LANDNET Inc.
2991・Standard Market・Real Estate
Business
Landnet Co., Ltd. was founded in 1999 and is listed on the Standard Market of the Tokyo Stock Exchange as a comprehensive real estate trading company. Centered on its head office in Ikebukuro, the company operates five locations—Yokohama, Shibuya, Osaka, and Fukuoka in addition to Ikebukuro—and runs a real estate sales business (accounting for approximately 99% of sales) centered on the direct purchase, renovation, and sale of used condominiums, as well as a real estate leasing management business that provides rental management and rent guarantee services originating from its sales customers. The company also sells properties to overseas investors through local subsidiaries in Taiwan and Hong Kong, handling both studio-type and family-type units. Its main customers are domestic and overseas real estate investors, end users, and real estate businesses, and net sales for FY2025 (ending July 2025) reached ¥95,992 million.
Business Model
Leveraging a proprietary database of approximately 3.74 million real estate records, the company purchases properties directly from owners without intermediary brokers, thereby reducing acquisition costs. The main revenue source is a margin-based model in which acquired properties are enhanced through renovation and refurbishment before being sold to real estate agents, individuals, corporations, and overseas investors. Acquisition funds are primarily raised through borrowings from financial institutions, with emphasis placed on managing inventory turnover. The leasing management business, which receives entrustments from sales customers, functions as a complementary structure that builds up stable recurring revenue.
Company Strengths
As of the end of July 2025, the company held approximately 3.74 million real estate data records, enabling direct purchases through direct approaches to owners. This has secured a competitive advantage in the highly competitive procurement market, with the number of Purchase & Resale / Purchase & Renovation Resale transactions reaching 6,175 in FY2025 (ended July 2025). The company continues to strengthen the acquisition of detached house and apartment data, expanding both the quantity and quality of its database.
Net sales expanded approximately 2.3 times over five periods, from ¥41,163 million in FY2021 (ended July 2021) to ¥95,992 million in FY2025 (ended July 2025). In FY2025 (ended July 2025), the company achieved increased revenue and profit, with net sales up 23.4% year on year, operating profit up 34.4% year on year, and ordinary profit up 31.5% year on year. The gross profit margin has also shown an improving trend, with gross profit in FY2025 (ended July 2025) reaching ¥15,199 million (up 28.0% year on year).
As of the end of FY2025 (ended July 2025), the company secured a total funding capacity of ¥9.1 billion based on overdraft facility agreements with multiple financial institutions, including major financial institutions. This has established a foundation for agile procurement funding essential to the real estate purchase business, with cash flow from financing activities resulting in a net inflow of ¥4,841 million in FY2025 (ended July 2025).
ENVALITH's Perspective
Performance Trend
From FY2021 through FY2025, revenue grew at an average annual rate of approximately 23%. In the cumulative nine months of Q3 FY2026 (ending July 2026), the company achieved revenue of ¥80,137 million (up 15.9% year on year), operating profit of ¥2,959 million (up 19.7%), ordinary profit of ¥2,583 million (up 20.4%), and quarterly net income attributable to owners of the parent of ¥1,769 million (up 23.1%), marking double-digit growth at every profit level. As an external tailwind, the per-square-meter contract price for pre-owned condominiums in the greater Tokyo metropolitan area has risen for 72 consecutive months, and contract prices have exceeded the year-earlier level for 18 consecutive months; however, some softness is also apparent, with the number of contracts falling below the year-earlier level for the first time in 18 months. Total assets expanded to ¥41,388 million (up 17.0% from the end of the previous fiscal year) and net assets to ¥12,618 million (up 13.8%), reflecting an expansion in the company's financial scale. The full-year earnings forecast (revenue of ¥110,598 million and operating profit of ¥4,503 million) remains unchanged.
Growth Strategy
Product diversification, DX, strengthened direct sales, and expansion of leasing management under the medium-term management plan
By expanding its proprietary database, the company is broadening its handling of detached houses and apartments while promoting internal education and training. In the cumulative nine months of Q3 FY2026 (ending July 2026), the company maintained a product mix of 55% family-type properties and 84% older-build properties while increasing transaction volume (4,465 buy-and-sell transactions, etc. and 1,031 brokerage transactions), progressing toward the diversification targets set out in the medium-term management plan.
By enhancing the functionality of its proprietary platform "LSEED Real Estate Investment" (LSEED不動産投資), the company aims to increase the proportion of direct sales, which require no brokerage commission, thereby improving profit margins. Maintaining and expanding the 46% sales ratio to individual customers is key to margin improvement, and the segment profit margin (Real Estate Sales business) improved to 8.1% in the cumulative nine months of the current Q3, up from 7.8% in the same period of the previous year.
Through its real estate crowdfunding service "LSEED Crowdfunding" (LSEEDクラファン), the company formed 11 funds in the cumulative nine months of Q3, with applications exceeding the offering amount in all cases. By expanding the range of properties eligible for inclusion, the company is promoting stable fund management and diversification of its fundraising base, which is expected to contribute to reducing reliance on borrowing.
The number of managed units increased by 794, from 9,383 units at the end of FY2025 (ended July 2025) to 10,177 units at the end of April 2026, over a nine-month period. The company is promoting operational efficiency through implementation of a new system (RCP) and expanding its managed area alongside branch rollout in major metropolitan regions. Although segment profit has temporarily declined due to increased depreciation expenses associated with the new system's introduction, the accumulation of recurring revenue driven by the increase in managed units continues.
Last updated: July 17, 2026