Infroneer Holdings Inc. · TSE:5076
Infroneer — Q1 FY2025 Earnings Presentation
45 slides from Infroneer's earnings presentation, Aug 8, 2025
Slide 1: FY25 1st Quarter Financial Presentation
INFRONEER Holdings FY25 1st Quarter Financial Presentation August 8, 2025
Slide 2: FY2025 1st Quarter Financial Results Supplementary Material Index
FY 2025 1st Quarter Financial Results Supplementary Material INDEX 1 1. Management Environment Recognition = Appendix = 2. Financial Summary Segments Highlights 3. Capital Strategies & Return Policy/ FY25 1Q 1. Building Construction Results and Forecast 2. Civil Engineering 3. Infrastructure Managem
Slide 3: 1. Management Environment Recognition
1. Management Environment Recognition Our recognitions and approaches to the market environment, order environment, and material prices, etc. 2 Market Our Segments Our Recognitions Our Approaches Conditions Conditions Investments in construction remain at a high level, but The current backlog of c
Slide 4: 2. Financial Summary
2. Financial Summary 3 Company Segment Financial Summary • In FY25 Q1, both net sales and profits increased year-on-year. Net sales, EBITDA, and net income reached have INFRONEER reached at a record high since INFRONEER HD was established. Operating profits also remained at a record high, and steady
Slide 5: 3-1. Capital Strategies & Return Policy/ FY25 1Q Results and Forecast
3-1. Capital Strategies & Return Policy/ FY25 1Q Results and Forecast 4 Medium-term Vision 2027 FY24 Results FY25 1Q Forecast Capital Full-year results expected ROE 9.0％ 7.5％ 7.2％(Full-year) Efficiency to be in line with forecasts 37.5％(1Q) Equity Ratio 30％ or more 35.8％ Optical 34.6％(Full-year) Exp
Slide 6: 4-1. Performance Figures for INFRONEER Holdings
4-1. Performance Figures for INFRONEER Holdings 5 Business Profits Profits （billion yen） IFRS Business Profits 1Q Business Profit Business Profit Margin （billion yen） Profits 1Q Profits Profits Margin 600 60 54.5 400 40 51.5 48.5 33.5 32.5 32.4 33.4 46.4 37.5 26.7 40 400 5.7% 6.1% 20 200 200 3.8% 3.
Slide 7: 4-2. Performance Figures for INFRONEER Holdings
4-2. Performance Figures for INFRONEER Holdings 6 • FY25 1Q results increased in both revenues and profits (YoY). Net sales, EBITDA, and net income has reached record high since INFRONEER HD was established. Operating profits also remained at a record high, and steady progress toward the full-year t
Slide 8: 5. Segment Performance Figures Year-Over-Year
5. Segment Performance Figures Year-Over-Year 7 （billion yen） FY24 FY25 FY24 FY25 Forecast YoY YoY Progress ※ 1Q Result 1Q Result Result① Plan② ②ー① Net sales 178.3 191.6 13.3 21.4% 847.5 896.3 48.8 Building Construction 61.3 73.7 12.4 21.6% 320.7 340.5 19.8 Civil Engineering 30.8 31.3 0.6 18.8% 142.
Slide 9: 6. Transitions of Backlog, Orders Received, and Profit Margin of Orders Received
6. Transitions of Backlog, Orders Received, and Profit Margin of Orders Received 【Building and Civil Engineering Segments】 8 Orders received of building segment remain steadily with profit margin of orders received sustained at a high level. Backlog in FY25 is expected to remain high, as in FY24.
Slide 10: 7. Major Factors for the Changes in Consolidated Balance Sheet
7. Major Factors for the Changes in Consolidated Balance Sheet 9 Assets Liabilities and Equity （Billion yen） （Billion yen） 1,450.7 ▲ 63.2 (1,357.7)※1 (▲ 61.7) 1,387.5 1,450.7 ▲ 63.2 Major Factors (1,296)※1 1,387.5 Major Factors ▲70.7 Liabilities with ▲12 Trade/other receivables▲50.1 interest※2 Short
Slide 11: 8. Trend of Stock Price and IR Schedule
8. Trend of Stock Price and IR Schedule 10 Capital-efficient management by implementing the capital strategy outlined in the Medium-Term Vision and achieving the performance targets is enghanced. Deepening understanding of strategic direction is achieved through engagement in proactive IR activi
Slide 12: 9. Impact on Financial Indicators on Bond-Type Class Shares
9. Impact on Financial Indicators on Bond-Type Class Shares 11 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 commo
Slide 13: Appendix
Maeda Corp Building Construction Maeda Corp Civil Engineering Maeda Corp(consolidated) Infrastructure Management Appendix Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA SEISAKUSHO (consolidated) Machinery
Slide 14: 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
Slide 15: 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 14 FY25 1Q Due to progress in profitable construction projects acquired in the previous fiscal year and earlier, net sales Building Construction and gross profits increased
Slide 16: 1-2. Trends in Orders Received and Profit Margin of Orders Received
Maeda Corp. Building construction segment (Real estate included) 1-2. Trends in Orders Received and Profit Margin of Orders Received 15 Building Construction FY25 1Q Orders were received as planned, and profit margins reached a high level of 9.7%. FY25 Orders are expected to reach the planned va
Slide 17: 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. 16 Building Construction We expect to receive orders for large-scale projects such as "offices," "residential buildings," and "cultural facilities," and the order ratio is expect
Slide 18: 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
Slide 19: 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 18 FY25 1Q Net Sales are growing steadily, but gross profit have decreased due to the low number of large projects Building Construction completed this fiscal year, resulting in increased net sales a
Slide 20: 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 19 FY25 1Q Orders received were strong from both the public and private sectors, progressing as planned. Profit margin of Building Construction orders received also remained high. FY25 From
Slide 21: 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
Slide 22: 3-1-1. Trends in Net Sales, Gross Profit, and EBITDA
Maeda Corp. Group Infrastructure management segment 3-1-1. Trends in Net Sales, Gross Profit, and EBITDA 21 FY25 1Q Concession businesses such as the Aichi Road Concession and the Osaka Industrial Water Concession made Building Construction steady progress, resulting in increased revenue and profi
Slide 23: 3-1-2. Profit contribution amount
Maeda Corp. Group Infrastructure management segment 3-1-2. Profit contribution amount 22 FY25 1Q The operating profits of the SPCs currently in operation, including Aichi Road Concession, are progressing Building Construction smoothly. FY25 Komono Villa is scheduled to be sold within this fiscal
Slide 24: 3-1-3. Performance figures for major group companies (Infrastructure Management)
Maeda Corp. Consolidated Infrastructure management segment 3-1-3. Performance figures for major group companies (Infrastructure Management) 23 Building Construction （million yen） Consolidated ※1 Miotsukushi Industrial Water Miura Sewerage Concession Co., Aichi Road Concession Co., Ltd. subsidiaries
Slide 25: 3-1-4. Major Infrastructure Management Projects in Japan
Infrastructure management segment 3-1-4. Major Infrastructure Management Projects in Japan 24 Building Construction Proven track record in various infrastructure services. Utilize our extensive operational know-how backed by our track record to acquire future projects Concessions PFI(Service Pur
Slide 26: 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
Slide 27: 3-2-1. Trends in Net Sales, Gross Profit, and EBITDA (JWD)
JWD Consolidated Infrastructure management segment 3-2-1. Trends in Net Sales, Gross Profit, and EBITDA 26 FY25 1Q Net sales remained nearly flat year-on-year. Gross profit increased. Building Construction FY25 Expect to achieve the full-year plan through the sale of projects postponed from the
Slide 28: 3-2-2. The transition of ongoing and developing projects
JWD Consolidated Infrastructure management segment 3-2-2. The transition of ongoing and developing projects 27 FY25 1Q 4 no of project are commenced to construct during 1Q(FY2025) Building Construction FY25 Compared to FY24, two new projects (118MW) are commenced and are steadily advancing the d
Slide 29: 3-2-2. Projects Status by Japan Wind Development
JWD Consolidated Infrastructure management segment 3-2-2. Projects Status by Japan Wind Development 28 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
Slide 30: 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
Slide 31: 4-1. Trends in Net Sales, Gross Profit, and Operating Profit (Maeda Road)
MAEDA Road Consolidated Road Civil Engineering 4-1. Trends in Net Sales, Gross Profit, and Operating Profit 30 Building Construction FY25 1Q While net sales remained nearly flat, gross profit increased year on year. FY25 Expect to achieve the full-year plan by securing profit margins at the time
Slide 32: 4-2. Construction business: Trends in Order, Net Sales, Gross Profit, Operating Profit
MAEDA Road Consolidated Road Civil Engineering 4-2. 【Construction business】 Trends in Order ,Net Sales, Gross Profit, and Operating Profit 31 FY251Q Although net sales will decrease due to the implementation of five-day work week, we will maintain profit levels comparable to Building Construction
Slide 33: 4-3. Manufacturing and Sales business: Trends in Net Sales, Gross Profit, Operating Profit
MAEDA Road Consolidated Road Civil Engineering 32 4-3. 【Manufacturing and Sales business】 Trends in Net Sales, Gross Profit, and Operating Profit FY25 1Q Progress in passing on price increases implemented in the previous term and the stabilization of Building Construction raw material costs, both
Slide 34: 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
Slide 35: 5-1. Trends in Net Sales, Gross Profit and Operating Profit (Maeda Seisakusho)
MAEDA SEISAKUSHO Consolidated Machinery 5-1. Trends in Net Sales, Gross Profit and Operating Profit 34 FY25 1Q Although sales of clawler cranes remained steady, overall revenue and profit declined due to a significant decrease in sales volume of certain Building Construction industrial machinery p
Slide 36: 5-2. Construction Machinery / Industrial Machinery & Steel Products
MAEDA SEISAKUSHO Consolidated Machinery 5-2. 【Construction Machinery ※1 / Industrial Machinery & Steel Products ※2 】 Trends in Net Sales, Gross Profit and Operating Profit※3 35 FY25 1Q In construction machinery, profit increased by properly reflecting cost increases in prices. However, in industri
Slide 37: Performance Figures
Performance Figures
Slide 38: 1. MAEDA CORP. [Individual] FY25 1Q Results & Full-Year Plan
1. MAEDA CORP. 【Individual】 FY25 1Q Results & Full-Year Plan （not including SPC of Infrastructure Management） （billion yen） 37 FY24 FY25 YoY FY25 Full-Year 1Q Progress 1Q results 1Q results Change forecast Rate Net Sales 91.4 105.5 14.1 508.1 20.8% Total 60.3 74.0 13.7 340.5 21.7% Building Construct
Slide 39: 2. MAEDA ROAD [Consolidated] FY25 1Q Results & Full-Year Plan
2. MAEDA ROAD 【Consolidated】 FY25 1Q Results & Full-Year Plan （billion yen） 38 FY24 FY25 YoY FY25 Full-Year 1Q Progress 1Q results 1Q results Change forecast Rate Net Sales 59.8 59.7 -0.1 261.6 22.8% Construction Business 42.3 40.8 -1.5 180.0 22.7% Manufacturing and Sales Business 17.5 18.9 1.4 81.7
Slide 40: 3. MAEDA SEISAKUSHO [Consolidated] FY25 1Q Results & Full-Year Plan
3. MAEDA SEISAKUSHO 【Consolidated】 FY25 1Q Results & Full-Year Plan 39 （billion yen） FY24 FY25 YoY FY25 Full-Year 1Q Progress 1Q results 1Q results Change forecast Rate Net Sales 10.0 9.0 -1.0 43.0 20.9% Construction Machinery 6.4 5.8 -0.6 26.0 22.3% Industrial Machinery & Steel Products 3.1 2.7 -0.
Slide 41: 4. Japan Wind Development Co., Ltd. [Consolidated] FY25 1Q Results & Full-Year Plan
4. Japan Wind Development Co., Ltd. 【Consolidated】 FY25 1Q Results & Full-Year Plan 40 （billion yen） FY24 FY25 YoY FY25 Full-Year 1Q Progress 1Q results 1Q results Change forecast Rate Net Sales o.9 1.0 0 9.4 10.2% Development 0.4 0.5 0 6.9 6.8% O&M 0.5 0.4 -0.1 2.1 21.5% Others 0 0.1 0 0.4 12.0% Gr
Slide 42: 5. Main INFRONEER Group Companies FY25 1Q Results & Full-Year Plan
5.Main INFRONEER Group Companies FY25 1Q Results & Full-Year Plan 41 (million yen) Consolidated FBS CO.,LTD. ※1 FUJIMI KOKEN ※1 JM ※2 Subsidiaries (Other FY24 1Q FY25 1Q FY25 FY24 1Q FY25 1Q FY25 FY24 1Q FY25 1Q FY25 Segments) Results Results Forecast Results Results Forecast Results Results Forecas
Slide 43: Evaluation by external rating agencies
【Supplementary Material】 Evaluation by external rating agencies. 42 Continued inclusion as a constituent of the ESG investment index, the "FTSE Blossom Japan Sector Relative Index". Continued inclusion as an index constituent of the "FTSE Blossom Japan Sector Relative Index" (hereinafter "the index"
Slide 44: Differences between Contribution to profit and Segment profit
43 [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
Slide 45: 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