Consolidated Financial Results for the nine months ended December 31, 2025 [PDF: 177KB]

Consolidated Financial Results for the Nine Months Ended December 31, 2025 [Japanese GAAP]

February 12, 2026 Company name: HASEKO Corporation Stock exchange listing: Tokyo Stock Exchange, Prime section

Code number: 1808 URL: https://www.haseko.co.jp/hc/english/

(Amounts are rounded to the nearest million yen)

1. Consolidated Financial Results for the Nine Months Ended December 31, 2025 (April 01, 2025 to December 31, 2025)

1. Consolidated Operating Results (% indicates changes from the previous corresponding period.)

   	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
   Nine months ended	Million yen	%	Million yen	%	Million yen	%	Million yen	%
   December 31, 2025	893,096	6.7	63,831	11.1	61,146	4.7	38,255	108.3
   December 31, 2024	836,740	8.8	57,446	(6.5)	58,393	(3.5)	18,367	(53.6)

   (Note) Comprehensive income:	Nine months ended December 31, 2025:	¥ 40,623 million	[	133.9 %]
   	Nine months ended December 31, 2024:	¥ 17,365 million	[	(69.3) %]

   	Basic earnings per share	Diluted earnings per share
   Nine months ended	Yen	Yen
   December 31, 2025	142.09	-
   December 31, 2024	67.28	-

2. Consolidated Financial Position

(Note) Revision to the forecast for dividends announced most recently: None

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2026(April 01, 2025 to March 31, 2026)

(% indicates changes from the previous corresponding period.)

(Note) Revision to the financial results forecast announced most recently: None

* Notes:

1. Significant changes in the scope of consolidation during the period: Yes

   Newly included: 5 companies (Company Name) WOOD FRIENDS Co., Ltd. and its 4 subsidiaries Excluded: None

2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None

3. Changes in accounting policies, changes in accounting estimates and retrospective restatement

   1. Changes in accounting policies due to the revision of accounting standards: None

   2. Changes in accounting policies other than 1) above: None

   3. Changes in accounting estimates: None

   4. Retrospective restatement: None

4. Total number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares): December 31, 2025: 292,479,897 Shares

      March 31, 2025: 300,794,397 Shares

   2. Total number of treasury shares at the end of the period: December 31, 2025: 27,820,069 shares

      March 31, 2025: 28,041,754 shares

   3. Average number of shares during the period:

Nine months ended December 31, 2025: 269,231,103 shares

Nine months ended December 31, 2024: 272,998,845 shares

(Note) The number of treasury stocks above includes shares held as the trust assets for the Board Benefit Trust (BBT) and the Employee Stock Ownership Plan (ESOP).

Shares of the Company's own stock held in BBT and ESOP trust accounts are included in treasury stock subtracted from the calculation of the average number of shares during the period.

The forecasts contained herein are based on information available as of the date of this announcement, and the actual results may differ materially from forecasts due to various factors. For details of assumptions for financial forecasts and other related matters, please refer to "1. Overview of Financial Results, etc. (3) Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking information" on page 3 of the Attachment.

Supplementary materials for this report and results briefing materials can be found on the Company's website.

Table of contents of appendix

1. Overview of Financial Results, etc. 2

   1. Overview of Financial Results for this period 2

   2. Overview of Financial Position for this period 3

   3. Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking information 3

2. Quarterly Consolidated Financial Statements and Principal Notes 4

   1. Quarterly Consolidated Balance Sheets 4

   2. Quarterly Consolidated Statements of Income and Comprehensive Income 6

      (Quarterly Consolidated Statements of Income) 6

      (Quarterly Consolidated Statements of Comprehensive Income) 8

   3. Notes to Quarterly Consolidated Financial Statements 9

      (Notes to Going Concern Assumption) 9

      (Notes to Significant Changes in the Amount of Shareholders' Equity) 9

      (Notes on Segment Information) 9

      (Notes on Quarterly Consolidated Statements of Cash Flows) 10

      (Business Combinations and Related Matters) 11

3. Supplementary Information 13

   1. Result of Non-consolidated Orders Received 13

   2. Forecast of Non-consolidated Orders Received 13

1. Overview of Financial Results, etc.

   1. Overview of Financial Results for this period

      For the nine months ended on December 31, 2025, reflecting strong progress in construction projects and favorable real estate delivery, net sales were 893.1 billion yen(up by 6.7% year on year) compared with the same period of the previous fiscal year, operating profit rose to 63.8 billion yen (up 11.1%), ordinary profit to 61.1 billion yen (up 4.7%), and profit attributable to owners of parent to 38.3 billion yen (up 108.3%), resulting in improving profit ratio of completed construction contracts.

      Operating results by reportable segment are as follow:

      Please note that from the current consolidated nine-month period, the classification of reportable segments has been changed. For comparison purposes, figures for the previous consolidated nine-month period have been restated based on the new segment classification. For details, please refer to the attached document: "2. Quarterly Consolidated Financial Statements and Principal Notes, (3) Notes to Quarterly Consolidated Financial Statements, (Notes on Segment Information), 3. Matters Related to Changes in Reportable Segments."

      Construction-related business

      Real estate-related business

      Condominium Management and Operation business

      Billions of yen

      Overseas business

      Net Sales	673.3	(+53.8)	170.4	(+4.4)	115.9	(+9.9)	2.1 (+0.7)
      Segment profit	53.1	(+11.2)	19.4	(-1.0)	5.5	(+1.1)	-6.3 (-2.0)

      Figures in parentheses show the amount of increase or decrease from the same period of the previous fiscal year

      (Construction-related business)

      In the construction business, the gross profit ratio of completed construction contracts improved during this period, reflecting better profitability at the time of order received. This was supported by favorable evaluations from developers regarding our capabilities in land information gathering, product planning, construction quality, adherence to schedules, and efficient production systems.

      Orders received for new condominium construction projects totaled 46, including 30 projects in the Tokyo metropolitan area-14 of which were large-scale projects with over 200 units-and 16 projects in the Kinki and Tokai areas, including 11 large-scale projects.

      As for completed construction projects, we completed a total of 58, including 10 rental apartment buildings and other properties.

      In this segment, net sales increased to 673.3 billion yen (up 8.7% year on year), and operating profit rose to 53.1 billion yen (up 26.6%).

      (Real estate-related business)

      The segment posted sales of 170.4 billion yen, up by 2.6% and operating profit of 19.4 billion yen, down by 5.1% compared with the same period of the previous fiscal year because of the impact of a high-margin property sale recorded in the same period of the previous year.

      (Condominium Management and Operation business)

      The segment posted sales of 115.9 billion yen, up by 9.3% and operating profit of 5.5 billion yen, up by 24.8% compared with the same period of the previous fiscal year due to an increase in the number of units under management for both condominium and rental apartment properties, as well as development and sales projects aimed at acquiring rental management contracts.

      (Overseas business)

      The subsidiaries have been operating a commercial facility and developing new projects of for-sale detached housing business in Oahu, Hawaii.

      The segment posted sales of 2.1 billion yen (the sales of 1.4 billion yen in the same period of the previous fiscal year) and operating loss of 6.3 billion yen (the operating loss of 4.2 billion yen in the same period of the previous fiscal year) due to a 3.9 billion yen inventory valuation loss.

   2. Overview of Financial Position for this period

      Total assets as of December 31, 2025 were 1,314.6 billion yen, decreased by 50.6 billion yen from the end of the previous fiscal year. This is mainly due to a decrease in cash and deposits with a decrease in deposits received.

      Total liabilities were 785.4 billion yen, decreased by 47.8 billion yen from the end of the previous fiscal year. This is mainly due to a decrease in deposits received.

      Net assets were 529.2 billion yen, decreased by 2.9 billion yen from the end of the previous fiscal year. This is mainly due to purchase of treasury shares.

   3. Explanation of Forecast of Consolidated Financial Results and Other Forward-Looking Information There is no change in the forecast announced on November 12, 2025.

2. Quarterly Consolidated Financial Statements and Primary Notes

   1. Quarterly Consolidated Balance Sheet

      (Millions of yen)

      As of March 31, 2025 As of December 31, 2025

      Assets

      Current assets

      Cash and deposits 235,976 156,946

Property, plant and equipment

(Millions of yen) As of March 31, 2025 As of December 31, 2025

Liabilities

Current liabilities

Notes payable, accounts payable for construction

contracts and other

105,413

93,708

Electronically recorded obligations - operating 42,537 45,764

Short-term borrowings 15,000 742

Current portion of long-term borrowings 20,000 20,738

Current portion of bonds payable 40,000 20,442

Income taxes payable 14,820 9,018

Advances received on construction contracts in

progress

44,843

72,126

Deposits received - real estate business 38,771 40,523

Deposits received 77,499 28,324

Provision for warranties for completed

construction

5,169 4,690

Provision for loss on construction contracts 521 335

Provision for bonuses 6,877 3,443

Provision for bonuses for directors (and other

officers)

151

-

Other 31,224 28,250

Total current liabilities 442,824 368,104

Non-current liabilities

Bonds payable 80,000 80,108

Long-term borrowings 265,000 296,330

Provision for loss on litigation 6,419 -

Provision for share awards 4,824 5,191

Provision for share awards for directors (and other

officers)

459

542

Retirement benefit liability 1,946 2,092

Deferred tax liabilities 11 11

Other 31,687 33,028

Total non-current liabilities 390,347 417,302

Total liabilities 833,170 785,406

Net assets

Shareholders' equity

Share capital 57,500 57,500

Capital surplus 7,373 7,624

Retained earnings 472,561 472,860

Treasury shares (37,398) (43,832)

Total shareholders' equity 500,036 494,152

Accumulated other comprehensive income

Valuation difference on available-for-sale

securities

10,215

17,893

Foreign currency translation adjustment 22,938 17,236

Remeasurements of defined benefit plans (1,155) (786)

Total accumulated other comprehensive income 31,997 34,343

Non-controlling interests - 663

Total net assets 532,033 529,158

Total liabilities and net assets 1,365,203 1,314,564

1. Quarterly Consolidated Statements of Income and Comprehensive Income

   Quarterly Consolidated Statement of Income For the Nine-Month Period
   		(Millions of yen)
   	For the nine months	For the nine months
   	ended December 31, 2024	ended December 31, 2025
   Net sales
   Net sales of completed construction contracts	443,674	463,513
   Net sales of design and supervision	8,455	7,262
   Net sales of leasing and management	68,827	70,361
   Real estate sales	300,068	334,870
   Other operating revenue	15,715	17,091
   Total net sales	836,740	893,096
   Cost of sales
   Cost of sales of completed construction contracts	387,982	398,412
   Cost of design and supervision	3,992	3,840
   Cost of leasing and management	53,562	55,189
   Cost of sales - real estate	261,659	294,021
   Other business expenses	12,686	13,285
   Total cost of sales	719,880	764,747
   Gross profit
   Gross profit on completed construction contracts	55,692	65,100
   Gross profit-design and supervision	4,464	3,422
   Gross profit-leasing and management	15,266	15,172
   Gross profit - real estate sales	38,409	40,849
   Gross profit - other business	3,030	3,806
   Total gross profit	116,860	128,349
   Selling, general and administrative expenses	59,414	64,518
   Operating profit	57,446	63,831
   Non-operating income
   Interest income	205	453
   Dividend income	2,791	636
   Foreign exchange gains	267	524
   Other	980	941
   Total non-operating income	4,244	2,554
   Non-operating expenses
   Interest expenses	2,608	3,525
   Share of loss of entities accounted for using equity method	434	1,394
   Other	255	320
   Total non-operating expenses	3,297	5,238
   Ordinary profit	58,393	61,146

   (Millions of yen)

   	For the nine months ended December 31, 2024		For the nine months ended December 31, 2025
   Extraordinary income
   Gain on sale of non-current assets		11	9
   Gain on sale of investment securities		62	90
   Other		7	4
   Total extraordinary income		80	103
   Extraordinary losses
   Loss on disposal of non-current assets	48		194
   Impairment losses	14,877		113
   Loss on valuation of investment securities	2,722		-
   Provision for loss on litigation	3,058		-
   Other	7		4
   Total extraordinary losses	20,711		311
   Profit before income taxes	37,761		60,938
   Income taxes - current	17,039		20,356
   Income taxes - deferred	2,355		2,304
   Total income taxes	19,394		22,660
   Profit	18,367		38,277
   Profit attributable to non-controlling interests	-		22
   Profit attributable to owners of parent	18,367		38,255

   Quarterly Consolidated Statement of Comprehensive Income

   For the Nine-Month Period
   		(Millions of yen)
   	For the nine months ended December 31, 2024	For the nine months ended December 31, 2025
   Profit	18,367	38,277
   Other comprehensive income
   Valuation difference on available-for-sale securities	(2,459)	7,678
   Foreign currency translation adjustment	1,228	(5,702)
   Remeasurements of defined benefit plans, net of tax	229	369
   Total other comprehensive income	(1,002)	2,345
   Comprehensive income	17,365	40,623
   Comprehensive income attributable to
   Comprehensive income attributable to owners of 17,365 40,601 parent

   Comprehensive income attributable to non-controlling interests

   - 22

2. Notes to Quarterly Consolidated Financial Statements (Notes to Going Concern Assumption)

   Not applicable.

   (Notes to Significant Changes in the Amount of Shareholder's Equity) (Acquisition of treasury shares)

   Based on the Board resolution on May 14, 2025, we acquired 8,314,500 shares of treasury share. As a result, treasury stock increased by 20,000 million yen, at the end of the current cumulative quarterly period.

   (Cancellation of treasury shares)

   Based on the Board resolution on December 18, 2025, we canceled 8,314,500 shares of treasury share on December 26, 2025. As a result, each of retained earnings and treasury stock decreased by 13,246 million yen, at the end of the current cumulative quarterly period.

   As a result, retained earnings posted 472,860 million yen, treasury shares posted 43,832 million yen at the end of the current cumulative quarterly period.

   (Notes on Segment information)

   1. The previous fiscal year (From April 1, 2024 to December 31, 2024)

      1. Reportable segment information (net sales and profit (loss))

         For the nine months ended December 31,2024 (Millions of Yen)

         	Reportable Segments				Total	Adjustments and eliminations (Note 1)	Consolidated (Note 2)
         	Construction-related business	Real estate-related business	Condominium management and operation business	Overseas business
         Net sales
         Sales to third parties	570,105	163,998	101,231	1,406	836,740	-	836,740
         Inter-segment sales and transfer	49,379	2,025	4,787	-	56,191	(56,191)	-
         Total	619,484	166,024	106,018	1,406	892,931	(56,191)	836,740
         Segment profit(loss)	41,929	20,451	4,381	(4,230)	62,531	(5,085)	57,446

         Note 1 : Adjustment and eliminations for segment profit include (1,326) million yen of elimination of inter-segment transactions and (3,758) million yen of corporate expenses, which are not allocable to the reportable segments. These corporate expenses mainly consist of general and administrative expenses not attributable to reportable segments.

         Note 2 : Segment profit(loss) has been adjusted with operating profit in the quarterly consolidated statement of income.

      2. Information about impairment loss on non-current assets and goodwill by reportable segment (Significant impairment losses on non-current assets)

         In the "Overseas business" segment, an impairment loss on non-current assets was recorded. The amount of the impairment loss recorded was 14,668 million yen for the nine months ended December 31, 2024.

   2. The current fiscal year (From April 1, 2025 to December 31, 2025)

      1. Reportable segment information (net sales and profit (loss))

         For the nine months ended December 31,2025 (Millions of Yen)

         	Reportable Segments				Total	Adjustments and eliminations (Note 1)	Consolidated (Note 2)
         	Construction-related business	Real estate-related business	Condominium management and operation business	Overseas business
         Net sales
         Sales to third parties	612,044	168,164	110,780	2,108	893,096	-	893,096
         Inter-segment sales and transfer	61,287	2,234	5,127	-	68,647	(68,647)	-
         Total	673,331	170,398	115,907	2,108	961,743	(68,647)	893,096
         Segment profit(loss)	53,080	19,413	5,467	(6,252)	71,707	(7,877)	63,831

         Note 1 : Adjustment and eliminations for segment profit include (3,819) million yen of elimination of inter-segment transactions and (4,057) million yen of corporate expenses, which are not allocable to the reportable segments. These corporate expenses mainly consist of general and administrative expenses not attributable to reportable segments.

         Note 2 : Segment profit(loss) has been adjusted with operating profit in the quarterly consolidated statement of income.

      2. Information on Assets by Reportable Segment (Significant changes due to subsidiary acquisition)

         For the three months ended on June 30, 2025, the segment assets of the "Construction-related Business" increased by 20,436 million yen and the segment assets of the "Condominium management and operation Business" increased by 2,457 million yen compared to the end of the previous consolidated fiscal year, due to WOOD FRIENDS Co., Ltd. and its four subsidiaries becoming a consolidated subsidiary.

      3. Matters Related to Changes in Reportable Segments

In conjunction with the formulation of a new medium-term business plan starting from the fiscal year ending March 2026, the names of the reportable segments have been revised from the first quarter of the current consolidated accounting period. Specifically, the segment previously referred to as "Service-related Business" has been renamed to "Condominium management and operation Business," and "Overseas-related Business" has been renamed to "Overseas Business." As part of this revision, the composition of subsidiaries within each segment has also been partially adjusted.

Furthermore, the segment information for the current cumulative third quarter of the previous consolidated accounting period has been presented based on the revised classification of reportable segment.

(Notes on quarterly consolidated statements of cash flows)

Quarterly consolidated statements of cash flows for the current cumulative quarterly consolidated accounting period have not been prepared.

Depreciation expenses (including amortization expenses pertaining to intangible assets excluding goodwill) and amortization expenses of goodwill pertaining to the quarterly consolidated period under review are as follows.

For the nine months ended December 31, 2024

For the nine months ended December 31, 2025

Depreciation 6,034 million yen 6,315 million yen

Amortization of goodwill 152 million yen 440 million yen

(Business Combinations and Related Matters) (Business Combination through Acquisition)

On June 3, 2025, we acquired 1,317,741 shares of WOOD FRIENDS Co., Ltd. via a tender offer, raising our voting rights to 90.38% and making it a consolidated subsidiary.

On July 15, 2025, through a share acquisition under the Companies Act, WOOD FRIENDS Co., Ltd. became our wholly owned subsidiary.

1. Overview of business combination

   1. Acquired company's name and its business description

      Name : WOOD FRIENDS Co., Ltd. and its four subsidiaries

      Business description : Planning and design of buildings, construction and sales, other businesses related to living environments

   2. Main reason for the business combination

      As a measure to simultaneously work towards creating a sustainable society and improve the quality of living spaces, we believe that "promoting the use of wood in construction and using wood materials not only has an environmental benefit of reducing CO2 emissions, but also contributes greatly to the physical and mental health and happiness of residents", we are therefore working to create wooden common areas for condominiums and our own unique hybrid timber homes that combine reinforced concrete and wood construction. On the other hand, WOOD FRIENDS Co., Ltd. aims to realize a consistent manufacturing and retail business from forestry to construction and sales, and to provide a stable supply of domestic timber at fair prices. WOOD FRIENDS Co., Ltd. is also focusing on realizing a "wood resource cascade business" that aims to properly circulate local forestry and use up wood resources without waste. We believe that by adding WOOD FRIENDS Group to our group, we will be able to further accelerate our efforts, and have therefore decided to carry out the business combination.

   3. Date of business combination

      Date of Share Acquisition via a tender offer : June 3, 2025 (Deemed Acquisition Date: May 31, 2025) Date of Share Acquisition via share buyout : July 15, 2025 (Deemed Acquisition Date: June 1, 2025)

   4. Legal forms of business combination Acquisition of shares for cash consideration

   5. Name of the combined entity Not change

   6. Acquired voting interest

      ① Acquisition via a tender offer: 90.38%

      ② Acquisition via share buyout after the day of business combination: 9.62%

      ③ Acquisition after share buyout: 100%

   7. Key reasons for determining the acquiring entity

      This is attributable to the Company's acquisition of shares for cash consideration.

2. Period of performance of the acquired company included in the quarterly consolidated financial statements From June 1, 2025 to Nov. 30, 2025

3. Purchase price of the acquired entity and the breakdown of consideration by type Consideration transferred:

   Business combination Share buyout	Cash and cash equivalents Cash and cash equivalents	2,267 million yen 241 million yen
   Purchase price		2,508 million yen

4. Details and amounts of major acquisition-related costs

   Advisory fees and other acquisition-related costs 162 million yen

5. Amount of goodwill recognized, reasons for its recognition, amortization method, and amortization period

   1. Amount of goodwill recognized 288 million yen

   2. Cause of Goodwill Recognition

      Goodwill was recognized as it arose from the expected future excess earnings generated by the Company's ongoing business activities.

   3. Amortization method and amortization period

      Due to the immateriality of the amount, goodwill is fully amortized at the time of recognition.

6. Amounts and major components of assets acquired and liabilities assumed on the date of business combination Current assets 10,227 million yen

Non-current assets 8,831 million yen

Total of assets 19,057 million yen

Current liabilities 9,003 million yen

Non-current liabilities 6,942 million yen

Total of liabilities 15,945 million yen

1. Supplementary Information

1. Result of Non-consolidated Orders received

   	Orders
   For the nine months ended December 31, 2025 For the nine months ended December 31, 2024	Millions of Yen 490,119 433,781	% 13.0 39.0

   * % indicates changes from the previous corresponding period.

   Breakdown of Orders received 〔Millions of Yen〕

   		For the nine months ended December 31 2024		For the nine months ended December 31 2025		Increase (decrease)
   		Amount	%	Amount	%	Amount	%
   	Private-sector condominiums Rental condominiums, Company housing, etc.	395,494 14,413	(94.2%) (3.4%)	442,038 2,121	(93.6%) (0.5%)	46,545 (12,292)	11.8% (85.3%)
   	Residence Total	409,907	(97.6%)	444,159	(94.1%)	34,253	8.4%
   	Non-Residence	4,517	(1.1%)	21,847	(4.6%)	17,330	383.7%
   	Others	5,364	(1.3%)	6,087	(1.3%)	723	13.5%
   	Construction Total	419,788	96.8%	472,094	96.3%	52,306	12.5%
   	Consulting Contracts	3,818	0.9%	3,800	0.8%	(19)	(0.5%)
   	Construction business	423,606	97.7%	475,894	97.1%	52,287	12.3%
   	Design and Supervision	10,175	2.3%	14,225	2.9%	4,050	39.8%
   Orders Total		433,781	100.0%	490,119	100.0%	56,337	13.0%

   * The figures in parentheses refer to the proportion of Construction Total.

2. Forecast of Non-consolidated Orders received

* % indicates changes from the previous corresponding period.

(Qualitative information of Orders received result and forecast)

Construction total were 472.1 billion yen, increased by 52.3 billion yen y/y (up by 12.5% compared with the same period of the previous fiscal year) and Orders received were 490.1 billion yen (up by 13.0% compared with the same period of the previous fiscal year) for the nine months ended December 31, 2025. A progress rate against the annual forecast of 700.0 billion yen was 70.0% and the progress was as expected.