Results for this period
Interim period (second quarter)1 November 2025 to 30 April 2026ConsolidatedJapanese GAAPThe 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.
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.
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.
In the Real Estate Business, there were no sales of real estate held for sale during the interim consolidated accounting period. In the Investment Business, new investments were suspended, and in the Real Estate Credit Business, there were no new real estate finance transactions. In the Crowdfunding Business, revenue recognition for 5 projects totaling approximately ¥2 billion, which had been scheduled for recognition, was deferred to the third and fourth quarters, while gains on sales following exits and fund-formation fees were recognized.
Not applicable.
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 November 2025 to 30 April 2026 |
| Net Sales | ¥12,542 million (YoY -12.0%) |
| Operating profit | ¥1,363 million |
| Ordinary income | ¥923 million |
| Profit attributable to owners of the parent | ¥-1,056 million |
| Net income per share | -¥7.85 |
| Equity ratio | End of the current fiscal period 1.9 / End of previous period 2.5 |
| Total assets | ¥42,176 million |
| Net assets | ¥1,008 million |
| Cash flows from operating activities | ¥-810 million |
| Cash flows from investing activities | ¥669 million |
| Cash flows from financing activities | ¥-108 million |
| Cash and cash equivalents at end of period | ¥2,504 million |
| Full-year earnings forecast | Net Sales ¥46,336 million (YoY +34.0%) / Operating profit ¥4,529 million / Ordinary income ¥4,201 million / Net income ¥-382 million |
| Annual Dividend Forecast | ¥0 → ¥0 |
| Segment revenue | Real Estate Business ¥118 million (YoY -86.0%), Investment Business ¥0 million, Real Estate Credit Business ¥0 million, Crowdfunding Business ¥12,424 million (YoY -7.3%) |
| Segment profit | Real Estate Business ¥-1 million, Investment Business ¥-1 million, Real Estate Credit Business ¥0 million, Crowdfunding Business ¥1,632 million |
| Depreciation and amortization | ¥47 million |
| Impairment loss | None for the interim consolidated accounting period |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of non-current assets ¥24 million / Extraordinary loss Loss on Disposal of Fixed Assets ¥21 million, Provision for contract loss ¥200 million |
| 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 0 companies (no company names provided) / Excluded 0 companies (no company names provided) |
| Material subsequent events | The company recognized the possibility that the accounting treatment of transactions involving repurchase arrangements in real estate fund transactions by its consolidated subsidiary ヤマワケエステート may not have been appropriate. It resolved to establish an internal investigation committee including external experts independent of the company and conduct an investigation. |
| Availability of Supplementary Financial Results Materials | No |
| Availability of Financial Results Briefing | No |
| Issued Shares at Period-End | 153,345,357 |
| Treasury Shares at Period-End | 5,744,551 |
| Factors Behind Changes in Business Performance | In the Real Estate Business, there were no sales of real estate held for sale during the interim consolidated accounting period. In the Investment Business, new investments were suspended, and in the Real Estate Credit Business, there were no new real estate finance transactions. In the Crowdfunding Business, revenue recognition for 5 projects totaling approximately ¥2 billion, which had been scheduled for recognition, was deferred to the third and fourth quarters, while gains on sales following exits and fund-formation fees were recognized. |
Items this document does not state (6)
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.The company attributes the results to its efforts to expand its real estate and crowdfunding businesses, improve profitability and strengthen corporate governance. In the crowdfunding business, it explained that gains on sales following the exit of investments and fund-formation fees were the primary contributors to profit.