GLOBAL LINK MANAGEMENT INC.
3486・Prime Market・Real Estate
Business
Global Link Management, Inc., founded in 2005 and listed on the Prime Market of the Tokyo Stock Exchange, is a real estate solutions company. Focusing primarily on the 23 wards of Tokyo, the company operates three businesses: its core business of new-build development and sales of ESG residences (under its proprietary brand "Artesimo"), the Regeneration Business (Office Buildings & Used Residence Renovation & Sales), and the Land Planning Business. Its main customers are corporate entities such as institutional investors and business companies, and it employs a whole-building bulk sales model. The group consists of four companies: G&G Community, a consolidated subsidiary responsible for building management and BM operations; AtPeak, a consolidated subsidiary responsible for DX and AI development; and SAGL Advisors, an equity-method affiliate responsible for AM operations.
Business Model
The company generates revenue by acquiring, developing, regenerating, and planning real estate, then selling it in bulk as whole buildings to institutional investors and corporate entities. In the Development Business, it achieves higher added value through ESG certification; in the Regeneration Business, it strategically secures a value-up period; and in the Land Planning Business, it achieves high capital efficiency by planning and selling land before construction. Funds for acquiring real estate for sale and real estate for sale in process are primarily raised through borrowings from financial institutions, and the company employs an asset-turnover model in which these borrowings are repaid using proceeds from sales.
Company Strengths
For FY2025 (December 2025), net sales reached ¥69,262 million (up 7.4% year on year), operating profit reached ¥7,436 million (up 29.7% year on year), and net income attributable to owners of parent reached ¥4,612 million (up 35.1% year on year), setting new record highs across all metrics. ROE stood at 34.8%, significantly exceeding the financial KPI target (25% or higher), demonstrating high capital efficiency.
Client institutional investors' Japanese real estate investment needs for 2025-2027 are estimated at approximately ¥3.3 trillion, while the company's supply plan for the same period remains at only approximately ¥250.0 billion, resulting in a structural supply-demand gap. This favorable sales environment supports stable revenue recognition.
For FY2025 (December 2025), all three businesses—Development, Land Planning, and Regeneration—exceeded their profit plans. The Land Planning Business achieved 22 sales against a sales KPI of 18, while the Regeneration Business achieved planned gross profit despite selling only 4 buildings versus a plan of 7, indicating steady progress in expanding the earnings model.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥30,675 million in FY2021 to ¥69,263 million in FY2025, a 2.3x increase over five fiscal periods, while operating profit grew 4.4x over the same period, from ¥1,677 million to ¥7,437 million. In the first quarter of FY2026 (ending December 2026), revenue turned negative at ¥15,287 million (down 7.2% year on year), but improvement in gross profit margin (from 17.5% in the same period last year to 20.9% this period) drove profit growth, with operating profit of ¥2,050 million (up 13.0% year on year) and quarterly net income attributable to owners of the parent of ¥1,220 million (up 22.5% year on year). As an external factor, robust real estate demand from institutional investors has supported sales unit prices and profit margins, while an increase in interest expense due to rising interest rates (up 66% year on year) has restrained growth in ordinary profit relative to operating profit. The full-year earnings forecast remains unchanged, with revenue of ¥75,000 million (up 8.3% year on year) and operating profit of ¥8,500 million (up 14.3% year on year).
Growth Strategy
Toward achieving GLM100, the company aims for net sales of ¥100,000 million in FY2027 through expansion of its three core businesses, DX utilization, and diversification of asset types
Plans to deliver 758 units in FY2026 (ending December 2026). Completed 265 units (approximately 35%) in the first quarter, with approximately 75% of the remaining 493 units already under sales contract. Continuing to expand the model of bulk sales of environmentally conscious residences in Tokyo's 23 wards to institutional investors on a building-by-building basis.
Plans to sell 25 properties in FY2026 (ending December 2026), compared to actual sales of 22 properties in FY2025 (ended December 2025). Completed sales of 3 land planning properties in the first quarter, progressing in line with the initial plan. Continuing to expand earnings through the highly capital-efficient model.
Acquired 3 office buildings and 2 used residences in the first quarter. Sale of 1 building originally planned for the first quarter shifted to the second quarter, but the sales contract has already been executed, and overall progress is generally on track. Capturing demand recovery driven by the post-COVID return to office trend.
Began development and sale of urban hotels as an asset type beyond residences, creating a new revenue source. Aims to reduce dependency risk on specific assets by diversifying the earnings portfolio.
Aims to contribute to indirect and direct revenue through operational efficiency and DX enabled by AP-AI utilized by group company AtPeak. Expects full-scale revenue contribution from FY2027 (ending December 2027) onward.
The second year of the three-year plan (2025-2027) targeting net sales of ¥100,000 million and ordinary profit of ¥10,000 million under "GLM100." The full-year forecast for FY2026 (ending December 2026) (net sales of ¥75,000 million and ordinary profit of ¥7,500 million) remains unrevised and is on track with the plan.
Last updated: July 17, 2026