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Earnings presentation8929Aoyama Zaisan Networks Company,LimitedReal estate

Financial Results Briefing Materials for the Second Quarter of the Fiscal Year Ending December 2026

The full-year revenue forecast for the fiscal year ending December 2026 was lowered from ¥3.9 billion to ¥2.872 billion. Forecasts for gross profit, operating profit, ordinary profit and net profit were unchanged.

Worth reading
71In focus
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Direction
Mixed performance
Direction inferred from the company’s description.
Scale
-10280
million yen
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationSecond quarter of the fiscal year ending December 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales12,720 million yen-42.6%
Operating profit1,758 million yen-16.1%
Ordinary income1,701 million yen-14.5%
Net income1,139 million yen-10.6%
Selling, general and administrative expenses2,099 million yen
Gross Profit Margin
Rate30.3%
Year-on-year change (points)Up from 19.2% in the same period of the previous year
Operating profit margin
Rate13.8%
Year-on-year change (points)Up from 9.5% in the same period of the previous year
Full-year earnings forecast
Net Sales
28,720 million yen
Asset consulting
12,660 million yen
Real estate transactions
16,060 million yen
Gross profit
8,800 million yen
Selling, general and administrative expenses
4,800 million yen
Operating profit
4,000 million yen
Ordinary income
3,850 million yen
Profit attributable to owners of the parent
2,650 million yen
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。
Net Sales44.3%
Asset consulting45.5%
Real estate transactions43.3%
Gross profit43.8%
Selling, general and administrative expenses43.7%
Operating profit44.0%
Ordinary income44.2%
Interim net income attributable to owners of the parent43.0%
Asset succession46.5%
Business succession30.7%
Business succession fund63.2%
Product structuring and other services60.0%
ADVANTAGE CLUB56.6%
Other real estate transactions15.1%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue is expected to be 26.4% below the original plan. Property consulting revenue is expected to be 2.9% above the original plan, while profit remains unchanged from the original plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Gross profit from property consulting+¥410 million
Gross profit from real estate transactions-¥813 million
Personnel Expenses-¥53 million
SG&A expenses excluding personnel expenses+¥118 million
Total gross profit-¥402 million
Total selling, general and administrative expenses+¥64 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Publication of the tax reform notification is expected around autumn 2026, with application beginning on 1 January 2027. Numerical assumptions for other factors, including foreign exchange rates, raw material prices and interest rates: Not disclosed
New initiatives
  • Opening locations in Okayama, Hokuriku (Toyama) and Shizuoka
  • Launch of AM/PM services for single-building income-producing real estate from the second half of 2026
  • Aoyama Financial Services plans to begin providing investment advisory services in the first half of 2027
  • Development of AI agents and a field-led DX advisor program
  • Certified as a DX-certified business operator in July 2026
Key KPIsA metric the company considers important as a management benchmark.
  • First-half customer growth rateApproximately 5%
  • Number of consultants287 people
    Year on year against the same period last year281 at year-end 2025
  • DX advisors14 people
  • Monthly Copilot usage rate100 %
  • Percentage of users using Copilot at least 50 times per month60.3 %
    Year on year against the same period last year+22.8 percentage points from November 2025
  • Simple-average annualized yield6.05 %
Segment results
Asset consulting
Net Sales
5,761 million yen
Year on year against the same period last year6.8%
Real estate transactions
Net Sales
6,958 million yen
Year on year against the same period last year-58.5%
Asset succession
Net Sales
3,609 million yen
Year on year against the same period last year14.6%
Business succession
Net Sales
829 million yen
Year on year against the same period last year-21.7%
Business succession fund
Net Sales
158 million yen
Year on year against the same period last year1315.9%
Product structuring and other services
Net Sales
1,164 million yen
Year on year against the same period last year-1.1%
ADVANTAGE CLUB
Net Sales
6,179 million yen
Year on year against the same period last year-61.7%
Other real estate transactions
Net Sales
779 million yen
Year on year against the same period last year24.0%
Medium-term management plan targets
Period Covered2025–2027
Operating profit growth10% annually
Number of consultantsTarget of 322 consultants at year-end 2026
ROE20% or higher
ROIC10% or higher
Financial targets
ROE
Target20% or higher
Actual results25.7% in fiscal 2025
ROIC
Target10% or higher
Actual results17.0% in fiscal 2025
Equity ratio
Actual results40.1% at the end of the second quarter of fiscal 2026
Number of stores and locations
Opened locations in Okayama, Hokuriku (Toyama) and Shizuoka in 2026. Total locations at period-end and the number of openings and closures: Not disclosed
Number of employees
Number of Employees424 people
Record date30 June 2026
Changes during the period and hiring planThe target is to increase the number of consultants from 281 at year-end 2025 to 322 at year-end 2026
Annual Dividend
Fiscal 2026¥58 per share
BreakdownInterim: ¥23.0; year-end: ¥35.0
Payout ratio
52.7% forecast for fiscal 2026; policy is approximately 50%. DOE target: approximately 10%
Acquisition of treasury shares
To be considered flexibly. Acquisition limit, number of shares and period: Not disclosed
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredSecond quarter of the fiscal year ending December 2026
Net Sales12,720 million yen (YoY -42.6%)
Operating profit1,758 million yen (YoY -16.1%)
Ordinary income1,701 million yen (YoY -14.5%)
Net income1,139 million yen (YoY -10.6%)
Gross Profit MarginRate 30.3% / Year-on-year change (points) Up from 19.2% in the same period of the previous year
Operating profit marginRate 13.8% / Year-on-year change (points) Up from 9.5% in the same period of the previous year
Selling, general and administrative expenses2,099 million yen
Full-year earnings forecastNet Sales 28,720 million yen / Asset consulting 12,660 million yen / Real estate transactions 16,060 million yen / Gross profit 8,800 million yen / Selling, general and administrative expenses 4,800 million yen / Operating profit 4,000 million yen / Ordinary income 3,850 million yen / Profit attributable to owners of the parent 2,650 million yen
Progress against full-year forecastNet Sales 44.3% / Asset consulting 45.5% / Real estate transactions 43.3% / Gross profit 43.8% / Selling, general and administrative expenses 43.7% / Operating profit 44.0% / Ordinary income 44.2% / Interim net income attributable to owners of the parent 43.0% / Asset succession 46.5% / Business succession 30.7% / Business succession fund 63.2% / Product structuring and other services 60.0% / ADVANTAGE CLUB 56.6% / Other real estate transactions 15.1%
Self-assessment against the planRevenue is expected to be 26.4% below the original plan. Property consulting revenue is expected to be 2.9% above the original plan, while profit remains unchanged from the original plan
Segment resultsAsset consulting Net Sales 5,761 million yen / Year on year against the same period last year 6.8% / Real estate transactions Net Sales 6,958 million yen / Year on year against the same period last year -58.5% / Asset succession Net Sales 3,609 million yen / Year on year against the same period last year 14.6% / Business succession Net Sales 829 million yen / Year on year against the same period last year -21.7% / Business succession fund Net Sales 158 million yen / Year on year against the same period last year 1315.9% / Product structuring and other services Net Sales 1,164 million yen / Year on year against the same period last year -1.1% / ADVANTAGE CLUB Net Sales 6,179 million yen / Year on year against the same period last year -61.7% / Other real estate transactions Net Sales 779 million yen / Year on year against the same period last year 24.0%
Breakdown of Factors Affecting the ChangeGross profit from property consulting +¥410 million / Gross profit from real estate transactions -¥813 million / Personnel Expenses -¥53 million / SG&A expenses excluding personnel expenses +¥118 million / Total gross profit -¥402 million / Total selling, general and administrative expenses +¥64 million
Key KPIsIndicator name First-half customer growth rate / Value Approximately 5% / Year on year against the same period last year Not disclosed, Indicator name Number of consultants / Value 287 people / Year on year against the same period last year 281 at year-end 2025, Indicator name DX advisors / Value 14 people / Year on year against the same period last year Not disclosed, Indicator name Monthly Copilot usage rate / Value 100 % / Year on year against the same period last year Not disclosed, Indicator name Percentage of users using Copilot at least 50 times per month / Value 60.3 % / Year on year against the same period last year +22.8 percentage points from November 2025, Indicator name Simple-average annualized yield / Value 6.05 % / Year on year against the same period last year Not disclosed
Number of stores and locationsOpened locations in Okayama, Hokuriku (Toyama) and Shizuoka in 2026. Total locations at period-end and the number of openings and closures: Not disclosed
Number of employeesNumber of Employees 424 people / Record date 30 June 2026 / Changes during the period and hiring plan The target is to increase the number of consultants from 281 at year-end 2025 to 322 at year-end 2026
Assumptions Underlying the Business OutlookPublication of the tax reform notification is expected around autumn 2026, with application beginning on 1 January 2027. Numerical assumptions for other factors, including foreign exchange rates, raw material prices and interest rates: Not disclosed
Medium-term management plan targetsPeriod Covered 2025–2027 / Operating profit growth 10% annually / Number of consultants Target of 322 consultants at year-end 2026 / ROE 20% or higher / ROIC 10% or higher
Financial targetsROE Target 20% or higher / Actual results 25.7% in fiscal 2025 / ROIC Target 10% or higher / Actual results 17.0% in fiscal 2025 / Equity ratio Actual results 40.1% at the end of the second quarter of fiscal 2026
Annual DividendFiscal 2026 ¥58 per share / Breakdown Interim: ¥23.0; year-end: ¥35.0
Payout ratio52.7% forecast for fiscal 2026; policy is approximately 50%. DOE target: approximately 10%
Acquisition of treasury sharesTo be considered flexibly. Acquisition limit, number of shares and period: Not disclosed
New initiativesOpening locations in Okayama, Hokuriku (Toyama) and Shizuoka, Launch of AM/PM services for single-building income-producing real estate from the second half of 2026, Aoyama Financial Services plans to begin providing investment advisory services in the first half of 2027, Development of AI agents and a field-led DX advisor program, Certified as a DX-certified business operator in July 2026
Items this document does not state (7)
Results for the three months of the current quarterUnit price and quantity metricsRisk 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.

The timing of clarification of the tax reform details was pushed back to after autumn, and sales of ADVANTAGE CLUB are now expected to remain sluggish. The decline in real estate transaction revenue will be partly offset by higher property consulting revenue and an improved profit margin, and profit at each stage is expected to remain in line with the original plan.

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Financial Results Briefing Materials for the Second Quarter of the Fiscal Year Ending December 2026 | Aoyama Zaisan Networks Company,Limited (8929) timely disclosure | Komori