AlbaLink Co., Ltd.
5537・Growth Market・Real Estate
AlbaLink Co., Ltd.
5537・Growth Market・Real Estate
Business
AlbaLink Inc. operates under the mission of "Zero Vacant Houses by 2100," running a nationwide, single-segment business that purchases and resells properties with complications (訳あり物件, "kake-ari bukken") and vacant houses. The company primarily acquires leads from sellers looking to dispose of vacant houses through its own web media (such as Wakeari Fudousan Kaitori Pro and Fudousan Toushi no Mori), and after purchasing the properties, it fulfills a matching function by selling them to real estate investors (buyers). The current management team took over the business in 2019 and shifted it toward the purchase-and-resale model, listing on TOKYO PRO Market in November 2023 and transferring to the Growth Market in December 2025. Sellers are mainly individuals burdened with vacant houses due to inheritance or similar circumstances, while buyers are primarily individual investors seeking rental income, targeting a market where potential demand from both sides is structurally expanding.
Business Model
In principle, the Company does not engage in brokerage transactions, but instead adopts a purchase-and-resale model in which it buys vacant houses directly from sellers and sells them to buyers. This approach is not subject to the brokerage fee cap regulations under the Real Estate Brokerage Act, and allows the Company to secure appropriate earnings based on its in-house appraisal know-how. To curb inventory risk, the Company actively utilizes "sanni transactions" (third-party-for-benefit contracts), thereby improving capital efficiency. Against net sales of ¥8,191 million, the inventory balance at the end of the半期 (half-year period) was kept to a maximum of ¥901 million, indicating a high asset turnover efficiency.
Company Strengths
In FY2025 (ending December 2025), the company achieved net sales of ¥8,191 million (up 50.6% year on year), operating profit of ¥1,311 million (up 137.2%), and net income of ¥982 million (up 159.6%). Gross profit margin reached 54.7%, with scale expansion and profitability improvement progressing simultaneously.
As of the end of 2025, the company had expanded to 19 branches nationwide, with the number of purchase settlements growing rapidly from 1,051 in the first half to 1,533 in the second half. Partnership agreements with municipalities reached 25, establishing public procurement channels through handling of difficult-to-manage properties in vacant house banks and holding consultation events.
Through active use of sandai transactions (three-party real estate transactions), inventory balance at the end of the half was kept to a maximum of ¥901 million against net sales of ¥8,191 million. Operating cash flow was positive at ¥1,106 million, and the equity ratio improved from 34.4% in the previous fiscal year to 38.3%, achieving both asset efficiency and financial soundness.
ENVALITH's Perspective
Performance Trend
Full-year results for FY2025 (ended December 2025) were revenue of ¥8,191 million, operating profit of ¥1,311 million, and net income of ¥982 million. The full-year forecast for FY2026 (ending December 2026) projects continued high growth, with revenue of ¥10,781 million (+31.6% year on year), operating profit of ¥1,761 million (+34.3% year on year), and net income of ¥1,250 million (+27.3% year on year). 1Q FY2026 results were revenue of ¥1,922 million, operating profit of ¥70 million, and quarterly net income of ¥46 million. In 1Q, operating profit margin remained at a low 3.7% due to front-loaded expenses, including the opening of 3 new branch offices and a bonus provision of ¥81 million, but the gross profit margin was maintained at a high level of 59.2%. There is no change to the full-year forecast, and the focus will be on profit recovery over the remaining 3 quarters. External factors such as trends in the used real estate market and interest rate levels could affect profitability.
Growth Strategy
Accelerating nationwide expansion along three axes: branch network expansion, deepening of municipal partnerships, and diversification of sourcing channels
Branches are being opened sequentially to increase face-to-face contact with sellers and buyers and to build a system for prompt on-site property visits. In January 2026, three new branches were opened in Kanazawa, Matsuyama, and Gifu, establishing a nationwide network of 22 branches. Expansion into regional cities broadens the sourcing area and supports revenue growth.
The company cooperates with municipalities in resolving vacant house issues while expanding sourcing channels. In 1Q FY2026 (ending March 2026), comprehensive partnership agreements were concluded with 8 municipalities, and the company was designated as a Vacant House Management and Utilization Support Organization by 6 municipalities, bringing the cumulative number of partner municipalities to 39. Acquiring sourcing leads via government channels is also expected to reduce dependence on web media.
Effective May 1, 2026, capital stock was reduced from ¥78 million to ¥10 million, with the difference of ¥68 million transferred to other capital surplus. There is no change in net assets or the total number of issued shares, and there is no impact on business performance; the purpose is to enhance flexibility for future capital policy measures such as dividends and share buybacks.
Last updated: July 17, 2026