Worth reading
69In 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
10000
¥ million (full-year operating profit forecast revision)Wording
Conditional
How definitive the wording is.Results for this period
Interim period (second quarter)1 April 2026 to 30 September 2026ConsolidatedJapanese GAAPNet Sales527,960Millions of yenYear on year -0.8%Progress 49.8%
Operating profit181,480Millions of yenYear on year +8.4%Progress 55.0%
Ordinary income178,715Millions of yenYear on year +9.0%Progress 56.7%
Net income attributable to owners of the parent140,132Millions of yenYear on year +18.4%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥151.72
Financial position at period-end
Total assets7,284,301Millions of yen
of which net assets 2,613,983 Millions of yenEquity ratio 35.9%vs. prior year-end +1.5pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+138,663
Investment-55,131
Financials-86,430
Net change-2,898
Stacked from zero: upward is an increase in cash, downward a decrease (in Millions of yen).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period56,044 Millions of yen
Segment revenueReal estate leasing Current interim period 245,641 Millions of yen / Same period of the previous year 225,524 Millions of yen / Year-on-year change 20,117 Millions of yen / Real estate sales Current interim period 187,064 Millions of yen / Same period of the previous year 199,943 Millions of yen / Year-on-year change -12,879 Millions of yen / Housing Current interim period 59,888 Millions of yen / Same period of the previous year 66,337 Millions of yen / Year-on-year change -6,449 Millions of yen / Steps Current interim period 30,833 Millions of yen / Same period of the previous year 36,538 Millions of yen / Year-on-year change -5,704 Millions of yen / Other Current interim period 9,207 Millions of yen / Same period of the previous year 7,653 Millions of yen / Year-on-year change 1,554 Millions of yen
Segment profitReal estate leasing Current interim period 117,894 Millions of yen / Same period of the previous year 104,310 Millions of yen / Year-on-year change 13,584 Millions of yen / Real estate sales Current interim period 69,273 Millions of yen / Same period of the previous year 63,881 Millions of yen / Year-on-year change 5,392 Millions of yen / Housing Current interim period -2,001 Millions of yen / Same period of the previous year 331 Millions of yen / Year-on-year change -2,332 Millions of yen / Steps Current interim period 7,922 Millions of yen / Same period of the previous year 11,204 Millions of yen / Year-on-year change -3,282 Millions of yen / Other Current interim period 2,124 Millions of yen / Same period of the previous year 1,508 Millions of yen / Year-on-year change 616 Millions of yen
Outlook and shareholder returns
Full-year earnings forecast
Net Sales1,060,000 Millions of yen (YoY +0.2%)
Operating profit330,000 Millions of yen (YoY +10.3%)
Ordinary income315,000 Millions of yen (YoY +8.9%)
Profit attributable to owners of the parent230,000 Millions of yen (YoY +8.2%)
Revision to Earnings ForecastNet Sales 1,070,000 Millions of yen → 1,060,000 Millions of yen / Operating profit 320,000 Millions of yen → 330,000 Millions of yen / Ordinary income 300,000 Millions of yen → 315,000 Millions of yen / Profit attributable to owners of the parent 223,000 Millions of yen → 230,000 Millions of yen
Annual Dividend Forecast65 Yen → 55 Yen
Shareholder Return PolicyAim to double dividends and pay an annual dividend of ¥100 within 5 years
Factors Behind Changes in Business Performance
Accelerating rises in Tokyo office rents, rent revisions at existing buildings, an improved vacancy rate in the real estate leasing business and improved profit margins in the real estate sales business, primarily condominiums for sale, contributed to higher profits. The increase in gains on sales of investment securities also improved special gains and losses.
Disclosure regarding the going concern assumption
Not applicable
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew — companies / Name of new company Not disclosed / Excluded — companies / Excluded Company Name Not disclosed
Material subsequent eventsNot applicable
Impairment loss¥465 million. Rental assets in the real estate leasing segment
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets 88 Millions of yen / Gain on sales of investment securities 30,310 Millions of yen / Extraordinary loss Loss on sale of fixed assets 115 Millions of yen / Impairment loss 465 Millions of yen / Loss on disposal of non-current assets 2,287 Millions of yen / Loss on sale of investment securities 138 Millions of yen / Other 325 Millions of yen
Depreciation and amortization38,889 Millions of yen
Orders received and order backlogOrders received Total Housing 90,024 Millions of yen / Shinchiku Sokkuri-san 52,077 Millions of yen / Custom homes 37,946 Millions of yen / Order backlog Not disclosed
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingAvailable (対象者：Not disclosed)
Issued Shares at Period-End936,000,000 shares
Treasury Shares at Period-End12,317,065 shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026 to 30 September 2026 |
| Net Sales | 527,960 Millions of yen (YoY -0.8%) |
| Operating profit | 181,480 Millions of yen (YoY +8.4%) |
| Ordinary income | 178,715 Millions of yen (YoY +9.0%) |
| Profit attributable to owners of the parent | 140,132 Millions of yen (YoY +18.4%) |
| Net income per share | ¥151.72 |
| Equity ratio | End of the current fiscal period 35.9 / End of previous period 34.4 |
| Total assets | 7,284,301 Millions of yen |
| Net assets | 2,613,983 Millions of yen |
| Cash flows from operating activities | 138,663 Millions of yen |
| Cash flows from investing activities | -55,131 Millions of yen |
| Cash flows from financing activities | -86,430 Millions of yen |
| Cash and cash equivalents at end of period | 56,044 Millions of yen |
| Full-year earnings forecast | Net Sales 1,060,000 Millions of yen (YoY +0.2%) / Operating profit 330,000 Millions of yen (YoY +10.3%) / Ordinary income 315,000 Millions of yen (YoY +8.9%) / Profit attributable to owners of the parent 230,000 Millions of yen (YoY +8.2%) |
| Revision to Earnings Forecast | Net Sales 1,070,000 Millions of yen → 1,060,000 Millions of yen / Operating profit 320,000 Millions of yen → 330,000 Millions of yen / Ordinary income 300,000 Millions of yen → 315,000 Millions of yen / Profit attributable to owners of the parent 223,000 Millions of yen → 230,000 Millions of yen |
| Annual Dividend Forecast | 65 Yen → 55 Yen |
| Shareholder Return Policy | Aim to double dividends and pay an annual dividend of ¥100 within 5 years |
| Segment revenue | Real estate leasing Current interim period 245,641 Millions of yen / Same period of the previous year 225,524 Millions of yen / Year-on-year change 20,117 Millions of yen / Real estate sales Current interim period 187,064 Millions of yen / Same period of the previous year 199,943 Millions of yen / Year-on-year change -12,879 Millions of yen / Housing Current interim period 59,888 Millions of yen / Same period of the previous year 66,337 Millions of yen / Year-on-year change -6,449 Millions of yen / Steps Current interim period 30,833 Millions of yen / Same period of the previous year 36,538 Millions of yen / Year-on-year change -5,704 Millions of yen / Other Current interim period 9,207 Millions of yen / Same period of the previous year 7,653 Millions of yen / Year-on-year change 1,554 Millions of yen |
| Segment profit | Real estate leasing Current interim period 117,894 Millions of yen / Same period of the previous year 104,310 Millions of yen / Year-on-year change 13,584 Millions of yen / Real estate sales Current interim period 69,273 Millions of yen / Same period of the previous year 63,881 Millions of yen / Year-on-year change 5,392 Millions of yen / Housing Current interim period -2,001 Millions of yen / Same period of the previous year 331 Millions of yen / Year-on-year change -2,332 Millions of yen / Steps Current interim period 7,922 Millions of yen / Same period of the previous year 11,204 Millions of yen / Year-on-year change -3,282 Millions of yen / Other Current interim period 2,124 Millions of yen / Same period of the previous year 1,508 Millions of yen / Year-on-year change 616 Millions of yen |
| Orders received and order backlog | Orders received Total Housing 90,024 Millions of yen / Shinchiku Sokkuri-san 52,077 Millions of yen / Custom homes 37,946 Millions of yen / Order backlog Not disclosed |
| Depreciation and amortization | 38,889 Millions of yen |
| Impairment loss | ¥465 million. Rental assets in the real estate leasing segment |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets 88 Millions of yen / Gain on sales of investment securities 30,310 Millions of yen / Extraordinary loss Loss on sale of fixed assets 115 Millions of yen / Impairment loss 465 Millions of yen / Loss on disposal of non-current assets 2,287 Millions of yen / Loss on sale of investment securities 138 Millions of yen / Other 325 Millions of yen |
| Disclosure regarding the going concern assumption | Not applicable |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New — companies / Name of new company Not disclosed / Excluded — companies / Excluded Company Name Not disclosed |
| Material subsequent events | Not applicable |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Available (対象者：Not disclosed) |
| Issued Shares at Period-End | 936,000,000 shares |
| Treasury Shares at Period-End | 12,317,065 shares |
| Factors Behind Changes in Business Performance | Accelerating rises in Tokyo office rents, rent revisions at existing buildings, an improved vacancy rate in the real estate leasing business and improved profit margins in the real estate sales business, primarily condominiums for sale, contributed to higher profits. The increase in gains on sales of investment securities also improved special gains and losses. |
Items this document does not state (3)
Operating MarginPayout ratioRegional sales
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.Accelerating rises in Tokyo office rents, rent revisions at existing buildings and improved profit margins in the real estate sales business contributed to higher profits. In special gains and losses, gains on sales of investment securities increased, while growth in order intake in the housing business was limited, and the Step business was affected by structural reform costs, including the restructuring of its store network and reforms to its personnel and payroll systems.
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