Sekisui House, Ltd. · Year ended January 2026

Build, manage, sell: three paths through Sekisui House’s earnings

Sekisui House builds custom homes for individuals and rental housing for landowners. It also manages Sha Maison rental housing, remodels homes, develops condominiums and urban properties, and operates housing businesses in markets including the United States.

1 primary sourcesPublished 2026-10-26Updated 2026-10-26

Rolled planning sheets and a house under construction sit beside a rental-building key handover and a separate urban-property folder exchange in one architectural scene.

DATA VIEW

Three Japanese profit increases alongside an international decline

Actual operating profit for years ended January 2025 and January 2026, in ¥bn. The same business-model classifications, before the later recast, on a common zero-based scale. Other operations and eliminations/corporate costs are excluded.

Contracted: January 2025¥143.0bn

Contracted: January 2026¥157.9bn

Stock: January 2025¥83.4bn

Stock: January 2026¥96.9bn

Development: January 2025¥70.2bn

Development: January 2026¥94.9bn

International: January 2025¥78.9bn

International: January 2026¥39.1bn

Source: results overview, physical PDF pages 4 and 17. These categories do not sum directly to group operating profit: other operations and corporate adjustments also apply, and displayed amounts are rounded.

Supporting occupancy after construction

723,000 units; 98.1% occupancy

Rental housing management at January 2026 year-end

Rental housing leaves work to do after construction ends. Sekisui House’s group manages housing occupied by tenants, working to shorten vacancies and digitize rental management.

Managed units rose from 721,000 to 723,000 at year-end, while occupancy increased from 97.9% to 98.1%. Rental-management sales rose 3.7% to ¥712.6bn and operating profit rose 21.5% to ¥68.9bn. The company cites sustained high occupancy supported by well-located, high-quality buildings and proposals that add value for tenants, alongside shorter vacancies and other operating improvements.

Units and occupancy are year-end measures; sales and profit cover the full year. The percentage increase in rooms alone cannot explain annual profit growth.

Different jobs around construction, management and sale

Three roles performed by Sekisui House’s group, and the people they serve.

Undertake constructionBuild the property proposed to the customer
Home customers and landowners
Support occupancyManage rental homes and shorten vacancies
Rental-property owners and tenants
Sell developed propertySell real estate the group has developed
Property buyers

Separate property and customer relationships. This does not imply that one property passes through all three transactions, or show the size of each business.

Source: results overview, physical PDF pp.8 to 13 (Japanese)

Construction earns more even with slightly lower sales

Sales −0.2%; operating profit +10.4%

Japan’s contracted business, year ended January 2026

Contracted business covers detached housing, rental and commercial buildings, and architectural/civil engineering. Sales edged down to ¥1,346.0bn, but operating profit rose to ¥157.9bn.

For detached housing, higher-value proposals and a shift toward higher price bands improved selling prices and margins. The parent company’s average delivered custom-home price increased from ¥52.48m to ¥56.42m. That measure is limited to standalone Sekisui House and is not an average for every home across the group.

Progress on existing orders supported rental and commercial construction. In architectural/civil engineering, adjustments to construction prices reflecting inflation helped profitability. What is built, and the terms on which it is built, influence earnings alongside order growth.

Development profit moves with property sales

Development operating profit +35.1%

Real estate/brokerage, condominiums and urban redevelopment, year ended January 2026

Development includes residential land sales, condominium deliveries and sales of developed properties. It generated ¥681.9bn of sales and ¥94.9bn of operating profit. In urban redevelopment, the company says favorable selling conditions in its strategic areas allowed property sales to progress beyond plan.

A separately disclosed category, urban-development-related property sales, produced ¥50.8bn of gains, up from ¥34.2bn. It includes development projects belonging to other development-business segments as well as urban redevelopment. Its scope and profit measure differ from the urban-redevelopment segment’s ¥45.9bn of operating profit; the two figures should not be added.

CONCEPT MAP

Different property roles bring different earnings conditions

An editorial reading of Japan’s businesses in the year ended January 2026.

Three jobs around buildings

Undertake constructionCustomer proposals, project terms and work progress affect profitability
Support buildings in useManage occupancy and propose renovations
Develop and sellSell land and developed properties; deliver condominiums

The next year anticipates a different profit mix

¥5.3bn U.S. homebuilding operating loss

Inside international business, year ended January 2026

Increased sales incentives and inventory valuation losses pressured U.S. homebuilding. Its reported result moved from ¥47.5bn of operating profit to a ¥5.3bn operating loss.

The same table shows ¥39.5bn of operating profit excluding goodwill amortization and related effects. That is a different measure from reported operating profit. The presentation also discloses ¥13.5bn of inventory valuation losses in U.S. homebuilding. The adjusted figure cannot replace the reported result.

International business also includes U.S. community development and rental-housing development, Australia and other operations. MDC entered consolidation in April 2024, so the prior and current years include different consolidation periods.

Next-year plan: development ¥70.0bn; international ¥56.5bn

Operating-profit plan for year ending January 2027, announced March 2026

The next-year plan anticipates lower development operating profit of ¥70.0bn and higher international operating profit of ¥56.5bn. It expects a different combination of earnings.

Segment classifications also change, including the transfer of clinics and other projects and the allocation of some headquarters costs to individual segments. The comparable current-year bases are recast development profit of ¥94.0bn and international profit of ¥38.3bn. Changes cannot be calculated directly from the chart’s ¥94.9bn and ¥39.1bn. These are plans as announced, rather than achieved results.

THE VIEW AFTER THE NUMBERS

What the numbers suggest

In the year ended January 2026, three Japanese profit increases offset weaker overseas earnings. Improving construction economics, supporting occupied homes and selling developed property are distinct jobs. Each has different conditions for earning a profit.

Managing a large base of rental homes and completing substantial property sales both enter the same annual accounts. Separating them reveals the breadth of a housing company’s work before and after construction, and why its profit mix can shift from year to year.

Primary sources used

FY2025 Financial Results Overview, September 10, 2026 correction (Japanese)

Sekisui House, Ltd. · 2026-03-05

Pages used: p.3,14 / p.3,14,15 / p.8,9 / p.10,11 / p.12,13 / p.19,21

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