Sekisui House's results for the six months to the end of July 2026 tell two different stories under one roof. Group revenue slipped 2.5% to ¥1.97tn, but operating profit rose 16.0% to ¥180.4bn, ordinary profit rose 23.8% to ¥169.1bn, and net profit attributable to shareholders climbed 23.1% to ¥125.1bn. A year earlier, revenue stood at ¥2.02tn, so the company made noticeably more money from a smaller top line.
The lift came almost entirely from property development, not house-building. The development segment's operating profit more than doubled, up 114.1% to ¥59.9bn, and inside it the urban-redevelopment business was the standout: revenue jumped 176.2% to ¥98.4bn and operating profit rose 437.7% to ¥27.4bn. Sekisui House sold six properties, including an urban rental building in Setagaya, Tokyo, to Sekisui House REIT Investment Corporation, and condominium deliveries at projects in Osaka and Tokyo proceeded on schedule.
The international segment ran the other way. Revenue fell 20.8% to ¥486.4bn and operating profit collapsed 93.2% to just ¥1.0bn. Sekisui House attributes the drop to continued hesitancy among US homebuyers amid economic uncertainty, fewer completed sales and deliveries, and heavier use of sales incentives to move inventory. The US detached-housing business now operates under a new "One Company" structure, SEKISUI HOUSE U.S., Inc., launched in January 2026. Its rental-development arm still closed sale agreements for four properties, including The Ayer in Seattle and West in San Diego, with the residential portions delivered in July 2026 and revenue set to be booked in the third quarter.
Domestic housing lines were mostly flat to modestly weaker. Detached housing revenue fell 1.1% to ¥244.2bn and profit fell 5.2% to ¥24.0bn as mortgage rates and construction costs rose, while rental-housing management (up 2.9% in revenue, up 12.7% in profit) and renovation (up 12.8% in revenue, up 14.8% in profit) held up better.
| Segment | Revenue (change) | Operating profit (change) |
|---|---|---|
| Detached housing | ¥244.2bn (-1.1%) | ¥24.0bn (-5.2%) |
| Rental and business buildings | ¥265.0bn (-1.9%) | ¥36.7bn (+0.1%) |
| Construction and civil engineering | ¥151.0bn (-5.0%) | ¥15.0bn (+0.5%) |
| Rental housing management | ¥368.0bn (+2.9%) | ¥41.7bn (+12.7%) |
| Renovation | ¥104.8bn (+12.8%) | ¥15.0bn (+14.8%) |
| Development (incl. urban redevelopment) | ¥366.1bn (+24.9%) | ¥59.9bn (+114.1%) |
| International | ¥486.4bn (-20.8%) | ¥1.0bn (-93.2%) |
The forward indicators point toward a US recovery eventually feeding through: total group orders rose 9.3% to ¥2.32tn and the order backlog grew 19.9% to ¥2.16tn, with the international backlog more than doubling, up 104.5% to ¥603.4bn. That backlog is a bet that American demand returns before Sekisui House needs another six months of Japanese REIT sales to carry the group's profit line. The board confirmed an interim dividend of ¥72 per share, payable from September 30, 2026.