Financial Partners Group Co.,Ltd.
7148・Prime Market・Securities & Commodity Futures
Business
FPG Co., Ltd. upholds the corporate philosophy of "Opening the future through finance," providing diverse investment products to affluent individuals and corporate investors through a "fractionalization" scheme. In its core Lease Fund Business, the company structures and sells Japanese-style operating lease deals targeting aircraft, vessels, and containers, while in its Domestic Real Estate Fund Business, it offers Fractionalized Real Estate Products utilizing the trust functions of FPG Trust. In the Overseas Real Estate Fund Business, the company also handles collective investment deals in U.S. real estate. Founded in 2001 and listed on the Prime Market of the Tokyo Stock Exchange, the company has a network of branches and sales offices nationwide, comprising 9 consolidated subsidiaries, 3 equity-method affiliates, and 944 non-consolidated subsidiaries (mainly SPCs).
Business Model
FPG temporarily advances funds to acquire assets for structuring (product contribution amounts, real estate for structuring) for the purpose of selling to investors, and recognizes structuring and distribution fees as revenue upon completion of transfer to investors. In the Domestic Real Estate Fund Business, the transfer consideration for trust beneficiary interests itself is recorded as revenue. In both cases, management fees accrue during the deal management period, and success fees accrue upon sale of the property. Funds for acquiring assets for structuring are raised through financial institution borrowings and commercial paper, and are repaid after sales are completed, giving the balance sheet a structure that fluctuates significantly in tandem with sales progress.
Company Strengths
In FY2025 (ended September 2025), the sale amount of capital contributions reached ¥233,227 million (up 26.5% year on year), real estate product sale amount reached ¥94,950 million (up 28.6% year on year), and overseas real estate capital contribution sale amount reached ¥16,850 million (up 30.8% year on year), all setting new full-year record highs. This demonstrates the strength of the sales system that steadily captures robust investor demand.
The company holds FPG Trust (a trust management company), FPG Securities (Type I Financial Instruments Business and Investment Management Business operator), and FPG Real Estate (master lease) as consolidated subsidiaries, enabling deal origination, trust structuring, sales, administration, and investment instructions to be completed entirely within the group. This secures flexibility in product design while containing outsourcing costs.
In FY2025 (ended September 2025), ROE (return on equity) reached 32.9%, significantly exceeding the market average. While maintaining a shareholder return policy targeting a consolidated dividend payout ratio of 50%, the company also carried out share buybacks of up to ¥2.0 billion (782,500 shares). These initiatives have been recognized through selection to the JPX-Nikkei Index 400 for two consecutive years.
ENVALITH's Perspective
Performance Trend
Revenue grew for four consecutive years, rising from ¥14,924 million in FY2021 to ¥59,193 million in FY2022, ¥71,149 million in FY2023, ¥107,781 million in FY2024, and ¥129,764 million in FY2025, setting new record highs each year. However, FY2026 (ending September 2026) has entered a sharp reversal phase, with full-year revenue forecast at ¥82,876 million (down 36.1% year on year). Revenue for the first half of FY2026 (ending September 2026) was ¥35,586 million (down 43.9% year on year). The main cause was the suspension of sales and handling of cancellations for Fractionalized Real Estate Products (Trust Beneficiary Interests) following the announcement of the FY2026 tax reform outline, which caused the sales value of real estate products in the Domestic Real Estate Fund Business to plunge to ¥16,650 million (down 62.8% year on year). Meanwhile, the Lease Fund Business set new record highs in both origination amount and gross profit, with favorable external factors (a strong shipping market) also providing a tailwind. Net income attributable to owners of the parent for the first half was ¥8,096 million (down 25.3% year on year), a decline that was not as large as the drop in revenue.
Growth Strategy
The strategy relies on two pillars: expanding lease origination in the Lease Fund Business and returning the Domestic Real Estate Fund Business to a growth trajectory following tax-system-related adjustments.
Through aggressive origination efforts including large-scale marine shipping transactions, the company targets a full-year FY2026 (ending September 2026) lease business origination amount of ¥578,507 million (up 58.5% year on year). Expansion of lease arrangement transactions for U.S. investors via FPG Amentum Limited is also expected to contribute to boosting earnings.
Sales resumed from January 2026 under a new sales policy. Through the origination of large properties in prime locations (such as "Kyobashi Trust Tower" and "Roppongi Hills Mori Tower") and strengthened collaboration with accounting firms and financial institutions, the company will continue to appeal to the inheritance tax reduction benefits that persist from 2027 onward, aiming to return sales to the ¥100,000 million level.
The company has established a collaborative framework with a leading U.S. partner, and as its first joint project, is working toward the origination of a large-scale multifamily residential property in Texas within the current consolidated fiscal year. The full-year forecast calls for equity contribution sales of ¥5,760 million.
The company is nurturing the Private Jet Business (Aviation Business), M&A Business, Fractional Ownership Platform Business, and others to build a fourth revenue pillar alongside the Lease, Domestic Real Estate, and Overseas Real Estate businesses. Currently in a cost-front-loading phase, with a gross loss of ¥78 million for the first half of FY2026 (ending September 2026).
Last updated: July 17, 2026