First-corporation Inc. · TSE:1430
First-corporation — Q1 FY2027/5 Earnings Presentation
47 slides from First-corporation's earnings presentation, Oct 28, 2026
Slide 1: Financial Results Presentation, First Quarter FY May 2027
Oct 15, 2026 Financial Results Presentation Fiscal Year Ending May 31, 2027 First Quarter (16th Term)
Slide 2: Agenda
Agenda 1. Financial Results for the First Quarter of the Fiscal Year Ending May 31, 2027 2. Progress on the Medium- to Long-term Vision “First VISION 2031” 3. Financial Results Forecast and Shareholder Returns 4. Sustainability 5. Company Overview | First-corporation Inc. | Note: This is an illustra
Slide 3: Executive Summary
Executive Summary • 1Q results were broadly in line with the plan. Orders received reached a high level of 20.6 billion yen against the order plan of 35.0 billion yen for the current fiscal year (progress rate: 58.9%). • Concluded a capital and business alliance and expanded shareholder benefits. (4
Slide 4: Capital and Business Alliance with Chuo-Nittochi Group
Capital and Business Alliance with Chuo-Nittochi Group Strengths of Chuo-Nittochi Group Track record of collaboration and outlook Robust financial and earnings base Extensive track record of collaboration • Unrivaled trust built over 72 years since founding • Constructed a cumulative total of 1,771
Slide 5: Financial Results for the First Quarter of the Fiscal Year Ending May 31, 2027
01 / Financial Results for the First Quarter of the Fiscal Year Ending May 31, 2027 1. Financial Results Overview for 1Q FY2027/5 11. Real Estate for Sale Holdings 2. Consolidated Statements of Income 12. Status of Joint Projects 3. Breakdown of Gross Profit 13. Real Estate Business Environment 4. T
Slide 6: Financial Results Overview for 1Q FY2027/5
1. Financial Results Overview for 1Q FY2027/5 First Quarter of Fiscal Year Ending May 31, 2027 (16th Term: June 1, 2026 – August 31, 2026) Operating Profit attributable to Net Sales Income owners of parent 7,188 million yen 470 million yen 269 million yen -3.1% YoY +9.2% YoY -4.8% YoY Highlights 1Q
Slide 7: Consolidated Statements of Income
2. Consolidated Statements of Income Fiscal year ended Fiscal year ending May 31, 2026 May 31, 2027 YoY 1Q 1Q Amount Margin Amount Margin Change Change (%) (Million yen) (Million yen) (Million yen) Net sales 7,421 – 7,188 – (232) (3.1)% Cost of sales 6,614 89.1% 6,235 86.7% (379) (5.7)% Gross profit
Slide 8: Breakdown of Gross Profit
3. Breakdown of Gross Profit Fiscal year ended Fiscal year ending May 31, 2026 May 31, 2027 YoY 1Q 1Q Amount (Million yen) Amount (Million yen) Change (Million yen) Change (%) Net sales of completed construction contracts 5,726 6,010 284 5.0% Net sales of real estate 1,524 1,049 (475) (31.1)% Income
Slide 9: Trends in Net Sales and Profit Margin (1Q Comparison)
4. Trends in Net Sales and Profit Margin (1Q Comparison) Net Sales / Operating Income Unit: million yen ⚫ Net sales were slightly lower but remained at a level Net sales 7,692 7,421 7,188 5,940 similar to the same period of the previous fiscal year. 4,730 Thorough cost management resulted in operati
Slide 10: Segment Overview: Construction Business
5. Segment Overview: (1) Construction Business Construction Net Sales Business (Construction Business) 6,010 Plan Unit: million yen FY2025/5 FY2026/5 FY2027/5 FY2027/5 1Q 1Q 1Q Full Year Net sales 5,494 5,726 6,010 20,500 5,494 5,726 Segment income 353 657 692 2,400 Ratio of segment 6.4% 11.5% 11.5%
Slide 11: Trends in Completed Construction Contracts / Gross Profit Margin
6. Trends in Completed Construction Contracts / Gross Profit Margin Net Sales / Gross Profit Key Points for Margin Improvement of Completed Construction Contracts Unit: million yen Net sales 6,010 Profitability-focused Thoroughly curbed unprofitable projects through selective, Completed construction
Slide 12: Trends in Construction Orders, Orders Received, and Order Backlog
7. Trends in Construction Orders, Orders Received, and Order Backlog Construction Order Results Unit: million yen FY2022/5 FY2023/5 FY2024/5 FY2025/5 FY2026/5 FY2027/5 FY2027/5 FY2027/5 ⚫ 1Q orders received totaled 20.6 billion (Plan) 1Q Results Progress Rate Number of yen against the full-year orde
Slide 13: Reference: Process for Achieving the Order Plan of 35.0 Billion Yen
Reference: Process for Achieving the Order Plan of 35.0 Billion Yen [Current Status of Annual Order Plan] Order plan 35.0 billion yen Orders received Under negotiation / Inquiries 20.6 billion Estimated + passed on Progress rate 58.9% Policy to expand construction capacity and capture acceptable pro
Slide 14: New Construction Orders Received and Project Progress
8. New Construction Orders Received and Project Progress Completed Projects / Projects in Progress Zouchu / Order Scheduled Project Location Units Stories Status Joint Project Received Handover 1 Brillia Tower Chiba Chuo-ku, Chiba, Chiba 491 B1/23 Joint Project Nov. 2022 Dec. 2026 Under construction
Slide 15: Business Environment: Condominiums for Sale
9. Business Environment: (1) Condominiums for Sale Condominium Housing Starts and Units Supplied Selling Prices of New Condominiums in Tokyo and the three neighboring prefectures 9,500in the Tokyo Metropolitan Area 80,000 * Source (Housing Starts): Compiled from the Statistical Survey of Constructio
Slide 16: Business Environment: Construction Costs
9. Business Environment: (2) Construction Costs Construction Material Price Index (Building Construction), Tokyo * Source: Data published by the Economic Research Association * Category: Building Construction / Area: Tokyo * Index (average for April 2020 to March 2021 = 100) 2026/9 152.3 147.9 148.4
Slide 17: Segment Overview: Real Estate Business
10. Segment Overview: (2) Real Estate Business Real Estate Net Sales Business (Real Estate Business) Plan Unit: million yen FY2025/5 FY2026/5 FY2027/5 FY2027/5 1Q 1Q 1Q Full Year 1,072 Total net sales 2,167 1,645 1,072 23,150 2,167 [Net sales of real estate] [260] [1,524] [1,049] [19,750] 1,645 [Inc
Slide 18: Real Estate for Sale Holdings
11. Real Estate for Sale Holdings Trends in FY-End Balance FY2025/5 FY2026/5 FY2027/5 1Q ⚫ The balance expanded to 23,273 million yen due to the acquisition of Development land supply 41% 45% 52% large-scale projects. Joint projects 49% 37% 33% ⚫ Joint projects and in-house In-house development 10%
Slide 19: Status of Joint Projects
12. Status of Joint Projects Our joint projects are a type of real estate business in which we participate in sales as a business owner together with developers. By co-owning land with developers, we diversify risk while generating revenue three times: “1. real estate business profit (land sales),”
Slide 20: Real Estate Business Environment: Response to Rising Interest Rates
13. Real Estate Business Environment: Response to Rising Interest Rates Changes in the External Environment Our Response Strategy and Capabilities ⚫ Although there is caution about rising interest rates following Impact on condominium buyers changes in the Bank of Japan’s monetary policy, demand for
Slide 21: Reference: Business Structure Resilient to Rising Interest Rates
Reference: Business Structure Resilient to Rising Interest Rates (Ultra-Short-Term Cash Collection) The charts below show the real estate holding periods for total transactions in the development land supply business over the past five years (FY2021/5 to FY2026/5), by share of number of transactions
Slide 22: Consolidated Balance Sheets
14. Consolidated Balance Sheets Unit: million yen As of As of August 31, 2026 Change Reasons for Change May 31, 2026 (End of 1Q) Current assets 31,249 38,789 7,539 Cash and deposits 2,624 5,675 3,050 Accounts receivable – trade / Accounts receivable from completed construction contracts / Electronic
Slide 23: Financial Position / ROE / Cost of Equity
15. Financial Position / ROE / Cost of Equity Interest-Bearing Debt / Net Assets / Equity Ratio ROE / Cost of Equity 25.0% Equity Ratio 38.9% 19.2% 18.4% 18.3% 36.9% 20.0% 18.0% 35.7% 39.2% 34.5% 15.0% ROE 11.5% 10.0% Cost of Equity (Estimated using CAPM) 9,760 11,145 5.0% 8,468 Net Assets 7,922 0.0
Slide 24: Progress on the Medium- to Long-term Vision First VISION 2031
Progress on ０2／ the Medium- to Long-term Vision “First VISION 2031” (Excerpt) Overview of First VISION 2031 – Phases – 16. Phase 1 Progress – Numerical Targets – 17. Progress of Priority Strategies
Slide 25: Overview of First VISION 2031 - Phases
Excerpt from the Medium- to Long-term Vision Overview of First VISION 2031 －Phases－ Under First VISION 2031, we aim to boost profits by securing human resources and improving business efficiency through DX implementation and personnel development, to achieve our interim net sales target of 50.0 bill
Slide 26: Phase 1 Progress - Numerical Targets
16. Phase 1 Progress – Numerical Targets – Numerical Targets: (1) Profit and Loss FY2026/5 FY2027/5 (Revised) FY2028/5 (Revised) ⚫ The first year of First VISION vs. FY2027 2031 got off to a strong start, (Unit: million yen) Plan Results vs. Plan Plan YoY Plan Plan with profit exceeding the initial
Slide 27: Progress of Priority Strategies
17. Progress of Priority Strategies Progress Future Direction Strengthening Promoted new graduate and mid-career recruitment, Continue recruitment and personnel development to human capital and with the number of employees exceeding the plan (179 support future business expansion, aiming to build a
Slide 28: Financial Results Forecast and Shareholder Returns
０3／ Financial Results Forecast and Shareholder Returns 18. Financial Results Forecast for the Fiscal Year Ending May 31, 2027 19. Shareholder Returns 20. Cash Allocation
Slide 29: Financial Results Forecast for the Fiscal Year Ending May 31, 2027
18. Financial Results Forecast for the Fiscal Year Ending May 31, 2027 Unit: million yen Fiscal year ending May 31, 2027 Fiscal year ending May 31, 2027 Progress Rate Forecast 1Q Results % of Net % of Net Amount Amount Difference Ratio Sales Sales Net sales 44,000 – 7,188 – (36,811) 16.3% Operating
Slide 30: Shareholder Returns
19. Shareholder Returns Policy on Return of Shareholder returns consist of year-end dividends and shareholder benefits Profit to Shareholders Dividends are determined based on a consolidated payout ratio of 30% or more, taking into consideration internal reserves and other factors Implement flexible
Slide 31: Cash Allocation
20. Cash Allocation In Phase 1, priority will be given to strengthening the management base using NOPAT as the primary funding source, while business investments will, in principle, be funded through external financing. This capital allocation balances maintaining ROE with growth investments. Phase
Slide 32: Sustainability
０4／ Sustainability 21. Basic Policy and Governance Framework 22. Materiality 23. Human Capital Policies 24. Basic Procurement Policy
Slide 33: Basic Policy and Governance Framework
21. Basic Policy and Governance Framework Basic Sustainability Policy The Group established “to contribute to enrichment of the living environment through the supply of higher quality homes” as its company creed and conducts business activities with the aim of fulfilling its social responsibility to
Slide 34: Materiality
22. Materiality ESG Material Issues Measures Relevant SDGs Addressing global warming Achieving greenhouse gas (CO2) emissions reduction targets and climate change issues Environment Initiatives helping build a Promoting the 4Rs recycling-based society Refuse Reduce Reuse Recycle Promoting the Well-b
Slide 35: Human Capital Policies
23. Human Capital Policies Human Resource Development Policy Training programs for general skills and technical skills ➢ General skills: Conduct training in all departments by employee year level and rank to enable employees to acquire the knowledge they require (Examples: training in business etiqu
Slide 36: Basic Procurement Policy
24. Basic Procurement Policy Basic Procurement Policy Compliance with laws and Comply with applicable laws, regulations, and social norms in conducting business activities. social norms Fair and impartial business Select business partners through a comprehensive evaluation of quality, safety, cost,
Slide 37: Company Overview
０5／ Company Overview Company Overview Corporate History Business Model
Slide 38: Company Overview
Company Overview Company name First-corporation Inc. Business General contractor Address 30-16, Ogikubo 4-chome, Suginami-ku, Tokyo, Japan Condominium construction business Toshiaki Nakamura President and Chief Executive Officer primarily within the Tokyo metropolitan area Representative (comprising
Slide 39: Corporate History
Corporate History 2011 2015 2020 2025 June 2011 March 2015 November 2020 January 2026 「First-corporation Inc.」 Becomes listed on the TSE Mothers market Construction of the first redevelopment property starts Launches the medium- founded to long-term vision October 2015 First VISION 2031 September 20
Slide 40: Hybrid Business Model That Combines Real Estate with Construction
Hybrid Business Model That Combines Real Estate with Construction A unique entity that leverages its construction capabilities as a source of strength and generates its own projects (Zouchu). Construction Real estate Strengths of a hybrid business model Construction, quality, and on-site Land acquis
Slide 41: First-corporation's Unique Zouchu and Joint Projects
First-corporation’s Unique “Zouchu” and “Joint Projects” Land Land Sale Con- Sales Acquisition struction 〇 〇 Purchase and sell the land. The holding period ① Sale is generally very short. A business model prioritizes cash flow. ② Zouchu We handle everything from land acquisition and sale to architec
Slide 42: Competitive Advantage Created by the Synergy of Construction and Real Estate
Competitive Advantage Created by the Synergy of Construction and Real Estate By holding both, we eliminate the low profitability associated with construction and the high risk associated with real estate. Condominium A typical real estate developer agency (Full-service real General contractor First-
Slide 43: Model Case: Up to 3 Revenue Opportunities per Project
Model Case: Up to 3 Revenue Opportunities per Project Total sales 500 million Revenue from joint yen projects: 500 million yen 500 million yen Net sales of completed construction 1.5 billion yen contracts 2.5 billion yen 500 million yen 2.0 Real estate sales billion 2.0 billion yen yen Land acquisit
Slide 44: Business Portfolio and Overview
Business Portfolio and Overview Construction Real Estate Business Business A model that maximizes construction capacity by managing multiple sites A business portfolio that combines short-term, high-turnover strategies (focused simultaneously, while ensuring project turnover and stable cash flow thr
Slide 45: Real Estate Business Portfolio (Payback Period × Revenue Characteristics)
Real Estate Business Portfolio (Payback Period × Revenue Characteristics) We operate a hybrid business model that combines construction and real estate businesses to achieve high capital efficiency. By combining short-term, high-turnover investments with medium- to long-term investments in our real
Slide 46: Notes Regarding This Presentation
Notes Regarding This Presentation The information contained in this presentation, other than historical or current facts, reflects the Company’s judgments based on information currently available to the Company and certain assumptions. Such assumptions and judgments are subject to uncertainties and
Slide 47: The performance forecasts and future outlook presented in this document are based on assumptions
The performance forecasts and future outlook presented in this document are based on assumptions and expectations made using the information available to First-corporation Inc. as of the time of publication. Actual performance may differ from these forecasts due to changes in factors such as economi
First-corporation — Q1 FY2027/5 Earnings Presentation on 6ix