Nice Corporation
8089・Standard Market・Wholesale Trade
Business
Nice Corporation is a comprehensive housing-related company originating from timber distribution, founded in 1950. The group, consisting of 33 subsidiaries and 6 affiliated companies, operates three segments: the Construction Materials Business (procurement, sale, and manufacture of timber, building materials, and housing equipment), the Housing Business (sales of new and used condominiums, detached house sales, condominium management and rental management), and the Others segment (software development, broadcasting, construction works). Of total net sales of ¥259,154 million, the Construction Materials Business accounts for approximately 75%, with construction contractors, house builders, and developers as its main customers. The company possesses an integrated value chain spanning from upstream log production to downstream housing sales and management, and is expanding its business domain through strengthening the supply system for domestically produced timber and expanding into non-residential wooden construction.
Business Model
In the Construction Materials Business, distribution margin-type revenue centered on purchasing timber, building materials, and housing equipment for sale to construction companies and home builders forms the core business. Last-mile delivery capability leveraging a nationwide logistics network serves as a differentiating factor. In the Housing Business, in addition to real estate sales gains from new and used condominium sales, recurring stock revenue is accumulated through Condominium General Management and Rental Management. For used condominium buy-resell, the structure secures gross profit by adding value through the wood-finish renovation brand "RIZ WOOD®".
Company Strengths
An integrated system has been built spanning log production (Nice Genboku Ryutsu Co., Ltd.), sawmilling (Wood First Co., Ltd.), precut processing (Nice Precut Co., Ltd.), and distribution and sales (the Company). In FY2026 (ending March 2026), Wood First's new plant began operations, and a business alliance with Sandai Co., Ltd. strengthened precut processing capacity. The company has a track record of growth in both sales and volume handled of domestic timber.
The company has carried out successive M&A transactions: Iyo Mokuzai in 2019, Sanyu Co., Ltd. (Shikoku) in 2023, Celex Holdings (Chukyo region; sashes and exteriors) in 2024, Asahi Kenzai in 2024, and Katsura Mokuzai Shoten (western Japan domestic timber) in 2025. Sales in the Building Materials & Housing Equipment segment expanded to ¥140,036 million (up 9.9% year on year), and the company has a track record of expanding its product lineup, including energy-related products, in a short period of time.
Condominium general management by Nice Community Co., Ltd. and rental management operations by Nice Asset Co., Ltd. form ongoing recurring stock revenue. In used condominium buy-resell (Renaissance Co., Ltd.), the company has rolled out the wood-conversion brand "RIZ WOOD®," and in FY2026 (ending March 2026) both contracted units and recognized units increased. Operating profit in the Housing Business continued to grow steadily, reaching ¥3,892 million (up 8.7% year on year).
ENVALITH's Perspective
Performance Trend
Revenue reached ¥259,154 million (up 6.6% year-on-year), marking a second consecutive year of revenue growth and setting a new record high. Operating profit improved to ¥5,322 million (up 15.0% year-on-year), with the operating margin recovering to 2.1% (from 1.9% in the previous period). However, the recording of extraordinary losses—an impairment loss of ¥594 million and a valuation loss on investment securities of ¥343 million—constrained the growth in pre-tax profit, leaving net profit attributable to owners of the parent at ¥2,586 million (down 9.9% year-on-year). Amid continued external headwinds such as persistently elevated construction material prices and the mid- to long-term declining trend in new housing starts, expanded sales of Building Materials & Housing Equipment and improved profitability in the Housing Business drove the increase in both revenue and profit. Operating cash flow was negative for a second consecutive year (-¥3,202 million), with expanded investment in real estate held for sale affecting cash flow.
Growth Strategy
Aiming for net sales of ¥300,000 million and operating profit of ¥7,500 million in FY2030 (ending March 2030) under "Road to 2030"
Promoting expansion of the supply system for domestic timber (cedar and cypress), an eco-material, and expanding timber applications into non-residential and non-construction fields. Working to create new value in wooden construction by leveraging the agreement with the Ministry of Agriculture, Forestry and Fisheries to promote the use of timber in buildings. The company targets net sales of ¥200,000 million for the Construction Materials segment in FY2027 (ending March 2027).
Promoting expansion of the used condominium buy-resell business in the Greater Tokyo area (condominium sales of ¥21,040 million in FY2026 (ending March 2026), up 13.9% year on year), in addition to expanding the whole-building income real estate business and rental management business, and expanding orders for non-residential wooden construction. The company targets net sales of ¥60,000 million for the Housing segment in FY2027 (ending March 2027).
In response to the shrinking new-build market, optimizing the business portfolio toward existing housing distribution, non-residential, and the "Lifestyle" domain. Under the three-pronged strategy of "Super New-Build," "Super Logistics," and "Super Domain," the company aims to evolve into a business entity that provides value across the entire "Lifestyle" domain, beyond housing alone. The Others segment showed significant improvement, with operating profit of ¥1,352 million in FY2026 (ending March 2026), up 119.0% year on year.
Last updated: July 19, 2026