Worth reading
65In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
1927
¥ million (operating profit for the fiscal year ended August 2026)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFiscal year ending August 202611 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥18,063 million-5.3%
Operating profit¥1,927 million+11.9%
Ordinary income¥1,929 million+14.0%
Net income¥1,209 million+12.4%
Selling, general and administrative expenses¥1,389 million
Gross Profit Margin
Forecast
18.5 %
Operating profit margin
Actual results
10.7 %
Forecast
10.8 %
Full-year earnings forecast
Net Sales
¥21,200 million
Gross profit
¥3,930 million
Selling, general and administrative expenses
¥1,630 million
Operating profit
¥2,300 million
Ordinary income
¥2,100 million
Net income
¥1,350 million
Orders received
¥22,800 million
Order backlog
¥14,994 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Net Sales
Domestic EPC-418
ASEAN EPC66
Real Estate-651
Operating profit
Domestic EPC444
ASEAN EPC98
Real Estate-5
Adjustments-331
New initiatives
- Consideration of entering the power-selling business and asset development and operation by owning the Company's own grid-scale battery storage facilities in domestic EPC
- Consideration of entering construction related to submarine cables
- Transfer 2 construction divisions of ASEAN EPC companies and concentrate on design and cost-estimation divisions
- Open a Kobe office
- Consideration of M&A transactions on a scale of ¥3.0 billion
- Reform business processes using generative AI
Key KPIsA metric the company considers important as a management benchmark.
- ROA (ordinary profit to total assets)10.5 %
- Return on equity (ROE)15.2 %
- Consolidated orders received¥21,462 million
- Consolidated order backlog¥13,394 million
- Track record of solar power generation equipment construction526 MW, more than 300 projects
Segment results
Domestic EPC
Net Sales
¥12,401 million-3.3%
Operating profit
¥1,624 million+37.7%
ASEAN EPC
Net Sales
¥1,453 million+4.8%
Operating profit
¥-69 million
Real Estate
Net Sales
¥4,207 million-13.4%
Operating profit
¥805 million-0.7%
Medium-term management plan targets
Fiscal year ending August 2028
Net Sales¥250 million
Operating profit¥25 million
Fiscal year ending August 2035
Net Sales¥500 million
Operating profit¥50 million
Comparison with actual resultsActual results for the fiscal year ended August 2026: revenue of ¥18.0 billion and operating profit of ¥1.9 billion
Financial targets
ROE
FY2028 targetOver 15%
Actual results for the fiscal year ended August 202615.2%
Equity ratio
August 2025 fiscal year-end42.4 %
Fiscal year-end August 202644.6 %
PBR
TargetAt least 1.0x
Market Size / Share
The construction market is stated at ¥58.4 trillion for fiscal 2025, ¥64.9 trillion for fiscal 2030 and ¥67.6 trillion for fiscal 2035, among other figures. Market share is Not disclosed.Orders received and order backlog
Fiscal year ending August 2026
Orders received¥21,462 million
Order backlog¥13,394 million
Forecast for the fiscal year ending August 2027
Orders received¥22,800 million
Order backlog¥14,994 million
Number of employees
Change during the period+41 employees
Hiring planMore than 75 hires (over the 3 years of the medium-term plan)
Annual Dividend
Fiscal year ending August 2026
Per share¥48
Forecast for the fiscal year ending August 2027
Per share¥60
Payout ratio
Actual results for the fiscal year ended August 202627.6 %
Forecast for the fiscal year ending August 202730.9 %
FY2028 target40 %
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Fiscal year ending August 2026 |
| Net Sales | ¥18,063 million (YoY -5.3%) |
| Operating profit | ¥1,927 million (YoY +11.9%) |
| Ordinary income | ¥1,929 million (YoY +14.0%) |
| Net income | ¥1,209 million (YoY +12.4%) |
| Gross Profit Margin | Actual results Not disclosed / Forecast 18.5 % / Year-on-year change (points) Not disclosed |
| Operating profit margin | Actual results 10.7 % / Forecast 10.8 % / Year-on-year change (points) Not disclosed |
| Selling, general and administrative expenses | ¥1,389 million |
| Full-year earnings forecast | Net Sales ¥21,200 million / Gross profit ¥3,930 million / Selling, general and administrative expenses ¥1,630 million / Operating profit ¥2,300 million / Ordinary income ¥2,100 million / Net income ¥1,350 million / Orders received ¥22,800 million / Order backlog ¥14,994 million |
| Segment results | Domestic EPC Net Sales ¥12,401 million (YoY -3.3%) / Operating profit ¥1,624 million (YoY +37.7%) / ASEAN EPC Net Sales ¥1,453 million (YoY +4.8%) / Operating profit ¥-69 million / Real Estate Net Sales ¥4,207 million (YoY -13.4%) / Operating profit ¥805 million (YoY -0.7%) |
| Breakdown of Factors Affecting the Change | Net Sales Domestic EPC -418 / ASEAN EPC 66 / Real Estate -651 / Operating profit Domestic EPC 444 / ASEAN EPC 98 / Real Estate -5 / Adjustments -331 |
| Key KPIs | Indicator name ROA (ordinary profit to total assets) / Value 10.5 % / Year on year against the same period last year Not disclosed, Indicator name Return on equity (ROE) / Value 15.2 % / Year on year against the same period last year Not disclosed, Indicator name Consolidated orders received / Value ¥21,462 million / Year on year against the same period last year Not disclosed, Indicator name Consolidated order backlog / Value ¥13,394 million / Year on year against the same period last year Not disclosed, Indicator name Track record of solar power generation equipment construction / Value 526 MW, more than 300 projects / Year on year against the same period last year Not disclosed |
| Number of employees | Number of Employees Not disclosed / Change during the period +41 employees / Hiring plan More than 75 hires (over the 3 years of the medium-term plan) |
| Medium-term management plan targets | Fiscal year ending August 2028 Net Sales ¥250 million / Operating profit ¥25 million / Fiscal year ending August 2035 Net Sales ¥500 million / Operating profit ¥50 million / Comparison with actual results Actual results for the fiscal year ended August 2026: revenue of ¥18.0 billion and operating profit of ¥1.9 billion |
| Financial targets | ROE FY2028 target Over 15% / Actual results for the fiscal year ended August 2026 15.2% / Equity ratio August 2025 fiscal year-end 42.4 % / Fiscal year-end August 2026 44.6 % / PBR Target At least 1.0x |
| Annual Dividend | Fiscal year ending August 2026 Per share ¥48 / Forecast for the fiscal year ending August 2027 Per share ¥60 |
| Payout ratio | Actual results for the fiscal year ended August 2026 27.6 % / Forecast for the fiscal year ending August 2027 30.9 % / FY2028 target 40 % |
| Orders received and order backlog | Fiscal year ending August 2026 Orders received ¥21,462 million / Order backlog ¥13,394 million / Forecast for the fiscal year ending August 2027 Orders received ¥22,800 million / Order backlog ¥14,994 million |
| Market Size / Share | The construction market is stated at ¥58.4 trillion for fiscal 2025, ¥64.9 trillion for fiscal 2030 and ¥67.6 trillion for fiscal 2035, among other figures. Market share is Not disclosed. |
| New initiatives | Consideration of entering the power-selling business and asset development and operation by owning the Company's own grid-scale battery storage facilities in domestic EPC, Consideration of entering construction related to submarine cables, Transfer 2 construction divisions of ASEAN EPC companies and concentrate on design and cost-estimation divisions, Open a Kobe office, Consideration of M&A transactions on a scale of ¥3.0 billion, Reform business processes using generative AI |
Items this document does not state (10)
Results for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In domestic EPC, telecommunications systems and electrical equipment construction progressed steadily, while higher utilization and progress on highly profitable projects contributed to higher profit. Revenue declined, however, because of delays in grid-scale battery storage construction. In ASEAN EPC, orders for design and cost-estimation work increased, while the construction division refrained from accepting orders from local companies. In real estate, the Company's owned buildings achieved full occupancy and 2 properties held for sale were sold, but revenue declined because the sale of scheduled projects was delayed.
How to read this page
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