AlbaLink Co., Ltd.
5537・Growth Market・Real Estate
AlbaLink Co., Ltd.
5537・Growth Market・Real Estate
Vacant House Matching Business (single segment)
A single-business company operating vacant house purchase and resale nationwide
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (Q1 cumulative) | ¥1,922 million | – (quarterly financial statements not prepared in the same period of the prior year) | — |
| Operating profit (Q1 cumulative) | ¥70 million | – (quarterly financial statements not prepared in the same period of the prior year) | — |
| Operating margin (Q1 cumulative) | 3.7% | 16.0% (full year FY2025, ended December 2025) | ↓ |
| Ordinary profit (Q1 cumulative) | ¥66 million | – (quarterly financial statements not prepared in the same period of the prior year) | — |
| Quarterly net profit (Q1 cumulative) | ¥46 million | – (quarterly financial statements not prepared in the same period of the prior year) | — |
| Total assets | ¥5,134 million | ¥5,260 million (end of FY2025, ended December 2025) | ↓ |
| Equity ratio | 40.1% | 38.3% (end of FY2025, ended December 2025) | ↑ |
| FY2026 (ending December 2026) full-year forecast - Net sales | ¥10,781 million (+31.6% YoY) | ¥8,191 million (FY2025, ended December 2025 actual) | ↑ |
| FY2026 (ending December 2026) full-year forecast - Operating profit | ¥1,761 million (+34.3% YoY) | ¥1,311 million (FY2025, ended December 2025 actual) | ↑ |
Business Details
Under the mission of "Zero vacant houses by 2100," the company operates a nationwide purchase-and-resale model, buying vacant houses from sellers acquired through its own web media and selling them to real estate investors (buyers). It targets a wide range of vacant houses, including troubled and defective properties, leveraging its know-how in speculative-demand appraisal and its network of 22 branches nationwide. In the first quarter of FY2026 (ending December 2026) (January–March 2026), the company recorded net sales of ¥1,922 million and operating profit of ¥70 million.
Recent Overview
Opened 3 new branches in January 2026, expanding to 22 branches nationwide; municipal partnerships also expanded to 39 municipalities
In the first quarter of FY2026 (January–March 2026), the company opened three new branches in Kanazawa, Matsuyama, and Gifu, bringing its nationwide network to 22 branches. It newly concluded comprehensive partnership agreements with 8 municipalities, including Mimasaka City in Okayama Prefecture and Sakado City in Saitama Prefecture, and was newly designated as a vacant house management and utilization support entity by 6 municipalities, including Okayama City and Yokosuka City, expanding its nationwide municipal partnerships to 39. First-quarter net sales were ¥1,922 million, and operating profit was ¥70 million. There is no change to the full-year forecast (net sales of ¥10,781 million, operating profit of ¥1,761 million). As a subsequent event, effective May 1, 2026, the company implemented a capital policy to reduce capital stock from ¥78 million to ¥10 million, transferring the difference to other capital surplus (no change to net assets or the number of shares issued).
Key Products
Growth Drivers
- Expansion of the nationwide branch network (22 branches as of the end of Q1 FY2026), increasing face-to-face contact with sellers and buyers and strengthening the on-site property visit system
- Diversification of sourcing lead acquisition channels through the company's own web media, offline advertising, and municipal partnerships (39 municipalities)
- Accumulation of speculative-demand appraisal know-how (tens of thousands of appraisal data points) and a training system for recruiting, developing, and quickly deploying sales personnel
- Active use of sanni transactions (three-party real estate transactions) to suppress inventory risk and improve capital efficiency
- Structural expansion of sourcing demand due to the worsening vacant house problem (3.85 million unused vacant houses as of 2023) and rising inheritance cases amid population aging
- Potential expansion of buyer demand from the untapped market of individual investors entering real estate investment (only 12.6% have investment experience, leaving 87.4% as a potential market)
Risks
- Risk of prolonged inventory of vacant houses: Under the purchase-and-resale model, delayed sales can lead to capital being tied up and increased management costs (the company holds ¥728 million in real estate for sale and ¥458 million in real estate for sale in process)
- Interest rate rise risk: The company relies on financial institution borrowings to fund the purchase of properties for sale (¥1,328 million in long-term borrowings and ¥304 million in short-term borrowings), and rising interest rates could pressure profitability
- Risk of deteriorating real estate market conditions: A decline in buyers' (individual investors') investment appetite or falling property prices could reduce the number of sales and sale prices
- Risk related to human resource acquisition and development: Growth may slow if the recruitment and training of sales personnel does not proceed as planned amid branch network expansion
- Regulatory risk: Amendments to the Building Lots and Buildings Transaction Business Act, the Vacant House Special Measures Act, or tightening of regulations on paid removal services could affect the business model
- Seasonality and profit margin volatility risk: The Q1 operating margin of 3.7% is significantly below the full-year forecast (16.3%), indicating substantial quarter-to-quarter earnings volatility
Last updated: March 27, 2026