Infroneer Holdings Inc. · TSE:5076

Infroneer — FY2024 Earnings Presentation

58 slides from Infroneer's earnings presentation, May 14, 2025

  1. Slide 1: INFRONEER Holdings Inc. FY2025 Financial Presentation

    INFRONEER Holdings Inc. FY2025 Financial Presentation May 14, 2025

  2. Slide 2: FY2025 Financial Results INDEX

    FY2025 Financial Results INDEX 1 1. Management Environment Recognition = Appendix = 2. Financial Summary Segment Highlights 3. Capital Strategies & Return Policies / 1. Building Construction FY24 Results and FY25 Full-Year Forecast 2. Civil Construction 3. Infrastructure Management 4. Performance Fi

  3. Slide 3: 1. Management Environment Recognitions

    1. Management Environment Recognitions  Our recognitions and approaches to the market environment, order environment, and material prices, etc. 2 Market Our Segments Our Recognitions Our Approaches Conditions Conditions Although all the floor areas under construction are Although labor shortage amo

  4. Slide 4: 1-2. Financial Summary

    1-2. Financial Summary 3 Company Segment Financial Summary • In FY24, net sales reached record high, and business profits have increased compared to revised plan INFRONEER • In FY25, net sales, business profits, and EBITDA have reached record high. As a result, net sales and profits are Holdings exp

  5. Slide 5: 3. Capital Strategies & Return Policies / FY24 Results and FY25 Full-Year Forecast

    3. Capital Strategies & Return Policies / FY24Results and FY25 Full-Year Forecast 4 【Stakeholder Returns】 A dividend of 60 yen per share as well as dividend payout ratio in FY 24 has been achieved to 48.3 percent. In FY25, Introduction of minimum dividend. 【Cross-Shareholdings】 In FY24, sale of the

  6. Slide 6: 4-1. Performance Figures for INFRONEER Holdings

    4-1. Performance Figures for INFRONEER Holdings 5  Added value in FY24 has reached record high.  Business profits in FY25, EBITDA and added value are expected to reach record high. Business Profits Profits （billion yen） Business Profits Business Profit Margin （ billion yen ） Profits Profits Margin

  7. Slide 7: 4-2. Performance Figures for INFRONEER Holdings

    4-2. Performance Figures for INFRONEER Holdings 6  FY24 Net sales have reached record high. Business profits have reached in its revised plan.  FY25 Net sales, business profits and EBTIDA are expected to reach record high, resulting increase in net sales and profits （ billion yen ） FY23 FY24 FY25

  8. Slide 8: 5. Performance Figures by Segment

    5. Performance Figures by Segment 7 （ billion yen ） FY23 FY24 FY25 ①Results ②Revised ③Results +/-(③− +/-(③- ④Forecast +/-(④ Net sales ※ 793.3 843.2 847.5 54.3 4.3 896.3 48.8 Building Construction 273.7 311.8 320.7 47.0 8.9 340.5 19.8 Civil Engineering 162.4 144.2 142.0 -20.4 -2.2 166.9 24.9 Road Pav

  9. Slide 9: 6. Transitions of Backlog, Orders Received, and Profits Margin of Orders Received

    6. Transitions of Backlog, Orders Received, and Profits Margin of Orders Received 【Building and Civil Engineering Segments】 8 【Building Construction】 In FY24, the orders received and the profits margin of orders received have reached record high 392 billion yen and 9.0%, respectively. The both have

  10. Slide 10: 7. Major Factors for the Changes in the FY24 SG&A

    7. Major Factors for the Changes in the FY24 SG&A 9  SG&A increased due to the acquisition of Japan Wind Development (JWD) as a wholly owned subsidiary.  Advertising expenses increased due to the conclusion of a partnership agreement with B.LEAGUE. This agreement was aimed at contributing to rural

  11. Slide 11: 8. Major Factors for the Changes in Consolidated Balance Sheet

    8. Major Factors for the Changes in Consolidated Balance Sheet  Interest-bearing debt decreased due to the completion of refinancing of the bridge loan associated with the acquisition of Japan 10 Wind Development (JWD) as a wholly owned subsidiary, resulting in a significant decrease in short-term

  12. Slide 12: 9. Capital Strategies and Trends in Stock Price

    9. Capital Strategies and Trends in Stock Price  Continue to promote capital efficiency-conscious management through implementation of capital strategies and achievement of 11 performance targets set forth in the Medium-Term Vision.  Green CBs issued in April 2024 are subject to a conversion restr

  13. Slide 13: 10. Impact on Financial Indicators on Bond-Type Class Shares

    10. Impact on Financial Indicators on Bond-Type Class Shares 12  Bond-type class shares are distinguished from common shares and are excluded from the net assets at the time of estimation of PBR.  ROE and EPS are calculated by subtracting the preferred dividend from net income attributable to comm

  14. Slide 14: Appendix

    Appendix «7 INFRONEER Holdings Inc.

  15. Slide 15: Segment Highlights

    Maeda Corp Building Construction Maeda Corp Civil Engineering Maeda Corp(consolidated) Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA SEISAKUSHO (consolidated) Machinery

  16. Slide 16: 1-1. Trends in Net Sales, Gross Profit, and Operating Profit (Building Construction)

    Maeda Corp. Building construction segment (Real estate included) 1-1. Trends in Net Sales, Gross Profit, and Operating Profit 15 Building Construction  FY24 Due to an abundance of backlog and steady progress in new construction orders, the company saw net sales and gross profits increase significan

  17. Slide 17: 1-2. Trends in orders received and profit margins at time of order

    Maeda Corp. Building construction segment (Real estate included) 1-2. Trends in orders received and profit margins at time of order 16 Building Construction  FY24 Orders received reached a record high. Profits margin of orders received also improved significantly compared to the previous year.  FY

  18. Slide 18: 1-3. Trends in order ratios by building use

    Maeda Corp. Building construction segment (Domestic, Real estate included） 1-3. Trends in order ratios by building use. 17 Building Construction  FY24 “Warehousing and Logistics Facilities“ and ”Condominium" remained strong due to orders received for large-scale multi-family housing and warehousing

  19. Slide 19: 1-4. Topics: Meat processing plants and sports entertainment

    Maeda Corp. Building construction segment 1-4. Topics: "Utilizing our engineering capabilities in meat processing plants" and 18 "Initiatives in sports entertainment" Building Construction Prifoods Co., Ltd. Nango Factory New Construction Construction of new VIP room on the 3rd floor and other works

  20. Slide 20: Segment Highlights

    Maeda Corp Building Construction Maeda Corp Civil Engineering Maeda Corp(consolidated) Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA SEISAKUSHO (consolidated) Machinery

  21. Slide 21: 2-1. Trends in Net Sales, Gross Profit, and Operating Profit (Civil Engineering)

    Maeda Corp. Civil engineering segment 2-1. Trends in Net Sales, Gross Profit, and Operating Profit 20  FY24 Although sales did not reach the target, gross profit achieved the target due to successful acquisition of Building Construction design changes for completed projects.  FY25 The amount of co

  22. Slide 22: 2-2. Trends in Orders Received and Profit Margin of Orders Received

    Maeda Corp. Civil engineering segment 2-2. Trends in Orders Received and Profit Margin of Orders Received 21 Building Construction  FY24 Order amount, profit and rate of orders received exceed initial targets  FY25 Bidding will be conducted with an emphasis on profitability and productivity. Expec

  23. Slide 23: 2-3. Topics: Full deck replacement and seismic reinforcement work for two bridges

    Maeda Corp. Civil engineering segment 2-3. Topics: Received order for full deck replacement and seismic reinforcement work for two bridges 22 NEXCO East Japan, Nagano Construction Office, PJ <Renovation Construction> Building Construction ■What is deck replacement? (Examples ■Construction site ■Targ

  24. Slide 24: 2-4. Topics: Traffic congestion relief and regional revitalization project

    Maeda Corp. Civil engineering segment 2-4. Topics: Received an order for the "Traffic congestion relief, regional revitalization, and emergency rescue support project" 23 Ministry of Land, Infrastructure, Transport and Tourism, Kinki Regional Development Bureau, Building Construction Yasu-Ritto Bypa

  25. Slide 25: Segment Highlights

    Maeda Corp Building Construction Maeda Corp Civil Engineering Maeda Corp(consolidated) Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA SEISAKUSHO (consolidated) Machinery

  26. Slide 26: Infrastructure management segment -1-1. Profit contribution amount

    Maeda Corp. consolidated Infrastructure management segment 3-1-1. Profit contribution amount 25 Building Construction  FY24 Operating profits from SPCs currently in operation, including Aichi Road, are trending steadily.  FY25 The operating profits from SPCs currently in operation and the profit f

  27. Slide 27: Infrastructure management -1-2. FY24 Full-year contribution to profit details

    Maeda Corp. Consolidated Infrastructure management segment 3-1-2. FY24 Full-year contribution to profit details 26  SPC operating profits and gross profit from EPCs such as Ozu Biomass and Aichi Arena contributed 6.4 billion yen. Building Construction Contribution to profit To Other Segment （billio

  28. Slide 28: Infrastructure management -1-3. FY25 Plan contribution to profit details

    Maeda Corp. Consolidated Infrastructure management segment 3-1-3. FY25 Plan contribution to profit details 27  Although the contribution to profit from other segments is 1.0 billion yen, operating profits from the consolidated SPC subsidiary and Building Construction the sale of projects are expect

  29. Slide 29: 1-4. Performance figures for major group companies (infrastructure operations)

    Maeda Corp. Consolidated Infrastructure management segment 3-1-4. performance figures for major group companies (infrastructure operations) 28 Building Construction billion yen Miotsukushi Industrial Water Miura Sewerage Concession Co., Ltd. Consolidated Aichi Road Concession Co., Ltd. ※1 Concession

  30. Slide 30: 1-5. Major Infrastructure Management Projects in Japan

    Maeda Corp. Consolidated Infrastructure management segment 3-1-5. Major Infrastructure Management Projects in Japan 29 Building Construction  Proven track record in various infrastructure services.  Utilize our extensive operational know-how backed by our track record to acquire future projects Co

  31. Slide 31: Segment Highlights

    Maeda Corp Building Construction Maeda Corp Civil Engineering Maeda Corp(consolidated) Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA SEISAKUSHO (consolidated) Machinery

  32. Slide 32: 3-2-1. Trends in Net Sales, Gross Profit, and Operating Income (JWD)

    JWD Consolidated Infrastructure management segment 3-2-1. Trends in Net Sales, Gross Profit, and Operating Income 31 Building Construction  FY24 Three projects are initially anticipated to sell, but ended up selling only one.  FY25 We anticipate the sale of projects deferred to FY24, planning for

  33. Slide 33: 3-2-2. Transition of ongoing and developing projects by Japan Wind Development

    JWD Consolidated Infrastructure management segment 3-2-2. The transition of ongoing and developing projects by Japan Wind Development.32  Each project is being steadily developed by having acquired FIT/FIP. Building Construction  As of FY24 4Q, the FIT/FIP-acquired projects have increased by appro

  34. Slide 34: 3-2-3. Projects Status by Japan Wind Development

    JWD Consolidated Infrastructure management segment 3-2-3. Projects Status by Japan Wind Development 33 Building Construction  From development to operation, our group handles all phases of the wind power business.  Prioritizing coexistence with the community, we always promote development through

  35. Slide 35: 3-2-4. Topics: Full Ownership of Wind Power O&M Business Company

    JWD Consolidated Infrastructure management segment 3-2-4．Topics 「Full Ownership of Wind Power O&M Business Company」 34 Full Ownership of Wind Power O&M Company Anticipating the Expansion of Building Construction the O&M Market with the Growth of Domestic Wind Power Plants • With the increase in dome

  36. Slide 36: Segment Highlights

    Maeda Corp Building Construction Maeda Corp Civil Engineering Maeda Corp(consolidated) Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA SEISAKUSHO (consolidated) Machinery

  37. Slide 37: 4-1. Trends in Net Sales, Gross Profit, and Operating Income (MAEDA Road)

    MAEDA Road Consolidated Road Civil Engineering 4-1. Trends in Net Sales, Gross Profit, and Operating Income 36  FY24 Both net sales and gross profits increased year-on-year due to improvement of profit margin on orders received Building Construction and optimization of sales unit prices  FY25 In t

  38. Slide 38: 4-2. Construction business: Net Sales, Gross Profit, and Operating Income

    MAEDA Road Consolidated Road Civil Engineering 4-2. 【Construction business】 Trends in Net Sales, Gross Profit, and Operating Income 37 Building Construction  FY24 Both Revenue and Profit increased year-on-year due to improvement of profit margin on orders received  FY25 In addition to continuing s

  39. Slide 39: 4-3. Manufacturing and Sales business: Net Sales, Gross Profit, Operating Profit

    MAEDA Road Consolidated Road Civil Engineering 4-3. 【Manufacturing and Sales business】 Trends in Net Sales, Gross Profit, and Operating Profit 38 Building Construction  FY24 Both Revenue and Profit increased year-on-year due to improvement of profit margin on orders received  FY25 Profit growth is

  40. Slide 40: 4-4. Topics: 100th Anniversary and Full Two-Day Weekend System

    MAEDA Road Consolidated Road Civil Engineering 4-4. Topics 「100th Anniversary of Maeda Road‘s Founding」 and 「 Full Two-Day Weekend System」 39 Building Construction  Maeda Road will celebrate its 100th anniversary in March 2025 and is currently undertaking various initiatives in commemoration.  Sta

  41. Slide 41: Segment Highlights

    Maeda Corp Building Construction Maeda Corp Civil Engineering Maeda Corp(consolidated) Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA SEISAKUSHO (consolidated) Machinery

  42. Slide 42: 5-1. Trends in Net Sales, Gross Profit and Operating Profit (Machinery)

    MAEDA SEISAKUSHO Consolidated Machinery 5-1. Trends in Net Sales, Gross Profit and Operating Profit 41 Building Construction  FY24 Sales of Komatsu products and in-house products remained strong, resulting in increased net sales and gross profit year on year.  FY25 Although revenue is expected to

  43. Slide 43: 5-2. Construction Machinery: Net Sales, Gross Profit and Operating Profit

    MAEDA SEISAKUSHO Consolidated Machinery 5-2. 【Construction Machinery※1】Trends in Net Sales, Gross Profit and Operating Profit 42 Building Construction  FY24 The sales of large machinery in the first quarter significantly drove performance, resulting in increased net sales and gross profit year on y

  44. Slide 44: 5-3. Industrial Machinery & Steel Products: Net Sales, Gross Profit and Operating Profit

    MAEDA SEISAKUSHO Consolidated Machinery 5-3. 【Industrial Machinery & Steel Products※1】Trends in Net Sales, Gross Profit and Operating Profit 43 Building Construction  FY24 Sales of in-house products particularly crawler cranes were remained strong, then net sales and gross profit were increased yea

  45. Slide 45: 5-4. Topics: Expansion of the Forklift Business

    MAEDA SEISAKUSHO Consolidated Machinery 5-4. Topics: "Expansion of the Forklift Business" 44 Building Construction Following Yamanashi Prefecture, the forklift business have been launched in Nagano and Aichi Prefecture areas. To expand our product categories and secure stable earnings over the mediu

  46. Slide 46: Performance Figures

    Performance Figures «7 INFRONEER Holdings Inc. 45

  47. Slide 47: 1. Maeda Corp. Non-consolidated Performance Figures

    1. Maeda Corp. 【Non-consolidated】 Performance Figures (excluding SPC in Infrastructure Management） 46 （billion yen） FY23 FY24 FY25 ①Results ②Revised ③Results +/-(③-①) +/-(③-②) （billion yen） ④Forecast +/-(④-①) Net Sales 436.1 491.3 493.8 57.7 2.5 508.1 14.3 Total 272.8 338.4 343.3 70.5 4.9 340.5 -2.8

  48. Slide 48: 2. MAEDA ROAD Consolidated Performance Figures

    2. MAEDA ROAD 【Consolidated】 Performance Figures 47 （billion yen） FY23 FY24 FY25 ①Results ②Revised ③Results +/-(③-①) +/-(③-②) ④Forecast +/-(④-③) Net sales 256.0 266.9 267.9 11.9 1.0 261.6 -6.3 Construction Business 176.3 185.5 186.7 10.5 1.2 180.0 -6.8 Manufacturing and Sales Business 79.0 81.5 80.2

  49. Slide 49: 3. MAEDA SEISAKUSHO Consolidated Performance Figures

    3. MAEDA SESAKUSHO 【Consolidated】Performance Figures 48 （billion yen） FY23 FY24 FY25 ①Results ②Forecast ③Results +/-(③-①) +/-(③-②) ④Forecast +/-(④-③) Net sales 41.9 42.0 43.8 1.9 1.8 43.0 -0.8 Construction Machinery 24.9 23.7 25.8 0.9 2.1 26.0 0.2 Industrial Machinery and Steel 14.8 15.7 15.7 0.9 0.

  50. Slide 50: 4. Japan Wind Development Consolidated Performance Figures

    4. Japan Wind Development 【Consolidated】 Performance Figures 49 （billion yen） FY23 FY24 FY25 ①Results ②Revised ③Results +/-(③-①) +/-(③-②) ④Forecast +/-(④-③) Net sales - 6.3 6.5 - 0.2 9.4 2.9 Development - 3.9 3.5 - -0.3 6.9 3.3 O＆M - 2.0 2.5 - 0.5 2.1 -0.5 Others - 0.4 0.4 - 0.0 0.4 0.0 Gross profit

  51. Slide 51: 5. Main INFRONEER Group Companies Performance Figures

    5. Main INFRONEER Group Companies Performance Figures 50 （billion yen） Consolidated FBS CO.,LTD. ※1 FUJIMI KOKEN ※1 JM※2 Subsidiaries FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 (Other Segments) Results Results Forecast Results Results Forecast Results Results Forecast Net sales 1,485.6 1,897.8 1,8

  52. Slide 52: Business Model of Infrastructure Management Segment

    [Supplementary Material] Business Model of Infrastructure Management Segment 51 • Infrastructure management segment is a business model that generates revenue at all stages (①〜⑤) from upstream to downstream of infrastructure including sales. ⑤Sale → Sale Profit (+α) Fund, AM → Dividend Profit, AM Fe

  53. Slide 53: Differences between Contribution to profit and Segment profit

    52 [Supplementary Material] Differences between “Contribution to profit” and “Segment profit” • ”Contribution to profit” is the substantive contribution amount in managerial accounting, calculated by summing up the construction gross profit, other income and operating income of individual consolidat

  54. Slide 54: Reference: Zero Coupon Convertible Bonds (Green CBs)

    53 Re-posting of FY24 3Q material Reference Zero Coupon Convertible Bonds (Green CBs) • Resolved to issue 60-billion-yen Zero Coupon Convertible Bonds (Green CBs) in March 2024 • Consideration for dilution of voting rights of existing shareholders by minimizing conversions through the granting of a

  55. Slide 55: Refinancing of bridge loan for the consolidation of JWD as a subsidiary

    [Supplementary Material] Refinancing of bridge loan for the consolidation of JWD as a subsidiary54 (Billion Yen) Green CBs Green CBs Green CBs Green CBs 60.0 60.0 60.0 60.0 Green bonds Green bonds Liabilities Short-term Short-term Short-term 24.0 24.0 borrowings borrowings borrowings 60.9 Short-term

  56. Slide 56: INFRONEER's strategies and initiatives receive high praise from external sources

    【 Supplementary Material】 INFRONEER's strategies and initiatives receive high praise from external sources 55 Ministry of the Environment ESG Finance Award Japan Received the Minister of the Environment Award (Silver Award) in the Fundraiser Category and also selected in the Environmentally Sustaina

  57. Slide 57: News1 Launch of the Basketball Infrastructure League (BI League)

    Launch of the Basketball Infrastructure League (BI League) News1 〜 Fan and citizen participation competition that supports and enlivens the community with 56 basketball and infrastructure 〜 In FY2024, our first year as a B.LEAGUE Innovation Partner, we have been working to expand awareness and promo

  58. Slide 58: Disclaimer

    【 Disclaimer】 The performance figures stated in this document are based on the numbers from the financial results report, rounded to the nearest billion yen. In addition, forward‐looking statements such as performance plans are based on judgments made using information available as of the date of th

INFRONEER Holdings — FY2024 Earnings Presentation on 6ix