Worth reading
71In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
1700
¥100 millionWording
Conditional
How definitive the wording is.Results for this period
Interim period (second quarter)1 April 2026 to 30 September 2026ConsolidatedJapanese GAAPNet Sales1,336,441¥ millionsYear on year +15.1%Progress 42.9%
Operating profit98,352¥ millionsYear on year +22.8%Progress 48.0%
Ordinary income102,379¥ millionsYear on year +21.1%Progress 48.8%
Net income attributable to owners of the parent95,757¥ millionsYear on year +22.8%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥139.35
Financial position at period-end
Total assets3,093,530¥ millions
of which net assets 1,337,885 ¥ millionsEquity ratio 41.4%vs. prior year-end +1.4pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+4,062
Investment+13,345
Financials-64,008
Net change-46,601
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ millions).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥373,257 millions
Segment revenueDomestic building ¥565,765 millions (YoY +10.2%), Overseas building ¥292,152 millions (YoY +24.6%), Domestic civil engineering ¥220,548 millions (YoY +13.5%), Overseas civil engineering ¥180,888 millions (YoY +28.1%), Real estate business ¥43,943 millions (YoY -3.8%), Other ¥33,144 millions (YoY +2.6%)
Segment profitDomestic building ¥49,611 millions (YoY +28.7%), Overseas building ¥4,358 millions (YoY -25.8%), Domestic civil engineering ¥22,921 millions (YoY +32.8%), Overseas civil engineering ¥8,601 millions (YoY +36.1%), Real estate business ¥12,140 millions (YoY +24.7%), Other ¥718 millions (YoY -69.2%)
Regional salesConstruction Business—Domestic ¥786,313 millions, Construction Business—Overseas ¥473,040 millions
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥3,115,000 millions (YoY +20.4%)
Operating profit¥205,000 millions (YoY +5.3%)
Ordinary income¥210,000 millions (YoY +2.8%)
Profit attributable to owners of the parent¥173,000 millions (YoY -0.4%)
Revision to Earnings ForecastNet Sales 29,450 → 31,150（+5.8%） / Operating profit 1,800 → 2,050（+13.9%） / Ordinary income 1,830 → 2,100（+14.8%） / Profit attributable to owners of the parent 1,570 → 1,730（+10.2%）
Annual Dividend Forecast¥88 /share → ¥94 /share（+6.8%）
Shareholder Return PolicyDividends targeting a dividend-on-equity ratio (DOE) of approximately 5%
Factors Behind Changes in Business Performance
Net sales increased due to the smooth progress of the substantial backlog of projects under construction in domestic building, domestic civil engineering and overseas civil engineering, and the full consolidation of GCON in overseas building. Operating profit increased due to higher completed construction revenue, additional change orders won and a larger contribution from high-margin projects. Interim net income attributable to owners of the parent increased due to higher operating profit and an increase in extraordinary gains from the sale of strategic shareholdings.
Disclosure regarding the going concern assumption
No applicable matters
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Number of companies 1 / Company name PT Obayashi Concession Indonesia / Excluded Number of companies 0 / Company name Not disclosed
Material subsequent eventsAt a meeting of the Board of Directors held on 13 November 2026, the Company resolved to repurchase treasury shares, up to a maximum of 20,000,000 common shares and an aggregate purchase price of ¥30 billion. The repurchase period is from 16 November 2026 to 29 January 2027, and all shares repurchased are scheduled to be cancelled.
Breakdown of extraordinary income (loss)Extraordinary income Gain on Sale of Investment Securities ¥35,732 millions, Other ¥352 millions, Total extraordinary income ¥36,085 millions / Extraordinary loss Breakdown not disclosed ¥804 millions
Depreciation and amortization¥18,975 millions
Orders received and order backlogOrders received ¥14,464 100 million (YoY -2.1%) / Order backlog Not disclosed
Availability of Supplementary Financial Results MaterialsAvailable
Availability of Financial Results BriefingYes (for analysts and institutional investors)
Issued Shares at Period-End691,811,346 shares
Treasury Shares at Period-End6,321,432 shares
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026 to 30 September 2026 |
| Net Sales | ¥1,336,441 millions (YoY +15.1%) |
| Operating profit | ¥98,352 millions (YoY +22.8%) |
| Ordinary income | ¥102,379 millions (YoY +21.1%) |
| Profit attributable to owners of the parent | ¥95,757 millions (YoY +22.8%) |
| Net income per share | ¥139.35 |
| Equity ratio | End of the current fiscal period 41.4 / End of previous period 40 |
| Total assets | ¥3,093,530 millions |
| Net assets | ¥1,337,885 millions |
| Cash flows from operating activities | ¥4,062 millions |
| Cash flows from investing activities | ¥13,345 millions |
| Cash flows from financing activities | ¥-64,008 millions |
| Cash and cash equivalents at end of period | ¥373,257 millions |
| Full-year earnings forecast | Net Sales ¥3,115,000 millions (YoY +20.4%) / Operating profit ¥205,000 millions (YoY +5.3%) / Ordinary income ¥210,000 millions (YoY +2.8%) / Profit attributable to owners of the parent ¥173,000 millions (YoY -0.4%) |
| Revision to Earnings Forecast | Net Sales 29,450 → 31,150（+5.8%） / Operating profit 1,800 → 2,050（+13.9%） / Ordinary income 1,830 → 2,100（+14.8%） / Profit attributable to owners of the parent 1,570 → 1,730（+10.2%） |
| Annual Dividend Forecast | ¥88 /share → ¥94 /share（+6.8%） |
| Shareholder Return Policy | Dividends targeting a dividend-on-equity ratio (DOE) of approximately 5% |
| Segment revenue | Domestic building ¥565,765 millions (YoY +10.2%), Overseas building ¥292,152 millions (YoY +24.6%), Domestic civil engineering ¥220,548 millions (YoY +13.5%), Overseas civil engineering ¥180,888 millions (YoY +28.1%), Real estate business ¥43,943 millions (YoY -3.8%), Other ¥33,144 millions (YoY +2.6%) |
| Segment profit | Domestic building ¥49,611 millions (YoY +28.7%), Overseas building ¥4,358 millions (YoY -25.8%), Domestic civil engineering ¥22,921 millions (YoY +32.8%), Overseas civil engineering ¥8,601 millions (YoY +36.1%), Real estate business ¥12,140 millions (YoY +24.7%), Other ¥718 millions (YoY -69.2%) |
| Regional sales | Construction Business—Domestic ¥786,313 millions, Construction Business—Overseas ¥473,040 millions |
| Orders received and order backlog | Orders received ¥14,464 100 million (YoY -2.1%) / Order backlog Not disclosed |
| Depreciation and amortization | ¥18,975 millions |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on Sale of Investment Securities ¥35,732 millions, Other ¥352 millions, Total extraordinary income ¥36,085 millions / Extraordinary loss Breakdown not disclosed ¥804 millions |
| Disclosure regarding the going concern assumption | No applicable matters |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Number of companies 1 / Company name PT Obayashi Concession Indonesia / Excluded Number of companies 0 / Company name Not disclosed |
| Material subsequent events | At a meeting of the Board of Directors held on 13 November 2026, the Company resolved to repurchase treasury shares, up to a maximum of 20,000,000 common shares and an aggregate purchase price of ¥30 billion. The repurchase period is from 16 November 2026 to 29 January 2027, and all shares repurchased are scheduled to be cancelled. |
| Availability of Supplementary Financial Results Materials | Available |
| Availability of Financial Results Briefing | Yes (for analysts and institutional investors) |
| Issued Shares at Period-End | 691,811,346 shares |
| Treasury Shares at Period-End | 6,321,432 shares |
| Factors Behind Changes in Business Performance | Net sales increased due to the smooth progress of the substantial backlog of projects under construction in domestic building, domestic civil engineering and overseas civil engineering, and the full consolidation of GCON in overseas building. Operating profit increased due to higher completed construction revenue, additional change orders won and a larger contribution from high-margin projects. Interim net income attributable to owners of the parent increased due to higher operating profit and an increase in extraordinary gains from the sale of strategic shareholdings. |
Items this document does not state (3)
Operating MarginPayout ratioImpairment loss
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 the first half, the smooth progress of projects under construction in domestic building, domestic civil engineering and overseas civil engineering, the full consolidation of GCON in overseas building, higher completed construction revenue, additional change orders won and a larger contribution from high-margin projects drove increases in revenue and profit. The full-year forecast was revised based on the acceleration of schedules and early decisions on additional change orders in domestic building, the completion of Multiplex's acquisition and its inclusion in the consolidated results, and progress in the sale of strategic shareholdings.
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