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Latest financial results

Overview of business results for the current quarter

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. During the current third quarter consolidated cumulative period, 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, in order to enhance our sustainable growth potential.

(Unit: million yen)

2024
Third Quarter
Consolidated cumulative period		 2025
Third Quarter
Consolidated cumulative period		 Increase/decrease amount Rate of change
Sales 102,123 112,458 10,334 10.1％
Gross profit 40,046 47,413 7,367 18.4％
Selling, general and administrative expenses 32,240 35,799 3,559 11.0％
Operating income 7,806 11,613 3,807 48.8％
Non-operating income 496 504 7 1.6％
Non-operating expenses 492 664 171 34.9％
Ordinary profit 7,809 11,453 3,643 46.7％
Extraordinary income 1,174 256 △917 △78.1％
Extraordinary losses  614 112 △502 △81.7％
Quarterly net income before taxes and other adjustments 8,369 11,597 3,228 38.6％
Total corporate income taxes, etc.  2,554 3,931 1,376 53.9％
Quarterly net income 5,814 7,666 1,851 31.8％
Quarterly net income attributable to owners of parent company 5,800 7,659 1,859 32.1％

Sales

Sales increased by 10,334 million yen (10.1%) compared to the same period of the previous fiscal year to 112,458 million yen. This marks the fourth consecutive year of sales growth and the third consecutive year of record-high sales during the third quarter of the consolidated cumulative period.

  • Workplace Business performed well, centered on renewal projects and office relocations to accommodate new hybrid work styles.
  • In Equipment & Public Works-Related Business, sales increased due to favorable performance 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 7,367 million yen (18.4%) compared to the same period of the previous fiscal year to 47,413 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, although there was an impact of a decrease in sales of equipment for logistics facilities, etc., profits increased due to the effect of increased sales of equipment for research facilities and improved profit margins.

Selling, general and administrative expenses

In addition to an increase in personnel expenses due to business expansion, strategic expenditures for future leaps, such as strengthening IT infrastructure to promote DX, were carried out as planned, resulting in a year-on-year increase of 3,559 million yen (11.0%) to 35,799 million yen.

Operating income

As a result of the above, operating income increased by 3,807 million yen (48.8%) compared to the same period of the previous fiscal year to 11,613 million yen, marking a new record high for both the third quarter and the third quarter of the consolidated fiscal year.

  • Workplace Business saw an increase in profits due to increased revenue and improved profit margins resulting from increased value provided.
  • In Equipment & Public Works-Related Business, although there were delays in the start and completion of construction for logistics facilities, profits increased due to increased sales and improved profit margins for research facility equipment.

Non-operating income

Due to an increase in insurance dividends, etc., net income increased by 7 million yen (1.6%) compared to the same period of the previous year to 504 million yen.

Non-operating expenses

Due to an increase in interest payments due to an increase in borrowings, net cash flow increased by 171 million yen (34.9%) compared to the same period of the previous year to 664 million yen.

Ordinary profit

As a result of the above, ordinary income increased by 3,643 million yen (46.7%) compared to the same period of the previous year to 11,453 million yen.

Extraordinary income

Due to a decrease in gains on sales of fixed assets, etc., net sales decreased by 917 million yen (78.1%) compared to the same period of the previous year to 256 million yen.

Extraordinary losses 

Due to factors such as the provision for losses related to competition laws recorded in the same period of the previous fiscal year, operating profit decreased by 502 million yen (81.7%) compared to the same period of the previous fiscal year to 112 million yen.

Interim net income attributable to owners of parent

As a result of the above, profit attributable to owners of parent for the quarter increased by 1,859 million yen (32.1%) compared to the same period of the previous fiscal year to 7,659 million yen.

The performance by segment is as follows:

(Unit: million yen)

Segment name Q3 2024
Consolidated cumulative period		 Q3 2025
Consolidated cumulative period		 Increase/decrease amount Rate of change
Workplace Business Sales 76,446 82,675 6,229 8.1％
Operating income 6,227 9,477 3,250 52.2％
Equipment & Public Works-Related Business
​		 Sales 24,438 28,621 4,182 17.1％
Operating income 1,427 2,010 582 40.8％
Reportable segment total Sales 100,884 111,297 10,412 10.3％
Operating income 7,654 11,488 3,833 50.1％
Others Sales 1,239 1,161 △77 △6.3％
Operating income 151 125 △25 △17.0％
Total Sales 102,123 112,458 10,334 10.1％
Operating income 7,806 11,613 3,807 48.8％

Overview of financial position for this quarter

(Unit: million yen)

2024
End of December		 2025
End of September		 Increase/decrease amount Rate of change
Assets section 120,521 123,538 3,017 2.5％
debt section 71,178 68,586 △2,592 △3.6％
Of Net Assets 49,342 54,952 5,609 11.4％

Assets section

Total assets increased by 3,017 million yen compared to the end of the previous consolidated fiscal year to 123,538 million yen due to increases in raw materials and supplies.

debt section

Total liabilities decreased by 2,592 million yen compared to the end of the previous consolidated fiscal year to 68,586 million yen due to decreases in notes and accounts payable-trade and electronically recorded obligations.

Of Net Assets

Net assets increased by 5,609 million yen compared to the end of the previous consolidated fiscal year to 54,952 million yen due to an increase in retained earnings, etc. as a result of increased profits. The equity ratio increased by 3.5 percentage points from the end of the previous consolidated fiscal year to 44.4%.

Explanation of future forecast information such as consolidated performance forecast

As of now, there are no changes to the full-year consolidated earnings forecast announced in the "Summary of Financial Results for the Second Quarter (Interim) of the Fiscal Year Ending December 2025" on August 4, 2025.
We recognize that profit distribution is one of our key management policies, and our basic policy is to provide continuous and stable dividends to shareholders after comprehensively and long-term consideration of factors such as our earnings situation, the extent of our internal reserves, and future business development.
Based on this policy, we have revised the previous forecast for the year-end dividend of 65 yen per share for the fiscal year ending December 31, 2025, to 68 yen per share, an increase of 3 yen.

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