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Latest financial results

Overview of business results for the current fiscal year

Overall performance overview

In the current fiscal year, which marks the second year of our medium-term management plan "RISE TO GROWTH 2026," our group is promoting various measures based on our 7 Flags of Priority Strategy and ESG strategy. In order to enhance our sustainable growth potential, during the current consolidated fiscal year, we have sought to further expand sales and profits by proposing new work styles and office spaces that implement those work styles, and by conducting sales activities with a focus on increasing value.

(Unit: million yen)

December 2024 December 2025 Increase/decrease amount Rate of change
Sales 138,460 153,682 15,222 11.0％
Gross profit 55,200 64,812 9,611 17.4％
Selling, general and administrative expenses 45,123 51,126 6,003 13.3％
Operating income 10,077 13,685 3,607 35.8％
Non-operating income 624 830 205 33.0％
Non-operating expenses 698 777 78 11.3％
Ordinary profit 10,004 13,739 3,734 37.3％
Extraordinary income 1,178 916 △262 △22.3％
Extraordinary losses  1,111 555 △556 △50.0％
Net income before income taxes 10,071 14,099 4,028 40.0％
Total corporate income taxes, etc.  2,848 4,699 1,850 65.0％
net income 7,223 9,400 2,177 30.1％
Net income attributable to owners of parent company 7,183 9,382 2,199 30.6％

Sales

Sales increased by 15,222 million yen (11.0%) compared to the previous fiscal year to 153,682 million yen. This marks the fourth consecutive year of sales growth and the highest sales ever.We have achieved a new record of high sales.
  • Workplace Business performed well, primarily due to renovation projects geared towards new hybrid work styles.
  • In the Facility Equipment and Public Business, sales increased dueEquipment & Public Works-Related Business strong sales of equipment for research facilities, despite the impact of delays in the start and completion of construction, mainly for logistics facilities, due to rising material prices.

Gross profit

Profit increased by 9,611 million yen (17.4%) compared to the previous fiscal year to 64,812 million yen.
  • Workplace Business achieved an increase in profits due to improved profit margins resulting from increased revenue and improved value provided.
  • In Equipment & Public Works-Related Business, sales were affected by a decrease in equipment for logistics facilities, but sales increased due to an increase in equipment for research facilities.Profits increased due to the effect of increased sales and improved profit margins.

Selling, general and administrative expenses

In addition to the increase in personnel expenses due to business expansion, strategic expenditures are planned for future growth, such as strengthening the IT infrastructure to promote digital transformation.As a result of this being carried out as planned, net sales increased by 6,003 million yen (13.3%) compared to the previous fiscal year to 51,126 million yen.

Operating income

As a result of the above, operating income increased by 3,607 million yen (35.8%) compared to the previous fiscal year to 13,685 million yen, marking the sixthconsecutive year of profit growth and the third consecutive year of record high profits.
  • Workplace Business achieved an increase in profits due to increased revenue and improved profit margins resulting from increased value provided.
  • Equipment & Public Works-Related Business was affected by delays in the start and completion of construction for logistics facilities, etc., butProfit increased due to the effect of increased sales and improved profit margins in the manufacturing facilities.

Non-operating income

Due to an increase in insurance income, etc., net income increased by 205 million yen (33.0%) compared to the previous fiscal year to 830 million yen.

Non-operating expenses

Due to an increase in interest expenses due to rising interest rates, etc., net income increased by 78 million yen (11.3%) compared to the previous fiscal year to 777 million yen.

Ordinary profit

As a result of the above, ordinary income increased by 3,734 million yen (37.3%) compared to the previous fiscal year to 13,739 million yen.

Extraordinary income

Due to factors such as a gain on valuation of put option liabilities written by non-controlling shareholders in the previous fiscal year, net assets decreased by262 million yen (22.3%) to 916 million yen compared to the previous fiscal year.

Extraordinary losses 

Due to factors such as the provision for losses related to competition law recorded in the previous fiscal year, net sales decreased by 556 million yen (50.0%) compared to the previous fiscal yearto 555 million yen.
Net income attributable to owners of parent company
As a result of the above, net income attributable to owners of parent increased by 2,199 million yen (30.6%) compared to the previous fiscal yearto 9,382 million yen, marking the fifth consecutive year of profit growth and the fourth consecutive year of record high profits.

The performance by segment is as follows:

(Unit: million yen)

Segment name December 2024 December 2025 Increase/decrease amount Rate of change
Workplace Business Sales 102,261 111,530 9,268 9.1％
Operating income 8,047 10,998 2,951 36.7％
Equipment & Public Works-Related Business
​		 Sales 34,572 40,569 5,997 17.3％
Operating income 1,857 2,493 636 34.3％
Reportable segment total Sales 136,833 152,100 15,266 11.2％
Operating income 9,904 13,492 3,587 36.2％
Others Sales 1,626 1,582 △43 △2.7％
Operating income 172 193 20 11.8％
Total Sales 138,460 153,682 15,222 11.0％
Operating income 10,077 13,685 3,607 35.8％

Outlook for the next fiscal year

In the business environment surrounding our company, we expect demand for office investment to remain solid from the perspective of securing human resources and improving productivity, against the backdrop of the spread of human capital management. In this business environment, our medium-term management plan, "RISE TO GROWTH 2026," is currently progressing smoothly, and our group's consolidated sales have already achieved the target ahead of schedule in just the second year. In the next fiscal year, the final year of the plan, we will continue to implement our key strategies, "7 Flags," by further strengthening our high-value-added proposals in Workplace Business and expanding our products and services, primarily in the areas of research facilities and logistics, in Equipment & Public Works-Related Business, thereby deepening each of these initiatives.
On the other hand, there is a possibility that the business environment, including demand trends, supply systems, and cost structures, may become more uncertain due to the prolonged depreciation of the yen, rising raw material and logistics costs, geopolitical risks, changes in trade policy, cyber-attacks, etc. In addition to optimizing prices, we will strengthen our procurement and supply systems, improve business efficiency, and thoroughly manage risks, while also closely monitoring changes in the external environment and responding flexibly according to the situation, in order to minimize the impact on our business performance.
Furthermore, we plan to allocate profits gained from business growth to strategic growth investments and to systematically return them to stakeholders, taking into account our financial situation and business environment.
Taking these factors into consideration, the consolidated financial forecast for the fiscal year ending December 31, 2026 is as follows:

Consolidated earnings forecast for the fiscal year ending December 2026

Sales Operating income Ordinary profit Attributable to parent company shareholders
Net income
167,500 million yen 16,000 million yen 16,000 million yen 11,200 million yen

Overview of financial position for the current fiscal year

Assets, liabilities and net assets

(Unit: million yen)

2024
End of December		 2025
End of December		 Increase/decrease amount Rate of change
Assets section 120,521 130,724 10,203 8.5％
debt section 71,178 73,910 2,732 3.8％
Of Net Assets 49,342 56,813 7,471 15.1％

Assets section

Total assets increased by 10,203 million yen compared to the end of the previous consolidated fiscal year to 130,724 million yen due to increases in notes receivable, accounts receivable, contract assets, electronically recorded monetary claims, etc.

debt section

Total liabilities increased by 2,732 million yen compared to the end of the previous consolidated fiscal year to 73,910 million yen due to an increase in corporate bonds and other items.

Of Net Assets

Net assets increased by 7,471 million yen compared to the end of the previous consolidated fiscal year to 56,813 million yen due to an increase in retained earnings resulting from increased profits, etc. The equity ratio increased by 2.5 percentage points from the end of the previous consolidated fiscal year to 43.4%.
Consolidated cash flow status
The balance of cash and cash equivalents (hereinafter referred to as "funds") at the end of this consolidated fiscal year was 20,820 million yen, a decrease of 673 million yen compared to the end of the previous consolidated fiscal year.
The status of each cash flow and its factors for the current consolidated fiscal year are as follows:
Cash flow from operating activities
Due primarily to increased sales, cash provided by operating activities increased to 8,942 million yen (a decrease of 1,000 million yen in the previous fiscal year).
Cash flow from investing activities
Due to expenditures for the introduction of a SCM system and capital investment in factories, etc., the decrease in cash used in investing activities was 3,847 million yen (a decrease of 7,107 million yen in the previous fiscal year).
Cash flow from financing activities
Due to the repayment of loans, etc., cash used in financing activities decreased by 5,941 million yen (increased by 5,905 million yen in the previous fiscal year).

Trends in the Group's cash flow indicators are as follows:

2024
December period		 2025
December period
Equity ratio (%) 40.9 43.4
Market capital ratio (%) 67.2 91.8
Cash flow to interest-bearing debt ratio (year) - 4.2
Interest coverage ratio (times) - 18.7
*The ratio of cash flow to interest-bearing debt and interest coverage ratio for the fiscal year ending December 2024 are not stated because cash flow from operating activities is negative.

Basic principles regarding the selection of accounting standards

Taking into consideration the comparability of consolidated financial statements across periods and between companies, the Group's policy for the time being is to prepare consolidated financial statements in accordance with Japanese GAAP.
Regarding the application of IFRS, we will take appropriate measures taking into consideration various domestic and international circumstances.

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