Worth reading
67In 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
-51
Year-on-year change in net sales (%)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationThird 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 Sales¥16,713 million-51.0%
Operating profit¥2,178 million-39.5%
Ordinary income¥2,120 million-39.2%
Net income¥1,419 million-42.0%
Gross Profit Margin32.0%
Operating profit margin13.0%
Selling, general and administrative expenses¥3,164 million
Full-year earnings forecast
Net Sales
¥28,720 million
Operating profit
¥4,000 million
Ordinary income
¥3,850 million
Net income
¥2,650 million
Gross profit
¥8,800 million
Selling, general and administrative expenses
¥4,800 million
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 Sales58.2%
Asset consulting66.1%
Real estate transactions51.9%
Gross profit60.7%
Selling, general and administrative expenses65.9%
Operating profit54.5%
Ordinary income55.1%
Net income53.6%
Asset succession67.2%
Business Succession42.5%
Business succession fund104.4%
Product structuring and other services89.9%
ADVANTAGE CLUB66.8%
Other real estate transactions20.5%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The company expects to achieve its full-year forecasts for each profit level.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Gross profit from property consulting84
Gross profit from real estate transactions-1,596
Personnel Expenses-¥68 million
Expenses excluding personnel costs+¥159 million
Gross profit-¥1,511 million
Selling, general and administrative expenses+¥91 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
The details of the tax reforms will be finalized in November or later. Revenue from consulting on the purchase of several large-scale transactions and whole-building income-producing real estate is expected to be concentrated in the fourth quarter. Quantified assumptions for foreign exchange rates, raw material prices, and interest rates are Not disclosed.New initiatives
- Collaboration with the Kasumigaseki Capital Group
- Establishment of a joint venture planned by 30 November 2026
- Formation of a fund to address business succession and issues involving owned real estate in an integrated manner
- Investment in multiple projects from 2027 onward
Key KPIsA metric the company considers important as a management benchmark.
- Customer Base3,846 peopleYear on year against the same period last yearApproximately 8% increase
- Number of consultants292 people
- Annualized yield on properties whose operations have ended7.1 %
- Number of properties formed and dissolved41 Property
Unit price and quantity metricsThese figures show sales broken down by price and volume.
In Business Succession, the average transaction price increased as customers' asset values rose. The number of customers increased by approximately 8%. The volume figure itself is Not disclosed.Segment results
Asset consulting
Net Sales
¥8,373 million
Year on year against the same period last year-5.1%
Real estate transactions
Net Sales
¥8,340 million
Year on year against the same period last year-67.0%
Asset succession
Net Sales
¥5,219 million
Year on year against the same period last year+15.6%
Business Succession
Net Sales
¥1,147 million
Year on year against the same period last year-41.5%
Business succession fund
Net Sales
¥260 million
Year on year against the same period last year-60.2%
Product structuring and other services
Net Sales
¥1,744 million
Year on year against the same period last year+3.1%
ADVANTAGE CLUB
Net Sales
¥7,285 million
Year on year against the same period last year-69.7%
Other real estate transactions
Net Sales
¥1,054 million
Year on year against the same period last year-14.7%
Medium-term management plan targets
Annual operating profit growth of 10% from 2025 through 2027. Operating profit for fiscal 2026 is expected to fall below the initial plan, while fiscal 2027 will follow the initial plan.Financial targets
ROE20% or higher
ROIC10% or higher
Equity ratio
End of the third quarter of fiscal 202640.8%
Number of employees
424 people group consolidated, as of 30 June 2026
Annual Dividend
Fiscal 2026
¥58 per share
Interim23
End of period35
Year-on-year differenceA 10% dividend increase is planned.
Payout ratio
Fiscal 2026 estimate52.7%
Target50% level
DOE targetAround 10%
Acquisition of treasury shares
Considered flexibly| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Third quarter of the fiscal year ending December 2026 |
| Net Sales | ¥16,713 million (YoY -51.0%) |
| Operating profit | ¥2,178 million (YoY -39.5%) |
| Ordinary income | ¥2,120 million (YoY -39.2%) |
| Net income | ¥1,419 million (YoY -42.0%) |
| Gross Profit Margin | 32.0% |
| Operating profit margin | 13.0% |
| Selling, general and administrative expenses | ¥3,164 million |
| Full-year earnings forecast | Net Sales ¥28,720 million / Operating profit ¥4,000 million / Ordinary income ¥3,850 million / Net income ¥2,650 million / Gross profit ¥8,800 million / Selling, general and administrative expenses ¥4,800 million |
| Progress against full-year forecast | Net Sales 58.2% / Asset consulting 66.1% / Real estate transactions 51.9% / Gross profit 60.7% / Selling, general and administrative expenses 65.9% / Operating profit 54.5% / Ordinary income 55.1% / Net income 53.6% / Asset succession 67.2% / Business Succession 42.5% / Business succession fund 104.4% / Product structuring and other services 89.9% / ADVANTAGE CLUB 66.8% / Other real estate transactions 20.5% |
| Self-assessment against the plan | The company expects to achieve its full-year forecasts for each profit level. |
| Segment results | Asset consulting Net Sales ¥8,373 million / yoy_pct -5.1 / Real estate transactions Net Sales ¥8,340 million / yoy_pct -67 / Asset succession Net Sales ¥5,219 million / yoy_pct 15.6 / Business Succession Net Sales ¥1,147 million / yoy_pct -41.5 / Business succession fund Net Sales ¥260 million / yoy_pct -60.2 / Product structuring and other services Net Sales ¥1,744 million / yoy_pct 3.1 / ADVANTAGE CLUB Net Sales ¥7,285 million / yoy_pct -69.7 / Other real estate transactions Net Sales ¥1,054 million / yoy_pct -14.7 |
| Breakdown of Factors Affecting the Change | Gross profit from property consulting 84 / Gross profit from real estate transactions -1,596 / Personnel Expenses -¥68 million / Expenses excluding personnel costs +¥159 million / Gross profit -¥1,511 million / Selling, general and administrative expenses +¥91 million |
| Key KPIs | Indicator name Customer Base / Value 3,846 people / Year on year against the same period last year Approximately 8% increase, Indicator name Number of consultants / Value 292 people / Year on year against the same period last year Not disclosed, Indicator name Annualized yield on properties whose operations have ended / Value 7.1 % / Year on year against the same period last year Not disclosed, Indicator name Number of properties formed and dissolved / Value 41 Property / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | In Business Succession, the average transaction price increased as customers' asset values rose. The number of customers increased by approximately 8%. The volume figure itself is Not disclosed. |
| Number of employees | 424 people (group consolidated, as of 30 June 2026) |
| Assumptions Underlying the Business Outlook | The details of the tax reforms will be finalized in November or later. Revenue from consulting on the purchase of several large-scale transactions and whole-building income-producing real estate is expected to be concentrated in the fourth quarter. Quantified assumptions for foreign exchange rates, raw material prices, and interest rates are Not disclosed. |
| Medium-term management plan targets | Annual operating profit growth of 10% from 2025 through 2027. Operating profit for fiscal 2026 is expected to fall below the initial plan, while fiscal 2027 will follow the initial plan. |
| Financial targets | ROE 20% or higher / ROIC 10% or higher / Equity ratio End of the third quarter of fiscal 2026 40.8% |
| Annual Dividend | Fiscal 2026 ¥58 per share / Year-on-year difference A 10% dividend increase is planned. |
| Payout ratio | Fiscal 2026 estimate 52.7% / Target 50% level / DOE target Around 10% |
| Acquisition of treasury shares | Considered flexibly |
| New initiatives | Collaboration with the Kasumigaseki Capital Group, Establishment of a joint venture planned by 30 November 2026, Formation of a fund to address business succession and issues involving owned real estate in an integrated manner, Investment in multiple projects from 2027 onward |
Items this document does not state (7)
Results for the three months of the current quarterNumber of stores and locationsRisk 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 main reasons for the decreases in revenue and profit were a ¥1,596 million decrease in gross profit from real estate transactions and a revision to the sales plan for ADVANTAGE CLUB because the details of the tax reforms will not be finalized until November or later. Meanwhile, in Property Consulting, referral commissions decreased as sales focused on existing customers, resulting in an increase in the gross profit margin.
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.