Worth reading
91Important
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
158
Millions of yen (year-on-year increase in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending December 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Operating profit¥913 million
Full-year earnings forecast
Asset succession revenue¥7,200 million
Business succession revenue¥2,700 million
Business succession fund revenue¥250 million
Product structuring and other revenue¥2,150 million
Real estate transaction revenue¥19,400 million (¥20,000 million based on gross transaction value including consumption tax)
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。
Asset succession28.0%
Business succession14.0%
Product structuring and other services23.8%
Real estate transactions23.5%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
FY2026 operating profit is expected to fall below the initial planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Operating profit
FY2025 Q1¥755 million
Increase in gross profit (excluding personnel expenses)+¥210 million
Increase in personnel expenses (cost of sales)-¥83 million
Increase in personnel expenses (SG&A)-¥39 million
Decrease in SG&A expenses (excluding personnel expenses)+¥69 million
First quarter of fiscal 2026¥913 million
New initiatives
- Opening of the Okayama office preparation unit
- Opening of the Hokuriku office preparation unit
- Full-scale launch of services supporting the establishment of public interest incorporated foundations
- Resumption of the operating lease business for corporate clients
- Consulting and productivity improvements using AI agents
- Planning and conducting seminars for partner companies and clients using books
Key KPIsA metric the company considers important as a management benchmark.
- Number of consultants275 people
- Customer Base3,705 peopleYear on year against the same period last yearIncreased
- Number of properties managed under ADVANTAGE CLUB39 Property
- Annual yield target6 %
- Annualized yield for properties completed in February 20265.3 %
Segment results
Asset consulting
Net Sales¥2,904 million
Asset succession
Net Sales¥2,014 million
Year on year against the same period last yearIncreased
Business succession
Net Sales¥378 million (family-business succession ¥370 million, M&A ¥8 million)
Year on year against the same period last yearFamily-business succession was at the same level as in the year-earlier quarter
Business succession fund
Net Sales¥0 million
Product structuring and other services
Net Sales¥511 million
Year on year against the same period last yearDecreased
Real estate transactions
Net Sales¥4,677 million
Year on year against the same period last yearDecreased
Medium-term management plan targets
Period2025–2027
TargetAchieve 10% annual growth in operating profit and become recognized as a leading provider in the high-net-worth business by the end of 2027
Financial targets
ROE20% or higher
ROIC10% or higher
Number of stores and locations
Opened the Okayama office preparation unit in January 2026 and the Hokuriku office preparation unit in May 2026. Total locations at period-end and the number of openings and closures: not disclosedNumber of employees
Number of Employees398 (consolidated group, as of 31 December 2025)
Changes during the period and hiring planTarget of increasing the number of consultants from 281 at the end of 2025 to 322 at the end of 2026
Annual Dividend
Fiscal 2026¥58.0
Payout ratio
RateExpected to be 52.5%
Target50% level
DOE10% level (target)
Acquisition of treasury shares
Considered flexibly| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Operating profit | ¥913 million |
| Full-year earnings forecast | Asset succession revenue ¥7,200 million / Business succession revenue ¥2,700 million / Business succession fund revenue ¥250 million / Product structuring and other revenue ¥2,150 million / Real estate transaction revenue ¥19,400 million (¥20,000 million based on gross transaction value including consumption tax) |
| Progress against full-year forecast | Asset succession 28.0% / Business succession 14.0% / Product structuring and other services 23.8% / Real estate transactions 23.5% |
| Self-assessment against the plan | FY2026 operating profit is expected to fall below the initial plan |
| Segment results | Asset consulting Net Sales ¥2,904 million / Year on year against the same period last year Not disclosed / Asset succession Net Sales ¥2,014 million / Year on year against the same period last year Increased / Business succession Net Sales ¥378 million (family-business succession ¥370 million, M&A ¥8 million) / Year on year against the same period last year Family-business succession was at the same level as in the year-earlier quarter / Business succession fund Net Sales ¥0 million / Year on year against the same period last year Not disclosed / Product structuring and other services Net Sales ¥511 million / Year on year against the same period last year Decreased / Real estate transactions Net Sales ¥4,677 million / Year on year against the same period last year Decreased |
| Breakdown of Factors Affecting the Change | Operating profit FY2025 Q1 ¥755 million / Increase in gross profit (excluding personnel expenses) +¥210 million / Increase in personnel expenses (cost of sales) -¥83 million / Increase in personnel expenses (SG&A) -¥39 million / Decrease in SG&A expenses (excluding personnel expenses) +¥69 million / First quarter of fiscal 2026 ¥913 million |
| Key KPIs | Indicator name Number of consultants / Value 275 people / Year on year against the same period last year Not disclosed, Indicator name Customer Base / Value 3,705 people / Year on year against the same period last year Increased, Indicator name Number of properties managed under ADVANTAGE CLUB / Value 39 Property / Year on year against the same period last year Not disclosed, Indicator name Annual yield target / Value 6 % / Year on year against the same period last year Not disclosed, Indicator name Annualized yield for properties completed in February 2026 / Value 5.3 % / Year on year against the same period last year Not disclosed |
| Number of stores and locations | Opened the Okayama office preparation unit in January 2026 and the Hokuriku office preparation unit in May 2026. Total locations at period-end and the number of openings and closures: not disclosed |
| Number of employees | Number of Employees 398 (consolidated group, as of 31 December 2025) / Changes during the period and hiring plan Target of increasing the number of consultants from 281 at the end of 2025 to 322 at the end of 2026 |
| Medium-term management plan targets | Period 2025–2027 / Target Achieve 10% annual growth in operating profit and become recognized as a leading provider in the high-net-worth business by the end of 2027 |
| Financial targets | ROE 20% or higher / ROIC 10% or higher / Equity ratio Not disclosed |
| Annual Dividend | Fiscal 2026 ¥58.0 / Interim and Year-End Breakdown Not disclosed |
| Payout ratio | Rate Expected to be 52.5% / Target 50% level / DOE 10% level (target) |
| Acquisition of treasury shares | Considered flexibly |
| New initiatives | Opening of the Okayama office preparation unit, Opening of the Hokuriku office preparation unit, Full-scale launch of services supporting the establishment of public interest incorporated foundations, Resumption of the operating lease business for corporate clients, Consulting and productivity improvements using AI agents, Planning and conducting seminars for partner companies and clients using books |
Items this document does not state (14)
Net SalesOrdinary incomeNet incomeGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookCapital expendituresOrders received and order backlogMarket Size / ShareKey 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.Revenue declined due to a decrease in real estate transactions. Meanwhile, asset succession consulting and family-business succession consulting within the business succession segment remained firm as the number of clients increased, resulting in higher gross profit. Operating profit also increased due to lower SG&A expenses.
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.