Tasuki Holdings Inc. (TSE: 166A), the Tokyo-based real-estate developer led by President Yu Kashiwamura, reported consolidated results for the first nine months of the fiscal year ending September 2026 — the period from October 1, 2025 to June 30, 2026 — under Japanese GAAP. Revenue rose 41.1% to ¥60,021 million, an increase of ¥17,468 million, while operating profit jumped 92.4% to ¥7,569 million. Ordinary profit climbed 90.6% to ¥6,169 million and net profit attributable to owners of the parent rose 80.1% to ¥3,350 million. Earnings per share came in at ¥54.33, up from ¥35.31 a year earlier.
Prime Market upgrade in June
The results are the company's first quarterly report since moving its listing to the Tokyo Stock Exchange Prime Market on June 15, 2026 — the top tier of Japan's equity market and a step that widens the investor base available to what is still a mid-sized developer. Tasuki operates under the mission "Starting with people. Digitalising space. Building the mechanisms that change the future," and positions itself as an AI- and DX-driven operator pursuing productivity gains in an industry long characterised by manual processes. EBITDA — which the company defines as operating profit plus depreciation, goodwill amortisation, share-based compensation expense and the reversal of the PPA inventory revaluation — rose 89.7% to ¥7,942 million. Comprehensive income nearly doubled, up 97.6% to ¥4,387 million.
Tokyo investment property does the work
Management attributes the momentum to a firm Tokyo-area investment-property market. Real-estate prices remain in a high range overall, and in the Tokyo metropolitan area rising rents for rental apartments and condominium blocks continue to push up prices for investment-grade whole-building apartments — Tasuki's core product. Steady rental demand from a growing Tokyo population, combined with the relative cheapness of Japanese property to overseas buyers under a weak yen, has kept both domestic and international investor appetite healthy. Within the business, the Life Platform segment did essentially all the work: revenue of ¥59,791 million (up ¥17,356 million year on year) and operating profit of ¥7,209 million (up ¥3,467 million), delivered through an aggressive but profitability-focused sales programme that also improved the gross margin. The smaller units are a study in contrast — Finance Consulting turned in revenue of ¥168 million and operating profit of ¥70 million, both modestly higher, while the AI Dynamics unit generated just ¥70 million of revenue and an operating loss of ¥83 million. Segment figures are stated before elimination of intersegment transactions.
A balance sheet stretched by the inventory build
The earnings surge came with a visible trade-off. Procurement progressed strongly enough that inventory balances hit a record high for a third consecutive quarter, and the balance sheet expanded to match: total assets grew ¥31,673 million to ¥114,922 million between September 30, 2025 and June 30, 2026, while net assets rose only modestly, from ¥31,925 million to ¥34,097 million (shareholders' equity ¥32,286 million to ¥33,005 million). The result is a sharp dilution of balance-sheet cushion: the equity ratio fell from 38.3% to 28.1%. That is a leveraged bet on continued strength in Tokyo property, and the company itself flags the relevant risks — rising labour costs, rising interest rates, the outlook for the Middle East, and raw-material and construction-material prices. The scope of consolidation also changed during the period, with ZISEDAI Inc. newly added.
Guidance held, with a commemorative dividend
Tasuki left its full-year FY9/2026 forecast unchanged: revenue of ¥100,450 million (+35.0%), EBITDA of ¥11.5 billion (+26.3%), operating profit of ¥11.0 billion (+24.8%), ordinary profit of ¥9.3 billion (+19.1%) and net profit of ¥5.8 billion (+17.6%), for EPS of ¥94.03. With ¥7,569 million of operating profit already booked, the nine months cover roughly 69% of the full-year target — leaving the fourth quarter with a comparatively light task if the sales pipeline converts as planned. The annual dividend forecast is also unchanged at ¥50.00 per share (¥16.00 interim, already paid, plus a ¥34.00 year-end), up from ¥36.00 for FY9/2025. Notably, the year-end payment is made up of an ordinary dividend of ¥24.00 and a commemorative dividend of ¥10.00 marking the Prime Market move.
| Metric | 9M FY9/26 | 9M FY9/25 | YoY |
|---|---|---|---|
| Revenue (¥ billion) | 60.02 | 42.55 | +41.1% |
| EBITDA (¥ billion) | 7.94 | 4.19 | +89.7% |
| Operating profit (¥ billion) | 7.57 | 3.93 | +92.4% |
| Ordinary profit (¥ billion) | 6.17 | 3.24 | +90.6% |
| Net profit attrib. to owners (¥ billion) | 3.35 | 1.86 | +80.1% |
| Basic EPS (¥) | 54.33 | 35.31 | +53.9% |
| Equity ratio (vs FY9/25 year-end) | 28.1% | 38.3% | -10.2 pt |
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.