Worth reading
45Recurring
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
35
Minimum annual dividend per share (¥)Wording
Conditional
How definitive the wording is.Items stated in the management plan
FormulatedROE0.0pt
基準 8Target8％
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).
What happened to the previous planROE above 8.0% (during the Third Medium-Term Management Plan period) → ROE of 9.2% (fiscal 2025 actual)+25,212.5%Calculated from the two disclosed figures
Statements about the use of capital
Payout ratio / DOE policyThe minimum annual dividend per share during the medium-term plan period has been set at ¥35, above the level under the previous medium-term plan. A total payout ratio has been added as a numerical target. Specific figures for the payout ratio and DOE are 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 policyThe company will use share buybacks flexibly, taking into account its financial position and market conditions. Specific details regarding the acquisition limit, timing and terms are not disclosed.
Self-assessment of PBR and share priceThe share price deteriorated from the end of fiscal 2025. Although PBR temporarily exceeded 1x, it ultimately remained below 1x. PBR at the end of fiscal 2025 was 0.81x.PBR is a measure of how many times the share price is the book value per share.
Key initiatives
01Strengthen ambidextrous management
02“Kawada-specific” technology development
03Advance sustainability management
04Deepen capital efficiency and enhance shareholder returns
05Further enhance IR activities
Plan assumptionsThe cost of shareholders' equity is rising, and share buybacks will be used in light of the company's financial position and market conditions. Numerical assumptions are not disclosed.
Reason for revision or withdrawal
Although the company assesses that its initiatives in fiscal 2025 produced a certain level of results, PBR has continued to remain below 1x, and it has consequently determined that its various initiatives still have significant shortcomings.
| Item | Details |
|---|---|
| Plan name | Fourth Medium-Term Management Plan |
| Plan period | The 3-year period from the fiscal year ending March 2027 through the fiscal year ending March 2029 |
| Progress against the plan | Formulated |
| ROE target | Above 8.0% (during the Third Medium-Term Management Plan period) → At least 8.0% |
| Payout ratio / DOE policy | The minimum annual dividend per share during the medium-term plan period has been set at ¥35, above the level under the previous medium-term plan. A total payout ratio has been added as a numerical target. Specific figures for the payout ratio and DOE are not disclosed. |
| Treasury share acquisition policy | The company will use share buybacks flexibly, taking into account its financial position and market conditions. Specific details regarding the acquisition limit, timing and terms are not disclosed. |
| Self-assessment of PBR and share price | The share price deteriorated from the end of fiscal 2025. Although PBR temporarily exceeded 1x, it ultimately remained below 1x. PBR at the end of fiscal 2025 was 0.81x. |
| Plan assumptions | The cost of shareholders' equity is rising, and share buybacks will be used in light of the company's financial position and market conditions. Numerical assumptions are not disclosed. |
| Key initiatives | Strengthen ambidextrous management, “Kawada-specific” technology development, Advance sustainability management, Deepen capital efficiency and enhance shareholder returns, Further enhance IR activities |
| Results under the previous plan | ROE above 8.0% (during the Third Medium-Term Management Plan period) → ROE of 9.2% (fiscal 2025 actual) |
| Reason for revision or withdrawal | Although the company assesses that its initiatives in fiscal 2025 produced a certain level of results, PBR has continued to remain below 1x, and it has consequently determined that its various initiatives still have significant shortcomings. |
| Date of board resolution | 25 June 2026 |
| Publication date | 25 June 2026 |
Items this document does not state (12)
Sales TargetOperating profit targetOperating profit margin targetNet income targetROIC targetCost of capitalTotal investment planInvestment amount by sectorSegment targetNon-financial targetsSize of the Target MarketRisks identified
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.Profit declined from the previous fiscal year because the lengthening of construction schedules due to larger-scale projects limited progress in revenue, the decline in sales volume could not be fully offset by improved profitability, and equity-method investment gains decreased. PBR remained below 1x, and the company determined that its various initiatives were still insufficient.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.