Open House Group Co., Ltd. (TSE: 3288) reported consolidated first-half results for the six months ended March 31, 2026 — the interim period of its fiscal year ending September 30, 2026 (FY9/2026) — under Japanese GAAP. First-half revenue rose 7.1% year-on-year to ¥689,176 million, while operating profit advanced 14.4% to ¥84,398 million from ¥73,776 million. Ordinary profit grew 13.8% to ¥81,459 million, and interim net profit attributable to owners of the parent surged 22.4% to ¥57,017 million from ¥46,595 million. Half-year basic EPS came in at ¥508.59 versus ¥400.89, with diluted EPS of ¥506.96. Comprehensive income rose 18.9% to ¥64,416 million.
Profit growth outpaces the top line
The standout feature of the first half was that earnings grew considerably faster than revenue. While the top line expanded a steady 7.1%, operating profit rose more than twice as fast at 14.4%, and net profit jumped 22.4% — evidence of an improving margin mix across the group's housing-related businesses. The operating margin widened to roughly 12.2% from 11.5% a year earlier, and the gap between ordinary profit growth (+13.8%) and net profit growth (+22.4%) reflects a more favourable tax and non-operating picture together with a reduced share count.
A vertically integrated Tokyo-area housing model
Open House Group is one of Japan's fastest-growing residential real-estate companies, built around a vertically integrated model that spans land acquisition, detached-house construction and sales, condominium development, and investment real estate, concentrated in the Tokyo metropolitan area and a handful of other major-city markets. The group's strength lies in sourcing and reselling small urban land plots for owner-occupied detached homes, complemented by a growing income-property and brokerage business. The first-half result indicates that demand for the group's core single-family and condominium products held firm despite a higher interest-rate backdrop in Japan.
Balance sheet expands with the development pipeline
Total assets rose to ¥1,509,665 million at the half-year mark from ¥1,412,001 million at the prior fiscal year-end, reflecting continued investment in the land and development inventory that underpins future sales. Net assets increased to ¥583,126 million from ¥538,834 million, and the equity ratio edged up to 38.5% from 38.1%. Shareholders' equity stood at ¥581,703 million. The expanding asset base is characteristic of a company funding a growing pipeline of land and housing inventory ahead of recognition as sales.
Interim dividend raised; share count reduced
Open House lifted its interim dividend to ¥100.00 per share from ¥84.00 a year earlier and reaffirmed a full-year FY26 dividend forecast of ¥200.00 (¥100.00 interim + ¥100.00 year-end), up from ¥178.00 in FY25. The group also continued to shrink its share base: shares outstanding fell to 116,735,700 from 120,709,700 at the prior year-end, with treasury shares of 5,217,677, and the half-year weighted-average count dropped to 112.1 million from 116.2 million. That reduction added to per-share earnings growth, with EPS rising 26.9% even as net profit grew 22.4%.
Full-year FY26 guidance raised
Management revised its full-year FY9/2026 guidance upward. The group now targets revenue of ¥1,485,000–1,500,000 million (+11.1% to +12.2%), operating profit of ¥176,500–180,000 million (+20.9% to +23.3%), ordinary profit of ¥167,000–170,000 million (+19.7% to +21.9%), and net profit attributable to owners of ¥116,500–118,500 million (+15.7% to +17.7%), implying full-year EPS of ¥1,044.67–1,062.61. With first-half net profit of ¥57.0 billion already representing roughly 48–49% of the full-year target, the group is tracking toward the upper portion of its guidance range, and management explicitly flagged that the forecast had been revised from its previously published figures.
| Metric | H1 FY26 | H1 FY25 | YoY |
|---|---|---|---|
| Revenue (¥ million) | 689,176 | 643,433 | +7.1% |
| Operating profit (¥ million) | 84,398 | 73,776 | +14.4% |
| Ordinary profit (¥ million) | 81,459 | 71,586 | +13.8% |
| Net profit attrib. to owners (¥ million) | 57,017 | 46,595 | +22.4% |
| Comprehensive income (¥ million) | 64,416 | 54,165 | +18.9% |
| Basic EPS (¥) | 508.59 | 400.89 | +26.9% |
| Interim dividend (¥) | 100.00 | 84.00 | +19.0% |
| Total assets (¥ million) | 1,509,665 | 1,412,001 | +6.9% |
| Net assets (¥ million) | 583,126 | 538,834 | +8.2% |
| Equity ratio | 38.5% | 38.1% | +0.4pp |
| FY26 revenue guidance (¥ million) | 1,485,000–1,500,000 | — | +11.1% to +12.2% |
| FY26 operating profit guidance (¥ million) | 176,500–180,000 | — | +20.9% to +23.3% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.