Columbia Works Inc. · TSE:146A
Columbia Works — H1 2026 Earnings Presentation
35 slides from Columbia Works's earnings presentation, Aug 26, 2026
Slide 1: Presentation Materials of H1 FY2026 Financial Results
Presentation Materials of H1 FY2026 Financial Results Operating profit increased 156.9% year on year and exceeded the plan by 61%, indicating solid progress. The Company intends to revise its earnings forecast once there is sufficient visibility regarding the sales of large-scale projects concentrat
Slide 2: Investment Highlights
Investment Highlight Investment Highlights The gross profit margin improved from Q1 due to a higher mix of development properties and growth at high-margin subsidiaries. H1 gross margin exceeded plan (24.1% actual vs. 19.9% planned). Operating profit increased 156.9% YoY. Despite a higher likelihood
Slide 3: Executive Summary
Executive Summary Executive Summary Operating profit, the key metric, +156.9% YoY, 61% above plan; the forecast is unchanged pending higher sales certainty on H2-weighted large deals. KPIs for acquisitions and stock-type earnings are on track. Key Net Sales P8 Real Estate Dev. Sales Operating profit
Slide 4: Business Overview
Business Overview Business Overview The FY2026 plan assumes two rate hikes totaling approximately 0.5% (one remaining hike of 0.25%). Higher costs and lower selling prices from rising cap rates are already reflected in guidance. Sales and acquisitions are progressing as planned. 1) Macro Current Con
Slide 5: FY2026 Earnings Forecast (Initial Forecast)
FY2026 Guidance FY2026 Earnings Forecast (Initial Forecast) Real Estate Development sales are forecast to rise 51.0% YoY, reflecting 24 property sales by Columbia Works and growth at Thanks Okinawa, consolidated from Q2 FY2025. Real Estate Operations sales are forecast to increase 25.4% through a la
Slide 6: Contents
Contents Contents 01. H1 FY2026 Financial Results ..... P 07 02. Group Companies ..... P 19 03. Shareholder Return Policy ..... P 26 04. Financial and Operating Trends ..... P 29 05.Appendix ..... P 33 Copyright@Columbiaworks Inc. Copyright@Columbiaworks Inc. 6
Slide 7: H1 FY2026 Financial Results
H1 FY2026 Financial Results Q2 Results Copyright@Columbiaworks Inc. 7
Slide 8: P/L — H1 FY2026 YoY Comparison
P/L — Year on Year P/L — H1 FY2026 YoY Comparison Higher sales volume and average project value drove 110.5% YoY growth in Real Estate Development. Asset Management expanded 640.6% YoY, supported by upfront fees from development SPC formation and external mandates. FY2025 Q2 actual FY2026 Q2 actual
Slide 9: P/L — H1 FY2026 Progress vs. Plan
P/L — Progress vs. Plan P/L — H1 FY2026 Progress vs. Plan H1: Development and Operations both tracked well, far above plan. The forecast is unchanged; to be revised once H2 large-deal sales are sufficiently certain. Progress vs. FY2026 FY2026 FY2026 FY2026 vs. initial forecast initial forecast Initi
Slide 10: Operating Profit Variance Analysis
Operating Profit Bridge Operating Profit Variance Analysis Real Estate Development exceeded plan as an early sale of a Q4 property more than offset a sale shifted from Q1. Selling prices above plan and effective cost control lifted the gross margin. Each Real Estate Operations subsidiary also progre
Slide 11: FY2026 Net Sales Outlook
Sales Outlook FY2026 Net Sales Outlook Three properties carried over from FY2025 are scheduled for sale in FY2026 when returns can be maximized. H1 remained strong as an early Q4 sale offset a Q2 sale shifted to H2. Several large projects are scheduled for H2. FY2026 is weighted to H2 despite Quarte
Slide 12: Reference: Key Assumptions for Guidance
Key Assumptions Reference: Key Assumptions for Guidance Committed to achieving initial full-year guidance while incorporating changes in the macro environment. 1) Impact of the Macro Environment Interest • FY2026 plan assumes two rate hikes totaling about 0.5%, including higher interest costs and ca
Slide 13: FY2026: KPIs
Key Performance Indicators FY2026: KPIs The Group aims to increase the value-add development mix, expand fund-type development using development SPCs, and raise average project value. The FY2026 plan has a relatively high mix of new-build development projects. FY2024 FY2025 FY2026 FY2026 Q2 Real Est
Slide 14: Properties Sold in Q2
Properties Sold Properties Sold in Q2 Sales volume was in line with plan, as an early sale offset a property shifted to a later period. Location Asset type Development type Development structure Kanda-Nishikicho, Chiyoda-ku, Tokyo Office Real Estate Dev. In-house Senju-Nakaicho, Adachi-ku, Tokyo Res
Slide 15: Properties Acquired in Q2
Properties Acquired Properties Acquired in Q2 Acquisitions focused mainly on central Tokyo properties. Development Location Asset type Development type structure Shoto, Shibuya-ku, Tokyo Land - - Hiramachi, Meguro-ku, Tokyo Residence Renovation In-house Honjo, Sumida-ku, Tokyo Residence Renovation I
Slide 16: Balance Sheet
Balance Sheet BS The Group maintains an equity-to-asset ratio of 20%–30% at each fiscal year-end. (¥mn) Assets 80,308 Liabilities 61,630 Main components Main components Residence brands Current 69,611 Current liabilities 32,775 assets Project finance for ・ LUMIEC Short-term 10,872 acquisitions & ・LU
Slide 17: Assets Under Operation (Inventories + AUM)
Assets Under Operation Assets Under Operation (Inventories + AUM*1) Inventories supporting FY2026 earnings are already secured. Four properties were acquired in Q2 and are expected to contribute from FY2027 onward. Inventories + AUM trend *1 (¥mn) 350,000 R.E. in process R.E. for sale AUM 300,000 25
Slide 18: Anticipated Q&A
Anticipated Q&A Anticipated Q&A Question Answer H1 outperformance included timing effects, such as an early sale originally planned for Q4 and certain SG&A expenses shifting to H2. H1 operating profit exceeded the internal plan by 61%. Why was full-year Deliveries are concentrated in H2, and several
Slide 19: Group Companies
Group Companies Group Companies Copyright@Columbiaworks Inc. 19
Slide 20: Columbia Asset Management: AUM Trends
Columbia Asset Management Columbia Asset Management: AUM Trends External mandates for large office assets drove progress above plan. AUM reached ¥68.4 bn at the end of Q2. [Asset Management] Sales growth: +600% YoY (Millions of yen) AUMTrends 250,000 External mandate AUM AUM under management AUM und
Slide 21: Columbia Community: Rental Units Trend
Columbia Community Columbia Community: Rental Units Trend Q2 sales declined from the seasonally strong Q1 but remained in line with plan. A large external mandate originally expected in H2 was secured early and will begin contributing in Q3. Property-management sales increased 73.7% YoY. Units under
Slide 22: Expansion of Property Management
Columbia Community Expansion of Property Management Expansion into the renovation market following receipt of a construction license. A growing owner network enables the Company to capture construction demand. Obtained a construction license and brought renovation work in-house Use the property-mana
Slide 23: Columbia Hotels & Resorts: Rebranding to NOCTIS
Columbia Hotel & Resorts Columbia Hotels & Resorts: Rebranding to NOCTIS Hotel operations sales declined 21.9% YoY due to the temporary closure of an existing hotel for rebranding. The Akihabara hotel is scheduled to reopen from November onward, and the impact is already reflected in the initial pla
Slide 24: Thanks Okinawa
Thanks Okinawa Thanks Okinawa Thanks Okinawa, acquired in February 2025 and consolidated in the P/L from Q2 FY2025, is progressing ahead of plan. Strong housing demand supported by demographics and tourism is expected to produce Q4-weighted results. A new residential concept leveraging the Group’s e
Slide 25: Anticipated Q&A
Anticipated Q&A Anticipated Q&A Question Answer AUM growth is driven by larger in-house developments and more external mandates. Our integrated development-to- Is AUM growth repeatable? operations capabilities are being recognized by clients, making external mandate growth a repeatable driver. AUM r
Slide 26: Shareholder Return Policy
Shareholder Return Policy Copyright@Columbiaworks Inc. 26
Slide 27: Shareholder Returns
Shareholder Returns Shareholder Returns FY2026 DPS is forecast at ¥94.0, based on the 15%–20% payout-ratio policy (17.3% forecast). Dividends will continue to increase in line with profit growth. Dividend record EPS Dividend Dividend payout per share ratio DPS Payout ratio FY2022 234.9 34.8 14.8% (D
Slide 28: Anticipated Q&A
Anticipated Q&A Anticipated Q&A Question Answer When do you expect to move to the Prime Market, and what Preparations for a Prime Market listing began in June 2026. We recognize that market capitalization of tradable shares requirements remain? remains a challenge, and will determine the timing care
Slide 29: Financial and Operating Trends
Financial and Operating Trends Copyright@Columbiaworks Inc. 29
Slide 30: P/L Trends
P/L Trends P&L Trends FY2024 FY2025 FY2026 (¥mn) 1Q (mix) 2Q (mix) 3Q (mix) 4Q (mix) 1Q (mix) 2Q (mix) 3Q (mix) 4Q (mix) 1Q 2Q Net Sale 1,877 5,105 9,854 4,143 5,421 4,295 18,982 8,384 10,140 9,806 Real Estate Dev. (flow) 1,506 80.2% 4,638 90.8% 9,430 95.7% 3,603 86.9% 4,979 91.8% 3,796 88.3% 18,192
Slide 31: Balance Sheet Trends
B/S Trends Balance Sheet Trends FY2024 FY2025 FY2026 (¥mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Current assets 26,465 28,605 30,070 40,764 46,835 48,503 46,039 53,678 63,018 69,611 Cash and cash equivalents 3,321 4,636 6,493 4,293 4,726 3,482 8,380 7,892 5,731 8,929 Inventories 22,253 23,198 22,695 35,363
Slide 32: KPI Trends
KPI Trends KPI Trends FY2024 FY2025 FY2026 (¥mn) 1Q 2Q 3Q 4Q 1Q Actual Q2 Actual 3Q Actual 4Q Actual 1Q Actual Q2 Actual Notes Dev. Sales (¥mn) 1,506 4,638 9,430 3,603 4,979 3,509 17,712 7,504 9,303 8,659 Columbiaworks non-consolidated Average deal size (¥mn) 1,506 1,159 1,047 1,802 1,659 877 3,542
Slide 33: APPENDIX
APPENDIX Copyright@Columbiaworks Inc. 33
Slide 34: Flexible Asset, Development and Financing Mix
Strength Flexible Asset, Development and Financing Mix A flexible mix of asset classes, development types and financing schemes supports resilient growth across market cycles and attracts high-quality opportunities. Dev. asset Dev. type Dev. structure Form a fund and finance/develop within the real
Slide 35: Disclaimer
Disclaimer The materials and information provided in this presentation include forward-looking statements. These statements are based on current expectations, forecasts and assumptions involving risks and uncertainties that may cause actual results to differ materially. Such risks and uncertainties