Kasumigaseki Capital Lifts FY8/2026 Net Profit 63% to ¥16.7 Billion on Hotel and Logistics Sales, and Guides Operating Profit Up 47%

A developer that sells what it builds

Kasumigaseki Capital Co., Ltd. (TSE: 3498), the Tokyo developer that builds hotels for group travellers, refrigerated warehouses and hospice housing and then sells them to funds and investors, reported consolidated results for FY8/2026, the year from September 1, 2025 to August 31, 2026, on October 5, 2026 under Japanese GAAP. Net sales rose 69.7% to ¥163,756 million and gross profit 48.7% to ¥54,183 million, though the gross margin narrowed to 33.1% from 37.8%. Selling, general and administrative expenses rose 50.4% to ¥26,317 million as the company expanded, and operating profit rose 47.2% to ¥27,866 million, an operating margin of 17.0%.

Ordinary profit rose 51.1% to ¥25,896 million and profit attributable to owners of the parent 62.9% to ¥16,692 million. Earnings per share grew more slowly, 36.3% to ¥709.49, because the average share count rose by about a fifth after new shares were issued. Return on equity was 27.2%.

Hotels, cold storage and hospices

Kasumigaseki Capital reports a single real-estate consulting segment but describes four businesses. In hotels it opened five properties, including edit x seven Fuji Gotemba and BASE LAYER HOTEL FUKUOKA, bought 16 development sites, and in August 2026 acquired Wakayama Marina City Co., Ltd. to start a mixed-use development that includes a hotel. In logistics, centred on rentable refrigerated and frozen warehouses, it completed three facilities, formed a value-add fund holding three existing warehouses and began its first dry automated warehouse and data-centre projects. In healthcare, seven CLASWELL hospice residences opened. Overseas, it sold a Miami hotel-and-residence site to a fund backed by Japanese investors, started hotel and condominium projects in Las Vegas and Dallas, bought its first site in Malaysia for a frozen automated warehouse, and sold two properties in Dubai.

A bigger, better-capitalised balance sheet

Total assets rose 82.5% to ¥222,132 million as real estate held for sale rose by ¥28,507 million and buildings under ownership pushed property, plant and equipment up by ¥33,197 million. Net assets more than doubled, up 130.0% to ¥87,836 million: capital and capital surplus together rose by about ¥35,349 million after new shares were issued, and retained earnings by ¥14,321 million. The equity ratio rose to 39.1% from 29.7%. Operating cash flow was an outflow of ¥16,765 million because inventory grew by ¥26,340 million, while borrowing brought in ¥65,899 million; cash ended the year at ¥41,787 million.

Another year of strong growth planned

For FY8/2027 Kasumigaseki Capital forecasts net sales of ¥220,000 million (+34.3%), operating profit of ¥41,000 million (+47.1%), ordinary profit of ¥36,000 million (+39.0%) and net profit of ¥24,000 million (+43.8%), or ¥976.85 per share. It gives only a full-year figure because it manages the business on an annual basis, and says it has built in conservative assumptions on construction schedules and costs. The dividend for FY8/2026 is ¥165.00, against ¥120.00 a year earlier on a basis adjusted for the two-for-one split of September 1, 2025, a payout ratio of 24.3%. The company plans ¥200.00 for FY8/2027.

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.