First Logic, Inc. (TSE: 6037) — operator of "Rakumachi," Japan's largest online portal for real-estate investors trading income-producing properties — reported nine-month results on June 12, 2026 for the period to April 2026 (fiscal year ends July). Operating revenue rose 14.5% year-on-year to ¥2,696 million, operating profit jumped 30.2% to ¥1,472 million, ordinary profit gained 28.4% to ¥1,651 million, and net profit climbed 27.5% to ¥1,099 million.
High-margin platform model
Rakumachi monetizes through advertising and listing fees paid by real-estate companies marketing income properties to its growing investor membership, supported by content such as "Rakumachi News" and the "Rakumachi Channel" video service. The model is highly profitable: operating profit equalled 54.6% of operating revenue over the nine months.
Strong balance sheet and buybacks
Total assets stood at ¥6,023 million against net assets of ¥5,401 million, leaving the company debt-light and strongly capitalised. During the period it repurchased ¥945 million of its own shares, returning cash to shareholders while continuing to invest in content and product.
First Logic's vision is to "create a fair real-estate-investment market," and the Rakumachi platform's expanding membership and content library continue to drive both revenue and profit growth.
| Metric | 9M FY2026 | 9M FY2025 | YoY |
|---|---|---|---|
| Operating revenue (¥ million) | 2,696 | 2,355 | +14.5% |
| Operating profit (¥ million) | 1,472 | 1,131 | +30.2% |
| Ordinary profit (¥ million) | 1,651 | 1,286 | +28.4% |
| Net profit (¥ million) | 1,099 | 862 | +27.5% |
| Operating margin | 54.6% | 48.0% | +6.6pp |
| Total assets (¥ million) | 6,023 | — | — |
| Net assets (¥ million) | 5,401 | — | — |
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.