Worth reading
56In focus
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
31.3
% (year-on-year increase in net sales)Wording
Conditional
How definitive the wording is.Results for this period
First quarter1 December 2025 to 28 February 2026ConsolidatedIFRSNet Sales60,498¥ millionYear on year +31.3%Progress 49.2%
Operating profit15,499¥ millionYear on year +25.8%Progress 63.0%
Ordinary income14,879¥ millionYear on year +25.8%Progress 67.6%
Net income attributable to owners of the parent10,181¥ millionYear on year +24.5%Progress 67.2%
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¥104.99
Financial position at period-end
Total assets300,371¥ million
of which net assets 108,312 ¥ millionEquity ratio 36.0%vs. prior year-end +2.6pt
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+19,920,642
Investment+3,085,221
Financials-16,390,070
Net change+6,615,793
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ thousand).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¥46,224,366 thousand
Segment revenueReal estate revitalization business ¥40,846,517 thousand (YoY +92.8%), Real estate development ¥11,226,887 thousand (YoY -36.5%), Real Estate Leasing Business ¥2,377,106 thousand (YoY +12.2%), Real Estate Fund and Consulting business ¥2,532,233 thousand (YoY +51.1%), Property Management Business ¥1,781,241 thousand (YoY +2.7%), Hotel Business ¥1,734,303 thousand (YoY +3.1%)
Segment profitReal estate revitalization business ¥9,126,582 thousand (YoY +95.4%), Real estate development ¥3,372,833 thousand (YoY -38.6%), Real Estate Leasing Business ¥1,426,716 thousand (YoY +22.1%), Real Estate Fund and Consulting business ¥1,821,295 thousand (YoY +82.6%), Property Management Business ¥212,394 thousand (YoY -32.5%), Hotel Business ¥518,943 thousand (YoY -20.0%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥122,986 million (YoY +29.9%)
Operating profit¥24,611 million (YoY +10.2%)
Ordinary income¥22,000 million (YoY +6.6%)
Net income¥15,157 million (YoY +2.7%)
Annual Dividend Forecast¥100 (the previous fiscal year's actual dividend was ¥100 before the stock split, while the current fiscal year's forecast is ¥55 after the split; comparison adjusted for the stock split) → ¥55 (the previous fiscal year's actual dividend was ¥100 before the stock split, while the current fiscal year's forecast is ¥55 after the split; comparison adjusted for the stock split)（+10.0%）
Factors Behind Changes in Business Performance
Active investment by domestic and overseas investors, strong sales of office buildings and rental apartment buildings, robust inbound demand, and growth in assets under management in the Real Estate Fund and Consulting business
Disclosure regarding the going concern assumption
No applicable matters
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 consolidation0 additions (company name: —), 0 exclusions (company name: —)
Material subsequent eventsNo applicable matters.
Depreciation and amortization¥350,339 thousand
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingNo
Issued Shares at Period-End97,367,600
Treasury Shares at Period-End398,000
| Item | Details |
|---|---|
| Fiscal Period Classification | First quarter |
| Accounting standards | IFRS |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 December 2025 to 28 February 2026 |
| Net Sales | ¥60,498 million (YoY +31.3%) |
| Operating profit | ¥15,499 million (YoY +25.8%) |
| Ordinary income | ¥14,879 million (YoY +25.8%) |
| Profit attributable to owners of the parent | ¥10,181 million (YoY +24.5%) |
| Net income per share | ¥104.99 |
| Equity ratio | End of the current fiscal period 36 / End of previous period 33.4 |
| Total assets | ¥300,371 million |
| Net assets | ¥108,312 million |
| Cash flows from operating activities | ¥19,920,642 thousand |
| Cash flows from investing activities | ¥3,085,221 thousand |
| Cash flows from financing activities | ¥-16,390,070 thousand |
| Cash and cash equivalents at end of period | ¥46,224,366 thousand |
| Full-year earnings forecast | Net Sales ¥122,986 million (YoY +29.9%) / Operating profit ¥24,611 million (YoY +10.2%) / Ordinary income ¥22,000 million (YoY +6.6%) / Net income ¥15,157 million (YoY +2.7%) |
| Annual Dividend Forecast | ¥100 (the previous fiscal year's actual dividend was ¥100 before the stock split, while the current fiscal year's forecast is ¥55 after the split; comparison adjusted for the stock split) → ¥55 (the previous fiscal year's actual dividend was ¥100 before the stock split, while the current fiscal year's forecast is ¥55 after the split; comparison adjusted for the stock split)（+10.0%） |
| Segment revenue | Real estate revitalization business ¥40,846,517 thousand (YoY +92.8%), Real estate development ¥11,226,887 thousand (YoY -36.5%), Real Estate Leasing Business ¥2,377,106 thousand (YoY +12.2%), Real Estate Fund and Consulting business ¥2,532,233 thousand (YoY +51.1%), Property Management Business ¥1,781,241 thousand (YoY +2.7%), Hotel Business ¥1,734,303 thousand (YoY +3.1%) |
| Segment profit | Real estate revitalization business ¥9,126,582 thousand (YoY +95.4%), Real estate development ¥3,372,833 thousand (YoY -38.6%), Real Estate Leasing Business ¥1,426,716 thousand (YoY +22.1%), Real Estate Fund and Consulting business ¥1,821,295 thousand (YoY +82.6%), Property Management Business ¥212,394 thousand (YoY -32.5%), Hotel Business ¥518,943 thousand (YoY -20.0%) |
| Depreciation and amortization | ¥350,339 thousand |
| Disclosure regarding the going concern assumption | No applicable matters |
| 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 | 0 additions (company name: —), 0 exclusions (company name: —) |
| Material subsequent events | No applicable matters. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | No |
| Issued Shares at Period-End | 97,367,600 |
| Treasury Shares at Period-End | 398,000 |
| Factors Behind Changes in Business Performance | Active investment by domestic and overseas investors, strong sales of office buildings and rental apartment buildings, robust inbound demand, and growth in assets under management in the Real Estate Fund and Consulting business |
Items this document does not state (8)
Operating MarginRevision to Earnings ForecastPayout ratioShareholder Return PolicyRegional salesOrders received and order backlogImpairment lossBreakdown of extraordinary income (loss)
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.Against a backdrop of active investment by domestic and overseas investors, sales of office buildings and rental apartment buildings in the Real Estate Revitalization business remained strong, while the Hotel business captured robust inbound demand. Assets under management in the Real Estate Fund and Consulting business also grew.
How to read this page
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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.