FY2026 September Q2 (Interim) Financial Summary [Japanese GAAP] (Consolidated)

Overview of Business Results

Consolidated net sales for the second quarter of FY2026 September amounted to 35,586 million yen (43.9% decrease YoY), mainly impacted by a significant decline in real estate product sales in the domestic real estate fund business. Conversely, the lease fund business performed well with net sales of 17,141 million yen (18.0% increase YoY) due to sales of highly profitable projects and strong investor demand. Operating income was 12,149 million yen (19.7% decrease YoY), ordinary income was 11,885 million yen (24.9% decrease YoY), and net income attributable to owners of parent was 8,096 million yen (25.3% decrease YoY). Selling, general and administrative expenses increased to 5,996 million yen (20.5% increase YoY) mainly due to higher personnel costs.

Financial Position and Future Outlook

Total assets increased by 13,125 million yen from the end of the previous fiscal year to 139,983 million yen, total liabilities increased by 10,260 million yen to 79,932 million yen, and total net assets rose by 2,864 million yen to 60,051 million yen. Current liabilities increased due to rises in borrowings and corporate bonds. There is no revision to the consolidated earnings forecast for FY2026 September, with projections of net sales of 82,876 million yen (36.1% decrease YoY), operating income of 23,157 million yen (8.9% decrease YoY), and net income attributable to owners of parent of 15,513 million yen (14.6% decrease YoY). Reflecting the impact of tax reforms, the sales policy for the domestic real estate fund business has been revised. Going forward, the company will focus on the formation of large-scale prime-location properties and product development tailored to investor needs, aiming to recover net sales to the 100,000 million yen level.