Worth reading
88Important
Scored from 4 of 5 sectionsDirection
Mixed performance
Direction inferred from the company’s description.Scale
1065
¥ million (fiscal year ending December 2026 revenue compared with actual revenue for the fiscal year ended December 2025)Wording
Avoiding a definitive answer
How definitive the wording is.Items stated in the management plan
Annual updateNet Sales+21.8%
基準 4,886Target5,951million
Operating profit+0.0%
基準 2,025Target2,026million
Operating profit margin+1.0pt
基準 2,025Target2,026%
Net income for the current fiscal year+0.0%
基準 2,025Target2,026million
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planNet Sales 5,071 / Operating profit 117 / Ordinary income 207 / Net income for the current fiscal year 127 → Net Sales 4,886 / Operating profit 40 / Ordinary income 138 / Net income for the current fiscal year 81（Net Sales △3.7% / Operating profit △65.3% / Ordinary income △33.3% / Net income for the current fiscal year △35.6%）
Investment amount by sectorField Initial real estate investment for a 50-room medical care-attached facility / Amount ¥600-700 million / Timing At the time of construction, Field Initial nursing care business investment for a 50-room medical care-attached facility / Amount ¥35-40 million / Timing At the time of construction
Statements about the use of capital
Payout ratio / DOE policyThe Company is considering starting shareholder returns in 2026-2027. It will assess developments in the 2026 medical fee revision. Numerical target: Not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Key initiatives
01Stable operation of existing facilities (facilities that have been open for one year)
02Continued and accelerated opening of new facilities under the “Anges” brand
03Additional medical fee revenue from the home-visit nursing business
04The “CareMaster” system, supporting and streamlining on-site operations
05Strategic advancement of personnel recruitment in response to legislative amendments
06Expansion phase for the nursing business
07Deeper concentration of operations in core geographic areas
08M&A Strategy
09Consideration of asset securitization (diversification of funding methods)
Plan assumptionsTwo new facilities with 104 rooms are planned for 2026, both with attached home-visit nursing services, 97% occupancy rate at facilities operating for one year, Home-visit care unit price of ¥170,000, Nursing care personnel expense ratio of approximately 72.3%, The budget does not include the expected operational improvement from the Company's proprietary system going live, Two construction contracts are planned, including one construction contract for the Company's own group, The real estate business is expected to receive subsidies in the fiscal year ending December 2026, although subsidy income will decline from the previous fiscal year
Segment targetSegment Nursing care business (Terminalcare Support Institute Inc.) / Net Sales ¥5,575 million / Operating profit ¥154 million / Ordinary income ¥203 million / Net income for the current fiscal year ¥121 million / Subject Forecast for the fiscal year ending December 2026, Segment Real estate business (株式会社北山住宅販売) / Net Sales ¥375 million / Operating profit ¥8 million / Ordinary income ¥1 million / Net income for the current fiscal year ¥1 million / Subject Forecast for the fiscal year ending December 2026
Non-financial targetsIndicator Number of rooms opened during the period / Target value 104 rooms / Timing Fiscal year ending December 2026, Indicator Total rooms at fiscal year-end / Target value 1,314 rooms / Timing Fiscal year ending December 2026, Indicator Utilization rate of facilities one year after opening (nursing care business) / Target value Approximately 97% / Timing 2026 onward, Indicator Number of home-visit nursing offices / Target value 6 offices / Timing Fiscal year ending December 2026, Indicator Number of home-visit nursing offices / Target value 8 offices / Timing FY2027.12, Indicator Acceptance of specified skilled foreign workers / Target value Approximately 50 people cumulatively / Timing Fiscal year ending December 2026, Indicator CareMaster system implementation / Target value 100% implementation at all facilities / Timing 2026, Indicator Medical-care rooms / Target value 126 rooms (9.6% of the total) / Timing Fiscal year ending December 2026, Indicator Rooms in serviced housing for older people / Target value 4,500 rooms / Timing 2036
Size of the Target MarketElderly population 35.86 million people (as of December 2025) / Aging rate Expected to continue rising / Number of people certified as requiring long-term care or support Approximately 7.36 million people (as of December 2025) / Single-person and married-couple households of older people 12.45 million households (2020) / Number of applicants for special nursing homes for the elderly 206,000 people (as of 1 April 2025) / Source Statistics Bureau of Japan, “Japan's Elderly Population as Seen from Statistics—In Commemoration of Respect for the Aged Day”, Cabinet Office, “White Paper on the Ageing Society, 2020 Edition”, Ministry of Health, Labour and Welfare, “FY2020 Annual Report on the Status of Long-Term Care Insurance Services”, Japan Association of Senior Housing, “Amendments to the Act on Social Welfare for the Elderly”
Risks identified by the company
Securing personnel: Delays in opening new facilities due to personnel shortages and suspension of new admissions after opening
Legislative amendments: Lower fees, reductions in treatment improvement supplements, and higher personnel expenses. A medical fee revision is scheduled for June 2026 and a nursing care fee revision for April 2027
Food poisoning and infectious diseases: Outbreaks, lower revenue, and reputational damage
Licenses and other approvals required for the business: Repayment or reduction of nursing care fees, suspension of new admissions, and revocation of licenses
For other risks, refer to “Business and Other Risks” in the annual securities report
Reason for revision or withdrawal
The nursing care business finished below budget due to increased initial investment in the Kanto region, expanded hiring of foreign workers, and the impact of one-time payments related to improving employee treatment. One construction contract was deferred to a subsequent period, causing revenue and profit at each stage in the real estate business to fall short of budget.
| Item | Details |
|---|---|
| Plan name | Business Plan and Growth Potential |
| Plan period | Fiscal year ending December 2026 to fiscal year ending December 2036 |
| Progress against the plan | Annual update |
| Sales Target | 4,886 (actual for the fiscal year ended December 2025) → 5,951 (forecast for the fiscal year ending December 2026)（+21.8%） |
| Operating profit target | 40 (actual for the fiscal year ended December 2025) → 162 (forecast for the fiscal year ending December 2026)（+305.0%） |
| Operating profit margin target | 0.8% (actual for the fiscal year ended December 2025) → 2.7% (forecast for the fiscal year ending December 2026)（+237.5%） |
| Net income target | 81 (actual for the fiscal year ended December 2025) → 123 (forecast for the fiscal year ending December 2026)（+51.9%） |
| Payout ratio / DOE policy | The Company is considering starting shareholder returns in 2026-2027. It will assess developments in the 2026 medical fee revision. Numerical target: Not disclosed. |
| Investment amount by sector | Field Initial real estate investment for a 50-room medical care-attached facility / Amount ¥600-700 million / Timing At the time of construction, Field Initial nursing care business investment for a 50-room medical care-attached facility / Amount ¥35-40 million / Timing At the time of construction |
| Segment target | Segment Nursing care business (Terminalcare Support Institute Inc.) / Net Sales ¥5,575 million / Operating profit ¥154 million / Ordinary income ¥203 million / Net income for the current fiscal year ¥121 million / Subject Forecast for the fiscal year ending December 2026, Segment Real estate business (株式会社北山住宅販売) / Net Sales ¥375 million / Operating profit ¥8 million / Ordinary income ¥1 million / Net income for the current fiscal year ¥1 million / Subject Forecast for the fiscal year ending December 2026 |
| Non-financial targets | Indicator Number of rooms opened during the period / Target value 104 rooms / Timing Fiscal year ending December 2026, Indicator Total rooms at fiscal year-end / Target value 1,314 rooms / Timing Fiscal year ending December 2026, Indicator Utilization rate of facilities one year after opening (nursing care business) / Target value Approximately 97% / Timing 2026 onward, Indicator Number of home-visit nursing offices / Target value 6 offices / Timing Fiscal year ending December 2026, Indicator Number of home-visit nursing offices / Target value 8 offices / Timing FY2027.12, Indicator Acceptance of specified skilled foreign workers / Target value Approximately 50 people cumulatively / Timing Fiscal year ending December 2026, Indicator CareMaster system implementation / Target value 100% implementation at all facilities / Timing 2026, Indicator Medical-care rooms / Target value 126 rooms (9.6% of the total) / Timing Fiscal year ending December 2026, Indicator Rooms in serviced housing for older people / Target value 4,500 rooms / Timing 2036 |
| Plan assumptions | Two new facilities with 104 rooms are planned for 2026, both with attached home-visit nursing services, 97% occupancy rate at facilities operating for one year, Home-visit care unit price of ¥170,000, Nursing care personnel expense ratio of approximately 72.3%, The budget does not include the expected operational improvement from the Company's proprietary system going live, Two construction contracts are planned, including one construction contract for the Company's own group, The real estate business is expected to receive subsidies in the fiscal year ending December 2026, although subsidy income will decline from the previous fiscal year |
| Key initiatives | Stable operation of existing facilities (facilities that have been open for one year), Continued and accelerated opening of new facilities under the “Anges” brand, Additional medical fee revenue from the home-visit nursing business, The “CareMaster” system, supporting and streamlining on-site operations, Strategic advancement of personnel recruitment in response to legislative amendments, Expansion phase for the nursing business, Deeper concentration of operations in core geographic areas, M&A Strategy, Consideration of asset securitization (diversification of funding methods) |
| Results under the previous plan | Net Sales 5,071 / Operating profit 117 / Ordinary income 207 / Net income for the current fiscal year 127 → Net Sales 4,886 / Operating profit 40 / Ordinary income 138 / Net income for the current fiscal year 81（Net Sales △3.7% / Operating profit △65.3% / Ordinary income △33.3% / Net income for the current fiscal year △35.6%） |
| Reason for revision or withdrawal | The nursing care business finished below budget due to increased initial investment in the Kanto region, expanded hiring of foreign workers, and the impact of one-time payments related to improving employee treatment. One construction contract was deferred to a subsequent period, causing revenue and profit at each stage in the real estate business to fall short of budget. |
| Size of the Target Market | Elderly population 35.86 million people (as of December 2025) / Aging rate Expected to continue rising / Number of people certified as requiring long-term care or support Approximately 7.36 million people (as of December 2025) / Single-person and married-couple households of older people 12.45 million households (2020) / Number of applicants for special nursing homes for the elderly 206,000 people (as of 1 April 2025) / Source Statistics Bureau of Japan, “Japan's Elderly Population as Seen from Statistics—In Commemoration of Respect for the Aged Day”, Cabinet Office, “White Paper on the Ageing Society, 2020 Edition”, Ministry of Health, Labour and Welfare, “FY2020 Annual Report on the Status of Long-Term Care Insurance Services”, Japan Association of Senior Housing, “Amendments to the Act on Social Welfare for the Elderly” |
| Risks identified | Securing personnel: Delays in opening new facilities due to personnel shortages and suspension of new admissions after opening, Legislative amendments: Lower fees, reductions in treatment improvement supplements, and higher personnel expenses. A medical fee revision is scheduled for June 2026 and a nursing care fee revision for April 2027, Food poisoning and infectious diseases: Outbreaks, lower revenue, and reputational damage, Licenses and other approvals required for the business: Repayment or reduction of nursing care fees, suspension of new admissions, and revocation of licenses, For other risks, refer to “Business and Other Risks” in the annual securities report |
Items this document does not state (8)
ROE targetROIC targetTreasury share acquisition policyCost of capitalSelf-assessment of PBR and share priceTotal investment planDate of board resolutionPublication date
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.For the fiscal year ended December 2025, profit fell below budget due to increased initial investment in the Kanto region, expanded hiring of foreign workers, one-time payments related to improving employee treatment, and the deferral to a subsequent period of one construction contract in the real estate business. For the fiscal year ending December 2026, the Company forecasts higher revenue and profit as it recovers the prior year's initial investment, makes foreign workers fully productive, and opens facilities with attached home-visit nursing services.
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