Slides
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February 2026 For the Nine months ended December 31, 2025 Summary of Financial Statements
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Disclaimer: Forecasts or assessment figures on this document is depend and based on data available at the date of issue. Results or actual performances may be different from those estimates because of unexpected affairs.
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Table of Contents P.1 Summary of Financial Results for FY2025 1Q–3Q P.2 Consolidated Income Statements P.3 Net Sales & Gross Profit of Completed Construction Contracts P.4 Order Received Results 1Q–3Q P.5 Order Received (Non-Consolidated) (Quarterly, Main Order Property) P.6 Key Indicators of Order Received (Non-Consolidated) P.7 Net Sales & Gross Profit of Real Estate Sales P.8 Key Indicators of For-sale Condominium Business P.9 Key Indicators of Real Estate Related Business P.10 Key Indicators of Condominium Management and Operation Business P.11 Results by Operating Segments P.12 Main Factors for Changes in Consolidated Balance Sheet P.13 Breakdown of Real Estate and Overseas Investment by Use P.14 Interest-Bearing Debt and Shareholders’ Equity P.15 Reference Information
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Summary of Financial Results for FY2025 1Q-3Q ▌ In the consolidated financial results for FY2025 1Q–3Q, Net Sales increased by 6.7% year on year to 893.1 billion yen, due to higher Net Sales from Completed Construction Contracts and Real Estate Sales. Ordinary Profit increased to 61.1 billion yen, up 4.7% year on year, due to an increase in Gross Profit driven by an improved Gross Profit ratio in Completed Construction Contracts. ▌ The significant increase in Profit Attributable to Owners of the Parent is primarily due to a rebound from the extraordinary loss recorded in the overseas business in the previous fiscal year. ▌ Orders Received (Non-Consolidated) for FY2025 1Q–3Q increased by 13.0% year on year to 490.1 billion yen, and progress for Orders Received is in line with the FY2025 Annual Forecast. １ Consolidated FY2024 1-3Q (A) FY2025 1-3Q (B) Change (B)-(A) % Net Sales 836.7 893.1 56.4 6.7% Gross Profit 116.9 128.3 11.5 9.8% Operating Profit Operating Profit Ratio 57.4 6.9% 63.8 7.1% 6.4 0.2pt 11.1% Ordinary Profit Ordinary Profit Ratio 58.4 7.0% 61.1 6.8% 2.8 (0.2pt) 4.7% Profit ※ Profit Ratio 18.4 2.2% 38.3 4.3% 19.9 2.1pt 108.3% Order Received 433.8 490.1 56.3 13.0％ FY2025 Annual Forecast Progress 1,240.0 72.0% 187.0 68.6% 97.0 7.8% 65.8% 90.0 7.3% 67.9% 58.0 4.7% 66.0% 700.0 70.0% ※ Profit Attributable to Owners of Parent Billions of yen
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Consolidated Income Statements FY2025 1Q-3Q FY2024 1Q-3Q 2 Variable Factor of Consolidated Ordinary Profit (Billion yen) 2.8 58.4 61.1 Construction Contracts 9.4 SG&A (5.1) Others (1.1) Real estate sale 2.4 •Increase in non- consolidated land sales •Increase in personnel expenses due to improved employee compensation and workforce expansion Financial income (2.9) •Decrease in dividends from unconsolidated subsidiaries •Increase in net sales and improvement in profit ratio Billions of yen FY2024 FY2025 1Q-3Q 1Q-3Q Amount < A > < B > < B - A > Net sales 836.7 893.1 56.4 6.7% Completed construction contracts 443.7 463.5 19.8 4.5% Design and supervision 8.5 7.3 (1.2) ( 14.1%) Leasing and management 68.8 70.4 1.5 2.2% Real estate sales 300.1 334.9 34.8 11.6% Others businesses 15.7 17.1 1.4 8.8% Gross profit 116.9 128.3 11.5 9.8% Completed construction contracts 55.7 65.1 9.4 16.9% [Profit ratio of completed construction contracts] 12.6% 14.0% 1.4p Design and supervision 4.5 3.4 (1.0) ( 23.3%) Leasing and management 15.3 15.2 (0.1) ( 0.6%) Real estate sales 38.4 40.8 2.4 6.4% Others businesses 3.0 3.8 0.8 25.6% 59.4 64.5 5.1 8.6% Operating profit 57.4 63.8 6.4 11.1% [Operating profit ratio] 6.9% 7.1% 0.2p Financial income (expenses) 0.3 (2.6) (2.9) Others, net 0.7 (0.1) (0.8) Ordinary profit 58.4 61.1 2.8 4.7% [Ordinary profit ratio] 7.0% 6.8% (0.2p) Extraordinary income or loss (20.6) (0.2) 20.4 37.8 60.9 23.2 61.4% Income taxes - current 17.0 20.4 3.3 Income taxes - deferred 2.4 2.3 (0.1) Profit (loss) attributable to non-controlling interests - 0.0 0.0 Profit attributable to owners of parent 18.4 38.3 19.9 108.3% Change % Selling, general and administrative expense Profit before income taxes
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16.9% 14.8% 12.6% 14.0% 17.3% 15.1% 12.1% 13.4% Consolidated Non-consolidated 53.7 52.3 47.6 55.7 7.0 7.5 8.1 9.4 60.7 59.8 55.7 65.1 FY2022 FY2023 FY2024 FY2025 Non-consolidated Difference b/w Consolidated and Non-consolidated 310.1 347.8 394.1 416.5 49.0 56.3 49.6 47.0 359.1 404.1 443.7 463.5 FY2022 FY2023 FY2024 FY2025 Non-consolidated Difference b/w Condolidated and Non-consolidated ▌ Net Sales of Completed Construction Contracts increased due to an increase in non-consolidated construction volume. ▌ Gross Profit of Completed Construction Contracts increased due to an improved Profit Ratio for both consolidated and non-consolidated operations. (Billion yen) 3 Net Sales & Gross Profit of Completed Construction Contracts Net Sales of Completed Construction Contracts (1Q-3Q)※ Gross Profit & Profit ratio (1Q-3Q)※ ※Construction contracts Sales and Gross Profit of Construction contracts (Non-consolidated) include Sales of Commissioned works and Gross profit of Commissioned works, respectively. (Billion yen) Profit ratio in the full-year forecast for FY2025 Consolidated 14.3% Non-consolidated 13.6%
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▐ Non-Consolidated Orders Received amounted to 490.1 billion yen, up 13.0% year on year, primarily driven by strong orders for private-sector condominium projects. ▐ Progress is in line with the Full-Year Forecast. （Billion yen） 4 Haseko Reform： Large-scale renovation work and interior/exterior remodeling for condominium complexes Fuji Kensetsu： A general construction company handling a wide range of projects, from condominiums and houses to non-residential buildings such as office buildings and hotels Order Received Result 1Q-3Q ※Haseko Reform is currently under investigation by the Fair Trade Commission for suspected violations of the Antimonopoly Act in relation to the large-scale refurbishment project orders. FY2024 FY2025 Result FY2025 Forecast 1Q-3Q 1Q-3Q Change Annual Progress Construction Business 423.6 475.9 52.3 685.0 69.5% Private sector condominiums 395.5 442.0 46.5 630.0 70.2% Rental condominiums Company housing, etc. 14.4 2.1 (12.3) 12.0 17.7% Non-residence 4.5 21.8 17.3 24.0 91.0% Other 5.4 6.1 0.7 14.0 43.5% Consulting contracts 3.8 3.8 (0.0) 5.0 76.0% Design and supervision 10.2 14.2 4.1 15.0 94.8% Order received(Non-consolidated) 433.8 490.1 56.3 700.0 70.0% 【Order received by subsidiaries 】 Haseko Reform 33.5 24.9 (8.6) 35.0 71.1% Fuji Kensetsu 20.6 20.5 (0.2) 42.0 48.7% ※
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《Quarterly》 Main Order Property Property Owners Location Units ※ Wakamatsu 2-Chome Housing Redevelopment Project – New ConstructionWakamatsu 2-Chome Housing Redevelopment Association Funabashi-shi, Chiba 987 BAUS Tokorozawa Kotesashi Tower Chuo-Nittochi Co., Ltd., etc. Tokorozawa-shi, Saitama 659 ※ Kajihara Project in Kamakura – New Construction Nishi - Nippon Railroad Co., Ltd., etc. Kamakura-shi, Kanagawa 645 ※ Osaka-shi Fukushima-ku Sagisu 1-Chome Project – New Construction Hankyu Hanshin Properties Corp. Fukushima-ku, Osaka-shi 612 CIELIA City Nagoya Dome–mae Yada Kanden Realty & Development Co., Ltd. Higashi-ku, Nagoya-shi 379 5※ Tentative name 57.2 111.2 119.4 128.3 105.2 92.4 187.7 177.9 82.3 108.5 126.7 183.9 236.6 224.8 152.9 209.9 483.4 502.2 483.8 485.5 471.7 430.3 472.3 481.3 536.9 586.6 700.0 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 (Forecast) 1Q 2Q 3Q 4Q （Billion yen） Order Received (Non-Consolidated) (Quarterly, Main Order Property)
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80.5% 67.0% 70.0% 12.1% 26.2% 25.0% 7.4% 6.8% 5.0% FY2024 1Q-3Q FY2025 1Q-3Q FY2025 (Forecast) 35.1% 22.4% 20.0% 38.0% 35.7% 35.0% 26.9% 41.9% 45.0% FY2024 1Q-3Q FY2025 1Q-3Q FY2025 (Forecast) Key Indicators of Order Received (Non-Consolidated) 6 ▌ The number of Orders Received for private-sector condominiums decreased year on year, but “Orders Received per Contract” increased significantly, driven by large orders of 400 units or more. ▌ Three orders were received for high-rise condominiums in 1Q–3Q of FY2025. 6.00 9.23 9.70 FY2024 1Q-3Q FY2025 1Q-3Q FY2025 (Forecast) 400units or more 200~399 units Less than 200 units Orders Received by Size (Private-sector condominiums) Tokyo Metropolitan area Kansai area Tokai area Orders Received by Region 71.6% 90.1% 90.0% FY2024 1Q-3Q FY2025 1Q-3Q FY2025 (Forecast) Exclusive Contract 94.2% 83.9% 90.0% FY2024 1Q-3Q FY2025 1Q-3Q FY2025 (Forecast) Construction-with-design Orders Order Received per Contract for Private-sector condominiums Comments (Billion yen) 5.91 FY2024 (Result) 41.5% 34.0% 24.5% FY2024 (Result) 78.9% 14.5% 6.6% FY2024 (Result) 73.8% FY2024 (Result) 95.0% FY2024 (Result)
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7 Net Sales & Gross Profit of Real Estate Sales 181.8 174.6 176.6 177.9 83.7 103.5 123.4 156.9 265.5 278.1 300.1 334.9 FY2022 FY2023 FY2024 FY2025 Difference b/w Consolidated & Non-consolidated Non-consolidated 11.4 16.5 16.2 18.8 17.1 18.7 22.2 22.028.5 35.2 38.4 40.8 FY2022 FY2023 FY2024 FY2025 Difference b/w Consolidated & Non-consolidated Non-consolidated Net Sales of Real Estate Sales (1Q-3Q) Gross Profit of Real Estate Sales (1Q-3Q) (Billion yen)(Billion yen) ▌ Net Sales of Real Estate Sales increased mainly due to the sale of income properties by subsidiaries and a higher number of condominium units delivered. ▌ Gross Profit of Real Estate Sales increased due to an increase in the sale of land unrelated to Non-Consolidated Orders.
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Contract Progress Rate against the Number of Annual Expected Units 63.9% 97.8% FY2022 FY2023 FY2024 FY2025 (Forecast)Beginning of FY End of 1Q End of 2Q End of 3Q Full-year 1,410 1,627 1,900 1,422 54.2% 50.3% 61.5% 76.9% 89.8% (Unit) 62.1% 75.4% 92.5% 37.6% 55.8% 71.8% 85.9% 83.0% For-sale Condominium Units Planning by Fiscal Year FY2025 4Q, 14% FY2026, 22% FY2027 and after, 64% Approx. 7,800 units As of Dec.31, 2025 Note： Numbers are sum of Haseko Corp., Haseko Real Estate Development and Sohgoh Real Estate, and adjusted by shares of each project. 144 168 210 276 195 541 204 326 392 236 378 253 679 682 630 FY2022 FY2023 FY2024 FY2025 (Forecast) 1Q 2Q 3Q 4Q Number of Units for For-sale Condominium Sales 1,410 1,627 1,900(Unit) 1,422 45.5% 6.3 8.6 9.0 13.38.9 23.0 8.5 15.615.3 9.6 18.2 13.1 41.4 30.3 31.7 FY2022 FY2023 FY2024 FY2025 (Forecast) 1Q 2Q 3Q 4Q 71.9 95.0(Billion yen) 71.5 67.4 8 Key Indicators of For-sale Condominium Business Approx.1,100units Approx.5,000units Approx.1,700units Sales of For-sale Condominium Business 1-3Q 855 1-3Q 42.0
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2,327 2,556 3,400 1,628 1,828 2,124 FY2023 FY2024 FY2025 105.5 106.3 140.0 73.4 74.0 91.8 7,670 8,042 8,960 5,580 5,731 5,691 FY2023 FY2024 FY2025 360.2 413.1 463.0 259.8 287.5 322.9 964 1,008 1,200 676 666 696 FY2023 FY2024 FY2025 80.8 112.7 95.0 54.7 78.1 78.8 FY2023 FY2024 FY2025 Consignment Sales Real Estate Brokerage Resale of Refurbished Condominium Sale of Income Property ※The sales of Income property includes a portion of the sales from the company in the property management and operation business segment. 9 Key Indicators of Real Estate Related Business (Unit) Annual Turnover (Billion yen)Annual Units of transaction (Unit) 1Q-3Q Units of transaction (Unit) 1Q-3Q Turnover (Billion yen) [Forecast] [Forecast] [Forecast] Annual 1Q-3Q result [Forecast] （Billion yen）Annual 1Q-3Q result Annual Turnover (Billion yen)Annual Units of transaction (Unit) 1Q-3Q Units of transaction (Unit) 1Q-3Q Turnover (Billion yen)
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120,334 119,657 124,800 7,189 7,142 7,600 127,523 126,799 132,400 Mar. 2025 Dec. 2025 Mar. 2026 (Forecast) Commisioned property management Sublease Condominium Building Management Company Housing Management AgencyRental Apartment Management Operation 10 Key Indicators of Condominium Management and Operation Business 443,331 444,029 450,000 Mar. 2025 Dec. 2025 Mar. 2026 (Forecast) 66,699 66,462 68,000 Mar. 2025 Dec. 2025 Mar. 2026 (Forecast) （Unit） （Unit） （Unit）
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Results by Operating Segments 11 *The above table does not include intersegment eliminations or corporate expenses that are not allocated to individual reportable segments. (Billion yen) FY2024 FY2025 Change 1Q-3Q (A) 1Q-3Q (B) (B)-(A) Total of Net Sales by Segments 892.9 961.7 68.8 7.7% Construction-Related Business 619.5 673.3 53.8 8.7% Real Estate-Related Business 166.0 170.4 4.4 2.6% Condominium Management and Operating Business 106.0 115.9 9.9 9.3% Overseas Business 1.4 2.1 0.7 49.9% Total of Operating Profit by Segments 62.5 71.7 9.2 14.7% Construction-Related Business 41.9 53.1 11.2 26.6% Real Estate-Related Business 20.5 19.4 (1.0) (5.1%) Condominium Management and Operating Business 4.4 5.5 1.1 24.8% Overseas Business (4.2) (6.3) (2.0) -% %
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（Billion yen） 12 Main Factors for Changes in Consolidated Balance Sheet 532.0 529.2 420.0 418.4 335.7 338.7 77.5 28.3 3.0 (1.6) (2.9) (49.2) Treasury shares (6.4) 288.5 306.1 840.7 851.5 236.0 156.9 17.6 10.7 (79.0) Mar. 2025 Dec. 2025 Total Asset Liability & Net Asset 1,365.2 (50.6) 1,314.6 Cash and deposits Details on next page Other Assets (Of which Deposit received) Mar. 2025 Dec. 2025 1,365.2 (50.6) 1,314.6 Other Liability Net Asset Deposit received※2 77.5 28.3 Real estate and overseas investment ※１ Interest-bearing debt balance ※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.
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Overseas Investment 1 : Investment for business in U.S. Mainland etc. Overseas Investment 2 : Investment for business in Hawaii, U.S Leasing real estate : Real estate expected to hold long term for leasing Own use : Nursing care house for senior business, Technical center etc. 69.9 81.9 54.5 53.8 39.6 34.9 60.0 72.5 32.6 31.4 215.8 230.1 219.6 244.6 148.9 102.3 Mar. 2025 Dec. 2025 (46.5) 25.0 14.3 12.5 (0.7) (1.1) 10.7 12.0 (4.7) Overseas Investment 1 46.1 50.4 48.8 51.5 131.8 136.9 119.3 168.4 163.8 188.8 163.7 134.4 Mar. 2023 Mar. 2024 Land for orders : Land for receiving construction orders, etc. by providing land for project owners For-sale Condominium : 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) Land for orders Income property, etc. Own use Overseas Investment 2 (Billion yen) 673.4 840.7 Renovation Leasing real estate 730.3 13 Land for orders For-sale Condominium business Other real estate business Leasing real estate business Own use Overseas related business <New Category><Old Category> Breakdown of Real Estate and Overseas Investment by Use For-sale Condominium • Increase due to the M&A of Wood Friends Sawmill, etc. • New investments in For-sale Condominium • Sales of large-scale land for orders Change factor from the end of the previous Fiscal Year 851.5Change to new category from Mar. 2025 • Recognition of an inventory valuation loss related to the planned sale of land for development in Hawaii : (3.9) billion yen. • Investments in new projects • Investments in new projects
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113.3 96.7 90.4 122.3 178.0 221.8 271.5 295.0 300.0 317.8 20.0 20.0 30.0 30.0 90.0 90.0 120.0 120.0 120.0 100.6 133.3 116.7 120.4 152.3 268.0 311.8 391.5 415.0 420.0 418.4 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Dec25 0.56 0.39 0.33 0.39 0.68 0.75 0.86 0.81 0.79 0.79 37.7% 43.0% 47.5% 48.5% 41.4% 38.6%37.9% 37.8% 39.0% 40.2% Shareholders’ EquityInterest-Bearing Debt Debt D/E RatioBond （Billion yen） 14 Shareholders’ equity Equity ratio Interest-Bearing Debt and Shareholders’ Equity （Billion yen） 237.8 296.0 367.0 387.7 394.4 417.7 454.1 511.2 532.0 528.5 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24 Mar25 Dec25
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15 Reference Information
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Summary of Consolidated Income Statements 16 Billions of yen FY2024 FY2025 FY2024 FY2025 Revised forecast 1Q-3Q 1Q-3Q Amount Result Annual < A > < B > < B - A > <C> <D> <D-C> Progress Net sales 836.7 893.1 56.4 6.7% 1,177.4 1,240.0 62.6 72.0% Completed construction contracts 443.7 463.5 19.8 4.5% 599.1 605.5 6.4 76.6% Design and supervision 8.5 7.3 (1.2) ( 14.1%) 14.3 14.5 0.2 50.1% Leasing and management 68.8 70.4 1.5 2.2% 94.1 97.0 2.9 72.5% Real estate sales 300.1 334.9 34.8 11.6% 448.7 500.0 51.3 67.0% Others businesses 15.7 17.1 1.4 8.8% 21.2 23.0 1.8 74.3% Gross profit 116.9 128.3 11.5 9.8% 166.5 187.0 20.5 68.6% Completed construction contracts 55.7 65.1 9.4 16.9% 74.6 86.5 11.9 75.3% [Profit ratio of completed construction contracts] 12.6% 14.0% 1.4p 12.5% 14.3% 1.8p Design and supervision 4.5 3.4 (1.0) ( 23.3%) 7.2 7.5 0.3 45.6% Leasing and management 15.3 15.2 (0.1) ( 0.6%) 20.7 21.5 0.8 70.6% Real estate sales 38.4 40.8 2.4 6.4% 60.7 67.0 6.3 61.0% Others businesses 3.0 3.8 0.8 25.6% 3.2 4.5 1.3 84.6% 59.4 64.5 5.1 8.6% 81.8 90.0 8.2 71.7% Operating profit 57.4 63.8 6.4 11.1% 84.7 97.0 12.3 65.8% [Operating profit ratio] 6.9% 7.1% 0.2p 7.2% 7.8% 0.6p Financial income (expenses) * 0.3 (2.6) (2.9) (1.6) (6.3) (4.7) Others, net 0.7 (0.1) (0.8) 0.3 (0.7) (1.0) Ordinary profit 58.4 61.1 2.8 4.7% 83.4 90.0 6.6 67.9% [Ordinary profit ratio] 7.0% 6.8% (0.2p) 7.1% 7.3% 0.2p Extraordinary income or loss (20.6) (0.2) 20.4 (22.7) - 22.7 37.8 60.9 23.2 61.4% 60.7 90.0 29.3 67.7% Income taxes - current 17.0 20.4 3.3 26.9 Income taxes - deferred 2.4 2.3 (0.1) (0.6) 32.0 5.8 Profit (loss) attributable to non-controlling interests - 0.0 0.0 - Profit attributable to owners of parent 18.4 38.3 19.9 108.3% 34.5 58.0 23.5 66.0% 6.0 6.3 0.3 4.7% Change % Selling, general and administrative expense Profit before income taxes Depreciation and amortization, excluding goodw ill-amortization *Interest Income + Dividend Income - Interest expenses - Incidental expenses for loan
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Summary of Non-Consolidated Income Statements 17 Billions of yen FY2024 FY2025 FY2024 FY2025 Forecast 1Q-3Q 1Q-3Q Amount Result Annual < A > < B > < B - A > <C> <D> <D-C> Progress Net sales 584.2 605.8 21.7 3.7% 779.1 810.0 30.9 74.8% Completed construction contracts 390.7 413.6 22.9 5.9% 525.0 535.0 10.0 77.3% Commissioned works 3.4 2.8 (0.5) ( 15.7%) 5.7 6.0 0.3 47.4% Design and supervision 9.1 7.8 (1.4) ( 15.1%) 15.4 16.0 0.6 48.5% Lease rentals of buildings 4.3 3.7 (0.6) ( 13.5%) 5.2 5.0 (0.2) 73.8% Real estate sales 176.6 177.9 1.3 0.7% 227.8 248.0 20.2 71.7% Gross profit 69.7 79.0 9.2 13.3% 92.2 108.0 15.8 73.1% Completed construction contracts 45.6 53.8 8.3 18.1% 58.2 70.0 11.8 76.9% Commissioned works 2.0 1.9 (0.1) ( 7.2%) 3.5 3.5 (0.0) 53.0% [Profit ratio of completed construction works] 12.1% 13.4% 1.3p 11.6% 13.6% 2.0p Design and supervision 4.8 3.7 (1.1) ( 23.3%) 7.8 8.0 0.2 46.0% Lease rentals of buildings 1.2 0.8 (0.4) ( 32.5%) 1.0 1.0 (0.0) 78.5% Real estate sales 16.2 18.8 2.6 16.2% 21.6 25.5 3.9 73.9% 34.0 35.3 1.2 3.7% 47.0 49.5 2.5 71.2% Operating profit 35.7 43.7 8.0 22.4% 45.2 58.5 13.3 74.7% [Operating profit ratio] 6.1% 7.2% 1.1p 5.8% 7.2% 1.4p Financial income (expenses) * 6.2 15.5 9.3 5.6 13.0 7.4 Others, net 0.8 1.0 0.2 0.8 0.5 (0.3) Ordinary profit 42.7 60.2 17.5 40.9% 51.6 72.0 20.4 83.6% [Ordinary profit ratio] 7.3% 9.9% 2.6p 6.6% 8.9% 2.3p Extraordinary income or loss 0.0 (0.1) (0.1) 0.0 - (0.0) 42.7 60.1 17.4 40.6% 51.6 72.0 20.4 83.5% Income taxes - current 10.8 13.2 2.5 14.2 Income taxes - deferred 1.4 1.7 0.3 (0.1) Profit 30.6 45.2 14.6 47.7% 37.5 53.0 15.5 85.2% 2.7 2.9 0.2 8.7% 19.0 4.9 Depreciation and amortization, excluding goodw ill-amortization Change % Selling, general and administrative expense Profit before income taxes *Interest Income + Dividend Income - Interest expenses - Incidental expenses for loan
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Summary of Consolidated Balance Sheets 18 Billions of yen Change Change Amount ％ Amount ％ Current assets: 1,053.2 975.1 (78.1) (7.4%) Current liabilities: 442.8 368.1 (74.7) (16.9%) Cash and deposits 236.0 156.9 (79.0) (33.5%) Notes payable, accounts payable for construction contracts and other 105.4 93.7 (11.7) (11.1%) Notes receivable, accounts receivable from completed construction contracts and other 148.6 137.1 (11.5) (7.7%) Electronically recorded obligations 42.5 45.8 3.2 7.6% Securities 3.3 4.1 0.8 25.4% Short-term borrowings 15.0 0.7 (14.3) (95.1%) Costs on construction contracts in progress 13.6 18.5 4.9 36.2% Current portion of long-term borrowings 20.0 20.7 0.7 3.7% Real estate for sale 312.8 287.2 (25.6) (8.2%) Current portion of bonds payable 40.0 20.4 (19.6) (48.9%) Costs on real estate business 281.9 306.4 24.5 8.7% Advances received on construction contracts in progress 44.8 72.1 27.3 60.8% Real estate for development 36.9 32.4 (4.5) (12.3%) Deposits received 77.5 28.3 (49.2) (63.5%) Other 20.2 32.6 12.3 61.0% Other 97.5 86.3 (11.3) (11.6%) Allowance for doubtful accounts (0.1) (0.1) (0.0) -% Non-current liabilities: 390.3 417.3 27.0 6.9% Bonds payable 80.0 80.1 0.1 0.1% Long-term borrowings 265.0 296.3 31.3 11.8% Retirement benefit liability 1.9 2.1 0.1 7.5% Provision for loss on litigation 6.4 - (6.4) (100.0%) Other 37.0 38.8 1.8 4.8% Total liabilities 833.2 785.4 (47.8) ( 5.7%) Non-current assets: 312.0 339.5 27.5 8.8% Shareholders' equity: 500.0 494.2 (5.9) (1.2%) Property, plant and equipment + Leasehold interests in land 145.8 150.5 4.7 3.2% Share capital 57.5 57.5 - -% Goodwill 1.8 1.6 (0.2) (8.6%) Capital surplus 7.4 7.6 0.3 3.4% Investment securities 102.8 127.9 25.1 24.4% Retained earnings 472.6 472.9 0.3 0.1% Deferred tax assets 6.8 1.0 (5.8) (85.3%) Treasury shares (37.4) (43.8) (6.4) -% Other 55.8 59.4 3.7 6.6% 32.0 34.3 2.3 7.3% Allowance for doubtful accounts (0.9) (1.0) (0.0) -% Valuation difference on available-for-sale securities 10.2 17.9 7.7 75.2% Foreign currency translation adjustment 22.9 17.2 (5.7) ( 24.9%) Remeasurements of defined benefit plans (1.2) (0.8) 0.4 -% Non-controlling interests - 0.7 0.7 -% Total net assets 532.0 529.2 (2.9) ( 0.5%) Total assets 1,365.2 1,314.6 (50.6) ( 3.7%) 1,365.2 1,314.6 (50.6) ( 3.7%)Total liabilities and net assets Mar 2025 Dec 2025 Mar 2025 Dec 2025 Accumulated other comprehensive income:
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19 Summary of Financial Results of Major Subsidiaries * 1 We newly consolidated the entity at the end of the first quarter of FY2025. The current financial results reflect six months of profit and loss from June to November. The full-year earnings forecast includes an estimated ten months of profit and loss following the consolidation. * 2 Established on February 14, 2025 Billions of yen Net sales Ordinary profit Profit Net sales Ordinary profit Profit Net sales Ordinary profit Profit Haseko Corporation 584.2 42.7 30.6 605.8 60.2 45.2 810.0 72.0 53.0 Construction-Related Business Fuji Kensetsu, Co., Ltd. 29.2 1.1 0.8 27.3 2.4 1.6 39.4 2.8 1.8 Hasec, Inc. 0.6 0.4 0.3 0.7 0.5 0.3 0.8 0.6 0.4 Haseko Furnishing Co., Ltd. 7.0 0.5 0.3 9.1 0.9 0.6 11.5 0.8 0.5 Haseko Reform, Inc. 30.0 1.5 1.0 33.5 1.8 1.2 43.5 2.1 1.5 Hosoda Corporation 13.0 0.1 0.1 14.9 0.2 0.1 24.3 1.0 0.7 4.6 0.2 0.1 3.7 0.0 0.0 5.7 0.2 0.1 WOOD FRIENDS Co., Ltd. and three other subsidiaries *1 - - - 9.3 (0.8) (0.7) 18.3 (1.5) (1.5) Haseko Real Estate Development, Inc. 41.3 5.2 3.3 49.2 5.1 3.3 79.1 4.8 3.1 Sohgoh Real Estate, Co., Ltd. 34.7 4.2 2.7 32.4 1.7 1.1 48.6 2.0 1.4 HASEKO Sohgoh Development, Inc. *2 - - - 10.6 1.1 0.7 27.9 3.0 2.1 Haseko Urbest, Inc. 6.9 0.5 0.3 7.2 0.1 0.1 14.2 4.0 2.8 Haseko Real Estate, Inc. 40.8 1.5 1.0 52.8 3.7 2.4 84.2 5.5 3.6 Haseko Intec, Inc. 4.6 0.2 0.1 3.8 0.1 0.1 8.2 0.8 0.5 Condominium Management and Operation Business Haseko Community, Inc. 47.0 3.9 2.7 47.8 3.7 2.6 70.2 5.9 4.1 Haseko Community Kyushu, Inc. 2.1 0.1 0.1 2.1 0.1 0.1 3.2 0.2 0.1 Haseko Community Okinawa, Inc. 0.4 0.1 0.0 0.4 0.1 0.0 0.5 0.1 0.1 Haseko Livenet, Inc. 33.8 3.7 2.8 40.7 3.5 2.4 59.1 5.2 3.7 1.3 0.1 0.1 1.2 0.1 0.0 2.3 0.2 0.1 Haseko Business Proxy, Inc. 2.1 0.2 0.1 2.4 0.1 0.1 3.5 0.4 0.2 Haseko Senior Well Design, Co., Ltd. 11.2 0.7 0.6 12.2 1.0 0.8 16.0 0.3 0.1 Furusato, Co., Ltd. 1.6 0.1 0.1 1.7 0.1 0.1 2.2 0.1 0.1 Haseko Systems, Inc. 7.8 1.2 0.8 8.6 1.4 1.0 12.3 1.6 1.1 Overseas Business 1.3 (4.3) (24.7) 2.0 (7.3) (7.4) 6.6 (8.0) (8.0) Consolidated 836.7 58.4 18.4 893.1 61.1 38.3 1,240.0 90.0 58.0 FY2024 FY2025 FY2025 1Q-3Q 1Q-3Q Annual forecast Haseko Homes, Co., Ltd. Real Estate-Related Business JOINT PROPERTY, CO., LTD Haseko America, Inc.
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20 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 Dec. 31, 2025 Supplied Initial month sales rate Supplied Initial month sales rate Supplied Initial month sales rate Under 50 units 4,493 - - 74.8% - 3,221 - - 69.3% - 2,965 - - 65.2% - 50 ～ 99 units 6,438 1,177 18.3% 67.1% 63.9% 5,903 1,005 17.0% 64.8% 55.4% 4,065 632 15.5% 62.0% 49.2% 100 ～ 199 units 4,936 2,007 40.7% 62.8% 66.3% 4,279 1,699 39.7% 61.0% 58.4% 3,928 2,051 52.2% 55.2% 51.5% 200 ～ 399 units 5,143 2,522 49.0% 72.1% 68.7% 3,439 1,834 53.3% 74.4% 71.8% 2,863 1,817 63.5% 66.5% 64.9% 400 units or more 5,788 2,788 48.2% 73.5% 54.5% 5,397 2,178 40.4% 67.1% 41.6% 4,023 1,727 42.9% 63.8% 57.3% Total: Fiscal year base 26,798 8,494 31.7% 69.9% 62.8% 22,239 6,716 30.2% 66.8% 56.2% 17,844 6,227 34.9% 62.2% 56.8% 4,361 775 17.8% － － 4,839 772 16.0% － － 3,728 767 20.6% － － Total: Calendar year base 26,886 8,173 30.4% 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 Dec. 31, 2025 Supplied Initial month sales rate Supplied Initial month sales rate Supplied Initial month sales rate Under 50 units 2,463 - - 75.6% - 2,220 - - 70.7% - 1,985 - - 79.4% - 50 ～ 99 units 5,078 225 4.4% 76.5% 64.9% 5,428 295 5.4% 74.3% 79.3% 3,857 58 1.5% 77.4% 69.0% 100 ～ 199 units 4,888 1,009 20.6% 70.4% 64.3% 3,856 1,115 28.9% 71.9% 58.5% 3,574 864 24.2% 72.9% 57.5% 200 ～ 399 units 2,342 1,233 52.6% 73.7% 74.3% 3,583 1,769 49.4% 79.0% 78.0% 3,296 1,470 44.6% 64.3% 58.5% 400 units or more 1,017 703 69.1% 68.7% 67.4% 624 307 49.2% 82.4% 69.1% 402 170 42.3% 44.8% 40.0% Total: Fiscal year base 15,788 3,170 20.1% 73.5% 68.9% 15,711 3,486 22.2% 74.6% 71.1% 13,114 2,562 19.5% 72.2% 57.2% 1,278 296 23.2% － － 1,497 171 11.4% － － 1,765 79 4.5% － － 12,630 3,170 25.1% 70.0% 68.9% 12,178 3,486 28.6% 71.6% 71.1% 10,143 2,562 25.3% 67.3% 57.2% Total: Calendar year base 15,385 2,979 19.4% 15,137 3,463 22.9% 16,922 3,212 19.0%（Jan.23～Dec.23） （Jan.24〜Dec.24） （Jan.25～Dec.25） HasekoTotalShare HasekoTotalShare Haseko Share Total Haseko Of w hich 20 stories and above Excluding studio apartment HasekoTotal Total Haseko Share Total Haseko Total Haseko Share Total Haseko Of w hich 20 stories and above （Jan.23～Dec.23） HasekoTotal Total Haseko Share Total Haseko Total
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Six Years Summary 21 Billions of yen, Thousand shares FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Consolidated Net sales 553.7 626.1 706.5 768.9 836.7 893.1 Operating profit 46.6 61.5 56.6 61.4 57.4 63.8 Ordinary profit 45.7 61.0 55.1 60.5 58.4 61.1 Profit attributable to owners of parent 31.1 41.8 36.9 39.6 18.4 38.3 Total Assets 886.8 1,002.4 1,100.1 1,198.7 1,254.3 1,314.6 Inventories * 308.6 372.5 419.5 549.8 583.6 626.0 Property, plant and equipment + Leasehold interests in land 167.5 171.1 196.5 176.1 145.9 150.5 Investment Securities (Real estate, Oveseas investments) 12.6 17.2 36.3 50.9 57.0 75.0 Total Real Estate and Overseas Investments 488.7 560.9 652.3 776.8 786.5 851.5 Interest-bearing debt balance 271.6 317.3 361.2 370.0 405.0 418.4 Equity 382.6 403.7 446.9 488.8 505.4 528.5 Equity-to-asset ratio 43.1% 40.3% 40.6% 40.8% 40.3% 40.2% Net cash provided by (used in) Operating activities (43.4) (27.0) (62.3) (4.2) (46.2) 16.9 Net cash provided by (used in) Investing activities (27.5) (25.5) (40.7) (32.0) (24.7) (35.3) Net cash provided by (used in) Financing activities 79.6 21.4 24.4 (44.3) (33.8) (58.8) 160.3 183.7 189.3 129.9 178.6 157.8 Number of employees 7,600 7,691 7,729 8,005 8,410 9,036 Non-Consolidated Net sales 398.3 421.5 502.2 533.2 584.2 605.8 Operating profit 39.7 41.2 39.7 42.3 35.7 43.7 Ordinary profit 49.5 48.9 47.9 54.4 42.7 60.2 Profit 37.5 36.1 35.8 40.1 30.6 45.2 Order received 220.3 212.0 244.7 312.1 433.8 490.1 Number of employees 2,488 2,509 2,475 2,515 2,592 2,760 Outstanding shares Total number of issued shares (including treasury shares) 300,794 300,794 300,794 300,794 300,794 292,479 Treasury shares 17,760 26,147 25,980 28,013 27,749 27,820 （Treasury shares remaining in the trust） [3,043] [2,966] [2,797] [4,827] [4,561] [4,337] The average number of shares 288,179 274,803 274,799 272,745 272,998 269,231 1Q-3Q Cash and cash equivalents at end of the period * Real estate for sale ＋ Costs and advances for real estate operations ＋ Real estate for development projects