The first quarter is ahead of the full-year plan, but the focus now shifts to confirming sustainability through the first half

In the first quarter of the fiscal year ending March 2027, consolidated revenue was ¥39,475 million, operating profit was ¥6,610 million, ordinary profit was ¥5,878 million, and net income attributable to owners of the parent was ¥3,386 million. Year on year, these increased 28.5%, 22.7%, 15.8%, and 12.6%, respectively, with all major profit items increasing. The full-year forecasts are revenue of ¥130,000 million, operating profit of ¥20,500 million, ordinary profit of ¥17,600 million, and net income of ¥11,500 million, putting first-quarter progress at 30.4%, 32.2%, 33.4%, and 29.4%, respectively.

On a mechanical comparison using 25% as the elapsed period, revenue was 5.4 percentage points ahead and operating profit 7.2 points ahead. The amounts remaining against the full-year forecasts are ¥90,525 million of revenue, ¥13,890 million of operating profit, ¥11,722 million of ordinary profit, and ¥8,114 million of net income. However, the timing of condominium sales and handovers depends on the individual property, so full-year performance cannot be judged solely from the first-quarter lead. The current disclosure does not provide first-half forecasts, orders received, or order backlog.

In the first half of the fiscal year ended March 2026, revenue was ¥57,675 million and operating profit was ¥10,418 million. In the next first-half results, in addition to confirming whether year-on-year revenue and profit growth continues, ¥65,000 million of revenue and ¥10,250 million of operating profit, equivalent to half of the full-year forecasts, should be used as mechanical midpoints. These are comparison benchmarks equivalent to 50% of the full-year forecasts, not first-half targets provided by the company.

The focus is not limited to the first-half results. If the full-year forecasts are maintained, it will be necessary to determine whether the first-quarter strength was due to the earlier handover of properties in the real estate sales business or to continued expansion in other businesses. Conversely, if the forecasts are revised at the half-year point, it will be necessary to confirm which revenue and operating profit items changed and whether the assumptions underlying the annual dividend of ¥240 are affected.