Worth reading
72In 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
857
¥100 million (consolidated net sales, compared with fiscal 2025 results)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedNet Sales+10.8%
基準 7,943Target8,800Hundreds of millions of yen
Operating profit+0.1%
基準 2,025Target2,028Hundreds of millions of yen
Operating profit margin+3.0pt
基準 2,025Target2,028%
Net income for the current fiscal year+0.1%
基準 2,025Target2,028Hundreds of millions of yen
ROE-2,008.3pt
基準 2,025Target16.7%
Each line is the climb from the baseline the document states to the target it sets. The slope is scaled against the largest climb in this document. For metrics expressed as percentages, differences are shown in percentage points (pt).The increase shown by the dotted line is calculated from the two reported figures because the company did not provide the amount of growth.
What happened to the previous planNet sales 6,600, operating income 385, net income 250 (FY2025 plan) → Net sales 7,943, operating income 553, net income 347 (FY2025 actual results)（Net sales +20.4%, operating income +43.6%, net income +38.8%）+20.3%Calculated from the two disclosed figures
Total investment planGrowth investment of ¥100 billion over three years (plus ¥15 billion in ordinary capital expenditure)
Investment amount by sectorField Offshore wind-related investment / Amount ¥70 billion over three years (including ¥67 billion in construction costs), Field DX/GX promotion-related investment / Amount ¥25 billion over three years, Field Human resources-related investment / Amount Approximately ¥5 billion over three years, Field Ordinary capital expenditure / Amount ¥15 billion
Statements about the use of capital
Payout ratio / DOE policyConsolidated dividend payout ratio of at least 40% (raised from the previous target of at least 35%), for FY2026–FY2028. The company also targets a total payout ratio of at least 60%. DOE: not disclosed.The payout ratio is the proportion of profit paid out as dividends, while DOE is the ratio of dividends to net assets.
Treasury share acquisition policy¥30 billion over the three years from FY2026 to FY2028. The company plans to conduct ¥10 billion of purchases each fiscal year, with approximately ¥5 billion scheduled in each of the interim and year-end periods. The previous FY2025–FY2027 plan has been extended by one year.
Self-assessment of PBR and share priceThe company says it will practice management that is conscious of capital costs and its share price, but its self-assessment and figures concerning the low level of PBR and the share price are not disclosed.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Sustainability initiatives from the front lines
02Practicing sustainable construction business activities
03Promoting DX through the use of AI and robotics
04Promotion of DE&I
05Addressing climate change
06Nature positive
07Building a resource-circulating society
08Promoting effective governance
09Strengthening initiatives as a front-runner in offshore wind power
10Promoting initiatives in next-generation core businesses
11Advancing front-loading to create customer value
12Strengthening construction capabilities and earning power through deeper collaboration with partner companies
13Creating the future of construction
14Pursuing sustainable growth through risk management capabilities and DX
Plan assumptionsThe global political and economic environment is unstable, with geopolitical risks and US protectionism, Resource, energy and construction material prices will remain elevated, Construction demand in Japan and overseas remains strong. In Japan, public investment and private-sector capital investment are solid, while overseas infrastructure demand is firm in Singapore and Asia, Offshore wind power will gain full momentum from FY2029 onward, As a government target, projects totaling 30–45 GW of fixed-bottom capacity and at least 15 GW of floating capacity are to be developed by 2040, The company has its sights set on net sales of ¥1 trillion in 2030
Segment targetSegment Domestic civil engineering / FY2028 completed construction sales ¥325 billion / Completed construction gross margin 16.0% / Operating profit ¥33.5 billion, Segment Domestic building / FY2028 completed construction sales ¥335 billion / Completed construction gross margin 10.1% / Operating profit ¥22.8 billion, Segment Overseas expansion / FY2028 completed construction sales ¥205.0 billion / Completed construction gross margin 4.6% / Operating profit ¥6 billion
Non-financial targetsIndicator New graduate hiring / Target value At least 250 / Timing 2027, Indicator Female share of new graduate hires / Target value 25% / Timing 2027, Indicator Female share of professional-track employees / Target value 25% or higher / Timing 2035, Indicator Female managers, including overseas operations / Target value 15% or higher / Timing 2035, Indicator Employment Rate of People with Disabilities / Target value At least 3.0% / Timing Not specified, Indicator Male parental leave uptake rate / Target value 100% / Timing Not specified, Indicator CO2 emissions (Scope 1 and 2) / Target value 50% reduction from fiscal 2019 / Timing 2030, Indicator CO2 emissions (Scope 3) / Target value 30% reduction from FY2019 / Timing 2030, Indicator Carbon Neutrality / Target value Actual reduction / Timing 2050
Size of the Target MarketThe market size and growth rate are not disclosed. For offshore wind power, the company states a government target of developing projects totaling 30–45 GW of fixed-bottom capacity and at least 15 GW of floating capacity by 2040 (source: stated as a government target).
Risks identified by the company
Geopolitical risks in the Middle East, Ukraine, East Asia and elsewhere
Instability in the global political and economic environment, including US protectionism
Elevated resource, energy and construction material prices
Technical risks in overseas construction projects
Procurement risks involving partner companies and construction materials and equipment
Foreign-Exchange Risk
Intense competition overseas
Higher interest expense resulting from rising interest rates
Increasing working capital and temporary funding needs during the fiscal year
| Item | Details |
|---|---|
| Plan name | Medium-Term Management Plan (FY2026–FY2028) |
| Plan period | FY2026–FY2028 |
| Progress against the plan | Formulated |
| Sales Target | 7,943 (FY2025 actual results) → 8,800 (FY2028 target)（+10.8%） |
| Operating profit target | 553 (FY2025 actual results) → 635 (FY2028 target)（+14.8%） |
| Operating profit margin target | 7.0% (FY2025 actual results) → 7.2% (FY2028 target)（+2.9%） |
| Net income target | 347 (FY2025 actual results) → 380 (FY2028 target)（+9.5%） |
| ROE target | 18.7% (FY2025 actual results) → At least 10% (generally expected to exceed 16%; 16.7% in the plan table)（Down 10.7% based on the plan table） |
| Payout ratio / DOE policy | Consolidated dividend payout ratio of at least 40% (raised from the previous target of at least 35%), for FY2026–FY2028. The company also targets a total payout ratio of at least 60%. DOE: not disclosed. |
| Treasury share acquisition policy | ¥30 billion over the three years from FY2026 to FY2028. The company plans to conduct ¥10 billion of purchases each fiscal year, with approximately ¥5 billion scheduled in each of the interim and year-end periods. The previous FY2025–FY2027 plan has been extended by one year. |
| Self-assessment of PBR and share price | The company says it will practice management that is conscious of capital costs and its share price, but its self-assessment and figures concerning the low level of PBR and the share price are not disclosed. |
| Total investment plan | Growth investment of ¥100 billion over three years (plus ¥15 billion in ordinary capital expenditure) |
| Investment amount by sector | Field Offshore wind-related investment / Amount ¥70 billion over three years (including ¥67 billion in construction costs), Field DX/GX promotion-related investment / Amount ¥25 billion over three years, Field Human resources-related investment / Amount Approximately ¥5 billion over three years, Field Ordinary capital expenditure / Amount ¥15 billion |
| Segment target | Segment Domestic civil engineering / FY2028 completed construction sales ¥325 billion / Completed construction gross margin 16.0% / Operating profit ¥33.5 billion, Segment Domestic building / FY2028 completed construction sales ¥335 billion / Completed construction gross margin 10.1% / Operating profit ¥22.8 billion, Segment Overseas expansion / FY2028 completed construction sales ¥205.0 billion / Completed construction gross margin 4.6% / Operating profit ¥6 billion |
| Non-financial targets | Indicator New graduate hiring / Target value At least 250 / Timing 2027, Indicator Female share of new graduate hires / Target value 25% / Timing 2027, Indicator Female share of professional-track employees / Target value 25% or higher / Timing 2035, Indicator Female managers, including overseas operations / Target value 15% or higher / Timing 2035, Indicator Employment Rate of People with Disabilities / Target value At least 3.0% / Timing Not specified, Indicator Male parental leave uptake rate / Target value 100% / Timing Not specified, Indicator CO2 emissions (Scope 1 and 2) / Target value 50% reduction from fiscal 2019 / Timing 2030, Indicator CO2 emissions (Scope 3) / Target value 30% reduction from FY2019 / Timing 2030, Indicator Carbon Neutrality / Target value Actual reduction / Timing 2050 |
| Plan assumptions | The global political and economic environment is unstable, with geopolitical risks and US protectionism, Resource, energy and construction material prices will remain elevated, Construction demand in Japan and overseas remains strong. In Japan, public investment and private-sector capital investment are solid, while overseas infrastructure demand is firm in Singapore and Asia, Offshore wind power will gain full momentum from FY2029 onward, As a government target, projects totaling 30–45 GW of fixed-bottom capacity and at least 15 GW of floating capacity are to be developed by 2040, The company has its sights set on net sales of ¥1 trillion in 2030 |
| Key initiatives | Sustainability initiatives from the front lines, Practicing sustainable construction business activities, Promoting DX through the use of AI and robotics, Promotion of DE&I, Addressing climate change, Nature positive, Building a resource-circulating society, Promoting effective governance, Strengthening initiatives as a front-runner in offshore wind power, Promoting initiatives in next-generation core businesses, Advancing front-loading to create customer value, Strengthening construction capabilities and earning power through deeper collaboration with partner companies, Creating the future of construction, Pursuing sustainable growth through risk management capabilities and DX |
| Results under the previous plan | Net sales 6,600, operating income 385, net income 250 (FY2025 plan) → Net sales 7,943, operating income 553, net income 347 (FY2025 actual results)（Net sales +20.4%, operating income +43.6%, net income +38.8%） |
| Size of the Target Market | The market size and growth rate are not disclosed. For offshore wind power, the company states a government target of developing projects totaling 30–45 GW of fixed-bottom capacity and at least 15 GW of floating capacity by 2040 (source: stated as a government target). |
| Risks identified | Geopolitical risks in the Middle East, Ukraine, East Asia and elsewhere, Instability in the global political and economic environment, including US protectionism, Elevated resource, energy and construction material prices, Technical risks in overseas construction projects, Procurement risks involving partner companies and construction materials and equipment, Foreign-Exchange Risk, Intense competition overseas, Higher interest expense resulting from rising interest rates, Increasing working capital and temporary funding needs during the fiscal year |
| Publication date | 8 May 2026 |
Items this document does not state (4)
ROIC targetCost of capitalReason for revision or withdrawalDate of board resolution
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.Strong demand in Japan and overseas is expected to drive growth in business volume and, consequently, earnings. The company also says it will focus on deepening sustainability management so that growth in business volume leads to higher earnings and increased corporate value.
How to read this page
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