Terminalcare Support Institute Inc.
7362・Growth Market・Services
Nursing Care Business
The core business accounting for approximately 96% of T.S.I's consolidated sales. Provides integrated nursing care and nursing services centered on Service-Provided Senior Housing operations.
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment sales (cumulative Q1 FY2026, ending December 2026) | ¥1,319 million | ¥1,091 million (cumulative Q1 FY2025, ending December 2025) | ↑ |
| Segment profit (cumulative Q1 FY2026, ending December 2026) | ¥13 million | -¥33 million (cumulative Q1 FY2025, ending December 2025) | ↑ |
| Company-wide occupancy rate (as of end of March 2026, basis of 37 buildings/1,158 rooms) | 94.1% | – | — |
| Occupancy rate at locations open for more than 1 year (as of end of March 2026) | 96.1% | 96.5% (as of end of December 2025) | ↓ |
| Number of buildings/rooms operated (nursing care room basis) | 37 buildings, 1,158 rooms (end of March 2026) | 36 buildings, 1,210 rooms (end of December 2025) | ↑ |
Business Details
Centered on the operation of Service-Provided Senior Housing "Anjesu", the company provides an integrated offering of Home-Visit Care (Care Station Anjesu), Home-Visit Nursing (Home-Visit Nursing Station Luce), and Home Care Support (Care Plan Center Enju). The main customers are those on waiting lists for special nursing homes requiring nursing care level 2-3, and the company operates a hybrid model that supports residents through end-of-life care. As of the end of March 2026, the company operated 37 buildings with 1,158 rooms (on a nursing care room basis), with an overall occupancy rate of 94.1%, and an occupancy rate of 96.1% at locations open for more than one year.
Recent Overview
New location openings and improved occupancy at existing locations drove a turnaround to profit from a loss in the same period of the prior year.
Anjesu Kamimizo was newly opened in March 2026, bringing the total to 37 buildings. Anjesu Takao, Anjesu Utsunomiya Miyukihonmachi, and Anjesu Kamimizo, all opened after the same period of the prior fiscal year, contributed to increased sales and profit. All 3 locations opened in 2025 have reached full occupancy. A fifth home-visit nursing business location was also opened. Segment sales were ¥1,319 million (up ¥228 million year on year), and segment profit was ¥13 million (versus a segment loss of ¥33 million in the same period of the prior year), achieving a turnaround to profitability.
Key Products
Growth Drivers
- Continued new openings of Service-Provided Senior Housing (Anjesu Kamimizo opened in March 2026, bringing the total to 37 buildings/1,158 rooms)
- Expansion of the home-visit nursing business (to a 5-location structure), leading to revenue diversification and improved profitability per building
- Expansion of personnel recruitment and cost containment through increased hiring of foreign workers with specified skills (active recruitment promoted since 2025)
- Improved operational efficiency and productivity through company-wide rollout of the proprietary "CareMaster" system, and further revenue source diversification through external sales
- Medium- to long-term expansion of the elderly population and nursing care demand associated with the "2025 problem"
- Improved sales efficiency and maintenance of high occupancy rates through a dominant strategy (96.1% at locations open for more than 1 year)
- Improved staff retention through acquisition of the nursing care staff treatment improvement allowance and continuous review of treatment, including for management staff
Risks
- Short-term profit pressure due to increased upfront personnel and other expenses associated with new location openings
- Risk of declining profitability due to chronic nursing care personnel shortages and rising labor costs
- Risk associated with the nursing care fee revision scheduled for April 2027 (impact on revenue structure will depend on the content of the revision)
- Rising location opening costs due to increased construction costs and inflation (resolution to borrow ¥400 million for Anjesu Hamamatsu Moritamachi)
- Continued shortfall against the 97.0% occupancy rate target for locations open for more than 1 year, at 96.1%
- Increased borrowing costs due to rising interest rates (long-term borrowings of ¥2,911 million, interest expense of ¥14 million per quarter)
- Changes in the competitive environment due to industry consolidation, including continued high levels of bankruptcies among home-visit care businesses
Last updated: March 26, 2026