ENVALITH
株式会社エリッツホールディングス logo

Elitz Holdings.Co,Ltd.

5533・Standard Market・Real Estate

Official website
株式会社エリッツホールディングス logo
Elitz Holdings.Co,Ltd.5533

Business

Elitz Holdings Inc. is a real estate group operating under a holding company structure, centered on a leasing brokerage company (Elitz Inc.) that operates 68 stores across the Kinki region, primarily in Kyoto and Shiga. The group also includes rental apartment management (Elitz Building Management Inc., 28,685 units), condominium management (ARC Building Management Inc.), real estate sales brokerage (Elitz Real Estate Sales Inc.), a call center and systems function (VAST Inc.), and an overseas business (Elitz International Malaysia). Its main customers are single working adults and students as well as families renting apartments, and owners who hold rental apartments. Since its founding in 1986, the company has expanded its business scope starting from leasing brokerage and management in Kyoto City, and listed on the Standard Market of the Tokyo Stock Exchange in June 2023.

Business Model

The Real Estate Brokerage Business (net sales of ¥3,311 million for FY2025 (ending September 2025)) creates touchpoints with residents and owners, while the Real Estate Management Business (net sales of ¥2,307 million for the same period) builds up stable revenue from management fees and renovation work income. Furthermore, the Resident Support Business (net sales of ¥767 million for the same period) provides insurance agency commissions, rent arrears guarantee fees, post-move-in services, and the like at low cost via business alliance partners, achieving a high profit margin of 58.5%. The high levels of approximately 90% brokerage rate for self-managed properties and 96.7% occupancy rate underpin the virtuous cycle among the three businesses.

Company Strengths

The occupancy rate of managed properties at the end of FY2025 (ending September 2025) was 96.7% (up 0.4 points year on year). Approximately 90% of tenants in managed properties are brought in through the company's own brokerage, and this high brokerage ratio directly drives the occupancy rate. An occupancy rate exceeding 95% serves as a strong appeal to owners when acquiring new management contracts, supporting the continuous net increase in managed units (from 23,181 units in FY2021 (ending September 2021) to 28,685 units in FY2025 (ending September 2025)).

The Resident Support Business recorded a segment profit margin of 58.5% in FY2025 (ending September 2025) (profit of ¥449 million on sales of ¥767 million). Because business alliance partners such as insurance companies, rent arrears guarantee companies, and internet providers serve as the actual service providers, the Group can operate this business at low cost. As it leverages the customer base accumulated through the Real Estate Brokerage Business and Real Estate Management Business, the incremental cost of acquiring additional customers is extremely low.

The company uses its leasing brokerage system "Bus Storage" as a core system to improve the number of inquiries, store visit rate, and contract conversion rate, while also building a framework that enables instant information sharing upon opening a new store simply by connecting to the network. This has also enabled inexperienced staff to become productive in a short period, and the company achieved a net increase of 17 stores over four years, from 51 stores in FY2021 (ending September 2021) to 68 stores in FY2025 (ending September 2025).

ENVALITH's Perspective

In the first half of FY2026 (ending March 2026), segment profit in the Real Estate Brokerage Business decreased to ¥263 million (down 10.2% year on year) due to increased costs from new store openings, while the Real Estate Management Business (+15.9%) and Resident Support Business (+19.4%) achieved high growth, and consolidated operating profit accelerated overall, rising 16.1%. The structure in which the stable-earnings management and support businesses complement fluctuations in brokerage profit is functioning well, and it can be assessed that profit quality and stability have improved.

The full-year forecast for FY2026 (ending March 2026) remains unchanged, with net sales of ¥6,778 million (up 6.2% year on year) and operating profit of ¥1,107 million (up 8.3%). First-half operating profit of ¥590 million represents 53.3% of the full-year forecast, indicating steady progress. However, profit in the Real Estate Brokerage Business declined 10.2% year on year in the first half, and the manifestation of new store opening effects and recovery in brokerage transaction volume in the second half (April to September 2026) will be key to achieving the full-year forecast. As for the market environment, rental demand remains firm, but rising construction costs and changes in regional trends are increasing uncertainty in the business environment, which warrants attention.

At the end of the first half of FY2026 (ending March 2026), the equity ratio remained at a high level of 54.6% (55.6% at the end of the previous fiscal year), and cash and cash equivalents were ample at ¥4,807 million. Operating cash flow was steadily generated at ¥646 million (up ¥29 million year on year), and there are no concerns about the ability to pay the annual dividend forecast of ¥70 (increased from ¥68 in the previous fiscal year). Meanwhile, the long-term borrowings balance was steadily reduced to ¥1,594 million (¥1,659 million at the end of the previous fiscal year), reflecting the policy of strengthening the financial structure in the figures. Population dynamics in Kyoto Prefecture and regional concentration risk remain medium- to long-term issues requiring continuous monitoring.

Growth Strategy

Medium-term management plan (FY2026 (ending September 2026) through FY2028 (ending September 2028)) built on three pillars: "expansion of management," "expansion of brokerage," and "strengthening of financial soundness"

Aiming for continued net growth in units under management by leveraging the group's brokerage capabilities. The number of units under management reached 28,685 units at the end of FY2025 (ending September 2025) (up 1,355 units year on year), steadily accumulating and expanding the stable revenue base from management fees, renewal handling fees, and renovation construction contracting. In the first half of FY2026 (ending September 2026), performance remained strong, with management fees up 6.3% and renewal administrative handling fees up 19.3%.

Continuously promoting new store openings in the Kinki region (Osaka, Nara, Hyogo, etc.) to expand the number of brokerage transactions and outsourcing fee income. In the first half of FY2026 (ending September 2026), outsourcing fee income grew 5.7% and merchandise sales grew 12.8%, but segment profit fell 10.2% due to increased costs such as personnel expenses, advertising expenses, and rent associated with new store openings, reflecting a phase of upfront investment.

Actively working to develop new agency partners for utility agency services such as electricity and gas, insurance agency services, rent arrears guarantees, etc., while also expanding the system sales business. In the first half of FY2026 (ending September 2026), multiple services grew rapidly simultaneously, with electricity and gas agency fees up 28.0%, rent arrears guarantee fees up 26.4%, and insurance agency commissions up 19.9%, demonstrating the effectiveness of these initiatives in the numbers.

Simultaneously pursuing planned repayment of long-term borrowings to maintain and improve financial soundness, alongside expanding shareholder returns in line with business growth. The balance of long-term borrowings at the end of the first half of FY2026 (ending September 2026) stood at ¥1,594 million (¥1,659 million at the end of the previous fiscal year), reflecting continued reduction, and the forecast annual dividend of ¥70 (up from ¥68 in the previous fiscal year) maintains the policy of increasing dividends.

Last updated: July 17, 2026