Achieving the FY2026 full-year forecast hinges on building up profit in Q4

For the nine months ended August 2026, revenue was ¥13,397 million, up 10.4% year on year, and operating profit was ¥646 million, up 88.0%. Ordinary profit was ¥463 million, up 145.0%, and net profit for the quarter was ¥327 million, up 297.7%, with all profit measures remaining positive. A defining feature of the results is that growth below the revenue line substantially outpaced revenue growth.

The current full-year forecasts are revenue of ¥19,000 million, operating profit of ¥1,040 million, ordinary profit of ¥800 million and net profit of ¥540 million. On a simple calculation, progress after nine months was 70.5% for revenue, 62.1% for operating profit, 57.9% for ordinary profit and 60.6% for net profit. Profit measures are lagging revenue, meaning that profit needs to be built up substantially during the remaining period.

The gaps to the full-year forecasts are ¥5,603 million for revenue, ¥394 million for operating profit, ¥337 million for ordinary profit and ¥213 million for net profit. To secure operating profit of ¥394 million on revenue of ¥5,603 million, the standalone Q4 operating margin would need to be approximately 7.0%. This is above the approximately 4.8% margin for the nine-month period, so maintaining profitability will require more than simply increasing the number of units sold. Land and construction costs, selling prices and selling, general and administrative expenses will also be important.

The third-quarter materials state that unit sales exceeded the year-earlier period and orders remained solid, but do not disclose numerical figures for standalone Q3 revenue or operating profit, unit sales, orders received or order backlog. At the FY results, it will be necessary to review standalone Q4 revenue and operating profit, unit sales, gross profit margin and the actual achievement rate against the full-year forecast, and to determine whether the additional profit resulted from a temporary property mix or from sustained improvement in profitability.