HASEKO Corporation
1808・Prime Market・Construction
Construction-Related Business
HASEKO Group's core segment centered on condominium construction
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (external customers) | ¥820,088 million | ¥778,746 million | ↑ |
| Operating income (segment) | ¥68,536 million | ¥56,342 million | ↑ |
| Segment assets | ¥401,290 million | ¥415,596 million | ↓ |
| Orders received (construction work, design supervision, etc. total, consolidated) | ¥770,989 million | ¥624,858 million | ↑ |
| Depreciation | ¥2,631 million | ¥1,774 million | ↑ |
| Impairment loss | ¥3,638 million | ¥3 million | ↑ |
| Completed construction revenue (consolidated) | ¥625,243 million | ¥599,150 million | ↑ |
| Gross profit on completed construction (consolidated) | ¥88,283 million | ¥74,642 million | ↑ |
Business Details
The company (HASEKO Corporation) centers on a comprehensive construction business that handles everything from planning and design to construction of condominiums and other properties, while Fuji Construction, HASEC Co., Ltd., HASEKO Furnishing Co., Ltd. and others handle construction contracting and the sale/rental of construction materials and equipment. Hosoda Corporation and Woodfriends Co., Ltd. also engage in the construction and sale of detached houses. With new housing supply and similar markets as its main target, the segment is valued by business operators for its land information gathering capability, product planning capability, construction quality, adherence to construction schedules, and efficient production systems. Sales account for approximately 64% of total consolidated sales, making this the core segment.
Recent Overview
Improved profitability at order receipt lifted gross margin on completed construction, achieving both higher sales and higher profit
In the construction-related business for FY2026 (ending March 2026), sales increased to ¥820,088 million (up 5.3% year on year) and operating income increased to ¥68,536 million (up 21.6% year on year), representing both higher sales and higher profit. Gross margin on completed construction rose due to improved profitability at the time of order receipt. Consolidated orders received increased significantly to ¥770,989 million (up 23.4% year on year). The full consolidation of Woodfriends Co., Ltd. (July 2025) accelerated the promotion of wooden and timber construction. On the other hand, an impairment loss of ¥3,638 million was recorded in the construction-related business. The non-consolidated order backlog carried forward remained at a high level of ¥940,018 million (up 19.2% year on year).
Key Products
Growth Drivers
- Improvement in gross margin on completed construction due to improved profitability at the time of order receipt (achieved improvement year on year in FY2026, ending March 2026)
- Continued receipt of orders for large-scale condominiums for sale in the Greater Tokyo, Kinki, and Tokai regions (FY2026, ending March 2026: 64 orders received including 36 large-scale projects of 200 units or more)
- Accumulation of future sales driven by consolidated orders received of ¥770,989 million (up 23.4% year on year) and non-consolidated order backlog carried forward of ¥940,018 million (up 19.2% year on year)
- Promotion of wooden and timber construction and expansion of construction domains through the full consolidation of Woodfriends Co., Ltd. (an integrated wood resource cascade business spanning forestry to construction and sales)
- Positioning 'further growth and deepening of the construction-related business' as a strategic pillar in the new medium-term management plan (HASEKO Evolution Plan), promoting the establishment of a sustainable production system, expansion of construction domains, and enhancement of the renovation/maintenance construction business
- Solid underlying construction demand from business operators against the backdrop of continued rising condominium prices (average price in the Greater Tokyo area of ¥93.83 million, marking a record high for the 5th consecutive year)
Risks
- Risk of decline in gross margin on completed construction due to soaring material and labor costs (structural cost pressure in the construction industry continues)
- Impact on production systems from the decline in construction skilled workers, equipment contractors, and lack of successors
- Increased costs of responding to the application of overtime work upper limit regulations (the '2024 problem')
- Fluctuation in order opportunities due to the continued narrowing of new condominium supply units in the Greater Tokyo area (FY2025: 21,659 units, down year on year for the 4th consecutive year)
- Impairment loss recorded in the construction-related business segment associated with the consolidation of Woodfriends Co., Ltd. (¥3,638 million in FY2026 (ending March 2026)) and integration costs
- Impact on material procurement costs from geopolitical risks such as U.S. trade policy and the situation in the Middle East
Last updated: June 25, 2026