Worth reading
64In 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
18.4
% (year-on-year change in net sales)Wording
Conditional
How definitive the wording is.Results for this period
Interim period (second quarter)1 April 2026–30 September 2026ConsolidatedJapanese GAAPNet Sales1,061,632¥ millionYear on year +18.4%Progress 44.6%
Operating profit88,073¥ millionYear on year +126.3%Progress 45.9%
Ordinary income121,764¥ millionYear on year +203.6%Progress 55.0%
Net income attributable to owners of the parent107,938¥ millionYear on year +133.9%Progress 58.0%
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¥159.19
Financial position at period-end
Total assets2,743,778¥ million
of which net assets 1,061,898 ¥ millionEquity ratio 38.2%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+66,948
Investment-82,190
Financials-48,150
Net change-63,392
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).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¥290,935 million
Segment revenueConstruction business ¥784,583 million (YoY +21.1%), Investment development business ¥16,008 million (YoY -28.8%), Road Paving Business ¥71,471 million (YoY -2.3%), Other ¥189,570 million (YoY +23.7%)
Segment profitConstruction business ¥62,344 million (YoY +238.6%), Investment development business ¥3,964 million (YoY -49.6%), Road Paving Business ¥4,081 million (YoY -15.4%), Other ¥9,096 million (YoY -17.9%)
Regional salesIndividual Domestic Construction Business 7,394 Hundred million yen / Overseas Construction Business 549 Hundred million yen / Overseas Construction Business (Consolidated) 1,037 Hundred million yen
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥2,380,000 million (YoY +15.7%)
Operating profit¥192,000 million (YoY +61.8%)
Ordinary income¥221,500 million (YoY +81.1%)
Net income¥186,000 million (YoY +46.9%)
Revision to Earnings ForecastNet Sales 23,100 Hundred million yen → 23,800 Hundred million yen（+3.0%） / Operating profit 1,530 Hundred million yen → 1,920 Hundred million yen（+25.5%） / Ordinary income 1,835 Hundred million yen → 2,215 Hundred million yen（+20.7%） / Net income 1,655 Hundred million yen → 1,860 Hundred million yen（+12.4%）
Annual Dividend Forecast¥77 → ¥89（+15.6%）
Factors Behind Changes in Business Performance
Net sales increased as large projects already under construction progressed steadily, among other factors. Operating profit increased because gross profit on completed construction rose with the increase in construction revenue and improved project profitability. Ordinary profit increased because an amount equivalent to negative goodwill arising from making 清和綜合建物株式会社 an equity-method affiliate was recognized as equity-method investment gain. Interim net profit attributable to owners of the parent increased because gains on sales of investment securities and other extraordinary gains were recognized.
Disclosure regarding the going concern assumption
Not applicable.
Change in accounting policy
基準改正に伴う変更 Noneそれ以外の変更 None見積りの変更 None修正再表示 None
Changes in the scope of consolidationNew 1 / Name of newly included entity American Engineering Corporation / Excluded 0 / Excluded Company Name Not disclosed
Material subsequent eventsOn 13 October 2026, payment was completed for the 2031-maturity and 2033-maturity euro-yen denominated convertible bonds with stock acquisition rights subject to call. The issue amount was ¥50 billion for each tranche, and the approximately ¥100 billion in net proceeds is expected to be used for M&A and the acquisition of treasury shares.
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of property, plant and equipment ¥1,035 million, Gain on Sale of Investment Securities ¥22,033 million / Extraordinary loss Loss on sale of non-current assets ¥0 million, Impairment Losses on Investment Securities ¥153 million
Depreciation and amortization¥16,146 million
Orders received and order backlogOrders received Construction ¥654,496 million / Civil engineering ¥111,043 million / Total ¥765,539 million / Subject Non-consolidated / current interim period / Order backlog Not disclosed
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person Securities analysts and institutional investors
Issued Shares at Period-End716,689,413 shares outstanding at period-end
Treasury Shares at Period-End43,360,491 treasury shares at period-end
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026–30 September 2026 |
| Net Sales | ¥1,061,632 million (YoY +18.4%) |
| Operating profit | ¥88,073 million (YoY +126.3%) |
| Ordinary income | ¥121,764 million (YoY +203.6%) |
| Profit attributable to owners of the parent | ¥107,938 million (YoY +133.9%) |
| Net income per share | ¥159.19 |
| Equity ratio | End of the current fiscal period 38.2 / End of previous period 36.8 |
| Total assets | ¥2,743,778 million |
| Net assets | ¥1,061,898 million |
| Cash flows from operating activities | ¥66,948 million |
| Cash flows from investing activities | ¥-82,190 million |
| Cash flows from financing activities | ¥-48,150 million |
| Cash and cash equivalents at end of period | ¥290,935 million |
| Full-year earnings forecast | Net Sales ¥2,380,000 million (YoY +15.7%) / Operating profit ¥192,000 million (YoY +61.8%) / Ordinary income ¥221,500 million (YoY +81.1%) / Net income ¥186,000 million (YoY +46.9%) |
| Revision to Earnings Forecast | Net Sales 23,100 Hundred million yen → 23,800 Hundred million yen（+3.0%） / Operating profit 1,530 Hundred million yen → 1,920 Hundred million yen（+25.5%） / Ordinary income 1,835 Hundred million yen → 2,215 Hundred million yen（+20.7%） / Net income 1,655 Hundred million yen → 1,860 Hundred million yen（+12.4%） |
| Annual Dividend Forecast | ¥77 → ¥89（+15.6%） |
| Segment revenue | Construction business ¥784,583 million (YoY +21.1%), Investment development business ¥16,008 million (YoY -28.8%), Road Paving Business ¥71,471 million (YoY -2.3%), Other ¥189,570 million (YoY +23.7%) |
| Segment profit | Construction business ¥62,344 million (YoY +238.6%), Investment development business ¥3,964 million (YoY -49.6%), Road Paving Business ¥4,081 million (YoY -15.4%), Other ¥9,096 million (YoY -17.9%) |
| Regional sales | Individual Domestic Construction Business 7,394 Hundred million yen / Overseas Construction Business 549 Hundred million yen / Overseas Construction Business (Consolidated) 1,037 Hundred million yen |
| Orders received and order backlog | Orders received Construction ¥654,496 million / Civil engineering ¥111,043 million / Total ¥765,539 million / Subject Non-consolidated / current interim period / Order backlog Not disclosed |
| Depreciation and amortization | ¥16,146 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of property, plant and equipment ¥1,035 million, Gain on Sale of Investment Securities ¥22,033 million / Extraordinary loss Loss on sale of non-current assets ¥0 million, Impairment Losses on Investment Securities ¥153 million |
| Disclosure regarding the going concern assumption | Not applicable. |
| Change in accounting policy | Changes due to revisions to standards None / Other changes None / Change in accounting estimate None / Restatement None |
| Changes in the scope of consolidation | New 1 / Name of newly included entity American Engineering Corporation / Excluded 0 / Excluded Company Name Not disclosed |
| Material subsequent events | On 13 October 2026, payment was completed for the 2031-maturity and 2033-maturity euro-yen denominated convertible bonds with stock acquisition rights subject to call. The issue amount was ¥50 billion for each tranche, and the approximately ¥100 billion in net proceeds is expected to be used for M&A and the acquisition of treasury shares. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person Securities analysts and institutional investors |
| Issued Shares at Period-End | 716,689,413 shares outstanding at period-end |
| Treasury Shares at Period-End | 43,360,491 treasury shares at period-end |
| Factors Behind Changes in Business Performance | Net sales increased as large projects already under construction progressed steadily, among other factors. Operating profit increased because gross profit on completed construction rose with the increase in construction revenue and improved project profitability. Ordinary profit increased because an amount equivalent to negative goodwill arising from making 清和綜合建物株式会社 an equity-method affiliate was recognized as equity-method investment gain. Interim net profit attributable to owners of the parent increased because gains on sales of investment securities and other extraordinary gains were recognized. |
Items this document does not state (4)
Operating MarginPayout ratioShareholder Return PolicyImpairment 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.Construction revenue increased as large projects already under construction progressed steadily. Profit increased mainly because gross profit on completed construction rose with the increase in construction revenue and improved project profitability. Ordinary profit increased mainly because an amount equivalent to negative goodwill arising from making 清和綜合建物株式会社 an equity-method affiliate was recognized as equity-method investment gain. Interim net profit attributable to owners of the parent increased mainly because gains on sales of investment securities and other extraordinary gains were recognized.
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