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Overview

Real Estate

KI-STAR REAL ESTATE CO.,LTD

KI-Star Real Estate develops and sells spec-built single-family homes ("subdivided housing") and offers order-built homes primarily through its "Hanamaru House" brand, targeting cost-conscious homebuyers seeking high-quality, design-oriented housing at affordable prices. The company's proprietary business model leverages standardized design templates adapted to local environments, enabling it to deliver quality homes at low prices through economies of scale in procurement and production. It also operates complementary businesses including real estate brokerage, construction, and property management through a group of 24 consolidated subsidiaries and 18 equity-method affiliates.

Market Cap

¥98.6B

US$629M

¥299B

US$1.91B

Stock¥3,175▲+0.16%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

9.5

LTM EV/EBIT

9.4

LTM PER

5.5

LTM PBR

1.3

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-9.5%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

24%

76%

EquityD/E 3.13xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 62.7%

as of 2026-03-31 · Source: Annual Securities Report

Flower Ring Co., Ltd.

34.50%

The Master Trust Bank of Japan, Ltd. (Trust Account)

7.18%

Custody Bank of Japan, Ltd. (Trust Account)

5.71%

KH LLC

4.45%

Keiji HANAWA

3.22%

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A., Tokyo Branch)

2.05%

BNY GCM CLIENT ACCOUNT JPRD AC ISG (FE-AC; Standing Proxy: MUFG Bank, Ltd.)

1.67%

BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch)

1.33%

Nomura Securities Co., Ltd.

1.32%

The Ashikaga Bank, Ltd.

1.30%

Management

13 officers

Keiji HANAWA

Representative Director, President

Nov 1990 Participated as a founding member in the establishment of K.I. Planning Co., Ltd. (now the Company) Jul 1991 Representative Director, President, K.I. Planning Co., Ltd. (now the Company) (current) Mar 2011 Representative Director, Flower Ring Co., Ltd. (current) Apr 2017 Director, KI Craft Co., Ltd. May 2017 Director, KI Star Build Co., Ltd. May 2018 Director, KI Planning Co., Ltd. Aug 2018 Director, KI Net Cloud Co., Ltd. Mar 2020 Director, KI Star Development Co., Ltd. May 2021 Director, KI-STAR REAL ESTATE AUSTRALIA PTY LTD (current) Dec 2023 Director, KI-Star Real Estate America, Inc. (current)

1967-05-05

Masanori ASAMI

Director, Managing Executive Officer, CSO, General Manager, KIS Detached Housing Sales Division

Apr 2002 Joined Chuo Jutaku Co., Ltd. Apr 2008 Joined the Company Oct 2012 General Manager, Tokyo Sales Department, the Company Jun 2014 Director, General Manager, Tokyo Sales Division, the Company Jun 2015 Director, General Manager, Tokyo Division, the Company Feb 2017 Representative Director, KI Star Development Co., Ltd. (current) Jun 2022 Director, Senior Executive Officer, Co-CSO, the Company Jun 2023 Director, Managing Executive Officer, Co-CSO, the Company Apr 2024 Director, Yutaka Partners Co., Ltd. (current) Apr 2026 Director, Managing Executive Officer, CSO, the Company (current) Apr 2026 General Manager, KIS Detached Housing Sales Division (current) Apr 2026 General Manager, KIG Detached Housing Sales Division (current)

1979-05-29

Makoto MATSUKURA

Director, Managing Executive Officer, D-CSO, General Manager, First Door Sales Division

May 2003 Joined K.I. Planning Co., Ltd. (now the Company) Jul 2007 General Manager, Second Sales Department, the Company Jun 2011 Director, the Company Jun 2014 Managing Director, the Company Jun 2015 Managing Director, General Manager, North Kanto Division, the Company May 2017 Director, KI Star Build Co., Ltd. (current) Apr 2018 Director, KI Net Realty 1st Co., Ltd. Jun 2022 Director, Senior Executive Officer, Co-CSO, the Company Jun 2023 Director, Managing Executive Officer, Co-CSO, the Company (current) Aug 2023 Director, Kensin Co., Ltd. (current) Apr 2024 Director, Yutaka Partners Co., Ltd. (current) Jun 2024 Director, Shin-Yamagata Home Tech Co., Ltd. (current) May 2025 Representative Director, KI Star Build Co., Ltd. (current) Apr 2026 Director, Managing Executive Officer, D-CSO, the Company (current) Apr 2026 General Manager, First Door Sales Division (current)

1973-03-10

Emi MASUGI

Director, Managing Executive Officer, CCO

Aug 1994 Joined Osaka Yusen Broadcasting Co., Ltd. Oct 1996 Joined Toshiba Corporation Nov 1996 Joined Granville Home Co., Ltd. Apr 2013 General Manager, Strategic Development Department, the Company Jun 2014 Executive Officer, General Manager, Strategic Development Department, the Company May 2016 Executive Officer, General Manager, Strategic Development Headquarters, the Company Jun 2017 Director, General Manager, Strategic Development Headquarters, the Company Apr 2018 Representative Director, KI Net Cloud Co., Ltd. May 2018 Director, KI Planning Co., Ltd. (current) Jun 2018 Director, Asahi Housing Co., Ltd. (current) Jan 2021 Director, Presto Home Co., Ltd. (now KI Presto Co., Ltd.) Mar 2021 Director, Casa robotics Co., Ltd. Jun 2023 Director, Managing Executive Officer, CCO, the Company (current) Aug 2023 Representative Director, KS Career Co., Ltd. Aug 2023 Chairman, Director, KI Net Cloud Co., Ltd. Jun 2024 Representative Director, IKI Co., Ltd. Jun 2024 Director, Hanamaru House Co., Ltd. Jun 2024 Representative Director, KI Net Cloud Co., Ltd. Jun 2024 Representative Director, Kai Messe Real Estate Co., Ltd. (now KI Epoch-Making Co., Ltd.) Aug 2024 Representative Director, Hanamaru House Co., Ltd. (current) Jan 2026 Director, KS Career Co., Ltd. (current) Apr 2026 General Manager, Strategic Planning Headquarters (current) Apr 2026 In charge of Group Purchasing Headquarters (current) Apr 2026 Director, KI Epoch-Making Co., Ltd. (current)

1975-01-24

Kazuhiko ABE

Director, Managing Executive Officer, CFO

Apr 1987 Joined The Mitsubishi Bank, Ltd. (now MUFG Bank, Ltd.) Jul 1994 Vice President, New York Branch, The Mitsubishi Bank, Ltd. Feb 1999 Joined Koshin Tsushin Inc. (Hikari Tsushin, Inc.) Nov 2000 Executive Officer, Hikari Tsushin, Inc. Jan 2002 Joined Intuit K.K. (now Yayoi Co., Ltd.), Executive Officer Mar 2003 Joined Capcom Co., Ltd. Apr 2004 Executive Officer, General Manager, Corporate Planning Department, Capcom Co., Ltd. Apr 2006 Managing Executive Officer, Capcom Co., Ltd. Jun 2006 Director, Chief Financial Officer (CFO), Capcom Co., Ltd. Apr 2011 Director, Senior Managing Executive Officer, in charge of Overseas Business, Capcom Co., Ltd. Apr 2013 Director, Japan Society of Northern California (current) Aug 2016 Joined NEXT Co., Ltd. (now LIFULL Co., Ltd.) Oct 2016 Executive Officer, General Manager, Group Management Promotion Headquarters, NEXT Co., Ltd. Dec 2019 Joined RPA Holdings, Inc. Jan 2020 Executive Officer, General Manager, Management Headquarters, RPA Holdings, Inc. Sep 2020 Advisor, the Company Jun 2021 Outside Director, the Company Jun 2022 Director, the Company Jun 2023 Director, Managing Executive Officer, CFO, the Company (current) Jun 2023 Statutory Auditor, Yokatown Co., Ltd. Jun 2024 Director, Yokatown Co., Ltd. (current) Sep 2024 Director, Hanamaru House Co., Ltd. (current) Nov 2024 Director and Audit and Supervisory Committee Member (Outside Director), Home Position Co., Ltd. (current) May 2025 Director, KI Star Build Co., Ltd. (current) Jan 2026 Representative Director, KS Career Co., Ltd. (current) Feb 2026 Director, KI Craft Co., Ltd. (current) Apr 2026 In charge of Overseas Business Headquarters (current) Apr 2026 In charge of Management Headquarters (current) Apr 2026 General Manager, Legal & Governance Headquarters (current) Apr 2026 General Manager, Finance, IR & Group Management Promotion Headquarters (current) Apr 2026 General Manager, General Affairs & Human Resources Development Headquarters (current)

1963-10-04

Ken HARADA

Director, Managing Executive Officer, CQO

Oct 2003 Joined the Company Apr 2009 General Manager, Takasaki-Maebashi Block, Gunma Detached Housing Sales Division, the Company Jan 2012 General Manager, Saitama Sales Division, the Company Jan 2014 Executive Officer, General Manager, Construction Headquarters, the Company Apr 2017 Director, KI Craft Co., Ltd. (current) Mar 2018 Director, Kai Messe Real Estate Co., Ltd. (now KI Epoch-Making Co., Ltd.) (current) Oct 2020 Executive Officer, General Manager, Group Integrated Production Headquarters, the Company Mar 2021 Statutory Auditor, Prompt K Co., Ltd. Aug 2023 Director, L House Co., Ltd. (current) Jun 2024 Director, Managing Executive Officer, CQO, the Company (current) Apr 2026 General Manager, Group Production Headquarters (current) Apr 2026 In charge of Detached Housing Construction Headquarters (current)

1975-10-01

Ken HANAI

Outside Director

Apr 1977 Joined The Industrial Bank of Japan, Ltd. Jul 2000 General Manager, International Foreign Exchange Sales Department, The Industrial Bank of Japan, Ltd. Apr 2002 General Manager, Fourth Business Department, Head Office, Mizuho Corporate Bank, Ltd. Apr 2004 Executive Officer, General Manager, Shanghai Branch, Mizuho Corporate Bank, Ltd. Mar 2006 Managing Executive Officer, Regional Head for Asia and Oceania, Mizuho Corporate Bank, Ltd. Apr 2008 Managing Executive Officer, Head of Sales, Mizuho Corporate Bank, Ltd. May 2009 Managing Executive Officer, Rakuten, Inc. (now Rakuten Group, Inc.) Sep 2009 Director, Rakuten Securities, Inc. Mar 2010 Director, Managing Executive Officer, Rakuten, Inc. Jun 2010 Director, Rakuten Bank, Ltd. Aug 2011 Advisor, Nippon Steel Kowa Real Estate Co., Ltd. Feb 2012 Representative Director, Huajian Co., Ltd. (current) Aug 2012 Special Advisor, Japan-China Investment Promotion Organization (current) Jun 2013 Outside Statutory Auditor, NEXT Co., Ltd. (now LIFULL Co., Ltd.) Jun 2014 Outside Director, ASICS Corporation Jun 2014 Outside Director, Maruun Co., Ltd. Jun 2015 Outside Director, Nihon Seisen Co., Ltd. Jun 2017 Outside Director, Tatsuta Electric Wire & Cable Co., Ltd. Jun 2020 Outside Director, Geeks Co., Ltd. Feb 2021 Advisor, the Company Jun 2021 Outside Director, the Company (current) Apr 2022 Outside Director, MediaHouse Holdings Co., Ltd. (current) Jul 2024 Chief Advisor, Starlink Technology Co., Limited (current)

1954-10-16

Hiroyuki SAKAI

Outside Director

Oct 1980 Joined Shiratori Eiichi Certified Public Accountant Office (Arthur Andersen) Apr 1985 Joined Tsuboi Certified Public Accountant Joint Office (later merged into Asahi Audit Corporation, subsequently renamed, now Azsa LLC) Jul 2015 Held positions including Head of China Business, Head of IT Audit, Head of Third Business Division of Tokyo Office, Senior Managing Director, and Head of Tokyo Office at Azsa LLC; subsequently Chairman of Azsa LLC and CEO of KPMG Japan Jun 2019 Retired as CEO of KPMG Japan and Azsa LLC Jul 2019 Auditor, The Japan-China Economic Association (current) Jan 2020 Representative, Sakai, Kakinuma, Endo & Kaneko Office (later renamed Sakai & Partners) (current) Jul 2021 Auditor, Norinchukin Bank (current) Mar 2022 Outside Director (Audit and Supervisory Committee Member), Doctorbook Co., Ltd. Apr 2023 Part-time Statutory Auditor, MediaHouse Holdings Co., Ltd. (current) Jun 2023 Outside Director, the Company (current)

1957-02-25

Emi KANEKO

Outside Director

Apr 2000 Joined Niigata Broadcasting Co., Ltd. (now BSN Media Holdings Co., Ltd.) Apr 2007 Elected, Niigata City Assembly Jul 2010 Elected, Niigata Prefectural Assembly Dec 2012 Elected, House of Representatives (46th general election) Dec 2014 Elected, House of Representatives (47th general election) Aug 2016 Parliamentary Vice-Minister for Internal Affairs and Communications (in charge of IT administration and postal services) Jun 2023 Outside Director, the Company (current)

1978-02-27

Kiyoshi TSUTSUMI

Full-time Statutory Auditor

Apr 1976 Joined Ashikaga Bank, Ltd. Jul 2004 Joined Sekichu Co., Ltd. Mar 2013 Joined Gunma Chamber of Commerce and Industry Federation Mar 2014 Joined the Company Jun 2014 Statutory Auditor, the Company (current)

1953-01-10

Kenji HIROOKA

Outside Statutory Auditor

Apr 2000 Registered as attorney-at-law (Second Tokyo Bar Association) Jan 2005 Registered as attorney-at-law, State of New York Apr 2015 Partner, Anderson Mori & Tomotsune (current) Apr 2015 Part-time Lecturer, Seikei University Law School Jun 2023 Outside Statutory Auditor, the Company (current)

1974-06-05

Mitori KAKIUCHI

Outside Statutory Auditor

Apr 1988 Joined Nissan Motor Co., Ltd. Jul 2014 Joined Gurunavi, Inc. Dec 2014 Executive Officer, Gurunavi, Inc. Jun 2015 Director, Executive Officer, Gurunavi, Inc. May 2018 Director, Senior Executive Officer, Gurunavi, Inc. Aug 2019 Director, Executive Officer, Deloitte Tohmatsu Consulting LLC Apr 2021 Compliance Officer, Ericsson Japan K.K. (current) Jun 2023 Outside Statutory Auditor, the Company (current)

1965-05-11

Hirotaka EZOE

Outside Statutory Auditor

Apr 1983 Joined The Saitama Bank, Ltd. (now Saitama Resona Bank, Ltd.) Jul 1999 General Manager, Minami-Koshigaya Branch, Asahi Bank, Ltd. Mar 2002 Deputy General Manager, Planning Department, Asahi Bank, Ltd. Sep 2002 Deputy General Manager, Saitama Resona Preparation Office, Asahi Bank, Ltd. Jun 2005 General Manager, Human Resources Service Department, Asahi Bank, Ltd. Jun 2006 General Manager, Human Resources Service Office, Resona Bank, Ltd. Jun 2007 Executive Officer, General Manager, Human Resources Service Office, Resona Bank, Ltd. Oct 2007 Executive Officer, General Manager, Human Resources Service Department, Resona Bank, Ltd. Jun 2009 Managing Executive Officer, in charge of Human Resources Service and Human Resource Development, Resona Bank, Ltd. Apr 2012 Director and Managing Executive Officer, in charge of Internal Audit, Saitama Resona Bank, Ltd. Apr 2015 Full-time Statutory Auditor, Resona Bank, Ltd. Nov 2017 Outside Director, Kansai Mirai Financial Group, Inc. Jun 2019 President, Saitama Prefectural Park and Green Space Association (public interest foundation) Jun 2019 Outside Statutory Auditor, Shuto Lease Co., Ltd. Dec 2019 Part-time Statutory Auditor, Meiwa Gravure Co., Ltd. (current) Jun 2023 Outside Statutory Auditor, the Company (current) Jan 2024 Full-time Statutory Auditor, Resona Lease Co., Ltd. (formerly Shuto Lease Co., Ltd.) (current)

1960-11-02

Large Shareholding Reports

Flowering Co., Ltd.

2026-04-10

34.20%→34.20%