Worth reading
53Recurring
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
8.3
Year-on-year revenue growth (%)Wording
Definitive
How definitive the wording is.Contents of this document
Earnings presentationSecond quarter of the fiscal year ending December 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥55,003 million+8.3%
Operating profit¥6,617 million+10.7%
Ordinary income¥6,696 million+11.0%
Net income¥4,427 million +17.1%interim net income attributable to owners of the parent
Operating profit margin12.0%, up 0.3 percentage points year on year
Full-year earnings forecast
Orders received
¥105,000 million
Net Sales
¥105,000 million
Operating profit
¥10,500 million
Ordinary income
¥10,500 million
Profit attributable to owners of the parent
¥7,000 million
Operating profit margin
10 %
Annual Dividend
¥110 per share
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Orders received58.1%
Net Sales52.4%
Operating profit63.0%
Ordinary income63.8%
Interim net income attributable to owners of the parent63.3%
Domestic construction consulting business
Orders received60.9%
Net Sales52.4%
Operating profit64.3%
Overseas construction consulting business
Orders received52.1%
Net Sales52.4%
Operating profit45.8%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Outlook for higher revenue and profit remains as planned at the beginning of the fiscal year / Progress is steady toward the full-year plan across all itemsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Revenue: steady progress in operations supported by strong orders received in the previous fiscal year. Operating profit: improvement in the cost ratio. Overseas operating profit: driven by Waterman. Amount-based bridge: Not disclosed
New initiatives
- ¥3 billion share buyback
- Accelerating business portfolio transformation
- Use of AI and error risk assessment
- Expanding flexible work arrangements, including the introduction of a flextime system
- Integrating AI-based tools into business processes and workflow management
- Structural reform of Waterman's UK consulting business
Key KPIsA metric the company considers important as a management benchmark.
- Orders received¥61,053 millionYear on year against the same period last year+0.2%
- Revenue by portfolio: core businesses¥29,353 millionYear on year against the same period last year104%
- Revenue by portfolio: growth areas¥6,870 millionYear on year against the same period last year107%
- Revenue by portfolio: new businesses¥1,364 millionYear on year against the same period last year129%
- Number of engineers (non-consolidated)1,940 people
- Number of work awards from the Ministry of Land, Infrastructure, Transport and Tourism79 EngagementsYear on year against the same period last yearIncreased
- Serious accidents and errors0 EngagementsYear on year against the same period last yearDecreased
Segment results
Domestic construction consulting business
Orders received
¥43,868 million+4.9%
Net Sales
¥37,726 million+5.3%
Operating profit
¥6,299 million+6.1%
Overseas construction consulting business
Orders received
¥17,185 million-10.0%
Net Sales
¥17,277 million+15.4%
Operating profit
¥320 million+672.9%
Operating profit before amortization of goodwill
¥506 million+141.3%
Medium-term management plan targets
PlanMedium-Term Management Plan 2027
Net Sales
¥110,000 million
Operating profit
¥12,000 million
Operating profit margin
11 %
Payout ratioAt least 30%
Target fiscal year2027
Financial targets
The equity ratio was 68.4%. Targets for ROE, ROIC and the D/E ratio were Not disclosedMarket Size / Share
Industry rankingThird in the industry by revenue and first by net income (fiscal 2025 results)
Orders received and order backlog
Orders received
¥61,053 million
Order backlog in the overseas construction consulting businessSecured at approximately the previous fiscal year's level (graph figures are provided, but the clear overall total is Not disclosed)
Number of employees
Number of Employees4,087 consolidated, 2,263 non-consolidated (fiscal year ended December 2025)
Change during the periodThe number of engineers (non-consolidated) increased by 102 in the second-quarter results, reaching 1,940 as of 30 June 2026
Annual Dividend
¥110 per share
Payout ratio
42.7% (forecast)Acquisition of treasury shares
Maximum acquisition amount
¥30 100 million
Maximum number of shares to be acquired
1,200 thousand shares
Period14 August 2026–30 April 2027
Method of acquisitionMarket purchases
| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥55,003 million (YoY +8.3%) |
| Operating profit | ¥6,617 million (YoY +10.7%) |
| Ordinary income | ¥6,696 million (YoY +11.0%) |
| Net income | ¥4,427 million (interim net income attributable to owners of the parent) (YoY +17.1%) |
| Operating profit margin | 12.0%, up 0.3 percentage points year on year |
| Full-year earnings forecast | Orders received ¥105,000 million / Net Sales ¥105,000 million / Operating profit ¥10,500 million / Ordinary income ¥10,500 million / Profit attributable to owners of the parent ¥7,000 million / Operating profit margin 10 % / Annual Dividend ¥110 per share |
| Progress against full-year forecast | Orders received 58.1% / Net Sales 52.4% / Operating profit 63.0% / Ordinary income 63.8% / Interim net income attributable to owners of the parent 63.3% / Domestic construction consulting business Orders received 60.9% / Net Sales 52.4% / Operating profit 64.3% / Overseas construction consulting business Orders received 52.1% / Net Sales 52.4% / Operating profit 45.8% |
| Self-assessment against the plan | Outlook for higher revenue and profit remains as planned at the beginning of the fiscal year / Progress is steady toward the full-year plan across all items |
| Segment results | Domestic construction consulting business Orders received ¥43,868 million (YoY +4.9%) / Net Sales ¥37,726 million (YoY +5.3%) / Operating profit ¥6,299 million (YoY +6.1%) / Overseas construction consulting business Orders received ¥17,185 million (YoY -10.0%) / Net Sales ¥17,277 million (YoY +15.4%) / Operating profit ¥320 million (YoY +672.9%) / Operating profit before amortization of goodwill ¥506 million (YoY +141.3%) |
| Breakdown of Factors Affecting the Change | Revenue: steady progress in operations supported by strong orders received in the previous fiscal year. Operating profit: improvement in the cost ratio. Overseas operating profit: driven by Waterman. Amount-based bridge: Not disclosed |
| Key KPIs | Indicator name Orders received / Value ¥61,053 million / Year on year against the same period last year +0.2%, Indicator name Revenue by portfolio: core businesses / Value ¥29,353 million / Year on year against the same period last year 104%, Indicator name Revenue by portfolio: growth areas / Value ¥6,870 million / Year on year against the same period last year 107%, Indicator name Revenue by portfolio: new businesses / Value ¥1,364 million / Year on year against the same period last year 129%, Indicator name Number of engineers (non-consolidated) / Value 1,940 people / Year on year against the same period last year Not disclosed, Indicator name Number of work awards from the Ministry of Land, Infrastructure, Transport and Tourism / Value 79 Engagements / Year on year against the same period last year Increased, Indicator name Serious accidents and errors / Value 0 Engagements / Year on year against the same period last year Decreased |
| Number of employees | Number of Employees 4,087 consolidated, 2,263 non-consolidated (fiscal year ended December 2025) / Change during the period The number of engineers (non-consolidated) increased by 102 in the second-quarter results, reaching 1,940 as of 30 June 2026 |
| Medium-term management plan targets | Plan Medium-Term Management Plan 2027 / Net Sales ¥110,000 million / Operating profit ¥12,000 million / Operating profit margin 11 % / Payout ratio At least 30% / Target fiscal year 2027 |
| Financial targets | The equity ratio was 68.4%. Targets for ROE, ROIC and the D/E ratio were Not disclosed |
| Annual Dividend | ¥110 per share |
| Payout ratio | 42.7% (forecast) |
| Acquisition of treasury shares | Maximum acquisition amount ¥30 100 million / Maximum number of shares to be acquired 1,200 thousand shares / Period 14 August 2026–30 April 2027 / Method of acquisition Market purchases |
| Orders received and order backlog | Orders received ¥61,053 million / Order backlog in the overseas construction consulting business Secured at approximately the previous fiscal year's level (graph figures are provided, but the clear overall total is Not disclosed) |
| Market Size / Share | Industry ranking Third in the industry by revenue and first by net income (fiscal 2025 results) |
| New initiatives | ¥3 billion share buyback, Accelerating business portfolio transformation, Use of AI and error risk assessment, Expanding flexible work arrangements, including the introduction of a flextime system, Integrating AI-based tools into business processes and workflow management, Structural reform of Waterman's UK consulting business |
Items this document does not state (9)
Gross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsNumber of stores and locationsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookCapital expendituresKey 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.Revenue increased as operations progressed steadily, supported by strong orders received in the previous fiscal year. Operating profit increased as the cost ratio improved throughout the first half. The dividend increase was intended to further enhance shareholder returns, taking comprehensive account of current-period earnings trends and the Company's financial position. The share buyback is intended to improve capital efficiency and enhance shareholder returns.
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.
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