TKP Corporation
3479・Growth Market・Real Estate
Business
TKP Corporation (TKP) was founded in 2005. Its core business, the Space Regeneration & Distribution Business, leases and utilizes idle real estate to provide one-stop services including rental conference rooms, shared offices, hotels, accommodation training facilities, and food & beverage / banquet services. The company is organized into three segments: this core business; the Lilycolor Business, which handles interiors, space solutions, and real estate investment & development; and the Novarese Business, which operates bridal and restaurant services. The company has 24 consolidated subsidiaries and 3 equity-method affiliates, with a network of 275 facilities nationwide (as of the end of February 2025). Its main customers are corporate clients with demand for training, meetings, and events, with repeat users accounting for a large share of usage. Through active use of M&A, consolidated net sales for FY2025 (ending February 2025) reached a record high of ¥59,208 million.
Business Model
The company leases idle and underperforming real estate from property owners under fixed-rent or variable-rent (operation-entrusted) contracts, and provides customers with integrated services such as rental conference rooms, hotels, food & beverage, and Event Production / BPO. Fixed-rent contracts generate high profitability during periods of high occupancy, while variable-rent (operation-entrusted) contracts limit losses during periods of low occupancy. By layering ancillary services on top of space provision, the company raises customer spend per transaction, and a high repeat-customer ratio forms a stable revenue base.
Company Strengths
As of end-February 2025, the company operated a total of 275 rental conference room, hotel, and accommodation training facilities (up 43 facilities from the previous fiscal year-end). With nationwide deployment centered on major metropolitan areas such as Tokyo, Osaka, Nagoya, and Fukuoka, it has an overwhelming ability to attract customers through its number of locations and brand recognition. The company surpassed 100 facilities in 2011 and 200 facilities in 2016, achieving continuous expansion.
In FY2025 (ended February 2025), revenue from accommodation services such as resort hotels and business hotels exceeded ¥10,000 million for the full year, marking a record high. Against a backdrop of rapid recovery and growth in inbound demand, the business maintained high occupancy and high unit prices, aided by the success of its multi-brand strategy including APA Hotel FC, Le Trois, and Ishinoya.
Revenue per tsubo of effective conference room floor area, the key KPI for the rental conference room business, averaged ¥35,812 in Q4 of FY2025 (ended February 2025) (up ¥2,526 year on year), demonstrating that the company achieved both expansion of effective floor area and an increase in unit price simultaneously. In FY2026 (ending February 2026), this KPI rose further to ¥45,746, confirming that both quantity and quality are being achieved concurrently.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal years bottomed out at ¥36,545 million in FY2024 (ending February 2024) before expanding rapidly, reaching ¥114,357 million in FY2026 (ending February 2026), roughly double the previous fiscal year. In Q1 FY2027 (ending February 2027) (March–May 2026), revenue was ¥34,609 million (+41.5% YoY), EBITDA was ¥3,918 million (+38.8% YoY), and operating profit was ¥2,553 million (+41.8% YoY), with quarterly revenue setting a new record high. External tailwinds include resilient demand for face-to-face communication, the recovery of inbound tourism, and the entrenchment of the return-to-office trend. There has been no change to the full-year earnings forecast (revenue of ¥146,000 million, operating profit of ¥11,000 million, and net income of ¥4,000 million), and Q1 progress rates of 23.7% for revenue and 23.2% for operating profit indicate generally solid progress. However, the full-year net income forecast of ¥4,000 million represents a substantial expected decline of -67.6% YoY, and the occurrence of extraordinary losses will be key to the full-year outcome.
Growth Strategy
Deepening the Space Regeneration & Distribution Business and creating group synergies through M&A and strategic investments to enhance corporate value
Through the consolidation of Hulic Biz Frontier (TKP Biz Office) as a subsidiary, the company has built a system covering all customer office needs by linking the rental office "CROSSCOOP", fabbit, and long-term rentals of TKP rental conference rooms. Revenue per tsubo of effective floor area expanded by +¥1,978 year on year, achieving both area expansion and unit price growth simultaneously.
New APA Hotels (including franchise-operated properties) were opened in Uozu, Toyama Prefecture and Himeji, Hyogo Prefecture, expanding the number of accommodation facilities to 33 (+6 facilities year on year). Revenue in the Hotel & Accommodation Training business for the first quarter of FY2027 (ending February 2027) reached a record high, with the company simultaneously maintaining high occupancy at existing facilities and launching new facilities in parallel.
Novarese and Escrit merged effective April 1, 2026, to form On The Page Co., Ltd. With the full-year consolidation of Escrit now underway, revenue surged +178.4% year on year, and segment profit turned positive (¥168 million). Future challenges include achieving fixed-cost efficiencies and reducing duplicated costs through the merger, as well as realizing synergies with the TKP Group such as facility customer referrals and outsourced construction work.
In April 2026, the company acquired additional shares of Shikigaku, making it an equity-method affiliate (voting rights ratio of 17.36%). By mutually leveraging TKP's customer base and nationwide space network together with Shikigaku's VC fund and hands-on support expertise, the group aims to expand business across the entire group. Collaboration with Lilycolor and On The Page is also being continued.
By resolution of the Board of Directors on June 11, 2026, the company resolved to acquire treasury shares up to a maximum of 2,000,000 shares and ¥3,500 million (acquisition period: June 12, 2026 to August 24, 2026). The aim is to pursue agile capital policy and expand shareholder returns while improving capital efficiency.
Last updated: July 17, 2026