Nihon Aqua’s latest disclosure opens a useful window on the company that controls it. Hinokiya Group, its unlisted parent, reported ¥137.17bn of sales, ¥5.11bn of operating profit and ¥2.81bn of net profit for the period from Jan. 1, 2025 to March 31, 2026. Those are not normal annual figures. Hinokiya changed its year-end from Dec. 31 to March 31, so the latest accounts cover 15 months.
That matters because Hinokiya is the direct controller of the listed subsidiary. It held 54.95 per cent of Nihon Aqua’s voting rights as of Dec. 31, 2025, while Yamada Holdings owned 100.0 per cent of Hinokiya as of March 31, 2026. The filing also says there are no personnel ties between the two companies. Nihon Aqua said transactions with Hinokiya, including insulation installation and sales transactions, amount to only a few per cent of its own revenue, require prior board approval and are priced by negotiation using its quotations and market prices as references.
| Metric | Amount | Note |
|---|---|---|
| Reporting period | Jan. 1, 2025 to March 31, 2026 | 15-month transition period after year-end change |
| Sales | ¥137.17bn | Completed construction, subdivision and other sales total |
| Operating profit | ¥5.11bn | For the 15-month period |
| Ordinary profit | ¥5.24bn | For the 15-month period |
| Net profit | ¥2.81bn | For the 15-month period |
| Total assets | ¥72.83bn | At March 31, 2026 |
| Loans to related companies | ¥21.61bn | Balance-sheet item |
| Nihon Aqua voting rights held by Hinokiya | 54.95% | As of Dec. 31, 2025 |
| Yamada Holdings stake in Hinokiya | 100.0% | As of March 31, 2026 |
Most of Hinokiya’s revenue came from completed construction sales at ¥115.76bn. Subdivision sales added ¥16.98bn and other sales ¥4.43bn, taking the total to ¥137.17bn. Gross profit was ¥29.12bn, selling, general and administrative expenses were ¥24.01bn, and ordinary profit was ¥5.24bn.
At March 31, Hinokiya reported total assets of ¥72.83bn, liabilities of ¥43.90bn and net assets of ¥28.93bn. Cash and deposits stood at ¥9.90bn, property held for sale at ¥14.06bn, and loans to related companies at ¥21.61bn. On the liability side, advances received on unfinished construction were ¥18.57bn, short-term borrowings were ¥6.40bn, and another ¥3.61bn of long-term debt was due within a year.
For readers outside Japan, the useful read-through is not a clean annual run rate but the shape of the control chain and the balance sheet sitting above a listed subsidiary. These accounts show a parent with housing inventory, construction working-capital items and sizeable related-company lending. What they do not show is a normalized 12-month earnings base, because the year-end change turned the latest period into a one-off bridge rather than a like-for-like year.