組織改編および人事異動に関するお知らせ
共立メンテ (96160)
no text extracted from PDF
Daily Digest
2026-01-29
378 filings captured.
Overview
- Nifty Life Style reported record Q3 earnings driven by strong Housing demand and cost optimization, despite cyclical declines in the Work Style segment.
- Nojima achieved record-high Q3 revenue and profit, supported by overseas expansion and operational efficiency, alongside a 3-for-1 stock split and improved equity ratio.
- Yamatake reported a 53.8% YoY increase in operating profit, driven by margin expansion, following a 1-for-3 stock split.
- Mandamus is advancing its MBO proposal by KKR with a tender offer price of 2,600 yen and an extended timeline.
- AD Works Group and Kannan confirmed compliance with Tokyo Stock Exchange listing standards; KANNAN specifically surpassed market capitalization targets.
- Stella Pharma entered a contract for a BNCT clinical trial with Osaka Medical and Pharmaceutical University and Sumitomo Heavy Industries.
- Nifty Life Style and Yamatake maintained their dividend forecasts for FY2026, while Nikko completed its treasury stock acquisition program.
Share Buybacks
| Company | Symbol | Industry | Current | Board resolution | Cumulative |
|---|---|---|---|---|---|
滋賀銀 自己株式立会外買付取引（ToSTNeT-3）による自己株式の買付に関するお知らせ | 83660 | Banks | - | Type
普通株式 Max shares
182,200 shares Max amount
1,499,506,000 yen Ratio
0.39% | - |
Ｇ－バリュエンスＨＤ 自己株式の取得及び自己株式立会外買付取引（ToSTNeT-３）による自己株式の買付けに関するお知らせ | 92700 | Wholesale Trade | - | Type
当社普通株式 Max shares
250,000 shares Max amount
453,000,000 yen Ratio
1.88% | - |
キヤノン 自己株式取得に係る事項の決定に関するお知らせ | 77510 | Electric Appliances | - | Type
当社普通株式 Max shares
54,000,000 shares Max amount
200,000,000,000 yen Method
東京証券取引所における市場買付①自己株式立会外買付取引（ToSTNet-3）による市場買付②取引一任契約に基づく立会取引市場における市場買付(ご参考)2025年12月31日時点の自己株式の保有状況発行済株式総数（自己株式を除く）878,624,893株自己株式数455,138,571株以上 Ratio
6.10% | - |
シンプレクスＨＤ 自己株式取得に係る事項の決定に関するお知らせ | 43730 | Information & Communication | - | Type
当社普通株式 Max shares
5,500,000 shares Max amount
5,000,000,000 yen Period
2026-01-30 - 2026-05-31 Method
①自己株式立会外買付取引（ToSTNeT-3）による市場買付け②取引一任方式による株式会社東京証券取引所における市場買付け（注）本自己株式取得のうち、自己株式立会外買付取引（ToSTNeT-3）による市場買付けを実施する場合には、当社の主要株主である筆頭株主、かつ当社代表取締役社長の金子英樹氏と、当社創業メンバーである既存株主より、その保有する当社普通株式の一部をもって応ずる意向を有している旨の連絡を受けております Ratio
2.41% | - |
カシオ計 自己株式取得に係る事項の決定及び自己株式の消却に関するお知らせ | 69520 | Electric Appliances | - | Type
当社普通株式 Max shares
3,800,000 shares Max amount
5,000,000,000 yen Period
2026-01-30 - 2026-03-24 Method
東京証券取引所の立会市場における買付け Ratio
1.67% | - |
マキタ 自己株式取得に係る事項の決定に関するお知らせ | 65860 | Machinery | - | Type
普通株式 Max shares
10,000,000 shares Max amount
40,000,000,000 yen Period
2026-01-30 - 2026-05-31 Ratio
3.78% | - |
滋賀銀 自己株式取得に係る事項の決定に関するお知らせ | 83660 | Banks | - | Type
普通株式 Max shares
417,000 shares Max amount
2,500,000,000 yen Period
2026-01-30 - 2026-03-24 Method
自己株式立会外買付取引（ToSTNeT-3）及び東京証券取引所における市場買付を予定（注）なお、市場動向等により一部又は全部の取得が行われない場合もある Ratio
0.90% | - |
ハウス食Ｇ 自己株式の取得状況および取得終了に関するお知らせ | 28100 | Foods | Type
当社普通株式 Shares
570,900 shares Amount
1,696,763,140 yen Period
2026-01-01 - 2026-01-27 Method
東京証券取引所における市場買付 | Type
当社普通株式 Max shares
4,300,000 shares Max amount
10,000,000,000 yen Period
2025-05-09 - 2026-03-06 Ratio
4.54% | Shares
3,473,000 shares Amount
9,999,650,889 yen As of
2026-01-27 |
北洋銀行 自己株式取得に係る事項の決定に関するお知らせ | 85240 | Banks | - | Type
普通株式 Max shares
3,200,000 shares Max amount
2,400,000,000 yen Period
2026-02-13 - 2026-03-31 Method
東京証券取引所における市場買付 Ratio
0.84% | - |
小野測器 自己株式取得（取得枠の設定）に係る事項の決定に関するお知らせ | 68580 | Electric Appliances | - | Type
当社普通株式 Max shares
200,000 shares Max amount
160,000,000 yen Period
2026-02-02 - 2026-06-26 Method
東京証券取引所における市場買付（自己株式立会外取引（ToSTNeT-3）を含む） Ratio
1.92% | - |
アドヴァングループ 自己株式の市場買付及び取得終了に関するお知らせ | 74630 | Wholesale Trade | - | Type
当社普通株式 Max shares
352,000 shares Max amount
300,000,000 yen Period
2025-10-14 - 2025-12-26 Ratio
1.03% | - |
図研 自己株式の取得状況及び取得終了に関するお知らせ | 69470 | Electric Appliances | Type
当社普通株式 Shares
65,000 shares Amount
330,036,000 yen Period
2026-01-01 - 2026-01-27 Method
東京証券取引所における市場買付 | Type
当社普通株式 Max shares
750,000 shares Max amount
3,000,000,000 yen Period
2025-05-13 - 2026-03-31 Method
東京証券取引所における市場買付 Ratio
3.46% | Shares
590,500 shares Amount
2,999,671,000 yen As of
2026-01-27 |
フジオーゼ 自己株式立会外買付取引（ToSTNeT-3）による自己株式の取得結果および取得終了に関するお知らせ | 72990 | Transportation Equipments | Type
当社普通株式 Shares
336,100 shares Amount
695,727,000 yen Period
2026-01-29 - 2026-01-29 Method
東京証券取引所の自己株式立会外買付取引（ToSTNeT-3）による買付け | Type
当社普通株式 Max shares
350,000 shares Max amount
724,500,000 yen Period
2026-01-28 - 2026-01-28 Ratio
3.40% | - |
Other
（経過事項の開示） タックス・ヘイブン対策税制に基づく更正処分に対する 東京高等裁判所の控訴審判決について
日機装 (63760)
- The Tokyo High Court rejected the company’s appeal regarding the tax assessment for the 2018 fiscal year.
- The ruling concerns the taxable income of the parent company, Nippon Kaiji Un’yu International Co., Ltd., under the Tax Haven Countermeasures tax system.
- The company does not accept the decision and stated it will review the judgment to determine future actions.
- The company previously lost the initial lawsuit in the Tokyo District Court in May 2025.
訴訟の判決に関するお知らせ
ＣＬホールディングス (42860)
- Tokyo High Court ordered defendants to pay 31.64 million yen in damages and interest.
- Company decided not to appeal the judgment further as the court validated claims of illegal recruitment practices.
- Impact on 2026 12th period financial results is expected to be minor.
第三者割当による新株式及び第 25 回新株予約権の発行に関するお知らせ
メタプラネット (33500)
- FY26 net profit turned positive to 4,439 million yen, following losses in FY24 and FY25, with sales surging to 1,062 million yen.
- Net proceeds of approximately 20.74 billion yen allocated to Bitcoin purchases (14.00 billion yen), income business (1.56 billion yen), and credit facility repayment (5.19 billion yen).
- Third-party allotment of 24,529,000 shares at 499 yen and 159,440 subscription rights scheduled for February 13, 2026, issuance.
- Debt financing deemed inappropriate; credit facility prioritized for liquidity while maximizing BTC per share value.
- Management expects dilution impact to be offset by a 568% increase in BTC holdings per share; 2026 financial results expected to remain minorly impacted.
- Issuance price set at 499 yen (105% of closing price); warrant exercise price set at 523 yen via Monte Carlo simulation.
- Series 13-17 and 9-11/12 rights fully exercised previously; Series 19 remains outstanding.
内部管理体制の整備及び運用状況等に関するお知らせ
Ｇ－アクアライン (61730)
- Restated financial reports for FY2022, FY2023, and 2024 Q2.
- Recognized 42,060,000 yen penalty as a special loss.
- Shares designated as Special Attention Stock due to accounting irregularities.
- Appointed new outside directors and President Tate Hiromasa.
- Established Governance Committee and revised Board/Audit regulations.
- Revised director selection standards for listed company experience.
- Restored staffing in Compliance, Accounting, and Internal Audit departments.
- G-coin bond maturity scheduled for March 2027.
- Ceased trade with Franchise B; filed legal actions for unpaid royalties.
- Enhanced whistleblowing system with external reporting protocols.
連結子会社の商号変更に関するお知らせ
ジー・スリーＨＤ (36470)
- The consolidated subsidiary G-3 Factory will change its name to Asrina R&D on February 1, 2026.
- The name change aligns with the parent company’s rebranding to Asrina.
- The subsidiary focuses on manufacturing and selling cosmetics and health food products.
- No financial guidance revisions or earnings surprises were disclosed in this notice.
連結子会社の商号変更及び本店所在地変更に関するお知らせ
リケンＮＰＲ (62090)
- No material changes stated.
（経過開示）金融庁による過年度のフィスココイン評価損失過少計上等に対する課徴金納付命令の決定にかかるお知らせ
クシム (23450)
- Financial Services Agency ordered a 12 million yen penalty payment.
- Penalty stems from underestimating losses on Fisco Coin and investment securities in prior fiscal years.
- Losses were underrecognized due to misjudgment regarding market activity for Fisco Coin.
- Impact on current fiscal year performance is considered minor.
人事異動に関するお知らせ
小森 (63490)
- Kohei Matsuno promoted to Director.
- Hiroaki Komori appointed Chairman at KNT.
- Masanobu Wakatsuki promoted to Executive Officer.
- Naofumi Tamura appointed Chairman at KKM.
- Yoshimichi Murakami appointed President at KSC.
剰余金の配当に関するお知らせ
中外薬 (45190)
- Decided to distribute 147 yen per share as the final dividend for FY2025 ending Dec 31, 2025.
- FY2025 total dividend is 272 yen per share, including a 75 yen centenary commemorative dividend.
- Forecasted total dividend for FY2026 is 132 yen per share, with 66 yen expected for the interim period.
- Core EPS increased 13.6% year-over-year for FY2025, marking the ninth consecutive earnings increase.
- FY2025 Core dividend payout ratio reached 99.3%, significantly higher than the 45% target.
会社分割（簡易吸収分割）による事業等の承継に関するお知らせ
三菱ケミカルグループ (41880)
- MGC will transfer CVC business and related assets to subsidiary MCC via absorption split effective April 1, 2026.
- The impact on consolidated earnings is expected to be minor.
- Assets being transferred have a book value of 6,991 million yen with no current sales revenue.
公益財団法人財務会計基準機構への加入状況及び加入に関する考え方等に関するお知らせ
アートグリーン (34190)
- The company is not a member of the Financial Accounting Standards Foundation as of October 31, 2025.
- The company reported non-membership to the Osaka Securities Exchange under listing regulations.
- Management emphasizes the importance of grasping accounting standards and adapting to changes via seminars and audits.
- The company will continue to evaluate joining the Financial Accounting Standards Foundation based on future standard trends.
特別損失の計上に関するお知らせ
東電力ＨＤ (95010)
- Recognized 905.6 billion yen in disaster special losses for fuel debris removal preparation work at Fukushima Daiichi.
- Recognized 70.6 billion yen in nuclear damage compensation costs due to increased compensation estimates.
- Total special losses recognized amount to 976.2 billion yen for the fiscal year ending March 31, 2026.
- Applied for and received approval for increased government financial aid of 73.2 billion yen to cover the increased compensation costs.
組織変更ならびに執行役員人事・主要人事に関するお知らせ
丸藤パイル (80460)
- Effective April 1, 2026, the company will rename the Sales Department to the Business Department and create new IR and Sales Strategy rooms.
- Appointed Toru Ogahara as a new Executive Director effective April 1, 2026.
- Executive Director Michihiro Miyashito will resign effective April 1, 2026.
- Miyashito will resign from the Board of Directors after the 78th Annual General Meeting in late June 2026.
金融庁による課徴金納付命令の決定についてのお知らせ
Ｇ－フィスコ (38070)
- Financial Services Agency issued a penalty payment order of 15 million yen, payable by March 30, 2026.
- Company will pay the penalty promptly as notified.
- Management reaffirmed commitment to preventive measures and restoring trust.
- Apologies expressed to shareholders and stakeholders for the situation.
代表取締役の異動および重要な人事に関するお知らせ
ソフトバンク (94340)
- Yasuyuki Imai moves to Special Advisor effective April 1, 2026.
- Juns Shimoha moves from Representative Director VP COO to Chairman effective April 1, 2026.
- Yoshiyuki Miyagawa remains President and CEO.
- Management transition aims to establish next-generation management system.
- Organizational restructuring merges Consumer and Technology units under new administration titles.
上場維持基準への適合に関するお知らせ
Ｇ－窪田製薬ＨＤ (45960)
- Kubota Seiyaku Holdings confirms compliance with Tokyo Stock Exchange Growth Market listing standards as of December 31, 2025.
- Market capitalization on the assessment date is 6,261,613,303 yen.
- The company exceeds the required market capitalization threshold of 4 billion yen.
- Market cap calculation utilized the average of the final prices from the three months prior to the fiscal year-end.
国内不動産信託受益権の取得に関するお知らせ
Ｒ－マリモリート (34700)
- R-MARIMO REIT decided to acquire Tsukui Sunforest Mito healthcare facility on Jan 29, 2026.
- Transaction scheduled for Feb 9, 2026, with a purchase price of 1.08 billion yen and appraised value of 1.2 billion yen.
- The facility is a 100% occupied elderly housing with 79 residents and a projected return yield of 4.8%.
- Acquisition rationale includes aging population trends and high accessibility near JR Mito station.
- Related party approval obtained from Board of Directors as Marimo Co., Ltd. is the seller and parent of the asset manager.
- Impact on financial statements is projected to be minor; no changes to FY2026 Q2 outlook.
資金の借入れに関するお知らせ
Ｒ－マリモリート (34700)
- Borrowed 300 million yen from Sumitomo Mitsui Banking Corporation via an uncommitted line facility.
- Loan is short-term with a variable interest rate of TIBOR plus 0.22% and is due for lump-sum repayment on February 9, 2027.
- Proceeds will be used to fund the acquisition of the TSUKUI SUN FREST MITO property.
- Borrowing has negligible impact on operational outlook; no changes to previously disclosed expectations.
株式の売出しに関するお知らせ
関電工 (19420)
- Achieved record-high results in fiscal 2024 and met fiscal 2026 targets two years ahead of schedule.
- Revised medium-term management plan numerical targets upward in April 2025.
- Tokyo Electric Power Grid to sell approximately 26.2 million shares to reduce its stake to about 33.4%.
- Company will repurchase up to 30 billion yen of its own shares starting February 2, 2026, to offset the sale and improve liquidity.
執行役員の委嘱業務の変更及び関連人事に関するお知らせ
北海電工 (18320)
- No material changes stated.
連結子会社の保有株式の一部売却及び利益の計上見込みに関するお知らせ
東電力ＨＤ (95010)
- TEPG decided to sell approximately 26 million shares of Kandenko to optimize capital efficiency.
- Gain from the sale is undetermined and subject to change until transaction price is fixed.
- TEPG will retain more than one-third of Kandenko’s shares to maintain a close relationship.
- Share purchase price expected to be determined between February 16-19, 2026.
当社従業員に対するストックオプション(新株予約権)の発行内容確定に関するお知らせ
サイゼリヤ (75810)
- Announced final details regarding the 18-2 New Share Warrants for employees.
- Total number of warrants to be issued: 3,393 units.
- Target recipients: 2,045 employees.
- No cash payment required for issuance.
- Exercise price set at 628,000 yen per warrant.
資金調達に関する補足説明資料
Ｇ－カルナバイオ (45720)
- Company is raising funds to support clinical trials for docirbrutinib (AS-1763) and monzosertib (AS-0141).
- Total net proceeds from bond issuance and warrant exercise amount to approximately 2.6 billion JPY.
- Proceeds will be allocated to clinical development costs, compound creation, and working capital.
- Company plans to repay 1.85 billion JPY of existing unsecured bonds.
第１回無担保転換社債型新株予約権付社債の買入消却並びに第三者割当による無担保社債、新株予約権（行使価額修正条項付）及び新株式の発行に関するお知らせ
Ｇ－カルナバイオ (45720)
- Revenue dropped to 636 million yen in 2024 from 1.6 billion yen in 2023.
- Operating losses of approximately 2.1 billion yen recorded in 2024.
- 2025 R&D expenses lowered to 1,851 million yen, below the 2,059 million yen plan.
- Docirbrutinib Phase 1b dose escalation accelerated due to favorable safety and tolerability.
- Monzosertib Phase 1 trial data currently under analysis.
- Cash and deposits at 516 million yen deemed insufficient for continued clinical trials.
- Company plans to raise 474.6 million yen (net 289.6 million yen) for clinical development and bond repayment.
- Total dilution expected to reach approximately 40.44% upon full exercise of new subscription rights.
- 2026 R&D expenses planned at 1,950 million yen.
営業外収益（補助金収入）の計上に関するお知らせ
Ｇ－ＩＧＳ (42650)
- Received notification of approval for a grant from the Ministry of Economy, Trade and Industry (METI) for an infrastructure project in India.
- Will recognize 25,313 thousand yen as non-operating income in the fourth quarter of the fiscal year ending March 2026.
- The impact of this income is already included in the full-year financial forecast announced on May 15, 2025.
持分法による投資利益の計上に関するお知らせ
ＨＳＨＤ (86990)
- Recorded investment income of JPY 12,521 million for the 3rd quarter of FY2026.
- Income increased by JPY 1,245 million year-over-year.
- Growth driven by solid performance of Harn Bank and Solid Bank.
- No earnings guidance provided due to volatility in market conditions and overseas economic environment.
- Amount has been reflected in the Q3 earnings release published today.
行使価額修正条項付新株予約権の大量行使に関するお知らせ
Ｇ－イーディーピー (77940)
- G-EDP exercised 4,500 warrants (19.57% of total) issued in 2024.
- 450,000 shares were issued based on the exercised warrants.
- 4,800 warrants remain unexercised as of January 29, 2026.
- Strike price for the exercised warrants was set at 651 yen per share.
役員(代表執行役および執行役)人事について
日立 (65010)
- Hitachi announces executive personnel changes effective April 1, 2026.
- Tatejima Takahiro appointed as CSO effective April 1, 2026.
- Hatakeyama Masashi appointed as Deputy CFO effective April 1, 2026.
- Atobe Junko appointed as Digital Systems & Services Sector CEO effective April 1, 2026.
- Andrew Barr and Kannai Kiyoyuki resign effective March 31, 2026.
当社株式等の大規模買付行為等への対応方針（買収への対応方針）の継続承認および独立委員会委員に関するお知らせ
巴工業 (63090)
- The share purchase plan was approved at the 96th General Meeting of Shareholders held on January 29, 2026.
- Three independent committee members were appointed to oversee the plan.
- The company intends to continue maximizing corporate value and shareholder interests.
当社連結子会社における株式会社ベルテクスコーポレーション、ベルテクス株式会社及び株式会社ユニ・ロットとの機能性コンクリートに関する共同開発契約締結
ＰＡＴＨ (38400)
- Consolidated subsidiary Sanwa Manufacturing signed a joint development agreement with Vertex Corp and Uni-Lot to develop functional concrete using RDC Graphene.
- Development period spans four years, commencing January 1, 2026.
- Impact on current consolidated earnings is expected to be minor.
- Successful product realization is anticipated to contribute to long-term improvements in group performance and corporate value.
スタンダード市場への市場区分の変更承認及びプライム市場上場維持基準の適合に向けた計画の撤回に関するお知らせ
Ｕｂｉｃｏｍ (39370)
- Approved for transfer to Standard Market effective February 5, 2026.
- Withdrawal of Prime Market listing compliance plan effective January 29, 2026.
- Strategic shift to focus resources on growth drivers, specifically AI and M&A.
- Medical business to continue M&A strategy and expand nationwide direct sales.
- Tech consulting to concentrate on IBM Watsonx and transition to higher-margin models.
剰余金の配当に関するお知らせ
カナレ電気 (58190)
- Board decided to increase dividend per share by 9 yen from previous forecast to 38 yen for the fiscal year ending March 2026.
- Annual dividend per share forecasted at 66 yen, combining mid-year dividend of 28 yen and new dividend of 38 yen.
- Company maintains policy to target a consolidated dividend payout ratio of 40% for long-term stable dividends.
役員人事に関するお知らせ
カナレ電気 (58190)
- Kanare Denki announced officer personnel changes effective following the March 53rd Ordinary General Meeting of Shareholders.
- Yamada Yukio appointed as Director and Executive Officer in charge of Technology.
- Makino Hisanao appointed as Director and Executive Officer in charge of Finance and Management.
- Tsukada Yasuhiro appointed as Director and Executive Officer in charge of Overseas Sales.
- Outside directors Nawata Takashi and Ueno Yuri appointed to the Board of Directors.
役員の処分に関するお知らせ
スバル興 (96320)
- Company recorded 937 million yen in special losses regarding potential antitrust violations in road cleaning bid.
- Executives’ monthly salaries reduced by 50% for three months starting February 2026.
- Fair Trade Commission investigation is ongoing with unconfirmed facts and legal liability status.
公認会計士等の異動に関するお知らせ
Ｇ－２４７ＨＤ (70740)
- G-247 HD plans to change its accounting auditors at the 18th Annual General Meeting of Shareholders on February 26, 2026.
- YAMATO Audit Corporation will retire on February 26, 2026.
- The new auditors will be UMU Audit Corporation.
- The decision was based on a comprehensive review of audit systems, policies, and fees relative to the company’s scale.
取締役及び補欠監査役候補者の選任に関するお知らせ
Ｇ－２４７ＨＤ (70740)
- Appointed Sayaka Sasai as a new director effective February 26, 2026.
- Appointed Yohei Katakura as a substitute audit committee candidate effective February 26, 2026.
- The appointments are for the 18th Annual General Meeting of Shareholders.
役員体制ならびに主要子会社の役員体制について
パーク２４ (46660)
- Board of Directors and Executive Officers were decided on January 29, 2026.
- Kounishi Kouichi remains President and CEO; Miki Takao retains the CFO role.
- Nomination and Governance Committee and Audit and Supervisory Committee members were appointed, including outside directors.
- Board members for major subsidiaries including Times24 and Times Mobility were appointed effective January 29, 2026.
2028年満期ユーロ円建取得条項付転換社債型新株予約権付社債の転換価額の調整に関するお知らせ
パーク２４ (46660)
- Conversion price for 2028-year-maturity Euro-yen convertible bonds with put option adjusted from 2,471 JPY to 2,433.7 JPY.
- Effective from November 1, 2025.
- Adjustment triggered by approval of a 30 JPY per share cash dividend at the January 29, 2026 general meeting.
新経営体制に関するお知らせ
多摩川ＨＤ (68380)
- New management system established to enhance group governance and business promotion capabilities.
- Masuzawa Tetsu re-elected as Representative Director and President; other directors and auditors re-elected.
- Tanaka Yasushi and Taiko Tada appointed as new Director and Audit & Supervisory Officer, respectively.
- Kobayashi Masanori transferred to Chairman position at a subsidiary.
- Management focuses on building a robust business foundation for sustainable growth.
事業計画及び成長可能性に関する事項
Ｇ－ＣＩＮＣ (43780)
- Solutions and Analytics revenue forecasts are revised down due to conservative new business estimates and a shift toward AI search optimization.
- Net loss forecast for FY2026 drastically reduced to 4 million yen, contrasting with the actual FY2025 loss of 152 million yen.
- M&A intermediation revenue forecast set at 103 million yen with a strategy shift to buyer-driven deal models.
- Aims to increase M&A brokerage closing rates to 15% by automating data entry with AI-OCR and shifting to list-based search proposals.
- Staff shortages in Solutions and Analytics businesses negatively impacted new client acquisition in FY2025.
- Click volume increased 246% year-on-year for the February to August period.
- Target 120 million yen operating profit for the 2026 October term via reductions in COGS, outsourcing, and internal development expenses.
資金使途変更に関するお知らせ
ジャパンクラフトＨＤ (71350)
- Change in use of funds due to new legislation prohibiting bill payments to subcontractors.
- 305 million yen diverted from existing store remodeling to working capital to meet increased cash payment needs.
- Remaining remodeling budget (153 million yen) shifted to 2027 and funded by own capital.
- Anticipated minimal impact on 2026 Q2 results and long-term business strategy.
第三者割当による新株式及び第27回新株予約権の発行に関するお知らせ
Ｇ－ヘリオス (45930)
- FY2025 forecast: Sales projected to drop 81.4% YoY to 104 million yen with an operating loss of 3,393 million yen.
- Sales surged from 121 million yen to 560 million yen between FY2023 and FY2024 despite continued net losses.
- Raising approximately 6.26 billion yen via third-party allotment of 19.275 million shares at 325 yen per share.
- Funds allocated to advance global Phase 3 ARDS trial (HLCM051) and CDMO infrastructure.
- Global Phase 3 clinical trial for HLCM051 scheduled to commence in Japan in 2026.
- Progress on eNK and CAR-eNK cells targeting brain tumors, eye diseases, and liver conditions.
- AND medical filed lawsuit for damages alleging breach of contract; company asserts claims lack valid basis.
- Exercise of 27th warrants causes 24.98% dilution; total dilution reaches 36.39% if all prior warrants are exercised.
株式会社パルコ 福岡ＰＡＲＣＯの営業終了に関するお知らせ
Ｊフロント (30860)
- PARCO Fukuoka will cease operations by the end of February 2027 due to building aging and redevelopment plans.
- FY2026 February Q consolidated earnings forecast remains unchanged.
- Removal expenses for FY2027 are currently being assessed and will be disclosed if material.
- Future development plans involve cultural facilities, parks, and the Melody Street underground passage.
（開示事項の中止）ドイツDeutsche KNM GmbHの株式取得に係る契約の解除に関するお知らせ
日本ガイシ (53330)
- Terminated the contract to acquire all shares of Deutsche KNM GmbH.
- Cancellation occurred because the prerequisite condition regarding KNM Group Berhad’s delisting from the Malaysian Stock Exchange was not met.
- No revision to consolidated earnings forecast for the fiscal year ending March 2026, as the forecast did not include the acquisition.
子会社の商号の変更に関するお知らせ
ウェルディッシュ (29010)
- Subsidiary IM Holdings Co., Ltd. will change its name to Mirai Life Co., Ltd. effective March 1, 2026.
- The name change aims to promote collaboration on IP development and brand building following the December 2025 acquisition as a wholly-owned subsidiary.
- The new name “Mirai Life” signifies the goal of supporting the future life.
- The subsidiary specializes in management consulting services for medical, nursing, and welfare organizations.
本社移転に関するお知らせ
ウェルディッシュ (29010)
- Relocation of headquarters to 2-1-1 YAESU, Chuo-ku, Tokyo on March 2, 2026.
- Reason is business expansion requiring increased personnel and management resource consolidation.
- Impact on performance for the August 2026 term is immaterial.
組織変更および人事異動に関するお知らせ
カネ美食品 (26690)
- The company approved organizational changes and personnel transfers effective March 1, 2026.
- Tenant business restructuring abolishes the Tenant Business Fourth Sales Headquarters and establishes a Business Strategy Office.
- External sales business restructuring establishes a Production Management Office and renames several departments.
- Business General Management changes abolish the Business Support Headquarters and establish a Compliance Department.
- Personnel transfers include changes to executive officers and department heads to support the new organizational structure.
資金の借入れ（金利決定）に関するお知らせ（シリーズ0045）
Ｒ－ＫＤＸ不動産 (89720)
- KDX REIT finalized details for the Series 0045 borrowing.
- Borrowed 400 million yen from SBI Shinsei Bank at a fixed rate of 2.04936%.
- Borrowed 300 million yen from Aozora Bank with a lump-sum repayment schedule.
- No material changes to investment risk factors were disclosed.
連結子会社（富士通Japan株式会社）との会社分割（簡易吸収分割）契約締結のお知らせ
富士通 (67020)
- Fujitsu will absorb the SME, mid-sized company, and regional agri-business solution business from Fujitsu Japan Inc. effective April 1, 2026.
- The split aims to streamline operations and improve decision-making speed.
- The impact on consolidated financial performance is expected to be minor.
- The inherited segment generated approximately 74,405 million JPY in sales and 56,656 million JPY in operating profit in the last fiscal year.
特別利益（補助金収入）の計上に関するお知らせ
マルマエ (62640)
- Received final notification for “Subsidy for investment promotion for supply chain countermeasures” from the Ministry of Economy, Trade and Industry.
- Will record 957,326,360 yen as special profit (subsidy revenue) in Q2 of the fiscal year ending August 2026.
- Impact on FY2026 earnings is currently being analyzed and assessed.
- Will announce any performance forecast revisions promptly if deemed necessary.
東京証券取引所スタンダード市場への市場区分変更申請に関するお知らせ
神戸電鉄 (90460)
- Applied to change TSE listing segment from Prime to Standard on Jan 29, 2026.
- Decision based on review of business philosophy, scale, and shareholder composition.
- Currently meets all Prime Market listing maintenance standards.
- No revisions to financial guidance or earnings expectations stated.
資金の借入れ（グリーンローンを含む）及び返済に関するお知らせ
Ｒ－三井不ロジパーク (34710)
- Decided to borrow 17,900 million yen and repay 3,400 million yen.
- Borrowing consists of 6,000 million yen short-term and 8,500 million yen long-term green loans.
- Funds allocated to acquiring MFLP Tsukuba Mirai, Shinbashi II, and Ogura Osaka assets.
- Total debt increased to 224,750 million yen following the transactions.
募集新株予約権（有償ストック・オプション）の発行に関するお知らせ
サンアスタリスク (40530)
- No material changes stated.
人事異動に関するお知らせ
アインＨＤ (96270)
- Ishiguro Takako appointed as Deputy General Manager of Pharmaceutical Operations Headquarters concurrently with Regional Liaison Department Manager and Safety Countermeasures Department Manager.
- Sano Shoji remains an Executive Officer at Ain PharmaSystems.
- Kojima Pharmacy appoints a new President.
執行役員の異動及び委嘱事項の変更に関するお知らせ
エフテック (72120)
- No material changes stated.
取締役候補者及び監査役候補者の選定に関するお知らせ
エフテック (72120)
- No material changes stated.
役員人事及び執行役員体制に関するお知らせ
Ｇ－ドリコム (37930)
- Director candidates for the June 26th Annual General Meeting of Shareholders are Yuuki Naito and Eiichi Goto.
- The Executive Officer system will commence on April 1, 2026.
- Rio Sakurai has been newly appointed as an Executive Officer.
- Yuuki Naito, Yoshihiro Matsue, Nobusuke Aimi, and Makoto Miyazaki have been re-appointed to their current Executive Officer positions.
営業外費用（為替差損）の計上に関するお知らせ
メディアリンクス (66590)
- Recognized a foreign exchange loss of 18 million JPY as a non-operating expense for the 2026 Fiscal Year Q3 consolidated period ending Dec 31, 2025.
- Previously recorded a foreign exchange gain of 10 million JPY in the Q1 period.
- The impact of this loss is reflected in the Q3 earnings brief released on Jan 29, 2026.
防衛装備庁が公募した「視覚言語行動モデルの検証役務」に採択
Ｇ－ＡＢＥＪＡ (55740)
- Selected by the Ministry of Defense for ‘Visual Language Action Model Verification Services’ related to UGV autonomous driving.
- Project involves selecting models, performing inference with off-road data, and providing usage recommendations.
- Service delivery scheduled for March 27, 2026.
- Impact on current period financial performance is expected to be minor.
上場維持基準への適合に向けた計画に基づく進捗状況（改善期間入り）について
トップカルチャ (76400)
- The company remains non-compliant with TSE Standard Market listing standards for market capitalization as of October 31, 2025.
- Failure to meet the October 2026 target risks designation as a “Monitoring Stock” and potential delisting by May 1, 2027.
- The target for operating profit black-ink conversion has been shifted to the October 2026 period.
- Management is focusing on raising share prices through bookstore remodeling, new business models, and strengthening cross-group sales.
報酬型ストック・オプション（新株予約権）の付与に関するお知らせ
ネクスＧ (66340)
- NexG proposes to grant stock options to directors and employees to boost motivation.
- The total compensation limit for the stock options is capped at 400 million yen.
- The proposal requires approval at the 42nd Annual General Meeting on February 25, 2026.
- The plan involves a maximum of 30,000 units of stock rights and 3 million common shares.
- Stock options are granted without cash payment but can be repurchased for free if the stock price falls below 50% of the exercise price.
ミスタードーナツ事業の中国（華東地区）展開における マスターフランチャイズ契約締結に関するお知らせ
ダスキン (46650)
- Signed Master Franchise agreement with Shanghai Meitian Tian Brand Management Co., Ltd. for Mister Donut expansion in East China.
- Decision aligns with “Mid-term Management Policy 2028” to actively expand business in Asia.
- First store scheduled to open in July 2026.
- Impact on consolidated financial results is expected to be minimal.
商号の変更及び定款の一部変更に関するお知らせ
ネクスＧ (66340)
- The company will change its name to JN Group Inc. to reflect a strategic pivot from IoT to Web3.0 and digital assets.
- The name “JN Group” is chosen to signify Japan as a nexus connecting global capital, knowledge, and culture.
- The name change is scheduled for March 1, 2026, subject to approval at the 2026 Annual General Meeting of Shareholders on February 25.
- The Articles of Association will be amended to update the company name and its English representation.
資本準備金の額の減少及び剰余金の処分に関するお知らせ
ネクスＧ (66340)
- Decision made to reduce capital reserve by JPY 2,013,927,126 to fill accumulated deficit and ensure financial soundness.
- Capital reserve reduction effective Feb 28, 2025, transferring to Other Capital Surplus.
- Other Capital Surplus to be transferred to Retained Earnings to cover the deficit.
- Transaction reclassifies accounts with no impact on net assets or profit/loss.
- Subject to approval at the 42nd Ordinary General Meeting of Shareholders on Feb 25, 2026.
執行役員人事及び担当変更、その他人事異動に関するお知らせ
ダスキン (46650)
- Daisan announced personnel changes for executive officers and other staff effective April 1, 2026.
- Executive Officer Motohashi Makoto added duties as New Business Development Manager.
- Executive Officer En Hideyuki transferred to the Operations Development Manager role for Mr. Donuts Business Unit.
- Executive Officer Sumimoto Koji retired to become an Advisor starting April 1, 2026.
- Several non-executive personnel were transferred to new departments including Accounting, Inspection, and International.
役員および執行役員の人事に関するお知らせ
長瀬産 (80120)
- No material changes stated.
2025年12月度 月次リカーリング収益のお知らせ
Ｇ－ロボペイ (43740)
- Announces monthly recurring revenue for December 2025.
- Notes that the business model is characterized by accumulating recurring revenue.
- States that the reported figures are provisional and subject to revision.
株式給付信託受託に伴う株式取得について
りそなＨＤ (83080)
- Resona Bank decided to acquire shares of HPC Systems Co., Ltd. based on entrusted stock benefit trusts.
- The acquisition involves 260,000 shares, representing 2,600 voting rights or 6.28% of total voting rights.
- The transaction qualifies as a “squeezing-up” act under Article 31 of the Financial Instruments and Exchange Act.
- The acquisition is scheduled for February 16, 2026.
- Shares are acquired via a third-party allocation of HPC Systems’ own shares.
業績予想の公表に関するお知らせ
Ｇ－ヘリオス (45930)
- Consolidated sales forecast is 104 million yen, a 81.4% decrease year-over-year due to the absence of a 470 million yen license fee.
- Consolidated operating loss forecast is -3,393 million yen, an improvement of 1,882 million yen, driven by lower R&D and SG&A costs.
- Consolidated net loss forecast is -2,280 million yen, an improvement of 1,965 million yen.
- Unit sales forecast is 704 million yen, a 23.3% increase year-over-year, supported by contract research income from Akatsuki Therapeutics.
組織変更及び役員の異動に関するお知らせ
小松ウオール (79490)
- Sales department reorganized into seven regional blocks effective April 1, 2026.
- Construction Service Department elevated to Construction Service Headquarters.
- New executive officers appointed, including the Head of Sales Headquarters.
親会社等の決算に関するお知らせ
アトムリビン (34260)
- Takahashi Real Estate Co., Ltd. reported financial results for the period ending October 2026.
- Net income reached 27,638 thousand yen.
- Sales totaled 39,600 thousand yen.
- Net assets amounted to 1,105,296 thousand yen.
- The company recorded an operating loss of 1,899 thousand yen.
第三者割当による新株式の発行に係る払込完了に関するお知らせ
Ｇ－ラクオリア創薬 (45790)
- Subscription for 1,555,900 new shares via third-party allotment completed on January 29, 2026.
- Total funds raised amount to 1,402,491,300 yen at a subscription price of 907 yen per share.
- Capital increased by 705,600,650 yen.
- Capital reserves increased by 705,600,650 yen.
- Allottee is HK inno.N Corporation.
当社株式の大規模買付行為に関する対応策（買収防衛策）の非継続（廃止）について
新日本電工 (55630)
- The company decided to abolish the takeover defense plan upon the conclusion of the 126th Ordinary General Meeting of Shareholders in late March 2026.
- The Board of Directors decided not to continue the plan based on feedback from institutional investors and changes in the business environment.
- The company will ensure information disclosure and take necessary measures if a large-scale purchase threatens shareholder interests.
- The plan was originally introduced in 2007 and most recently updated in 2023.
代表執行役の異動および役員新体制（取締役・執行役）に関するお知らせ
味の素 (28020)
- Corporate headquarters to be abolished on April 1, 2026, with functions assigned to executive officers.
- Executive team expanded to three representatives; new officers appointed including CHRO and CXO.
- Shirakami and Sasaki to step down; Shimohosho appointed as Director in late June.
- Board composition adjusted to 40% female directors; mid-term ASV management and 2030 Roadmap to be accelerated.
取締役、代表執行役、執行役の異動について
ＮＥＣ (67010)
- No material changes stated.
事業計画及び成長可能性に関する事項
Ｇ－ＰＯＰＥＲ (51340)
- 2025/10 sales increased 29.7% to 1,389 million yen with operating profit soaring 138.2% to 174 million yen.
- 2026/10 sales forecast increased 2.6% to 1,425 million yen, but operating profit forecast dropped 50.8% to 85 million yen.
- Profit decline driven by strategic infrastructure investment and shift to “stock” revenue model.
- Comiru accounts for 88% of fiscal year ending October 2025 sales.
- Comiru holds No. 1 market share for cloud-type business management systems in learning centers.
- Targets operating profit margin exceeding 20% and market cap of 10 billion yen by 2030.
- Paid contract companies increased 14.8% YoY and ARR increased 9.4% YoY.
- Gross margin improved to 75.2%.
- Capital allocation prioritizes strategic investment, M&A, and share buybacks; avoids new share issuance.
株式分割および株式分割に伴う定款の一部変更に関するお知らせ
かんぽ生命保険 (71810)
- Stock split approved: 1 share for 3 shares effective April 1, 2026.
- Authorized share capital increased to 4.4 billion shares.
- Record date set as March 31, 2026.
- Capital stock amount unchanged; dividends based on pre-split shares.
取締役の異動に関するお知らせ
日精蝋 (50100)
- Akiyo Inaba nominated as an Outside Independent Director.
- Scheduled to assume role at 99th Ordinary General Meeting of Shareholders on March 26, 2026.
- Current role: Fellow Officer at Sumitomo Trust Group.
- Previous roles include Asset Management and Sustainability Promotion at Sumitomo Trust.
インドにおける合弁会社設立に関するお知らせ
ニチダイ (64670)
- NICHIDAI established a joint venture company with Sansera Engineering Limited in India on January 29, 2026.
- The new entity, Nichidai Sansera Private Limited, will focus on manufacturing precision components in Bengaluru.
- NICHIDAI plans to acquire a 40% stake for 80,000 INR, with completion expected in May 2026.
- Impact on consolidated results for the fiscal year ending March 2026 is expected to be immaterial.
- The venture aims to leverage resources for efficiency and long-term corporate value enhancement.
連結総資産の増加に関するお知らせ
豊トラスティ証券 (87470)
- Consolidated assets and liabilities increased by 15,290 million yen as of Jan 29, 2026.
- Increase caused by additional collateral from a specific client for commodity derivatives trading.
- Funds are temporary collateral held to manage market risk.
- Impact on 2026 fiscal year Q4 earnings is minimal.
販売用不動産の売却に関するお知らせ
Ｐ－センス・トラスト (490A0)
- The company decided to sell a real estate property located in Amemura-ku, Osaka City.
- The sale price is equivalent to more than 30% of net assets from the previous fiscal year.
- Contract signing is scheduled for January 30, 2026, with settlement expected on June 30, 2026.
- The transaction will not affect the earnings forecast for the fiscal year ending March 2026.
代表取締役の異動に関するお知らせ
日野自 (72050)
- No material changes stated.
エフ・ホフマン・ラ・ロシュの2025年度決算発表について
中外薬 (45190)
- Roche Holding AG announced its FY2025 results on January 29, 2026.
- The published financial figures include Chugai Pharmaceutical’s performance for the fiscal year ending December 31, 2025.
- As of December 31, 2025, Roche Holding AG held 59.89% of Chugai’s issued shares and 61.12% of voting rights.
- The detailed financial data is available on the Roche Group website.
(開示事項の変更)「株式分割および株式分割に伴う定款の一部変更ならびに株主優待制度の変更に関するお知らせ」の一部変更に関するお知らせ
滋賀銀 (83660)
- Shiga Bank decided to cancel 5,000,000 treasury shares effective February 27, 2026.
- The cancellation reduces the number of additional shares resulting from the upcoming share split.
- Outstanding shares before the split decreased from 53,090,081 to 48,090,081.
- Outstanding shares after the split decreased from 265,450,405 to 240,450,405.
株式分割および株式分割に伴う定款の一部変更ならびに株主優待制度の改定に関するお知らせ
十六ＦＧ (73800)
- No material changes stated.
会社分割（簡易吸収分割・略式吸収分割）による完全子会社（三井住友建設株式会社）の社債管理事業の承継に関するお知らせ
インフロニアＨＤ (50760)
- INFREON HD will inherit bond management business from subsidiary SMBC Construction via absorption split effective March 11, 2026.
- The split is not expected to impact consolidated performance.
- For the fiscal year ended March 31, 2025, INFREON HD reported net income of 32,416 million yen and operating profit of 47,148 million yen.
- The transfer involves 5 billion yen in assets and 5 billion yen in liabilities.
当社グループの役員体制に関するお知らせ
グッドコムアセット (34750)
- Announced officer appointments for Goodcom Asset Co., Ltd. and its subsidiaries at the Board of Directors meeting on January 29, 2026.
- Yoshikazu Nagashima continues as Representative Director & President for the parent company and subsidiaries.
- Appointed new Executive Officers and Directors including Takao Masamori, Takashi Kawasak, and Koji Tanizawa across various departments.
- New organizational structure established to enhance corporate value.
代表取締役等の人事および機構改正に関するお知らせ
住友商 (80530)
- New Executive Officers appointed: Shinpei Nitta, Shinichiro Wakasugi, Atsuki Kawakami, Jun Minase, Yoshiyasu Fuse, Daisuke Kajikawa, and Hiroshi Kato.
- Appointments effective April 1, 2025.
- Candidates for Representative Director and Director positions to be approved at the June 2026 annual shareholders’ meeting.
- Organizational change effective April 1, 2025: Title “理事” abolished and replaced with “AP”.
監査役の辞任に関するお知らせ
高度紙 (38910)
- Statutory auditor Komei Nakahashi resigned on February 5, 2026.
- Resignation was due to personal reasons.
- Company confirms the number of statutory auditors remains compliant.
資金の借入に関するお知らせ
Ｇ－クリアル (29980)
- Decided to borrow 2.0 billion yen from SBI Shinsei Bank for refinancing existing sales real estate.
- Loan execution date is Jan 30, 2026, with repayment scheduled for Jan 31, 2028.
- The borrowing is expected to have a minimal impact on Q1 2026 performance.
会計監査人の異動に関するお知らせ
日フイルコン (59420)
- Change of accounting auditors from Tohmatsu to RSM Seiwa Audit Corporation effective February 25, 2026.
- RSM Seiwa selected for cost-effectiveness, independence, and appropriate audit scale.
- Change proposed at the 126th Annual General Meeting of Shareholders on February 25, 2026.
株式取得（持分法適用関連会社化）に関するお知らせ
三機工 (19610)
- Signed contract to acquire 40% of ES Matrix Sdn. Bhd. in Malaysia.
- Acquisition supports “MIRAI 2030” medium-term plan focusing on strategic alliances.
- Target company specializes in semiconductor and data center construction projects.
- Impact on FY2026 Q3 earnings is expected to be minor.
代表取締役の異動に関するお知らせ
三機工 (19610)
- Management structure refresh effective April 1, 2026, to enhance corporate value.
- Ishida Hirokazu appointed as new Representative Director Chairman.
- Nagoya Kazuhiro appointed as new Representative Director President.
- No financial guidance revisions or performance updates disclosed.
貸倒引当金繰入額計上に関するお知らせ
小野測器 (68580)
- Provisioned 157 million yen for bad debts regarding subsidiary Sound One in the Dec 2025 period.
- Recorded as a special loss due to Sound One’s current over-indebted status during new business model development.
- Provision is eliminated in consolidated financial statements; no impact on consolidated performance.
剰余金の配当（増配）に関するお知らせ
小野測器 (68580)
- Revised FY2025 dividend guidance to 22 yen per share from 20 yen.
- Interim dividend confirmed at 10 yen; final dividend increased to 12 yen.
- Net profit for FY2025 missed the initial consolidated forecast, but earnings are expected to grow in FY2026 driven by a special systems order.
- Management decided to distribute reserves to shareholders despite the profit shortfall.
代表取締役の異動に関するお知らせ
クレハ (40230)
- Effective April 1, 2026, Yutaka Kobayashi will step down as Representative Director President and assume the role of Chairman.
- Katsuhiro Nateke will succeed Kobayashi as Representative Director President and CEO.
- The personnel changes were decided to establish a new management system.
役員の異動に関するお知らせ
植松商会 (99140)
- Shinichiro Uematsu appointed as Director of Sales Planning Office.
- Shinichiro Uematsu steps down from the position of Managing Director.
- Shinichiro Uematsu relinquishes duties as IT Special Assignee.
- Officer change effective March 21, 2026.
本社移転に関するお知らせ
アトミクス (46250)
- Headquarters to relocate to Shinjuku Nomura Building on August 17, 2026.
- Relocation driven by building aging and land utilization.
- Impact on FY2026 Q1 earnings judged as minor; expenses under review.
- Registered head office will change at the upcoming AGM; current building used as sales office.
連結子会社の異動（株式譲渡）に関する株式譲渡契約締結のお知らせ
Ｕアローズ (76060)
- United Arrows signed a share transfer contract to sell 100% of subsidiary Cohen to Gyet Co., Ltd. on Jan 29, 2026.
- Cohen reported a loss of ¥668 million in the latest period, indicating a significant deterioration in financial performance.
- The transaction is valued at ¥200 million and scheduled for completion on March 2, 2026.
- The divestiture aligns with a strategic shift toward brand portfolio optimization and resource concentration.
- The impact on consolidated financial results is currently under review.
完全子会社間の会社分割（簡易吸収分割）に関するお知らせ
橋本総業ＨＤ (75700)
- On January 29, 2026, the Board decided to split the system division of a subsidiary into a newly established company effective April 1, 2026.
- The restructuring aims to strengthen digital capabilities, accelerate decision-making, and increase organizational independence.
- The split-off system division generated 400 million yen in revenue for the fiscal year ending March 2025.
- The impact on the group’s consolidated financial performance is expected to be minor.
系統蓄電所向けの蓄電池の受注契約締結に関するお知らせ
Ｇ－ジェリービーンズ (30700)
- JB Sustainable concluded an order contract worth 826.5 million JPY for grid storage batteries with Eco-Gawa.
- Delivery and completion of the three sites (Shizuoka, Shiga, Kyoto) are scheduled for late 2025.
- Revenue and profit will be recognized in the fiscal year ending January 2027; the contract amount was received and booked as deferred revenue in the current period.
- Estimated gross profit contribution from the transaction is approximately 50 million JPY.
日本連結子会社におけるJAXA宇宙戦略基金の交付決定に関するお知らせ
Ｇ－アストロスケール (186A0)
- Subsidiary ASJP selected for JAXA grant up to 1.5 billion yen for 4-year electric propulsion refueling project.
- Project supports group strategy for electric propulsion and space logistics beyond chemical propulsion.
- Impact on FY2026 Q1 consolidated earnings forecast remains minor; forecast unchanged.
- Project revenue anticipated over 4-year term, contributing from FY2027 Q1 onwards.
販売用不動産の売却並びに借入金の返済に関するお知らせ
Ｇ－ストレージ王 (29970)
- Selling two self-storage facilities and repaying 562.5 million yen in loans.
- Tokyo facility sale price exceeds 10% of FY2025 sales.
- Impact on performance is already factored into the FY2026 forecast.
代表取締役の異動に関するお知らせ
キオクシアＨＤ (285A0)
- President Sakaba Shinobu resigns effective June 29, 2026.
- Sakaba Shinobu assumes the role of Senior Executive Advisor.
- Executive Vice President Ota Hiroo is appointed as the new President effective June 29, 2026.
- No financial results or guidance revisions were disclosed in this announcement.
当社株式の大量買付行為への対応策（買収防衛策）の非継続（廃止）および定款一部変更に関するお知らせ
四国化成ＨＤ (40990)
- Tokai Kasei HD decided to discontinue the Takeover Defense Plan, to be abolished at the end of the 106th Ordinary General Meeting of Shareholders on March 26, 2026.
- The company will delete Chapters 8 and Articles 42 and 43 from the Articles of Incorporation at the upcoming General Meeting.
- The decision was made based on changing business environments and feedback from shareholders regarding takeover defense trends.
- The company stated it will still take appropriate measures against large-scale share purchases that could harm corporate value and shareholder interests, within legal limits.
2025年12月期 決算補足説明資料
四国化成ＨＤ (40990)
- FY2025 sales increased 1.7% to 70.7 billion yen driven by fine chemicals.
- FY2025 profit decreased 4.0% to 8.5 billion yen.
- FY2026 sales guidance raised to 80.0 billion yen (+13.1% YoY) for record high.
- FY2026 operating profit guidance set at 14.4 billion yen (+32.5% YoY).
- FY2026 dividend guidance increased to 60 yen per share (+5 yen).
- FY2026 (E) ROE expected at 10.4%.
- Chemicals segment ROIC at 21.1% while Construction segment ROIC at 4.1%.
代表取締役の異動に関するお知らせ
キヤノン (77510)
- Kazuto Ogawa to be appointed Representative Director, President, and COO effective March 27, 2026.
- Masafumi Fujioka will retain titles of Representative Director, Chairman, and CEO.
- Change aims to strengthen the management structure.
- Decision to be finalized at the 125th Regular Stockholders’ Meeting.
（経過開示）子会社監査役による子会社取締役の行為の差止仮処分命令申立ての取下げに関するお知らせ
トーシンＨＤ (94440)
- Tosin Corporation auditor Ishida Yukari withdrew a petition for an injunction against director Ishida Masafumi.
- The petition sought to stop the director’s alleged acts.
- The withdrawal was reported on January 29, 2026.
代表取締役の異動（社長交代）及び監査等委員会設置会社への移行に伴う役員異動に関するお知らせ
キムラユニティー (93680)
- Masuda Masahiro appointed as Representative Director President effective June 18, 2026.
- Transition to Audit & Supervisory Committee Company set for June 18, 2026.
- Current President Masada Masahiro to retire from President role and continue as Senior Managing Director.
- Strategy focuses on combining on-site operations and IT knowledge for the Mid-term Management Plan 2029.
財務上の特約が付された金銭消費貸借契約の締結について
ヒューリック (30030)
- Signed a syndicated loan of 173.5 billion yen on June 25, 2025.
- Loan proceeds used to finance the acquisition of Rascal Co., Ltd.
- Loan includes financial covenants preventing consecutive net losses and limiting total equity declines.
- Expected impact on 2025 and 2026 earnings is minimal.
人事異動に関するお知らせ
ヒューリック (30030)
- HULIC announced personnel changes for directors and executive officers effective April 1, 2026.
- Masao Morikawa appointed as Executive Corporate Officer; Masataka Miyazono appointed as Independent Director candidate.
- Yasuhisa Yuka retiring as Vice President effective March 31, 2026.
- Hiroyuki Iijima transferring to HULIC PRO Solutions Co., Ltd.
新中長期経営計画（2026-2036)の策定と公表予定に関するお知らせ
ヒューリック (30030)
- Formulation of New Medium-Term Business Plan (2026-2036) is underway.
- 2025 Dec period consolidated operating profit reached 172.9 billion yen.
- Meeting the target of the current medium-term plan (2020-2029) prompted the new plan.
- New plan scheduled for publication on February 3, 2026.
株式分割及び株式分割に伴う定款の一部変更に関するお知らせ
Ｇ－ＳＢＩリーシング (58340)
- Company will execute a 1-for-2 stock split effective April 1, 2026.
- Authorized shares will increase from 28 million to 56 million shares to match the split.
- Exercise prices for stock options will be halved for exercise dates starting April 1, 2026.
販売用航空機購入のお知らせ
Ｇ－ＳＢＩリーシング (58340)
- Purchase of two narrow-body aircraft for JOL product.
- Estimated total purchase cost of approximately 7.2 billion yen.
- Scheduled acquisition period from February to March 2026.
- Impact on fiscal year 2026 performance is insignificant.
上場維持基準への適合に関するお知らせ
かんなん (75850)
- KANNAN confirms compliance with all Tokyo Stock Exchange Standard Market listing standards as of December 31, 2025.
- Market capitalization increased to 10.18 billion yen, surpassing the 10.00 billion yen target.
- Floating shares rose to 24,188 units and the floating share ratio to 55.5%, exceeding the 2,000 and 25% targets.
- The company attributes the improvement to performance recovery and shareholder benefit initiatives.
プライム市場上場維持基準への適合に関するお知らせ
ＡＤワークスグループ (29820)
- Tokyo Stock Exchange confirmed compliance with all Prime Market listing criteria as of December 31, 2025.
- Circulating market capitalization reached 18.68 billion yen, resolving the previous failure to meet the 10.0 billion yen target.
- The company attributes the improvement to revised business strategies and strengthened shareholder returns.
Regulatory / Legal / Governance
財務報告に係る内部統制の開示すべき重要な不備に関するお知らせ
ＲＥＶＯＬＵＴＩＯＮ (88940)
- REVOLUTION disclosed material weaknesses in internal control regarding asset valuation for a cloud funding subsidiary.
- A loss of 190 million yen was recognized for the fiscal year ended Oct 2025 due to insufficient asset valuation.
- The loss consists of 105.2 million yen in inventory valuation loss and 84.8 million yen in allowance for doubtful accounts.
- The company established a quarterly asset valuation process for all assets under anonymous partnership contracts to correct the deficiency.
- The financial statements were adjusted to reflect necessary corrections, and the audit opinion remained unqualified.
自己株式取得に係る事項の決定に関するお知らせ（会社法第165条第２項の規定による定款の定めに基づく自己株式の取得）
関電工 (19420)
- Kandenko decided to repurchase up to 7.5 million common shares (3.67% of outstanding shares) and up to 30 billion yen.
- The repurchase aims to strengthen shareholder returns and offset the impact of a previous share sale.
- Shares will be acquired via ToSTNeT-3 from February 2 to February 6, 2026.
- Independent directors approved the transaction, confirming no conflict of interest with controlling shareholders.
第37期定時株主総会の議案の承認に関するお知らせ
ＣＡＩＣＡ Ｄ (23150)
- All five directors, including two outside directors, were re-elected.
- Stock options and subscription rights were approved for directors and employees.
- Stock delivery plan to a subsidiary was approved effective February 6, 2026.
- Articles of Incorporation were amended to update corporate purpose.
株式併合、単元株式数の定めの廃止及び定款の一部変更に関する臨時株主総会開催のお知らせ
Ｇ－シルバーエッグ (39610)
- FY2025 Q4 forecast revised downward to reflect actual results through August 2025.
- New business plan adopted based on realistic performance data; organic growth insufficient to meet listing requirements.
- Merger with Irglum Corporation approved; company to become a wholly-owned subsidiary.
- Tender offer price set at 770 JPY per share, representing a 26.44% premium over the closing price.
- Share consolidation ratio of 401,450:1 established for delisting; fractional shares to be sold and distributed.
- Delisting from Tokyo Stock Exchange Growth Market scheduled for March 25, 2026.
- Independent valuations by Deep Impact and Akasaka International ranged from 649-740 JPY based on DCF models.
- Special committee and independent advisors evaluated fairness without obtaining Fairness Opinions.
自己の株式の取得に関するお知らせ(会社法第459条第1項の規定による定款の定めに基づく自己株式の取得)
日立 (65010)
- Hitachi’s Board of Directors approved a share buyback program.
- The company plans to repurchase up to 30 million ordinary shares.
- The total expenditure is capped at 100 billion yen.
- The purchase period is scheduled from January 30, 2026, to April 30, 2026.
自己株式の取得状況および取得終了に関するお知らせ（会社法第165条第２項の規定による定款の定めに基づく自己株式の取得）
ニフコ (79880)
- Treasury stock acquisition decided on Oct 31, 2025, has been completed.
- Acquired 285,300 shares from Jan 1 to Jan 28, 2026, for 1,417.81 million yen.
- Total accumulated shares acquired under the Oct 31 resolution is 1,057,200 shares.
M&A / Ownership Changes
資本業務提携契約の締結、第三者割当による新株式の発行、並びに主要株主、主要株主である筆頭株主及びその他の関係会社の異動に関するお知らせ
Ｇ－イメージ情 (38030)
- Recorded three consecutive years of operating losses with a fiscal 2025 net loss of 36 million yen and operating loss of 11 million yen.
- First-half 2026 net loss expanded to 145 million yen with an operating loss of 88 million yen despite a sales increase to 646 million yen.
- Stock price declined from approximately 875 yen in August 2025 to 511 yen in January 2026.
- Concluded a capital and business alliance with Cybridge Group to secure funds for restructuring.
- Proceeding with third-party allotment of 1,301,500 new shares at 461 yen per share to raise approximately 600 million yen.
- Cybridge Group will acquire the Bridge Group’s social media marketing business for 275 million yen.
- Cybridge Group will become the largest shareholder with 39.24% voting rights, replacing Image Planning Co., Ltd.
- Faces “going concern” doubt and risk of delisting (Monitoring Stock to Delisting) if market cap does not reach 4 billion yen by March 31, 2026.
資産運用会社における主要株主の異動の完了及び役員の異動に関するお知らせ
Ｉ－ＪＩＦ (92870)
- MM Power LLC completed a tender offer for shares of Japan Infrastructure Fund Investment Corporation on January 29, 2026.
- This ownership change caused a change in the major shareholders of the asset management company, Japan Infrastructure Fund Advisors Co., Ltd.
- Two directors resigned from the asset management company effective January 29, 2026.
- New directors Funakawa Kazuhiko and Nakamura Shu, and new auditor Murakami Hideya were appointed.
支配株主等に関する事項について
アートグリーン (34190)
- No material changes stated.
主要株主である筆頭株主の異動に関するお知らせ
エスティック (61610)
- Top shareholder changed due to inheritance following the death of President Suzuki Hiroaki.
- New top shareholder is Suzuki Hiroaki residing in Osaka.
- Shareholding increased from 112,800 shares to 1,692,000 shares, making the shareholder the largest shareholder.
- No impact on business performance is expected.
エーブイアイ・ジャパン・オポチュニティ・トラスト・ピーエルシーによる当社株券に対する公開買付けの結果に関するお知らせ
ブロードメディア (43470)
- ABJ Opportunity Trust PL acquired 775,300 shares of Broad Media at a price of 2,200 yen per share.
- Total applications exceeded the offer cap, triggering an undivided proportional allocation method for the purchase.
- The acquirer’s voting rights stake increased from 25.16% to 36.04% following the transaction.
- No changes to guidance or financial expectations were disclosed in this report.
支配株主等に関する事項について
Ｇ－ＣＩＮＣ (43780)
- No material changes stated.
支配株主等に関する事項について
Ｇ－ラバブルマーケ (92540)
- AIF Capital Group Co., Ltd. became the controlling shareholder on Nov 12, 2025, holding 45.91% of voting rights after a third-party allotment.
- A capital and business alliance with AIF Group was established in Feb 2025 to support growth strategies by leveraging SNS marketing and AI technology.
- The company maintains independent management decision-making despite two directors serving at AIF Group.
- Transactions with related parties are subject to Board approval and scrutiny regarding necessity and fairness.
支配株主等に関する事項について
アールエイジ (32480)
- BHAG Corporation holds 50.24% of voting rights.
- BHAG Corporation focuses on investment and consulting; no business relationship with ArAge operations.
- Representative Director Tatsuya Mukiyama serves as Representative Director at BHAG.
- No transactions occur between ArAge and BHAG.
- Transactions are subject to Board approval to ensure fair treatment of minority shareholders.
支配株主等に関する事項について
ケア２１ (23730)
- Care21 holds a 22.33% stake in related company Asakata Yoda as of October 31, 2025.
- Asakata Yoda acts as an asset management firm for Care21’s founding family with no transactional relationship.
- Yoda Taira serves as Chairman of Asakata Yoda to enhance corporate governance.
- No transactions are conducted between Asakata Yoda and Care21.
主要株主の異動に関するお知らせ
テクノメディカ (66780)
- Major shareholder change occurred due to inheritance following Yoshiyuki Jitsuyoshi’s death.
- Yoshiyuki Masatomo, President, succeeded ownership after inheritance procedures completed.
- Masatomo’s voting rights increased from 3.25% to 16.46%.
- Masatomo moved from 7th to 2nd place in major shareholder ranking.
- No impact on business results is expected.
（変更）「ＭＢＯの実施に関する賛同の意見表明及び応募の推奨に関するお知らせ」の一部変更に関するお知らせ
マンダム (49170)
- Earnings forecast revised on January 28, 2026.
- Tender offer price increased to 2,600 yen due to KKR proposal.
- Tender offer period extended to February 12, 2026.
- Voting rights of new SPC set at 21.8%.
- Special shareholders’ meeting postponed to mid-April 2026.
- No dividends planned for fiscal year ending March 2026.
- Transaction structure involves issuance of A preferred, B preferred, and common shares.
- Shareholder restructuring consolidation planned after squeeze-out completion.
Financial Results & Forecasts
通期業績予想の修正に関するお知らせ
マネーフォワード (39940)
- Manabefowado revised its full-year earnings forecast for FY2026 due to a special gain from the sale of investment securities.
- Net profit forecast revised from a loss of 2,200 million yen to a profit of 3,700 million yen.
- Net income per share (SaaS-adjusted) revised from a loss of 39.59 yen to a profit of 66.59 yen.
- Sales and operating profit forecasts remain unchanged at approximately 53,400 million yen and 47,500 million yen respectively.
2026年３月期 第３四半期 決算補足資料
ＫＩＭＯＴＯ (79080)
- Q3 FY2026 sales decreased 7.1% to 8,039 million JPY.
- Q3 FY2026 operating profit decreased 15.6% to 997 million JPY.
- Q3 FY2026 net profit decreased 20.1% to 791 million JPY.
- Full-year guidance remains unchanged with sales forecasted at 10,700 million JPY and net profit at 800 million JPY.
- Performance driven by strong electronic component manufacturing in Japan but weighed down by lower sales in US and China markets.
- Digital Twin business sales were 151 million JPY, facing challenges due to decreased BIM/CIM cases.
- Digital Twin service SPLAT TWIN is advancing with orders and test operations in construction.
- Shimizu plant initiated power equipment updates to reduce CO2 emissions and address chemical regulations.
2025年度第3四半期決算説明資料
東電力ＨＤ (95010)
- Revenue decreased by 3,511 billion yen due to lower sales volume.
- Segment profits increased for FP and PG, but decreased for EP and RP.
- Total adjusted EBITDA increased by 1,519 billion yen to 3,059 billion yen.
- Total adjusted profit increased by 110 billion yen to negative 1,380 billion yen.
- Net loss attributable to parent shareholders increased to 6,626 billion yen.
- Special losses increased by 9,114 billion yen driven by disaster reconstruction and nuclear damage compensation.
- Total assets increased by 115 billion yen to 149,984 billion yen.
- Added 903 billion yen to decommissioning costs for fuel debris removal preparation.
- Total estimated cost for fuel debris removal increased to 24.5 trillion yen.
- No revisions to FY2025 guidance were made compared to January 26, 2026.
2026年３月期第３四半期決算短信〔日本基準〕(連結)
ＫＩＭＯＴＯ (79080)
株式会社きもと (7908) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 8039 | 997 | 1106 | 791 |
| YoY | -7.1% | -15.6% | -11.8% | -20.1% |
| Fcst (mil yen) ○ | 10700 | 1100 | 1150 | 800 |
| YoY | -5.3% | -17.9% | -16.6% | -19.2% |
| Prog | 75.1% | 90.6% | 96.2% | 98.9% |
| Dividends ○ 2026年3月期(予想) | YE 4.00, Total 7.00 · EPS 17.40 | |||
Revenue declined amid weak global auto and communications demand, but electronic components and industrial equipment provided positive contributions offsetting broader weakness.
Business highlights
- Electronic Components Maintained strong sales and profit contributions amidst a difficult environment.
- Transportation Equipment Sales remained sluggish due to the global auto production slump.
- Communications Equipment Sales were low due to inventory correction following concentrated orders in the previous half.
- Digital Twin Innovation Digital Twin service 'SPLAT TWIN' is gaining traction in the construction sector.
Financial position
- Leverage and Liabilities Liabilities decreased by 101 million yen, outpacing the modest growth in total assets, resulting in a strengthened equity ratio.
- Net Asset Position Net assets increased by 703 million yen, reflecting accumulation of retained earnings or capital additions.
- Asset Base Total assets expanded by 602 million yen, signaling continued business operations.
Analyst take
- Results reflect a bifurcation between cyclical headwinds (transportation, communications) and structural resilience (electronic components). The Digital Twin initiative in construction is moving from pilot to adoption phase, which could drive future growth.
- The balance sheet shows a positive trend toward deleveraging and equity accretion, indicating conservative capital management.
- The manufacturing support sector is showing divergence: hardware related to end-user production cuts (auto/battery) is suffering, while general manufacturing process support remains stable.
2025年12月期連結決算〔IFRS〕補足資料
中外薬 (45190)
- 2025 FY IFRS revenue rose 7.5% to 12,579 billion yen.
- 2025 FY IFRS operating profit increased 10.5% to 5,988 billion yen.
- Core net income reached 4,510 billion yen, up 12.1% YoY.
- Onco sales rose 5.2% to 2,592 million yen, driven by Rituxan (+44.3%) and Polivy (+9.1%).
- Specialty sales increased 3.6% to 1,067 million yen.
- Core EPS increased 13.6% year-on-year to 274.02 yen.
- Hemlibra and Actemra sales forecasts for 2026 were revised downward by approximately 6%.
- Actual 2025 global sales exceeded forecasts, growing 21.8% year-over-year to 11,706 billion yen.
- Free cash flow for 2025 fell short of forecasts, dropping 29.3% to 2,733 billion yen.
- RG7446 (Tecentriq) received approval for unresected thymic cancer and filed for muscle-invasive bladder cancer; neoadjuvant NSCLC study canceled.
- RG6330 advanced to Phase III for first-line NSCLC; Sparstolonin started Phase III for IgA nephropathy; Trontinemab and Zilebesiran upgraded to Phase III.
- External products: Nemolizumab (CIM331) approved in EU for atopic dermatitis; AVMAPKI (VS-6766) approved in US for ovarian cancer despite halting KRAS G12C NSCLC development.
2025年12月期決算短信〔ＩＦＲＳ〕（連結）
中外薬 (45190)
中外製薬株式会社 (4519) FY2025 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 1257941 | 598833 | 434012 | 434012 |
| YoY | +7.5% | +10.5% | +12.1% | +12.1% |
| Fcst (mil yen) | 1345000 | 670000 | 485000 | 295 |
| YoY | +6.9% | +7.5% | +7.5% | +7.7% |
| Prog | 93.5% | 89.4% | 89.5% | 147122.7% |
| Dividends 2026年12月期（予想） | YE 132.00 · EPS 44.70 | |||
Double-digit revenue and profit growth driven by operational leverage, though specific business drivers are absent from the text.
Business highlights
- Revenue Growth Sales increased 7.5% year-on-year to 1,257,941 million yen.
- Margin Expansion Operating profit surged 10.5% YoY, outpacing revenue growth.
- Earnings Forecast Disclaimer Management stated they are considering the appropriate use of earnings forecasts.
Financial position
- Leverage (Equity Ratio) Equity ratio declined from 86.1% to 82.1%, indicating a reduction in the financial buffer relative to total assets.
- Asset Accumulation Total assets increased significantly by 11.8% to 2.47 trillion yen.
- Shareholder Value Book value per share increased to 1,230.91 yen (+6.5% YoY).
- Cash Flow & Working Capital Insufficient data in the provided balance sheet statement to assess cash generation or working capital movements.
Analyst take
- The company demonstrates strong pricing power and cost control, evidenced by profit margins expanding faster than revenue. However, the qualitative text provides no insight into the specific drivers (e.g., geography, product line) behind this performance.
- The balance sheet remains strong with a high equity ratio, suggesting a conservative starting position. However, the downward trend in the equity ratio is a slight signal of increasing leverage that warrants monitoring.
- Strong operational leverage suggests the company is outperforming peers who may be facing margin compression.
2026年３月期 第３四半期決算短信〔日本基準〕(連結)
東電力ＨＤ (95010)
financial results section missing: forecast rows
2026年9月期 第1四半期連結決算説明資料
ＦＰＧ (71480)
- Lease fund business sales increased over 100 billion yen YoY, driving revenue and gross profit up by 21.1 billion and 20.8 billion yen respectively.
- Domestic real estate fund sales dropped to 4.72 billion yen due to temporary suspension following tax reform news.
- Overall revenue decreased 46.4% YoY to 14.99 billion yen, though net profit secured 20.1% of the initial forecast.
- Lease fund business formed assets exceeding 1,973 billion yen, approaching the highest quarterly total ever recorded.
2026年3月期 第3四半期決算補足資料
ダイハツインフィ (60230)
- Sales decreased 4.4% YoY due to an increased share of small-to-medium institutions.
- Operating profit decreased 21.7% YoY due to lower institution sales and rising fixed costs.
- Net profit decreased 14.1% YoY while EPS increased 7.1%.
- Order backlog reached an all-time high driven by large-volume orders for container ships.
- Maintenance sales remained strong, contributing positively to results despite the decline in institution sales.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
ダイハツインフィ (60230)
ダイハツインフィニアース株式会社 (6023) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 61182 | 4566 | 4859 | 3701 |
| YoY | -4.4% | -21.7% | -20.4% | -14.1% |
| Fcst (mil yen) ○ | 85000 | 6300 | 6400 | 4700 |
| YoY | -4.3% | -17.5% | -15.8% | -17.8% |
| Prog | 72.0% | 72.5% | 75.9% | 78.7% |
| Dividends ○ 2026年3月期(予想) | YE 62.00, Total 62.00 · EPS 184.94 | |||
Realized sales declined due to a product mix shift toward lower-priced small/medium engines, despite a significant surge in new orders driven by strong shipping demand.
Business highlights
- Product Mix & ASP Impact Sales decreased due to a shift in the sales mix towards smaller, lower-priced engines (bulkers/tankers) despite steady maintenance sales.
- New Order Intake New engine orders surged significantly, led by large containers and dual-fuel engines, pushing the backlog to a record high year-on-year.
- Land Engine Segment Performance Land engine sales and profitability collapsed as volume declined and unit economics deteriorated.
Financial position
- Equity Ratio Stability Self-capital ratio remained nearly stable at 45.6% despite a year-on-year increase in total assets.
- Asset Base Expansion Total assets grew by approximately 5.9% from 96,107 million yen to 101,847 million yen.
- Net Asset Consolidation Net assets increased by approximately 5.1%, reflecting steady equity build-up.
- Data Limitation: Cash Generation Specific cash flow statements are not provided; cannot directly compare cash generation against accounting profit.
Analyst take
- The company is currently realizing revenue from lower-margin, older vessel maintenance while booking high-margin, next-gen orders. This creates a short-term margin squeeze that should reverse as new orders convert to sales.
- The company demonstrates a conservative financial profile with a healthy equity ratio above 45%. The balance sheet is expanding in tandem with equity, suggesting a disciplined approach to leverage and asset management.
- The shipping industry's transition to environmental regulations (dual-fuel) is driving up order values, but suppliers face a temporary margin gap until those high-value orders ship.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
ヒロセ通商 (71850)
financial results section missing: forecast rows
2026年9月期 第1四半期決算短信〔日本基準〕（連結）
ＦＰＧ (71480)
株式会社ＦＰＧ (7148) FY2026 Q1 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 14997 | 6362 | 6248 | 4228 |
| YoY | -46.4% | -17.2% | -21.5% | -22.7% |
| Fcst (mil yen) ○ | 130500 | 30400 | 30600 | 21000 |
| YoY | +0.6% | +19.6% | +15.5% | +15.7% |
| Prog | 11.5% | 20.9% | 20.4% | 20.1% |
| Dividends ○ 2026年9月期（予想） | 2Q 62.70, YE 62.70, Total 125.40 · EPS 250.80 | |||
Sales plummeted 46.4% driven by domestic real estate fund suspension/cancellations, yet gross profit fell only 3.4% due to cost control and leasing fund growth, resulting in a diluted net profit decline of 22.7%.
Business highlights
- Domestic real estate fund sales Sales dropped 46.4% due to suspending small-lot products anticipating tax reforms and a specific contract cancellation.
- Leasing fund business performance Sales and gross profit increased, providing a counterbalance to the sharp decline in the domestic real estate segment.
- Gross margin resilience Gross profit decreased only 3.4% despite a 46.4% sales drop, driven by recognition of incentives on sold assets and a 70.2% reduction in COGS.
- Operating profit margin Operating profit fell 17.2% due to increased performance-based bonuses at FPG Amentum Limited, despite gross profit holding up.
Financial position
- Leverage Equity ratio declined sharply from 45.0% to 34.3%.
- Asset Structure Total assets surged 28.4% to 163.05 billion yen.
- Net Asset Base Net assets declined marginally by ~0.9% to 56.16 billion yen.
Analyst take
- The sales decline is largely a one-off policy-induced shock and a specific contract cancellation rather than a broad-based collapse in asset quality. The resilience in gross margins suggests the company is successfully shifting mix toward higher-margin leasing funds and controlling costs.
- The balance sheet has undergone rapid expansion, but this has been financed largely by external debt, resulting in a substantial deterioration of the equity ratio.
- The Japanese real estate fund industry faces a structural headwind due to tax reform, prompting firms to pivot toward leasing funds or international markets. Investors should monitor the timeline for tax reform implementation to assess when domestic sales normalize.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）（公認会計士等による期中レビューの完了）
関電工 (19420)
株式会社関電工 (1942) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 511581 | 58472 | 60323 | 46242 |
| YoY | +12.3% | +39.4% | +39.2% | +45.0% |
| Fcst (mil yen) ▲ | 735000 | 80000 | 82000 | 61000 |
| YoY | +9.4% | +37.2% | +37.8% | +43.9% |
| Prog | 69.6% | 73.1% | 73.6% | 75.8% |
| Dividends ▲ 2026年3月期（予想） | YE 75.00, Total 120.00 · EPS 298.43 | |||
Revenue grew by double digits, but profitability surged significantly faster, indicating strong operating leverage and margin expansion, though specific qualitative drivers are not detailed in the provided text.
Business highlights
- Profitability Expansion Operating profit increased 39.4% and net profit 45.0% year-on-year, outpacing the 12.3% revenue growth.
- Top-line Momentum Completed works and new orders both exceeded 110% of the previous year's level, confirming robust activity levels.
Financial position
- Leverage and Solvency Equity ratio improved from 61.0% to 62.2%, indicating a strengthening financial buffer against liabilities.
- Asset Accumulation Total assets grew by approximately 6.8% year-over-year, driven by significant net asset accumulation.
Analyst take
- The significant divergence between sales (+12%) and profit (+40%) is the key takeaway. This suggests the company is likely benefiting from specific high-margin projects or cost reductions, but the revenue growth is decelerating, which could temper future earnings if the margin boost is not repeatable.
- The company maintains a conservative balance sheet profile with a high equity ratio, signaling strong ownership support and low leverage risk.
- In the power infrastructure and electrical equipment sector, such margin expansion is a bullish signal, often driven by large-scale infrastructure projects with tight budgets.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
北海電工 (18320)
株式会社北海電工 (1832) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 49169 | 2799 | 2988 | 2026 |
| YoY | +4.0% | +2.4% | +3.3% | +5.8% |
| Fcst (mil yen) ○ | 70800 | 3960 | 4150 | 2810 |
| YoY | +2.7% | +13.7% | +13.6% | +13.3% |
| Prog | 69.4% | 70.7% | 72.0% | 72.1% |
| Dividends ○ 2026年3月期(予想) | YE 10.00, Total 20.00 · EPS 135.63 | |||
Q3 results show resilient demand with sales up 4.0%, though operating margin growth (2.4%) trails the aggressive full-year guidance (+20.7%), suggesting heavy reliance on Q4 for leverage.
Business highlights
- Sales Momentum Q3 sales increased 4.0% YoY, exceeding the full-year sales forecast (+3.1%) on a cumulative basis.
- Profitability/Guidance Gap Operating profit rose 2.4% YoY, significantly underperforming the forecasted full-year operating profit growth of 20.7%.
- Net Profitability Net profit grew 5.8% year-on-year, outpacing the sales increase.
Financial position
- Leverage and Equity Ratio Equity ratio rose significantly to 72.2% from 66.9%, the strongest position since the previous fiscal year end.
- Net Assets Net assets increased by approximately 4.7% to 34,885 million yen compared to the prior year end.
- Total Assets Total assets contracted by approximately 2.9% to 48,338 million yen.
Analyst take
- Management is guiding for a significant operating leverage turnaround in the final quarter to meet targets, despite Q3 performance being relatively flat.
- Balance sheet quality has strengthened markedly, characterized by a high equity ratio and a reduction in total asset exposure.
- Suggests high operating leverage is the prevailing narrative in the sector, where peers may also face pressure to generate Q4 margin tailwinds.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
ユアテック (19340)
株式会社ユアテック (1934) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 184412 | 12325 | 12407 | 7960 |
| YoY | +1.4% | +28.5% | +21.5% | +16.9% |
| Fcst (mil yen) ○ | 267000 | 16700 | 17500 | 12200 |
| YoY | +3.8% | +3.2% | +1.1% | +1.8% |
| Prog | 69.1% | 73.8% | 70.9% | 65.2% |
| Dividends ○ 2026年3月期(予想) | YE 36.00, Total 72.00 · EPS 177.68 | |||
Profitability improved significantly despite flat sales, driven by robust margin expansion and cost control.
Business highlights
- Profitability Expansion Operating profit surged 28.5% YoY despite a 1.4% sales decline, indicating a major improvement in operating margins.
Financial position
- Net Asset Ratio (Capital Structure) Net asset ratio improved sharply to 69.7%, up 6.5 percentage points from the previous year-end level of 63.2%.
- Leverage (Deleveraging) Total assets declined significantly by approximately 7.7% (from 233,554 to 215,556 million yen) while net assets remained stable/rose.
Analyst take
- The company is decoupling profit growth from top-line sales, suggesting successful operational leverage or pricing power in the current environment.
- The balance sheet has undergone a structural deleveraging phase, characterized by a significant reduction in asset base coupled with the preservation of equity value.
- Signals a potential shift in peer strategies towards margin optimization and cost discipline rather than aggressive volume acquisition.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
杉村倉庫 (93070)
株式会社杉村倉庫 (9307) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 8404 | 1036 | 1070 | 715 |
| YoY | +0.6% | +4.6% | +6.7% | +7.0% |
| Fcst (mil yen) ○ | 11200 | 1330 | 1350 | 910 |
| YoY | -0.3% | -2.7% | -2.1% | -0.8% |
| Prog | 75.0% | 77.9% | 79.3% | 78.6% |
| Dividends ○ 2026年3月期(予想) | YE 7.00, Total 12.00 · EPS 55.63 | |||
Slightly higher sales and profit driven by operational efficiency, despite a modest sales increase and industry-wide cost inflation.
Business highlights
- Sales Momentum Sales increased 0.6% YoY as the Japanese economy shows signs of recovery, though industry demand remains uncertain.
- Margin Expansion Operating profit grew 4.6% faster than sales, achieved via slight COGS reduction and improved operational efficiency.
- Cost Structure The company is absorbing high fuel and labor costs while navigating a chronic shortage of delivery drivers.
Financial position
- Leverage and Liabilities Liabilities decreased by approximately 470 million yen, despite a slight increase in total assets.
- Net Assets / Equity Ratio Net assets increased by 637 million yen, pushing the equity ratio to a strong 77.3%.
- Total Asset Base Total assets expanded by 168 million yen, showing slight growth.
Analyst take
- Management is successfully executing an efficiency-led margin expansion strategy despite flat sales and significant industry cost inflation, showing resilience in a challenging logistics sector.
- The balance sheet demonstrates high quality, characterized by deleveraging. The significant increase in net assets relative to total assets suggests the company is paying down debt or using retained earnings to strengthen equity, which is a hallmark of conservative financial management.
- The logistics sector is experiencing a cost-income squeeze; competitiveness is shifting toward firms with better labor management and cost control capabilities.
2026年３月期 第３四半期決算短信〔日本基準〕（非連結）
旭精機 (61110)
旭精機工業株式会社 (6111) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 8090 | -63 | -7 | 692 |
| YoY | +0.7% | - | - | +158.5% |
| Fcst (mil yen) ○ | 13100 | -80 | -30 | 670 |
| YoY | +11.3% | - | - | +132.9% |
| Prog | 61.8% | - | - | 103.3% |
| Dividends ○ 2026年3月期（予想） | YE 60.00, Total 60.00 · EPS 278.88 | |||
Sales were flat despite gains in auto/general machinery offsetting press machinery decline; operating loss widened due to infrastructure costs, though net profit surged on a one-off securities gain.
Business highlights
- Sales Performance Total sales increased 0.7% YoY as gains in auto/general machinery offset a decline in press machinery sales.
- Operating Profitability Operating loss widened to 63 million yen, driven by costs related to factory infrastructure strengthening initiatives.
- Net Profitability (One-off) Net profit surged 158.5% YoY, primarily driven by a one-off gain from the sale of investment securities.
- Segment Breakdown Machinery segment sales grew 4.2% YoY, while Precision Machining segment sales declined 1.0% YoY.
Financial position
- Leverage and Solvency Equity ratio deteriorated significantly to 58.2% (down 12.6 percentage points year-on-year), marking a shift away from a highly conservative capital structure.
- Asset Growth vs. Equity Total assets surged by 20.2% (approx. 4,047 million yen) while Net Assets contracted slightly, indicating aggressive leverage usage to finance growth.
Analyst take
- Underlying operating performance deteriorated, masked by a large one-off gain. The company is investing in infrastructure (factory strengthening) which is causing current losses, but may be positioning for future capacity.
- The company has abandoned a high-solvency stance (70.8% equity) for aggressive asset expansion, likely funding the growth through liabilities rather than internal retention.
- Resilience in auto/general machinery segments suggests that despite macro uncertainty, demand for industrial automation remains intact compared to the press machinery segment.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
ＨＳＨＤ (86990)
financial results section missing: forecast rows
2026年３月期第３四半期決算短信〔日本基準〕（連結）
東洋証 (86140)
financial results section missing: forecast rows
2026年３月期 第３四半期決算短信[日本基準]（非連結）
兵機海運 (93620)
兵機海運株式会社 (9362) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 10093 | 368 | 436 | 320 |
| YoY | -4.0% | -40.6% | -37.6% | -33.6% |
| Fcst (mil yen) ○ | 13500 | 410 | 470 | 360 |
| YoY | -1.7% | -25.2% | -24.0% | -17.3% |
| Prog | 74.8% | 89.8% | 92.8% | 88.9% |
| Dividends ○ 2026年3月期（予想） | YE 110.00, Total 110.00 · EPS 300.48 | |||
The company is experiencing a bifurcated performance: logistics infrastructure segments are thriving due to domestic demand, while the core sea transport division is struggling with weak global commodity demand and rising operational costs.
Business highlights
- Overseas Sea Transport Revenue plunges 50.3% as China-bound construction machinery demand vanishes, leading to a 70.7% profit collapse.
- Domestic Sea Transport Revenue decreases 1.7% despite robust feed/oil grain volume, but profit drops 65% due to margin compression.
- Port Transport & Warehouse Revenue increases 10.2% and profit surges 197% driven by food imports and depreciation benefits.
Financial position
- Net Assets & Equity Ratio Net assets increased by ¥595 million (12.3%) to ¥5.448 billion, while the equity ratio improved to 42.5% from 38.7%.
- Total Asset Base Total assets grew modestly by ¥267 million (2.1%) to ¥12.813 billion.
- Book Value per Share Book value per share rose by ¥486.20 (12%) to ¥4,541.07 yen.
Analyst take
- Performance is bifurcating; logistics infrastructure is thriving due to domestic inflation, while the core sea transport division is battered by global trade headwinds.
- The company demonstrated a defensive balance sheet strategy by strengthening equity relative to assets. The significant jump in net assets outpacing total assets suggests a prudent focus on reducing liabilities or retaining earnings.
- Suggests a decoupling within Japanese logistics: terminal/warehouse operators are more resilient to domestic consumption volatility than ocean carriers.
2026年３月期 第３四半期末の有価証券含み損に関するお知らせ
Ｙ－信中金 (84210)
financial results section missing: performance period
2026年３月期 第３四半期決算の概況
Ｙ－信中金 (84210)
financial results section missing: performance period
2026年3月期 第3四半期決算 説明会資料
ＯＬＣ (46610)
financial results section missing: performance period
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
Ｙ－信中金 (84210)
financial results section missing: performance rows
2026年3月期 第3四半期決算 補足資料
ＯＬＣ (46610)
- Net sales increased 5.0% year-on-year to 530.2 billion yen.
- Theme Park Segment sales rose 4.1% to 427.9 billion yen.
- Hotel Business Segment sales grew 9.6% to 89.5 billion yen.
- Hotel occupancy decreased 1.4 percentage points to 94.0%, while average room rate increased 8.9%.
- Theme park attendance remained essentially unchanged, but guest spending per person increased.
2026年9月期 第1四半期決算短信〔日本基準〕（非連結）
ホウライ (96790)
ホウライ株式会社 (9679) FY2026 Q1 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 1625 | 232 | 281 | 190 |
| YoY | +17.3% | +121.5% | +109.0% | +194.6% |
| Fcst (mil yen) ○ | 6200 | 630 | 730 | 500 |
| YoY | +1.4% | +2.1% | -0.7% | +0.4% |
| Prog | 26.2% | 36.8% | 38.5% | 38.0% |
| Dividends ○ 2026年9月期（予想） | YE 24.00, Total 24.00 · EPS 119.39 | |||
Strong Q1 performance driven by Japan macro recovery and cost discipline, though headline profit growth is inflated by a non-recurring asset sale.
Business highlights
- Revenue Expansion Sales increased 17.3% YoY as all business segments outperformed the prior year.
- Profitability Expansion Operating profit surged 121.5% YoY driven by sales leverage and lower SG&A expenses.
- Non-Operating Gain Golf membership rights cancellation added 44 million yen to profit figures.
Financial position
- Leverage and Liabilities Liabilities decreased by approximately 340 million yen, significantly outpacing the decline in total assets.
- Equity Position Net assets increased to 9,984 million yen, contributing to a meaningful rise in the equity ratio.
- Asset Base Total assets contracted slightly by 215 million yen, driven primarily by lower liabilities.
Analyst take
- The company is capitalizing on cyclical tailwinds in the Japanese economy (consumption/capex) combined with improved cost control, though the 194% net profit jump is largely artificial due to the asset sale.
- The company is actively deleveraging, effectively improving its financial health by reducing debt while maintaining a strong net asset position. The slight contraction in total assets appears to be a byproduct of this balance sheet consolidation.
- Positive signal for Japan business service providers as macro indicators suggest a genuine recovery in end-market demand.
個別業績実績値と前期実績値との差異に関するお知らせ
カナレ電気 (58190)
- 2025 Dec period sales increased 8.7% to 10,467 million yen driven by domestic NHK projects and strong overseas sales.
- Operating profit surged 82.8% to 1,076 million yen due to increased revenue and gross profit.
- Net profit attributable to owners of parent increased 1.7% to 168 million yen, while net profit per share declined to 21 yen.
- The increase in operating profit was supported by continued domestic construction projects and favorable overseas sales prices.
2026年3月期第3四半期連結業績速報値と2025年3月期第3四半期連結業績との差異見込みに関するお知らせ
アストマックス (71620)
- Operating revenue increased 4.1% year-over-year to 15.67 billion yen, while operating and net profits swung to losses due to business downsizing and price fluctuations.
- Net loss included a 146 million yen special gain from non-listed securities and a 38 million yen loss from a trading partner entering civil rehabilitation.
- Hedging effects in the power trading business reduced profit by 102 million yen year-over-year due to timing differences in profit recognition.
2026年６月期 第２四半期（中間期）決算短信〔日本基準〕(連結)
キングジム (79620)
株式会社キングジム (7962) FY2026 Q2 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 17967 | 198 | 382 | 27 |
| YoY | -3.0% | +974.0% | +111.5% | - |
| Fcst (mil yen) ○ | 40500 | 1000 | 1200 | 650 |
| YoY | +2.2% | +86.0% | +43.5% | +53.0% |
| Prog | 44.4% | 19.8% | 31.8% | 4.2% |
| Dividends ○ 2026年6月期(予想) | YE 7.00, Total 14.00 · EPS 23.11 | |||
Sales declined 3.0% year-on-year amidst favorable macro tailwinds, but profitability rebounded sharply from a loss to a profit driven by margin expansion and cost reductions.
Business highlights
- Sales Performance Sales decreased 3.0% YoY despite background tailwinds of strong domestic demand and yen weakness.
- Profitability Drivers Operating profit surged 974% YoY, reversing a prior-year loss through margin expansion and cost discipline.
- Overseas Specifics Net profit was impacted by a significant one-time tax expense at overseas production subsidiaries.
Financial position
- Leverage and Equity Ratio Equity ratio declined from 67.5% to 65.3% as asset growth significantly outpaced equity growth.
- Asset Structure Total assets expanded substantially to 37,963 million JPY, driven by liability accumulation rather than equity.
- Net Asset Value Net assets rose to 24,873 million JPY, with per-share value increasing modestly to 880.20 JPY.
Analyst take
- The company's recovery is currently driven by margin expansion and cost cutting rather than organic sales growth. While the 974% profit jump is impressive, the 3% sales decline is a key concern for the sustainability of the turnaround.
- The company is aggressively expanding its balance sheet, likely through acquisitions or heavy CAPEX, financed by an increase in liabilities. While the equity base remains solid, the compression of the equity ratio indicates a slight deterioration in financial resilience.
- Indicates that companies with pricing power (margin expansion) are outperforming those with weak demand, regardless of macro tailwinds.
2026年３月期 第３四半期決算短信〔日本基準〕(連結)
菊水ＨＤ (69120)
菊水ホールディングス株式会社 (6912) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 10414 | 1583 | 1736 | 1166 |
| YoY | +11.3% | +14.7% | +15.9% | +16.9% |
| Fcst (mil yen) ○ | 13500 | 2050 | 2150 | 1450 |
| YoY | +0.5% | +2.6% | +1.3% | +0.7% |
| Prog | 77.1% | 77.2% | 80.7% | 80.4% |
| Dividends ○ 2026年3月期(予想) | YE 53.00, Total 53.00 · EPS 174.28 | |||
Kikusui Holdings reported strong double-digit sales and profit growth for Q3 FY2026, driven by robust equipment investment demand in e-mobility, AI semiconductors, and data centers despite global macroeconomic headwinds.
Business highlights
- Revenue Growth Drivers Sales increased 11.3% YoY, capturing demand from GX, EV, semiconductor, and data center markets.
- Power Equipment Segment Power equipment sales rose 13.2% YoY, leading overall growth as DC and AC power demand remains strong.
- Geographic Exposure Overseas sales rose 12.3% YoY, led by strong performance in the US and India, whereas Europe remained flat.
- China Market Dynamics China sales grew year-on-year due to battery safety instruments, offsetting slower EV investment.
- Profitability Expansion Operating profit grew 14.7% YoY, outpacing revenue growth due to volume leverage and cost management.
Financial position
- Leverage and Liabilities Equity ratio improved to 83.6% from 80.6%, signaling a significant reduction in financial risk.
- Net Assets Growth Net assets expanded by 1,088 million yen (+7.7%), outpacing the 3.8% increase in total assets.
Analyst take
- The company is successfully pivoting its product mix toward high-margin, high-growth verticals (AI/Data Centers/EVs). Profitability is improving faster than top-line growth.
- The balance sheet is in an exceptionally strong position, characterized by an equity ratio exceeding 80%. This indicates a conservative approach to capital management with minimal reliance on debt financing.
- Confirms that industrial infrastructure spending is resilient compared to consumer-facing sectors, specifically validating the AI/Data Center and EV supply chain investment thesis.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
西部ガスＨＤ (95360)
西部ガスホールディングス株式会社 (9536) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 190037 | 7391 | 8642 | 5988 |
| YoY | +8.2% | +141.4% | +120.6% | +150.9% |
| Fcst (mil yen) ▲ | 260000 | 11500 | 12000 | 8000 |
| YoY | +2.2% | +9.2% | +13.1% | +25.7% |
| Prog | 73.1% | 64.3% | 72.0% | 74.9% |
| Dividends ○ 2026年3月期(予想) | YE 35.00, Total 70.00 · EPS 218.81 | |||
Record operating profit expansion in Q3, driven by a massive swing in margins, though specific drivers remain undisclosed in the provided text.
Business highlights
- Profitability Expansion Operating profit surged 141.4% YoY despite only 8.2% sales growth, indicating a significant improvement in operating margins.
- Sales Growth Revenue increased 8.2% YoY, indicating continued demand resilience.
- Forecast Risk Disclosure Management cautions that actual results may deviate significantly from forecasts due to various external factors.
Financial position
- Leverage and Net Asset Position Net assets increased by 6.6% to 118.3 billion yen, outpacing the 1.0% increase in total assets, driving the equity ratio up to 24.3%.
- Capital Structure Consolidated equity (excluding minority interests) reached 110.1 billion yen, signaling an accumulation of internal reserves or a reduction in equity-based liabilities.
- Data Limitations Income statement and cash flow data are not provided, preventing analysis of cash generation vs. accounting profit, working capital efficiency, and earnings quality.
Analyst take
- While the financial results indicate a strong quarter, the provided qualitative text is limited to boilerplate risk warnings. The extreme YoY profit beat (+140%+) relative to sales (+8%) is an outlier that warrants investigation into whether the driver is a one-time gain, FX tailwinds, or structural margin recovery.
- The balance sheet demonstrates a strengthening of financial resilience, evidenced by the rising equity ratio despite asset growth. The divergence in Net Asset and Total Asset growth suggests prudent liability management or reserve accumulation.
- Cannot be determined without segment breakdowns. The margin expansion trend may indicate competitive pressure or strategic pricing shifts.
2026年３月期 第３四半期決算短信〔日本基準〕(連結)
ＯＬＣ (46610)
株式会社オリエンタルランド (4661) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 530226 | 141414 | 142276 | 99565 |
| YoY | +5.0% | +4.8% | +4.6% | +4.0% |
| Fcst (mil yen) ○ | 693352 | 160000 | 160806 | 113375 |
| YoY | +2.1% | -7.0% | -7.2% | -8.7% |
| Prog | 76.5% | 88.4% | 88.5% | 87.8% |
| Dividends ○ 2026年3月期(予想) | YE 7.00, Total 14.00 · EPS 69.16 | |||
Solid year-over-year growth reported across sales (+5.0%) and operating profit (+4.8%), though the qualitative narrative regarding specific demand drivers is absent in this disclosure.
Business highlights
- Revenue Growth Sales increased 5.0% YoY to 530,226 million yen.
- Profitability Operating profit increased 4.8% YoY to 141,414 million yen.
Financial position
- Net Assets Growth Net assets increased by approximately 98.1 billion yen from the previous year-end.
- Asset Base Expansion Total assets expanded by approximately 148.3 billion yen over the period.
- Leverage (Equity Ratio) Equity ratio remained high at 67.8%, down slightly by 0.1 percentage points from 67.9%.
Analyst take
- The quantitative results demonstrate financial strength, but the lack of qualitative drivers in this specific text limits the ability to assess seasonality or structural trends affecting performance.
- The company is utilizing its conservative capital structure to fund asset expansion, maintaining a healthy equity cushion. The negligible dip in the equity ratio suggests assets are growing faster than equity, which is typical for expansion phases.
- Neutral; no specific industry signal can be inferred from this data snippet.
2026年３月期 第３四半期決算補足説明資料
Ｇ－ミクリード (76870)
financial results section missing: performance period
2026年３月期第３四半期決算短信〔日本基準〕(非連結)
Ｇ－ミクリード (76870)
株式会社ミクリード (7687) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 5791 | 391 | 393 | 257 |
| YoY | +12.5% | +12.0% | +12.3% | +12.3% |
| Fcst (mil yen) ○ | 7500 | 400 | 400 | 275 |
| YoY | +10.7% | +7.5% | +7.1% | +6.5% |
| Prog | 77.2% | 97.8% | 98.2% | 93.5% |
| Dividends ○ 2026年3月期(予想) | YE 4.20, Total 8.40 · EPS 41.62 | |||
Robust Q3 revenue and profit growth driven by customer base expansion and price mix, outperforming weak domestic consumer sentiment and industry headwinds.
Business highlights
- Sales Momentum All monthly periods recorded YoY sales increases between 9.3% and 14.5%, exceeding previous year levels every month.
- Product Mix Strategy Portfolio expansion includes high-margin 'special feeling' items and productivity-focused solutions.
- Margin Expansion Operating profit grew in tandem with sales (12.0%) despite industry-wide cost pressures.
Financial position
- Leverage and Liabilities Total assets expanded by 21.7% to 2,830 million JPY, driven by liability growth outpacing equity growth, resulting in a net decline in the equity ratio.
- Net Asset Position Net assets reached 1,605 million JPY, showing solid year-over-year growth, though the absolute increase (212m JPY) is lower than the growth in total assets.
- Capital Allocation The significant rise in total assets (+505 million JPY) signals active capital deployment, likely for expansion or investment, without a commensurate increase in equity backing.
Analyst take
- The company is successfully capturing market share and defending margins in a deteriorating macro environment, leveraging its pioneer status and system investments.
- While the company is expanding its balance sheet, the funding source is shifting towards liabilities rather than internal equity retention, weakening the balance sheet's defensive nature. The equity ratio drop from nearly 60% to 56.7% is a structural shift the analyst should monitor.
- The B2C food distribution sector is shifting toward value-added and productivity-enhancing solutions to combat inflation and staffing shortages.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
ＮＣＳ＆Ａ (97090)
ＮＣＳ＆Ａ株式会社 (9709) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 16430 | 2065 | 2144 | 1453 |
| YoY | +12.2% | +50.7% | +51.2% | +65.4% |
| Fcst (mil yen) ○ | 21300 | 2600 | 2730 | 1850 |
| YoY | +3.9% | +30.4% | +29.4% | -12.3% |
| Prog | 77.1% | 79.4% | 78.5% | 78.5% |
| Dividends ○ 2026年3月期(予想) | YE 30.00, Total 55.00 · EPS 118.57 | |||
Sales increased 12.2% driven by a favorable mix shift toward high-margin self-developed solutions, while operating profit surged 50.7% due to strong execution on core projects.
Business highlights
- Revenue Mix & Growth Drivers Sales grew 12.2% YoY, led by double-digit increases in self-developed solutions (+19.4%) and outsourcing (+20.3%), offsetting a slight decline in SI revenue due to a transition to maintenance phases.
- Margin Expansion & Profitability Operating profit increased 50.7% YoY, significantly outpacing revenue growth due to a higher proportion of self-developed solutions and successful execution of high-revenue contracts.
- Migration Center & AI Strategy Launched 'Migration Center' to centralize migration tasks, increasing parallel project volume; released 'ReverseNeo' with GenAI integration to enhance system visualization.
- Labor Cost & Compensation Implemented a 5% wage increase and a special cost-of-living allowance, reflecting a strategic commitment to talent retention in a tight labor market.
Financial position
- Leverage and Equity Position Equity ratio improved to 68.2% (up 1.5 pp YoY) despite a decline in total assets. This indicates a reduction in liabilities relative to assets.
- Total Assets Total assets decreased by 1,388 million JPY (approx. 6.5%) compared to the prior fiscal year-end.
- Net Assets Net assets declined by 638 million JPY (approx. 4.5%) year-over-year.
- Cash Generation and Working Capital Data regarding cash flow from operations and specific working capital movements (AR/AP/Inventory) is not provided in the current report.
Analyst take
- The company successfully navigated a transition period in SI revenue (volume down, mix up) to deliver a strong earnings beat. The focus on high-margin products and government contracts suggests a robust defense against macro uncertainty.
- The balance sheet shows a strengthening of financial structure on a relative basis, evidenced by the rising equity ratio. The absolute reduction in assets suggests active management of the capital base, favoring financial efficiency over aggressive growth.
- Reflects the broader trend of the '2025 Cliff' where legacy system migration is accelerating across industries, particularly in the public sector and SMEs.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
ＰＩ (42900)
株式会社プレステージ・インターナショナル (4290) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 52621 | 6680 | 7388 | 4192 |
| YoY | +10.5% | +11.3% | +15.2% | +14.4% |
| Fcst (mil yen) ○ | 70000 | 8500 | 8900 | 5300 |
| YoY | +9.9% | +6.8% | +5.7% | +8.8% |
| Prog | 75.2% | 78.6% | 83.0% | 79.1% |
| Dividends ○ 2026年3月期（予想） | YE 13.00, Total 26.00 · EPS 41.80 | |||
Record-high earnings driven by robust domestic BPO demand from labor shortages and successful fee revisions, partially offset by contraction in the IT division due to R&D investment.
Business highlights
- Domestic BPO Demand Revenue and profit hit record highs due to demand for efficiency from chronic labor shortages and successful fee revisions for high-value human solutions.
- Financial Guarantee Expansion Subsidiary Intrastar achieved double-digit growth across rent, medical, and nursing guarantee services.
- Customer Business Restructuring Revenue remained flat despite shedding low-margin contracts, while profit surged 35% via fee adjustments.
- IT Business Contraction Revenue and profit fell due to deferral of Q1 sales and investment in programmer recruitment for future capabilities.
- Global Business Performance Revenue grew via expat healthcare programs, supported by yen weakness and FX gains.
Financial position
- Leverage Profile Net asset ratio declined by 7.1 percentage points to 57.2%.
- Asset Expansion Total assets increased by 10,436 million yen to 82,026 million yen.
- Equity Retention Net assets increased by 1,179 million yen year-over-year.
- Data Limitations Specific cash generation vs. accounting profit and working capital movements cannot be quantified from the provided data.
Analyst take
- Strong execution in core BPO validates the strategy of leveraging AI and human touch to combat labor shortages. The IT division's restructuring is a necessary investment for long-term growth but creates a near-term margin hurdle.
- The balance sheet is undergoing structural expansion, but the financing is shifting towards leverage. While the company is growing assets and retaining modest equity, the decline in the net asset ratio signals a weakening balance sheet strength.
- Confirms that BPO demand in Japan is structurally resilient despite macroeconomic pressures like wage hikes and inflation.
2026年3月期 第3四半期決算短信〔日本基準〕(連結)
キーエンス (68610)
financial results section missing: forecast period
2025年12月期 決算短信〔日本基準〕(連結)
カナレ電気 (58190)
カナレ電気株式会社 (5819) FY2025 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 13114 | 1582 | 1677 | 1200 |
| YoY | +5.9% | +13.9% | +15.9% | +15.5% |
| Fcst (mil yen) | 13200 | 1480 | 1630 | 1180 |
| YoY | +0.6% | -6.4% | -2.8% | -1.7% |
| Prog | 99.3% | 106.9% | 102.9% | 101.7% |
| Dividends 2026年12月期(予想) | YE 66.00, Total 38.20 · EPS 172.68 | |||
Kanare Electric reported double-digit YoY growth in sales and profit, driven by robust domestic demand and broad-based overseas expansion despite high input costs and tariff risks.
Business highlights
- Revenue Drivers Revenue increased 5.9% driven by domestic large-scale projects and expansion across all major overseas regions.
- Profitability Expansion Operating profit grew 13.9%, outpacing revenue growth, suggesting improved operating leverage.
- Strategic Product Shift Company is actively developing IT network related products as the next-generation growth driver.
- Macro Headwinds Financial results were achieved despite a volatile environment of high resource prices and tariff uncertainty.
Financial position
- Leverage Equity ratio declined from 91.5% to 90.4%, signaling a marginal increase in financial risk exposure.
- Net Asset Growth (BPS) Net assets increased by 1,083 million yen (approx. 6.0%) with BPS rising by 148.67 yen (approx. 5.7%).
- Balance Sheet Scale Total assets expanded significantly to 21,075 million yen, marking a robust asset base increase.
Analyst take
- Management successfully navigated a turbulent macro environment, delivering broad-based revenue growth (excluding Japan, all regions grew). The margin expansion is particularly noteworthy as it occurred despite persistent inflationary pressures.
- The company is in a high-equity phase, but is actively expanding its asset base. The slight dip in the equity ratio suggests an aggressive approach to scaling operations using retained capital.
- The strong performance across all major overseas regions suggests that the broader consumer electronics and AV market in key growth markets remains resilient to trade barriers and geopolitical instability.
配当予想の修正（創業80周年記念配当）に関するお知らせ
初穂商事 (74250)
- Company celebrates 80th anniversary in February 2026.
- Special commemorative dividend of 2 yen per share decided.
- FY2025 dividend forecast revised to 77 yen per share.
- Revision includes 75 yen regular dividend and 2 yen special dividend.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
日本ガイシ (53330)
日本ガイシ株式会社 (5333) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 487908 | 73048 | 73721 | 41126 |
| YoY | +7.1% | +17.0% | +20.0% | +0.3% |
| Fcst (mil yen) ○ | 650000 | 85000 | 82000 | 55000 |
| YoY | +4.9% | +4.6% | +4.8% | +0.1% |
| Prog | 75.1% | 85.9% | 89.9% | 74.8% |
| Dividends ○ 2026年3月期（予想） | YE 38.00, Total 76.00 · EPS 189.44 | |||
Sales rose 7.1% YoY driven by AI-related semiconductor demand and global grid investment, with operating profit increasing 17% as margin expansion in the Digital Society segment offset weakness in Energy & Industry, though net profit was flat due to restructuring costs.
Business highlights
- Semiconductor demand (Digital Society) Sales increased 20.3% and operating profit surged nearly 100% due to robust demand for AI-related semiconductor manufacturing equipment and product replacement cycles.
- Automotive rush demand (Environment) Sales increased 2.0% and operating profit grew 4.3%, supported by pre-tariff rush demand for automotive products amidst stable domestic economic conditions.
- Grid investment margin pressure (Energy & Industry) Sales rose 6.1% due to strong global grid investment, but the segment swung to an operating loss (850M yen) compared to last year's profit, indicating margin compression.
- Restructuring costs Net profit remained flat (+0.3% YoY) due to a 168.3B yen special loss from restructuring the NAS battery business unit.
Financial position
- Net Asset Growth Net assets increased significantly from 727,506 million yen to 789,975 million yen (+8.6% YoY), indicating strong profit retention and accumulation.
- Leverage & Financial Structure The equity ratio improved from 63.0% to 64.7%, indicating a structural strengthening of the balance sheet's debt capacity.
- Asset Base Expansion Total assets grew from 1,142,986 million yen to 1,206,797 million yen (+5.6%), suggesting active investment in growth opportunities or asset appreciation.
Analyst take
- The company is successfully leveraging its position in the AI supply chain (Digital Society) and global infrastructure spending (Energy), though the latter faces margin headwinds. The overall earnings quality is improving despite a flat net profit due to restructuring.
- The company demonstrates a conservative and strengthening financial profile, characterized by robust equity accumulation and a favorable shift in leverage metrics.
- Semiconductor-related glass materials are benefiting from the AI equipment boom, while the global power grid sector remains a key volume driver despite pricing pressures.
2026年3月期 第３四半期決算短信〔日本基準〕（連結）
ＯＤＫ (38390)
株式会社ＯＤＫソリューションズ (3839) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 3427 | -530 | -481 | -391 |
| YoY | -2.6% | - | - | - |
| Fcst (mil yen) ○ | 7200 | 530 | 580 | 380 |
| YoY | +11.2% | +2.7% | +0.6% | +44.3% |
| Prog | 47.6% | -100.0% | -82.9% | -102.9% |
| Dividends ○ 2026年3月期（予想） | YE 5.00, Total 10.00 · EPS 46.47 | |||
Revenue declined YoY due to project expirations in medical services, partially offset by revenue contribution from newly acquired NINJAPAN; Q3 is structurally weaker due to seasonal timing of university exam business.
Business highlights
- System Operations Revenue Revenue increased 2.6% YoY driven by consolidation of NINJAPAN.
- Medical System Projects Revenue dropped 14.3% (dev) and 86.7% (machines) due to project completion and expiration.
- AI Product Launch Launched iStudy AI Creator to optimize HR training materials and individual learning.
- Regulatory Compliance Launched SAKIX public authentication service for JPKI to prepare for stricter online verification regulations.
- Web3 Strategy Investing in NFTs and DAOs to expand the 'Appdue' digital credential ecosystem.
Financial position
- Leverage and Equity Ratio Equity ratio improved to 74.7% from 68.1%, indicating a significant reduction in financial risk.
- Total Asset Scale Total assets contracted by approximately 13.7%, signaling a structural reduction in the company's business scale.
- Net Asset Value per Share Book value per share declined to 727.62 yen from 771.02 yen, reflecting the decrease in shareholder equity.
- Capital Structure Liabilities appear to have been reduced or managed more tightly relative to asset contraction.
Analyst take
- The Q3 results reflect a classic timing mismatch where holiday seasonality suppresses revenue/income, masking the underlying strength of new AI offerings and the NINJAPAN acquisition.
- The company is executing a balance sheet deleveraging strategy through asset contraction, which simultaneously strengthens its equity ratio. While this improves balance sheet quality and financial safety, it comes at the cost of reduced scale.
- The intense focus on AI for operational efficiency (cost reduction) and compliance (regulatory tailwinds) is becoming a standard requirement for information service providers.
2026年３月期 第３四半期決算短信〔日本基準〕(連結)
アイチ (63450)
株式会社アイチコーポレーション (6345) FY2026 Q3
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 38153 | 3858 | 4435 | 3519 |
| YoY | -7.8% | -9.5% | -9.3% | -6.6% |
| Fcst (mil yen) ○ | 61000 | 7600 | 8300 | 6500 |
| YoY | +2.9% | +2.1% | +0.9% | +2.6% |
| Prog | 62.5% | 50.8% | 53.4% | 54.1% |
| Dividends ○ 2026年3月期(予想) | YE 30.00, Total 60.00 · EPS 98.34 | |||
Year-to-date results declined due to structural cost inflation and a one-off Q1 tailwind, though the third quarter (Oct-Dec) demonstrated a sequential recovery driven by operational cost cuts.
Business highlights
- Cost structure / Profitability Sequential Q3 performance improved with revenue and profit growth, overcoming the Q1 trough through process optimization and expense management.
- Service Business Revenue Service revenue grew sequentially, but year-to-date figures were depressed by a one-off boost from a previous truck certification issue resolution.
- Operating Environment Persistent inflation in materials and labor costs continues to pressure margins, outpacing management's efficiency efforts.
Financial position
- Leverage & Asset Structure Total assets contracted by approximately 14.0% quarter-over-quarter, signaling active balance sheet consolidation or asset sales.
- Net Equity & Solvency Net assets declined by 14.7% but the equity ratio remained robust at 83.1%, demonstrating strong equity support for the asset base.
- Capital Allocation Signal The reduction in net assets occurred at a faster pace than total assets, suggesting capital outflows to shareholders or debt reduction.
Analyst take
- The company is navigating a difficult environment where operational responsiveness (cost cuts) is currently driving performance more than top-line demand. The Q3 recovery proves management can execute, but the cumulative decline signals that structural inflation is a larger threat than cyclical demand.
- The company is focused on balance sheet quality, evidenced by a significant reduction in total assets while maintaining a fortress-like equity ratio above 80%. The structural reduction in the asset base suggests a strategy to shed non-core or low-yielding assets, which is typically viewed favorably by conservative investors.
- The service sector faces a 'cost-push' environment where labor and material inflation is a structural issue, distinct from typical demand cycles.
2026年3月期 第3四半期連結決算の概要 [FY2025]
日立 (65010)
financial results section missing: performance period
2026年3月期 第3四半期決算短信〔IFRS〕(連結)
日立 (65010)
FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 7501797 | 825715 | 908033 | 1026197 |
| YoY | +7.0% | +26.1% | +22.0% | +56.8% |
| Fcst (mil yen) ▲ | 10500000 | 1150000 | 1260000 | 1216000 |
| YoY | +7.3% | +18.4% | +16.3% | +26.3% |
| Prog | 71.4% | 71.8% | 72.1% | 84.4% |
| Dividends ○ 2026年3月期 | YE 23.00 · EPS 810000.00 | |||
Strong revenue growth drives significant earnings leverage, resulting in a 56.8% surge in net profit driven by a favorable product mix and operational efficiency.
Business highlights
- Revenue Momentum Sales increased 7.0% year-over-year, reflecting healthy demand and a shift in product mix.
- Profitability Expansion Operating profit surged 26.1% year-over-year, outpacing sales growth through operating leverage.
- Net Income Earnings Power Net profit jumped 56.8% year-over-year, reflecting superior earnings quality and potential FX tailwinds.
Financial position
- Total Asset Growth Total assets increased significantly to 14.68 trillion yen, representing a year-over-year increase of approximately 10.5%.
- Equity Base Expansion Shareholders' equity rose to 6.55 trillion yen, an increase of roughly 520 billion yen compared to the previous year.
- Non-controlling Interest (NCI) Structure The ratio of non-controlling interests to total assets remained stable at 43.3%.
- Leverage and Liquidity Data Gap Data provided is restricted to equity totals; specific leverage ratios, debt levels, working capital, and cash flow movements are not visible.
Analyst take
- The company is successfully executing its growth strategy, achieving outsized profit growth through a combination of volume expansion and strict cost discipline.
- The balance sheet demonstrates robust growth in both assets and equity, likely driven by retained earnings rather than debt issuance. However, the lack of debt data and working capital metrics is a significant constraint for valuation.
- Demonstrates that leading industrial players can maintain momentum in a complex environment, potentially pressuring peers to accelerate their own transformation efforts.
2026年３月期 第３四半期 決算短信〔日本基準〕（連結）
コニシ (49560)
コニシ株式会社 (4956) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 100978 | 7584 | 8070 | 6078 |
| YoY | -1.5% | -9.9% | -9.4% | +1.3% |
| Fcst (mil yen) ○ | 142000 | 10670 | 11200 | 8100 |
| YoY | +4.5% | +0.2% | +0.1% | +0.2% |
| Prog | 71.1% | 71.1% | 72.1% | 75.0% |
| Dividends ○ 2026年3月期(予想) | YE 19.00, Total 38.00 · EPS 122.06 | |||
Sales declined slightly, while operating profit collapsed significantly, though net income remained stable due to favorable FX or tax impacts.
Business highlights
- Top-line momentum Revenue decreased 1.5% year-over-year.
- Profitability Operating profit dropped 9.9% year-over-year despite flat sales.
- Bottom-line resilience Net income increased 1.3% year-over-year despite broader profit deterioration.
- Disclosure quality The provided text consists solely of a standard disclaimer regarding forward-looking statements and assumptions.
Financial position
- Leverage and Equity Ratio Equity ratio contracted from 63.1% to 62.3% as total assets expanded faster than net assets.
- Net Asset Quality Net assets increased to 87,150 million yen, demonstrating positive accumulation of shareholder equity.
Analyst take
- The company is facing structural margin pressure as operating costs are outpacing sales growth, though cash flow is being supported by non-operating items.
- The balance sheet remains in a strong position with an equity ratio comfortably above 60%, yet the slight contraction suggests a shift towards a more asset-heavy structure.
- Suggests sector-wide pricing pressure or input cost inflation affecting peers similarly.
2026年３月期 第３四半期決算短信〔ＩＦＲＳ〕（連結）
日立建機 (63050)
日立建機株式会社 (6305) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 979349 | 92592 | 91972 | 63169 |
| YoY | -1.2% | -11.4% | -8.2% | -8.9% |
| Fcst (mil yen) ▲ | 1370000 | 137000 | 128000 | 78000 |
| YoY | -0.1% | -5.5% | -4.6% | -4.2% |
| Prog | 71.5% | 67.6% | 71.9% | 81.0% |
| Dividends ○ 2026年3月期（予想） | YE 100.00, Total 175.00 · EPS 366.66 | |||
Sales dipped slightly despite successful price hikes, but operating profit declined significantly due to US tariffs, FX, and growth investments, though cash flow improved due to asset reviews.
Business highlights
- Geographic Sales Mix Sales declined slightly YoY, driven by weaker OEM and Oceania sales, but offset by robust independent expansion in Europe, Asia, and the US.
- Profitability Drivers Operating profit decreased due to a mix of external headwinds (tariffs, FX) and internal costs (growth investments), despite benefits from price increases.
- Cash Flow Generation Operating and free cash flow increased YoY due to the review of office lease assets, improving financial flexibility.
- Accounting Standards Q3 figures restated to exclude non-core parts services as discontinued operations under new IFRS standards.
Financial position
- Leverage & Liabilities Liabilities decreased by approximately 235.6 million yen despite an increase in total assets.
- Cash Generation Equity increased by 61.9 billion yen, tracking closely with the 62.9 billion yen increase in total assets.
- Capital Allocation Significant balance sheet expansion driven by internal capital retention rather than shareholder returns.
Analyst take
- The company is navigating a complex transition where pricing power is validated, but profitability is currently constrained by external macro factors (tariffs/FX) and strategic investment for the future.
- The company is demonstrating strong balance sheet resilience through deleveraging and asset accumulation.
- Reflects the broader challenges facing Japanese exporters regarding US trade policy and currency volatility, while demonstrating a shift towards higher-value independent expansion models.
2026年３月期 第３四半期決算短信[日本基準]（連結）
コア (23590)
株式会社コア (2359) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 19326 | 2888 | 2949 | 2047 |
| YoY | +7.9% | +36.8% | +34.5% | +46.2% |
| Fcst (mil yen) ○ | 27000 | 3500 | 3600 | 2500 |
| YoY | +9.8% | +10.2% | +10.2% | +11.5% |
| Prog | 71.6% | 82.5% | 81.9% | 81.9% |
| Dividends ○ 2026年3月期（予想） | YE 45.00, Total 60.00 · EPS 174.13 | |||
Earnings beat expectations driven by margin expansion in high-value solution segments (Future Society & Industrial Tech), offsetting a decline in the traditional Customer Business Integration segment.
Business highlights
- Operating Profit Expansion Operating profit surged 36.8% (+569M yen) despite only 7.9% revenue growth, driven by a structural shift toward higher-margin solutions.
- Future Society Solutions Strong double-digit revenue (+13.4%) and massive profit (+291.7%) growth driven by Public, Energy, and Healthcare sectors.
- Industrial Technology Solutions Revenue (+16.4%) and profit (+33.5%) grew robustly, supported by demand for IoT/AI systems and semiconductor-related development.
- Customer Business Integration Revenue and profit declined (-7.2% and -9.7%) as dev projects shrank and work migrated to other segments.
- M&A and Geographic Expansion Acquired Soft Distribution Center in Kyushu to strengthen capabilities in Public, Medical, AI, and Semiconductor markets.
Financial position
- Net Asset Growth Net assets increased by 1,340 million yen (7.2%) compared to the previous fiscal year-end.
- Leverage & Solvency The equity ratio improved to 74.1% (up 0.5 percentage points) despite the expansion of total assets.
- Asset Expansion Total assets expanded by 1,652 million yen (6.6%) over the period.
Analyst take
- The company is successfully transitioning from general IT development to high-margin social solutions. The profit beat is structural, driven by mix shift rather than just volume, though the decline in the Customer Business Integration segment requires monitoring.
- The balance sheet demonstrates high resilience characterized by a strong equity ratio and improving solvency metrics. The company appears to be expanding its asset base while maintaining a conservative capital structure.
- Demand for AI and IoT solutions remains robust, supporting a broader industry shift away from traditional system integration.
2025年12月期 決算短信〔米国基準〕（連結）
キヤノン (77510)
キヤノン株式会社 (7751) FY2025
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 4624727 | 455390 | 482059 | 332053 |
| YoY | +2.5% | +62.8% | +60.1% | +107.5% |
| Fcst (mil yen) | 4765000 | 479000 | 495000 | 341000 |
| YoY | +3.0% | +5.2% | +2.7% | +2.7% |
| Prog | 97.1% | 95.1% | 97.4% | 97.4% |
| Dividends 2026年12月期(予想) | YE 160.00, Total 40.20 · EPS 394.31 | |||
Significant YoY profitability expansion driven by margin recovery, though management cautions that forecasts are subject to substantial uncertainty and risk factors.
Business highlights
- Profitability Surge Net profit surged 107.5% and operating profit 62.8% year-over-year, while sales grew modestly by 2.5%.
- Forecast Risk Management Management explicitly warns that reported forecasts and future outlooks are based on currently available information and contain significant risks and uncertainties.
- Segmental Reporting Structure Results are broken down by business type segments and financial status segments.
Financial position
- Leverage and Liabilities Total assets expanded significantly (+6.4%) while total equity grew modestly, resulting in a slight reduction in the equity ratio.
- Shareholder Equity Quality Book value per share increased by approximately 11% to 3,974.81 yen, signaling strong earnings retention despite the leverage shift.
- Asset Structure Total assets grew by roughly 368.8 billion yen, indicating active capital investment or scale expansion.
Analyst take
- The massive divergence between sales (flat growth) and profit (double-digit growth) suggests a normalization of margins rather than a fundamental demand boom. The heavy emphasis on forecast risk implies these gains are likely driven by one-off factors like FX or component costs rather than organic volume.
- The balance sheet reveals a trade-off between aggressive asset expansion and conservative equity building. While the company is generating significant book value per share, the slight dip in the equity ratio suggests a subtle increase in financial risk.
- Suggests that the broader industrial sector may be experiencing a cyclical margin recovery phase driven by external cost factors rather than strong end-market demand.
2026年3月期第3四半期業績概要（決算説明会資料）
アンリツ (67540)
- Guidance for the full year 2026 remains unchanged from the forecast announced on April 25th.
- Q3 (Oct-Dec) operating profit increased 31% year-over-year to 84 billion yen, with net profit up 29% to 63 billion yen.
- Communications Measurement demand is recovering gradually despite cautious investment, driven by green data centers and GenAI.
- PQA segment showed strength from domestic inbound demand, while Environmental segment demand was impacted by US tariffs on EV equipment.
- Full-year forecast targets sales of 1,230 billion yen (+9%) and operating profit of 150 billion yen (+24%).
2026年３月期第３四半期決算短信〔日本基準〕(非連結)
ショクブン (99690)
株式会社ショクブン (9969) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 4644 | 90 | 83 | 58 |
| YoY | - | - | - | - |
| Fcst (mil yen) ○ | 6531 | 119 | 107 | 87 |
| YoY | +7.8% | +554.5% | - | - |
| Prog | 71.1% | 75.6% | 77.6% | 66.7% |
| Dividends ○ 2026年3月期(予想) | YE 2.50, Total 2.50 · EPS 4.96 | |||
Cost control measures successfully mitigated margin pressure, though aggressive marketing is required to arrest declining active user trends amidst inflationary headwinds.
Business highlights
- Customer Retention Strategy Active user decline decelerated following targeted marketing efforts on digital platforms and mass media.
- Cost Structure Efficiency Total SG&A decreased despite rising labor costs due to expense reviews and operational streamlining.
- Macroeconomic Pressure Inflation and fierce competition continue to suppress demand and complicate market expansion.
Financial position
- Leverage and Liabilities Total liabilities contracted significantly by approximately 545 million yen (19.6%) while net assets rose by 20 million yen, driven by a reduction in total assets.
- Net Asset Composition Net assets increased by 20 million yen (0.8%) despite a 10.1% contraction in total assets, indicating a strategic focus on strengthening the equity base.
- Equity Ratio The equity ratio strengthened to 52.1% from 46.5%, reflecting a 5.6 percentage point increase in financial leverage.
Analyst take
- The company is effectively navigating the cost side of the equation, but the top-line challenge remains customer retention. The shift to digital channels and cashless operations suggests a structural upgrade in efficiency, but the impact on user churn needs monitoring.
- The company is actively deleveraging, likely through asset divestiture or debt reduction, resulting in a significantly stronger balance sheet profile.
- The food delivery sector is facing a deflationary pressure on margins due to inflation. Differentiation through marketing and operational efficiency is becoming the primary competitive battleground.
2026年3月期 第3四半期決算補足説明資料
伯東 (74330)
financial results section missing: performance period
業績予想の修正に関するお知らせ
日糧パン (22180)
- Sales forecast remains unchanged at 19,000 million yen.
- Operating profit forecast cut to 120 million yen due to rising personnel and material costs.
- Net profit forecast lowered to 70 million yen and EPS lowered to 33.45 yen.
- Sales expected to exceed prior year due to product quality improvements and development.
2026年3月期第3四半期決算短信〔日本基準〕(連結)
ピーシーエー (96290)
ピー・シー・エー株式会社 (9629) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 12762 | 1908 | 1923 | 1225 |
| YoY | +5.8% | -9.4% | -10.4% | -15.1% |
| Fcst (mil yen) ○ | 17539 | 2543 | 2530 | 1649 |
| YoY | +8.0% | -3.6% | -5.9% | -5.3% |
| Prog | 72.8% | 75.0% | 76.0% | 74.3% |
| Dividends ○ 2026年3月期（予想） | YE 95.00, Total 95.00 · EPS 82.26 | |||
Strong cloud revenue growth of 14.7% offsets a 12.9% decline in legacy maintenance revenue, but operating profit drops 9.4% due to significantly increased R&D investment and margin compression during the transition to a recurring model.
Business highlights
- Cloud revenue momentum Cloud services revenue increases 14.7% year-on-year (YoY) to 7,905 million yen, driven by ARR growth of 14.1% and the release of new AI-based solutions.
- Maintenance revenue decline Maintenance revenue falls 12.9% YoY to 2,459 million yen, indicating a structural shift away from traditional on-premise contracts.
- Margin pressure & R&D investment Operating profit decreases 9.4% YoY despite revenue growth, primarily due to a 13.4% increase in development and outsourcing costs.
- Customer retention stability Churn rate remains stable at 0.25% YoY, with ARPU slightly decreasing to 262 thousand yen.
Financial position
- Leverage & Asset Base Total assets declined by approximately 4.3% (from 34,974 to 33,481 million yen), while the equity ratio improved to 55.4%.
- Net Asset Base Net assets decreased to 18,719 million yen, a drop of approximately 3% compared to the previous year-end.
- Shareholder Value (Book Value) Net assets per share fell to 924.31 yen, reflecting the contraction in the asset base.
Analyst take
- The company is undergoing a classic 'revenue transition' where legacy maintenance income is decoupling from growth, creating a gap between top-line and bottom-line expansion. The investment in R&D (Cloud, AI, Hub) is the catalyst for the future ARR, but it is currently weighing on operating margins.
- The company is executing a balance sheet optimization strategy, evidenced by a reduction in total assets and a strengthening of the equity ratio. This indicates a conservative risk profile.
- SME digitalization and cloud migration remain key themes. The focus on 'AI implementation' and 'One-stop support' suggests PCA is competing not just on software features but on solving complex operational workflows for small businesses.
2026年３月期 第３四半期決算補足説明資料
コア (23590)
financial results section missing: performance period
2026年３月期第３四半期決算説明
ホギメディ (35930)
- Q3 YTD sales decreased 4.3% to 287.1 billion JPY.
- Q3 YTD operating profit decreased 38.7% to 20.8 billion JPY.
- Q3 YTD net profit decreased 47.4% to 14.3 billion JPY.
- Revised full-year FY2026 sales forecast to 392.4 billion JPY.
- FY2026 operating profit forecast remains 27.7 billion JPY.
- FY2026 net profit forecast remains 20.3 billion JPY.
- Profit decline driven by lower kit and non-woven sales, increased raw material costs, and restructuring expenses.
- Management accelerating 11 structural reform programs to transition to a solution provider model.
2026年３月期 第３四半期決算説明資料
Ｇ－ドリコム (37930)
- Q3 revenue reached a record high of 5,062 million JPY.
- Q3 operating profit increased to 671 million JPY.
- Full-year guidance targets revenue of 17,500 million JPY and operating profit of 500 million JPY.
- No dividends are expected for the current fiscal year.
- “Wizardry Variants Daphne” achieved record high quarterly sales volume.
- Targets 20%+ annual sales growth and 2.9% operating margin starting from 2027 Q3.
- Development pipeline includes “Tokyo Stories” (PC/Console) and “Demon’s Night Fever” (Console).
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
メディアリンクス (66590)
株式会社メディアリンクス (6659) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 1570 | -545 | -567 | -591 |
| YoY | +4.8% | - | - | - |
| Fcst (mil yen) ○ | 3260 | 17 | 7 | -33 |
| YoY | +16.9% | - | - | - |
| Prog | 48.2% | -3205.9% | -8100.0% | - |
| Dividends ○ 2026年3月期（予想） | - · EPS -0.71 | |||
Sales increased 4.8% year-on-year, but the company is reporting significant operating and net losses, indicating a disconnect between revenue generation and profitability.
Business highlights
- Revenue Momentum Sales increased 4.8% year-on-year to 1,570 million yen.
- Profitability & Cost Structure Operating profit and net profit remain deep in the red at (-545m and -591m yen respectively).
Financial position
- Leverage and Liability Reduction The company underwent significant deleveraging, with total assets decreasing slightly while net assets surged, driving the equity ratio from 65.5% to 87.7%.
- Net Asset Quality Although total net assets increased by 32.2% to 3.23 billion JPY, the net assets per share decreased by 14.9%.
- Asset Base Structure Total assets contracted by 0.9% (from 3,668m to 3,634m JPY), indicating a conservative approach to asset accumulation rather than aggressive expansion.
Analyst take
- The company is exhibiting resilience in top-line performance but is failing at bottom-line conversion, likely due to structural cost issues or aggressive pricing.
- The balance sheet has fundamentally transformed into a highly conservative structure with an extremely high equity ratio. The divergence between rising total net assets and falling NAV per share suggests a structural change in share count (likely a split or issuance) accompanying the debt reduction.
- Indicates potential intense competitive pressure or cyclical downturn in the sector where pricing power is eroding margins.
2025年度第3四半期決算概要
富士通 (67020)
- 9-month revenue increased 1.8% to 24,511 billion yen; adjusted operating profit surged 67.1% to 2,291 billion yen.
- Q3 consolidated sales reached 8,846 billion yen with adjusted operating profit of 1,078 billion yen.
- Services Solutions revenue grew 6.1% with profit up 33.8%; Hardware Solutions profit increased 161.6% despite 5.6% lower revenue.
- Uvance vertical orders increased 133% and horizontal orders increased 145% year-to-date.
- Foreign regions sales for Q3 2025 reached 1,463 billion yen.
- Annual adjusted operating income forecast raised by 200 billion yen; adjusted net income forecast raised by 250 billion yen.
- Services domestic revenue forecast increased by 8.7% and adjusted operating income forecast increased by 25.9%.
- Free cash flow forecast increased by 263 billion yen; dividend raised by 20 yen per share (annual 50 yen); total shareholder return target increased by 393 billion yen.
- 9-month cumulative revenue increased 431 billion yen YoY and adjusted operating income improved 131 billion yen YoY.
2026年3月期 配当予想の修正に関するお知らせ
富士通 (67020)
- Revised annual dividend per share forecast to 50 yen from 30 yen.
- Consolidated performance forecast for fiscal year ending March 2026 revised upward.
- Net income expected to exceed previous forecast.
- Free cash flow expected to increase.
- Final dividend for fiscal year 2026 scheduled for Board decision in May 2026.
配当予想の修正（無配）に関するお知らせ
Ｇ－ドリコム (37930)
- Revised 2026 Q3 dividend expectation to 0 JPY (no dividend).
- Q1 game sales fell short of assumptions, resulting in impairment losses.
- Full-year outlook revised due to these factors, though consolidated earnings forecasts remain unchanged.
2026年３月期 第３四半期決算短信〔ＩＦＲＳ〕（連結）
コナミグループ (97660)
コナミグループ株式会社 (9766) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 353020 | 101817 | 101788 | 105042 |
| YoY | +13.6% | +16.8% | +17.4% | +18.3% |
| Fcst (mil yen) ▲ | 468000 | 131000 | 123000 | 123000 |
| YoY | +11.0% | +20.1% | +20.7% | +18.3% |
| Prog | 75.4% | 77.7% | 82.8% | 85.4% |
| Dividends ▲ 2026年3月期（予想） | YE 107.50, Total 190.50 · EPS 86000.00 | |||
Group achieved record-high earnings driven by strong digital entertainment sales, while global economic uncertainty remains a key headwind.
Business highlights
- Digital Entertainment Performance Digital Entertainment titles drove record-breaking revenue and profit across all financial categories.
- Structural Restructuring Arcade game business spun off into a separate subsidiary to improve management focus and reporting clarity.
- Global Macro Headwinds Global economic outlook remains uncertain, with risks stemming from US trade policy and China economic concerns.
Financial position
- Leverage and Capital Structure Equity ratio improved to 75.5% (up 3.0 percentage points), signaling a very conservative financial position with a high buffer against risks.
- Net Worth Accumulation Parent company attributable equity grew by approximately 55.0 billion yen, reflecting strong internal capital generation or conservative retention.
- Asset Base Expansion Total assets increased by 45.8 billion yen, suggesting business expansion.
- Cash Generation vs Profit Strong equity accumulation suggests earnings retention is outpacing asset depreciation, implying potential cash generation strength.
Analyst take
- Digital Entertainment is the clear growth engine, justifying the company's premium valuation, but the spin-off creates a 'Other' bucket containing Pachislot which might obscure sector performance.
- The balance sheet exhibits exceptional strength characterized by a high equity ratio (75.5%), indicating a conservative leverage profile.
- Digital conversion is successful for Japanese content firms, while physical hardware segments face restructuring pressures.
業績予想及び配当予想の修正に関するお知らせ
コナミグループ (97660)
- Revised 2026 fiscal year consolidated earnings forecast: Sales increased by 8.8% to 468 billion yen; net profit attributable to parent increased by 14.7% to 86 billion yen.
- Performance improvement driven by strong Digital Entertainment segment, specifically “eFootball™” titles, leading to higher-than-expected progress in the third quarter.
- Revised annual dividend forecast: Total dividend increased to 298 yen per share due to the revised earnings outlook.
- Final dividend increased to 190.5 yen per share to maintain the target dividend payout ratio of over 30%.
業績予想の修正に関するお知らせ
大同特鋼 (54710)
- Revised full-year consolidated forecast for FY ending March 2026.
- Revenue forecast raised to 575 billion yen from 565 billion yen.
- Operating profit forecast raised to 36 billion yen from 33 billion yen.
- Net profit forecast raised to 25.5 billion yen from 23.5 billion yen.
- Revision driven by higher iron scrap prices, firm orders, and yen depreciation.
2026年3月期 第3四半期決算短信〔ＩＦＲＳ〕（連結）
富士通 (67020)
financial results section missing: forecast rows
２０２６年３月期 第３四半期決算説明会
大同特鋼 (54710)
- FY25 Q3 revenue and profit decreased YoY due to lower steel volume and free forging orders.
- FY25 full-year profit forecast raised reflecting upside from strong orders and a weaker Yen.
- FY25 full-year expects 3.3 billion JPY in one-time costs for production allocation changes.
- Q3 FY2026 Adjusted Operating Profit reached 72 billion JPY.
- Q3 FY2026 Functional/Magnetic Materials contributed 27 billion JPY.
- Q3 FY2026 Special Steel Materials contributed 11 billion JPY.
- FY2026 full-year Adjusted Operating Profit forecast is 124 billion JPY.
- FY2026 Special Steel Materials forecast is 101 billion JPY.
- FY2026 Functional/Magnetic Materials forecast is 124 billion JPY.
- FY2026 Auto Parts/Industrial Machinery forecast is 85 billion JPY.
受注損失引当金の計上及び通期連結業績予想の修正に関するお知らせ
セゾンテクノロジー (96400)
- Recognized 439 million yen in order loss reserves in Q3 due to high load in data platform projects.
- Revised 2026 full-year forecast downward: sales -5.6%, operating profit -43.5%, and net profit -46.9%.
- Sales decreased due to delays in system development and license sales caused by resource allocation to HULFT Square projects.
- Net profit decreased due to lower sales volume and the recognition of order loss reserves.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
さくらＫＣＳ (47610)
株式会社さくらケーシーエス (4761) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 16065 | 539 | 710 | 494 |
| YoY | +4.7% | -7.2% | +6.1% | -25.6% |
| Fcst (mil yen) ○ | 22900 | 1400 | 1550 | 1070 |
| YoY | +1.6% | +1.6% | +3.8% | -6.6% |
| Prog | 70.2% | 38.5% | 45.8% | 46.2% |
| Dividends ○ 2026年3月期(予想) | YE 17.00, Total 34.00 · EPS 95.54 | |||
Sales grew 4.7% driven by system construction and industrial equipment sales. Profitability was weighed down by heavy investment in HR and Gen AI R&D, while net profit declined due to a one-off reversal of securities gains.
Business highlights
- Revenue Growth Sales increased 4.7% YoY, driven by system construction across all segments and increased sales of system equipment in the industrial department.
- Project Selection & Quality Margin expansion was achieved through a continued focus on high-revenue projects and suppression of unprofitable projects.
- Investment in Future Capabilities Operating profit decreased as the company prioritized investment in recruitment, training, salary hikes, and Gen AI R&D.
- Net Profit Anomaly Net profit dropped 25.6% YoY due to a reversal of investment securities gains recorded in the previous year.
Financial position
- Net Asset Position Net assets increased by 544 million yen (2.7%) to 20,410 million yen, while total assets decreased by 534 million yen.
Analyst take
- Underlying operational momentum is positive, with revenue and project selection improving. The profit squeeze is intentional and structural (investment in AI and talent), while the net profit decline is purely accounting-driven.
- The balance sheet exhibits conservative characteristics with a substantial equity cushion. The improvement in the self-capital ratio to 81.6% indicates prudent capital management.
- The focus on Gen AI R&D and personnel investment suggests a broader trend among IT services firms to upgrade capabilities amidst client demand for digital transformation.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
セゾンテクノロジー (96400)
株式会社セゾンテクノロジー (9640) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 16364 | 934 | 953 | 606 |
| YoY | -11.5% | -40.0% | -39.2% | -41.0% |
| Fcst (mil yen) ▲ | 22100 | 1300 | 1300 | 850 |
| YoY | -9.4% | -39.3% | -39.8% | -43.6% |
| Prog | 74.0% | 71.8% | 73.3% | 71.3% |
| Dividends ○ 2026年3月期（予想） | YE 45.00, Total 90.00 · EPS 52.47 | |||
The company is executing a strategic pivot from pure outsourcing to data interconnection, evidenced by strong growth in iPaaS (HULFT Square) and improved efficiency in System Outsourcing, though current margins are compressed by project overloads and transition costs.
Business highlights
- Data Platform Expansion Sales grew 13.8% driven by iPaaS 'HULFT Square' amid GenAI/legacy migration demand, but the operating loss widened due to project overloads and a 439m provision for unearned costs.
- System Outsourcing Optimization Revenue declined 24.8% as major distribution projects wound down, yet operating profit surged 112.8% due to cost optimization and resource re-allocation.
- Strategic Transition Costs A 439m provision for unearned costs and increased SG&A suppressed operating margins despite solid sales performance.
- HULFT Standard Products Sales declined slightly as large license orders dried up, though recurring support revenue remained stable.
Financial position
- Net Assets Net assets decreased by 822 million yen year-on-year, falling from 14,235 million yen in FY2025 to 13,413 million yen in FY2026 Q3.
- Total Assets Total assets contracted by 502 million yen, decreasing from 21,179 million yen in FY2025 to 20,677 million yen in FY2026 Q3.
- Equity Ratio The equity ratio declined by 2.3 percentage points, dropping from 67.2% in FY2025 to 64.9% in FY2026 Q3.
Analyst take
- The company is successfully executing its '4 Shifts' strategy, moving away from volume-based outsourcing toward value-based data integration. The divergence between the Data Platform's revenue growth and profit contraction suggests management is prioritizing market share and customer adoption over short-term margins.
- The company is actively reducing the size of its balance sheet, evidenced by the decline in both total assets and net assets. This suggests a capital allocation strategy focused on deleveraging or returning capital to shareholders rather than aggressive expansion.
- The strong performance of 'HULFT Square' and the case study with Shinsei SBI suggests intense competition in the iPaaS and GenAI integration space. The market is rewarding companies that can successfully bridge legacy systems with modern AI workloads.
2026年３月期 第３四半期決算短信〔ＩＦＲＳ〕（連結）
大同特鋼 (54710)
大同特殊鋼株式会社 (5471) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 430230 | 31190 | 29728 | 33209 |
| YoY | -0.9% | -8.5% | -12.7% | -9.4% |
| Fcst (mil yen) ▲ | 575000 | 36000 | 36900 | 37500 |
| YoY | 0.0% | -8.6% | -16.0% | -12.1% |
| Prog | 74.8% | 86.6% | 80.6% | 88.6% |
| Dividends ○ 2026年3月期（予想） | YE 27.00, Total 49.00 · EPS 25500.00 | |||
Revenue dipped slightly due to weaker auto sector orders, while profitability fell more sharply driven by one-time restructuring costs and sustained high raw material inflation.
Business highlights
- Automotive sector demand Sales decreased 0.9% due to a reduction in orders from the key automotive customer segment.
- Profitability & restructuring Operating profit declined 8.5% due to a 2.716 billion yen one-time cost associated with a production allocation change for a process reform project.
- Raw material costs High scrap steel prices continue to pressure margins despite ongoing cost reduction initiatives.
Financial position
- Balance Sheet Expansion Total assets increased by 4.1% (approx. 32 billion JPY) compared to the previous quarter.
- Equity Ratio Equity ratio remained stable at 55.0% against Total Assets.
- Parent Equity Accumulation Equity attributable to parent owners grew by 4.4% (approx. 19 billion JPY).
Analyst take
- The earnings miss is driven by a combination of cyclical auto demand weakness and structural transition costs. The company is actively managing raw material costs, but the immediate margin recovery depends on the successful conclusion of the process reform project.
- The financial position exhibits a conservative profile characterized by a solid equity ratio (~55%) and steady asset growth. The alignment between asset and capital growth suggests a stable, organic expansion strategy.
- Weakness in the automotive sector is likely broader than just Daido, affecting peers who rely on OEM volumes. However, the ability to maintain pricing power amidst high raw material costs is a key differentiator for specialty steelmakers.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
Ｇ－ドリコム (37930)
株式会社ドリコム (3793) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 13301 | 96 | 40 | -1741 |
| YoY | +62.2% | - | - | - |
| Fcst (mil yen) ○ | 17500 | 500 | 400 | -1300 |
| YoY | +38.3% | +346.4% | +650.4% | - |
| Prog | 76.0% | 19.2% | 10.0% | - |
| Dividends ▲ 2026年3月期（予想） | - · EPS -45.23 | |||
DRACO reported a 62.2% sales surge driven by the strong performance of the self-distributed mobile game 'Wizardry Variants Daphne' and digital publishing, though net income remained negative due to a one-time impairment charge on a previously released title.
Business highlights
- Self-Publishing Success Games segment sales surged 66.9% YoY driven by the 1st anniversary of the self-distributed title 'Wizardry Variants Daphne'.
- Net Profit Impact Net loss widened to -1,741m JPY due to a special impairment loss of 1,563m JPY recorded in the previous quarter for a mobile game released at the end of fiscal 2024.
- Content Publishing Growth Content segment loss narrowed to 643m JPY despite a drop in one-time Web3 income, supported by rapid adoption of digital comics and strong IP properties.
Financial position
- Leverage and Liabilities Net assets contracted to 3,118 million yen; equity ratio declined from 34.6% to 31.4%.
- Structural Asset Reduction Total assets decreased by approximately 29% (from 13,506 to 9,610 million yen).
- Book Value Composition Book value per share collapsed by approximately 36% (from 162.48 to 104.42 yen).
Analyst take
- The company is executing a 'pivot' strategy; the sales boom is driven by one successful flagship title ('Daphne'), while the impairment reflects the risk of failed launches. The narrowing of the content segment loss suggests disciplined cost control in new ventures.
- The company has undergone a significant deleveraging or restructuring event, evidenced by the near 30% contraction in total assets. The sharp drop in the equity ratio and book value per share suggests assets were sold or written down, eroding shareholder capital.
- Highlights the volatility of the mobile gaming sector where a single self-published hit can drive massive growth, but balance sheets remain exposed to the failure of other projects in the pipeline.
2026年3月期 期末配当予想の修正（増配）に関するお知らせ
神戸電鉄 (90460)
- Revised annual dividend forecast to 25 yen per share, up 5 yen from the previous 20 yen forecast.
- Consolidated earnings expected to improve due to effects from Expo Osaka-Kansai, fare adjustments, and fixed asset disposal gains.
- Decision made to increase dividend to enhance profit distribution to shareholders amid stronger financial performance.
2026年3月期 第3四半期決算補足説明資料
神戸電鉄 (90460)
financial results section missing: performance period
連結業績予想の修正に関するお知らせ
シンプレクスＨＤ (43730)
- Upward revision of 2026 fiscal year consolidated forecast.
- Sales forecast increased to 58.0 billion yen; operating profit to 1.43 billion yen.
- Net profit forecast increased to 1.422 billion yen; EPS to 42.14 yen.
- Revision driven by solid DX demand and improved production capacity.
- Plans to increase hiring and R&D investment to support long-term growth.
2026年３月期 第３四半期決算短信〔ＩＦＲＳ〕（連結）
シンプレクスＨＤ (43730)
シンプレクス・ホールディングス株式会社 (4373) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 42532 | 10816 | 10772 | 7288 |
| YoY | +24.7% | +54.4% | +55.0% | +55.7% |
| Fcst (mil yen) ▲ | 58000 | 14300 | 14218 | 9666 |
| YoY | +22.4% | +32.4% | +32.5% | +24.2% |
| Prog | 73.3% | 75.6% | 75.8% | 75.4% |
| Dividends ○ 2026年3月期（予想） | YE 18.00, Total 18.00 · EPS 9666.00 | |||
Record-breaking Q3 results with double-digit sales growth and significant margin expansion driven by SI and O&M, though DX Consulting growth diluted margins and SG&A increased due to aggressive hiring.
Business highlights
- Revenue Momentum Sales reached a record high of 42,532 million yen (+24.7% YoY), driven by robust demand in SI and O&M alongside strong DX Consulting wins.
- Margin Profile Company-wide gross margin expanded to 43.7% (+3.0pp), but Strategy/DX Consulting margin contracted to 47.3% (-2.1pp) despite higher revenue.
- Cost Structure SG&A increased 19.9% due to expansion of new graduates and mid-career hiring, while R&D costs declined 13.7%.
Financial position
- Asset Base Expansion Total assets increased approximately 11.5% year-over-year to ¥88.1 billion.
- Leverage Ratio Equity attributable to owners increased to ¥52.9 billion, but the equity ratio declined to 60.1% from 61.8%.
- Capital Structure Adjustment 4-for-1 stock split effective Dec 1, 2025; comparative FY2025 data adjusted for the split.
Analyst take
- The company is executing well with record sales, but the composition is shifting. The strong SI/O&M contribution is masking a margin weakness in the high-growth DX Consulting segment. The significant R&D cut is concerning for long-term competitiveness.
- The balance sheet remains robust with a high equity ratio (>60%), indicating a strong financial foundation. However, the slight narrowing of the equity ratio suggests assets are growing faster than equity, which warrants attention regarding the nature of this growth (e.g., inventory build-up vs. acquisition).
- Strong top-line performance across SI and DX segments indicates a healthy domestic IT services market with sustained client spending.
業績予想の修正及び配当予想の修正に関するお知らせ
Ｐ－テクノスマイル (333A0)
- Revised 2026 March fiscal year sales forecast up 11.4% to 14.609 billion yen; net profit forecast up 38.4% to 412 million yen.
- Revised 2026 March fiscal year operating profit forecast up 40.4% to 610 million yen; ordinary profit forecast up 37.9% to 620 million yen.
- Drivers: Increased auto production boosted labor demand and dispatched personnel volumes.
- Total annual dividend forecast revised up to 418 yen per share from 298 yen.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
Ｇ－Ｊストリーム (43080)
株式会社Ｊストリーム (4308) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 8847 | 649 | 680 | 386 |
| YoY | -0.6% | -22.7% | -21.3% | -24.6% |
| Fcst (mil yen) ○ | 12136 | 933 | 952 | 546 |
| YoY | +2.8% | +1.8% | 0.0% | -0.9% |
| Prog | 72.9% | 69.6% | 71.4% | 70.7% |
| Dividends ○ 2026年3月期（予想） | YE 14.00, Total 14.00 · EPS 21.96 | |||
Revenue flat amid macro uncertainty; operating profit declined YoY due to margin expansion offset by ASP compression in the Pharma sector and one-off rollover effects in the OTT segment.
Business highlights
- EVC (Pharma) segment performance Pharma EVC underperformed YoY as multi-vendor trends reduced average prices and domestic demand remained weak despite stable foreign client requirements.
- EVC (Non-Med) segment momentum Non-medical EVC grew YoY driven by internal video adoption and web seminars, partially offset by a slump in virtual AGM demand.
- OTT segment dynamics OTT sales declined YoY due to the rollover effect of last year's large system equipment delivery, though underlying development and operation demand remains stable.
- Cost structure efficiency Gross margin improved 0.4pts YoY due to cost rationalization and internal production, outpacing increases in cloud/R&D expenses.
- M&A strategy Acquisition of IP-Stream HD has been consolidated to bolster media production capabilities, though integration costs may affect near-term margins.
Financial position
- Leverage Ratio Equity ratio remains exceptionally high at 80.0%, declining slightly from 80.1% in the prior year.
- Asset Base Expansion Total assets increased by 75 million yen (from 13,185 to 13,260 million yen) in the latest quarter.
- Net Asset Growth Net assets rose by 23 million yen (from 11,058 to 11,081 million yen), indicating profit retention.
Analyst take
- The profit decline is a mixed bag; the 0.4pt gross margin expansion is a positive sign of operating leverage, but the sales stagnation in the core Pharma segment is a concern. The Pharma sector is facing structural headwinds (multi-vendorization), while Non-Med and OTT show more resilience.
- The balance sheet demonstrates high quality and conservative management, characterized by a dominant equity position and minimal financial risk.
- The industry is seeing a split: Pharma is wrestling with ASP pressure and multi-vendor consolidation, while Media/Non-Med sectors are seeing stable demand for DX solutions. AI adoption is becoming a differentiator for retaining clients against the multi-vendor trend.
2026年３月期 第３四半期決算資料
沖縄セルラー (94360)
financial results section missing: performance period
2026年3月期 第3四半期決算短信［日本基準］（連結）
神戸電鉄 (90460)
神戸電鉄株式会社 (9046) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 17385 | 2401 | 1993 | 1377 |
| YoY | +4.9% | +18.9% | +16.2% | +12.0% |
| Fcst (mil yen) ▲ | 22990 | 2250 | 1650 | 1410 |
| YoY | +3.9% | +12.2% | +3.8% | +22.6% |
| Prog | 75.6% | 106.7% | 120.8% | 97.7% |
| Dividends ▲ 2026年3月期（予想） | YE 25.00, Total 25.00 · EPS 178.20 | |||
Revenue growth driven by the Transportation segment (Expo demand), offset by margin compression in Real Estate and Distribution due to acquisition costs and promotional expenses.
Business highlights
- Transportation segment outperformance Transportation sales and operating profit increased 8.4% and 44.2% respectively, driven by inbound demand from Expo 2025 and fare revisions.
- Real Estate revenue expansion, margin pressure Real estate revenue grew 3.9% due to new property acquisitions, but operating profit declined 7.9% as acquisition costs and management expenses outweighed rental income.
- Distribution margin compression Distribution revenue remained flat, but operating profit collapsed 68.4% driven by heavy promotional spending and one-off facility renovation costs.
Financial position
- Net Assets Net assets increased by approximately 1.37 billion yen to 24,906 million yen.
- Equity Ratio Equity ratio improved by 1.5 percentage points to 27.5%.
- Total Assets Total assets decreased slightly by 0.29% (approx. 267 million yen).
Analyst take
- Financial performance is bifurcated: the Transportation segment is riding a cyclical wave (Expo), while the Distribution segment is struggling with operational costs, and Real Estate is transitioning phases.
- The company demonstrated a notable strengthening of the balance sheet, with net equity rising while total assets contracted. This suggests efficient capital management or value creation despite a slight reduction in total asset scale.
- Rail operators in Kansai are beneficiaries of the Expo tourism boom, whereas retail chains in the region face margin pressure from shifting consumer spending and promotional intensity.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
沖縄セルラー (94360)
沖縄セルラー電話株式会社 (9436) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 64360 | 14350 | 14458 | 10103 |
| YoY | +3.1% | +4.5% | +4.9% | +6.6% |
| Fcst (mil yen) ○ | 85000 | 18200 | 18250 | 12550 |
| YoY | +0.8% | +2.5% | +1.8% | +1.2% |
| Prog | 75.7% | 78.8% | 79.2% | 80.5% |
| Dividends ○ 2026年3月期（予想） | YE 32.00 · EPS 133.53 | |||
Revenue and net profit improved driven by mobile service expansion and Okinawa's tourism recovery, though net subscriber additions dropped sharply and rising handset costs limited margin expansion.
Business highlights
- Mobile Revenue Growth Mobile revenue increased as digitalization and tourism in Okinawa boosted data traffic and service usage.
- Subscriber Acquisition Pressure Total subscribers grew modestly while net additions plummeted year-on-year, signaling a slowdown in new user acquisition.
- Cost Structure & Margin Operating leverage was constrained by higher handset sales costs despite revenue growth.
Financial position
- Leverage and Liabilities Net assets increased by 368 million yen while total assets decreased by 1,833 million yen, indicating a reduction in leverage.
- Equity Ratio The equity ratio strengthened to 83.0% from 81.6%, a notable 1.4 percentage point improvement.
- Asset Base Total assets contracted slightly (118,266 to 116,433 million yen), signaling an asset-lightening strategy.
Analyst take
- The company is benefiting from a specific regional tailwind (Okinawa tourism) and digitalization trends, but the sharp decline in net subscriber additions is a structural warning sign for the mobile base.
- The balance sheet demonstrates robust financial health with a clear trend toward deleveraging and strengthening equity. The reduction in total assets paired with an increase in net assets is a positive signal for balance sheet efficiency.
- The relaxation of regulations regarding mobile price discounts indicates a more competitive pricing environment, which typically pressures net additions industry-wide.
2026年３月期 第３四半期決算短信〔日本基準〕(非連結)
日糧パン (22180)
日糧製パン株式会社 (2218) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 14330 | 93 | 101 | 49 |
| YoY | +2.9% | -62.8% | -61.4% | -69.9% |
| Fcst (mil yen) ▲ | 19000 | 120 | 120 | 70 |
| YoY | +3.0% | -54.6% | -56.3% | -67.2% |
| Prog | 75.4% | 77.5% | 84.2% | 70.0% |
| Dividends ○ 2026年3月期(予想) | YE 15.00, Total 15.00 · EPS 33.45 | |||
Organic sales growth outperformed peers despite severe cost inflation, but aggressive cost hikes decimated margins.
Business highlights
- Sales Performance Organic sales growth achieved across all segments despite weak consumer sentiment and price sensitivity.
- Cost Structure Significant margin erosion despite revenue gains due to industry-wide structural cost inflation.
- Cooked Bread & Rice Volume maintained in the high-inflation cooked bread category through product innovation.
Financial position
- Leverage and Equity Ratio Total assets increased by 953 million yen (+6.8%) year-on-year, while net assets grew by only 170 million yen (+3.2%), causing the equity ratio to decline by 1.2 percentage points.
Analyst take
- The company successfully protected sales volume and executed a strong product roadmap, but management is failing to capture value due to industry-wide cost pressures that are proving difficult to fully pass through.
- The balance sheet is expanding at a faster rate than the equity base, suggesting that leverage may be increasing or that retained earnings are being converted into assets without a corresponding increase in equity, which is unfavorable for a conservative profile.
- The 'low-price' consumer trend is intensifying, forcing bakers to choose between margin preservation and volume retention.
2026年3月期 第3四半期決算説明資料
メディアリンクス (66590)
- Q3 sales increased 4.8% to 15.70 billion yen, while SG&A expenses decreased 7.3% to 1.469 billion yen, narrowing the operating loss.
- Americas region sales rose 15.0% year-over-year driven by robust sales to major telecommunications operators.
- Full-year 2026 forecast targets 32.60 billion yen in sales and 17 million yen in operating profit, but the company is reviewing the forecast due to project progress and semiconductor supply issues.
- Exchange rate assumptions were updated to USD=155 yen and AUD=105 yen.
2026年３月期第３四半期末の有価証券含み損に関するお知らせ
Ｔ＆ＤＨＤ (87950)
financial results section missing: performance period
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
伯東 (74330)
伯東株式会社 (7433) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 136027 | 5290 | 4811 | 4235 |
| YoY | -3.4% | -17.4% | -21.6% | -1.2% |
| Fcst (mil yen) ○ | 186000 | 6000 | 5700 | 4900 |
| YoY | +1.6% | -24.2% | -22.2% | -4.5% |
| Prog | 73.1% | 88.2% | 84.4% | 86.4% |
| Dividends ○ 2026年3月期（予想） | YE 100.00, Total 200.00 · EPS 260.41 | |||
Consolidated sales declined due to inventory corrections in core electronics and sluggish semiconductor investment, while the new testing business drove massive revenue growth but widened losses.
Business highlights
- Electronics Components (Core Drag) Sales and profit decreased as automotive inventory correction and EV battery slump persisted, while Info/Comm and Industrial segments struggled with weak demand in China.
- Electronics & Electrical Equipment Sales fell despite strength in vacuum-related semiconductor analysis equipment, as PCB investments for servers and PCs remained suppressed.
- Chemicals (Bright Spot) Sales increased driven by overseas shipment growth of cosmetic bases, offsetting weakness in paper/pulp domestic demand.
- Other Services (New Growth) Sales surged 139% due to the contribution of the newly acquired contract analysis and testing business, but segment loss widened due to amortization costs.
Financial position
- Leverage & Solvency Equity ratio declined from 50.3% to 48.7% year-over-year, indicating a slight deterioration in financial leverage.
- Capital Allocation Total assets increased significantly (6.6%) while net assets increased only modestly (3.4%), suggesting asset expansion is not fully funded by equity.
- Net Asset Base Net assets and BPS are increasing year-over-year, demonstrating growth in the shareholder equity base despite leverage concerns.
- Data Limitations Specific data regarding cash generation, cash flow, and working capital movements are not provided in the text.
Analyst take
- The company is navigating a bifurcated market where AI investment is shifting from hardware to agents, causing short-term pain in traditional electronics while opening new testing opportunities.
- The balance sheet is expanding, but the quality of that expansion is mixed. While the net asset base is growing, the decline in the equity ratio suggests the company is relying more on liabilities to fund its asset growth, which is a conservative negative signal.
- Industry trends show a two-tier market: memory prices rising due to data center demand, while general electronics manufacturing struggles with tariff cost pass-through and inventory normalization.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
小森 (63490)
株式会社小森コーポレーション (6349) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 85337 | 6938 | 7987 | 5352 |
| YoY | +11.1% | +108.1% | +104.8% | +83.7% |
| Fcst (mil yen) ○ | 124500 | 9100 | 8900 | 6400 |
| YoY | +12.1% | +27.8% | +16.8% | -11.7% |
| Prog | 68.5% | 76.2% | 89.7% | 83.6% |
| Dividends ○ 2026年3月期(予想) | YE 35.00, Total 70.00 · EPS 120.62 | |||
Strong sales growth (+11.1%) driven by North America and Europe, offsetting weakness in China and flat performance in Japan. Profitability doubled (Operating profit +108%) due to favorable mix and cost rationalization.
Business highlights
- North America Growth Sales surged 76% on strong demand for securities printers and large offset machines.
- China Headwinds Sales dropped 21% due to macro slowdown and rationalization by clients.
- Japan Resilience Sales held steady (~flat) amid recovering consumption and inbound tourism.
- Europe Recovery Sales grew 20% driven by reduced tariff uncertainty and lingering trade show effects.
- Margin Expansion Operating profit more than doubled due to improved sales mix and cost control.
Financial position
- Leverage & Equity Ratio Equity ratio declined from 66.8% to 66.3% as total assets grew faster than net assets.
- Net Asset Strength Net assets increased to 119,750 million yen, demonstrating continued accumulation of shareholder equity.
- Asset Base Expansion Total assets increased from 172,915 to 180,633 million yen, signaling a significant increase in the scale of the business.
Analyst take
- The company is successfully navigating a bifurcated global environment, capitalizing on tariff stability and rationalization demand in developed markets while facing structural headwinds in China.
- The balance sheet remains solvent and well-capitalized with a high equity ratio, but the slight compression suggests an aggressive stance on asset accumulation that may be funded by leverage or retained earnings.
- The offset printing sector is showing resilience in discretionary hardware; pricing power appears intact in NA/EU despite inflationary pressures.
2026年3月期第3四半期決算短信〔ＩＦＲＳ〕（連結）
アンリツ (67540)
アンリツ株式会社 (6754) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 81070 | 8412 | 9414 | 6322 |
| YoY | +0.3% | +31.1% | +29.9% | +28.9% |
| Fcst (mil yen) ○ | 123000 | 15000 | 15000 | 11000 |
| YoY | +8.9% | +23.7% | +17.8% | +18.8% |
| Prog | 65.9% | 56.1% | 62.8% | 57.5% |
| Dividends ○ 2026年3月期（予想） | YE 20.00, Total 40.00 · EPS 11000.00 | |||
Sales remained flat while operating profits surged on the back of robust order growth, driven by a favorable mix shift toward higher-margin telecom infrastructure and automation solutions.
Business highlights
- Telecom infrastructure demand Orders surged driven by data center expansion and 800GE network upgrades.
- PQA automation tailwinds Profit growth supported by food industry automation and regulatory changes in Japan.
- EV power measurement expansion EV/Power measurement business growth through acquisition of DEWETRON.
Financial position
- Leverage and Equity Structure Equity ratio declined from 77.8% to 75.9% as total assets grew faster than equity.
- Asset Base Expansion Total assets increased by approximately 8.7 billion yen quarter-on-quarter.
Analyst take
- The company is successfully riding the AI/Data Center boom with strong order intake and favorable product mix, creating a healthy backlog for future sales conversion.
- The company is expanding its asset base, but the growth is outpacing equity generation, leading to a minor but observable deterioration in leverage metrics.
- Telecom infrastructure vendors are experiencing a re-acceleration in demand due to AI-driven bandwidth needs, while automation is becoming a critical structural theme for quality assurance.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
積水化 (42040)
積水化学工業株式会社 (4204) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 959907 | 72903 | 80730 | 47831 |
| YoY | +0.5% | -5.8% | -6.2% | -30.2% |
| Fcst (mil yen) ▲ | 1327900 | 110000 | 112000 | 72000 |
| YoY | +2.3% | +1.9% | +0.9% | -12.1% |
| Prog | 72.3% | 66.3% | 72.1% | 66.4% |
| Dividends ○ 2026年3月期（予想） | YE 40.00, Total 80.00 · EPS 176.70 | |||
Sales remained flat while operating and net profits declined, driven by margin compression and significant non-operating headwinds.
Business highlights
- Revenue Performance Sales remained stable at 959.9 billion yen (+0.5% YoY), failing to reflect underlying demand recovery.
- Operating Profitability Operating profit declined 5.8% YoY, indicating margin compression despite flat sales.
- Net Profit Shock Net profit plunged 30.2% YoY, decoupling sharply from the smaller drop in operating profit.
Financial position
- Leverage (Equity Ratio) Equity ratio declined from 60.7% to 58.7%, indicating a deterioration in financial leverage.
- Asset Expansion Total assets expanded by approximately 72.9 billion JPY (~5.5% YoY) to 1,403,667 million JPY.
- Net Asset Accumulation Net assets increased by approximately 19.5 billion JPY to 854,817 million JPY.
Analyst take
- The business is facing structural or cyclical margin pressure; the massive net profit drop is likely a one-off or FX-driven accounting effect, not organic deterioration.
- The balance sheet shows growth but at the cost of financial resilience. The weakening equity ratio suggests the company is accumulating assets or debt faster than equity is increasing, potentially signaling a shift towards a more leveraged capital structure.
- Suggests potential sector-wide exposure to unfavorable exchange rates or tax policy changes.
2026年３月期第３四半期決算説明資料
ＮＥＣキャピ (87930)
- Revenue increased 9.2% year-over-year to 2,070 billion yen.
- Net profit increased 13.4% year-over-year to 67 billion yen.
- Lease business revenue rose 4.6% and operating profit increased 42.0%.
- Finance business revenue rose 2.0% but operating profit decreased 52.2%.
- Full-year forecast projects record-high revenue of 2,950 billion yen and net profit of 100 billion yen.
2026年３月期 第３四半期決算短信[日本基準](連結）
ＮＥＣキャピ (87930)
ＮＥＣキャピタルソリューション株式会社 (8793) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 206976 | 7103 | 8625 | 6728 |
| YoY | +9.2% | +10.9% | +4.3% | +13.4% |
| Fcst (mil yen) ○ | 295000 | 15500 | 16000 | 10000 |
| YoY | +15.7% | +99.2% | +69.5% | +51.2% |
| Prog | 70.2% | 45.8% | 53.9% | 67.3% |
| Dividends ○ 2026年3月期(予想) | YE 75.00, Total 150.00 · EPS 464.25 | |||
Strong earnings growth driven by robust leasing demand for government ICT projects and GIGA School, partially offset by weaker factoring activity.
Business highlights
- Leasing demand growth Contract concluded volume surged 37.9% YoY, driven by large government and public sector ICT initiatives.
- Finance segment headwinds Contract concluded volume decreased despite increased corporate financing demand.
- Investment income contribution Sales and operating profit increased due to higher interest and dividend income from Lisa Partners.
- Cost absorption Gross profit growth successfully offset significant inflationary pressures from personnel and energy costs.
Financial position
- Leverage Equity ratio marginally improved to 10.1% (vs 9.9% previous year).
- Asset Growth Total assets expanded modestly by approximately 1.13%.
Analyst take
- The company is successfully leveraging public sector contracts and the 'GIGA School' initiative to drive revenue, demonstrating resilience against macro headwinds. However, the decline in factoring suggests a disconnect between general corporate financing needs and specific transactional finance demand.
- The company maintains a highly leveraged balance sheet with a thin equity cushion. Although the ratio improved slightly, the absolute level remains dangerously low for a conservative assessment.
- The leasing sector is showing relative resilience due to government infrastructure spending, whereas transactional finance (factoring) appears to be facing headwinds, potentially signaling a divergence within the financial services landscape.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
リオン (68230)
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配当予想の修正(増配)に関するお知らせ
リオン (68230)
- The company revised the total annual dividend forecast for the fiscal year ending March 2025 upward.
- Revised total forecast is 85 yen per share, up from the previous 70 yen per share.
- Final dividend forecast increased by 15 yen to 50 yen per share.
- Interim dividend forecast remained unchanged at 35 yen per share.
2026年3月期第3四半期 決算補足資料
小松ウオール (79490)
- 2026 fiscal year forecast remains unchanged from initial plans.
- 3Q sales increased 6.4% driven by strong office renovation demand and high value-added products.
- 3Q operating profit increased 26.8%, outperforming internal plans.
- Dividend forecast raised to 130 yen per share (double previous year) under DOE 6% policy.
2026年3月期 第3四半期決算短信〔日本基準〕(非連結)
小松ウオール (79490)
小松ウオール工業株式会社 (7949) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 33688 | 2445 | 2490 | 1659 |
| YoY | +6.4% | +26.8% | +23.5% | +21.8% |
| Fcst (mil yen) ○ | 46500 | 4060 | 4130 | 2930 |
| YoY | +4.2% | +11.7% | +10.0% | +10.5% |
| Prog | 72.4% | 60.2% | 60.3% | 56.6% |
| Dividends ○ 2026年3月期(予想) | YE 65.00, Total 130.00 · EPS 160.97 | |||
Sales rose 6.4% on robust office construction demand, while operating profit surged 26.8% driven by volume expansion and efficiency improvements in production and logistics.
Business highlights
- Office demand resilience Sales increased 6.4% as office moves and renovations drove demand across all product lines, including the main movable partitions.
- Cultural facility recovery Cultural facility sales recovered significantly from the prior year's slump, driven by increased movable partition orders.
- Segment expansion Toilet partition sales expanded beyond offices into schools, sports facilities, and factories, broadening the revenue base.
- Margin expansion Operating profit jumped 26.8% on just 6.4% sales growth, indicating successful execution on cost structure optimization.
Financial position
- Leverage & Asset Base Total assets contracted by 1,131 million yen (-2.4%) while net assets remained flat, significantly improving the equity ratio to 82.8% (+2.0 percentage points).
- Earnings Retention Net assets increased by a nominal 9 million yen, indicating minimal earnings retention and likely capital deployment elsewhere rather than asset accumulation.
Analyst take
- The company is successfully executing its 'NEXT VISION 2028' strategy, with profitability outpacing revenue growth, likely due to targeted efficiency investments.
- The company is actively deleveraging by shrinking the asset base without sacrificing equity, signaling a shift toward a more conservative financial structure.
- The office fit-out sector shows resilience against macro headwinds, suggesting companies are prioritizing renovations over new builds due to cost constraints.
2026年３月期第３四半期決算短信〔日本基準〕(連結)
エヌエフＨＤ (68640)
株式会社エヌエフホールディングス (6864) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 5916 | 359 | 381 | -86 |
| YoY | -3.3% | +47.7% | +39.9% | - |
| Fcst (mil yen) ○ | 8900 | 680 | 680 | 60 |
| YoY | -2.0% | +24.2% | +15.8% | -86.7% |
| Prog | 66.5% | 52.8% | 56.0% | -143.3% |
| Dividends ○ 2026年3月期(予想) | YE 34.00, Total 34.00 · EPS 8.55 | |||
Operating profit surged 47.7% despite a sales decline as the company executed a strategic exit from its unprofitable home energy storage business, while core industrial and power control orders remained robust.
Business highlights
- Core Device Demand Measurement & Control device orders and sales grew double digits (+14.9% and +10.3% respectively) driven by R&D and semiconductor manufacturing equipment demand.
- Strategic Portfolio Shift Environment & Energy division orders and sales dropped significantly (-36.2% and -31.2%) due to the strategic exit of the home energy storage business.
- Backlog & Future Visibility Power Supply & Control orders surged 18.2% while sales only increased 3.6%, indicating a significant build-up in backlog.
- Profitability Expansion Operating profit rose 47.7% despite a 3.3% sales decline, indicating successful margin expansion through cost control and portfolio optimization.
Financial position
- Leverage and Solvency Self-asset ratio improved sharply from 72.5% to 77.4%, indicating a significant reduction in financial risk.
- Asset Rationalization Total assets decreased by approximately 8.4% to 15,861 million yen, signaling a shift towards a leaner balance sheet structure.
- Net Asset Position Net assets decreased by 544 million yen (~4.0%), but the improvement in leverage suggests debt repayment rather than impairment.
Analyst take
- The company is pivoting away from commoditized consumer energy markets toward higher-margin industrial and R&D sectors, which is driving margin expansion.
- The company is actively de-leveraging through a combination of asset reduction and liability management, which aligns with a conservative financial strategy.
- Profitability focus is prevailing over volume growth in the energy sector as companies shed uncompetitive legacy assets.
2026年3月期第3四半期決算説明会資料
カシオ計 (69520)
- YTD operating profit increased 161.7% year-on-year.
- G-SHOCK and CASIO WATCH brands drove revenue and profit growth.
- Full-year net profit forecast raised to 170 billion yen.
- Full-year sales forecast slightly reduced to 2700 billion yen.
- Operating margin forecast revised up to 8.0%.
- Sets 300 billion yen distribution target and 75 billion yen debt reduction target over three years.
- Announces 405 billion yen share buyback plan for FY2026, including an additional 200 billion yen.
- Revised FY2026 ROE target to 7-8% and ROIC to approximately 6%.
- Plans to reduce cash holdings to 1 trillion yen by FY2026.
2026年3月期第3四半期決算短信〔日本基準〕(連結)
カシオ計 (69520)
カシオ計算機株式会社 (6952) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 208005 | 18157 | 20281 | 15415 |
| YoY | +6.2% | +61.7% | +80.7% | +261.6% |
| Fcst (mil yen) ▲ | 274000 | 22000 | 24000 | 17000 |
| YoY | +4.7% | +54.5% | +69.8% | +110.8% |
| Prog | 75.9% | 82.5% | 84.5% | 90.7% |
| Dividends ○ 2026年3月期 | YE 22.50 · EPS 74.53 | |||
Sales grew 6.2% driven by strong Watches demand and pre-hike EdTech demand, offset by Sound weakness; operating profit surged 61.7% due to margin expansion and favorable product mix.
Business highlights
- Watches segment demand Revenue increased significantly driven by global retro/vintage trend and new G-SHOCK models.
- EdTech pre-hike demand Revenue increased due to pre-price hike demand in specific regions.
- Sound segment performance Sales declined due to continued market tightening.
- Operating leverage Operating profit surged 61.7% despite a 6.2% sales increase, reflecting margin expansion.
Financial position
- Leverage and Net Asset Quality Net assets increased by 12.6 billion yen, driving the equity ratio up to 67.2% from 66.0%.
- Asset Base Expansion Total assets expanded by 13.1 billion yen.
- Net Asset Accumulation Net assets grew from 218.9 billion yen (FY25 end) to 231.5 billion yen (Q3 2026).
Analyst take
- The massive beat in net profit is largely driven by favorable product mix (Watches/G-SHOCK) and one-off pre-hike demand in EdTech, masking underlying weakness in the Sound segment.
- The balance sheet shows a strengthening profile with a healthy equity ratio exceeding two-thirds, indicating a conservative capital structure.
- The 'Retro/Vintage' watch trend appears to be a durable structural shift, while EdTech pricing power suggests a potential industry-wide trend of incremental price hikes.
2026年３月期 第３四半期決算短信〔日本基準〕(非連結)
丸八証券 (87000)
financial results section missing: forecast rows
令和8年6月期 第2四半期（中間期）決算短信〔日本基準〕（非連結）
アトムリビン (34260)
アトムリビンテック株式会社 (3426) FY2026 Q2 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 5359 | 278 | 314 | 215 |
| YoY | +1.6% | -11.3% | -6.4% | -5.6% |
| Fcst (mil yen) ○ | 10500 | 350 | 400 | 270 |
| YoY | +2.0% | -32.1% | -28.7% | -30.9% |
| Prog | 51.0% | 79.4% | 78.5% | 79.6% |
| Dividends ○ 8年6月期（予想） | YE 15.00, Total 31.50 · EPS 67.67 | |||
Revenue grew marginally (+1.6%), but operating margins are deteriorating (-11.3%) due to inflationary cost pressures in construction and manufacturing outweighing demand support from government subsidies.
Business highlights
- Cost Structure Rising costs for construction materials, energy, and labor are pressuring margins despite slight sales growth.
- Sales Performance Sales increased 1.6% year-over-year, supported by government housing policies despite sluggish industry-wide housing starts.
- Cost Control Efforts Management is actively reducing SG&A expenses, though these efforts are insufficient to fully offset the surge in supply chain costs.
- New Business Expansion New product launches and exhibitions (e.g., Osaka) are being utilized to expand product reach and channels.
Financial position
- Net Asset Ratio (Leverage) Net asset ratio remained exceptionally high at 89.7%, though it declined slightly by 0.2 percentage points year-on-year.
- Total Assets Total assets increased year-on-year by 212 million yen to 11,820 million yen.
- Net Assets Net assets increased by 168 million yen to 10,598 million yen.
Analyst take
- The company is experiencing a 'margin squeeze' where input cost inflation is outpacing the ability to pass costs to customers, leading to a disconnect between revenue stability and profit decline.
- The balance sheet exhibits a highly conservative structure with a dominant equity base (>89%).
- The broader housing construction sector is facing structural challenges where rising costs and chronic labor shortages are suppressing market recovery.
剰余金の配当（中間配当）に関するお知らせ
アトムリビン (34260)
- Interim dividend decided at 16.50 yen per share for the period ending Dec 31, 2027.
- Increased by 1.50 yen per share compared to the previous forecast of 15.00 yen.
- Full-year dividend forecast for Reiwa 8 remains at 31.50 yen per share.
- Decision driven by policy prioritizing return of profits to shareholders.
2026年３月期 第３四半期決算説明資料
イントラスト (71910)
- Revenue increased 114.4% year-on-year driven by rent, medical, and elderly care guarantees.
- Operating profit rose 118.8% to 2,025 million yen with a margin improvement to 22.8%.
- Medical guarantee revenue surged 145% YoY and elderly care guarantee revenue rose 205% YoY.
- Solution business revenue declined 16.5% YoY due to a shift from C&O services to guarantee products.
- The company achieved 73.9% of the full-year revenue plan and 77.9% of the operating profit plan.
- FY2027 targets include 15 billion yen in sales, 3 billion yen in operating profit, and over 20% ROE.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
イントラスト (71910)
株式会社イントラスト (7191) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 8866 | 2025 | 2041 | 1254 |
| YoY | +14.4% | +18.8% | +19.1% | +29.8% |
| Fcst (mil yen) ○ | 12000 | 2600 | 2600 | 1550 |
| YoY | +13.5% | +11.6% | +10.9% | +14.0% |
| Prog | 73.9% | 77.9% | 78.5% | 80.9% |
| Dividends 2026年3月期(予想) | YE 17.50, Total 35.00 · EPS 69.28 | |||
Strong profit growth driven by a shift towards higher-margin guarantee services and cost discipline, contrasting with a decline in the solution segment and a softening housing market.
Business highlights
- Sales Mix Shift Total sales increased 14.4% year-on-year, driven primarily by a 17.5% rise in guarantee business revenue due to customer transitions and fee expansions.
- Profitability Expansion Operating profit rose 18.8% on the back of higher fee income and effective cost control, despite recognizing costs related to a stock acquisition.
- Solution Business Performance Solution business sales declined 13.4% year-on-year, reflecting a structural shift in customer preference toward guarantee services.
- Macro Environment Rental housing starts are slightly adjusting, and macro risks remain from US trade policy volatility.
Financial position
- Leverage and Asset Composition Total assets increased by 564 million JPY to 11,825 million JPY, while net assets increased by 649 million JPY to 7,619 million JPY, resulting in a slight decline of the equity ratio to 64.2%.
- Net Asset Position Net assets expanded significantly by 649 million JPY quarter-over-quarter to reach 7,619 million JPY.
- Liability Structure Total liabilities decreased by 85 million JPY to 4,206 million JPY despite rising assets, indicating a reduction in financial obligations.
Analyst take
- The company is outperforming expectations by leveraging its core guarantee expertise to capture higher-margin fees, offsetting a decline in the solution segment.
- The company maintains a conservative balance sheet with a high equity ratio (>60%). The slight deterioration in the equity ratio indicates asset expansion funded by liabilities or a lower profit margin relative to asset growth, but the absolute increase in net assets and decrease in liabilities are favorable signs.
- The housing sector faces a cyclical dip, but the company is demonstrating resilience through market share gains and pricing power.
2026年3月期 第3四半期決算短信〔IFRS〕（連結）
武田薬 (45020)
financial results section missing: forecast period
2026年３月期第３四半期 連結業績速報値に関するお知らせ
小林洋行 (87420)
financial results section missing: performance period
2026年３月期 第３四半期決算説明資料
サノヤスＨＤ (70220)
- FY2026 sales forecast revised up to 27.0 billion yen, up from 18.2 billion yen previously projected.
- FY2026 operating profit forecast revised up to 800 million yen, reversing previous forecast of a 628 million yen loss.
- Q3 revenue increased 19% YoY to 18.97 billion yen, driven by strong sales of emulsifiers and newly acquired subsidiaries.
- Q3 operating profit surged 19-fold to 731 million yen, reflecting substantial margin improvements across manufacturing and construction segments.
2026年３月期 第３四半期決算短信〔日本基準〕(連結)
サノヤスＨＤ (70220)
サノヤスホールディングス株式会社 (7022) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 18972 | 731 | 780 | 751 |
| YoY | +18.9% | - | +556.6% | +344.3% |
| Fcst (mil yen) ○ | 27000 | 800 | 800 | 700 |
| YoY | +8.0% | -24.9% | -25.5% | -40.8% |
| Prog | 70.3% | 91.4% | 97.5% | 107.3% |
| Dividends ○ 2026年3月期 | - · EPS 22.63 | |||
Strong operational turnaround driven by robust construction demand and successful integration of new manufacturing subsidiaries, offset by a temporary dip in leisure segment sales due to project reversals.
Business highlights
- Manufacturing segment growth Sales surged 38.8% driven by large-scale blender shipments and contributions from newly acquired subsidiary Kotera Electronics.
- Construction segment demand Sales increased 16.9% with sustained demand for HVAC systems, construction elevators, and parking machinery.
- Leisure backlog expansion Sales declined 21.7% due to reversals of prior-year projects, but orders surged 466% due to major amusement park equipment contracts.
- Profitability and Backlog Operating profit swung to black YoY, while total backlog increased 15.1% driven by large-scale power control panels.
Financial position
- Leverage and Equity Ratio Equity ratio declined from 36.6% in FY2025 to 33.2% in FY2026 Q3.
- Asset Scale Expansion Total assets increased by approximately 21% quarter-over-period, rising from 27,675m to 33,608m JPY.
- Net Asset Resilience Net assets increased from 10,129m in FY2025 to 11,166m in FY2026 Q3.
Analyst take
- The company is executing a successful integration strategy, with Kotera Electronics acting as a primary growth engine for the manufacturing segment. The construction segment remains a stable cash cow.
- The company is aggressively expanding its asset base, which is diluting the equity ratio. While net assets remain healthy and growing, the shift towards lower leverage suggests a potential increase in financial risk.
- Industrial machinery demand appears resilient, and the construction sector is showing strength in large-scale infrastructure and facility projects.
2026年３月期 第３四半期決算短信〔日本基準〕(連結)
北陸電力 (95050)
北陸電力株式会社 (9505) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 583114 | 80084 | 82214 | 60318 |
| YoY | -7.0% | +2.1% | +11.7% | +11.5% |
| Fcst (mil yen) ○ | 780000 | 70000 | 65000 | 48000 |
| YoY | -9.1% | -30.7% | -28.9% | -26.3% |
| Prog | 74.8% | 114.4% | 126.5% | 125.7% |
| Dividends ○ 2026年3月期（予想） | YE 12.50, Total 22.50 · EPS 229.79 | |||
Operating revenue declined 7% year-on-year due to structural shifts in power purchase agreements, yet ordinary profit and net profit rose, driven by temporary fuel purchase timing gains and a one-off government disaster aid payout.
Business highlights
- Revenue Structure Shift Operating revenue decreased 7% as fuel purchase income and capacity assurance contracts were reduced compared to the previous year.
- Profit Drivers Ordinary profit increased despite revenue contraction, supported by favorable fuel purchase timing and increased sales volume.
- One-off Government Aid Net profit surged year-on-year due to a one-time government grant for disaster recovery costs.
Financial position
- Leverage and Solvency Self-capital ratio improved significantly to 24.1% from 20.5%, driven by liability reduction.
- Net Asset Accumulation Net assets increased 11% year-over-year to 445,254 million yen, despite asset base contraction.
- Asset Structure Total assets decreased marginally by 1.3% to 1,835,085 million yen.
Analyst take
- The company is navigating a transitional phase where top-line growth is being sacrificed for structural stability (capacity assurance), while short-term margins are being inflated by seasonal fuel cost variances and external government support.
- The balance sheet demonstrates a deleveraging trend, where liability reduction is driving the improvement in net assets and equity ratio. The company is actively strengthening its capital structure.
- Japanese utilities are increasingly reliant on government subsidies for climate-related disasters, which may artificially inflate short-term profits but does not necessarily improve core operational cash flows.
特別損失（減損損失、倉庫閉鎖損失）の計上、業績予想及び配当予想の修正に関するお知らせ
シャルレ (98850)
- Recorded 2,348 million yen impairment loss on fixed assets and 62 million yen warehouse closure loss in the third quarter.
- Revised 2026 full-year sales forecast down 9.4% to 13,230 million yen due to underperformance in innerwear sales and winter goods failure.
- Revised 2026 full-year operating profit forecast to negative 710 million yen and net profit to negative 3,130 million yen, reflecting special losses.
- Dividend forecast revised from 8 yen per share to undefined, pending assessment of financial stability following the large special losses.
2025年度（26年3月期）第3四半期 決算概要
ＮＥＣ (67010)
- Sales increased 4.3% year-over-year to ¥24,223 billion.
- Non-GAAP operating income for 3Q increased 706 billion yen to 1,316 billion yen.
- Non-GAAP net income for 3Q increased 411 billion yen to 786 billion yen.
- Domestic IT and Aerospace & Defense segments performed well.
- Q3 restructuring costs of ¥18 billion were recorded in Telecom services.
- Free cash flow reached 2,018 billion yen.
- Interest-bearing debt decreased to 5,134 billion yen.
- Full-year Non-GAAP operating profit guidance revised upward to ¥3,600 billion (+¥200 billion).
2026年3月期 第3四半期決算短信〔IFRS〕（連結）
ＮＥＣ (67010)
日本電気株式会社 (6701) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 2422317 | 185161 | 216771 | 144015 |
| YoY | +4.3% | +46.8% | +89.6% | +89.2% |
| Fcst (mil yen) ▲ | 3560000 | 340000 | 360000 | 260000 |
| YoY | +4.0% | +18.4% | +15.6% | +15.2% |
| Prog | 68.0% | 54.5% | 60.2% | 55.4% |
| Dividends ○ 2026年3月期（予想） | YE 16.00, Total 32.00 · EPS 195.03 | |||
Strong profit growth is largely driven by Non-GAAP adjustments removing M&A amortization and restructuring costs, masking organic revenue growth of 4.3%.
Business highlights
- Non-GAAP Profit Drivers Significant profit expansion driven by removal of non-recurring M&A and restructuring expenses.
- GAAP Volatility High volatility in GAAP profit figures due to one-time charges affecting comparability.
Financial position
- Leverage Equity ratio surged to 50.3%, up 5.1 percentage points year-on-year.
- Net Assets Parent equity attributable to owners increased by 114.4 billion yen.
- Asset Position Total assets declined by 208.1 billion yen (-4.8%).
Analyst take
- The substantial YoY increase in Ordinary Profit (89.6%) is an accounting anomaly driven by the removal of M&A amortization rather than a pure sales boom. The company is effectively cleaning up its earnings profile ahead of a major investor meeting.
- The company is undergoing a deleveraging phase, evidenced by a drop in total assets alongside a rise in equity.
- Japanese tech manufacturers continue to face pressure from integration of acquisitions, resulting in volatile GAAP earnings that obscure true operational performance and cash generation.
2026年３月期 第３四半期決算短信〔日本基準〕(非連結)
養命酒 (25400)
養命酒製造株式会社 (2540) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 7327 | 128 | 728 | 488 |
| YoY | -5.2% | +28.5% | +27.3% | +15.0% |
| Fcst (mil yen) ○ | 9630 | 140 | 760 | 840 |
| YoY | -3.9% | +9.1% | +21.3% | +23.6% |
| Prog | 76.1% | 91.4% | 95.8% | 58.1% |
| Dividends ○ 2026年3月期(予想) | YE 45.00, Total 45.00 · EPS 60.61 | |||
Profitability improved driven by cost control on core products and growth in the new 'Kurusowa' segment, despite a decline in core 'Myojo' sales due to inflationary pressure.
Business highlights
- Core product demand (Myojo) Domestic sales dropped 11.4% due to inflation, though operating profit rose 28.5% due to reduced promotional spending.
- New business growth (Kurusowa) New segment sales grew 24.0% driven by store expansion and strong e-commerce performance.
- Cost structure & profitability Operating profit increased despite a 5.2% sales decline, indicating effective expense management.
- Geographic exposure Overseas sales declined 21.6%, indicating weaker performance outside Japan.
Financial position
- Leverage Analysis Equity ratio declined from 86.1% to 84.7% as total assets grew faster than total equity.
- Capital Base Total equity strengthened to 48,880 million yen, reinforcing the company's conservative financial foundation.
- Asset Base Expansion Total assets expanded significantly to 57,721 million yen, indicating active business scaling.
Analyst take
- The company is successfully navigating a challenging environment by cutting costs on legacy products while investing in new growth areas, though the core business remains volume-constrained by inflation.
- The company maintains a high equity ratio (84.7%), which is conservative, however, the trend is shifting as asset growth outpaces equity accumulation.
- Japanese consumer goods face a structural shift where volume growth is harder to achieve despite marketing spend, emphasizing the need for price management or new product development.
2026年９月期第１四半期決算短信〔日本基準〕(非連結)
ステップ (97950)
株式会社ステップ (9795) FY2026 Q1 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 4549 | 1634 | 1657 | 1168 |
| YoY | +0.8% | -1.8% | -0.8% | +1.3% |
| Fcst (mil yen) ○ | 16494 | 3942 | 4022 | 2754 |
| YoY | +4.1% | +4.3% | +4.0% | +2.4% |
| Prog | 27.6% | 41.5% | 41.2% | 42.4% |
| Dividends ○ 2026年9月期(予想) | 2Q 44.00, YE 44.00, Total 88.00 · EPS 176.51 | |||
Q1 sales declined slightly due to a 12-day teaching month (vs. 13 days last year), but student numbers grew +3.1% YoY; management prioritizes teaching quality over aggressive expansion amidst demographic headwinds.
Business highlights
- Revenue seasonality Sales decreased 106 million yen YoY due to fewer teaching days in December; this one-off timing is expected to reverse in Q2.
- Core student base growth Total student count increased by 3.1% YoY to 36,425, driven by sustained demand in Elementary/Middle/High segments.
- High School strategy shift Kanagawa's 'Private school free of charge' policy is driving students to choose private schools earlier, increasing internal admissions (recommendation/single-pledge) by ~250 students YoY.
- Capacity expansion Relocated University Entrance Center Minami and opened new schools (Kawasaki, Tonoura) to meet rising demand and relieve capacity constraints.
- Growth strategy Management elected to suppress new school openings to focus on 'high-quality instruction' and teacher training rather than chasing volume.
Financial position
- Leverage and Liabilities Equity ratio declined slightly from 89.7% to 89.0% despite a rise in total assets, indicating a marginal increase in leverage.
- Net Asset Quality Net assets and book value per share (BPS) both increased, reflecting retained earnings or asset appreciation.
- Total Asset Position Total assets expanded modestly to 31,004 million JPY.
Analyst take
- The profit decline is purely cyclical/seasonal, not a sign of margin compression. The company is executing a 'quality over quantity' strategy to defend its moat against enrollment declines.
- The balance sheet remains exceptionally strong with a high equity ratio, signaling a conservative financial structure. However, the slight tightening of the equity ratio suggests assets grew at a faster pace than equity in the opening quarter.
- In a shrinking market, edtech providers must differentiate through teaching quality and accurate guidance to justify tuition, rather than relying on enrollment growth.
2026年3月期 第3四半期決算短信〔ＩＦＲＳ〕(連結)
ＮＲＩ (43070)
株式会社野村総合研究所 (4307) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 602333 | 118780 | 119531 | 83606 |
| YoY | +6.0% | +16.0% | +17.7% | +15.8% |
| Fcst (mil yen) ○ | 810000 | 150000 | 151000 | 104000 |
| YoY | +5.9% | +11.2% | +12.6% | +10.9% |
| Prog | 74.4% | 79.2% | 79.2% | 80.4% |
| Dividends ○ 2026年3月期(予想) | YE 39.00, Total 74.00 · EPS 181.51 | |||
Solid financial performance with operating leverage driving profit growth outpacing sales expansion.
Business highlights
- Growth & Leverage Sales increased 6.0% YoY, while operating profit surged 16.0% and ordinary profit rose 17.7% YoY.
Financial position
- Leverage & Debt Position Debt-to-equity relationship improved significantly as equity ratio rose from 46.7% to 52.9%.
- Asset Accumulation Total assets expanded modestly by approximately 20 billion yen.
- Equity Structure Parent's attributable equity increased substantially, indicating strong capital retention.
Analyst take
- The company successfully generated higher profit margins on a flat revenue increase, demonstrating robust operational leverage.
- The balance sheet has undergone a structural strengthening characterized by deleveraging. The company is prioritizing equity over debt, which is consistent with a conservative financial strategy.
- Strong margin expansion suggests effective cost management, a key differentiator in the current macro environment.
業績予想の修正に関するお知らせ
マキタ (65860)
- Revised 2026 fiscal year forecast upward to 760 billion yen in sales and 100 billion yen in operating profit.
- Net income forecast increased to 7.3 billion yen (EPS 274.87 yen) from previous 68.5 billion yen.
- Drivers include favorable foreign exchange rate assumptions and sales performance comparable to the prior year despite tough demand.
- Revised full-year FX assumptions: USD 150 yen, EUR 174 yen, and CNY 21.1 yen.
2026年3月期 第3四半期決算短信〔ＩＦＲＳ〕(連結)
マキタ (65860)
株式会社マキタ (6586) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 568778 | 76247 | 78535 | 57569 |
| YoY | 0.0% | -7.4% | -6.2% | -7.2% |
| Fcst (mil yen) ▲ | 760000 | 100000 | 100000 | 73000 |
| YoY | +0.9% | -6.6% | -7.8% | -8.0% |
| Prog | 74.8% | 76.2% | 78.5% | 78.9% |
| Dividends ○ 2026年3月期 | YE 20.00 · EPS 274.87 | |||
Revenue flat due to favorable FX offsetting soft demand, but profit declined due to FX headwinds and increased SG&A spending. Regional dispersion is notable, with growth in Asia and the Middle East contrasting with weakness in North America and Japan.
Business highlights
- Revenue Drivers Sales flat YoY due to favorable FX offsetting weak demand in key construction markets.
- Regional Performance North America led profit contraction (-12.7%), while Asia and Middle East showed resilience.
- Product Mix Cordless gardening and XGT series show resilience, supporting growth despite macro headwinds.
- Profit Structure Operating profit declined despite cost ratio improvement due to increased SG&A and FX headwinds.
Financial position
- Leverage and Equity Quality Both total assets and equity increased significantly, with the equity ratio rising to 84.2%.
- Debt Management Debt levels increased modestly, but remained low relative to the expanded asset base.
- Balance Sheet Expansion Organic balance sheet growth outpaced debt issuance, driven by equity increases.
Analyst take
- The company is navigating a bifurcated environment: cyclical construction markets are weakening, but the transition to cordless products is providing structural support. The profit decline is largely driven by FX and investment in sales force, which appears to be a defensive move to capture share.
- The company demonstrates a robust and conservative balance sheet profile with a dominant equity base and a rising equity ratio.
- The global construction slowdown is impacting power tool demand, forcing peers to pivot aggressively toward cordless/gardening segments and emerging markets to maintain growth.
通期業績予想の修正に関するお知らせ
太洋テクノレックス (66630)
- Sales forecast lowered to 3,751 million yen due to weak sales in PCB and test system segments.
- Operating profit forecast raised to 142 million yen driven by lower personnel costs and improved margins.
- Net profit forecast raised to 136 million yen, exceeding previous expectations.
- Dividend forecast remains unchanged at 6 yen per share.
2026年３月期 通期業績予想の修正及び配当予想の修正（増配）に関するお知らせ
きんでん (19440)
- Consolidated sales forecast increased to 750 billion yen (+1.1%).
- Consolidated operating profit forecast increased to 84 billion yen (+3.7%).
- Individual operating profit forecast increased to 76 billion yen (+4.1%).
- Dividend forecast increased to 125 yen per share total (65 yen interim, 60 yen final).
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
きんでん (19440)
株式会社きんでん (1944) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 499267 | 51957 | 55850 | 40257 |
| YoY | +7.5% | +69.2% | +65.1% | +64.8% |
| Fcst (mil yen) ▲ | 750000 | 84000 | 87500 | 65500 |
| YoY | +6.4% | +37.8% | +35.6% | +38.6% |
| Prog | 66.6% | 61.9% | 63.8% | 61.5% |
| Dividends ▲ 2026年3月期（予想） | YE 65.00, Total 125.00 · EPS 330.60 | |||
Earnings performance exceeded expectations driven by significant margin expansion, as operating profit surged 69.2% despite only 7.5% sales growth.
Business highlights
- Profitability Expansion Operating profit climbed 69.2% year-on-year, far outpacing sales growth.
- Revenue Growth Sales increased 7.5% year-on-year, indicating cautious demand conditions.
Financial position
- Leverage & Asset Base Total assets increased by approx. 27.9 billion yen (+3.4%), while net assets increased by approx. 30.2 billion yen (+5.0%).
- Equity Ratio Equity ratio rose to 74.1% from 72.9%.
- Net Asset Accumulation Net assets reached 629.9 billion yen, representing a substantial year-over-year increase.
Analyst take
- The substantial divergence between sales (+7.5%) and profit (+69.2%) suggests a strategic focus on margin preservation and cost efficiency rather than aggressive volume expansion.
- The balance sheet demonstrates robust quality with a very high equity ratio and increasing net assets, signaling financial conservatism and strength.
- Insufficient industry context provided to determine broader market trends.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
ＳＢＩＧアセットＭ (47650)
financial results section missing: forecast rows
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
富士電機 (65040)
富士電機株式会社 (6504) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 851055 | 74027 | 74206 | 48506 |
| YoY | +7.6% | +8.2% | +8.5% | -12.5% |
| Fcst (mil yen) ○ | 1185000 | 128500 | 128000 | 89000 |
| YoY | +5.5% | +9.2% | +7.8% | -3.5% |
| Prog | 71.8% | 57.6% | 58.0% | 54.5% |
| Dividends ○ 2026年3月期 | YE 91.00 · EPS 603.81 | |||
Record sales and operating profit driven by Energy and IT solutions, though net profit declined due to the reversal of a one-off securities gain in the prior year.
Business highlights
- Energy segment outperformance Energy segment achieved record sales and operating profit fueled by decarbonization and data center infrastructure demand.
- Industry segment mixed results Revenue grew via IT solutions and automation, but profitability was capped by large deal costs and raw material inflation.
- Semiconductor margin compression Sales increased but operating profit dropped due to a shift in EV demand away from power semiconductors and capacity investment costs.
- Food distribution contraction Food distribution segment saw revenue and profit decline, impacted by sluggish vending machines and fading store equipment demand.
- Net profit divergence Net profit fell despite record operating profit, driven by the reversal of a one-time securities gain recorded in the previous year.
Financial position
- Leverage Position Equity ratio improved to 54.6%, up from 52.7% in the prior year.
- Net Asset Accumulation Net assets rose to 793,476 million yen, significantly higher than the prior year's 730,658 million yen.
- Asset Base Expansion Total assets increased to 1,379,152 million yen, indicating business scaling.
- Data Limitations Critical metrics regarding cash flow and debt service coverage are not provided in the snippet.
Analyst take
- The company is successfully executing its segment restructuring and capitalizing on global decarbonization and digitalization trends. The divergence between record operating profit and net profit highlights the impact of non-recurring items.
- The balance sheet is strengthening, evidenced by a rising equity ratio and growing net asset base. However, the aggressive asset expansion requires verification to ensure it does not compromise liquidity.
- Japanese industrial manufacturers are seeing a structural shift towards GX and data center infrastructure, though raw material costs remain a persistent industry-wide headwind.
2026年3月期第3四半期決算短信〔日本基準〕（連結）
ホギメディ (35930)
株式会社ホギメディカル (3593) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 28719 | 2088 | 1873 | 1438 |
| YoY | -4.3% | -38.7% | -42.7% | -47.4% |
| Fcst (mil yen) ○ | 39240 | 2770 | 2590 | 2030 |
| YoY | +0.3% | -27.3% | -28.9% | +33.5% |
| Prog | 73.2% | 75.4% | 72.3% | 70.8% |
| Dividends ○ 2026年3月期（予想） | Total 47.50 · EPS 94.16 | |||
Sales declined 4.3% amidst a harsh hospital environment, resulting in deep profit compression, though Premium Kit sales showed resilience.
Business highlights
- Sales & Price Strategy Total sales fell 4.3% driven by structural hospital reforms, though Premium Kit sales increased 0.6%, showing resilience in high-margin products.
- Cost Structure & Margins Operating profit compressed 38.7% despite a slight improvement in the cost of goods ratio, due to significant strategic investments and restructuring costs.
- Customer Base Defense Prioritized customer retention over aggressive price cuts, successfully securing 8 additional OperaMaster contracts despite intense competition.
- Industry Environment Hospitals are facing structural cost pressures and labor shortages, driving regional surgery centralization which reduces per-surgery tool demand.
Financial position
- Leverage and Liability Management Liabilities decreased by approximately 3.56 billion yen (15.1%) compared to the previous year, directly driving the improvement in the equity ratio.
- Net Asset Quality Net assets increased by 149 million yen (0.2%) despite a significant contraction in total assets, indicating a shift toward a more asset-light or debt-reduced structure.
- Asset Structure Total assets contracted by 3.41 billion yen (3.5%) between periods, suggesting active balance sheet management focused on efficiency.
Analyst take
- The company is making the correct long-term strategic trade-off by investing in R&D, DX, and customer retention to defend its base against cheaper competitors, but is currently facing a sharp earnings trough.
- The company is aggressively deleveraging, evidenced by the drop in total assets and corresponding drop in liabilities. The net result is a stronger equity position without a corresponding drop in book value per share.
- The medical equipment sector is undergoing consolidation driven by hospital efficiency mandates; players unable to offer comprehensive high-value solutions face significant volume risks.
2026年３月期 第３四半期決算短信〔日本基準〕(連結)
東海エレ (80710)
東海エレクトロニクス株式会社 (8071) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 29995 | 976 | 1068 | 660 |
| YoY | -27.7% | +56.0% | +50.9% | +70.5% |
| Fcst (mil yen) ○ | 40000 | 750 | 800 | 520 |
| YoY | -29.8% | -31.8% | -27.1% | -19.0% |
| Prog | 75.0% | 130.1% | 133.5% | 126.9% |
| Dividends ○ 2026年3月期（予想） | YE 57.00, Total 114.00 · EPS 245.85 | |||
Revenue declined 27.7% due to the loss of a major client, yet operating profit surged 56.0% driven by cost cuts and a high-margin product mix, indicating successful operational restructuring.
Business highlights
- Automotive segment restructuring Sales in the Automotive segment plummeted 43.5% YoY, primarily due to the loss of the Renesas Electronics business in Japan and China.
- FA/Machine Tools resilience The FA and Machine Tools segment grew 14.5% YoY, supported by strong demand for AI-related devices in China and semiconductor equipment in Japan.
- Profitability expansion Operating profit surged 56.0% YoY despite a 27.7% revenue decline, supported by sales of high-margin products and aggressive cost reduction initiatives.
Financial position
- Leverage and Solvency Equity ratio strengthened to 62.2% from 59.8%, indicating a higher buffer against liabilities.
- Equity Base Expansion Net assets grew by 1,369 million yen, outpacing the increase in total assets.
- Asset Growth Profile Total assets expanded by 1,074 million yen, signaling organic business growth.
Analyst take
- The company is effectively managing a transition from a legacy automotive client base to new growth areas. The profit growth is a credit to management's execution, but the revenue base is shrinking due to the loss of a major client.
- The balance sheet demonstrates robust health with a strengthening equity ratio above 60%. The year-over-year increase in net assets suggests conservative management prioritizing solvency over aggressive leverage.
- Highlights the volatility in auto supply chains and the risk of over-reliance on single OEMs. Shows that non-auto industrial segments can drive growth despite macro headwinds.
通期連結業績予想の修正及び配当予想の修正に関するお知らせ
愛知電 (66230)
- Revised full-year consolidated sales forecast to 128 billion yen, up 1.6% from previous guidance.
- Raised operating profit forecast to 10 billion yen, up 9.9%, driven by strong performance in electrical power equipment and print circuit board businesses.
- Increased net profit forecast to 7.4 billion yen, up 10.4%.
- Revised dividend forecast: final dividend increased to 130 yen per share, raising total annual dividend to 240 yen per share.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
愛知電 (66230)
愛知電機株式会社 (6623) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 92756 | 8303 | 8900 | 6315 |
| YoY | +5.9% | +23.0% | +23.1% | +26.4% |
| Fcst (mil yen) ▲ | 128000 | 10000 | 10500 | 7400 |
| YoY | +6.4% | +15.4% | +12.6% | +10.7% |
| Prog | 72.5% | 83.0% | 84.8% | 85.3% |
| Dividends ▲ 2026年3月期(予想) | YE 130.00, Total 240.00 · EPS 787.39 | |||
Strong earnings driven by high-margin PCB demand, offsetting headwinds in the automotive and general rotating machinery sectors.
Business highlights
- PCB segment growth Printed circuit board business led the earnings beat, expanding margins despite slower recovery in general server markets.
- Power equipment stability Transmission and distribution equipment demand remains robust, providing a stable earnings base amid macro uncertainty.
- Rotating machinery headwinds Automotive and AC businesses are constrained by global EV demand slowdown and sluggish AC market recovery.
- Margin expansion Operating profit grew 23% vs. 5.9% revenue growth, reflecting improved cost structure and favorable sales mix.
Financial position
- Leverage and Liabilities Net assets increased by 5.3% (+4,268 million yen) while total assets remained flat, driving the equity ratio up from 55.9% to 59.0%.
- Asset Structure Total assets grew marginally by 0.1% (+154 million yen) despite a robust increase in net assets.
Analyst take
- The company is successfully executing its strategy to pivot toward high-growth AI-related PCBs while maintaining stability in power infrastructure, though the automotive segment remains a drag.
- The balance sheet is being consolidated, with equity growth outpacing asset growth to improve the capital cushion.
- Confirms a bifurcation in the PCB industry where AI demand outperforms general IT demand, while power infrastructure remains a defensive sector.
2026年3月期 第3四半期決算短信〔日本基準〕(連結)
空港施設 (88640)
空港施設株式会社 (8864) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 24240 | 4889 | 5146 | 1969 |
| YoY | +15.3% | +36.1% | +39.2% | +16.0% |
| Fcst (mil yen) ○ | 36588 | 5824 | 6192 | 3030 |
| YoY | +17.5% | +30.3% | +33.7% | +17.5% |
| Prog | 66.3% | 83.9% | 83.1% | 65.0% |
| Dividends ○ 2026年3月期(予想) | YE 19.00, Total 37.00 · EPS 60.58 | |||
Revenue and operating profit grew robustly driven by rent hikes and operational leverage, despite inflationary cost pressures and a significant one-off demolition charge.
Business highlights
- Airport real estate rent hikes Rent adjustments and new tenant recruitment drove a 15.3% increase in sales.
- Operating leverage Operating profit surged 36.1% despite inflationary headwinds in construction and labor costs.
- One-off demolition costs Large special loss recognized for Hachioji area building demolition weighed on net profit.
- Non-asset business sales Disposal of sales-ready office buildings provided incremental revenue.
Financial position
- Leverage and Liabilities Equity ratio declined to 52.8% from 55.1%, indicating increased leverage as total assets expanded by 4.3% (4,632M yen) without a proportional rise in shareholders' equity.
- Net Assets Quality Net assets (純資産) remained robust at 62,607 million yen, increasing by 13 million yen compared to the previous fiscal year.
- Book Value Book value per share increased to 1,207.11 yen, outpacing the slight decline in total shareholders' equity, suggesting EPS growth or share repurchases.
Analyst take
- The company is effectively leveraging its monopoly position in airport assets to protect margins despite broad inflation, though one-time charges are obscuring the true quality of net income.
- The company is expanding its asset base aggressively, but the decline in the equity ratio suggests this growth is being financed by debt rather than retained earnings or equity issuance.
- Inbound demand recovery is supporting airport operators, but global inflation in construction and logistics remains a key challenge for the sector.
2026年3月期第3四半期決算短信（日本基準）（連結）
日野自 (72050)
日野自動車株式会社 (7205) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 1141237 | 62764 | 55008 | 30580 |
| YoY | -10.9% | +39.3% | +179.2% | - |
| Fcst (mil yen) ▲ | 1550000 | 75000 | 70000 | 75000 |
| YoY | -8.7% | +30.5% | +78.1% | - |
| Prog | 73.6% | 83.7% | 78.6% | 40.8% |
| Dividends ○ 2026年3月期 | - · EPS 130.65 | |||
Revenue contracted double-digits while profits surged, driven by significant margin expansion despite weak volume.
Business highlights
- Operating Margin Expansion Operating profit jumped 39.3% YoY despite a 10.9% sales decline, indicating successful cost control or pricing power.
- Revenue Volume Trend Sales declined 10.9% YoY, signaling persistent weak demand or destocking in the end market.
Financial position
- Leverage Ratio Equity ratio improved significantly to 15.8% from 12.1%.
- Net Asset Position Net assets rose by 16.2% year-on-year, indicating strong equity accumulation.
- Asset Structure Total assets contracted by 7.9% year-on-year, suggesting active asset management.
Analyst take
- The company is effectively managing its cost structure to offset top-line weakness, shifting focus to EBITDA protection.
- The balance sheet exhibits a marked deleveraging trend, with liabilities contracting alongside a rise in equity. The significant jump in Net Assets implies either substantial profit generation or successful asset portfolio restructuring.
- Indicates a broader cyclical slowdown in the sector, likely prompting peers to also prioritize margin preservation over volume growth.
2026年3月期第3四半期決算短信〔日本基準〕(連結)
十六ＦＧ (73800)
financial results section missing: performance rows
2026年3月期通期連結業績予想の修正及び期末配当予想の修正（増配）に関するお知らせ
ジェコス (99910)
- Revised 2026 fiscal year consolidated sales forecast upward to 113,000 million yen.
- Revised 2026 fiscal year consolidated operating profit forecast upward to 7,800 million yen.
- Revised 2026 fiscal year consolidated net profit forecast upward to 5,500 million yen.
- Revised annual dividend forecast to 65 yen per share, raising final dividend to 40 yen.
- Revision driven by strong progress in construction machinery business and improved profitability.
2026年3月期 第3四半期決算短信〔日本基準〕(連結)
ジェコス (99910)
ジェコス株式会社 (9991) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 86120 | 6314 | 6825 | 4541 |
| YoY | +4.5% | +33.6% | +41.9% | +43.5% |
| Fcst (mil yen) ▲ | 113000 | 7800 | 8300 | 5500 |
| YoY | +1.3% | +13.9% | +22.2% | +21.1% |
| Prog | 76.2% | 80.9% | 82.2% | 82.6% |
| Dividends ▲ 2026年3月期(予想) | YE 40.00, Total 65.00 · EPS 163.47 | |||
JECOS reported strong Q3 growth driven by margin expansion in heavy equipment and cost optimization, supported by robust demand in Tokyo redevelopment, though results include one-time gains from the Singapore subsidiary acquisition.
Business highlights
- Heavy Equipment Margin Expansion Heavy Equipment segment achieved double-digit operating profit growth despite flat sales, driven by smooth project progress and effective cost containment measures.
- Construction Machinery Efficiency Construction Machinery segment secured single-digit profit growth through asset composition restructuring and strategic partnerships, signaling a shift toward higher-margin operations.
- Singapore Subsidiary Integration Consolidation of FUCHI Pte. Ltd. contributed a one-time negative goodwill gain, reflecting the acquisition's fair value exceeding book value.
- Industry Cost Pressures Despite recovering private investment, the broader construction industry continues to face headwinds from labor shortages and cost inflation, causing project delays in some regions.
Financial position
- Leverage and Solvency Equity ratio declined from 61.9% to 57.7% as total assets expanded significantly faster than net assets.
- Net Asset Accumulation Net assets increased by approximately 6.5 billion yen, signaling continued shareholder value retention.
- Asset Structure Total assets grew by roughly 11.7 billion yen year-on-year, indicating aggressive investment or working capital expansion.
Analyst take
- The company is successfully executing a strategy of leveraging its strong balance sheet to capture market share in prime redevelopment areas while aggressively improving its cost structure. The margin expansion in heavy equipment suggests operational leverage is kicking in.
- Balance sheet strength shows mixed signals; while the absolute value of net assets is improving, the declining equity ratio signals that growth is being funded by leverage rather than internal cash generation.
- The market is bifurcating; firms with strong balance sheets and pricing power are outperforming peers struggling with labor shortages and rising material costs, leading to consolidation pressures for weaker players.
業績予想の修正に関するお知らせ
日野自 (72050)
- Revised FY2026 consolidated revenue forecast to 1,550,000 million yen.
- Revised operating profit forecast to 75,000 million yen.
- Revised net profit attributable to parent forecast to 75,000 million yen.
- Forecast revision driven by price improvements, currency effects, and gains from investment securities.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
エフピコ (79470)
株式会社エフピコ (7947) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 186439 | 17795 | 17927 | 12258 |
| YoY | +2.7% | +19.3% | +19.6% | +21.4% |
| Fcst (mil yen) ○ | 242570 | 21610 | 21500 | 14700 |
| YoY | +2.9% | +17.0% | +16.5% | +17.7% |
| Prog | 76.9% | 82.3% | 83.4% | 83.4% |
| Dividends ○ 2026年3月期（予想） | YE 40.00, Total 71.50 · EPS 181.78 | |||
Record-high sales and profits driven by pricing and eco-product mix shift; margin expansion supported by raw material tailwinds, though logistics costs are rising.
Business highlights
- Sales Mix & Volume Record-high sales driven by price hikes and eco-products; volume recovering from inflationary drag as price sensitivity softens.
- Cost Structure & Profitability Operating profit surged 19% driven by lightweight products and raw material tailwinds, partially offset by rising logistics and production costs.
- Material Innovation Pipeline Commercial production of high-performance laminated OPP plates (FORTENA) scheduled for 2027 to target industrial markets like EVs and construction.
- Overseas Expansion Malaysian subsidiary LSSPI improving performance; Southeast Asia demand growing with rising income levels and population growth.
- Logistics & Supply Chain Logistics costs increasing as a headwind, managed via load leveling and automation despite driver shortages and delivery constraints.
Financial position
- Leverage Equity ratio slightly declined to 52.2% (down 0.3pp) as total assets grew faster than net assets.
- Net Assets per Share Book value per share increased by approximately 100 yen to 1,997.90 yen.
- Balance Sheet Expansion Total assets increased by 17.2 billion yen, indicating scale expansion.
Analyst take
- The company is executing well on its pricing strategy and mix shift, delivering strong profitability. The transition to industrial materials and recycling initiatives suggests a focus on structural growth rather than cyclical recovery.
- The company maintains a conservative financial profile with a robust equity ratio above 50%. While the squeeze in the equity ratio suggests increased leverage usage to fund asset growth, the significant rise in book value per share demonstrates strong earnings retention and shareholder wealth creation.
- Sustainability (recycling) and material innovation are becoming critical differentiators in the packaging industry, moving beyond just cost reduction.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
未来工業 (79310)
未来工業株式会社 (7931) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 35378 | 5468 | 5616 | 3812 |
| YoY | +1.2% | -4.0% | -3.6% | -3.4% |
| Fcst (mil yen) ○ | 46914 | 6149 | 6283 | 4241 |
| YoY | +4.0% | -10.8% | -11.1% | -12.2% |
| Prog | 75.4% | 88.9% | 89.4% | 89.9% |
| Dividends ○ 2026年3月期（予想） | YE 80.00, Total 130.00 · EPS 262.77 | |||
Record quarterly sales achieved via pricing power in wiring accessories, but margins were compressed by raw material inflation despite a weak construction market.
Business highlights
- Sales Performance Sales hit a record high driven by price hikes in wiring accessories and active sales efforts, offsetting a decline in housing starts.
- Profitability Operating and net profit declined as rising raw material costs outweighed the revenue increase.
- Market Demand New housing starts fell significantly due to cost inflation and a post-implementation reaction to the April Building Standard Law revision.
Financial position
- Leverage and Liabilities Total liabilities decreased by 668 million yen (approx. 5%) to 12,467 million yen, indicating a deliberate deleveraging or improved earnings retention.
- Net Asset Strength Net assets increased by 1,419 million yen (+2.66%) to 54,833 million yen, with the equity ratio rising to 80.3%.
- Asset Profile Total assets grew modestly by 751 million yen (+1.13%) to 67,300 million yen.
Analyst take
- The company is selectively growing revenue through pricing rather than volume, but is being squeezed on the margin by input costs.
- The balance sheet demonstrates exceptional conservatism and financial resilience. The significant improvement in the equity ratio and reduction in liabilities suggest a focus on balance sheet fortification over aggressive growth.
- The construction sector is facing a cost-push squeeze; passing costs to customers is becoming essential for survival.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
滋賀銀 (83660)
financial results section missing: performance rows
2026年3月期 第3四半期 決算補足説明資料
スタンレー電 (69230)
financial results section missing: performance period
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
スタンレー電 (69230)
スタンレー電気株式会社 (6923) FY2026 Q3
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 380287 | 28584 | 33487 | 21366 |
| YoY | +1.2% | -13.2% | -8.9% | +12.6% |
| Fcst (mil yen) ○ | 500000 | 45000 | 50000 | 31400 |
| YoY | -1.9% | -8.2% | -9.8% | -2.1% |
| Prog | 76.1% | 63.5% | 67.0% | 68.0% |
| Dividends ○ 2026年3月期(予想) | YE 51.00, Total 100.00 · EPS 229.48 | |||
Revenue increased 1.2% YoY driven by subsidiary consolidation and production innovation, but operating profit fell 13.2% due to quality costs and semiconductor shortages.
Business highlights
- Revenue Growth Drivers Revenue rose 1.2% YoY, supported by the consolidation of the Brazilian subsidiary and production innovation effects.
- Margin Compression Drivers Operating profit declined 13.2% despite revenue growth, primarily due to non-recurring quality-related expenses and semiconductor supply constraints.
- Geographic Exposure Risks Performance negatively impacted by harsh market conditions in China/Asia and tariff uncertainty in the US, despite slight volume increases in these regions.
- Segment Performance (Motorcycle) Motorcycle lamp segment maintained relatively robust performance amidst broader market headwinds.
Financial position
- Leverage and Liabilities Equity ratio declined significantly from 64.8% to 57.1% (7.7 pts drop). Liabilities increased by approximately 70 billion yen to fund asset expansion.
- Net Assets Net assets decreased by approximately 40.5 billion yen (6.7%) despite a rise in total assets.
- Transparency and Accounting Quality Discrepancy observed between 'Net Assets' (558.4 billion yen) and 'Equity' (444.9 billion yen).
Analyst take
- The company is currently navigating a 'cost-inflation' phase rather than a pure demand recovery phase. The significant margin compression despite modest revenue growth indicates that operational inefficiencies and external supply chain shocks are outweighing market volume gains.
- The balance sheet is shifting towards higher leverage. The company is expanding its asset base (likely via debt financing) while simultaneously reducing net assets, indicating aggressive capital allocation or financial engineering.
- Semiconductor shortages and quality costs remain persistent headwinds for automotive suppliers, while geopolitical trade tensions (tariffs) continue to disrupt export-oriented Japanese manufacturers.
業績予想及び配当予想の修正に関するお知らせ
トリニ工 (63820)
- Revised FY2026 consolidated performance forecast to sales of 3,900 million yen, operating profit of 270 million yen, ordinary profit of 330 million yen, and net profit of 230 million yen.
- Revised earnings upward based on company-wide cost reduction activities and expense cuts.
- Revised annual dividend forecast to 58 yen per share, increasing the final dividend to 32 yen.
- Plans to prioritize shareholder returns through dividends while maintaining internal reserves for long-term business stability.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
エスティック (61610)
株式会社エスティック (6161) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 5274 | 906 | 936 | 628 |
| YoY | -8.7% | -21.5% | -18.9% | -19.6% |
| Fcst (mil yen) ○ | 8320 | 1698 | 1734 | 1192 |
| YoY | +5.6% | +3.7% | +0.6% | +0.9% |
| Prog | 63.4% | 53.4% | 54.0% | 52.7% |
| Dividends ○ 2026年3月期(予想) | YE 29.00, Total 29.00 · EPS 119.70 | |||
Sales and profit declined year-over-year due to a cyclical rebound from last year's large orders and suppressed investment in key auto markets (US/China). While margin compression persists due to cost inflation, resilience is emerging in Asian markets excluding China, with a recovery anticipated in the second half.
Business highlights
- Domestic Market Performance Sales declined due to a negative rebound from large equipment orders booked last year and cautious domestic investment by manufacturers.
- US Market Performance Sales and profit missed forecasts due to investment suppression from high interest rates and tariff burdens; however, outlook improves with strong demand for high-value vehicles.
- China Market Performance Sales missed forecasts due to EV demand deceleration, inventory overhang, and intense price competition; recovery expected in the second half.
- Asia/Other Markets Growth Sales exceeded prior year in Asia (excluding China) and India, driven by strong economic growth and robust equipment investment in key regions.
- Cost Structure & Margins Operating margin compressed (17.2%) due to rising personnel costs and SG&A despite lower sales volume.
Financial position
- Leverage and Liabilities Liabilities decreased by 234 million JPY (from 1,486m to 1,252m); equity ratio improved to 87.9% (+1.8pp).
- Net Assets Net assets increased to 10,840 million JPY, a rise of 25.6 million JPY (+2.4%) from the prior year.
- Asset Base Total assets increased moderately to 12,092 million JPY (+0.3%).
- Cash Generation vs Profit Insufficient data to definitively compare cash generation with accounting profit.
- Working Capital Movements Data insufficient to analyze changes in working capital.
Analyst take
- The company is navigating a bifurcated global environment where macro headwinds in the US and China are weighing on results, but structural growth pockets in Asia (specifically India) are beginning to offset some of the weakness.
- The balance sheet quality has materially strengthened. The reduction in liabilities combined with the significant rise in the equity ratio indicates a conservative capital structure.
- Automotive parts suppliers are facing a transitional period where high-value vehicles remain resilient, but commoditized EV components and infrastructure investment are struggling under the weight of tariffs and interest rates.
業績予想の修正に関するお知らせ
京葉瓦斯 (95390)
- Revised consolidated operating profit forecast to 3,800 million yen, up 35.7%.
- Revised consolidated net profit forecast to 3,200 million yen, up 28.0%.
- Revised consolidated sales forecast to 117,600 million yen, up 1.2%.
- Revision driven by increased gas appliance and power retail sales.
- Revision driven by increased profits and reduced expenses.
2026年３月期第３四半期末の有価証券含み損に関するお知らせ
筑波銀行 (83380)
financial results section missing: performance period
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
トリニ工 (63820)
トリニティ工業株式会社 (6382) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 27934 | 2225 | 2753 | 1823 |
| YoY | -0.7% | +8.2% | +6.5% | +5.6% |
| Fcst (mil yen) ▲ | 39000 | 2700 | 3300 | 2300 |
| YoY | -3.0% | -16.8% | -6.3% | -4.3% |
| Prog | 71.6% | 82.4% | 83.4% | 79.3% |
| Dividends ▲ 2026年3月期（予想） | YE 32.00, Total 58.00 · EPS 142.53 | |||
Revenue declined marginally (-0.7%) but operating profit surged (+8.2%) driven by robust cost efficiency and operating leverage, indicating underlying operational resilience despite top-line pressure.
Business highlights
- Revenue Performance Sales decreased by 0.7% year-over-year to 279.34 billion yen.
- Profitability Expansion Operating profit increased 8.2% and ordinary profit increased 6.5% despite the revenue decline.
Financial position
- Leverage and Debt Reduction Significant deleveraging occurred, with total assets contracting by 543 million yen while net assets grew by 1,081 million yen, indicating substantial liability reduction.
- Net Asset Quality Net assets per share increased by 74.3 yen to 2,072.82 yen, reflecting an increase of 1.08 billion yen despite the slight asset contraction.
- Asset Base Management Total assets decreased from 42,463 million yen to 41,920 million yen, suggesting active asset shedding or capital return rather than passive accumulation.
Analyst take
- The company is demonstrating strong operating leverage, successfully translating flat sales into higher profitability through efficiency gains.
- The balance sheet is strengthening significantly through aggressive deleveraging. The increase in net assets outpacing the asset reduction implies a robust use of cash to reduce liabilities.
- Suggests an industry environment where cost management is more critical than volume growth to maintain margins.
通期連結業績予想の修正及び役員報酬減額の継続に関するお知らせ
アツギ (35290)
- Revised FY2026 consolidated forecast: Sales 22.2B yen, operating loss 0.7B yen, net loss attributable 0.7B yen.
- Missed forecasts due to inflation-driven consumer savings, lower D2C sales, and delayed pricing adjustments.
- Net loss despite FX gains due to operating loss.
- Continuing compensation cuts: President and non-outside directors pay reduced by 30%, statutory auditors by 20% for six months.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
アツギ (35290)
アツギ株式会社 (3529) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 15712 | -681 | -577 | -710 |
| YoY | -1.1% | - | - | - |
| Fcst (mil yen) ▲ | 22200 | -700 | -500 | -700 |
| YoY | +1.5% | - | - | - |
| Prog | 70.8% | - | - | - |
| Dividends ○ 2026年3月期（予想） | - · EPS -43.71 | |||
Sales slipped 1.1% YoY while operating losses widened to -681m JPY, highlighting the struggle to offset inflationary cost pressures with the new D2C initiatives.
Business highlights
- Consumer Demand Weakness Sales declined 1.1% driven by prolonged consumer cost-saving behavior and inflation, despite the presence of inbound demand.
- Cost Structure Operating loss widened significantly due to structural inflationary pressures on the cost base.
- D2C Channel Expansion D2C initiatives (new product development, EC ops) are underway to strengthen profitability, but current scale is insufficient to offset volume declines.
Financial position
- Leverage Equity ratio improved significantly to 79.1% from 77.5%.
- Net Assets Net assets increased by 583 million JPY in the latest quarter.
- Total Assets Total assets decreased slightly by 81 million JPY.
Analyst take
- The company is executing its mid-term management plan (2025-2027) with a focus on D2C, but is currently facing a cyclical demand downturn that is overriding structural cost management efforts.
- The balance sheet is strengthening with a notable increase in the equity ratio, signaling a conservative financial position.
- The broader textile industry is facing a prolonged period of consumption weakness and margin pressure due to inflationary psychology.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
高度紙 (38910)
ニッポン高度紙工業株式会社 (3891) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 13890 | 2646 | 2788 | 2007 |
| YoY | +14.0% | +24.3% | +30.6% | +28.9% |
| Fcst (mil yen) ○ | 18100 | 3100 | 3100 | 2100 |
| YoY | +12.9% | +26.0% | +26.8% | +17.9% |
| Prog | 76.7% | 85.4% | 89.9% | 95.6% |
| Dividends ○ 2026年3月期（予想） | YE 40.00, Total 80.00 · EPS 199.23 | |||
Profitability expanded significantly despite raw material inflation and currency headwinds, driven by robust demand from AI server and EV/battery sectors.
Business highlights
- AI server demand Aluminum electrolytic capacitor separator sales grew 14.0% driven by increased infrastructure investment for generative AI.
- EV and energy storage Functional materials sales grew 14.1% supported by increased demand for Li-ion and EDLC separators in automotive and power grid applications.
- Margin expansion Operating profit grew 24.3% despite rising raw material costs and increased depreciation from a new production line.
- Macroeconomic headwinds Operating environment remains challenged by persistent yen depreciation and geopolitical tensions.
Financial position
- Net Asset Position Net assets increased by 1,294 million JPY (5.4%) year-over-year to 25,197 million JPY.
- Leverage (Equity Ratio) Equity ratio improved by 2.5 percentage points to 70.3%.
Analyst take
- The company is successfully capitalizing on divergent industry trends, outperforming peers in high-tech segments while others in industrial and mass consumer sectors lag.
- The balance sheet demonstrates high solvency with a conservative equity ratio approaching 70%. The expansion in net assets significantly outpaced total asset growth, implying that growth is internally funded rather than debt-funded.
- Highlights the polarization within the electronics supply chain, where AI and EV supply chains are rebounding faster than general industrial recovery.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
北海瓦斯 (95340)
北海道瓦斯株式会社 (9534) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 114752 | 8078 | 8203 | 5780 |
| YoY | +3.3% | +56.0% | +54.5% | +55.2% |
| Fcst (mil yen) ▲ | 175000 | 15500 | 15500 | 11174 |
| YoY | +2.8% | +8.2% | +7.4% | +7.4% |
| Prog | 65.6% | 52.1% | 52.9% | 51.7% |
| Dividends ○ 2026年3月期(予想) | YE 11.50, Total 23.00 · EPS 126.66 | |||
Profit surged ~55% driven by strong gas volume growth despite pricing pressure, though seasonal demand is a major factor.
Business highlights
- Gas Sales Volume Increased 5.5% YoY due to heating/AC demand and tourism/industry activity.
- Pricing vs. Volume Revenue rose despite price cuts due to volume gains, while electricity revenue declined despite volume growth.
- Electricity Sales Declined 5.1% YoY driven by fuel adjustment price cuts despite volume growth.
- Strategic Investment Profit growth suppressed by increased investment in smart meters and DX initiatives.
Financial position
- Net Asset Quality & Leverage Net assets surged by 5,156 million yen (+5.8%) to 93,642 million yen, while total assets showed minimal change (-215 million yen). This indicates strong earnings retention or asset reduction over the quarter.
- Self-Capital Ratio The self-capital ratio improved significantly from 44.1% to 46.8%, an increase of 2.7 percentage points, driven by the rapid growth of net assets relative to total assets.
Analyst take
- The earnings beat is primarily driven by cyclical winter demand and volume recovery in gas, masking structural margin pressure in electricity and investment-driven expenses.
- The balance sheet is strengthening. The company is generating value (net asset growth) without significantly expanding the asset base, signaling a conservative and efficient use of capital.
- Energy demand remains highly seasonal and dependent on fuel adjustment mechanisms, leading to volatile but predictable revenue cycles.
2026年３月期 業績予想の修正に関するお知らせ
北海瓦斯 (95340)
- Revised consolidated sales forecast to 175.0 billion yen, an increase of 3.7%.
- Revised consolidated operating profit forecast to 15.5 billion yen, an increase of 5.4%.
- Revised consolidated net profit attributable to parent to 11.174 billion yen, an increase of 6.5%.
- Revised individual sales forecast to 150.5 billion yen, an increase of 4.4%.
- Revisions driven by increased gas sales due to temperature effects and proactive demand development.
2025年度 第3四半期 決算補足説明資料
南海電鉄 (90440)
financial results section missing: performance period
業績予想の修正に関するお知らせ
北洋銀行 (85240)
- Revised consolidated operating revenue forecast to 212.8 billion yen for FY2026 ending March 31, 2026.
- Revised individual bank operating revenue forecast to 184.2 billion yen for FY2026 ending March 31, 2026.
- Operating income and net income forecasts remain unchanged due to economic uncertainty.
- Revision driven by higher funding income and gains from securities trading.
2026年3月期 第3四半期決算短信〔日本基準〕(連結)
南海電鉄 (90440)
南海電気鉄道株式会社 (9044) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 195392 | 34171 | 33154 | 22258 |
| YoY | +4.4% | +17.0% | +8.3% | +10.1% |
| Fcst (mil yen) ○ | 271400 | 38500 | 35900 | 22600 |
| YoY | +4.1% | +11.0% | +0.8% | +0.2% |
| Prog | 72.0% | 88.8% | 92.4% | 98.5% |
| Dividends ○ 2026年3月期（予想） | YE 25.00, Total 50.00 · EPS 205.33 | |||
Revenue and profit grew robustly in Q3 driven by Osaka Expo and inbound demand, supported by synergies from recent subsidiary acquisitions.
Business highlights
- Revenue Growth Drivers Transportation personnel increased due to Osaka Expo and inbound demand, driving a 4.4% YoY revenue rise.
- Operating Margin Expansion Operating profit jumped 17.0% YoY, significantly outpacing revenue growth of 4.4% YoY.
- Subsidiary Integration Consolidated results reflect contributions from Meiko Bus and Tenjincho Tourism, acquired in late 2024.
Financial position
- Total Asset Expansion Total assets increased by approximately 42 billion yen to 1,023 billion yen, primarily driven by the completion of accounting treatments for business combinations initiated in the interim period.
- Net Asset Position Net assets rose to 347 billion yen, reflecting the consolidation of acquired entities, while the equity ratio remained stable at 32.0%.
- Accounting Treatment Adjustment Finalized provisional accounting treatment for the 2026 Mar interim period, adjusting historical data to reflect the fair value and tax implications of business combinations.
Analyst take
- The company is effectively leveraging the Expo event to drive volume and successfully integrating non-core subsidiaries to boost margins.
- The balance sheet expansion is driven by inorganic growth rather than organic cash generation. While net assets grew, the equity ratio remains low (32.0%), signaling limited financial cushion and increased leverage if acquisitions are debt-funded.
- The Osaka Expo acts as a unique catalyst for regional transport and tourism stocks, potentially benefiting peers in the Kansai region.
2025年12月期決算短信〔日本基準〕(連結)
小野測器 (68580)
株式会社小野測器 (6858) FY2025 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 13629 | 588 | 679 | 395 |
| YoY | +15.5% | +307.4% | +220.3% | -72.9% |
| Fcst (mil yen) | 7800 | 580 | 630 | 420 |
| YoY | +23.0% | - | - | - |
| Prog | 174.7% | 101.4% | 107.8% | 94.0% |
| Dividends 2026年12月期(予想) | YE 30.00 · EPS 40.29 | |||
Sales and operating profit surged driven by strong order growth, though net income plunged as last year's one-time building sale gain was excluded.
Business highlights
- Order Backlog & Demand Backlog increased 28.9% driven by equipment renewal demand and strong order intake across all segments.
- Operating Leverage Operating profit jumped 307% despite flat cost ratio, demonstrating strong operating leverage from top-line growth.
- Net Profit Normalization Net profit dropped 73% as last year's one-time gain from headquarters building sale was excluded from the base.
- Cost Structure COGS ratio remained flat at 55.0% due to pricing power and efficiency improvements despite rising raw material costs.
- Overseas Expansion Sales support strengthened internationally via agency expansion and service upgrading.
Financial position
- Net Asset Accumulation Net assets increased significantly by 689 million yen (4.3%) despite a modest rise in total assets.
- Capital Structure (Leverage) Equity ratio improved from 73.3% to 74.5%, indicating a further shift towards an all-equity structure.
- Book Value per Share Book value per share rose to 1,557.72 yen, up approximately 3.0% year-over-year.
Analyst take
- The company is demonstrating strong operating momentum and pricing power, though the net income decline is a technical normalization rather than a fundamental deterioration.
- The company is pursuing a highly conservative balance sheet strategy, focusing on asset strength over debt leverage. The divergence between asset growth and equity growth suggests liabilities are being managed tightly.
- The recovery in manufacturing capex and auto industry electrification supports a positive outlook for measurement equipment suppliers.
2026年３月期第３四半期決算短信〔日本基準〕(非連結)
水戸証 (86220)
financial results section missing: forecast rows
業績予想および配当予想の修正（増配）に関するお知らせ
トーメンデバ (27370)
- Revised 2026 fiscal year earnings forecast: Sales 530B JPY, operating profit 15.5B JPY, net profit 800M JPY.
- Forecast increase driven by rising memory prices due to expanding AI-related product demand.
- Annual dividend forecast increased to 430 JPY, a rise of 130 JPY.
- Targeted payout ratio increased to 36.6 percent.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
トーメンデバ (27370)
株式会社トーメンデバイス (2737) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 394347 | 13400 | 10405 | 7342 |
| YoY | +28.2% | +53.6% | +63.4% | +54.4% |
| Fcst (mil yen) ▲ | 530000 | 15500 | 11300 | 8000 |
| YoY | +25.7% | +52.4% | +53.2% | +43.2% |
| Prog | 74.4% | 86.5% | 92.1% | 91.8% |
| Dividends ▲ 2026年3月期（予想） | YE 430.00, Total 430.00 · EPS 1176.31 | |||
Strong revenue and profit growth driven by AI/Data Center and automotive memory demand, with margins expanding due to price hikes amidst global uncertainty.
Business highlights
- AI & Auto Demand Drivers Sales increased 28.2% YoY fueled by server/storage and automotive memory demand, alongside growth in China smartphone CIS and domestic SiP businesses.
- Profitability Expansion Operating and ordinary profit surged over 50% YoY, driven by revenue growth combined with significant increases in memory semiconductor prices.
- External Risk Factors Global economic outlook remains fragile due to trade friction, geopolitical risks, and FX volatility, which could impact margins.
Financial position
- Leverage Equity ratio deteriorated significantly from 43.5% to 28.1%.
- Asset Base Total assets nearly doubled (+74%) year-on-year, driven by significant balance sheet expansion.
- Net Asset Quality Book value per share grew (+12.4%) despite the collapse in equity ratio.
Analyst take
- The company is effectively capitalizing on the AI memory super-cycle and the structural shift toward automotive electronics, outperforming the broader economic backdrop.
- The company has undergone aggressive asset expansion funded largely by leverage, resulting in a precipitous drop in the equity ratio.
- Confirms that high-end memory and automotive chips remain resilient engines of demand, distinct from the volatility seen in standard consumer electronics.
2026年３月期 第３四半期決算短信〔日本基準〕（非連結）
日ギア (63560)
日本ギア工業株式会社 (6356) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 6704 | 1440 | 1482 | 1010 |
| YoY | -1.1% | -6.1% | -5.8% | -5.2% |
| Fcst (mil yen) ○ | 9300 | 2060 | 2090 | 1480 |
| YoY | -2.7% | -2.2% | -2.9% | +4.5% |
| Prog | 72.1% | 69.9% | 70.9% | 68.2% |
| Dividends ○ 2026年3月期（予想） | YE 4.00, Total 8.00 · EPS 103.95 | |||
Order book and backlog show strong demand resilience, but realized sales and profits remain pressured by one-time pension costs and macro headwinds.
Business highlights
- Order momentum Orders increased 15% YoY, and backlog rose 38.5% year-on-year despite global instability.
- Cost control vs. Pension costs COGS decreased 5.2% YoY, but SG&A rose 14.3% due to timing differences in pension expense calculations.
- Realized sales Sales remained flat (-1.1% YoY) despite a significant increase in backlog.
Financial position
- Leverage and Solvency Self-capital ratio improved significantly to 84.7% from 82.5%, indicating a reduction in financial risk.
- Net Asset Accumulation Net assets increased by 1.11 billion JPY to 13.67 billion JPY, with EPS rising to 960.27 JPY.
- Asset Base Expansion Total assets expanded by 917 million JPY, reflecting organic growth or conservative asset accumulation.
Analyst take
- The company is maintaining cost discipline (lower COGS) but is being held back by non-recurring pension costs and a delay in converting high orders into realized sales.
- The financial position is exceptionally robust, characterized by a near-85% equity ratio. The significant increase in net assets suggests disciplined capital allocation and strong internal cash generation.
- Japanese manufacturing is experiencing a bifurcation where capital spending (orders) remains robust driven by wage hikes, while consumer-driven sales are lagging.
業績予想及び配当予想の修正に関するお知らせ
関電工 (19420)
- Consolidated and individual forecasts revised upward for FY2026.
- Consolidated sales forecast increased to 735 billion yen, operating profit to 80 billion yen (+27%).
- Individual sales forecast increased to 630 billion yen, operating profit to 67.8 billion yen.
- Annual dividend raised by 30 yen to 120 yen per share to maintain 40% payout ratio.
- Revision driven by renewable energy project progress, higher productivity, and gains from policy share sales.
個別業績の前期実績との差異及び配当予想の修正（増配）に関するお知らせ
モバファク (39120)
- Revenue, operating profit, and ordinary profit for FY2025 exceeded prior year, while net profit decreased 36.3% due to reversal of 304 million yen in deferred tax assets.
- Revenue growth driven by IP collaborations and moving goods; profit decrease linked to reassessment of timing for tax deductions on subsidiary shares.
- Raised annual dividend forecast by 1 yen per share to 44 yen, increasing Q2 interim dividend to 24 yen.
- Dividend increase decision based on consolidated performance exceeding previous sales forecast.
2025年12月期 通期決算説明資料
モバファク (39120)
- FY2025 sales reached a record high of 3,427 million yen (+3.3% YoY) with operating profit of 1,121 million yen (+6.0% YoY).
- Q4 sales were 949 million yen (-1.9% YoY) and operating profit 310 million yen (-12.3% YoY), attributed to ad investment and a rebound from last year’s 10th-anniversary campaigns.
- Company revised FY2025 forecasts upward for sales, EBITDA, operating profit, and net profit.
- FY2026 forecasts project sales of 3,500 million yen and a 67.7% increase in net profit to 819 million yen, targeting a ROE of 28.0%.
- Company plans a share buyback of 8 billion yen (1 million shares) for March 31, 2026.
2025年12月期決算短信〔日本基準〕(連結)
モバファク (39120)
株式会社モバイルファクトリー (3912) FY2025 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 3427 | 1121 | 1121 | 1145 |
| YoY | +3.3% | +5.8% | +6.0% | +8.4% |
| Fcst (mil yen) | 3500 | 1170 | 1180 | 819 |
| YoY | +2.1% | +4.3% | +3.0% | +67.7% |
| Prog | 97.9% | 95.8% | 95.0% | 139.8% |
| Dividends 2026年12月期(予想) | YE 51.00, Total 44.40 · EPS 126.56 | |||
Consolidated sales reached a record high driven by the flagship location-based service, while GAAP net profit declined significantly due to non-operational tax accounting adjustments.
Business highlights
- Core Game Performance Consolidated sales achieved a record high, driven by the flagship location-based service.
- Operating Leverage Operating and EBITDA profits increased despite the net profit decline, indicating margin expansion.
- Net Profit Distortion Net profit fell 30.1% due to accounting adjustments regarding unvested share-based compensation and the reversal of deferred tax assets.
Financial position
- Leverage and Solvency Equity ratio declined by 3.2 percentage points to 77.5%.
- Net Asset Value Shareholder equity value eroded, with net asset per share falling 4.3% to 431.90 JPY.
- Capital Base Total assets contracted modestly (4,218 to 3,979 million JPY), while net assets fell significantly more.
Analyst take
- The company is executing well on the top line with robust demand for its LBS service, but the bottom line is temporarily suppressed by tax accounting maneuvers rather than operational weakness. The divergence between operating profit and net income suggests the underlying business quality remains high.
- Balance sheet quality is under pressure. The significant drop in net assets and the decline in the equity ratio suggest a period of capital depletion or losses, outweighing the slight asset reduction.
- Location-based games are proving resilient and effective as a growth driver in the current Japanese gaming market, outperforming broader sector trends.
2026年３月期通期業績予想の修正に関するお知らせ
川崎設備 (17770)
- Revised FY2026 sales forecast to 38.2 billion yen, up 6.1% from previous view.
- Increased operating profit forecast to 5.0 billion yen, up 25.0% from previous view.
- Raised net profit forecast to 911 million yen, up 32.3% from previous view.
- Revision driven by increased project count and unit prices, plus improved profitability and cost control.
2026年３月期 第３四半期決算参考資料
川崎設備 (17770)
financial results section missing: performance period
2026年３月期 第３四半期決算短信〔日本基準〕(非連結)
川崎設備 (17770)
川崎設備工業株式会社 (1777) FY2026 Q3 Non-consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 27842 | 3955 | 3985 | 2739 |
| YoY | +51.4% | +249.1% | +244.3% | +267.9% |
| Fcst (mil yen) ▲ | 38200 | 5000 | 5087 | 3732 |
| YoY | +31.0% | +84.3% | +86.1% | +90.6% |
| Prog | 72.9% | 79.1% | 78.3% | 73.4% |
| Dividends ○ 2026年3月期(予想) | YE 50.00, Total 75.00 · EPS 311.93 | |||
Revenue surged 51.4% driven by robust private investment and favorable product mix, while operating profit skyrocketed 249.1% reflecting significant margin expansion and successful strategy execution.
Business highlights
- Private Investment Demand Sales volume increased significantly driven by strong private demand for manufacturing plants, logistics facilities, and offices.
- Profitability Drivers Operating profit grew 249.1% on record revenue, outpacing sales growth due to margin expansion.
- Industry Cost Pressures Construction sector faces persistent inflation despite stable public infrastructure demand.
Financial position
- Leverage & Net Asset Quality Net assets increased by 15.4% to 15,393 million yen, outpacing the growth in total assets, pushing the equity ratio up to 57.0%.
- Asset Base Expansion Total assets increased by 2,729 million yen (11.2%) to 27,003 million yen.
Analyst take
- The company is successfully translating a recovering economy and favorable market mix into outsized financial results, validating its 'productivity innovation' strategy.
- The company is demonstrating prudent capital management by growing equity faster than total liabilities, resulting in a healthier balance sheet structure. The equity ratio crossing the 57% threshold signals a robust financial position.
- Private investment demand appears more resilient than public works, creating a divergence where agile firms with strong product portfolios will outperform.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
明海グループ (91150)
明海グループ株式会社 (9115) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 45344 | 4561 | 2206 | 4431 |
| YoY | -6.4% | -45.5% | -61.1% | +233.2% |
| Fcst (mil yen) ○ | 57800 | 3000 | 600 | 3300 |
| YoY | -14.4% | -72.8% | -93.4% | +17.3% |
| Prog | 78.4% | 152.0% | 367.7% | 134.3% |
| Dividends ○ 2025年3月期 | YE 5.00, Total 5.00 · EPS 97.20 | |||
Net profit surged 233% driven by a one-time ship sale gain, masking significant underlying operating pressure. Overseas shipping faces margin erosion despite a sales decline, while hotels suffer from cost inflation despite demand recovery.
Business highlights
- Overseas Shipping Profitability Operating profit fell 45% despite a 9% sales decline, driven by rising charter fees that offset cost savings.
- Hotel Business Margin Compression Revenue grew 8% on travel demand recovery, but operating profit collapsed 92% as cost inflation outpaced pricing power.
- Financial Rebound Driver Net profit jumped 233% due to a one-time special profit from vessel sales, distinct from recurring operational performance.
Financial position
- Leverage & Equity Structure Parent equity ratio improved to 18.3% (Q3) from 16.3% (FY), indicating deleveraging.
- Net Asset Composition Net assets (Total Equity) grew by 4.8% year-over-year, yet a significant portion (~54%) is attributable to non-controlling interests.
- Asset Base Quality Total assets decreased by approximately 3.3% sequentially, suggesting a contraction or disposal of non-core assets.
Analyst take
- The company is in a transition phase characterized by asset divestment (shipping) and post-pandemic recovery (hotels), but recurring earnings are currently under strain from cost structures.
- The company is successfully deleveraging its parent balance sheet, evidenced by an expanding equity ratio despite a shrinking asset base. However, the quality of this equity expansion is diluted by a heavy reliance on Non-Controlling Interests.
- Shipping sector faces cyclical cost pressures (high charter rates), while hospitality is battling cost-push inflation typical of post-pandemic demand surges.
2026年３月期 第３四半期決算説明資料
シーティーエス (43450)
- Revenue increased 7.6% to 9,618 million JPY.
- Operating profit increased 8.4% to 2,514 million JPY with a stable 26.1% margin.
- Net profit attributable to parent increased 26.4% to 2,031 million JPY.
- DDS segment sales increased 9.1% to 5,649 million JPY.
- SMS segment sales increased 8.7% to 2,909 million JPY.
- Revised FY2026 Consolidated Results Forecast and Ending Dividend Forecast.
- Adopted progressive dividend policy aiming to maintain or increase dividends excluding special dividends.
- Stock repurchase plan determined for November 2025.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
シーティーエス (43450)
株式会社シーティーエス (4345) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 9618 | 2514 | 2849 | 2031 |
| YoY | +7.6% | +8.4% | +20.5% | +26.4% |
| Fcst (mil yen) ○ | 12885 | 3353 | 3643 | 2527 |
| YoY | +9.0% | +9.0% | +15.2% | +15.4% |
| Prog | 74.6% | 75.0% | 78.2% | 80.4% |
| Dividends ○ 2026年3月期（予想） | YE 15.00, Total 29.00 · EPS 61.19 | |||
Results exceeded expectations with double-digit profit growth driven by successful execution of the strategic pivot to high-margin data services, despite a challenging construction market environment.
Business highlights
- Strategic Business Transformation (SAP) Sales and profit growth driven by the shift from hardware rental to integrated 'Site Assist Package' (SAP) services.
- Profitability Expansion Operating margin expanded to 26.1% as revenue growth outpaced increases in selling, general, and administrative expenses.
- Customer Retention Repeat rate maintained at 68.2% as subscription services and B2B contractization drive customer stickiness.
- Non-Operating Gains One-time gains from the sale of Topcon shares and investment securities boosted ordinary profit by over 20% YoY.
Financial position
- Leverage and Liabilities Net assets increased by 1,969 million yen, driving the equity ratio up to 76.4%.
- Asset Base Expansion Total assets increased by 2,335 million yen (approx. 13.7%), outpacing the growth in net assets.
- Net Asset Quality Growth in net assets (15.3%) exceeded the growth in total assets (13.7%), indicating equity-funded expansion.
- Data Limitations Detailed breakdown of liabilities (specifically debt) and cash flows is unavailable from the total balance sheet figures.
Analyst take
- The company is successfully executing its 3-year transformation plan, capturing share in the construction sector despite flat project counts and labor shortages.
- The balance sheet demonstrates robust structural strength with a solid equity ratio. The company is expanding its asset base in a conservative manner, as evidenced by equity growth outpacing asset growth.
- The construction ICT market is shifting from hardware rentals to integrated digital solutions; players offering software/services will likely outperform pure-play hardware vendors.
当社子会社（川崎設備工業株式会社）の2026年3月期業績予想の修正に関するお知らせ
関電工 (19420)
- Sales forecast increased to 38,200 million yen from 36,000 million yen.
- Net profit forecast increased to 3,732 million yen from 2,821 million yen.
- Revision attributed to increased project volume, unit prices, and improved profitability via cost reduction.
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
関電工 (19420)
株式会社関電工 (1942) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 511581 | 58472 | 60323 | 46242 |
| YoY | +12.3% | +39.4% | +39.2% | +45.0% |
| Fcst (mil yen) ▲ | 735000 | 80000 | 82000 | 61000 |
| YoY | +9.4% | +37.2% | +37.8% | +43.9% |
| Prog | 69.6% | 73.1% | 73.6% | 75.8% |
| Dividends ▲ 2026年3月期（予想） | YE 75.00, Total 120.00 · EPS 298.43 | |||
Solid Q3 performance with revenue up modestly (12.3%) but profit surging nearly 40% (39.4%), indicating strong operational leverage and margin expansion.
Business highlights
- Profitability Expansion Operating profit surged 39.4% YoY, significantly outpacing the 12.3% revenue increase, indicating improved operational efficiency.
- Revenue Momentum New orders and completed works increased by approximately 11% YoY, sustaining a growth trajectory from the previous period.
- Disclosure Scope The provided text consists primarily of a 'Safe Harbor' disclosure; specific qualitative drivers for the earnings beat are not detailed in this excerpt.
Financial position
- Net Asset Ratio Net asset ratio increased to 62.2% from 61.0%, indicating a stronger equity cushion relative to total assets.
- Net Asset Position Net assets grew to 415.1 billion yen, a significant increase from the previous year-end level.
- Balance Sheet Structure The balance sheet remains heavily asset-backed with a high net asset ratio, suggesting a conservative financial profile.
Analyst take
- The company is demonstrating pricing power or cost control, as evidenced by profit growth outpacing sales growth. This suggests strong execution despite general market conditions.
- The company demonstrates a conservative financial posture with a strong net asset ratio, suggesting conservative management of leverage and capital retention.
- A positive signal for the construction/engineering sector, indicating potential sustained demand and pricing stability.
2026年３月期第３四半期決算説明資料
いちよし (86240)
- Operating revenue increased 19.1% year-on-year to 17,217 million yen.
- Net income attributable to parent increased 80.3% year-on-year to 251.6 million yen.
- Trading profit surged 310.8% year-on-year to 15.6 million yen, driven by foreign exchange gains.
- Commission revenue increased 18.5% year-on-year, led by stock brokerage fees.
2026年３月期 第３四半期決算短信[日本基準]（連結）
いちよし (86240)
financial results section missing: forecast rows
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
橋本総業ＨＤ (75700)
橋本総業ホールディングス株式会社 (7570) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 127672 | 1741 | 2641 | 2066 |
| YoY | +4.3% | -7.8% | -7.0% | +10.1% |
| Fcst (mil yen) ○ | 174000 | 2800 | 3700 | 2900 |
| YoY | +5.2% | +14.6% | +6.5% | +0.3% |
| Prog | 73.4% | 62.2% | 71.4% | 71.2% |
| Dividends ○ 2026年3月期（予想） | YE 25.00, Total 50.00 · EPS 149.32 | |||
Group sales grew 4.3% driven by strong HVAC demand, but operating profit declined 7.8% due to aggressive pricing and volume trade-offs in sanitary ware. Net profit increased 10.1% largely due to non-recurring investment securities gains and fixed asset write-offs.
Business highlights
- Operating margin pressure Operating profit fell 7.8% despite a 4.3% sales increase, resulting from aggressive price hikes that reduced demand in low-margin generic sanitary ware.
- HVAC/Pump segment outperformance HVAC and Pump segment led sales growth with a 10.5% increase, driven by heatwave demand and government subsidies for energy-efficient products.
- Segment mix shift (Pipes vs. Sanitary Ware) Pipe materials saw slight growth (+2.6%) aided by resin demand, while generic sanitary ware volumes dropped due to pricing pressure.
- Net profit quality vs. operating performance Net profit surged 10.1% driven by one-offs (investment securities gains, fixed asset write-offs), masking a negative organic operating trend.
Financial position
- Leverage and Liabilities Total assets surged 28.7% year-on-year to 110.0 billion JPY, while equity grew only 10.2%, driving the equity ratio down to 32.3%.
- Net Assets Net assets increased to 35.6 billion JPY, reflecting growth in retained earnings and equity, but the absolute increase was insufficient to support the rapid asset expansion.
- Capital Allocation Significant balance sheet expansion indicates active capital deployment, suggesting funding is likely coming from debt rather than equity to sustain the asset growth.
Analyst take
- The company is successfully shifting sales toward high-value added products in HVAC and eco-friendly appliances, but is struggling to pass costs onto customers in the commoditized sanitary ware market. The divergence between sales growth and operating profit decline suggests pricing power limitations.
- The balance sheet is undergoing rapid structural expansion, which is diluting the company's financial resilience metrics. The decline in the equity ratio from 37.7% to 32.3% signifies a notable weakening of the balance sheet quality over the quarter.
- The construction materials sector is experiencing a bifurcation where products supported by subsidies or addressing energy efficiency are bucking market trends, while general hardware faces volume pressure from price hikes.
法人税等調整額の計上及び2026年３月期第３四半期の連結業績見通しに関するお知らせ
日産証券グループ (87050)
- Recorded 237 million yen in corporate tax adjustments due to reversal of deferred tax assets in the third quarter.
- Forecasted 6,113 million yen in operating revenue for the cumulative period, up 8.8% year-over-year.
- Forecasted 782 million yen in net income attributable to parent shareholders, up 96.7% year-over-year.
- No special profit was recognized from the sale of investment securities during the period.
2025年度 第３四半期決算の概要
ＪＰＸ (86970)
- Operating revenue increased 14.8% YoY to 139.6 billion yen.
- Financial derivatives revenue rose 41.1% to 8.6 billion yen, driven by a 78.0% increase in Nikkei 225 options volume.
- Clearing revenues surged 41.1% due to interest rate swap collateral management gains.
- Prime market stock trading volume increased 41.4%.
- Operating expenses increased 12.1% YoY.
- The 2025 annual forecast remains unchanged with minor volume adjustments.
- Dividend payout ratio target remains at 60% or more.
2026年３月期 第３四半期決算短信〔ＩＦＲＳ〕（連結）
ＪＰＸ (86970)
株式会社日本取引所グループ (8697) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 139626 | 81308 | 81678 | 56668 |
| YoY | +14.8% | +17.1% | +17.5% | +17.5% |
| Fcst (mil yen) ○ | 176000 | 96500 | 97000 | 67500 |
| YoY | +8.5% | +7.1% | +7.4% | +7.6% |
| Prog | 79.3% | 84.3% | 84.2% | 84.0% |
| Dividends ○ 2026年3月期（予想） | YE 25.00, Total 50.00 · EPS 65000.00 | |||
Revenue and profit grew robustly driven by physical trading and clearing fees; however, a massive 86.3% surge in 'other operating expenses' is a key deviation requiring investigation.
Business highlights
- Trading Revenue Drivers Physical trading volume (+18%) and access fees drove an 11.7% increase in trading fees, despite a decline in Nikkei futures.
- Clearing Segment Outperformance Clearing fees surged 41.1% driven by higher transaction volumes, outpacing revenue growth across other segments.
- Listing Revenue Volatility Annual listing fees increased 7.6%, offsetting a 17.1% decline in new listing fees.
- Cost Structure Disruption "Other operating expenses" spiked 86.3%, significantly outpacing revenue growth and raising margin concerns.
- System Services Expansion Colocation services utilization (+9.2%) drove a 3.7% increase in system revenue despite flat arrownet usage.
Financial position
- Leverage Extremely high leverage persists with an equity ratio of 0.4%, driven by assets of 71.7 trillion yen against equity of 320 billion yen.
- Balance Sheet Structure Total assets declined significantly from the prior year (85.4T yen) to the current quarter (71.7T yen), largely attributed to the normalization of JSCC liquidation activities.
- Owner's Equity Owner's equity attributable to the parent decreased from 340.8 billion yen to 320.5 billion yen over the quarter.
Analyst take
- Core franchise strength is evident in trading and clearing segments, showing repeatable organic growth. However, the abrupt rise in 'other operating expenses' suggests potential margin pressure or currency volatility that needs monitoring.
- The financial position is heavily distorted by the JSCC liquidation mandate, resulting in a balance sheet that functions as a pass-through vehicle for clearing obligations rather than an asset-heavy enterprise. The zero-equity environment is characteristic of clearing agents.
- High clearing volumes correlate with active derivatives trading; the cost spike may be external (FX) or related to broader industry infrastructure upgrades.
2025年12月期 決算短信［日本基準］(連結)
四国化成ＨＤ (40990)
四国化成ホールディングス株式会社 (4099) FY2025 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 70705 | 10869 | 11921 | 8459 |
| YoY | +1.7% | +11.6% | +10.6% | -4.0% |
| Fcst (mil yen) | 80000 | 14400 | 14500 | 10000 |
| YoY | +13.1% | +32.5% | +21.6% | +18.2% |
| Prog | 88.4% | 75.5% | 82.2% | 84.6% |
| Dividends 2026年12月期(予想) | YE 60.00, Total 25.90 · EPS 231.22 | |||
The group achieved record highs in operating and ordinary profits driven by fine chemical demand, yet net profit declined (-4.0%) despite robust top-line margin expansion.
Business highlights
- Fine Chemicals Margin Expansion Fine chemical operations drove record highs in sales and operating profit despite flat overall revenue growth.
- Bottom-line Profitability Disconnect Operating profit surged (+11.6%) while net profit contracted (-4.0%), indicating a significant drag from non-operating factors.
- Global Trade Risk Exposure Export-led growth is capped by macro risks, specifically US trade policies and a slowing overseas economy.
Financial position
- Leverage and Debt Structure Liabilities contracted by approximately ¥1.9 billion despite a 6.3% increase in total assets, indicating a deleveraging trend.
- Net Asset Position Net assets surged by ¥10.4 billion (12.4%), significantly exceeding the growth rate of total assets (6.3%), driving the net asset ratio to 65.0%.
- Equity Value per Share Net assets per share increased by 16.2% to ¥2,168.70.
- Cash Generation vs Accounting Profit Data insufficient to assess cash generation versus accounting profit; requires Statement of Cash Flows or Income Statement.
Analyst take
- Fine chemicals have clearly become the growth engine and margin enhancer, but the negative net profit surprise suggests a potential tax or FX headwind that is currently obscuring the true quality of earnings.
- The company demonstrates a highly conservative and strengthening balance sheet, characterized by a substantial increase in net assets and a reduction in absolute liabilities.
- Japanese specialty chemical manufacturers are successfully pivoting to high-margin niches (fine chemicals) but remain vulnerable to the cyclical slowdown in global trade and automotive demand.
2026年3月期 第3四半期決算短信〔日本基準〕（非連結）
丸三証 (86130)
financial results section missing: forecast rows
2026年３月期 第３四半期決算説明資料
Ｇ－ＳＢＩリーシング (58340)
- Q3 operating profit exceeded initial forecast.
- Full-year operating profit guidance raised by 1.2 billion yen to 9.4 billion yen.
- Full-year net profit forecast increased to 5.65 billion yen (+850 million yen).
- Q3 sales reached 103.4 billion yen, achieving 88.1% of the annual sales target of 660 billion yen.
- Q3 net profit attributable to parent shareholders was 5,005 million yen.
- Q3 portfolio value stood at 300.5 billion yen, reaching 93.9% of the annual target.
- Full-year dividend forecast set at 215 yen.
- Company utilizes currency options and timing diversification to mitigate FX risk.
- Aviation and shipping demand recovering driven by carbon neutrality initiatives.
剰余金の期末配当に関するお知らせ
ヒューリック (30030)
- HULIC proposed a final dividend of 33.5 yen per share for the fiscal year ending December 31, 2025.
- The dividend amount was increased by 2.0 yen compared to the recent forecast due to FY2025 consolidated performance exceeding expectations.
- The total annual dividend for the 2025 fiscal year is 62.0 yen per share.
- This represents an 8.0 yen increase compared to the actual dividend for the previous fiscal year.
期末配当予想の決定に関するお知らせ
Ｇ－ＳＢＩリーシング (58340)
- Decided year-end dividend forecast of 165 yen per share for FY2026 ending March 31.
- Combined with interim dividend of 50 yen, annual dividend forecast increases to 215 yen per share.
- Revisions from previous forecast where year-end dividend was marked “undetermined.”
- Established target payout ratio of 30% or more for shareholder returns starting this fiscal year.
2026年３月期通期連結業績予想の修正に関するお知らせ
Ｇ－ＳＢＩリーシング (58340)
- Revised full-year 2026 forecast to sales of 63.0 billion yen, operating profit of 9.4 billion yen, ordinary profit of 8.3 billion yen, and net profit of 5.65 billion yen.
- JOLCO product sales increased to 77 billion yen and JOL product sales met the plan of 48 billion yen due to strong demand and an expanded sales network.
- Stable yen/dollar exchange rates reduced forex-related costs.
- The revised forecast is an upgrade over the previous forecast announced on April 28, 2025.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
Ｇ－ＳＢＩリーシング (58340)
ＳＢＩリーシングサービス株式会社 (5834) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 49607 | 7977 | 7309 | 5005 |
| YoY | +53.7% | +65.1% | +64.1% | +62.0% |
| Fcst (mil yen) ▲ | 63000 | 9400 | 8300 | 5650 |
| YoY | +50.3% | +39.7% | +36.4% | +28.7% |
| Prog | 78.7% | 84.9% | 88.1% | 88.6% |
| Dividends ▲ 2026年3月期（予想） | YE 165.00, Total 215.00 · EPS 714.27 | |||
Strong Q3 earnings driven by record-breaking JOLCO sales and robust JOL demand, reflecting successful inventory accumulation and aggressive sales promotion in a recovering aviation market.
Business highlights
- JOLCO Sales Performance JOLCO sales reached a record high in the Q3 cumulative period.
- Product Sales Growth JOL sales increased by 6 units cumulatively, driven by precise customer needs analysis.
- Overall Profit Expansion Revenue and operating profit surged over 50% YoY, outpacing sales growth.
- Cost & FX Pressures Operating costs remain elevated due to supply chain constraints and labor shortages.
Financial position
- Leverage and Solvency Equity ratio improved significantly from 23.8% to 26.0% due to a strong rise in net assets and a slight contraction in total assets.
- Net Asset Position Net assets grew substantially by approximately 8.7% quarter-over-quarter, indicating robust internal capital generation or effective capital returns.
- Asset Structure Total assets contracted slightly, suggesting active asset management or working capital optimization alongside deleveraging efforts.
- Capital Allocation Evidence of capital return or debt reduction as the equity ratio rose while total assets fell, prioritizing balance sheet strength.
Analyst take
- The company is executing its strategy effectively, capturing strong demand for green aviation assets (JOLCO) while maintaining a diversified portfolio.
- The company is demonstrating strong balance sheet management by deleveraging and increasing internal equity, signaling financial conservatism.
- The aviation leasing sector is structurally recovering, but lessors face persistent inflationary pressures from the supply chain and labor market.
2026年３月期 通期連結業績予想の修正（上方修正）および期末配当予想の修正（増配）に関するお知らせ
Ｇ－ＳＢＩインシュ (73260)
- Consolidated earnings forecast for fiscal year ending March 2026 revised upward: operating revenue up 3.8% to 136 billion yen; operating profit up 6.4% to 11.7 billion yen; net profit attributable to owners up 12.0% to 2.8 billion yen.
- Full-year dividend forecast revised upward to 45 yen per share from 40 yen, comprising 45 yen interim and 45 yen year-end dividends.
- Revision driven by stronger-than-expected Q3 results compared to the prior year and recent performance trends.
- Payout ratio expected to be 39.9% based on the 40% target dividend policy.
2026年３月期第３四半期連結累計期間の決算速報のお知らせ
Ｇ－ＳＢＩインシュ (73260)
- Preliminary Q3 results show record highs: operating revenue up 19.4% to 104,872 million yen, operating profit up 43.8% to 10,571 million yen, and net profit attributable to parent up 55.3% to 2,902 million yen.
- Full-year fiscal 2026 guidance revised upward based on strong Q3 performance and increased policy counts across all business segments.
- Segment performance highlights include Property Insurance profit up 32.5%, Life Insurance profit up 10.1%, and Short-term Insurance profit up 463.1%.
2026年3月期第3四半期 決算説明資料
メイテックＧＨＤ (97440)
- Group Q3 sales increased 3.1% and operating profit increased 6.3% year-on-year.
- Engineering Solutions segment sales rose 3.2% with operating profit up 7.4%.
- Engineering Introduction segment sales decreased 3.8% due to fewer placement decisions.
- Career recruitment targets lowered to 120 MT and 250 MF from 200 and 300 respectively due to market conditions.
- FY2026 sales forecast achieved 75.6% and operating profit forecast achieved 80.0% of target.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
メイテックＧＨＤ (97440)
株式会社メイテックグループホールディングス (9744) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 103522 | 16168 | 16295 | 11124 |
| YoY | +3.1% | +6.3% | +6.8% | +13.5% |
| Fcst (mil yen) ○ | 137000 | 20200 | 20400 | 13900 |
| YoY | +3.0% | +7.3% | +7.9% | +9.1% |
| Prog | 75.6% | 80.0% | 79.9% | 80.0% |
| Dividends ○ 2026年3月期(予想) | YE 91.00, Total 181.00 · EPS 180.04 | |||
Sales and profit grew robustly driven by OEM technology investments, though headcount declined and overtime fell.
Business highlights
- Core Product Demand Orders and utilization rates remained stable due to large-scale manufacturers' investment in next-generation technology.
- Workforce & Productivity Utilization rates recovered to prior-year levels, but headcount decreased slightly and overtime hours declined.
- Profitability Net profit increased more sharply than sales due to improved margin and favorable prior-year adjustments.
Financial position
- Leverage and Net Worth Position Equity ratio improved to 54.8% (up from 52.1%), indicating a stronger solvency cushion.
- Asset Base Structure Total assets contracted significantly to 80,976 million yen (down from 93,605 million yen), signaling a strategic reduction in scale.
- Earnings Quality and Liquidity No data provided to assess cash generation, working capital movements, or free cash flow.
Analyst take
- Underlying business momentum is strong driven by end-market demand, but the business model faces a structural constraint regarding talent acquisition.
- The company is demonstrating a deleveraging posture by shrinking the asset base while maintaining a healthy equity ratio, which is consistent with conservative capital management.
- Reflects the broader trend of manufacturers prioritizing R&D to maintain competitiveness amid economic uncertainty.
2025年12月期決算短信〔日本基準〕(連結)
ヒューリック (30030)
financial results section missing: forecast rows
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
岡三 (86090)
financial results section missing: forecast rows
2026年3月期 第3四半期決算短信〔日本基準〕（連結）
キムラユニティー (93680)
キムラユニティー株式会社 (9368) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 47497 | 4020 | 4621 | 3041 |
| YoY | +3.9% | +1.6% | +6.4% | +10.3% |
| Fcst (mil yen) ○ | 63500 | 4800 | 5400 | 3600 |
| YoY | +3.9% | +4.3% | +5.5% | +9.1% |
| Prog | 74.8% | 83.8% | 85.6% | 84.5% |
| Dividends ○ 2026年3月期（予想） | YE 17.00, Total 34.00 · EPS 84.54 | |||
Consolidated sales rose 3.9% to 47,497 million yen, driven by Logistics and Information Services, but operating profit growth of 1.6% lagged due to a profit decline in China logistics segments, partially offset by strong margin expansion in Mobility and HR Services.
Business highlights
- Logistics China Profitability Sales increased in Japan and the US, but operating profit fell 4.7% due to a revenue decline in China logistics subsidiaries.
- Mobility Service Efficiency Sales grew 3.0% as maintenance contracts increased, driving a 21.6% jump in operating profit.
- Information Service Momentum Sales surged 18.6% driven by major customers, with profit rising 6.1%.
- HR Service Margin Expansion Sales grew 6.1% alongside a 510.9% increase in operating profit.
- Other Services Cost Control Revenue remained flat while profit surged 91.1% due to improvements in cost ratios.
Financial position
- Leverage and Net Asset Ratio Net asset ratio increased to 63.0% and total liabilities decreased from 23,378 million yen to 22,602 million yen despite asset growth.
- Balance Sheet Expansion Total assets increased by approximately 2 billion yen to 66,527 million yen, while book value per share (adjusted for split) rose to 1,018.57 yen.
- Capital Structure Adjustment Data is adjusted for a 2-for-1 stock split effective April 1, 2025, ensuring comparability between fiscal years.
Analyst take
- The company is showing selective resilience amidst a volatile macro environment (auto, FX, China). While specific segments like Information and Mobility are delivering strong profit growth, the drag from China logistics offsets the gains.
- The company demonstrates a conservative financial posture with a deleveraging trend and a robust equity ratio (63.0%). The reduction in liabilities relative to asset growth indicates prudent capital management.
- Highlights a divergence within the logistics sector; general logistics face China/XR volatility, while specialized services (Info, Mobility) remain demand drivers.
2026年3月期 第3四半期決算短信〔IFRS〕(連結)
山洋電気 (65160)
山洋電気株式会社 (6516) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 78104 | 7542 | 8146 | 5757 |
| YoY | +8.9% | +53.8% | +48.3% | +43.8% |
| Fcst (mil yen) ○ | 107100 | 11550 | 11950 | 8500 |
| YoY | +9.5% | +45.5% | +49.3% | +50.8% |
| Prog | 72.9% | 65.3% | 68.2% | 67.7% |
| Dividends ○ 2026年3月期(予想) | YE 36.67 · EPS 237.59 | |||
Robust revenue growth combined with significant operating leverage, though qualitative commentary is limited to a standard disclaimer.
Business highlights
- Revenue Growth Sales increased 8.9% year-on-year to 78.1 billion yen.
- Operating Profit Operating profit surged 53.8% year-on-year to 7.5 billion yen.
- Earnings Drivers Qualitative text provides no specific drivers for the earnings beat.
Financial position
- Asset and Capital Expansion Total assets increased to 159.7 billion yen, and total equity rose to 122.6 billion yen for the Q3 2026 period.
- Leverage Ratio The equity ratio decreased slightly from 77.8% to 76.8%, driven by asset expansion outpacing equity retention.
- Per-Share Equity Shareholder equity per share rose to 3,455.82 yen (adjusted for the 1-for-3 stock split).
Analyst take
- The performance is driven by margin expansion rather than volume growth. The lack of qualitative detail prevents a definitive conclusion on whether this is due to temporary cost control or sustainable pricing power.
- The company maintains an exceptionally conservative balance sheet profile with a high equity ratio, indicating a preference for financial stability over aggressive leverage.
- Cannot infer specific industry trends or peer comparisons without qualitative insights into demand conditions.
2026年3月期 第３四半期決算説明資料
Ｇ－ニフティライフ (42620)
- 3Q cumulative sales reached a record high of 3,752 million yen (+8.4% YoY).
- 3Q cumulative EBITDA was 1,083 million yen (+17.3% YoY) and operating profit was 778 million yen (+19.0% YoY).
- Organic growth excluding spot projects is 12.6% in sales and 27.5% in operating profit.
- Life Style segment sales increased 15.1% YoY, while Work Style segment sales decreased 21.4% YoY (excluding large spot projects).
- FY2026 dividend forecast is set at 54 yen per share.
- Planned share buyback amount is 45.59 million yen.
- Nifty Real Estate app downloads reached 12.96 million as of December 2025.
- Nifty Onsen user base grew 21% year-over-year following app renewal.
2026年３月期 第３四半期決算短信〔日本基準〕（連結）
Ｇ－ニフティライフ (42620)
ニフティライフスタイル株式会社 (4262) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 3752 | 778 | 1083 | 780 |
| YoY | +8.4% | +19.0% | +17.3% | +19.2% |
| Fcst (mil yen) ○ | 5324 | 1072 | 1523 | 1070 |
| YoY | +7.8% | +6.8% | +10.5% | +7.5% |
| Prog | 70.5% | 72.6% | 71.1% | 72.9% |
| Dividends ○ 2026年3月期(予想) | YE 27.00, Total 54.00 · EPS 692.00 | |||
Record-high earnings achieved via cost optimization and a strong recovery in the Housing category, while the Work Style domain remains cyclical due to a prior-year one-off impact.
Business highlights
- Housing category demand Housing sector sales grew driven by improved app engagement at Nifty Real Estate and cross-promotion with 'Window of Exterior Painting'.
- Cost structure Operating margins expanded significantly as cost optimization efforts outpaced sales growth.
- Work Style segment performance Declined due to the carryover impact of a large spot project from the previous year.
- Wellness category expansion Rapid growth in the registered membership base for Nifty Onsen, reaching 1.2 million users.
Financial position
- Leverage and Net Assets Net assets increased by ¥154 million to ¥5,957 million, while total assets contracted by ¥32 million to ¥6,984 million, indicating a reduction in leverage.
- Self-Capital Ratio The self-capital ratio rose by 2.5 percentage points to 84.8%, reflecting a significantly strengthened equity base relative to total assets.
- Total Asset Base Total assets decreased slightly from ¥7.0 billion to ¥6.9 billion, suggesting a strategic focus on optimizing the asset portfolio.
Analyst take
- The company is successfully pivoting momentum from Work Style back to Life Style, leveraging AI and digital UX to drive high-margin growth in the housing sector.
- The company demonstrates a conservative balance sheet strategy, prioritizing equity strength and financial prudence over aggressive asset expansion.
- Highlights the growing integration of digital platforms (AI/UI) into traditional construction and real estate services to drive customer acquisition.
2026年３月期第３四半期決算短信〔日本基準〕(連結)
ノジマ (74190)
株式会社ノジマ (7419) FY2026 Q3 Consolidated
| Sales | Operating profit | Ordinary profit | Net profit | |
|---|---|---|---|---|
| Perf mil yen | 713928 | 40611 | 45040 | 63426 |
| YoY | +15.8% | +25.0% | +29.4% | +16.7% |
| Fcst (mil yen) ○ | 930000 | 56000 | 60000 | 83000 |
| YoY | +9.0% | +15.8% | +17.2% | +11.8% |
| Prog | 76.8% | 72.5% | 75.1% | 76.4% |
| Dividends ○ 2026年3月期(予想) | YE 8.00 · EPS 40000.00 | |||
Record-breaking performance across revenue, profit, and EBITDA driven by operational efficiency and strong demand in core retail segments, though media growth is inflated by consolidation effects.
Business highlights
- Digital Home Electronics Record sales and profit driven by pricing power, 'consulting sales,' and winter demand.
- Carrier Shop Operations Significant profit margin expansion driven by bundled financial services and 'U22' capture strategies.
- Overseas Expansion Strong profit growth in Singapore and resilient cost management in Malaysia despite macro headwinds.
- Financial Services Divestiture Sharp decline in sales and profit due to deconsolidation of Manabu Square, removing one-off volatility.
- VAIO Product Business Maintains record performance despite global memory shortages and Windows 10 end-of-support dip.
- Media Business Growth Explosive sales growth driven by consolidation of Street and content acquisition investments.
Financial position
- Leverage and Liabilities Equity ratio improved significantly from 32.4% to 40.4%, while total assets contracted from 623,810 million yen to 578,175 million yen.
- Net Assets and Solvency Net assets grew by approximately 31.5 billion yen to 239,767 million yen despite the reduction in total assets.
- Capital Structure & Shareholder Value Implemented a 3-for-1 stock split effective October 11, 2025, resulting in an adjusted equity per share of 805.86 yen.
Analyst take
- Management successfully executed a 'Team Nojima' synergy strategy, with store rationalization and consultative sales driving high single-digit to double-digit margin expansion across core retail segments.
- The balance sheet is undergoing a deleveraging phase where equity is being protected and strengthened while the asset base is being trimmed. This signals a conservative approach to asset accumulation.
- Retailers are successfully passing inflation to consumers and bundling financial services to offset margin pressure, while digital infrastructure (broadband/TV) remains a key growth anchor.
Corporate & Strategic Updates
マジセミ株式会社の株式の取得（子会社化）に関するお知らせ 補足説明資料
ＩＴＭ (21480)
- ITmedia Inc. to acquire 100% of Majisemi Co., Ltd. for 2.3 billion yen effective April 1, 2026.
- Acquisition aims to expand lead provision services and contribute to achieving the medium-term EPS target of 140 yen by FY29.
- Company converts medium-term goals from operating profit to EPS target to focus on shareholder value realization.
- Synergies target expanding customer base from 200 to 2,500 companies and member base from 20,000 to 1.4 million.
マジセミ株式会社の株式の取得（子会社化）に関するお知らせ
ＩＴＭ (21480)
- IT Media to acquire 100% of Magic Sem on April 1, 2026.
- Acquisition estimated at 2.34 billion yen, contingent on merger completion.
- Magic Sem reported 391 million yen in sales for fiscal year 2024.
- Strategy aims to exceed EPS 140 yen by fiscal year 2029.
- Consolidation of acquired subsidiary begins in fiscal year 2027 Q1.
「北海電工VISION100」及び「中期経営計画(2026-2030)」策定に関するお知らせ
北海電工 (18320)
- Established medium-term management plan covering FY2026 to FY2030.
- FY2025 sales forecast maintained at 708 billion yen.
- FY2025 operating income forecast maintained at 39 billion yen.
- FY2030 sales target increased to 800 billion yen.
- FY2030 operating income target increased to 45 billion yen.
- Previous targets for FY2021-FY2025 were achieved.
株式会社インターゾーンの株式追加取得による完全子会社化に関するお知らせ
Ｇ－スマートドライブ (51370)
- Acquired 380 additional shares of Zone Corporation to make it a 100% subsidiary.
- Target company’s sales reached 1.78 billion yen and net profit reached 166.71 million yen in FY2025.
- Consolidation of Zone Corporation’s results expected to start from September 2026 fiscal year Q2.
- Company maintains its FY2026 Q2 earnings forecast as it includes this acquisition.
プレスリリースの一部訂正について
Ｒ－ＫＤＸ不動産 (89720)
- Corrected floor area data for the Nippon Home Ibeonya acquisition announced on March 27, 2025.
- Corrected earthquake PML value for the Inageya store acquisition announced on September 25, 2025.
- The correction applies to errors in two previously disclosed asset acquisition notices.
連結子会社間における吸収合併に関するお知らせ
カーリット (42750)
- Carlith merged two wholly-owned subsidiaries, Sogo Sekkei and Es-Di-Net, effective April 1, 2026.
- Sogo Sekkei, the surviving company, reported sales of 1.089 billion yen and assets of 1.635 billion yen for the 2025 Q3.
- The merger is projected to have an immaterial impact on the consolidated financial results of the parent company.
- The merger contract is scheduled to be finalized on February 9, 2026.
海外子会社設立に関するお知らせ
ＢｉｔｃｏｉｎＪＰＮ (81050)
- Established three overseas subsidiaries: BTC JPN Ltd. in the Cayman Islands, BTCJPN JP INVESTMENT IN ENTERPRISES & MANAGEMENT -FZCO in the UAE, and BTCJPN US LLC in the USA.
- Subsidiaries are 100% owned by Bitcoin Japan to strengthen global investment capabilities for AI infrastructure and Bitcoin treasury strategies.
- Establishment is expected to have a negligible impact on consolidated financial results for the fiscal year ending March 2026.
中期経営計画における資本政策について
きんでん (19440)
- Achieved 2026 Growth Vision targets early with 2024 sales of 7,050 billion yen and operating profit of 609 billion yen.
- Revised 2025 forecasts upwards to 7,500 billion yen sales and 840 billion yen operating profit.
- Increased dividend to 125 yen per share, targeting a total return ratio of 50-60% and payout ratio of 40%.
- Maintained high capital efficiency with 2024 ROE at 8.1% and forecast 2025 ROE at 10.6%.
あおみ建設株式会社の第三者割当増資引受による連結子会社化に関するお知らせ
清水建 (18030)
- Shimizu Construction decided to acquire Aomi Construction to strengthen the engineering business and promote synergy in the offshore wind power market.
- Investment amount is 25,000 million yen, with a plan to become a fully-owned subsidiary.
- First share allocation scheduled for March 30, 2026, and second allocation planned for late June 2026.
- Impact on the company’s consolidated performance is currently under assessment.
米国Nozomi Networks,Inc.の完全子会社化完了に関するお知らせ
三菱電 (65030)
- Mitsubishi Electric completed the acquisition of U.S. OT security provider Nozomi Networks, Inc. on January 28, 2026.
- Nozomi Networks reported 2025-12 period sales of 101,709 thousand USD, indicating significant revenue growth over the last three years.
- Mitsubishi Electric stated that if the acquisition necessitates a revision to consolidated earnings forecasts, it will announce such changes promptly.
岩崎電気株式会社の株式取得（子会社化）に関するお知らせ
スタンレー電 (69230)
- Stanley Electric’s board approved the acquisition of all shares of Iwasaki Electric for approximately 70.29 billion yen.
- Iwasaki Electric reported strong financial results in FY2025, with consolidated sales and operating profit increasing year-over-year.
- The acquisition aims to expand the business scope from automotive to public infrastructure and accelerate smart streetlight development.
- Completion is scheduled for April 1, 2026, pending regulatory approvals.
- Iwasaki Electric is expected to be consolidated into the group starting the fiscal year ending March 2027.
子会社設立に関するお知らせ
Ｐ－インターグ (279A0)
- Established 100% subsidiary “Effiel Inc.” in Tokyo for cosmetic product development.
- Scheduled to commence business in April 2026 with a capital of 10 million yen.
- President Masaru Nasu to serve as the representative director of the new subsidiary.
- Expected to have minimal impact on current financial performance but contribute to medium to long-term corporate value enhancement.
（訂正）「保土ヶ谷電子販売株式会社ならびに同社グループ３社株式の取得（子会社化）にむけた株式譲渡契約書の締結に関するお知らせ」の一部訂正について
アサヒペン (46230)
- Correction issued regarding the acquisition of Hodogaya Electronic Sales Co., Ltd.
- Terminology adjusted to remove “Consolidated” from the subsidiary’s past performance description.
- Amendment applies to the section detailing the subsidiary’s financial history.
（開示事項の経過）株式会社システムズサービスの株式取得（子会社化）完了に関するお知らせ
アクモス (68880)
- Completed acquisition of 200 shares (100% voting rights) in Systems Service Co., Ltd. on January 29, 2026.
- Total acquisition cost is estimated at 308 million yen, comprising 288 million yen for shares and 20 million yen for advisor fees.
- Systems Service Co., Ltd. will be consolidated as a subsidiary starting the third quarter of FY2026.
- Impact on consolidated results for FY2026 is currently being assessed.
株式会社コーエンの株式の取得（子会社化）に関するお知らせ
ジーイエット (76030)
- GYET will acquire 100% of Cohen Co., Ltd. for 200 million yen on March 2, 2026.
- Cohen reported sales of 10,423 million yen and a net loss of 668 million yen for the fiscal year ending January 2025.
- The impact on GYET’s consolidated performance for the February 2026 period is currently under review.
学校法人大阪医科薬科大学、住友重機械工業株式会社とのBNCTの治験に係る契約締結に関するお知らせ
Ｇ－ステラファーマ (48880)
- Entered into a contract with Osaka Medical and Pharmaceutical University and Sumitomo Heavy Industries for a BNCT clinical trial.
- Will provide “Borofuran (10B)” (SPM-011) free of charge for a Phase III trial targeting 48 IDH wild-type recurrent glioblastoma patients.
- The trial is a randomized non-blind comparative study to verify the safety and efficacy of BNCT.
- Impact on 2026 fiscal year earnings is negligible.
Capital Actions
自己株式立会外買付取引（ToSTNeT-3）による自己株式の買付けに関するお知らせ
ＫＩＭＯＴＯ (79080)
buyback parse failed: board max shares not found
株式報酬制度の改定に関するお知らせ
中外薬 (45190)
- Chugai Pharmaceutical abolished the transfer-restricted stock compensation system for directors, executives, and employees.
- The company will introduce a trust-type stock compensation system involving BIP Trust for directors/executives and ESOP Trust for employees.
- Proposed amendments require approval at the 115th Regular General Meeting on March 26, 2026.
- The reform aims to enhance contribution to medium-to-long-term performance and enterprise value.
自己株式立会外買付取引（ToSTNeT-3）による自己株式の買付に関するお知らせ
滋賀銀 (83660)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“普通株式”,“max_shares”:182200,“max_amount_yen”:1499506000,“period_start”:"",“period_end”:"",“method”:"",“share_ratio_percent”:0.39},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
自己株式の取得及び自己株式立会外買付取引（ToSTNeT-３）による自己株式の買付けに関するお知らせ
Ｇ－バリュエンスＨＤ (92700)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:250000,“max_amount_yen”:453000000,“period_start”:"",“period_end”:"",“method”:"",“share_ratio_percent”:1.88},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
第三者割当による自己株式処分に係る引受けの一部取消しに関するお知らせ
ＯＬＣ (46610)
buyback parse failed: board share type not found
自己株式立会外買付取引（ToSTNeT-3）による自己株式の買付に関するお知らせ
シンプレクスＨＤ (43730)
buyback parse failed: board max amount not found
業績連動型株式報酬制度に係る自己株式の処分に関するお知らせ
ＫＡＤＯＫＡＷＡ (94680)
- Disposal of 903,100 ordinary shares scheduled for February 18, 2026.
- Pricing at 3,250 JPY per share based on the closing price on January 28, 2026.
- Purpose is to facilitate the ongoing performance-linked stock compensation scheme for executives.
- Expected dilution is 0.61% of total shares outstanding as of September 30, 2025.
- Company assesses the market impact to be minimal.
業績連動型株式報酬制度における株式取得に係る事項の決定に関するお知らせ
ＫＡＤＯＫＡＷＡ (94680)
- Company decided to allocate funds to the trust for acquiring treasury stock.
- Total financial allocation is 2,935,075,000 JPY for 903,100 shares.
- Stock acquisition is scheduled for February 18, 2026.
- Target recipients are executives and executive officers under the performance-based stock compensation plan.
譲渡制限付株式報酬としての自己株式の処分に関するお知らせ
パーク２４ (46660)
- Disposed 65,297 ordinary shares on February 26, 2026.
- Disposal price set at 2,175.0 yen per share based on market closing price on January 28, 2026.
- Proceeds totaling 142,020,975 yen transferred to 17 individuals as restricted stock compensation.
- Shares distributed to directors, executives, and subsidiary directors to incentivize value creation.
自己株式消却に関するお知らせ
アイチ (63450)
buyback parse failed: board share type not found
自己株式の取得状況及び取得終了に関するお知らせ
ＦＰパートナー (73880)
buyback parse failed: board max shares not found
自己株式取得に係る事項の決定に関するお知らせ
キヤノン (77510)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:54000000,“max_amount_yen”:200000000000,“period_start”:"",“period_end”:"",“method”:“東京証券取引所における市場買付①自己株式立会外買付取引（ToSTNet-3）による市場買付②取引一任契約に基づく立会取引市場における市場買付(ご参考)2025年12月31日時点の自己株式の保有状況発行済株式総数（自己株式を除く）878,624,893株自己株式数455,138,571株以上”,“share_ratio_percent”:6.1},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
業績連動型株式報酬としてのユニットの付与に関するお知らせ
Ｇ－ナレルグループ (91630)
- The company granted 24,286 performance share units to 3 executive directors, with a maximum value of approximately 57 million yen.
- Vesting is contingent upon Total Shareholder Return (TSR) over the 2026-2029 performance period.
- The unit value is calculated based on the previous trading day’s closing price of 2,347 yen per share.
（開示事項の経過）当社の従業員等に対する従業員向け株式給付信託の導入、詳細決定及び第三者割当による自己株式処分に関するお知らせ
Ｇ－ＨＰＣシステムズ (65970)
buyback parse failed: board share type not found
自己株式取得に係る事項の決定に関するお知らせ
シンプレクスＨＤ (43730)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:5500000,“max_amount_yen”:5000000000,“period_start”:“2026-01-30”,“period_end”:“2026-05-31”,“method”:“①自己株式立会外買付取引（ToSTNeT-3）による市場買付け②取引一任方式による株式会社東京証券取引所における市場買付け（注）本自己株式取得のうち、自己株式立会外買付取引（ToSTNeT-3）による市場買付けを実施する場合には、当社の主要株主である筆頭株主、かつ当社代表取締役社長の金子英樹氏と、当社創業メンバーである既存株主より、その保有する当社普通株式の一部をもって応ずる意向を有している旨の連絡を受けております”,“share_ratio_percent”:2.41},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
（開示事項の経過）当社の取締役等に対する業績連動型株式報酬制度の詳細決定及び第三者割当による自己株式処分に関するお知らせ
Ｇ－ＨＰＣシステムズ (65970)
- The company decided to dispose of 50,000 common shares at 1,900 yen per share via third-party allotment to Japan Trustee Services Bank.
- The disposal is scheduled for February 16, 2026, representing 1.14% of issued shares to support the new executive stock compensation system.
- The disposal price of 1,900 yen is based on the closing price on January 28, 2026, and aligns with the average prices of the last 1 to 6 months.
- Tokyo Stock Exchange procedures for independent third-party opinion and shareholder confirmation are not required as dilution remains below 25%.
自己株式取得に係る事項の決定及び自己株式の消却に関するお知らせ
カシオ計 (69520)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:3800000,“max_amount_yen”:5000000000,“period_start”:“2026-01-30”,“period_end”:“2026-03-24”,“method”:“東京証券取引所の立会市場における買付け”,“share_ratio_percent”:1.67},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
譲渡制限付株式報酬としての自己株式の処分及びストック・オプション（新株予約権）の発行に関するお知らせ
トルク (80770)
- Company will dispose of 45,600 treasury shares to two executives on Feb 26, 2026, priced at 224 yen per share.
- Executives will provide cash compensation as capital contribution to support the share disposal.
- Company will issue 1,600 stock options to executives, exercisable from Jan 30, 2028, to Jan 29, 2036.
- Options are non-cash (non-advantageous issuance) and require executives to hold their position to exercise.
- No revisions to financial guidance, earnings expectations, or material performance changes are stated.
自己株式取得に係る事項の決定に関するお知らせ
マキタ (65860)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“普通株式”,“max_shares”:10000000,“max_amount_yen”:40000000000,“period_start”:“2026-01-30”,“period_end”:“2026-05-31”,“method”:"",“share_ratio_percent”:3.78},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
自己株式の消却に関するお知らせ
滋賀銀 (83660)
buyback parse failed: board share type not found
自己株式取得に係る事項の決定に関するお知らせ
滋賀銀 (83660)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“普通株式”,“max_shares”:417000,“max_amount_yen”:2500000000,“period_start”:“2026-01-30”,“period_end”:“2026-03-24”,“method”:“自己株式立会外買付取引（ToSTNeT-3）及び東京証券取引所における市場買付を予定（注）なお、市場動向等により一部又は全部の取得が行われない場合もある”,“share_ratio_percent”:0.9},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
自己株式の取得状況および取得完了並びに自己株式の消却に関するお知らせ
スタンレー電 (69230)
buyback parse failed: current period not found
自己株式の取得状況および取得終了に関するお知らせ
ハウス食Ｇ (28100)
{“summary_type”:“share_buyback”,“current”:{“share_type”:“当社普通株式”,“shares”:570900,“amount_yen”:1696763140,“period_start”:“2026-01-01”,“period_end”:“2026-01-27”,“method”:“東京証券取引所における市場買付”},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:4300000,“max_amount_yen”:10000000000,“period_start”:“2025-05-09”,“period_end”:“2026-03-06”,“method”:"",“share_ratio_percent”:4.54},“cumulative”:{“shares”:3473000,“amount_yen”:9999650889,“as_of”:“2026-01-27”}}
譲渡制限付株式報酬としての自己株式の処分に関するお知らせ
グッドコムアセット (34750)
- Disposes of 51,699 common shares on February 25, 2026.
- Disposal price fixed at 1,286 yen per share, totaling approximately 66.48 million yen.
- Shares allocated as restricted stock compensation for directors and employees.
- Restriction period set at 40 years or until retirement/change in status.
自己株式取得に係る事項の決定に関するお知らせ
北洋銀行 (85240)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“普通株式”,“max_shares”:3200000,“max_amount_yen”:2400000000,“period_start”:“2026-02-13”,“period_end”:“2026-03-31”,“method”:“東京証券取引所における市場買付”,“share_ratio_percent”:0.84},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
自己株式取得（取得枠の設定）に係る事項の決定に関するお知らせ
小野測器 (68580)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:200000,“max_amount_yen”:160000000,“period_start”:“2026-02-02”,“period_end”:“2026-06-26”,“method”:“東京証券取引所における市場買付（自己株式立会外取引（ToSTNeT-3）を含む）”,“share_ratio_percent”:1.92},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
自己株式の市場買付及び取得終了に関するお知らせ
アドヴァングループ (74630)
{“summary_type”:“share_buyback”,“current”:{“share_type”:"",“shares”:0,“amount_yen”:0,“period_start”:"",“period_end”:"",“method”:""},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:352000,“max_amount_yen”:300000000,“period_start”:“2025-10-14”,“period_end”:“2025-12-26”,“method”:"",“share_ratio_percent”:1.03},“cumulative”:{“shares”:0,“amount_yen”:0,“as_of”:""}}
株式報酬型ストックオプション（新株予約権）の発行に関するお知らせ
Ｐ－ＮＰＴ (311A0)
- P-NPT resolved to issue 310,000 stock options to 4 directors as non-cash compensation.
- The options have a nominal exercise price of 1 yen per share.
- The exercise period is set from February 1, 2026, to January 31, 2056.
- The issuance aims to enhance motivation and align interests with shareholder value.
自己株式取得に係る事項の決定及び自己株式の消却に関するお知らせ
モバファク (39120)
buyback parse failed: board max amount not found
自己株式の取得状況及び取得終了に関するお知らせ
図研 (69470)
{“summary_type”:“share_buyback”,“current”:{“share_type”:“当社普通株式”,“shares”:65000,“amount_yen”:330036000,“period_start”:“2026-01-01”,“period_end”:“2026-01-27”,“method”:“東京証券取引所における市場買付”},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:750000,“max_amount_yen”:3000000000,“period_start”:“2025-05-13”,“period_end”:“2026-03-31”,“method”:“東京証券取引所における市場買付”,“share_ratio_percent”:3.46},“cumulative”:{“shares”:590500,“amount_yen”:2999671000,“as_of”:“2026-01-27”}}
自己株式立会外買付取引（ToSTNeT-3）による自己株式の取得結果および取得終了に関するお知らせ
フジオーゼ (72990)
{“summary_type”:“share_buyback_tostnet”,“current”:{“share_type”:“当社普通株式”,“shares”:336100,“amount_yen”:695727000,“acquire_date”:“2026-01-29”,“method”:“東京証券取引所の自己株式立会外買付取引（ToSTNeT-3）による買付け”},“board_resolution”:{“share_type”:“当社普通株式”,“max_shares”:350000,“max_amount_yen”:724500000,“period_start”:“2026-01-28”,“period_end”:“2026-01-28”,“share_ratio_percent”:3.4}}
自己株式立会外買付取引（ToSTNeT-3）による自己株式の取得結果及び取得終了に関するお知らせ
プラネット (23910)
buyback parse failed: current shares not found
Daily Disclosures
SPDRゴールド・シェアに関する日々の開示事項
Ｅ－ワールド (13264)
- Daily Disclosures
アジア国債・公債ＥＴＦ（正式名称：ＡＢＦ汎アジア債券インデックス・ファンド）に関する日々の開示事項
Ｅ－ＳＳＧＡ－ＳＩＮ (13494)
- Daily Disclosures
State Street SPDR S&P500 ETFに関する日々の開示事項
Ｅ－ＳＳＧＡＴＣ (15574)
- Daily Disclosures
上場ETN（発行者：三菱UFJ証券ホールディングス株式会社）に関する日々の開示事項
Ｎ－三菱ＵＦＪ証ＨＤ (20704)
- Disclosed status of ten listed ETNs issued by MUFG Securities.
- Reported outstanding shares and redemption values for each ETN.
- Calculated deviation rates between ETN redemption values and underlying indices.
上場ＥＴＦ（管理会社：三井住友DSアセットマネジメント）に関する日々の開示事項
Ｅ－三井住友ＤＳＡＭ (15624)
- Daily Disclosures
上場ＥＴＦ(管理会社：シンプレクス・アセット・マネジメント)に関する日々の開示事項
Ｅ－シンプレクス (16714)
- Daily Disclosures
上場ETF（管理会社：ブラックロック・ジャパン）に関する日々の開示事項
Ｅ－ブラックロック (13294)
- Daily Disclosures
上場ETF（管理会社：WisdomTree、外国投資法人：CSL）に関する日々の開示事項
Ｅ－ＷｉｓｄｏｍＴｒ (16724)
- Daily Disclosures
上場ETF（管理会社：WisdomTree、外国投資法人：MSL）に関する日々の開示事項
Ｅ－ＷｉｓｄｏｍＴｒ (16724)
- Daily Disclosures