For the fiscal year ended March 31, 2026
May 2026
Contents
P.1 Review of the First Year of the Mid-Term Business Plan | P.12 | Key Indicators of Condominium Management |
P.2 Financial Summary and Topics | and Operation Business | |
P.3 Summary of Financial Results and Forecast | P.13 | Overseas Business |
P.4 Consolidated Income Statements | P.14 | Results by Operating Segments |
P.5 Net Sales & Gross Profit of Completed Construction Contracts | P.15 | Main Factors for Changes in Consolidated Balance Sheet |
P.6 Orders Received(Non-consolidated) Result & Forecast | P.16 | Breakdown of Real Estate and Overseas Investment by Use |
P.7 Orders Received(Quarterly, Backlogs, Main Order Property) | P.17 | Interest-Bearing Debt and Shareholders' Equity |
P.8 Key Indicators of Order Received (Non-consolidated) | P.18 | Consolidated Cash Flow |
P.9 Net Sales & Gross Profit of Real Estate Sales | P.19 | Shareholders' Return and Capital Policy |
P.10 Key Indicators of For-sale Condominium Business | P.20 | Initiatives Focused on Share Price and Cost of Capital |
P.11 Key Indicators of Real Estate Business | P.21 | Reference Information |
Review of the First Year of the Medium-Term Business Plan
A Year of Steady Progress Toward Achieving JPY 100 Billion in Consolidated Ordinary ProfitIn the first year of the medium-term business plan, the Group focused on strengthening the foundations of our strategies.
Specifically, the Group implemented a range of initiatives under five key themes: "Promote further construction business growth and deepening", "Expand and improve of quality of real estate business", "Promote condominium management and operation business growth", "Monetize overseas business", and "Challenge to new business areas".
As a result of the steady performance of our Construction-Related Business, Real Estate-Related Business, and Condominium Management and Operation Business, consolidated ordinary profit reached JPY 94.1 billion, exceeding initial forecasts.
In addition, as part of our efforts to enhance capital efficiency, the Company purchased JPY 20.0 billion of treasury shares to improve ROE. The Group aims to remain a company chosen by investors in the stock market.
▌ Earnings： Steady growth across three core segments-Construction, Real Estate, and Condominium Management and Operation businesses.
▌ Construction Business： Achieved record-high non-consolidated orders of JPY 726.7 billion, with construction profit margins recovering beyond expectations.
Commenced operations of a precast concrete plant(PCa) to establish a sustainable production system. Received an order for large-scale data center project, accelerating expansion into non-residential sectors.
▌ Real Estate Business： Promoted higher asset turnover to improve capital efficiency.
▌ Overseas Business: Acquired a 30% stake in a US real estate developer engaged in rental apartment development and construction.
The Group aims to establish a stable and sustainable earnings base while improving capital efficiency and diversifying risk.
▌ DX： Opened the "Haseko Digital Technology Lab," a future-oriented residential experience space leveraging advanced digital technologies.
▌ New Business： Introduced a program to solicit and recognize business ideas for new business creation to foster a culture of innovation.
▌ Capital Efficiency： Purchased JPY 20.0 billion of treasury shares as part of initiatives to improve ROE.
1
Financial Summary and Topics
Financial Results for FY2025▌ In the consolidated financial results for FY2025, net sales rose to a record high of JPY 1,273.1 billion (up 8.1% YoY), driven by increases in net sales from completed construction contracts and real estate sales. Due to increases in gross profit from both completed construction contracts and real estate sales, operating profit rose to JPY 98.7 billion (up 16.6% YoY), and ordinary profit reached JPY 94.1 billion (up 12.8% YoY). Although extraordinary losses of JPY 4.1 billion, including impairment losses, were recorded, the absence of large extraordinary losses booked in FY2024 contributed to a significant increase in profit attributable to owners of parent, which reached JPY 54.8 billion (up 59.2% YoY).
▌ Orders Received (non-consolidated) increased to JPY 726.7 billion (up 23.9% YoY), reaching a record high, driven by an increase in orders received for private-sector condominiums.
Forecast for FY2026▌ In the consolidated financial results forecast for FY2026, net sales are expected to increase to JPY 1,380.0 billion (up 8.4% YoY), and ordinary profit is expected to increase to JPY105.0 billion (up 11.6% YoY), driven by higher net sales of completed construction and improved gross profit margins. Ordinary profit is expected to reach a new record high.
▌ Orders Received (non-consolidated) forecast for FY2026 are expected to reach a record high for the fourth consecutive fiscal year, totaling 730.0 JPY bn (up 0.5% YoY).
▌ ROE for FY2026 is expected to be 11.3% (up 1.3pt YoY).
Shareholder return and Capital policy▌ The annual dividend per share for FY2025 is expected to be JPY 95, reflecting a JPY 5 increase in the year-end dividend from the initial forecast. Payout ratio expected at 46.4%.
▌ The annual dividend per share for FY2026 is planned to be JPY 100, an increase of JPY 5 year on year. Payout ratio expected at 40.1%.
Impact of the Middle East Situation▌ While developments in the Middle East warrant continued close monitoring, their impact on orders and construction activities is currently considered to be limited.
Summary of Financial Results and Forecast
(JPY bn)
Consolidated | FY2024 FY2025 (A) (B) | Change (B-A) | % | |
Net sales | 1,177.4 | 1,273.1 | 95.8 | 8.1% |
Operating profit | 84.7 | 98.7 | 14.0 | 16.6% |
Operating profit ratio | 7.2% | 7.8% | 0.6pt | |
Ordinary profit | 83.4 | 94.1 | 10.6 | 12.8% |
Ordinary profit ratio | 7.1% | 7.4% | 0.3pt | |
Profit attributable to owners of parent | 34.5 | 54.8 | 20.4 | 59.2% |
Profit attributable to owners of parent ratio | 2.9% | 4.3% | 1.4pt | |
EPS (yen) | 126.20 | 204.54 | 78.34 | 62.1% |
ROE | 6.6% | 10.0% | 3.4pt | |
FY2026 Forecast | Change | % |
1,380.0 | 106.9 | 8.4% |
110.0 | 11.3 | 11.4% |
8.0% | 0.2pt | |
105.0 | 10.9 | 11.6% |
7.6% | 0.2pt | |
66.0 | 11.2 | 20.4% |
4.8% | 0.5pt | |
249.39 | 44.85 | 21.9% |
11.3% | 1.3pt | |
Orders received (Non-consolidated) | 586.6 | 726.7 | 140.1 | 23.9% |
Annual dividend per share | ¥85 | ¥95 | ¥10 | |
Dividend payout ratio | 67.4% | * 46.4% | (21.0pt) |
730.0 | 3.3 0.5% | |
¥100 | ¥5 | |
40.1% | (6.3pt) | |
* Total shareholder return for FY2025 was 83.3%.
Consolidated Income Statements
FY2024 Result < A > | FY2025 Result < B > | Change | ||
Amount < B - A > | % | |||
Net sales | 1,177.4 | 1,273.1 | 95.8 | 8.1% |
Completed construction contracts | 599.1 | 625.2 | 26.1 | 4.4% |
Design and supervis ion | 14.3 | 15.7 | 1.4 | 10.1% |
Leasing and management | 94.1 | 98.1 | 4.0 | 4.3% |
Real estate sales | 448.7 | 511.1 | 62.4 | 13.9% |
Others businesses | 21.2 | 22.9 | 1.8 | 8.5% |
Gross profit | 166.5 | 189.8 | 23.3 | 14.0% |
Completed construction contracts | 74.6 | 88.3 | 13.6 | 18.3% |
[Profit ratio of completed construction contracts] | [ 12.5%] | [ 14.1%] | [1.6p] | |
Design and supervis ion | 7.2 | 7.8 | 0.5 | 7.5% |
Leasing and management | 20.7 | 21.3 | 0.5 | 2.5% |
Real estate sales | 60.7 | 67.7 | 7.1 | 11.6% |
Others businesses | 3.2 | 4.8 | 1.6 | 47.9% |
Selling, general and administrative expense | 81.8 | 91.1 | 9.3 | 11.3% |
Operating profit | 84.7 | 98.7 | 14.0 | 16.6% |
[Operating profit ratio] | [ 7.2%] | [ 7.8%] | [0.6p] | |
Financial income (expenses) | (1.6) | (4.5) | (2.9) | |
Others, net | 0.3 | (0.2) | (0.5) | |
Ordinary profit | 83.4 | 94.1 | 10.6 | 12.8% |
[Ordinary profit ratio] | [ 7.1%] | [ 7.4%] | [0.3p] | |
Extraordinary income or loss | (22.7) | (4.6) | 18.1 | |
Profit before income taxes | 60.7 | 89.5 | 28.8 | 47.4% |
Income taxes - current | 26.9 | 36.4 | 9.6 | |
Income taxes - deferred | (0.6) | (1.9) | (1.2) | |
Profit (loss) attributable to non-controlling interests | - | 0.1 | 0.1 | |
Profit attributable to owners of parent | 34.5 | 54.8 | 20.4 | 59.2% |
(JPY bn)
Variable factor of Consolidated Ordinary Profit
*
FY2024
Real estate sale 7.1
(JPY bn)
Construction Contracts 13.6
Financial income (2.9)
Others
2.1
SG&A
(9.3)
94.1
83.4
10.6
Increase in labor cost due to improvement of treatment and additional staffing
Decrease in dividend from non-consolidated subsidiaries
Increase in sales and profit ratio
Increase in delivery of for-sale condominium units
FY2025
Net Sales & Gross Profit of Completed Construction Contracts
▌ FY2025: Net sales and gross profit from completed construction contracts increased, driven by an increase in non-consolidated construction volume and improved profit margins.
▌ FY2026(forecast) : Gross profit from completed construction contracts is expected to increase further, supported by continued growth in non-consolidated construction volume and ongoing improvement in profit margins.
Net sales of Completed construction contracts※ Gross Profit & Profit ratio※
Non-consolidated
13.9%
15.9%
(12.5%)
14.1%
15.9%
Consolidated
Difference b/w Consolidated & Non-consolidated
Non-consolidated
558.4
66.8
599.1 625.2
690.0
(JPY bn)
(11.6%)
96.0
14.0
110.0
(JPY bn)
530.7
68.5
605.0
85.0
74.6
88.3
61.7
13.0
77.6
10.7
FY2024 FY2025
(Result)
FY2026
(Forecast)
FY2024 FY2025
(Result)
FY2026
(Forecast)
Orders Received (Non-consolidated) Result & Forecast
▐ FY2025 ：Orders received were JPY 726.7 billion, reaching a record high for the third consecutive fiscal year, driven by an increase in private-sector condominiums.
▐ FY2026(Forecast) : Orders received are expected to reach JPY 730.0 billion, as increases in rental condominiums company housing, etc. are expected to offset a decline in private sector condominiums. （JPY bn）
FY2024 | FY2025 Result | FY2026 Forecast | ||||||||
Annual | Annual | Change | % | 1H | Change | Annual | Change | % | ||
Construction Business | 570.5 | 706.8 | 136.3 | 23.9% | 321.5 | 25.8 | 711.0 | 4.2 | 0.6% | |
Private sector condominiums | 533.7 | 658.1 | 124.3 | 23.3% | 264.0 | (1.4) | 590.0 | (68.1) | (10.3%) | |
Rental condominiums Company housing, etc. | 15.5 | 13.6 | (1.8) | (11.8%) | 50.0 | 49.1 | 83.0 | 69.4 | 508.5% | |
Non-residence | 6.6 | 22.2 | 15.6 | 237.8% | - | (21.8) | 22.0 | (0.2) | (0.7%) | |
Other | 9.6 | 6.8 | (2.8) | (29.2%) | 5.0 | (0.2) | 10.0 | 3.2 | 46.5% | |
Consulting contracts | 5.1 | 6.1 | 1.0 | 19.6% | 2.5 | 0.1 | 6.0 | (0.1) | (1.6%) | |
Design and supervision | 16.1 | 19.9 | 3.8 | 23.5% | 8.5 | (2.0) | 19.0 | (0.9) | (4.5%) | |
Orders received(Non-consolidated) | 586.6 | 726.7 | 140.1 | 23.9% | 330.0 | 23.8 | 730.0 | 3.3 | 0.5% | |
【Orders received by subsidiaries 】 | ||||||||||
Haseko Reform | 47.1 | 38.6 | (8.5) | (18.1%) | 17.5 | 2.1 | 40.0 | 1.4 | 3.7% | |
Fuji Kensetsu | 40.8 | 35.7 | (5.1) | (12.5%) | 20.5 | 6.9 | 41.0 | 5.3 | 14.8% | |
Haseko Reform： Large-scale renovation work and interior/exterior remodeling for condominium complexes
Orders Received (Quarterly, Backlogs, Main Order Property)
《Quarterly》
（JPY bn）
586.6
236.6
536.9
502.2
483.8
485.5
471.7
472.3
481.3
400.0
430.3
183.9
177.9
330.0
128.3
Record-high
726.7 730.0
《Backlogs(as of end of fiscal year)》
Backlogs (Non-consolidated)
（JPY bn）
Total Completed Construction Revenue (including commissioned and design work)
940.0
747.9
788.4
587.8
601.3
600.8
606.5
655.6
691.6
423.3
428.6
445.2
456.0
472.0
472.2
480.7
546.1
575.1
621.4
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
(Forecast)
Mar. 18 Mar. 19 Mar. 20 Mar. 21 Mar. 22 Mar. 23 Mar. 24 Mar. 25 Mar. 26 Mar. 27
(forecast)
1Q 2Q 3Q 4QMain Order Property | Property Owners | Location | Units |
※ Wakamatsu 2-Chome Housing Redevelopment Project - New Construction | Wakamatsu 2-Chome Housing Redevelopment Association | Funabashi-shi, Chiba | 987 |
BAUS Tokorozawa Kotesashi Tower | Chuo-Nittochi Co., Ltd., etc. | Tokorozawa-shi, Saitama | 659 |
Renai Kamakura Fukazawa | Nishi - Nippon Railroad Co., Ltd., etc. | Kamakura-shi, Kanagawa | 645 |
※ Otsu-shi Ojigaoka 3-Chome Project - New Construction | Tokyu Land Corporation etc. | Otsu-shi, Shiga | 627 |
CIELIA City Nagoya Dome-mae Yada | Kanden Realty & Development Co., Ltd. | Higashi-ku, Nagoya-shi | 379 |
7
※ Tentative name
Key Indicators of Orders Received (Non-consolidated)
Orders received per contract for Private-sector condominiums
(JPY bn)
Orders received by Size
(Private-sector condominiums)
400units or more 200~399 units Less than 200 units
Orders received by Region
Tokyo Metropolitan area Kansai area Tokai area
5.91
9.86
41.5%
34.0%
20.8%
35.0%
33.5%
35.0%
30.0%
45.7%
24.5%
6.6% | 4.7% | 5.0% | ||
14.5% | 24.8% | 25.0% | ||
78.9% | ||||
70.5% | 70.0% |
8.00
FY2024 FY2025
(Result)
FY2026
(Forecast)
FY2024 FY2025
(Result)
FY2026
(Forecast)
FY2024 FY2025
(Result)
FY2026
(Forecast)
Exclusive contract
Construction-with-design orders
95.0%
89.1%
95.0%
Comments
▌ Orders received by Size in FY2026 : Compared with FY2025, a shift toward smaller projects, while large-scale projects remain at a high level.
▌ Order share high-rise condominium: Around 10% in FY2026 (vs. just under 20% in FY2025)
▌ Exclusive contract: Remain at approximately 90% in FY2026.
▌ Cons truction-with-design orders : Remain at a
91.7% | 90.0% | |||
73.8% |
FY2024 FY2025
(Result)
FY2026
(Forecast)
FY2024 FY2025
(Result)
FY2026
(Forecast)
high level in FY2026
8
Net Sales & Gross Profit of Real Estate Sales
▌ FY2025 : Net sales and gross profit of real estate sales increased, mainly driven by an increase in the number of units of for-sale condominium delivered.
▌ FY2026(Forecast) : Net sales and gross profit are expected to increase, mainly driven by higher unit prices of for-sale condominiums and an increase in the number of refurbished condominium units delivered.
Net sales of Real estate sales Gross profit of Real estate sales
Difference b/w Consolidated & Non-consolidated(JPY bn)
Difference b/w Consolidated & Non-consolidated(JPY bn)
Non-consolidated227.8
220.9
448.7
237.5
273.7
511.1
544.5
Non-consolidated 60.767.7
69.2
21.6
39.0
21.5
46.2
21.8
47.4
242.6
301.9
FY2024 FY2025
(Result)
FY2026
(Forecast)
FY2024 FY2025
(Result)
FY2026
9
(Forecast)
Key Indicators of For-sale Condominium Business
Sales of For-sale Condominium Business
Number of Units for For-sale Condominium Sales
61.1
13.1
15.6
(JPY bn)
103.1
110.0
71.5
67.4
9.0
8.6
13.3
8.5
18.2
31.7
23.0
9.6
30.3
(Unit)
1,422
210
168
276
204
326
541
378
253
236
630
682
1,208
1,627
2,062
1,600
FY2023 FY2024 FY2025 FY2026
FY2023 FY2024 FY2025 FY2026
1Q 2Q 3Q 4Q(Forecast)
1Q 2Q 3Q 4Q(Forecast)
Contract progress rate against the number of annual expected units
For-sale Condominium units planning by fiscal year
41.9%
42.6%
50.3%
37.6%
55.8%
71.8%
62.1%
58.8%
85.9%
75.4%
92.5%
76.5%
90.1%
(Unit)
1,627
1,422
2,062
1,600
FY2028 and after, 54% Approx.3,800units
Approx. 7,000 units
FY2026, 23%
Approx.1,600units
FY2027, 23%
Approx.1,600units
FY2023 FY2024 FY2025 FY2026
Begining of FY End of 1Q End of 2Q End of 3Q Full-year(Forecast)As of Mar.31, 2026
10
Note： Numbers are sum of Haseko Corp., Haseko Real Estate Development and Sohgoh Real Estate, and adjusted by shares of each project.
Key Indicators of Real Estate Business
Consignment Sales
Real estate brokerage
413.1
433.9
455.0
360.2
7,670
7,694
8,050
8,042
2,327
2,556
3,034
130.8
150.0
105.5
106.3
3,500
FY2023 FY2024 FY2025 FY2026
(Forecast)
Units of transaction Sale (JPY bn)FY2023 FY2024 FY2025 FY2026
(Forecast)
Number of deal Sale (JPY bn)Resale of refurbished condominium
Sale of Income property
(Unit)
(JPY bn)
964
1,008
930
1,020
80.8
112.7
120.6
120.0
FY2023 FY2024 FY2025 FY2026
(Forecast)
FY2023 FY2024 FY2025 FY2026
11
(Forecast)
Number of deliveries
Key Indicators of Condominium Management and Operation Business
Condominium Building Management
Condominium Building Management by Region
（Unit）
443,331
448,076
453,500
Kyushu and Okinawa, 7.3%
436,798
Tokai Region, 3.5%
Kansai Region, 34.2%
Tokyo Metropolitan Area, 51.3%
FY2023 FY2024 FY2025 FY2026
(Forecast)
As of Mar.31, 2026
Rental Apartment Management Operation
Company housing management agency
（Unit）
125,171 127,523 128,558 126,390
117,802
7,369
120,334
7,189
121,698
6,860
119,200
7,190
FY2023 FY2024 FY2025 FY2026
(Forecast)
Commisioned property management Sublease（Unit）
65,991
66,699
68,320
64,000
FY2023 FY2024 FY2025 FY2026
12
(Forecast)
Overseas Business
▌ Overseas business segment continues to record losses, primarily due to losses from operations in Hawaii, US, while real estate development on the US mainland, etc. is still in the upfront investment phase.
▌ In Hawaii, a large-scale mixed-use development project on Oahu (Ewa project) is progressing. The Group strives to improve profitability and operational efficiency, while advancing the project toward completion.
▌ On the US mainland, etc. the Group is currently investing in rental apartment development, with investment recovery expected to accelerate from FY2027.
▌ In April 2026, the Group acquired a 30% stake in a US real estate developer engaged in rental apartment development and construction. The Group aims to establish a stable and sustainable earnings base by gradually shifting to a light-asset business model, while improving capital efficiency and diversifying risk.
(JPY bn) | FY2024 | FY2025 | Comments |
Net sales | 3.5 | 4.3 | |
Hawaii | 3.0 | 1.3 | In FY2024, net sales were recorded from the sale of real es tate. |
US main land, etc. | 0.4 | 0.3 | Revenue increased due to the recovery of inves tments in senior housing projects . |
Ordinary profit | (6.1) | (7.7) | |
Hawaii | (4.7) | (7.5) | In FY2025, an inventory valuation loss of JPY 4.1 billion was recorded in preparation for the sale of hotel land. |
US main land, etc. | (1.4) | (0.2) |
FY2026 Forecast |
7.0 |
5.7 |
1.3 |
(3.4) |
(3.5) |
0.0 |
13
※For investment projects on the US mainland, etc., investment recoveries may be recognized either as real estate sales or as equity in earnings of affiliates (non-operating income), depending on contractual terms and other factors.
Results by Operating Segments
(JPY bn)
FY2024 (A) | FY2025 (B) | Change (B)-(A) | % | |
Net Sales by Segments | 1,249.9 | 1,363.8 | 113.9 | 9.1% |
Cons truction-Related Business | 841.7 | 900.9 | 59.2 | 7.0% |
Real Es tate-Related Business | 252.7 | 293.2 | 40.5 | 16.0% |
Condominium Management and Operation Business | 152.0 | 165.4 | 13.4 | 8.8% |
Overseas Business | 3.5 | 4.3 | 0.8 | 24.5% |
Operating Profit by Segments + Inves tment profit(los s) on equity method | 89.0 | 104.3 | 15.3 | 17.2% |
Cons truction-Related Business | 56.3 | 68.5 | 12.2 | 21.6% |
Real Es tate-Related Business | 32.6 | 35.6 | 3.0 | 9.2% |
Condominium Management and Operation Business | 6.5 | 8.2 | 1.7 | 26.6% |
Overseas Business *2 | (6.4) | (8.0) | (1.6) | -% |
*1 Intersegment eliminations and corporate expenses not allocated to each reporting segment are not included in the above table.
*2 Operating profit by segments + investment profit(loss) on equity method for overseas business includes, for reference, investment profit(loss) on equity method, etc. of ¥(0.8) billion for FY2024 and ¥(2.0) billion for FY2025.
Main Factors for Changes in Consolidated Balance Sheet
Total Asset
Liability & Net Asset
563.5
5.0
420.0
425.0
25.2
Advances received on
construction contracts in progress
18.4
335.7
360.9
1,365.2
52.5
1,417.7
819.7
44.0
29.6
Retirement benefit asset 13.1 Securities 8.5
288.5
318.1
280.0
236.0
77.5
68.4
840.7
(21.0)
Details on next page
1,365.2 52.5 1,417.7
（JPY bn）
Cash and deposits
(Of which Deposit received)
Deposit received※2
Other Liability
77.5
(9.1)
68.4
Real estate and overseas investment
※１
Interest-bearing debt balance
31.4
Retained earnings 16.9
Valuation difference on available-for-sale securities
10.6
532.0
Net Asset
Other Assets
Mar. 2025 Mar. 2026
Mar. 2025 Mar. 2026
※１ Real estate and overseas investment : Sum of Real estate for sale, Costs on real estate business, Real estate for development, Property, plant and equipment + Leasehold interest in land, and Investments in overseas businesses among investment securities, etc.
※２ Mainly revenue from consigned sales in For-sale condominium business.
Breakdown of Real Estate and Overseas Investment by Use
(JPY bn)
Land for orders
For-sale Condominium, etc.
Income property, etc.
Renovation Overseas Investment 1 Overseas Investment 2 Leasing real estate
Own use
840.7Mar. 2025
(21.0)
(60.5)
(2.6)
19.9
819.7Change factor from the end of the previous Fiscal Year
Change in Real Estate Turnover FY2024 → FY2025
Investments in new projects despite of increasing in sales
(3.1)
10.1
Decrease due to progress in
sales
Investments in new projects
23.5
(9.0)
25.6
Investment in PC factory, etc.
and M&A of Wood Friends (Sawmill, etc.)
69.9
79.9
51.4
54.5
38.1
(1.5)
39.6
60.0
85.6
32.6
215.8
235.7
219.6
217.0
88.3
148.9
Recognition of an inventory
valuation loss related to the planned sale of land for development in Hawaii : (4.1)
Mar. 2026
Sales of large-scale land for orders
(Turnover)
Improved turnover, almost flat
For-sale Condominium, etc.
0.41→0.64
Income property, etc.
0.52→0.53
Renovation 1.57→1.88
Land for orders : Land for receiving construction orders, etc. by providing land for project owners
For-sale Condominium, etc. : Real estate of For-sale condominium business and For-sale houses business
Income property, etc. : Real estate developed to sell to investors
Renovation : Condominium unit renovation business (for pre-owned properties)
Overseas Investment 1 : Investment for business in US Mainland etc.
Overseas Investment 2 : Investment for business in Hawaii, U.S
16
Leasing real estate : Real estate expected to hold long term for leasing
Own use : Nursing care house for senior business, Technical center etc.
Interest-Bearing Debt and Shareholders' Equity
Interest-Bearing Debt
Shareholders' Equity
116.7
20.0
90.0
120.4
30.0
152.3
30.0
271.5
295.0
300.0
221.8
133.3
96.7
90.4
122.3
113.3
20.0
345.0
80.0
420.0
425.0
0.76
0.68
0.75
0.39
0.33
0.39
415.0
0.79
0.56
391.5
120.0
120.0
311.8
120.0
268.0
90.0
178.0
0.86 0.81
（JPY bn）
47.5% 48.5%
（JPY bn）
43.0%
41.4%
37.7%
38.6%37.9% 37.8% 39.0%
39.7%
562.7
511.2
532.0
454.1
417.7
367.0
387.7
394.4
296.0
237.8
Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
DebtBond
D/E Ratio
Shareholders' equity Equity ratioConsolidated Cash Flow
▌ Cash and cash equivalents at end of the period totaled JPY 288.1 billion, an increase of JPY52.3 billion from the beginning of FY2025.
▌ Net cash provided by operating activities was a strong positive of JPY 157.4 billion, supported by improved working capital due to a decrease in inventories, as well as an increase in profit before tax.
▌ Net cash used in investing activities was JPY 53.2 billion, mainly due to the acquisition of tangible and intangible fixed asset and purchases of investment securities (mainly investments in overseas businesses).
▌ Net cash used in financing activities was JPY 53.4 billion, primarily due to dividend payments and the acquisition of treasury shares.
（JPY bn）
FY2024 | FY2025 | Change |
Net cash provided by (used in) operating activities | 3.9 | 157.4 | 153.5 |
Net cash provided by (used in ) investing activities | (32.5) | (53.2) | (20.8) |
Free Cash Flow | (28.6) | 104.2 | 132.7 |
Net cash provided by (used in ) financing activities | (20.5) | (53.4) | (32.8) |
Cash and cash equivalents at end of the period | 235.8 | 288.1 | 52.3 |
Shareholders' Return and Capital Policy
▌ The year-end dividend per share for FY2025 is increased by JPY 5 from the initial forecast to JPY 50. The annual dividend per share is expected to be JPY 95.
▌ The annual dividend per share for FY2026 is expected to be JPY 100 ,an increase of JPY 5 from FY2025.
Annual dividend per share (yen)
35
45
70 70
40
40
80 80
95
An increase of 5 yen
from the initial forecast
40
45
40
45
85 85
100
20
50
35
35
45
45
5
50
50
FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
3.1
21.5
5.4
(Forecast)
Shareholders' Return Policy in Medium-term Business Plan "HASEKO Evolution Plan" (FY2025~FY2030)
Total return ratio of approximately 50% of profit attributable to parent company shareholders over 6 fiscal periods
Continue stable dividend, and implement progressive dividends during the plan period
Purchase treasury stock flexibly as needed
19
Total amount of treasury shares acquired （JPY bn）※
Interim dividend Year-end dividend20.0
* Excludes purchases under the BBT and ESOP
Initiatives Focused on Share Price and Cost of Capital
ROE target under "HASEKO Evolution Plan" （FY2025～FY2030) is to maintain a level above 10% and to reach appx. 13% by FY2030.
▌ PBR increased significantly from the end of the previous fiscal year, supported by improvements in ROE and a strong equity market, reaching around 1.5x.
▌ ROE for FY2024 fell well below 10% due to extraordinary losses; however, it recovered to around 10%, the target under the medium-term business plan, driven by higher operating profit and share buybacks.
▌ PER rose in FY2024 due to a decline in EPS caused by extraordinary losses but remained at a relatively high level in FY2025 compared with historical levels, supported by both EPS recovery and a higher share price.
The Group will enhance profitability, primarily through improvements in construction margins, and aim for continued growth in ROE.PBR
27.8%
ROE
27.1%
26.4%
1.81
1.71
15.9%
12.3%
13.4%
13.6%
11.6%
6.6%
10.0%
Cost of shareholders' equity: 6~9%
1.42
1.25
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
1.13
1.07
1.03
PBR:1X
0.97
0.90
0.95
Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Mar26
Mar26
Mar25
Mar24
Mar23
Mar22
Mar21
Mar20
Mar19
Mar18
Mar17
5.75
4.74
7.12
7.09
9.19
6.69
6.16
9.23
14.11
15.57
PER
Reference Information
Summary of Consolidated Income Statements
Billions of yen
FY2024 Result < A > | FY2025 Result < B > | Change | ||
Amount < B - A > | % | |||
Net sales | 1,177.4 | 1,273.1 | 95.8 | 8.1% |
Completed construction contracts | 599.1 | 625.2 | 26.1 | 4.4% |
Design and supervision | 14.3 | 15.7 | 1.4 | 10.1% |
Leasing and management | 94.1 | 98.1 | 4.0 | 4.3% |
Real estate sales | 448.7 | 511.1 | 62.4 | 13.9% |
Others businesses | 21.2 | 22.9 | 1.8 | 8.5% |
Gross profit | 166.5 | 189.8 | 23.3 | 14.0% |
Completed construction contracts | 74.6 | 88.3 | 13.6 | 18.3% |
[Profit ratio of completed construction contracts] | [ 12.5%] | [ 14.1%] | [1.6p] | |
Design and supervision | 7.2 | 7.8 | 0.5 | 7.5% |
Leasing and management | 20.7 | 21.3 | 0.5 | 2.5% |
Real estate sales | 60.7 | 67.7 | 7.1 | 11.6% |
Others businesses | 3.2 | 4.8 | 1.6 | 47.9% |
Selling, general and administrative expense | 81.8 | 91.1 | 9.3 | 11.3% |
Operating profit | 84.7 | 98.7 | 14.0 | 16.6% |
[Operating profit ratio] | [ 7.2%] | [ 7.8%] | [0.6p] | |
Financial income (expenses) * | (1.6) | (4.5) | (2.9) | |
Others, net | 0.3 | (0.2) | (0.5) | |
Ordinary profit | 83.4 | 94.1 | 10.6 | 12.8% |
[Ordinary profit ratio] | [ 7.1%] | [ 7.4%] | [0.3p] | |
Extraordinary income or loss | (22.7) | (4.6) | 18.1 | |
Profit before income taxes | 60.7 | 89.5 | 28.8 | 47.4% |
Income taxes - current | 26.9 | 36.4 | 9.6 | |
Income taxes - deferred | (0.6) | (1.9) | (1.2) | |
Profit (loss) attributable to non-controlling interests | - | 0.1 | 0.1 | |
Profit attributable to owners of parent | 34.5 | 54.8 | 20.4 | 59.2% |
FY2025 Forecast | |
Annual < C > | Amount < B - C > |
1,240.0 | 33.1 |
605.5 | 19.7 |
14.5 | 1.2 |
97.0 | 1.1 |
500.0 | 11.1 |
23.0 | (0.1) |
187.0 | 2.8 |
86.5 | 1.8 |
[ 14.3%] | [(0.2p)] |
7.5 | 0.3 |
21.5 | (0.2) |
67.0 | 0.7 |
4.5 | 0.3 |
90.0 | 1.1 |
97.0 | 1.7 |
[ 7.8%] | ( -p) |
(6.3) | 1.8 |
(0.7) | 0.5 |
90.0 | 4.1 |
[ 7.3%] | [0.1p] |
- | (4.6) |
90.0 | (0.5) |
32.0 | 2.6 |
58.0 | (3.2) |
FY2026 Forecast | YoY Change | ||
Interim | Annual < D > | Amount < D - B > | % |
630.0 | 1,380.0 | 106.9 | 8.4% |
340.0 | 690.0 | 64.8 | 10.4% |
5.5 | 15.5 | (0.2) | ( 1.2%) |
51.0 | 105.0 | 6.9 | 7.0% |
221.5 | 544.5 | 33.4 | 6.5% |
12.0 | 25.0 | 2.1 | 8.9% |
98.0 | 214.0 | 24.2 | 12.7% |
54.0 | 110.0 | 21.7 | 24.6% |
[ 15.9%] | [ 15.9%] | [1.8p] | |
2.5 | 7.8 | 0.0 | 0.2% |
10.5 | 22.0 | 0.7 | 3.5% |
28.0 | 69.2 | 1.5 | 2.2% |
3.0 | 5.0 | 0.2 | 4.1% |
49.0 | 104.0 | 12.9 | 14.2% |
49.0 | 110.0 | 11.3 | 11.4% |
[ 7.8%] | [ 8.0%] | [0.2p] | |
(2.3) | (6.2) | (1.7) | |
0.3 | 1.2 | 1.4 | |
47.0 | 105.0 | 10.9 | 11.6% |
[ 7.5%] | [ 7.6%] | [0.2p] | |
- | - | 4.6 | |
47.0 | 105.0 | 15.5 | 17.4% |
17.0 | 39.0 | 4.4 | |
30.0 | 66.0 | 11.2 | 20.4% |
22
Depreciation and amortization, excluding goodwill-amortization | 8.0 | 8.8 | 0.8 | 9.7% |
* Interest income + Dividend income - Interest expenses - Incidental expenses for loan
Summary of Non-consolidated Income Statements
Billions of yen
FY2024 Result < A > | FY2025 Result < B > | Change | ||
Amount < B - A > | % | |||
Net sales | 779.1 | 817.6 | 38.4 | 4.9% |
Completed construction contracts | 525.0 | 553.7 | 28.7 | 5.5% |
Commissioned works | 5.7 | 4.7 | (1.0) | ( 16.8%) |
Design and supervision | 15.4 | 16.6 | 1.2 | 7.8% |
Lease rentals of buildings | 5.2 | 5.0 | (0.2) | ( 3.8%) |
Real estate sales | 227.8 | 237.5 | 9.7 | 4.2% |
Gross profit | 92.2 | 108.3 | 16.1 | 17.4% |
Completed construction contracts | 58.2 | 74.6 | 16.4 | 28.2% |
Commissioned works | 3.5 | 3.0 | (0.5) | ( 15.5%) |
[Profit ratio of completed construction works] | [ 11.6%] | [ 13.9%] | [2.3p] | |
Design and supervision | 7.8 | 8.2 | 0.4 | 5.0% |
Lease rentals of buildings | 1.0 | 1.0 | (0.1) | ( 7.1%) |
Real estate sales | 21.6 | 21.5 | (0.1) | ( 0.5%) |
Selling, general and administrative expense | 47.0 | 49.9 | 2.9 | 6.2% |
Operating profit | 45.2 | 58.4 | 13.2 | 29.1% |
[Operating profit ratio] | [ 5.8%] | [ 7.1%] | [1.3p] | |
Financial income (expenses) * | 5.6 | 14.8 | 9.2 | |
Others, net | 0.8 | 1.4 | 0.6 | |
Ordinary profit | 51.6 | 74.6 | 23.0 | 44.6% |
[Ordinary profit ratio] | [ 6.6%] | [ 9.1%] | [2.5p] | |
Extraordinary income or loss | 0.0 | (2.7) | (2.7) | |
Profit before income taxes | 51.6 | 71.9 | 20.3 | 39.4% |
Income taxes - current | 14.2 | 22.1 | 7.9 | |
Income taxes - deferred | (0.1) | (0.4) | (0.3) | |
Profit | 37.5 | 50.2 | 12.8 | 34.1% |
FY2025 Forecast | ||
Annual < C > | Amount < B - C > | |
810.0 | 7.6 | |
535.0 | 18.7 | |
6.0 | (1.3) | |
16.0 | 0.6 | |
5.0 | 0.0 | |
248.0 | (10.5) | |
108.0 | 0.3 | |
70.0 | 4.6 | |
3.5 | (0.5) | |
[ 13.6%] | [0.3p] | |
8.0 | 0.2 | |
1.0 | (0.0) | |
25.5 | (4.0) | |
49.5 | 0.4 | |
58.5 | (0.1) | |
[ 7.2%] | [(0.1p)] | |
13.0 | 1.8 | |
0.5 | 0.9 | |
72.0 | 2.6 | |
[ 8.9%] | [0.2p] | |
- | (2.7) | |
72.0 | (0.1) | |
19.0 | 2.6 | |
53.0 | (2.8) | |
FY2026 Forecast | YoY Change | ||
Interim | Annual < D > | Amount < D - B > | % |
410.0 | 870.0 | 52.4 | 6.4% |
300.0 | 600.0 | 46.3 | 8.4% |
2.5 | 5.0 | 0.3 | 6.2% |
6.0 | 16.4 | (0.2) | ( 1.4%) |
2.5 | 6.0 | 1.0 | 19.4% |
99.0 | 242.6 | 5.1 | 2.2% |
61.0 | 127.0 | 18.7 | 17.3% |
46.5 | 93.0 | 18.4 | 24.7% |
1.5 | 3.0 | 0.0 | 1.2% |
[ 15.9%] | [ 15.9%] | [2.0p] | |
3.0 | 8.2 | 0.0 | 0.0% |
0.5 | 1.0 | 0.0 | 2.6% |
9.5 | 21.8 | 0.3 | 1.3% |
26.0 | 57.0 | 7.1 | 14.3% |
35.0 | 70.0 | 11.6 | 19.9% |
[ 8.5%] | [ 8.0%] | [0.9p] | |
24.0 | 24.7 | 9.9 | |
- | 0.3 | (1.1) | |
59.0 | 95.0 | 20.4 | 27.4% |
[ 14.4%] | [ 10.9%] | [1.8p] | |
7.0 | 7.0 | 9.7 | |
66.0 | 102.0 | 30.1 | 41.9% |
12.5 | 26.0 | 4.4 | |
53.5 | 76.0 | 25.8 | 51.3% |
* Interest income + Dividend income - Interest expenses - Incidental expenses for loan
Depreciation and amortization, excluding goodwill-amortization | 3.6 | 3.9 | 0.3 | 9.3% |
Billions of yen
Summary of Consolidated Balance Sheets
Mar 2025 | Mar 2026 | Change | Mar 2025 | Mar 2026 | Change | ||||
Amount | ％ | Amount | ％ | ||||||
Current assets: | 1,053.2 | 1,052.0 | (1.2) | (0.1%) | Current liabilities: | 442.8 | 398.3 | (44.5) | (10.1%) |
Cash and deposits | 236.0 | 280.0 | 44.0 | 18.6% | Notes payable, accounts payable for construction contracts and other | 105.4 | 101.8 | (3.6) | (3.4%) |
Electronically recorded monetary claims, accounts receivable from completed construction contracts and other | 148.6 | 137.6 | (11.0) | (7.4%) | Electronically recorded obligations | 42.5 | 42.3 | (0.3) | (0.7%) |
Securities | 3.3 | 11.8 | 8.5 | 255.8% | Short-term borrowings | 15.0 | - | (15.0) | (100.0%) |
Costs on construction contracts in progress | 13.6 | 13.9 | 0.3 | 2.1% | Current portion of long-term borrowings | 20.0 | 10.0 | (10.0) | (50.0%) |
Real estate for sale | 312.8 | 254.8 | (58.0) | (18.5%) | Current portion of bonds payable | 40.0 | - | (40.0) | (100.0%) |
Costs on real estate business | 281.9 | 296.4 | 14.5 | 5.1% | Advances received on construction contracts in progress | 44.8 | 63.2 | 18.4 | 41.0% |
Real estate for development | 36.9 | 35.5 | (1.5) | (4.0%) | Deposits received | 77.5 | 68.4 | (9.1) | (11.7%) |
Other | 20.2 | 22.2 | 2.0 | 9.8% | Other | 97.5 | 112.6 | 15.1 | 15.5% |
Allowance for doubtful accounts | (0.1) | (0.1) | (0.0) | -% | Non-current liabilities: | 390.3 | 456.0 | 65.6 | 16.8% |
Bonds payable | 80.0 | 80.0 | - | 0.0% | |||||
Long-term borrowings | 265.0 | 335.0 | 70.0 | 26.4% | |||||
Retirement benefit liability | 1.9 | 2.1 | 0.1 | 7.0% | |||||
Provision for loss on litigation | 6.4 | - | (6.4) | (100.0%) | |||||
Other | 37.0 | 38.9 | 1.9 | 5.2% | |||||
Total liabilities | 833.2 | 854.3 | 21.1 | 2.5% | |||||
Non-current assets: | 312.0 | 365.8 | 53.8 | 17.2% | Shareholders' equity: | 500.0 | 510.7 | 10.7 | 2.1% |
Property, plant and equipment + Leasehold interests in land | 145.8 | 144.7 | (1.1) | ( 0.8%) | Share capital | 57.5 | 57.5 | - | -% |
Goodwill | 1.8 | 1.6 | (0.2) | (11.4%) | Capital surplus | 7.4 | 7.6 | 0.3 | 3.4% |
Investment securities | 102.8 | 146.3 | 43.5 | 42.4% | Retained earnings | 472.6 | 489.4 | 16.9 | 3.6% |
Deferred tax assets | 6.8 | 0.2 | (6.6) | (97.1%) | Treasury shares | (37.4) | (43.9) | (6.5) | -% |
Other | 55.8 | 74.1 | 18.3 | 32.8% | Accumulated other comprehensive income: | 32.0 | 52.0 | 20.1 | 62.7% |
Allowance for doubtful accounts | (0.9) | (1.1) | (0.2) | -% | Valuation difference on available-for-sale securities | 10.2 | 20.8 | 10.6 | 104.0% |
Foreign currency translation adjustment | 22.9 | 24.2 | 1.2 | 5.3% | |||||
Remeasurements of defined benefit plans | (1.2) | 7.0 | 8.2 | -% | |||||
Non-controlling interests | - | 0.7 | 0.7 | -% | |||||
Total net assets | 532.0 | 563.5 | 31.4 | 5.9% | |||||
Total assets | 1,365.2 | 1,417.7 | 52.5 | 3.8% | Total liabilities and net assets | 1,365.2 | 1,417.7 | 52.5 | 3.8% |
Summary of Cash Flows Statements(Consolidated)
Billions of yen
March 2025 Result < A > | March 2026 Result < B > | Change Amount < B - A > | |
Profit (loss) before income taxes Depreciation Extraordinary losse (income) Amortization of goodwill Increase (decrease) in allowance for doubtful accounts Increase (decrease) in provision for loss on litigation Foreign exchange losses (gains) Loss on valuation of inventories Decrease (increase) in trade receivables Decrease (increase) in costs on construction contracts in progress Decrease (increase) in inventories Increase (decrease) in trade payables Increase (decrease) in advances received on construction contracts in progress Increase (decrease) in deposits received on real estate business Increase (decrease) in deposits received Others Income taxes paid | 60.7 8.0 19.7 0.2 (0.0) 3.1 0.1 2.8 (0.2) (0.8) (49.7) (26.0) (2.3) (3.0) 14.7 2.7 (26.0) | 89.5 8.8 4.6 0.5 0.2 (0.1) (1.0) 11.3 11.4 0.9 54.2 (5.3) 18.3 (2.5) (9.3) 3.8 (27.9) | 28.8 0.8 (15.1) 0.3 0.2 (3.1) (1.1) 8.5 11.6 1.8 103.9 20.7 20.7 0.5 (23.9) 1.1 (2.0) |
Net cash provided by (used in) operating activities | 3.9 | 157.4 | 153.5 |
Purchase of property, plant and equipment and intangible assets Purchase of investment securities Proceeds from sale and redemption of investment securities Others | (20.7) (14.5) 4.3 (1.7) | (21.1) (34.7) 5.0 (2.4) | (0.5) (20.2) 0.7 (0.7) |
Net cash provided by (used in) investing activities | (32.5) | (53.2) | (20.8) |
Net increase (decrease) in short-term borrowings Proceeds from long-term borrowings Repayments of long-term borrowings Redemption of bonds Dividends paid Purchase of treasury shares Incidental expenses for loan Others | 15.0 -(10.0) -(23.6) (0.5) (1.2) (0.2) | (19.6) 80.2 (26.8) (41.0) (24.7) (20.1) (1.2) (0.2) | (34.6) 80.2 (16.8) (41.0) (1.1) (19.5) 0.0 (0.0) |
Net cash provided by (used in) financing activities | (20.5) | (53.4) | (32.8) |
Effect of exchange rate change on cash and cash equivalents | 1.4 | 1.5 | 0.1 |
Net increase (decrease) in cash and cash equivalents | (47.7) | 52.3 | 100.0 |
Cash and cash equivalents at beginning of the year | 283.5 | 235.8 | (47.7) |
Cash and cash equivalents at end of the period | 235.8 | 288.1 | 52.3 |
Summary of Financial Results of Major Subsidiaries
Billions of yen
FY2024 | FY2025 | FY2026 | Amount of assets and number of employees as of March 31, 2026 | |||||||||||
Results | Results | Forecast | ||||||||||||
Net sales | Ordinary profit | Profit | Net sales | Ordinary profit | Profit | Net sales | Ordinary profit | Profit | Total assets | Net assets | Employees | |||
HASEKO Corporation | 779.1 | 51.6 | 37.5 | 817.6 | 74.6 | 50.2 | 870.0 | 95.0 | 76.0 | 1,123.4 | 435.8 | 2,711 | ||
Construction-Related Business | ||||||||||||||
Fuji Kensetsu, Co., Ltd. | 45.8 | 2.1 | 1.5 | 36.3 | 1.3 | 0.5 | 40.5 | 3.2 | 2.1 | 23.5 | 12.7 | 269 | ||
Hasec, Inc. | 0.9 | 0.6 | 0.4 | 0.9 | 0.7 | 0.4 | 0.9 | 0.6 | 0.4 | 14.6 | 2.5 | 8 | ||
HASEKO Furnishing Co., Ltd. | 9.8 | 0.8 | 0.5 | 11.9 | 1.1 | 0.7 | 10.0 | 0.7 | 0.5 | 4.9 | 2.3 | 114 | ||
HASEKO Reform, Inc.*1 | 42.6 | 2.6 | 1.8 | 43.9 | 2.2 | 1.5 | 39.3 | 1.0 | 0.7 | 16.8 | 8.2 | 531 | ||
Hosoda Corporation | 20.2 | 0.8 | 0.6 | 22.9 | 0.9 | 0.7 | 25.3 | 0.7 | 0.5 | 22.7 | 8.2 | 229 | ||
HASEKO Home, Co.,Ltd. | 5.9 | 0.1 | 0.1 | 8.2 | 0.2 | 0.2 | 12.9 | 0.6 | 0.4 | 14.3 | 0.3 | 23 | ||
WOOD FRIENDS CO., Ltd. and two other subsidiaries*2 | - | - | - | 15.7 | (1.6) | (5.4) | 24.2 | 0.8 | 0.8 | 24.6 | 7.7 | 239 | ||
Real Estate-Related Business | ||||||||||||||
HASEKO Real Estate Development, Inc. | 63.0 | 5.9 | 3.7 | 85.7 | 7.3 | 4.7 | 68.6 | 3.2 | 2.2 | 153.0 | 51.2 | 88 | ||
Sohgoh Real Estate, Co., Ltd. | 59.6 | 6.2 | 4.0 | 58.5 | 4.0 | 2.6 | 64.1 | 4.0 | 2.7 | 140.8 | 23.0 | 31 | ||
HASEKO Sohgoh Development, Inc. *3 | - | (0.0) | (0.0) | 20.5 | 2.4 | 1.5 | 33.4 | 3.0 | 1.9 | 67.6 | 13.6 | 28 | ||
HASEKO Urbest, Inc. | 13.1 | 3.8 | 2.7 | 14.1 | 4.1 | 2.8 | 15.7 | 4.7 | 3.2 | 91.1 | 7.2 | 634 | ||
HASEKO Real Estate, Inc. | 64.7 | 4.1 | 2.8 | 72.2 | 5.7 | 3.8 | 91.0 | 5.9 | 3.8 | 35.4 | 13.1 | 557 | ||
HASEKO Intec, Inc. | 8.1 | 0.8 | 0.6 | 8.1 | 0.9 | 0.6 | 8.9 | 0.9 | 0.6 | 4.6 | 1.1 | 70 | ||
Condominium Management and Operation Business | ||||||||||||||
HASEKO Community, Inc. | 63.5 | 5.6 | 4.1 | 66.4 | 5.8 | 4.4 | 70.0 | 6.0 | 4.1 | 34.0 | 21.6 | 978 | ||
HASEKO Community Kyushu, Inc. | 2.9 | 0.2 | 0.2 | 3.0 | 0.2 | 0.2 | 3.4 | 0.3 | 0.2 | 1.1 | 0.6 | 94 | ||
HASEKO Community Okinawa, Inc. | 0.5 | 0.1 | 0.1 | 0.6 | 0.1 | 0.1 | 0.6 | 0.1 | 0.1 | 0.3 | 0.2 | 15 | ||
HASEKO Livenet, Inc. | 53.9 | 5.9 | 4.4 | 61.8 | 5.4 | 3.8 | 71.3 | 5.9 | 4.1 | 39.7 | 21.4 | 537 | ||
HASEKO Business Proxy, Inc. | 3.0 | 0.4 | 0.3 | 3.5 | 0.3 | 0.1 | 4.4 | (0.2) | (0.1) | 6.2 | 1.3 | 107 | ||
HASEKO Senior Well Design, Co., Ltd. | 15.1 | 0.3 | 0.2 | 16.4 | 0.8 | 0.6 | 16.7 | 0.9 | 0.5 | 37.2 | 4.9 | 830 | ||
Furusato, Co., Ltd. | 2.2 | 0.1 | 0.1 | 2.3 | 0.1 | 0.1 | 2.5 | 0.1 | 0.1 | 1.6 | 1.0 | 155 | ||
HASEKO Links Co., Ltd. *4 | 10.8 | 1.5 | 1.1 | 11.5 | 1.6 | 1.2 | 13.5 | 1.8 | 1.3 | 6.3 | 3.3 | 240 | ||
Overseas Business | ||||||||||||||
HASEKO America, Inc. | 3.4 | (5.9) | (28.0) | 4.2 | (7.5) | (7.7) | 7.0 | (3.4) | (3.4) | 132.1 | 129.6 | 81 | ||
Consolidated | 1,177.4 | 83.4 | 34.5 | 1,273.1 | 94.1 | 54.8 | 1,380.0 | 105.0 | 66.0 | 1,417.7 | 563.5 | 8,875 | ||
*1 HASEKO Reform has been inspected by the JFTC on suspicion of an Antimonopoly Act violation related to large-scale repair orders.
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*2 Newly consolidated at the end of Q1 FY2026. Results include 10 months (June 2025-March 2026). One subsidiary was merged on December 1, 2025.
*3 Established on February 14, 2025.
*4 Renamed from HASEKO SYSTEMS INC. on April 1, 2026..
Number of Units Supplied by Scale & Sales Status in Initial Month
Tokyo metropolitan area | |||||||||||||||
From Apr. 1, 2023 to Mar. 31, 2024 | From Apr. 1, 2024 to Mar. 31, 2025 | From Apr. 1, 2025 to Mar. 31, 2026 | |||||||||||||
Supplied | Initial month sales rate | Supplied | Initial month sales rate | Supplied | Initial month sales rate | ||||||||||
Tota l | Has eko | Share | Tota l | Has eko | Tota l | Has eko | Share | Total | Has eko | Tota l | Has eko | Share | Total | Has eko | |
Under 50 units | 4,493 | - | - | 74.8% | - | 3,221 | - | - | 69.3% | - | 3,561 | - | - | 66.6% | - |
50 ～ 99 units | 6,438 | 1,177 | 18.3% | 67.1% | 63.9% | 5,903 | 1,005 | 17.0% | 64.8% | 55.4% | 4,755 | 793 | 16.7% | 61.0% | 51.8% |
100 ～ 199 units | 4,936 | 2,007 | 40.7% | 62.8% | 66.3% | 4,279 | 1,699 | 39.7% | 61.0% | 58.4% | 4,496 | 2,430 | 54.0% | 53.4% | 49.5% |
200 ～ 399 units | 5,143 | 2,522 | 49.0% | 72.1% | 68.7% | 3,439 | 1,834 | 53.3% | 74.4% | 71.8% | 3,469 | 2,118 | 61.1% | 68.3% | 65.4% |
400 units or more | 5,788 | 2,788 | 48.2% | 73.5% | 54.5% | 5,397 | 2,178 | 40.4% | 67.1% | 41.6% | 5,378 | 2,414 | 44.9% | 66.7% | 61.2% |
Total: Fiscal year base | 26,798 | 8,494 | 31.7% | 69.9% | 62.8% | 22,239 | 6,716 | 30.2% | 66.8% | 56.2% | 21,659 | 7,755 | 35.8% | 62.9% | 57.7% |
Of which 20 s tories and above | 4,361 | 775 | 17.8% | - | - | 4,839 | 772 | 16.0% | - | - | 4,958 | 1,193 | 24.1% | - | - |
Tota l: Calendar year bas e | 26,886 | 8,173 | 30.4% | (Jan.23～Dec.23) | 23,003 | 7,475 | 32.5% | (Jan.24～Dec.24) | 21,962 | 7,443 | 33.9% | (Jan.25～Dec.25) | |||
Kinki area (*excluding Tokai area) | |||||||||||||||
From Apr. 1, 2023 to Mar. 31, 2024 | From Apr. 1, 2024 to Mar. 31, 2025 | From Apr. 1, 2025 to Mar. 31, 2026 | |||||||||||||
Supplied | Initial month sales rate | Supplied | Initial month sales rate | Supplied | Initial month sales rate | ||||||||||
Tota l | Has eko | Share | Tota l | Has eko | Tota l | Has eko | Share | Total | Haseko | Tota l | Has eko | Share | Total | Haseko | |
Under 50 units | 2,463 | - | - | 75.6% | - | 2,220 | - | - | 70.7% | - | 2,543 | - | - | 78.4% | - |
50 ～ 99 units | 5,078 | 225 | 4.4% | 76.5% | 64.9% | 5,428 | 295 | 5.4% | 74.3% | 79.3% | 5,181 | 138 | 2.7% | 78.0% | 52.2% |
100 ～ 199 units | 4,888 | 1,009 | 20.6% | 70.4% | 64.3% | 3,856 | 1,115 | 28.9% | 71.9% | 58.5% | 4,690 | 1,058 | 22.6% | 72.7% | 58.0% |
200 ～ 399 units | 2,342 | 1,233 | 52.6% | 73.7% | 74.3% | 3,583 | 1,769 | 49.4% | 79.0% | 78.0% | 4,109 | 1,716 | 41.8% | 64.8% | 60.1% |
400 units or more | 1,017 | 703 | 69.1% | 68.7% | 67.4% | 624 | 307 | 49.2% | 82.4% | 69.1% | 479 | 212 | 44.3% | 42.2% | 42.5% |
Total: Fiscal year base | 15,788 | 3,170 | 20.1% | 73.5% | 68.9% | 15,711 | 3,486 | 22.2% | 74.6% | 71.1% | 17,002 | 3,124 | 18.4% | 72.4% | 57.9% |
Of which 20 s tories and above | 1,278 | 296 | 23.2% | - | - | 1,497 | 171 | 11.4% | - | - | 2,150 | 92 | 4.3% | - | - |
Excluding studio apartment | 12,630 | 3,170 | 25.1% | 70.0% | 68.9% | 12,178 | 3,486 | 28.6% | 71.6% | 71.1% | 13,127 | 3,124 | 23.8% | 68.3% | 57.9% |
Tota l: Calendar year bas e | 15,385 | 2,979 | 19.4% | (Jan.23～Dec.23) | 15,137 | 3,463 | 22.9% | (Jan.24～Dec.24) | 16,922 | 3,212 | 19.0% | (Jan.25～Dec.25) | |||
Six Years Summary
Billions of yen, Thousand shares
Annual Result | ||||||||
FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |||
Consolidated | ||||||||
Net sales | 809.4 | 909.7 | 1,027.3 | 1,094.4 | 1,177.4 | 1,273.1 | ||
Operating profit | 72.9 | 82.7 | 90.2 | 85.7 | 84.7 | 98.7 | ||
Ordinary profit | 71.8 | 81.9 | 88.3 | 83.3 | 83.4 | 94.1 | ||
Profit attributable to owners of parent | 48.3 | 54.5 | 59.3 | 56.0 | 34.5 | 54.8 | ||
Total Assets | 953.7 | 1,081.9 | 1,198.1 | 1,351.2 | 1,365.2 | 1,417.7 | ||
Inventories * Property, plant and equipment + Leasehold interests in land Inves tment Securities (Real estate, Oves eas inves tments) | 305.7 174.9 12.3 | 368.7 176.1 18.4 | 459.9 213.5 38.1 | 552.8 177.5 53.6 | 631.6 145.8 63.3 | 586.7 144.7 88.3 | ||
Total Real Estate and Overs eas Inves tments | 492.9 | 563.2 | 711.5 | 783.9 | 840.7 | 819.7 | ||
Interest-bearing debt balance | 268.0 | 311.8 | 391.5 | 415.0 | 420.0 | 425.0 | ||
Equity | 394.4 | 417.7 | 454.1 | 511.2 | 532.0 | 562.7 | ||
Equity-to-asset ratio | 41.4% | 38.6% | 37.9% | 37.8% | 39.0% | 39.7% | ||
Net cash provided by (used in) Operating activities | 31.9 | 65.4 | (51.9) | 115.0 | 3.9 | 157.4 | ||
Net cash provided by (used in) Inves ting activities | (35.8) | (31.6) | (55.4) | (39.8) | (32.5) | (53.2) | ||
Net cash provided by (used in) Financing activities | 66.8 | 15.7 | 50.8 | (0.8) | (20.5) | (53.4) | ||
Cash and cash equivalents at end of the period | 214.3 | 264.9 | 208.3 | 283.5 | 235.8 | 288.1 | ||
Return on Equity | 12.3% | 13.4% | 13.6% | 11.6% | 6.6% | 10.0% | ||
Dividend per share (yen) | 70.00 | 80.00 | 80.00 | 85.00 | 85.00 | 95.00 | ||
Payout ratio | 41.5% | 40.3% | 37.0% | 41.4% | 67.4% | 46.4% | ||
Ratio of dividends to net assets | 5.1% | 5.4% | 5.0% | 4.8% | 4.4% | 4.7% | ||
Number of employees | 7,415 | 7,460 | 7,511 | 7,829 | 8,307 | 8,875 | ||
Non-Consolidated | ||||||||
Net sales | 563.3 | 630.9 | 706.2 | 747.2 | 779.1 | 817.6 | ||
Operating profit | 54.6 | 56.3 | 53.9 | 51.6 | 45.2 | 58.4 | ||
Ordinary profit | 64.6 | 64.2 | 62.5 | 63.3 | 51.6 | 74.6 | ||
Profit | 47.2 | 45.5 | 45.6 | 47.2 | 37.5 | 50.2 | ||
Order received | 430.3 | 472.3 | 481.3 | 536.9 | 586.6 | 726.7 | ||
Number of employees | 2,437 | 2,433 | 2,399 | 2,447 | 2,556 | 2,711 | ||
Outstanding shares | ||||||||
Total number of issued shares (including treasury shares) | 300,794 | 300,794 | 300,794 | 300,794 | 300,794 | 292,479 | ||
Treasury shares | 24,231 | 26,148 | 28,283 | 28,009 | 28,041 | 27,835 | ||
（Treasury shares remaining in the trust） | [3,043] | [2,966] | [5,099] | [4,822] | [4,561] | [4,337] | ||
The average number of shares | 286,194 | 274,765 | 274,537 | 272,754 | 272,982 | 268,101 | ||
* Real estate for sale ＋ Costs and advances for real estate operations ＋ Real estate for development projects
Sustainability Management Initiatives / External Evaluation
Certified as an excellent health and productivity corporation 2026 (Large corporation category ( White 500))
This marks the fifth consecutive year and the eighth time that the Company has been certified under the "White 500" program. Under the slogan "No results without employee health," the Group is committed to promoting health and well-being management. The Group will continue to enhance employees' health awareness and improve productivity, aiming to further strengthen our ability to earn the trust of our customers as a corporate group.
[Our main health management initiatives]
The Haseko Group has formulated the "Haseko Group Health Declaration" and "Health Management Strategy Map" in order to aim to be a group where each individual can work with more energy. We actively communicate these initiatives both internally and externally while striving to maintain and promote the health of our employees.
Haseko Group's Declaration of Health: https://www.haseko.co.jp/hc/english/sustainability/esg/social/safty.html
Participation in Initiatives
ESG Ratings and Certification
Adopted in ESG Index
Health Mgmt. Strategy Map: https://www.haseko.co.jp/hc/sustainability/esg/social/pdf/promoting_health_map.pdf (Japanese only)
For details and notes regarding external evaluations and awards, please refer to the information on the right.：https://www.haseko.co.jp/hc/english/sustainability/assessment.html
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THE INCLUSION OF HASEKO CORPORATION IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEX NAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF HASEKO CORPORATION BY MSCI OR ANY OF ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES.
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