Nippon Densetsu Kogyo Co., Ltd. · TSE:1950

Nippon Densetsu Kogyo — FY2025 Earnings Presentation

47 slides from Nippon Densetsu Kogyo's earnings presentation, May 18, 2026

Slide 1: Briefing on the Financial Results for FY2025
Briefing on the Financial Results for FY2025 (the Fiscal Year Ended March 31, 2026) May 18, 2026 Copyright(C)2026 NIPPON DENSETSU KOGYO CO.,LTD. All Rights Reserved
Slide 2: Table of Contents
Table of Contents 1 Company Overview 2 Financial Results Overview FY2025 (Consolidated) 3 Financial Results Forecast FY2026 (Consolidated) Progress of NIPPON DENSETSU Three-year Management Plan 2024 4 and Future Efforts 5 Implementing Management That Is Conscious of Cost of Capital and Stock Price C
Slide 4: Company Overview
1 Company Overview Covers a wide range of construction, including Leading company in the field of construction of electrical facilities for buildings construction of electrified railway (Buildings), construction of information and Nationwide business operations equipment (Railways) communication sys
Slide 6: Summary of Financial Results
2 Financial Results Overview FY2025 (Consolidated) Summary of Financial Results Business Environment FY2025 Results Dividends ⚫ Public investment remained ⚫ Orders reached record high ⚫ Planned for ¥124 solid, and private capital for third consecutive year. (Dividend payout ratio of investment conti
Slide 7: Financial Results Overview FY2025 (Consolidated)
2 Financial Results Overview FY2025 (Consolidated) (Figures in parentheses are ratios to net sales. Unit: million yen) Comparison with the FY2024 Results FY2025 Forecast (A) FY2025 Results (B) forecast (B-A) Backlog at beginning of period 173,719 183,075 183,075 ーー％ Orders 223,718 268,580 267,369 –
Slide 8: Financial Results Overview FY2025 (Consolidated)
2 Financial Results Overview FY2025 (Consolidated) (Unit: million yen) Compared to FY2024: +¥43.6 bn Orders Compared to Forecast: –¥1.2 bn Sales Compared to FY2024: +¥12.2 bn Compared to Forecast: +¥0.8 bn 300,000 300,000 267,369 223,718 268,580 228,370 229,207 208,036 216,922 182,693 194,031 200,00
Slide 9: Factors for Changes in Operating Profit (Year on year)
2 Financial Results Overview FY2025 (Consolidated) Factors for Changes in Operating Profit (Year on year) (Unit: million yen) Improvement Increase in in construction personnel profitability expenses New building relocation expenses Increase in other costs -1,519 23,560 -175 -521 Increase in complete
Slide 10: Summary by Business Segment
2 Financial Results Overview FY2025 (Consolidated) Summary by Business Segment Construction of Electrified Railway Equipment Construction of Electrical Facilities for Buildings Orders from JR East and other JR companies, as ⚫•受注高は各鉄道事業者の工事抑制の影響を受け減 ⚫ We received multiple orders for large-scale well
Slide 11: Summary by Business Segment
2 Financial Results Overview FY2025 (Consolidated) Summary by Business Segment Construction of Information and Construction for Environmental Energy Communication Systems ⚫ Orders decreased due to a reactionary decline ⚫ Despite the receipt of large-scale orders for following receiving an order for
Slide 12: Financial Results for Construction of Electrified Railway Equipment Segment
Financial Results for 2 Construction of Electrified Railway Equipment Segment (Unit: million yen) Orders Compared to FY2024: +¥16.9 bn Net sales Compared to FY2024: +¥2.9 bn Compared to Forecast: +¥6.5 bn Compared to Forecast: +¥1.5 bn 150,000 137,016 150,000 130,420 115,832 120,114 117,160 118,570
Slide 13: Electrified Railway Equipment: Orders and Net Sales (Disaggregated)
Financial Results for 2 Construction of Electrified Railway Equipment Segment Orders and Net Sales (Disaggregated) (Unit: billion yen) FY2022 FY2023 FY2024 FY2025 FY2022 FY2023 FY2024 FY2025 JR East Public railway Orders 49.5 62.2 64.6 75.4 companies Orders 7.6 4.4 2.5 3.3 JRTT Net sales 50.2 53.3 6
Slide 14: Financial Results for Construction of Electrical Facilities for Buildings Segment
Financial Results for 2 Construction of Electrical Facilities for Buildings Segment (Unit: million yen) Orders Net sales Compared to FY2024: +¥30.4 bn Compared to FY2024: +¥4.4 bn Compared to Forecast: -¥7.0 bn Compared to Forecast: -¥0.5 bn 120,000 120,000 96,230 89,219 65,040 64,522 57,797 59,247
Slide 15: Buildings Segment: Orders by facility type
Financial Results for Construction of Electrical Facilities for 2 Buildings Segment Orders by facility type (non-consolidated) (Million yen) FY2021 FY2022 FY2023 FY2024 FY2025 Facility type Orders Share Orders Share Orders Share Orders Share Orders Share Office buildings 7,117 16.8% 13,482 25.7% 6,0
Slide 16: Financial Results for Construction of Information and Communication Systems Segment
Financial Results for Construction of 2 Information and Communication Systems Segment (Unit: million yen) Orders Compared to FY2024: -¥1.9 bn Net sales Compared to FY2024: +¥2.9 bn Compared to Forecast: +¥0.0 bn Compared to Forecast: -¥0.2 bn 40,000 40,000 33,885 31,840 31,915 31,370 31,148 27,057 2
Slide 17: Financial Results for Construction for Environmental Energy Segment
Financial Results for 2 Construction for Environmental Energy Segment (Unit: million yen) Orders Compared to FY2024: -¥2.5 bn Net sales Compared to FY2024: +¥0.5 bn Compared to Forecast: -¥1.4 bn Compared to Forecast: -¥0.4 bn 8,000 8,000 6,771 6,430 5,962 5,640 5,378 5,006 4,184 4,000 4,000 2,983 0
Slide 18: Financial Results for Associated Business Segment
2 Financial Results for Associated Business Segment (Unit: million yen) Compared to FY2024: +¥0.8 bn Compared to FY2024: +¥1.3 bn Orders Compared to Forecast: +¥0.5 bn Net sales Compared to Forecast: +¥0.4 bn 8,000 8,000 7,446 6,740 6,960 6,134 5,033 4,137 4,450 4,000 3,274 4,000 3,261 1,779 0 0 FY2
Slide 19: Major Railway-Related Construction Projects
2 Major Railway-Related Construction Projects Name of the construction FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 Works to relocate obstructions/Work to install New Electrical Facilities for Scheduled to start operation in Haneda Airport Access Lines (East Yamanote Route and New Access Lines) Substat
Slide 20: Major Orders Received (Second Half of FY2025)
2 Major Orders Received (Second Half of FY2025) Name of the construction FY2025 FY2026 FY2027 Replacement of the Underground Transmission Lines Scheduled for JR East between Shin-Tsurumi and Tamagawa completion in FY2032 Kozu Station Interlocking Device Replacement and Signal Facility Upgrade Schedu
Slide 22: Financial Results Forecast FY2026 (Consolidated)
3 Financial Results Forecast FY2026 (Consolidated) Key Points in the Financial Results Forecast ⚫ Net sales are expected to reach a new record high again in FY2026, for the third consecutive year, against a backdrop of a high level of backlog at the beginning of the period and orders. ⚫ Operating pr
Slide 23: Factors for Changes in Operating Profit (Year on year)
3 Financial Results Forecast FY2026 (Consolidated) Factors for Changes in Operating Profit (Year on year) (Million yen) Increase in Improvement Increase in completed in construction personnel construction profitability expenses New office contracts relocation +646 expenses Increase in -1,384 other c
Slide 24: Financial Results Forecast FY2026 (Consolidated)
3 Financial Results Forecast FY2026 (Consolidated) (Unit: million yen) Backlog Compared to FY2025: +¥41.1 bn Orders Compared to FY2025: -¥13.5 bn 300,000 300,000 267,369 253,860 224,253 223,718 200,000 173,719 183,075 200,000 100,000 100,000 0 0 FY2024 FY2025 FY2026 Forecast FY2024 FY2025 FY2026 For
Slide 25: Forecast for Electrified Railway Equipment Segment
Financial Results Forecast for 3 Construction of Electrified Railway Equipment Segment (Unit: million yen) Backlog Compared to FY2025: +¥16.8 bn Orders Compared to FY2025: -¥10.9 bn 150,000 150,000 137,016 120,114 126,030 102,603 100,000 82,760 85,714 100,000 50,000 50,000 0 0 FY2024 FY2025 FY2026 F
Slide 26: Forecast for Electrical Facilities for Buildings Segment
Financial Results Forecast for 3 Construction of Electrical Facilities for Buildings Segment (Unit: million yen) Backlog Compared to FY2025: +¥24.6 bn Orders Compared to FY2025: -¥2.7 bn 120,000 120,000 93,231 89,219 86,490 69,818 68,534 58,808 60,000 60,000 0 0 FY2024 FY2025 FY2026 Forecast FY2024
Slide 27: Forecast for Information and Communication Systems Segment
Financial Results Forecast for Construction of Information 3 and Communication Systems Segment (Unit: million yen) Backlog Compared to FY2025: +¥0.7 bn Orders Compared to FY2025: +¥0.1 bn 40,000 40,000 33,885 31,915 32,100 22,396 23,162 20,000 16,666 20,000 0 0 FY2024 FY2025 FY2026 Forecast FY2024 F
Slide 28: Forecast for Environmental Energy Segment
Financial Results Forecast for 3 Construction for Environmental Energy Segment (Unit: million yen) Backlog Compared to FY2025: -¥1.7 bn Orders Compared to FY2025: +¥1.2 bn 8,000 8,000 6,771 5,410 4,539 4,184 4,000 3,146 4,000 2,761 0 0 FY2024 FY2025 FY2026 Forecast FY2024 FY2025 FY2026 Forecast Net
Slide 29: Forecast for Associated Business Segment
3 Financial Results Forecast for Associated Business Segment (Unit: million yen) Backlog Compared to FY2025: +¥0.6 bn Orders Compared to FY2025: -¥1.2 bn 3,000 8,000 2,493 2,000 1,890 5,033 4,137 3,830 1,327 4,000 1,000 0 0 FY2024 FY2025 FY2026 Forecast FY2024 FY2025 FY2026 Forecast Net sales Compar
Slide 30: Progress of Three-year Management Plan 2024 and Future Efforts
Progress of NIPPON DENSETSU Three-year 4 Management Plan 2024 and Future Efforts Copyright(C)2026 NIPPON DENSETSU KOGYO CO.,LTD. All Rights Reserved 29
Slide 31: Direction toward Sustainable Growth
4 Direction toward Sustainable Growth Major Strengthening New railway station-front Infrastructure track projects redevelopment Railways Increase in Increase in demand for data demand centers and related to the semiconductors environment I&C Increase Buildings Securing and systems in developing corp
Slide 32: NDK Vision90
4 NDK Vision90 Vision for FY2031 (the 90th Term) With pride and responsibility as a leading company in the field of construction of electrified railway equipment, we aim to become a comprehensive infrastructure facilities construction company NDK Vision90 by expanding our business in construction se
Slide 33: Process of Growth toward the NDK Vision90
4 Process of Growth toward the NDK Vision90 Plan to review in next medium-term management plan Expect all figures to be achieved NDK Vision90 Medium-term management plan that will FY2031 (90th term) provide a toehold for NDK Vision90 NIPPON DENSETSU FY2031 *Announced on April 30, 2024 Three-year Man
Slide 34: Business Strategies: Electrified Railway and Buildings
4 Business Strategies Strengthen the revenue base Increase orders from JR East and other JR companies Expand Strengthen relationships with regular customers in the public and private railway sector, start business the business domain with new customers and in new industries Assessment of the current
Slide 35: Business Strategies: Information and Communication Systems
4 Business Strategies Strengthen the revenue base Increase orders for network and mobile construction Expand Increase revenue from infrastructure sharing business and the business domain monitoring and operation services Assessment of the current status Future efforts FY2025 Results (Billion yen) Op
Slide 36: Business Strategies: Environmental Energy and Associated Business
4 Business Strategies * Infrastructure sharing business Expand Reduce environmental impact and contribute to local communities ・ Infrastructure sharing (network sharing by mobile the business telecommunications carriers) domain Develop new businesses and strengthen the real estate business ・ Optical
Slide 37: Strategies to Solidify the Management Foundation: Secure Human Resources
4 Strategies to Solidify the Management Foundation Secure Human Resources Targets for FY2031: Increase the number of construction workers by 20% compared to FY2023 Number of construction workers (*) * Construction workers refer to those directly involved in FY2023 FY2025 % Change supervising constru
Slide 38: Strategies to Solidify the Management Foundation: Strengthen Construction Systems
4 Strategies to Solidify the Management Foundation Strengthen Construction Systems Improve construction capabilities by strengthening the systems of partner companies Assessment of the current status Future efforts ⚫ Support recruitment activities, including creating websites and hiring foreign work
Slide 39: Strategies to Solidify the Management Foundation: Improve Productivity
4 Strategies to Solidify the Management Foundation Improve Productivity Promotion of DX Assessment of the current status Future efforts ⚫ Use of generative AI • Begin operational use from January 2025 ・ Operational use of generative AI ・ Expand operational use of generative • Partially adopt Microso
Slide 40: Investment for Growth
4 Investment for Growth FY2024–FY2031 ・Secure human resources through attractive performance-based Planned investment remuneration for growth Human resources ・Strengthen human resource development by various measures, including renewing and adding practical training facilities ・Improve the workplace
Slide 41: NIPPON DENSETSU Three-year Management Plans
4 NIPPON DENSETSU Three-year Management Plans Expand net sales and secure operating profit To grow sustainably Net sales Three-year management Three-year management Three-year management Three-year management Three-year management Three-year management Operating (billion yen) plan 2009 plan 2012 pla
Slide 42: Implementing Management Conscious of Cost of Capital and Stock Price
Implementing Management That is Conscious of 5 Cost of Capital and Stock Price Copyright(C)2026 NIPPON DENSETSU KOGYO CO.,LTD. All Rights Reserved 41
Slide 43: Efforts toward Enhancing Capital Efficiency: PBR Analysis
Implementing Management That Is Conscious of Cost of 5 Capital and Stock Price Efforts toward enhancing capital efficiency Analysis of price book-value ratio (PBR) PBR improved significantly from the end of the previous fiscal year, from 0.63x in FY2024 to 1.29x in FY2025 (x) Price book-value ratio
Slide 44: Analysis of Return on Equity (DuPont analysis)
Implementing Management That Is Conscious of Cost of 5 Capital and Stock Price Toward further enhancing capital efficiency Analysis of return on equity (ROE) (DuPont analysis) （%） Profitability (profit margin) (Times) Efficiency (Asset turnover ratio) (Times) Stability (Financial leverage) 7.88 0.8
Slide 45: Dividend Policy
Implementing Management That Is Conscious of Cost of 5 Capital and Stock Price Toward Further Enhancing Capital Efficiency Dividend policy ⚫ From FY2024, we have introduced a dividend payout ratio (aiming for 40%) as a new metric to clarify our commitment to returning profit. ⚫ We expect the total a
Slide 46: Reduce Strategically-Held Shares
Implementing 開示案 Management That Is Conscious of Cost of 5 Capital and Stock Price Toward Further Enhancing Capital Efficiency Reduce strategically-held shares Strategically-held shares ⚫ 20% reduction achieved (32 stocks in FY2023 ⇒ 25 stocks in FY2025 32 stocks Total sale amount: ¥ 4.3 billion 25
Slide 47: Forecast Notice and Inquiries
Please note that the forecast figures presented in this document were prepared based on the information available to the Company at the time they were prepared, and actual results may differ from the forecasts in the document due to fluctuation of the levels of various risks and uncertainties and ch

Nippon Densetsu Kogyo — FY2025 Earnings Presentation on 6ix

Nippon Densetsu Kogyo — FY2025 Earnings Presentation

Slide 1: Briefing on the Financial Results for FY2025

Slide 2: Table of Contents

Slide 3: Company Overview

Slide 4: Company Overview

Slide 5: Financial Results Overview of FY2025 (Consolidated)

Slide 6: Summary of Financial Results

Slide 7: Financial Results Overview FY2025 (Consolidated)

Slide 8: Financial Results Overview FY2025 (Consolidated)

Slide 9: Factors for Changes in Operating Profit (Year on year)

Slide 10: Summary by Business Segment

Slide 11: Summary by Business Segment

Slide 12: Financial Results for Construction of Electrified Railway Equipment Segment

Slide 13: Electrified Railway Equipment: Orders and Net Sales (Disaggregated)

Slide 14: Financial Results for Construction of Electrical Facilities for Buildings Segment

Slide 15: Buildings Segment: Orders by facility type

Slide 16: Financial Results for Construction of Information and Communication Systems Segment

Slide 17: Financial Results for Construction for Environmental Energy Segment

Slide 18: Financial Results for Associated Business Segment

Slide 19: Major Railway-Related Construction Projects

Slide 20: Major Orders Received (Second Half of FY2025)

Slide 21: Financial Results Forecast FY2026 (Consolidated)

Slide 22: Financial Results Forecast FY2026 (Consolidated)

Slide 23: Factors for Changes in Operating Profit (Year on year)

Slide 24: Financial Results Forecast FY2026 (Consolidated)

Slide 25: Forecast for Electrified Railway Equipment Segment

Slide 26: Forecast for Electrical Facilities for Buildings Segment

Slide 27: Forecast for Information and Communication Systems Segment

Slide 28: Forecast for Environmental Energy Segment

Slide 29: Forecast for Associated Business Segment

Slide 30: Progress of Three-year Management Plan 2024 and Future Efforts

Slide 31: Direction toward Sustainable Growth

Slide 32: NDK Vision90

Slide 33: Process of Growth toward the NDK Vision90

Slide 34: Business Strategies: Electrified Railway and Buildings

Slide 35: Business Strategies: Information and Communication Systems

Slide 36: Business Strategies: Environmental Energy and Associated Business

Slide 37: Strategies to Solidify the Management Foundation: Secure Human Resources

Slide 38: Strategies to Solidify the Management Foundation: Strengthen Construction Systems

Slide 39: Strategies to Solidify the Management Foundation: Improve Productivity

Slide 40: Investment for Growth

Slide 41: NIPPON DENSETSU Three-year Management Plans

Slide 42: Implementing Management Conscious of Cost of Capital and Stock Price

Slide 43: Efforts toward Enhancing Capital Efficiency: PBR Analysis

Slide 44: Analysis of Return on Equity (DuPont analysis)

Slide 45: Dividend Policy

Slide 46: Reduce Strategically-Held Shares

Slide 47: Forecast Notice and Inquiries