Worth reading
61In 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
2773
¥100 million (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsFiscal year ending March 2026, full year11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales11,249 Hundreds of millions of yen
Operating profit758 Hundreds of millions of yen
Net income766 Hundreds of millions of yen
Selling, general and administrative expenses¥942 100 million; SG&A expense ratio to revenue: 8.4%
Operating profit margin6.7%. No year-on-year change provided
Full-year earnings forecastRevenue: ¥1,366.0 billion; gross profit: ¥197.2 billion; general and administrative expenses: ¥118.2 billion; EBITDA: ¥128.4 billion; business profit: ¥80.0 billion; operating profit: ¥77.8 billion; net profit: ¥60.0 billion
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Year-on-year increase in general and administrative expenses: ¥25.8 billion from the consolidation of SMC, ¥15.6 billion in personnel expenses, ¥5.1 billion in office expenses, ¥2.3 billion in external relations expenses and ¥0.7 billion in other expenses. The increase excluding SMC was ¥10.2 billion
New initiatives
Watering was consolidated from the second quarter of FY2026. Japan Wind Development launched a retail electricity business. Battery storage projects are being developed. The construction equipment and forklift businesses are being expanded. Increases in straight asphalt prices are being passed through. Overseas projects and sales of the Company's own products are being expandedKey KPIsA metric the company considers important as a management benchmark.
Orders received, profit margin at order receipt, construction backlog, ROE, equity ratio, D/E ratio, EBITDA margin, business profit margin, dividend payout ratio and share priceSegment results
Building Construction: revenue of ¥497.7 billion, gross profit of ¥55.7 billion and business profit of ¥22.1 billion. Civil Engineering: revenue of ¥265.0 billion, gross profit of ¥48.5 billion and business profit of ¥26.4 billion. Paving: revenue of ¥282.2 billion, gross profit of ¥41.8 billion and business profit of ¥20.5 billion. Machinery: revenue of ¥39.5 billion, gross profit of ¥9.7 billion and business profit of ¥1.8 billion. Infrastructure Operations—Maeda Construction: revenue of ¥31.9 billion, gross profit of ¥6.6 billion and business profit of ¥1.7 billion. Infrastructure Operations—Japan Wind Development: revenue of ¥5.5 billion, gross profit of ¥0.9 billion and business loss of ¥4.0 billion. Other: revenue of ¥3.0 billion, gross profit of ¥0.8 billion and business profit of ¥15.6 billionMedium-term management plan targets
ROE of 12.0% or higher, equity ratio of 30% or higher, D/E ratio of 1.0x or lower, dividend payout ratio of 40% or higher for FY2025–FY2027, a minimum dividend of ¥90 per share, zero strategic shareholdings by FY2027, and the sale of at least ¥10.0 billion of held real estate by FY2027. FY2025 results were ROE of 16.0%, an equity ratio of 30.2%, a D/E ratio of 0.9x and a dividend payout ratio of 40.6%Financial targets
ROE: target of 12.0%; FY2025 result: 16.0%. Equity ratio: target of 30% or higher; FY2025 result: 30.2%. D/E ratio: target of 1.0x or lower; FY2025 result: 0.9xOrders received and order backlog
Maeda Construction FY2025 orders received: Building Construction, ¥447.0 billion; Civil Engineering, ¥211.5 billion. Sumitomo Mitsui Construction FY2025 orders received: Building Construction, ¥211.4 billion; Civil Engineering, ¥139.8 billion. Construction backlog was also presentedAnnual Dividend
FY2025 result: ¥120 per share (interim ¥30, year-end ¥90). FY2026 plan: ¥100 per share (interim ¥50, year-end ¥50)Payout ratio
FY2025 result: 40.6%; FY2026 plan: 43.6%. The medium-term plan targets a dividend payout ratio of 40% or higher for FY2025–FY2027Acquisition of treasury shares
Share repurchases: ¥20.0 billion in FY2021, ¥10.0 billion in FY2022 and ¥10.0 billion in FY2023Gross profit
¥164.0 billion; gross profit margin: 14.6%. Year-on-year change: +¥48.5 billion| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Fiscal year ending March 2026, full year |
| Net Sales | 11,249 Hundreds of millions of yen |
| Operating profit | 758 Hundreds of millions of yen |
| Net income | 766 Hundreds of millions of yen |
| Gross profit | ¥164.0 billion; gross profit margin: 14.6%. Year-on-year change: +¥48.5 billion |
| Operating profit margin | 6.7%. No year-on-year change provided |
| Selling, general and administrative expenses | ¥942 100 million; SG&A expense ratio to revenue: 8.4% |
| Full-year earnings forecast | Revenue: ¥1,366.0 billion; gross profit: ¥197.2 billion; general and administrative expenses: ¥118.2 billion; EBITDA: ¥128.4 billion; business profit: ¥80.0 billion; operating profit: ¥77.8 billion; net profit: ¥60.0 billion |
| Segment results | Building Construction: revenue of ¥497.7 billion, gross profit of ¥55.7 billion and business profit of ¥22.1 billion. Civil Engineering: revenue of ¥265.0 billion, gross profit of ¥48.5 billion and business profit of ¥26.4 billion. Paving: revenue of ¥282.2 billion, gross profit of ¥41.8 billion and business profit of ¥20.5 billion. Machinery: revenue of ¥39.5 billion, gross profit of ¥9.7 billion and business profit of ¥1.8 billion. Infrastructure Operations—Maeda Construction: revenue of ¥31.9 billion, gross profit of ¥6.6 billion and business profit of ¥1.7 billion. Infrastructure Operations—Japan Wind Development: revenue of ¥5.5 billion, gross profit of ¥0.9 billion and business loss of ¥4.0 billion. Other: revenue of ¥3.0 billion, gross profit of ¥0.8 billion and business profit of ¥15.6 billion |
| Breakdown of Factors Affecting the Change | Year-on-year increase in general and administrative expenses: ¥25.8 billion from the consolidation of SMC, ¥15.6 billion in personnel expenses, ¥5.1 billion in office expenses, ¥2.3 billion in external relations expenses and ¥0.7 billion in other expenses. The increase excluding SMC was ¥10.2 billion |
| Key KPIs | Orders received, profit margin at order receipt, construction backlog, ROE, equity ratio, D/E ratio, EBITDA margin, business profit margin, dividend payout ratio and share price |
| Medium-term management plan targets | ROE of 12.0% or higher, equity ratio of 30% or higher, D/E ratio of 1.0x or lower, dividend payout ratio of 40% or higher for FY2025–FY2027, a minimum dividend of ¥90 per share, zero strategic shareholdings by FY2027, and the sale of at least ¥10.0 billion of held real estate by FY2027. FY2025 results were ROE of 16.0%, an equity ratio of 30.2%, a D/E ratio of 0.9x and a dividend payout ratio of 40.6% |
| Financial targets | ROE: target of 12.0%; FY2025 result: 16.0%. Equity ratio: target of 30% or higher; FY2025 result: 30.2%. D/E ratio: target of 1.0x or lower; FY2025 result: 0.9x |
| Annual Dividend | FY2025 result: ¥120 per share (interim ¥30, year-end ¥90). FY2026 plan: ¥100 per share (interim ¥50, year-end ¥50) |
| Payout ratio | FY2025 result: 40.6%; FY2026 plan: 43.6%. The medium-term plan targets a dividend payout ratio of 40% or higher for FY2025–FY2027 |
| Acquisition of treasury shares | Share repurchases: ¥20.0 billion in FY2021, ¥10.0 billion in FY2022 and ¥10.0 billion in FY2023 |
| Orders received and order backlog | Maeda Construction FY2025 orders received: Building Construction, ¥447.0 billion; Civil Engineering, ¥211.5 billion. Sumitomo Mitsui Construction FY2025 orders received: Building Construction, ¥211.4 billion; Civil Engineering, ¥139.8 billion. Construction backlog was also presented |
| New initiatives | Watering was consolidated from the second quarter of FY2026. Japan Wind Development launched a retail electricity business. Battery storage projects are being developed. The construction equipment and forklift businesses are being expanded. Increases in straight asphalt prices are being passed through. Overseas projects and sales of the Company's own products are being expanded |
Items this document does not state (12)
Ordinary incomeResults for the three months of the current quarterProgress against full-year forecastSelf-assessment against the planUnit price and quantity metricsNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookCapital expendituresMarket Size / ShareKey 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.The Company cited the integration and business growth of Sumitomo Mitsui Construction, progress on its substantial construction backlog, the acquisition of design changes, rigorous profit management at the time of order receipt and appropriate price pass-through as reasons for the increases in revenue and profit. By contrast, Japan Wind Development reported lower revenue and profit following a shift in policy from selling to holding its assets, while the Machinery segment was affected by changes in its distribution channels and a decline in overseas revenue.
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