Ichigo Group Holdings Co (ICHIF) Q3 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, everybody, for waiting. I'm Scott Callan, Chairman of Ichigo. I am joined today by Dan Morisaku, who is a senior member of our finance team and the head of global IR. Thank you so much, everybody, for joining us today. We're working off of the presentation in front of you, which is also on our website, FY fiscal year 26, February, so ending next month, the Q3 corporate presentation. So let's go to it. I think the overview is that it's both a strong operating environment, but more importantly what's happening in real estate in Japan is deeply in line with the core capabilities of our firm. As you know, we are a value-add investor. We, in principle, don't do development. I'll talk a little bit about what we've done in logistics. And as we say internally, when people ask me, can we do development, it's like only if you don't take development risk. So we've done it with logistics. We specialize in taking existing assets and preserving and improving real estate, existing assets and improving them. Because of inflation, construction inflation, This model is the right model for not only Japan, but for the rest of the world. Japan has classically done a lot of destructive redevelopment, which is economically and ecologically wasteful. And so what's happened now is much of that economic development has become even more economic because of rising construction costs. And so we just have a massive opportunity, much less competition from redevelopment, much better opportunity to add value for our shareholders. So it's a very powerful operating environment for us. The results show up on a quarterly basis and will be coming at you going forward. But business profit year-to-date up 25%, EPFs up 24%, cash EPS up 19%. We've got growth both in stock earnings up 9% and flow e...