosed |
| Medium-term management plan targets | Target fiscal year 2026 / Net Sales ¥69,400 million / Net income for the current fiscal year ¥25,000 million / Revenue mix excluding operating lease business Approximately 30% / ROE 25% or higher / Payout ratio Targeting 50% or higher |
| Financial targets | ROE Target 25% or higher / Initial forecast for 2026 16.9% / Equity ratio End of Q3 2026 27.4% |
| Annual Dividend | Annual dividend per share 108 yen / Interim and Year-End Breakdown Interim: ¥54; year-end: ¥54 |
| Payout ratio | 50.3 % |
| Market Size / Share | Japanese operating lease market size Expected in 2026 ¥12,750 100 million / 2027 forecast ¥13,930 100 million / Sales share excluding aircraft 28.9% |
| New initiatives | Collaboration in the aircraft, real estate, and environmental energy sectors through a capital and business alliance with Sojitz Corporation, Sales of fractionalized aircraft lease products using trust structures, New investments in 株式会社松葉屋本店 and 橘倉酒造株式会社 through the private equity investment business, Diversification of assets handled through collaboration with Sojitz in the real estate business, and the conversion of historical and cultural assets into financial products |
Items this document does not state (8)
Operating profit marginUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookAcquisition 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.The main factor was that sales of investment products in the operating lease business reached a record high for a third quarter, rising 30.4% year on year. The company explained that it left its full-year forecast unchanged so it could closely monitor trends in foreign exchange rates and interest rates and their impact on customer sentiment.
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