Komori
Presentation materials on financial results7347Mercuria Holdings Co.,Ltd.Financials (excluding banks)

Financial Highlights for the First Quarter of the Fiscal Year Ending December 2026

In Q1 FY2026, the company recorded gains on proprietary investments, but operating income, ordinary income and net income were all negative due partly to a valuation loss on Spring REIT. Although it has not explicitly stated that its full-year forecast remains unchanged, it expects operating income of ¥1.5 billion, ordinary income of ¥1.5 billion and net income of ¥1.0 billion.

Worth reading
64In 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
-1.4
¥ billions (operating income)
Wording
Conditional
How definitive the wording is.

Contents of this document

Presentation materials on financial resultsFirst quarter of the fiscal year ending December 20267 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales9.6 Hundred millions of yen
Operating profit-1.4 Hundred millions of yen
Ordinary income-1 Hundred millions of yen
Net income-1 Hundred millions of yen
Selling, general and administrative expenses-8.8 Hundred millions of yen
Results for the three months of the current quarterOperating revenue of ¥960 million, operating costs of -¥220 million, operating gross profit of ¥740 million, operating loss of ¥140 million, ordinary loss of ¥100 million and net loss attributable to owners of the parent of ¥100 million. Presented as Q1 results.
Full-year earnings forecast
Operating revenue
50 Hundred millions of yen
Operating Costs
-1 Hundred millions of yen
Gross operating profit
49 Hundred millions of yen
Operating profit
15 Hundred millions of yen
Ordinary income
15 Hundred millions of yen
Profit attributable to owners of the parent
10 Hundred millions of yen
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。
Operating revenue19%
Operating Costs221%
Carried Interest15%
Selling, general and administrative expenses25%
Operating profit△9%
Ordinary income△7%
Profit attributable to owners of the parent△10%
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Spring REIT valuation loss-¥150 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The next major exit for Buyout Fund I, which is in the performance-fee stage, is expected to take place in the next fiscal year or later. Numerical assumptions for foreign exchange rates, raw material prices, interest rates and other factors are Not disclosed.
New initiatives
  • Establishment of Aircraft Fund III (Mach OE)
  • Preparations to form Buyout Fund III
  • Collaboration with Higo Bank to strengthen Kyushu's industrial base
  • 100-Year Heritage Project with Takashimaya
  • Capital and business alliance with Vietnam S&C Joint Stock Company
Key KPIsA metric the company considers important as a management benchmark.
  • Assets under management3,449 Hundred millions of yen
  • Total size of Buyout Fund II438.5 Hundred millions of yen
  • Number of investments by Buyout Fund II8 Engagements
  • Total assets of Spring REIT2,731 Hundred millions of yen
  • Market capitalization of Spring REIT478 Hundred millions of yen
  • Occupancy rate of Huizhou Huamao Place99 %
  • Occupancy rate of Beijing China Central Place89 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
The presentation discusses a decline in Spring REIT's unit price, but the breakdown into price and volume indicators is Not disclosed.
Medium-term management plan targets
TargetFive-year average net income of ¥2.0 billion
Target fiscal yearFY2026 (final year of the medium-term profit plan)
Comparison with actual resultsThe five-year average net income is expected to be ¥1.16 billion, below the target
Market Size / Share
Taiwan solar power equipment installation plan
202310.7 GW
202520 GW
203030 GW
205040～80
Grade A office market in major Chinese citiesIncludes city-by-city graphs of market size and occupancy rates
Contents of this document
ItemDetails
Document typePresentation materials on financial results
Fiscal Period CoveredFirst quarter of the fiscal year ending December 2026
Net Sales9.6 Hundred millions of yen
Operating profit-1.4 Hundred millions of yen
Ordinary income-1 Hundred millions of yen
Net income-1 Hundred millions of yen
Selling, general and administrative expenses-8.8 Hundred millions of yen
Results for the three months of the current quarterOperating revenue of ¥960 million, operating costs of -¥220 million, operating gross profit of ¥740 million, operating loss of ¥140 million, ordinary loss of ¥100 million and net loss attributable to owners of the parent of ¥100 million. Presented as Q1 results.
Full-year earnings forecastOperating revenue 50 Hundred millions of yen / Operating Costs -1 Hundred millions of yen / Gross operating profit 49 Hundred millions of yen / Operating profit 15 Hundred millions of yen / Ordinary income 15 Hundred millions of yen / Profit attributable to owners of the parent 10 Hundred millions of yen
Progress against full-year forecastOperating revenue 19% / Operating Costs 221% / Gross operating profit Not disclosed / Management fee Not disclosed / Carried Interest 15% / Proprietary investments and other Not disclosed / Selling, general and administrative expenses 25% / Operating profit △9% / Ordinary income △7% / Profit attributable to owners of the parent △10%
Breakdown of Factors Affecting the ChangeSpring REIT valuation loss -¥150 million
Key KPIsIndicator name Assets under management / Value 3,449 Hundred millions of yen / Year on year against the same period last year Not disclosed, Indicator name Total size of Buyout Fund II / Value 438.5 Hundred millions of yen / Year on year against the same period last year Not disclosed, Indicator name Number of investments by Buyout Fund II / Value 8 Engagements / Year on year against the same period last year Not disclosed, Indicator name Total assets of Spring REIT / Value 2,731 Hundred millions of yen / Year on year against the same period last year Not disclosed, Indicator name Market capitalization of Spring REIT / Value 478 Hundred millions of yen / Year on year against the same period last year Not disclosed, Indicator name Occupancy rate of Huizhou Huamao Place / Value 99 % / Year on year against the same period last year Not disclosed, Indicator name Occupancy rate of Beijing China Central Place / Value 89 % / Year on year against the same period last year Not disclosed
Unit price and quantity metricsThe presentation discusses a decline in Spring REIT's unit price, but the breakdown into price and volume indicators is Not disclosed.
Assumptions Underlying the Business OutlookThe next major exit for Buyout Fund I, which is in the performance-fee stage, is expected to take place in the next fiscal year or later. Numerical assumptions for foreign exchange rates, raw material prices, interest rates and other factors are Not disclosed.
Medium-term management plan targetsTarget Five-year average net income of ¥2.0 billion / Target fiscal year FY2026 (final year of the medium-term profit plan) / Comparison with actual results The five-year average net income is expected to be ¥1.16 billion, below the target
Market Size / ShareTaiwan solar power equipment installation plan 2023 10.7 GW / 2025 20 GW / 2030 30 GW / 2050 40～80 / Grade A office market in major Chinese cities Includes city-by-city graphs of market size and occupancy rates
New initiativesEstablishment of Aircraft Fund III (Mach OE), Preparations to form Buyout Fund III, Collaboration with Higo Bank to strengthen Kyushu's industrial base, 100-Year Heritage Project with Takashimaya, Capital and business alliance with Vietnam S&C Joint Stock Company
Items this document does not state (14)
Gross Profit MarginOperating profit marginSelf-assessment against the planSegment resultsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookFinancial targetsAnnual DividendPayout 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.

The company recorded gains on proprietary investments in a structured equity fund, but a ¥150 million valuation loss on Spring REIT weighed on earnings. It also expects the next major exit for Buyout Fund I, which is in the performance-fee stage, to take place in the next fiscal year or later, resulting in a decline from the record profit posted in the previous fiscal year.

How to read this page

This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Financial Highlights for the First Quarter of the Fiscal Year Ending December 2026 | Mercuria Holdings Co.,Ltd. (7347) timely disclosure | Komori