ENVALITH
株式会社ランドビジネス logo

LAND BUSINESS CO.,LTD.

8944・Standard Market・Real Estate

Official website
株式会社ランドビジネス logo
LAND BUSINESS CO.,LTD.8944

Business

Land Business Co., Ltd. is a company listed on the TSE Standard Market, established in 1985. Under the philosophy of "creating beautiful, safe communities that support society over the long term," the company positions its Real Estate-related Business—centered on the leasing and investment of office buildings and residences primarily in central Tokyo—as its revenue base, while also operating a Restaurant Business (high value-added restaurants) and an Apparel Business (planning, manufacturing, and sales of high-quality women's and men's apparel). Consolidated net sales for FY2025 (ending September 2025) were ¥18,603 million, and the company is actively pursuing business expansion through M&A. Its main customers span a wide range, including tenants and residents of office buildings and residences, restaurant patrons, and apparel purchasers.

Business Model

In the Real Estate-related Business, the company secures stable cash flow from rental income on properties it owns, while running an investment cycle in which asset value is enhanced through rebuild construction work before being sold at an appropriate time. The Restaurant Business develops high value-added stores leveraging the design capabilities cultivated in the real estate business, while the Apparel Business appeals to brand value through an integrated system of planning, manufacturing, and sales. The company adopts a strategy of expanding the scale of each business through subsidiarization via M&A.

Company Strengths

In FY2025 (ending September 2025), the Real Estate-related Business achieved segment sales of ¥10,014 million against segment profit of ¥4,140 million, a profit margin of 41.3%. Maintaining high occupancy rates through precise leasing strategies, rent increases, and the sale of real estate for sale (up 141.7% year on year) contributed to a substantial profit increase of 210.0% year on year.

The company has a cross-selling structure that leverages design capabilities cultivated in the real estate business for restaurant store interior design. In the Apparel Business, product planning, manufacturing, and sales are completed consistently within the group through collaboration with FLANDRE Co., Ltd. and Tex Tech Co., Ltd. In Europe, the company also operates contract manufacturing operations through Land Business Italia S.r.l and Land Business Paris.

Since 2023, the company has conducted a series of M&A transactions involving Tex Tech Co., Ltd., Kofu Kiho, FLANDRE Co., Ltd., TAKEWAKA Co., Ltd., Jugetsu Kosan Co., Ltd., and Murata Shoji Co., Ltd. As a result, sales expanded approximately fourfold, from ¥4,645 million in FY2022 (ended September 2022) to ¥18,603 million in FY2025 (ended September 2025).

ENVALITH's Perspective

Operating profit for the first half of FY2026 (ending March 2026) surged to ¥3,462 million (up 550.3% year on year), and ordinary profit expanded sharply to ¥3,025 million (up 876.2% year on year). The main driver was the Real Estate-related Business, whose net sales rose 112.1% year on year to ¥10,887 million and segment profit rose 132.1% year on year to ¥5,120 million. The full-year earnings forecast has also been revised from the figures announced in November 2025 (net sales of ¥24,650 million, operating profit of ¥3,500 million), and the first-half results already represent 99% of the full-year operating profit forecast, indicating a very high progress rate. As an external factor, signs of rising rents in the office building and residential leasing markets have also provided a tailwind.

The Restaurant Business posted a segment loss of ¥543 million (worsening from a loss of ¥455 million in the same period of the previous year), while the Apparel Business posted a segment loss of ¥291 million (improving from a loss of ¥621 million in the same period of the previous year), and losses in the non-real estate segments continued. In addition, income taxes for the first half reached ¥2,663 million, accounting for 81.2% of profit before income taxes for the first half of ¥3,281 million, leaving profit attributable to owners of parent for the first half at just ¥618 million. The full-year net profit forecast of ¥515 million (¥25.95 per share) is conservative, falling below the first-half actual result of ¥618 million, and close attention is needed to the risk of an increased tax burden and expanding losses in the second half.

As of the end of March 2026, long-term borrowings (including current portion due within one year) stood at ¥25,318 million, bonds payable at ¥2,647 million, and short-term borrowings at ¥2,717 million, keeping total interest-bearing debt at a high level. The equity ratio improved slightly to 29.2% (from 28.5% at the end of the previous fiscal year), but financial leverage remains high. Cash flow from financing activities in the first half showed a net outflow of ¥3,016 million (mainly due to repayment of long-term borrowings of ¥4,765 million), and while progress was made in repaying borrowings, new borrowings of ¥2,160 million were also undertaken. Interest expenses increased to ¥279 million (up from ¥226 million in the same period of the previous year), and the risk of an increased interest burden amid rising interest rates remains.

Growth Strategy

Strengthening the real estate leasing foundation and monetizing diversified businesses through M&A

Promoting high occupancy of office buildings and residences through precise leasing strategies and rent increases. A dual strategy of enhancing asset value through rebuild construction on owned properties while also capturing gains on sale. Achieved high profitability with interim segment profit of ¥5,120 million (profit margin of 47.0%).

Through the consolidation of FEN Co., Ltd. (acquisition cost of ¥500 million) as a subsidiary, the Company acquired exclusive Japan sales rights for European high value-added brands such as Duvetica™ and a domestic wholesale network of approximately 60 companies. Expansion of European contract manufacturing is also underway through participation in Land Business Italia S.r.l and Land Business Paris. The Apparel Business loss improved from ¥(621) million in the same period of the previous fiscal year to ¥(291) million.

Promoting market development and store design tailored to the characteristics of candidate new store locations, and continuing preparations for store openings. At existing stores, working to improve customer traffic through menu and service improvements. Net sales increased 24.3% year on year to ¥701 million, but segment loss expanded to ¥543 million, indicating that profitability will take time to achieve.

During the interim period, the Company acquired FEN Co., Ltd. (Apparel) and Apple and Roses Co., Ltd. (confectionery and food service, equity-method affiliate). Continuing to promote business scale expansion and the acquisition of new revenue sources through M&A. Goodwill balance stood at ¥1,050 million (up from ¥865 million at the end of the previous fiscal year).

Last updated: July 17, 2026