fiscal year ending October 2026 3rd Quarter Consolidated Financial Results under Japanese GAAP (Consolidated)

Performance overview

For the cumulative third quarter period, net sales were 2,370,919千円 (vs 2,566,815千円 in the same period last year, down 7.6%), with operating income of 377,294千円 (down 8.8% from the previous period), ordinary income of 289,562千円 (down 7.8%), and net income attributable to owners of parent of 193,249千円 (down 3.2%). Segment-wise, management services recorded net sales of 2,110,372千円 and operating income of 417,804千円; development and sales services recorded net sales of 260,546千円 and income of 82,104千円. While the urban center rental market remains solid, continued increases in material prices and interest rates affected performance. Efforts focused on securing stable revenue and planning/developing rental property. The full-year forecast is in line with the figure announced on December 15, 2025.

Financial position and outlook

Total assets were 15,974,786千円, net assets 4,802,756千円, and equity ratio 30.1%. Liabilities stood at 11,172,029千円 with an increase YoY. To cover declines in cash and deposits, borrowings increased. The increase in assets was mainly due to acquisitions of business sites and completion of buildings. While the financial condition remains solid, short-term liquidity management requires ongoing attention.