Worth reading
62In 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
-9373
¥ millionWording
Conditional
How definitive the wording is.Results for this period
Third quarter1 December 2025 to 31 August 2026ConsolidatedIFRSNet Sales99,604¥ millionYear on year +18.6%Progress 87.7%
Operating profit23,445¥ millionYear on year +12.7%Progress 93.6%
Ordinary income21,664¥ millionYear on year +11.5%Progress 95.4%
Net income attributable to owners of the parent14,817¥ millionYear on year +5.5%Progress 93.2%
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¥152.71
Financial position at period-end
Total assets321,918¥ million
of which net assets 112,473 ¥ millionEquity ratio 34.9%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+14,417
Investment-5,020
Financials-4,805
Net change+4,592
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¥44,204 million
Segment revenue
Real estate revitalization business60,678.9760.9%+60.0%
Real estate development13,362.7813.4%-38.9%
Real Estate Leasing Business7,411.787.4%+12.3%
Real Estate Fund and Consulting business6,787.976.8%-1.6%
Property Management Business5,637.415.7%+3.8%
Hotel Business5,725.895.7%+9.1%
Segment profit
Real estate revitalization business12,216.5346.0%+82.1%
Real estate development3,020.5711.4%-49.9%
Real Estate Leasing Business4,430.0016.7%+21.7%
Real Estate Fund and Consulting business4,170.4615.7%-5.9%
Property Management Business873.753.3%+0.7%
Hotel Business1,869.857.0%-9.3%
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥113,613 million (YoY +20.0%)
Operating profit¥25,061 million (YoY +12.2%)
Ordinary income¥22,700 million (YoY +10.0%)
Net income¥15,906 million (YoY +7.8%)
Revision to Earnings ForecastNet Sales 122,986 / Operating profit 24,612 / Ordinary income 22,000 / Net income 15,157 → Net Sales 113,613 / Operating profit 25,061 / Ordinary income 22,700 / Net income 15,906
Annual Dividend Forecast¥55 per share → ¥58 per share
Payout ratio35.4
Factors Behind Changes in Business Performance
Sales of value-enhanced used office buildings and used rental apartments performed strongly in the real estate revitalization business. The real estate fund and consulting business earned more fees than anticipated, while progress in leasing and higher rents contributed to the real estate leasing 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 consolidationNew 0 / Excluded 0 / Company name None
Material subsequent eventsNo applicable matters.
Depreciation and amortization¥1,061,027 thousand
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable No / Subject person Not disclosed
Issued Shares at Period-End97,569,600
Treasury Shares at Period-End361,550
| Item | Details |
|---|---|
| Fiscal Period Classification | Third quarter |
| Accounting standards | IFRS |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 December 2025 to 31 August 2026 |
| Net Sales | ¥99,604 million (YoY +18.6%) |
| Operating profit | ¥23,445 million (YoY +12.7%) |
| Ordinary income | ¥21,664 million (YoY +11.5%) |
| Profit attributable to owners of the parent | ¥14,817 million (YoY +5.5%) |
| Net income per share | ¥152.71 |
| Equity ratio | End of the current fiscal period 34.9 / End of previous period 33.4 |
| Total assets | ¥321,918 million |
| Net assets | ¥112,473 million |
| Cash flows from operating activities | ¥14,417 million |
| Cash flows from investing activities | ¥-5,020 million |
| Cash flows from financing activities | ¥-4,805 million |
| Cash and cash equivalents at end of period | ¥44,204 million |
| Full-year earnings forecast | Net Sales ¥113,613 million (YoY +20.0%) / Operating profit ¥25,061 million (YoY +12.2%) / Ordinary income ¥22,700 million (YoY +10.0%) / Net income ¥15,906 million (YoY +7.8%) |
| Revision to Earnings Forecast | Net Sales 122,986 / Operating profit 24,612 / Ordinary income 22,000 / Net income 15,157 → Net Sales 113,613 / Operating profit 25,061 / Ordinary income 22,700 / Net income 15,906 |
| Annual Dividend Forecast | ¥55 per share → ¥58 per share |
| Payout ratio | 35.4 |
| Segment revenue | Real estate revitalization business ¥60,678.97 thousand (YoY +60.0%) / Real estate development ¥13,362.78 thousand (YoY -38.9%) / Real Estate Leasing Business ¥7,411.78 thousand (YoY +12.3%) / Real Estate Fund and Consulting business ¥6,787.97 thousand (YoY -1.6%) / Property Management Business ¥5,637.41 thousand (YoY +3.8%) / Hotel Business ¥5,725.89 thousand (YoY +9.1%) |
| Segment profit | Real estate revitalization business ¥12,216.53 thousand (YoY +82.1%) / Real estate development ¥3,020.57 thousand (YoY -49.9%) / Real Estate Leasing Business ¥4,430.00 thousand (YoY +21.7%) / Real Estate Fund and Consulting business ¥4,170.46 thousand (YoY -5.9%) / Property Management Business ¥873.75 thousand (YoY +0.7%) / Hotel Business ¥1,869.85 thousand (YoY -9.3%) |
| Depreciation and amortization | ¥1,061,027 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 | New 0 / Excluded 0 / Company name None |
| Material subsequent events | No applicable matters. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable No / Subject person Not disclosed |
| Issued Shares at Period-End | 97,569,600 |
| Treasury Shares at Period-End | 361,550 |
| Factors Behind Changes in Business Performance | Sales of value-enhanced used office buildings and used rental apartments performed strongly in the real estate revitalization business. The real estate fund and consulting business earned more fees than anticipated, while progress in leasing and higher rents contributed to the real estate leasing business. |
Items this document does not state (6)
Operating MarginShareholder 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.The timing of some property sales in the real estate revitalization business was strategically changed from the current fiscal year to the following fiscal year or later, while expected increases in various fees in the real estate fund and consulting business, as well as upside from leasing progress and higher rents in the real estate leasing business, were factored in.
How to read this page
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