Worth reading
52Recurring
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
20.6
%Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales137,029¥ millionYear on year +20.6%Progress 94.5%
Operating profit26,101¥ millionYear on year +22.5%Progress 98.5%
Ordinary income17,190¥ millionYear on year -0.8%Progress 86.0%
Net income attributable to owners of the parent12,191¥ millionYear on year +8.9%Progress 87.1%
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¥127.31
Operating Margin19.0%
Financial position at period-end
Total assets509,773¥ million
of which net assets 86,122 ¥ millionEquity ratio 17.0%vs. prior year-end -0.2pt
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+10,362
Investment-12,164
Financials+17,750
Net change+15,948
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).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 period¥62,053 million
Segment revenue
Housing development63,63046.4%-4.9%
Real estate development52,01938.0%+83.0%
Real Estate Leasing Business17,26212.6%+10.7%
Asset management2,2071.6%+34.2%
Other1,9091.4%+87.1%
Segment profit
Housing development11,49331.6%-4.6%
Real estate development14,91341.0%+46.0%
Real Estate Leasing Business8,03322.1%+14.4%
Asset management1,2913.5%+29.5%
Other6531.8%+104.9%
Regional sales
Kanto24.824.8%
Kansai54.254.2%
Chubu9.49.4%
Kyushu11.611.6%
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥145,000 million (YoY +5.8%)
Operating profit¥26,500 million (YoY +1.5%)
Ordinary income¥20,000 million (YoY +16.3%)
Net income¥14,000 million (YoY +14.8%)
Revision to Earnings ForecastNet Sales Not disclosed → ¥145,000 million / Operating profit Not disclosed → ¥26,500 million / Ordinary income Not disclosed → ¥20,000 million / Net income Not disclosed → ¥14,000 million
Annual Dividend Forecast¥48 per share → ¥53 per share
Payout ratioFiscal year ending March 2026 37.7% / Forecast for the fiscal year ending March 2027 35.0%
Shareholder Return PolicyNumerical target: Not disclosed. The Company has adopted a progressive dividend policy under which dividends will not be reduced, with the dividend per share for the previous fiscal year serving as the floor; dividends will either be maintained or increased.
Factors Behind Changes in Business Performance
Property sales in the real estate development business increased substantially, while recurring revenue grew in the real estate leasing and asset management businesses. Ordinary income declined, however, mainly because equity-method investment losses were recorded as non-operating expenses.
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 Number of companies 2 / Company name 株式会社芝リアルエステート, 株式会社モンテディオフットボールパーク / Excluded Number of companies 0 / Company name Not disclosed
Material subsequent eventsNot applicable.
Impairment lossNot applicable (impairment losses on fixed assets by reporting segment)
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of non-current assets 0 / Gain on bargain purchase 86 / Gain on sale of investment securities 24 / Gain on sale of shares in an affiliated company 191 / Gain on changes in equity interests 253 / Gain on reversal of subscription rights to shares 0 / Total extraordinary income 557 / Extraordinary loss Loss on Disposal of Fixed Assets 12 / Total extraordinary loss 12
Depreciation and amortization¥2,017 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingAvailable (for institutional investors and analysts)
Issued Shares at Period-End98,580,887
Treasury Shares at Period-End2,691,754
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥137,029 million (YoY +20.6%) |
| Operating profit | ¥26,101 million (YoY +22.5%) |
| Ordinary income | ¥17,190 million (YoY -0.8%) |
| Profit attributable to owners of the parent | ¥12,191 million (YoY +8.9%) |
| Net income per share | ¥127.31 |
| Operating Margin | 19.0% |
| Equity ratio | End of the current fiscal period 17.0% / End of previous period 17.2% |
| Total assets | ¥509,773 million |
| Net assets | ¥86,122 million |
| Cash flows from operating activities | ¥10,362 million |
| Cash flows from investing activities | ¥-12,164 million |
| Cash flows from financing activities | ¥17,750 million |
| Cash and cash equivalents at end of period | ¥62,053 million |
| Full-year earnings forecast | Net Sales ¥145,000 million (YoY +5.8%) / Operating profit ¥26,500 million (YoY +1.5%) / Ordinary income ¥20,000 million (YoY +16.3%) / Net income ¥14,000 million (YoY +14.8%) |
| Revision to Earnings Forecast | Net Sales Not disclosed → ¥145,000 million / Operating profit Not disclosed → ¥26,500 million / Ordinary income Not disclosed → ¥20,000 million / Net income Not disclosed → ¥14,000 million |
| Annual Dividend Forecast | ¥48 per share → ¥53 per share |
| Payout ratio | Fiscal year ending March 2026 37.7% / Forecast for the fiscal year ending March 2027 35.0% |
| Shareholder Return Policy | Numerical target: Not disclosed. The Company has adopted a progressive dividend policy under which dividends will not be reduced, with the dividend per share for the previous fiscal year serving as the floor; dividends will either be maintained or increased. |
| Segment revenue | Housing development ¥63,630 million (YoY -4.9%) / Real estate development ¥52,019 million (YoY +83.0%) / Real Estate Leasing Business ¥17,262 million (YoY +10.7%) / Asset management ¥2,207 million (YoY +34.2%) / Other ¥1,909 million (YoY +87.1%) |
| Segment profit | Housing development ¥11,493 million (YoY -4.6%) / Real estate development ¥14,913 million (YoY +46.0%) / Real Estate Leasing Business ¥8,033 million (YoY +14.4%) / Asset management ¥1,291 million (YoY +29.5%) / Other ¥653 million (YoY +104.9%) |
| Regional sales | Kanto 24.8% (regional breakdown of condominium sales) / Kansai 54.2% (regional breakdown of condominium sales) / Chubu 9.4% (regional breakdown of condominium sales) / Kyushu 11.6% (regional breakdown of condominium sales) |
| Depreciation and amortization | ¥2,017 million |
| Impairment loss | Not applicable (impairment losses on fixed assets by reporting segment) |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets 0 / Gain on bargain purchase 86 / Gain on sale of investment securities 24 / Gain on sale of shares in an affiliated company 191 / Gain on changes in equity interests 253 / Gain on reversal of subscription rights to shares 0 / Total extraordinary income 557 / Extraordinary loss Loss on Disposal of Fixed Assets 12 / Total extraordinary loss 12 |
| 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 Number of companies 2 / Company name 株式会社芝リアルエステート, 株式会社モンテディオフットボールパーク / Excluded Number of companies 0 / Company name Not disclosed |
| Material subsequent events | Not applicable. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Available (for institutional investors and analysts) |
| Issued Shares at Period-End | 98,580,887 |
| Treasury Shares at Period-End | 2,691,754 |
| Factors Behind Changes in Business Performance | Property sales in the real estate development business increased substantially, while recurring revenue grew in the real estate leasing and asset management businesses. Ordinary income declined, however, mainly because equity-method investment losses were recorded as non-operating expenses. |
Items this document does not state (1)
Orders received and order backlog
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 and operating income were boosted by a substantial increase in property sales in the real estate development business and growth in recurring revenue from the real estate leasing and asset management businesses. Ordinary income declined, however, mainly because equity-method investment losses were recorded as non-operating expenses.
How to read this page
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