EARLY AGE CO.,Ltd.
3248・Standard Market・Real Estate
Operations and Management Business
A stock-type core business underpinning the group's revenue base
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment revenue (H1 FY2026, ending March 2026) | ¥1,407 million | ¥1,442 million (H1 FY2025, ending March 2025) | ↓ |
| Segment profit (H1 FY2026, ending March 2026) | ¥305 million | ¥317 million (H1 FY2025, ending March 2025) | ↓ |
| Segment profit margin (H1 FY2026, ending March 2026) | 21.7% | 22.0% (H1 FY2025, ending March 2025) | ↓ |
| Segment revenue (full year FY2025, ended October 2025) | ¥2,880 million | — | — |
| Segment profit (full year FY2025, ended October 2025) | ¥589 million | — | — |
| Rental income and other revenue (other revenue) (H1 FY2026, ending March 2026) | ¥1,153 million | ¥1,162 million (H1 FY2025, ending March 2025) | ↓ |
| Revenue from contracts with customers (H1 FY2026, ending March 2026) | ¥254 million | ¥280 million (H1 FY2025, ending March 2025) | ↓ |
Business Details
Operating primarily in central Tokyo, this segment manages rental residential real estate through three business formats: owned properties, sublease (master lease) arrangements, and property management contracts. Rental income (lease revenue) accounts for the majority of sales, making this a stock-type business model that provides stable earnings for the group as a whole. Through brokerage activities, the segment captures user needs and rent trends, also serving a feedback function to the development and sales business.
Recent Overview
Interim revenue down 2.4% year on year to ¥1,407 million; profit margin largely maintained
In the Operations and Management Business for H1 FY2026 (ending March 2026) (November 2025 to April 2026), revenue was ¥1,407 million (down 2.4% year on year) and segment profit was ¥305 million (down 3.7% year on year). Rental income and other revenue (lease revenue) was ¥1,153 million, a slight decrease from ¥1,162 million in the prior-year period. Although residential rents in central Tokyo continued their upward trend and demand remained resilient, results were slightly below the prior-year period despite ongoing efforts to improve quality and efficiency. The segment profit margin was largely maintained at 21.7%, compared with 22.0% in the prior-year period.
Key Products
Growth Drivers
- An upward trend in residential rents and resilient rental demand, driven by net population inflow into central Tokyo
- Properties completed and sold in the development and sales business continuously flow into this segment as self-owned, sublease, or management-outsourced properties, expanding the management portfolio
- Expansion of the rental asset portfolio through active acquisition of tangible fixed assets (net buildings and structures of ¥6,155 million, land of ¥6,682 million)
- Maintenance and improvement of segment profit margin through ongoing efforts to improve quality and efficiency
Risks
- Rising acquisition costs for new properties due to soaring real estate prices and increased construction costs
- Increased borrowing costs due to rising interest rates (interest expense increased from ¥47 million in the prior-year period to ¥66 million in the current interim period)
- Risk of declining tenant rent-paying capacity and rising vacancy rates due to inflation and economic downturn
- Reverse-spread risk on sublease properties when vacancies occur (loss from the difference between rent paid to owners and rent received from tenants)
- Slower pace of management portfolio expansion due to intensifying competition for acquiring new business sites in central Tokyo
Last updated: January 23, 2026