Financial Results Briefing Materials for the First Quarter of the Fiscal Year Ending November 2026

Overview of Performance

In the first quarter of the fiscal year ending November 2026, net sales reached 21.3 billion yen, operating income was 3.49 billion yen, ordinary income was 3.45 billion yen, and net income attributable to owners of parent was 2.42 billion yen, achieving significant year-over-year gains and setting record highs. Operating and net profit margins showed strong progress rates, indicating very favorable progress against earnings forecasts. Notably, the Renovated Condominium Sales business led increases in both net sales and gross profit.

Progress and Outlook of Medium-Term Management Plan

Progress against the full-year purchase unit forecast in the medium-term management plan stands at 32%, reflecting expansion in units through proactive acquisition of OC properties. The earnings guidance for the fiscal year ending November 2026 forecasts net sales of 84.7 billion yen, operating income of 9.2 billion yen, and net income of 5.0 billion yen, with an EPS growth target of +20.2%. As a shareholder return policy mindful of stable dividends and dividend growth, DPS is planned at 45.0 yen (a 22% increase compared to FY2025). Regarding valuation, there is recognition of upward potential toward a PER of 15 to 25 times, backed by stable and strong profit growth and a business model difficult to replicate.