Worth reading
80Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
98.5
Progress against the full-year operating profit forecast (%)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Earnings presentationThird quarter of the fiscal year ending May 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥27,741 million+644.4%
Operating profit¥2,376 million+1,438.8%
Ordinary income¥1,539 million+761.5%
Net income¥6,373 million profit attributable to owners of the parent
Results for the three months of the current quarter
Net Sales
¥84.5 hundred million
Operating profit
¥5.7 hundred million
Full-year earnings forecast
Net Sales
¥34,500 million
Operating profit
¥2,413 million
Ordinary income
¥1,350 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 Sales80.4%
Operating profit98.5%
Ordinary income114.0%
Integrated real estate business revenue78.9%
Real estate management business revenue76.0%
Construction business revenue135.1% (¥35 million above target)
Renewable energy business revenue107.0% (¥97 million above target)
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Above target (ordinary profit, construction business revenue, and renewable energy business revenue)Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Construction cost inflation rateApproximately 12–15%, with a short-term maximum of approximately 20%
Outlook for rent increases in central urban areasMore than approximately 5% above current levels
Assumed interest rate increaseA rate hike of approximately 50 basis points; the stress test assumes a 1% rate hike
Impact of interest rates on borrowingsApproximately ¥400 million on ¥40 billion of borrowings
New initiatives
- Enter the grid-scale battery storage business, with operations scheduled to begin in August 2026 and plans to enter the electricity supply-demand adjustment market
- Absorb Seira Technologies effective 1 December 2025
- Consider M&A targeting companies trading below book value, as well as M&A through share exchanges
- Plan to use treasury shares held for M&A and financing through third-party allotments, among other purposes
Key KPIsA metric the company considers important as a management benchmark.
- EBITDA¥2,687 millionYear on year against the same period last year+1,437.4%
- ROE35.2 %Year on year against the same period last year＋0.1 pt quarter on quarter
- ROIC2.9 %Year on year against the same period last year＋0.8 pt quarter on quarter
- ROA9.8 %Year on year against the same period last year-0.6 pt quarter on quarter
- Net debt-to-equity ratio1.7 timesYear on year against the same period last year＋0.3x quarter on quarter
- DOE2.7 %Year on year against the same period last year-0.1 pt quarter on quarter
- Shareholder return ratio97.1 %Year on year against the same period last year＋2.2 pt quarter on quarter
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Number of rental units under management
4,064 units
Quarter-on-quarter change+2.8%
Buildings under management
109 buildings
Quarter-on-quarter change+10.1%
Rent increase rate
6.79 %
Quarter-on-quarter change+1.14pt
Segment results
Comprehensive real estate business
Net Sales
¥23,921 million
Profit
¥3,913 million
Property Management Business
Net Sales
¥2,050 million
Profit
¥684 million
Construction
Net Sales
¥135 million
Profit
¥-192 million
Renewable energy business
Net Sales
¥1,497 million
Profit
¥79 million
Medium-term management plan targets
Target fiscal yearFiscal year ending May 2030
TargetEstablish a position as an integrated real estate technology company
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Approximately ¥400 million (the impact of a rate hike of approximately 50 basis points on ¥40 billion of borrowings)Market Size / Share
Number of investment condominiums supplied in the Tokyo metropolitan area1,864 units in the first half of 2025
Real estate crowdfunding membersMore than 280,000 members
ietty membersMore than 400,000 members
Number of employees
Number of Employees220 people group consolidated, as of 28 February 2026
Annual Dividend
Annual¥12 per share
Breakdown
Interim6
End of period6
Payout ratio
Not disclosed (DOE of 2.7% and shareholder return ratio of 97.1% stated)Acquisition of treasury shares
Amount under the acquisition limit¥100 million
Period15 January 2026–31 March 2026
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Third quarter of the fiscal year ending May 2026 |
| Net Sales | ¥27,741 million (YoY +644.4%) |
| Operating profit | ¥2,376 million (YoY +1,438.8%) |
| Ordinary income | ¥1,539 million (YoY +761.5%) |
| Net income | ¥6,373 million (profit attributable to owners of the parent) |
| Results for the three months of the current quarter | Net Sales ¥84.5 hundred million / Operating profit ¥5.7 hundred million |
| Full-year earnings forecast | Net Sales ¥34,500 million / Operating profit ¥2,413 million / Ordinary income ¥1,350 million / Net income Not disclosed |
| Progress against full-year forecast | Net Sales 80.4% / Operating profit 98.5% / Ordinary income 114.0% / Integrated real estate business revenue 78.9% / Real estate management business revenue 76.0% / Construction business revenue 135.1% (¥35 million above target) / Renewable energy business revenue 107.0% (¥97 million above target) |
| Self-assessment against the plan | Above target (ordinary profit, construction business revenue, and renewable energy business revenue) |
| Segment results | Comprehensive real estate business Net Sales ¥23,921 million / Profit ¥3,913 million / Year on year against the same period last year Not disclosed / Property Management Business Net Sales ¥2,050 million / Profit ¥684 million / Year on year against the same period last year Not disclosed / Construction Net Sales ¥135 million / Profit ¥-192 million / Year on year against the same period last year Not disclosed / Renewable energy business Net Sales ¥1,497 million / Profit ¥79 million / Year on year against the same period last year Not disclosed |
| Key KPIs | Indicator name EBITDA / Value ¥2,687 million / Year on year against the same period last year ¥1,437.4 million, Indicator name ROE / Value 35.2 % / Year on year against the same period last year ＋0.1 pt quarter on quarter, Indicator name ROIC / Value 2.9 % / Year on year against the same period last year ＋0.8 pt quarter on quarter, Indicator name ROA / Value 9.8 % / Year on year against the same period last year -0.6 pt quarter on quarter, Indicator name Net debt-to-equity ratio / Value 1.7 times / Year on year against the same period last year ＋0.3x quarter on quarter, Indicator name DOE / Value 2.7 % / Year on year against the same period last year -0.1 pt quarter on quarter, Indicator name Shareholder return ratio / Value 97.1 % / Year on year against the same period last year ＋2.2 pt quarter on quarter |
| Unit price and quantity metrics | Number of rental units under management 4,064 units / Buildings under management 109 buildings / Rent increase rate 6.79 % |
| Number of employees | Number of Employees 220 people (group consolidated, as of 28 February 2026) / Changes during the period and hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | Construction cost inflation rate Approximately 12–15%, with a short-term maximum of approximately 20% / Outlook for rent increases in central urban areas More than approximately 5% above current levels / Assumed interest rate increase A rate hike of approximately 50 basis points; the stress test assumes a 1% rate hike / Impact of interest rates on borrowings Approximately ¥400 million on ¥40 billion of borrowings |
| Risk amount incorporated into the outlook | Approximately ¥400 million (the impact of a rate hike of approximately 50 basis points on ¥40 billion of borrowings) |
| Medium-term management plan targets | Target fiscal year Fiscal year ending May 2030 / Target Establish a position as an integrated real estate technology company |
| Annual Dividend | Annual ¥12 per share / Breakdown Interim 6 / End of period 6 |
| Payout ratio | Not disclosed (DOE of 2.7% and shareholder return ratio of 97.1% stated) |
| Acquisition of treasury shares | Amount under the acquisition limit ¥100 million / Number of Shares Not disclosed / Period 15 January 2026–31 March 2026 |
| Market Size / Share | Number of investment condominiums supplied in the Tokyo metropolitan area 1,864 units in the first half of 2025 / Real estate crowdfunding members More than 280,000 members / ietty members More than 400,000 members |
| New initiatives | Enter the grid-scale battery storage business, with operations scheduled to begin in August 2026 and plans to enter the electricity supply-demand adjustment market, Absorb Seira Technologies effective 1 December 2025, Consider M&A targeting companies trading below book value, as well as M&A through share exchanges, Plan to use treasury shares held for M&A and financing through third-party allotments, among other purposes |
Items this document does not state (9)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesBreakdown of Factors Affecting the ChangeNumber of stores and locationsFinancial targetsCapital 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.Contributions came from the delivery of a one-building sale in the Kawasaki II PJ, sales of newly built condominiums, completion of projects constructed in-house, increases in the number of buildings under building management and rental properties under management, rent increases upon contract renewals, sales of used power plants, and high-margin contracted construction work.
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.