Japan Stock IR Daily – July 22, 2026 (24 reports)

• G-Tier IV Co., Ltd. listed on the Tokyo Stock Exchange Growth market on July 22, 2026.
• The consolidated earnings forecast for the full fiscal year ending September 2026 projects net sales of ¥8,484 million (a 32.4% increase year-on-year), an operating loss of ¥11,239 million, an ordinary loss of ¥6,593 million, and a net loss attributable to parent company shareholders of ¥6,736 million.
• For the interim accounting period ended March 2026, the company reported net sales of ¥4,369 million, an operating loss of ¥4,102 million, an ordinary loss of ¥2,385 million, and a net loss attributable to parent company shareholders of ¥2,470 million.
• The number of verification test and implementation regions for “Mobility Service” reached 40 in the interim accounting period of FY2026 September, compared to 50 regions for the full FY2025 September.
• The number of development project clients, primarily automotive OEMs, for “Development Service” increased from 9 at the end of FY2025 September to 13 at the end of the interim accounting period of FY2026 September.

• P-Lucks Kensetsu was listed on the Tokyo Stock Exchange TOKYO PRO Market and the Fukuoka Stock Exchange Fukuoka PRO Market on July 22, 2026.
• The company announced its non-consolidated financial forecast for the fiscal year ending December 2026, projecting net sales of 1,008 million yen (up 14.1% year-on-year), operating profit of 27 million yen (up 220.7% year-on-year), ordinary profit of 23 million yen (up 189.5% year-on-year), and net profit of 23 million yen (up 70.4% year-on-year).
• The forecast for FY2026 shows earnings per share of 38.89 yen and a dividend per share of 0.00 yen.
• For the fiscal year ended December 2025, the company reported net sales of 883 million yen (up 0.4% year-on-year), operating profit of 8 million yen (down 92.0% year-on-year), ordinary profit of 8 million yen (down 92.2% year-on-year), and net profit of 13 million yen (down 87.5% year-on-year).
• The company’s FY2026 performance outlook is premised on sustained robust demand for building renovation due to aging infrastructure, despite ongoing labor shortages and fluctuating material prices in the construction industry. The company plans to focus on enhancing profitability in its core construction business and securing stable revenue from its real estate business.

P-Lucks Kensetsu’s dual listing on the TOKYO PRO Market and Fukuoka PRO Market marks a significant milestone, which may draw investor attention to its future business strategies. The robust growth projected for the fiscal year ending December 2026, particularly the substantial 220.7% increase in operating profit, could indicate the company’s efforts in improving profitability within its construction projects and ensuring stable revenue from its real estate segment are expected to yield positive results. Investors may be monitoring how these growth initiatives unfold in the current challenging construction environment.

• P-Rex Inc. (code 602A) was listed on the TOKYO PRO Market of the Tokyo Stock Exchange on July 22, 2026.
• For the fiscal year ending December 2026 (forecast, non-consolidated), the company projects net sales of ¥1,685 million (up 8.9% YoY), operating profit of ¥25 million (up 843.5% YoY), ordinary profit of ¥24 million (up 878.1% YoY), and net profit of ¥14 million (up 61.6% YoY).
• For the fiscal year ended December 2025 (actual, non-consolidated), net sales were ¥1,547 million (up 1.5% YoY), operating profit was ¥2 million (down 95.1% YoY), ordinary profit was ¥3 million (down 93.3% YoY), and net profit was ¥9 million (down 62.0% YoY).
• A stock split of 100 shares for every one common share was implemented on April 1, 2026.
• Dividends per share for FY2024 (actual), FY2025 (actual), and FY2026 (forecast) are ¥0.00.

The disclosure of P-Rex’s financial results and forecasts upon its TOKYO PRO Market listing provides initial insights for investors. The significant projected increase in operating profit for FY2026, alongside steady sales growth, may suggest a strong recovery and improved profitability in its human resource support business. Monitoring how the company executes its strategy to achieve these targets will be important for assessing its future performance.

• G-Jelly Beans Group’s consolidated subsidiary, JB Entertainment Co., Ltd., resolved to enter into a basic agreement for a business alliance in the entertainment sector with JTB Corporation at its Board of Directors meeting held on July 22, 2026.
• The alliance aims to merge JB Entertainment’s entertainment planning capabilities, content, and talent IP with JTB’s travel business planning/operation functions and domestic/international network.
• The scope of the alliance includes event-related operations (planning and implementation of travel products for fan meetings, concerts), talent management operations (talent scouting, development, promotion, fan club support), entertainment content development (community-based, inbound-focused, digital-real fusion content), and other related businesses.
• The business development goals of this alliance are the creation and enhancement of talent IP value, the expansion of IP value through events and tours to Japan, South Korea, and third countries, and the creation of a positive cycle of IP value through new content development.
• JTB Business Solution Division, 4th Department, will be responsible for executing the operations under this business alliance.

This business alliance appears to be a strategic move by G-Jelly Beans Group to strengthen its entertainment business by leveraging JTB’s expertise in travel and event management, as well as its domestic and international network. The focus on capturing inbound demand and expanding into South Korea and other countries could present significant growth opportunities. By managing talent IP from creation to fan club operations, the alliance aims to enhance the sustainability of their entertainment ventures.

• TripleEyes Inc. released its Q&A for the Third Quarter of the Fiscal Year ending August 2026 on July 22, 2026.
• The company decided on a policy to transfer all shares of its group company, Zero Field, but the transfer price, transferee, and detailed schedule are currently withheld from public disclosure.
• The full-year performance forecast was withdrawn due to accounting procedures related to the sale of a group company, not due to a deterioration in current business performance. A new forecast will be disclosed promptly once a reasonable calculation becomes possible.
• For its proprietary AI product “Arroku,” key performance indicators (KPIs) for the third quarter show an approximately 172% increase in ID count and an approximately 123% growth rate in Monthly Recurring Revenue (MRR).
• The decision to sell Zero Field was explained by recognizing the potential of data center demand but determining that simultaneously pursuing the capital-intensive infrastructure business and the high-margin software business was not optimal from an investment efficiency perspective.
• Regarding the dispatch/stationing of members to BEX and the establishment of a new department in the Tokai region, the target is the manufacturing industry, particularly automotive parts manufacturers (Tier1/Tier2 suppliers) in the Tokai region, aiming to create success stories such as “4,000 hours of labor cost reduction annually” at Toyota Group design sites.

TripleEyes’ recent Q&A suggests a clear strategy of business portfolio restructuring and focusing on its core operations. The divestiture of Zero Field appears to be aimed at reallocating resources from a capital-intensive infrastructure business to a high-margin AI solutions business. Additionally, the disclosure of specific KPIs for its “Arroku” product and growth targets provides investors with crucial metrics for evaluating future business progress.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.

• First Corporation announced a capital and business alliance with Chuo-Nihon Land and Building Co., Ltd. on July 22, 2026.
• As part of this alliance, First Corp. will dispose of 600,000 treasury shares to Chuo-Nihon Land and Building through a third-party allocation.
• The disposal price is ¥965 per share, raising approximately ¥579 million.
• The entirety of the raised capital is allocated to “human capital investment” and is scheduled to be expended from August 2026 to May 2028.
• The business alliance includes promoting joint projects in the real estate segment’s condominium business, providing expert advice in the construction segment, and facilitating personnel exchange between both companies.

This capital and business alliance appears to be a strategic move for First Corporation to achieve its “First VISION 2031” and for Chuo-Nihon Land and Building’s long-term vision. It suggests an effort to leverage the strengths of both companies and invest in human capital, aiming for long-term corporate value enhancement amidst challenges in the construction industry. The partnership with a major integrated real estate group could potentially contribute to strengthening a stable business foundation in a climate of rising construction material costs and labor shortages.

• Nichirin Co., Ltd. has decided to partially amend its shareholder benefit program, specifically changing the benefit item.
• The previous QUO cards will be replaced with digital gifts.
• There are no changes to the eligibility criteria for the benefits, including continuous holding period and number of shares owned.
• The digital gifts offer multiple exchange options, including PayPay points, Amazon Gift Cards, d Points, and QUO Card Pay.
• The revised program will apply to shareholders listed on the shareholder register as of the record date of December 31, 2026.

This change in shareholder benefits, moving from physical QUO cards to digital gifts, is stated to enhance convenience and expand choices for shareholders. The introduction of various digital gift options could increase the practical value for shareholders. With an effective date of December 31, 2026, it may suggest a long-term strategic adjustment to shareholder returns. Investors should note the implementation timeline and the new selection process for the benefits.

• Juroku FG has revised upward its consolidated earnings forecast for the full fiscal year ending March 2024.
• Consolidated ordinary income is now projected at ¥36.0 billion, up from the previous forecast of ¥28.0 billion. Net income attributable to owners of the parent is revised to ¥25.5 billion, from ¥22.0 billion.
• Consequently, the company announced an increase in its year-end dividend forecast for the fiscal year ending March 2024, from ¥12 to ¥14 per share, an increase of ¥2. The annual dividend forecast, including the interim dividend of ¥12, amounts to ¥26 per share.
• Reasons cited for the earnings revision include higher-than-expected gains on securities and an increase in gross operating profit due to higher net interest income and efficient expense management.

• G-Green Energy Co., Ltd. announced a correction to a portion of its “Consolidated Financial Results for the Fiscal Year Ended April 2026 (Japanese GAAP),” originally disclosed on June 9, 2026.
• The reason for the correction is an error found in the attached “Consolidated Cash Flow Statement.”
• On page 1 of the Summary Information, under “Consolidated Cash Flow Status,” the cash and cash equivalents at the end of the fiscal year ended April 2026 were revised from the pre-correction ¥2,085 million to the post-correction ¥2,028 million.
• On page 3 of the attached materials, under “Overview of Cash Flow for the Current Period,” cash and cash equivalents at the end of the current consolidated fiscal year were corrected from ¥2,085,365 thousand to ¥2,028,160 thousand.
• The increase in cash and cash equivalents compared to the previous consolidated fiscal year-end was also revised from ¥1,174,198 thousand to ¥1,116,993 thousand.
• The “Cash Flow from Financing Activities” on page 11 of the attached “Consolidated Cash Flow Statement” was also corrected from ¥126,342 thousand to ¥126,199 thousand.

This correction addresses errors in the numerical data of the consolidated cash flow statement for the fiscal year ended April 2026. The revision of the period-end cash and cash equivalents is notable, as it directly impacts the company’s liquidity metrics. Investors may find it important to re-evaluate the company’s financial position based on these corrected figures.

• For the second quarter (interim period) of the fiscal year ending December 2026, consolidated results exceeded previous forecasts: Net sales reached ¥16,474 million (3.0% above forecast of ¥16,000 million), operating profit ¥1,929 million (34.9% above forecast of ¥1,430 million), and ordinary profit ¥1,941 million (33.9% above forecast of ¥1,450 million).
• Net income attributable to owners of parent for the interim period was ¥1,289 million (35.7% above forecast of ¥950 million), with interim EPS of ¥43.29 (adjusted for stock split).
• The full-year consolidated earnings forecast for the fiscal year ending December 2026 has been revised upwards: Net sales ¥34,000 million (3.0% above previous forecast), operating profit ¥3,970 million (32.3% above), ordinary profit ¥4,020 million (31.8% above), and net income attributable to owners of parent ¥2,600 million (30.0% above), with full-year EPS of ¥87.28.
• The interim dividend has been revised to ¥20 per share (up from the previous forecast of ¥14). The year-end dividend forecast has been revised to ¥10 per share, considering the stock split. The annual dividend per share, without considering the stock split, would be ¥40.
• The reasons for the earnings revision include strong existing store sales (107.7% year-on-year) and continuous cost control efforts in the first half. The full-year forecast also incorporates the consolidated results of Asahi Meat Co., Ltd., which became a subsidiary in April 2026, starting from the second half.

Bronco Billy’s significant outperformance in the second quarter and subsequent upward revision of full-year guidance may be viewed positively by investors. The company’s ability to achieve robust profit growth through strong existing store sales and effective cost control, even amidst rising raw material prices, could suggest operational resilience. Furthermore, the increased interim dividend and the revised year-end dividend (indicating a higher annual dividend pre-split) might signal a commitment to shareholder returns.

• Q-MEDIA5 Co., Ltd. announced a partial correction to its “Financial Results for the Fiscal Year Ended May 2026 (Non-consolidated)” on July 22, 2026.
• The correction was made due to an error found in the forecasted earnings per share (EPS) for the fiscal year ending May 2027, as previously released in the summary information on July 9, 2026.
• The corrected EPS for the second quarter (cumulative) of FY2027 is now 13.83 yen, revised from the original 19.23 yen.
• The corrected full-year EPS for FY2027 is 45.74 yen, revised from the original 44.33 yen.
• No changes were made to the figures or year-on-year changes for net sales, operating profit, ordinary profit, or net profit.

This correction primarily addresses errors in the forecasted EPS for FY2027, with both the cumulative second-quarter and full-year figures being revised. Investors should note the differing directions of these revisions. The announcement also mentions the correction of XBRL data, which suggests that automated data systems used by institutional investors may reflect these changes.

• Sun Asterisk Co., Ltd. resolved to make Babel Method Inc. a consolidated subsidiary at a board meeting held on July 22, 2026.
• The subsidiary acquisition will be executed by subscribing to a third-party allocation of new shares issued by Babel Method Inc.
• Post-acquisition, Sun Asterisk’s voting rights ratio in Babel Method Inc. will increase to 88.0% from 40.0%.
• Babel Method Inc. develops and operates the online Japanese speaking test “Japrise” and the online Japanese conversation training “BABELMETHOD.”
• The scheduled execution date for the third-party allocation is August 1, 2026.

This subsidiary acquisition of Babel Method Inc. by Sun Asterisk can be viewed as a strategic move to strengthen the competitiveness of its “Talent Platform” service line. The integration aims to accelerate the provision of a unified system that combines the development and supply of overseas IT engineers with solutions for enhancing their Japanese language proficiency. This could potentially lead to faster decision-making and a more integrated deployment of management resources, which may maximize business synergies.

• G-NEXT Co., Ltd. resolved to dissolve its capital alliance with R-Device Co., Ltd. at a board meeting held on July 22, 2026.
• The dissolution of the capital alliance resulted from a review of both companies’ business policies and resource allocation, concluding that the objectives could still be achieved through a continuing business alliance without capital ties.
• G-NEXT will transfer all 196 shares (voting rights ratio 10.0%) of R-Device common stock held by G-NEXT to Mr. Jinichi Miura, a major shareholder of R-Device.
• The transfer price is 31,978,750 yen, which is equivalent to the total acquisition cost and expenses when G-NEXT acquired the shares in January 2026. The payment for this transfer will be received in three installments.
• G-NEXT stated that the dissolution of this capital alliance is expected to have a minor impact on its business performance. The business alliance with R-Device will continue.

This announcement suggests that G-NEXT is re-evaluating its strategic approach to partnerships, opting to dissolve capital ties while maintaining the operational benefits of a business alliance with R-Device. This move may indicate a strategic effort to optimize business policies and resource allocation. Investors might want to monitor how this shift in the alliance structure impacts G-NEXT’s future business development and revenue streams.

• OBIC Co., Ltd. announced its consolidated financial results for the first quarter of the fiscal year ending March 2027 (April 1, 2026, to June 30, 2026).
• Consolidated net sales amounted to ¥36.69 billion, an increase of 13.2% compared to the same period of the previous fiscal year.
• Consolidated operating income reached ¥24.86 billion, marking a 15.7% increase year-on-year.
• Consolidated ordinary income was ¥32.04 billion (up 17.7% year-on-year), and net income attributable to owners of the parent was ¥22.69 billion (up 16.3% year-on-year).
• Sales for the System Integration business were ¥15.14 billion (up 11.8% year-on-year), and for the System Support business, sales were ¥19.58 billion (up 15.5% year-on-year).

OBIC’s first-quarter results show a robust start to the fiscal year, with double-digit growth in both sales and profits. This performance appears to be driven by strong demand for its flagship integrated business software, “OBIC7 series,” particularly in new client acquisition among large and mid-sized enterprises for system construction. The solid growth in the System Support business, especially in cloud solutions, may suggest a strengthening of its recurring revenue base.

• OBC reported net sales of ¥13.831 billion for Q1 FY2027 (April 1, 2026 – June 30, 2026), marking a 13.8% increase year-over-year.
• Operating income reached ¥6.577 billion (+18.1% YoY), ordinary income was ¥7.129 billion (+20.8% YoY), and quarterly net income amounted to ¥4.877 billion (+19.7% YoY).
• Key drivers for the profit growth include increased cloud service revenue, heightened demand for cloud migration in anticipation of the end of support for on-premise products (Bugyo 11 series), and focused sales activities to acquire new customers.
• The full-year forecast for FY2027 remains unchanged from the most recently announced figures: net sales of ¥57.500 billion (+11.9% YoY) and net income of ¥19.350 billion (+6.7% YoY).
• The annual dividend forecast also remains unchanged at ¥130 per share (interim ¥65, year-end ¥65).

OBC’s Q1 results demonstrate robust growth across sales and profit metrics, with double-digit year-over-year increases. The strong performance appears to be largely attributable to the expansion of cloud service revenues and the ongoing migration from on-premise solutions. This trend suggests a strategic shift in the company’s revenue mix that investors may find noteworthy as it continues to unfold.

• Seiwa Holdings Co., Ltd. released its FY2026 May earnings briefing video and transcript on July 22, 2026.
• The company operates a manufacturing-focused business succession platform, engaging in M&A of SMEs lacking successors and implementing value-up strategies.
• For the fiscal year ending May 2026, adjusted operating profit and adjusted net profit achieved the disclosed budget.
• The company forecasts consolidated results for FY2027 May, projecting over 20% year-on-year growth in all categories, excluding undisclosed M&A activities.
• M&A investment capacity is stated to be approximately 6.3 billion to 8.5 billion yen, with strict financial discipline managed by EV/EBITDA and Net Debt/EBITDA ratios.
• The company plans to disclose “adjusted indicators” in the future, excluding special items such as intangible asset amortization from M&A, acquisition-related costs, and negative goodwill gains.

Seiwa Holdings’ release of its FY2026 May earnings briefing provides insights into its unique business succession platform and M&A strategy. The shift to disclosing adjusted profit metrics could offer investors a clearer view of the company’s underlying profitability, particularly relevant for a business model heavily reliant on M&A. Furthermore, the substantial M&A investment capacity and the FY2027 May growth forecast (excluding future M&A) may suggest management’s confidence in continued expansion and operational performance.

• GameWith, Inc. announced the financial results for its non-listed parent company (other affiliated company), ARTERIA Networks Corporation, for the fiscal year ended March 2026 (April 1, 2025 – March 31, 2026).
• According to ARTERIA Networks’ consolidated balance sheet for the fiscal year ended March 2026, total assets amounted to JPY 99,742 million, and total net assets were JPY 28,594 million as of March 31, 2026.
• For the same period, ARTERIA Networks reported sales of JPY 55,289 million, operating profit of JPY 4,424 million, and net profit of JPY 4,470 million in its income statement.
• ARTERIA Networks directly holds 21.15% of GameWith’s voting rights as of March 31, 2026.
• ARTERIA Networks’ major shareholders are Marubeni Corporation (66.66%) and SECOM Co., Ltd. (33.34%).

The disclosure of financial results by a non-listed parent company provides investors with key information to assess the parent’s financial health and performance, which may indirectly influence the listed company’s operations and financial standing. For investors in GameWith, understanding ARTERIA Networks’ performance can offer insights into the stability and strategic direction of a significant shareholder. This type of disclosure allows for a broader perspective on the group structure and potential dependencies.

• AZ-COM Maruwa Holdings Co., Ltd. has resolved to establish a new shareholder benefit program at its board meeting today.
• The program targets shareholders recorded on the company’s shareholder register as of September 30, 2026, holding 4 units (400 shares) or more.
• Benefits consist of “AZ-COM Maruwa Holdings Premium Shareholder Club” points, ranging from 3,000 to 50,000 points depending on the number of shares held.
• These points can be exchanged for over 5,000 products via a dedicated website, or converted into ‘WILLsCoin’, which can be combined with points from other Premium Shareholder Club companies.
• Points are scheduled to be granted around November each year, and unused points can be carried over a maximum of one time.

The establishment of this shareholder benefit program aims to enhance shareholder returns, improve stock liquidity, expand the investor base, and strengthen dialogue with shareholders. The use of a dedicated website for IR information distribution and surveys could deepen shareholder engagement. The program’s start in September 2026 and the minimum holding of 400 shares may indicate an intention to encourage long-term shareholding.

• G-CREB has released the Q&A summary regarding its Q3 FY2026 earnings explanation.
• Despite cumulative Q3 net sales progress of 44.8% against the full-year plan, the company plans to record significant sales in Q4, and sales contracts for B/S utilization projects have already been concluded, indicating a high certainty of achieving the full-year forecast.
• High-margin advisory cases initially expected in FY2026 have been deferred to FY2027 due to client decision-making schedules but are not lost or canceled.
• The full-year forecast for FY2027 is currently under formulation and will be announced at the full-year earnings release in October 2026.
• The fluctuation in profit margins in the latest earnings forecast revision is attributed to a reallocation of the business portfolio to achieve absolute profit targets, not a decline in the profitability of individual services.

The company’s explanation that sales contracts for Q4 B/S utilization projects are complete, despite a 44.8% sales progress rate by Q3, suggests a strong outlook for achieving the full-year earnings forecast. The deferral of high-margin advisory cases to the next fiscal year and the subsequent profit margin fluctuations are positioned as strategic portfolio adjustments rather than a decline in service profitability, which investors may find noteworthy for assessing future earnings quality. The ongoing high demand for corporate real estate sales, as highlighted in the Q&A, and the company’s expansion into new areas like CRE x M&A, could provide further growth potential beyond the current mid-term plan.

• Mitsui Matsushima Holdings Co., Ltd. resolved to revise its consolidated full-year earnings forecast and dividend forecast per share for the fiscal year ending March 2027 upwards (upward revision and increased dividend) at its board meeting held on July 22, 2026.
• The consolidated full-year earnings forecast for FY2027 was revised as follows: Net sales increased by ¥3.0 billion (4.4%) from the previous forecast of ¥68.0 billion to ¥71.0 billion; operating profit increased by ¥0.3 billion (3.1%) from ¥9.7 billion to ¥10.0 billion; ordinary profit increased by ¥0.4 billion (4.0%) from ¥10.0 billion to ¥10.4 billion; and profit attributable to owners of parent increased by ¥1.5 billion (21.1%) from ¥7.1 billion to ¥8.6 billion.
• The annual dividend per share forecast for FY2027 was revised from the previous forecast of ¥74.00 (interim ¥37, year-end ¥37) to ¥130.00 (interim ¥65, year-end ¥65), representing an increase of ¥56 (76%).
• Reasons for the revision include the recording of extraordinary gains from listed stock investments by its consolidated subsidiary MM Investments Co., Ltd., and the expansion of its revenue base through the acquisition of Sanyo Co., Ltd. shares (making it a subsidiary), as disclosed on the same day.
• The company has adopted progressive dividends as its basic policy in its “Medium-Term Management Plan 2030” and aims to maintain progressive dividends while striving for a sustainable improvement in dividend levels, based on the annual dividend amount of ¥130.

The upward revision of the earnings forecast is attributed to the recording of extraordinary gains and the expansion of the revenue base through a new subsidiary. The substantial increase in profit attributable to owners of parent and the accompanying dividend hike could indicate a strong commitment to shareholder returns. As the company’s “Medium-Term Management Plan 2030” adopts progressive dividends as a basic policy, this move may raise investor expectations for dividend stability.

• Listed Index Fund J-REIT (Tokyo Stock Exchange REIT Index) Bi-Monthly Dividend Payment Type (Mini), code 2552, announced its earnings report for the fiscal year ended June 2026 (December 9, 2025 – June 8, 2026) on July 22, 2026.
• Net assets for the current fiscal period amounted to JPY 37,257 million, compared to JPY 46,329 million in the previous fiscal period (ended December 2025).
• The Net Asset Value per 1 unit for the current period was JPY 1,895.6, while it was JPY 2,104.1 for the previous period.
• The dividend per 1 unit for the current period was JPY 11, an increase from JPY 10 in the previous period.
• The number of issued units at the end of the current fiscal period was 19,654 thousand units, down from 22,018 thousand units at the end of the previous period.

The financial results for Listed J-REIT M for the fiscal period ended June 2026 show a decrease in net assets and net asset value per unit compared to the previous period, while the dividend per unit increased. A reduction in the number of issued units was also observed. These figures may suggest shifts in the fund’s scale and operational status, and are worth monitoring for investors assessing the fund’s performance.

• Ｒ－日本ホテル＆レジ announced its financial results for the May 2026 fiscal period.
• Operating revenue reached ¥2,299 million, representing a 22.5% increase compared to the November 2025 period.
• Operating income was ¥1,274 million (+27.9% YoY), ordinary income was ¥892 million (+16.1% YoY), and net income was ¥891 million (+16.1% YoY).
• Distribution per unit (including excess distributions) was ¥2,068, with total distributions (including excess distributions) amounting to ¥894 million.
• As of the end of the period, total assets stood at ¥70,373 million, net assets at ¥35,072 million, and the equity ratio at 49.8%.
• During the period, the REIT acquired a total of 8 properties, including 4 hotels (3 APA Hotels) and 4 residential properties, bringing the total number of properties held at period-end to 31.
• For the November 2026 fiscal period, the REIT forecasts operating revenue of ¥2,307 million and distribution per unit (including excess distributions) of ¥1,989.

The May 2026 financial results for R-Nihon Hotel & Resi show an increase across operating revenue, operating income, ordinary income, and net income compared to the previous period. This growth appears to be driven by the acquisition of 8 new properties during the period, contributing to an expansion of asset scale and revenue. The rising variable rent from hotel properties is a noteworthy factor that could influence future earnings.

• Link-U Group announced on July 22, 2026, that its Board of Directors resolved to merge its consolidated subsidiary, Link-U Marketing, through an absorption merger.
• The merger will take effect on November 1, 2026, with Link-U Group as the surviving company and Link-U Marketing as the absorbed company.
• The purpose of the merger is to optimize the group structure for the execution of the next medium-term management plan, accelerate decision-making, concentrate management resources, and improve the efficiency of administrative departments.
• This is a simple/short-form merger involving a wholly-owned subsidiary of Link-U Group, thus not requiring shareholder approval.
• Following the merger, Romanz Co., Ltd., a subsidiary of Link-U Marketing, is scheduled to become a consolidated subsidiary of Link-U Group.

Link-U Group’s absorption merger of its wholly-owned subsidiary, Link-U Marketing, appears to be a strategic move to streamline internal operations and consolidate management resources. The utilization of a simple/short-form merger suggests an emphasis on expediting the process, which could be seen as supporting the efficient execution of their upcoming medium-term management plan. Investors may want to monitor how this restructuring contributes to the overall corporate value of the group moving forward.

• Nippn Co., Ltd. resolved to change its shareholder special benefit program at a Board of Directors meeting held on July 22, 2026.
• The minimum shareholding for eligibility will be lowered from the current 200 shares to 100 shares.
• The benefits will be consolidated from twice a year (March and September) to once a year (March), with an overall enhancement of annual benefits.
• New tiers are introduced for shareholders with “continuous ownership of six months or more” and “three years or more.”
• Benefit contents range from 1,000 yen worth of company products or donation for 100 shares held for six months or more, to 7,000 yen worth for 500 shares held for three years or more.
• The revised program will be applied to shareholders recorded in the shareholder register as of March 31, 2027.

Nippn’s revised shareholder benefit program appears designed to attract a broader investor base and encourage long-term shareholding. The reduction in the minimum shareholding requirement and the introduction of long-term holding benefits could be appealing to individual investors. Consolidating benefits to an annual schedule while enhancing the overall offering may also signal a stronger commitment to shareholder returns.