Real Estate Distribution System joined TOKYO PRO Market on June 24, but its first disclosed outlook as a listed company is more grind than glamour. The residential property broker and renovation company forecasts revenue of ¥930mn for the year ending December 2026, up just 0.2%, while operating profit falls 52.9% to ¥25.2mn and net profit drops 69.5% to ¥17.6mn.
| Metric | 2026 outlook | Change vs 2025 |
|---|---|---|
| Revenue | ¥930mn | +0.2% |
| Operating profit | ¥25.2mn | -52.9% |
| Ordinary profit | ¥25.2mn | -52.8% |
| Net profit | ¥17.6mn | -69.5% |
| Brokerage revenue | ¥870mn | +6.2% |
| Renovation revenue | ¥60mn | -44.7% |
| Gross profit | ¥885mn | +4.0% |
| SG&A | ¥859.8mn | +7.5% |
That marks a sharp reset from 2025, when revenue rose 15.2% to ¥927mn, operating profit climbed 56.8% to ¥53mn and net profit jumped 361.0% to ¥57mn. This year's squeeze is not mainly about a collapse in group sales. In its filing, the company points instead to higher costs tied to preparing for and maintaining the TOKYO PRO Market listing, which help push selling, general and administrative expenses up 7.5% to ¥859.8mn even as gross profit is expected to rise 4.0% to ¥885mn.
The growth engine is still brokerage. Real Estate Distribution System expects brokerage revenue to increase 6.2% to ¥870mn, helped by more referrals and a stronger sales setup. Its planning assumptions are fairly mechanical: overall inquiries up about 2% because portal-site traffic should grow, closing rates roughly flat, and average transaction prices up about 4% on continued gains in used condominium prices in Tokyo's 23 wards.
The weak spot is renovation. The company forecasts renovation revenue will fall 44.7% to ¥60mn after employee departures reduced headcount and made large projects harder to take on, at least for now. Management says it is prioritising staffing repairs and steadier construction quality, which may be prudent operationally even if it leaves the near-term numbers looking decidedly less polished.
The longer-term pitch is more ambitious than the next 12 months. In a separate disclosure explaining why it sought a TOKYO PRO Market listing, the company said it sees the market as a waypoint to a future general-market listing. Over the next three years it is targeting 50 frontline sales staff, a doubling of brokerage revenue, a 15% increase in homepage-led inquiries, and net profit of ¥100mn. Investors should treat that as ambition rather than assurance: the company also says actual results could diverge materially if assumptions on interest rates, construction costs and other conditions change.