Worth reading
65In 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
118
¥ million (gain on sale of investment securities)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportSecond quarter (interim period) of the fiscal year ending December 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥17,140 million-0.3%
Operating profit¥470 million-19.6%
Ordinary income¥561 million-21.8%
Net income¥404 million +2.1%interim net income attributable to owners of the parent
Selling, general and administrative expenses¥2,532 million
Full-year earnings forecast
Net Sales
¥37,200 million
Operating profit
¥1,330 million
Ordinary income
¥1,510 million
Profit attributable to owners of the parent
¥880 million
Earnings per share
¥133.46
ROE
8.7 ％
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 Sales46.1％
Operating profit35.4％
Ordinary income37.2％
Profit attributable to owners of the parent46.0％
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Below the first-half forecastsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Gross profit−¥51 million
Personnel Expenses−¥62 million
Other selling, general and administrative expenses−¥2 million
Non-operating income and expenses-¥42 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Large-scale redevelopment projects in the major metropolitan areas of Tokyo, Nagoya and Osaka are expected to enter full-scale operation in the second half. Construction material prices are expected to rise, but the Company intends to maintain appropriate selling prices in line with market prices. Numerical assumptions: Not disclosed.New initiatives
- Opening the Yamaguchi Delivery Center
- Integrating the Kobe West Sales Office into the Kobe Distribution Center
- Two-for-one stock split effective 1 July 2026
- Strengthening sales activities to secure large-scale redevelopment projects in major metropolitan areas
Key KPIsA metric the company considers important as a management benchmark.
- ROE8.7 ％
- Equity ratio48.1 ％
- Net income per share¥133.46
- Payout ratio30 ％
Segment results
Interior Construction Materials Business
Net Sales
¥8,429 million-0.9%
Segment profit
¥416 million-11.3%
Exterior Products Business
Net Sales
¥6,456 million+0.7%
Segment profit
¥292 million-5.2%
Residential Environment-Related Business
Net Sales
¥2,254 million-0.9%
Segment profit
¥123 million+30.9%
Financial targets
ROE
Target value8.7 % forecast for the fiscal year ending December 2026
Consolidated capital adequacy ratio
Target value40～50
Actual value
ROE8.5 % 30 June 2026
Equity ratio48.1 % 30 June 2026
Market Size / Share
New housing starts
740,000 Units 2025
Year on year against the same period last year-6.5%
Privately owned non-residential buildings
33,077 Thousand m² 2025
Year on year against the same period last year-5.7%
Number of employees
Number of Employees483 People consolidated
Capital expenditures
¥90 millions purchases of property, plant and equipment
Annual Dividend
Annual dividend per share¥40
Payout ratio
Rate30 ％
PolicyGradually raise the dividend payout ratio in line with the consolidated equity ratio
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Second quarter (interim period) of the fiscal year ending December 2026 |
| Net Sales | ¥17,140 million (YoY -0.3%) |
| Operating profit | ¥470 million (YoY -19.6%) |
| Ordinary income | ¥561 million (YoY -21.8%) |
| Net income | ¥404 million (interim net income attributable to owners of the parent) (YoY +2.1%) |
| Selling, general and administrative expenses | ¥2,532 million |
| Full-year earnings forecast | Net Sales ¥37,200 million / Operating profit ¥1,330 million / Ordinary income ¥1,510 million / Profit attributable to owners of the parent ¥880 million / Earnings per share ¥133.46 / ROE 8.7 ％ |
| Progress against full-year forecast | Net Sales 46.1％ / Operating profit 35.4％ / Ordinary income 37.2％ / Profit attributable to owners of the parent 46.0％ |
| Self-assessment against the plan | Below the first-half forecasts |
| Segment results | Interior Construction Materials Business Net Sales ¥8,429 million (YoY -0.9%) / Segment profit ¥416 million (YoY -11.3%) / Exterior Products Business Net Sales ¥6,456 million (YoY +0.7%) / Segment profit ¥292 million (YoY -5.2%) / Residential Environment-Related Business Net Sales ¥2,254 million (YoY -0.9%) / Segment profit ¥123 million (YoY +30.9%) |
| Breakdown of Factors Affecting the Change | Gross profit −¥51 million / Personnel Expenses −¥62 million / Other selling, general and administrative expenses −¥2 million / Non-operating income and expenses -¥42 million |
| Key KPIs | Indicator name ROE / Value 8.7 ％ / Year on year against the same period last year Not disclosed, Indicator name Equity ratio / Value 48.1 ％ / Year on year against the same period last year Not disclosed, Indicator name Net income per share / Value ¥133.46 / Year on year against the same period last year Not disclosed, Indicator name Payout ratio / Value 30 ％ / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees 483 People (consolidated) / Changes during the period and hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | Large-scale redevelopment projects in the major metropolitan areas of Tokyo, Nagoya and Osaka are expected to enter full-scale operation in the second half. Construction material prices are expected to rise, but the Company intends to maintain appropriate selling prices in line with market prices. Numerical assumptions: Not disclosed. |
| Financial targets | ROE Target value 8.7 % (forecast for the fiscal year ending December 2026) / Consolidated capital adequacy ratio Target value 40～50 / Actual value ROE 8.5 % (30 June 2026) / Equity ratio 48.1 % (30 June 2026) |
| Annual Dividend | Annual dividend per share ¥40 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | Rate 30 ％ / Policy Gradually raise the dividend payout ratio in line with the consolidated equity ratio |
| Capital expenditures | ¥90 millions (purchases of property, plant and equipment) |
| Market Size / Share | New housing starts 740,000 Units (2025) / Privately owned non-residential buildings 33,077 Thousand m² (2025) |
| New initiatives | Opening the Yamaguchi Delivery Center, Integrating the Kobe West Sales Office into the Kobe Distribution Center, Two-for-one stock split effective 1 July 2026, Strengthening sales activities to secure large-scale redevelopment projects in major metropolitan areas |
Items this document does not state (10)
Gross Profit MarginOperating profit marginResults for the three months of the current quarterUnit price and quantity metricsNumber of stores and locationsRisk amount incorporated into the outlookMedium-term management plan targetsAcquisition of treasury sharesOrders 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.Revenue, operating profit and ordinary profit fell below both the year-earlier period and the first-half forecasts due to stagnant domestic construction demand, longer construction project completion times, lower gross profit margins in the Interior Building Materials and Exterior Products businesses, and higher personnel and other costs. However, interim net income attributable to owners of the parent increased because a gain on the sale of investment securities of ¥118 million was recognized as extraordinary income following the sale of cross-shareholdings.
How to read this page
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