Fiscal Year March 2026 Q3 Financial Summary [Japanese GAAP] (Consolidated)

Overview of Performance

Consolidated operating revenue for the nine months ended March 2026 was 343.56 billion yen (8.5% YoY increase), driven by higher condominium sales in the housing segment of the real estate business, new openings in the rental business, and increased volume handled in the international logistics sector of the logistics business. Operating income rose to 22.709 billion yen (5.9% YoY increase), ordinary income to 28.982 billion yen (29.3% YoY increase), and net income attributable to owners of parent for the quarter significantly increased to 27.771 billion yen (71.9% YoY increase). By segment, the real estate business performed strongly with operating revenue of 66.191 billion yen (19.6% YoY increase) and operating income of 9.344 billion yen (36.1% YoY increase). The logistics business also reported a substantial profit increase with operating income of 3.979 billion yen (61.0% YoY increase). Meanwhile, the transportation business saw increased operating revenue but a decrease in operating income due to higher personnel expenses.

Future Outlook and Revision of Earnings Guidance

The full-year consolidated earnings forecast for the fiscal year ending March 2026 has been revised to operating revenue of 472.7 billion yen (0.8% decrease from previous forecast), operating income of 28.2 billion yen (4.4% increase), ordinary income of 34.3 billion yen (24.3% increase), and net income attributable to owners of parent of 31.0 billion yen (24.0% increase). The revision primarily reflects a downward adjustment to operating revenue due to revised condominium sales plans in the housing segment of the real estate business. However, profit-side factors include improved gross profit in the logistics business, higher room rates in the hotel business, and increased investment income from equity-method affiliates, resulting in upward revisions to earnings.