45 slides from Toa Corporation (construction)'s earnings presentation, May 19, 2026
Slide 1: FY2025 Financial Results Briefing Material
FY2025 Financial Results Briefing Material May 19, 2026 President and Representative Director Takeshi Hayakawa Chief of Corporate Management General Headquarters Takeshi Nakao TOA CORPORATION
Slide 2: Agenda
Agenda 1. FY2025 Earnings Results and FY2026 Forecasts 2. Business Strategies for Medium-to-Long-term Growth TOA CORPORATION
Slide 3: FY2025 Earnings Summary
FY2025 Earnings Summary Consolidated net sales, operating profit, ordinary profit, and profit* all achieved record highs. (Unit: billions of yen) Orders received Net sales Operating profit Ordinary profit Profit* ROE (Non-consolidated) *Profit : profit attributable to owners of parent. 338.7 358.6 2
Slide 4: FY2025 Financial Results
FY2025 Financial Results Consolidated net sales, operating profit, ordinary profit, and profit* all achieved record highs. ✓ Orders received (non-consolidated) : Decreased by 4.3% YoY due to weaker overseas performance, despite strong domestic civil engineering and building construction orders. ✓ Ne
Slide 5: [Non-consolidated] Breakdown of Orders Received by Business
[Non-consolidated] Breakdown of Orders Received by Business (Unit: billions of yen) FY2024 FY2025 Factors for YoY change Orders received Previous Change vs. Orders received: 338.7 billion yen (YoY -4.3％) Actual Actual YoY change % YoY difference forecast previous Domestic civil engineering: 157.5 bi
Slide 6: [Consolidated] Breakdown of Net Sales and Profit/Loss by Reportable Segment
[Consolidated] Breakdown of Net Sales and Profit/Loss by Reportable Segment (Unit: billions of yen) FY2024 FY2025 Net sales Change vs. Factors for YoY change Actual % of total Actual % of total YoY change % YoY difference Previous forecast (Feb. 2026) previous (Feb. 2026) Domestic civil engineering
Slide 7: Breakdown of Changes in Consolidated Operating Profit (FY2025)
Breakdown of Changes in Consolidated Operating Profit (FY2025) Domestic civil engineering Domestic building construction Overseas Others Impact of increase in net sales Impact of decrease in OP margin Impact of 0.4 Adjustment improved OP margin billion yen (0.9) Impact of increase 1.5 billion yen (1
Slide 8: Consolidated Balance Sheets
Consolidated Balance Sheets Total assets Total liabilities and net assets (Unit: billions of yen) (Unit: billions of yen) 350.0 350.0 298.9 305.4 298.9 305.4 300.0 300.0 250.0 250.0 166.6 170.5 200.0 200.0 242.6 240.7 150.0 150.0 20.8 20.5 100.0 100.0 107.8 117.9 50.0 32.5 50.0 32.7 0.7 1.3 22.8 30.
Slide 9: Consolidated Cash Flows
Consolidated Cash Flows ✓Operating CF : Increased mainly due to increase in profit before income taxes and decrease in trade receivables. ✓Investment CF : Decreased due to expenditures for the acquisition of property, plant and equipment, despite gains from the sale of investment securities. ✓Financ
Slide 10: FY2026 Forecast Summary
FY2026 Forecast Summary Net sales are expected to increase slightly through the steady execution of 509.0 billion yen in non-consolidated work on hand carried over from the previous fiscal year. Although operating profit, ordinary profit, and profit* are expected to decline at the beginning of this
Slide 11: FY2026 Forecasts
FY2026 Forecasts ✓ Orders received (non-consolidated) : Expected to decrease as priority is placed on executing abundant construction on hand, despite an extremely favorable market environment driven by national resilience initiatives and increased defense spending. ✓ Net sales (consolidated) : Expe
Slide 12: [Non-consolidated] Forecast of Orders Received by Business
[Non-consolidated] Forecast of Orders Received by Business (Unit: billions of yen) FY2025 FY2026 Orders received: 292.0 billion yen (YoY -13.8 %) Forecast of orders received Actual Forecast YoY change % YoY difference ✓ Domestic Civil Engineering: 117.0 billion yen (YoY -25.7 %) Public 108.7 80.0 (2
Slide 13: [Consolidated] Forecasts of Net Sales and Profit/Loss by Reportable Segment
[Consolidated] Forecasts of Net Sales and Profit/Loss by Reportable Segment (Unit: billions of yen) [Net sales] (Unit: billions of yen) FY2025 FY2026 Net sales Actual % of net sales Forecast % of net sales YoY change % YoY difference Domestic civil engineering 156.0 43.5% 167.0 46.4% 7.0% 10.9 Domes
Slide 14: Dividends
Dividends ✓ For FY2025, taking into account business performance and the financial position, the year-end dividend is set at 62 yen per share (including a special dividend of 23 yen). As a result, the annual dividend will be increased to 100 yen per share, including an interim dividend of 38 yen, re
Slide 15: Reduction of Cross-shareholdings
Reduction of Cross-shareholdings ✓ As of the end of March 2026, the balance of cross-shareholdings (excluding deemed holdings) was 13.0 billion yen, increased by 0.5 billion yen compared to the previous year, due to rising stock prices although 14 stocks worth of 2.39 billion yen were sold during FY
Slide 16: Constructive Dialogue with Capital Markets
Constructive Dialogue with Capital Markets Basic policy ✓ We strive to build long-term relationships of trust with its shareholders by engaging in constructive dialogue, with the aim of achieving sustainable growth and enhancing medium- to long-term corporate value. ✓ The opinions, concerns, and o
Slide 17: Medium-term Management Plan <2026-2028> Key Financial KPIs
Medium-term Management Plan <2026-2028> Key Financial KPIs ✓ To ensure ROE consistently exceeds the cost of equity, we aim to sustain ROE of 10% or higher. ✓ We will further enhance corporate value by positioning capital efficiency improvement as a key management priority and will also consider the
Slide 18: Medium-term Management Plan <2026-2028> Cash Allocation
Medium-term Management Plan <2026-2028> Cash Allocation ✓ The total investment under the current Medium-term Management Plan will be expanded to ¥50.0 billion. (M&A investments will be treated separately.) ✓ Cash inflows will primarily be sourced from operating profit. In addition to optimizing held
Slide 19: Agenda
Agenda 1. FY2025 Earnings Results and FY2026 Forecasts 2. Business Strategies for Medium-to-Long-term Growth TOA CORPORATION
Slide 20: Business Scale Targeted for FY2035
Medium-term Management Plan <2026-2028> Business Scale Targeted for FY2035 Growth of Human Resources and Businesses That Respond to Societal Demands ✓ To meet societal needs such as infrastructure development and defense, we will steadily expand our business scale while improving productivity and de
Slide 21: Toward Achieving Net Sales of 500 Billion Yen in FY2035
Toward Achieving Net Sales of 500 Billion Yen in FY2035 Focus on the construction business > expanding into new 1. business areas Make talent acquisition and development a key priority 2. Enhance collaboration with partner companies to 3. strengthen construction capabilities Strengthen pricing power
Slide 22: Medium-term Management Plan <2026–2028> Key Focus Areas
Medium-term Management Plan <2026–2028> Key Focus Areas (Unit: billions of yen) 600 Others Overseas Company-wide key focus areas Domestic Building Construction Domestic Civil Engineering (1) Strengthen pricing power. CAGR 500 billion yen (2) Improve productivity and pursue economies of scale. 500 4.
Slide 23: Talent-Related Challenges
Talent-Related Challenges FY2025 Age profile 20s 30s 40s 50s Challenges (1) The current site manager workforce is centered on employees in their 50s, but the age profile will shift to a peak in the 30s–40s range in 10 years. (2) In the construction industry, where experience plays a significant role
Slide 24: Human Resources Strategy to Achieve FY2035 Targets
Human Resources Strategy to Achieve Net Sales of 500 Billion Yen in FY2035 Basic Policy ✓ Continue new graduate and mid-career hiring as a key management priority. ✓ Combine training and practical experience effectively to systematically develop younger site managers in their 30s–40s. ✓ Gradually re
Slide 25: Strengthening Collaboration with Partner Companies
Strengthening Collaboration with Partner Companies Collaboration in training and education ✓ Invest in training in collaboration with partner companies to develop engineers. Collaboration in recruitment ✓ Develop and implement training programs. activities ✓ Promote technical exchange and know-how s
Slide 26: Domestic Civil Engineering Business Strategy
Domestic Civil Engineering Business Strategy Ongoing national resilience budget Expansion of the defense budget Strengthening the land-based Trends and Outlook for Public Works segment Trends in the Ministry of Defense （Trillions of yen） Expenditures (MLIT-related) Facility Resilience Budget 10.0 （B
Slide 27: Domestic Building Construction Business Strategy
Domestic Building Construction Business Strategy Continuing the focus Capturing the replacement Strengthening capabilities on the logistics sector demand for refrigerated for government and public-sector warehouses projects 防衛大学生舎（後日正式工事名） (Provisional name) Kojima School Lunch Joint Cooking Facilit
Slide 28: Overseas Business Strategy
Overseas Business Strategy Maintaining order intake Strengthening order Capturing emerging in Singapore acquisition opportunities through local subsidiaries About Timor-Leste ✓ Joined ASEAN in 2025 ✓ Scheduled to host the Timor Island Dili ASEAN Summit in 2029 Democratic Republic Singapore: Tuas Por
Slide 29: Sustainability Strategy
Sustainability Strategy Materiality KPIs FY2026 targets FY2028 targets Reduction rate of greenhouse gas emissions (Scope 1 and 2; 18.8% 31.4% compared with FY2020) Reduce environmental impact and foster environmental value Number of R&D projects contributing to decarbonization, resource 10 cases or
Slide 30: Appendix
FY2025 Appendix 29
Slide 31: Major Completed Projects
Major Completed Projects Nanao Port (Ota District) Quay (–10 m) (Ota No. 2, Cargo-dedicated) Kuji River Right Bank (Korofuji North District) Development Works (FY2023) Tokuyama–Kudamatsu Port, Tokuyama DistrictQuay Wall Construction (Disaster Recovery) Improvement Works and one additional work Ibara
Slide 32: List of Major Orders Received
List of Major Orders Received Construction period Segment Project name Client name Formation (from the first to the last) Ministry of Land, Infrastructure, Kobe Port Harbor Road Osaka Bay Coastal Route (West Extension) Main Tower (3P) Foundation Works Transport and Tourism JV Dec.2025 ～ Nov.2029 (Ki
Slide 33: Transition of Orders Received, Net sales, and Constructions on Hand
[Non-consolidated] Transition of Orders Received, Net sales, and Constructions on Hand Domestic Civil Engineering (Unit: billions of yen) Orders received Net sales Construction on hand 191.4 191.3 197.4 200.0 171.9 153.4 157.5 151.3 146.4 137.2 137.3 150.0 124.8 134.0 106.6 106.5 99.3 100.0 50.0 0.0
Slide 34: Orders Received by Business over the Past 5 years
[Non-consolidated] Orders Received by Business over the Past 5 years (Unit: billions of yen) Orders Received by Business FY2021 FY2022 FY2023 FY2024 FY2025 Marine civil engineering 58.0 122.4 97.4 95.9 119.8 Construction Type Land civil engineering 48.5 24.0 56.0 41.2 37.7 Public 79.7 126.5 128.7 10
Slide 35: Information on Consolidated Subsidiaries (Building Construction, Real Estate and Other)
Information on Consolidated Subsidiaries (Building Construction, Real Estate and Other Business) *Number of employees includes board of directors, executive officers, and temporary employees. (Unit: millions of yen, persons) (Unit: millions of yen, persons) FY2021 FY2022 FY2023 FY2024 FY2025 FY2021
Slide 36: Information on Consolidated Subsidiaries (PFI Business)
Information on Consolidated Subsidiaries (PFI Business) *Number of employees includes board of directors, executive officers, and temporary employees. (Unit: millions of yen, persons) (Unit: millions of yen, persons) FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 ■ PFI Funeral
Slide 37: Capital Expenditure, R&D Costs, Depreciation, and Number of Employees
Capital Expenditure, Research and Development Costs, and Depreciation Expenses, and Number of Employee (Consolidated and Non-consolidated) FY2026 FY2021 FY2022 FY2023 FY2024 FY2025 （plan） ■ Capital expenditure (Unit: millions of yen) Consolidated 2,389 3,434 2,948 1,568 3,237 2,600 Non-consolidated
Slide 38: Consolidated Number of Employees
Consolidated Number of Employees *Number of employees as stated in the Annual Securities Report ©2026 TOA COPRORATION. All rights reserved. 37
Slide 39: Matters Related to Shares (As of March 31, 2026)
Matters Related to Shares (As of March 31, 2026) Total number of shares Data on major shareholders (Unit: thousands of shares) Number of Shareholding Total number of outstanding shares 87,978,516 Shareholder name shares held ratio Number of treasury shares 6,164,556 The Master Trust Bank of Japan, L
Slide 40: [Consolidated] FY2025 Net Sales and Profit/Loss by Reportable Segment
[Consolidated] FY2025 Net Sales and Profit/Loss by Reportable Segment (Unit: billions of yen) 2Q (interim) 3Q 4Q 1Q Net sales (cumulative amount) (cumulative amount) (cumulative amount) Actual % of total Actual % of total Actual % of total Actual % of total Domestic civil engineering 34.6 41.5% 69.2
Slide 41: [Consolidated] FY2024 Net Sales and Profit/Loss by Reportable Segment
[Consolidated] FY2024 Net Sales and Profit/Loss by Reportable Segment (Unit: billions of yen) 2Q (interim) 3Q 4Q 1Q Net sales (cumulative amount) (cumulative amount) (cumulative amount) Actual % of total Actual % of total Actual % of total Actual % of total Domestic civil engineering 29.2 42.8% 65.3
Slide 42: [Consolidated] FY2023 Net Sales and Profit/Loss by Reportable Segment
[Consolidated] FY2023 Net Sales and Profit/Loss by Reportable Segment (Unit: billions of yen) 2Q (interim) 3Q 4Q 1Q Net sales (cumulative amount) (cumulative amount) (cumulative amount) Actual % of total Actual % of total Actual % of total Actual % of total Domestic civil engineering 31.3 50.1% 64.6
Slide 43: [Consolidated] FY2022 Net Sales and Profit/Loss by Reportable Segment
[Consolidated] FY2022 Net Sales and Profit/Loss by Reportable Segment (Unit: billions of yen) 2Q (interim) 3Q 4Q 1Q Net sales (cumulative amount) (cumulative amount) (cumulative amount) Actual % of total Actual % of total Actual % of total Actual % of total Domestic civil engineering 19.5 41.4% 40.9
Slide 44: [Consolidated] FY2021 Net Sales and Profit/Loss by Reportable Segment
[Consolidated] FY2021 Net Sales and Profit/Loss by Reportable Segment (Unit: billions of yen) 2Q (interim) 3Q 4Q 1Q Net sales (cumulative amount) (cumulative amount) (cumulative amount) Actual % of total Actual % of total Actual % of total Actual % of total Domestic civil engineering 23.7 46.6% 52.5
Slide 45: Contact
Contact Shinjuku Park-Tower 31F 3-7-1, Nishi-Shinjuku, Shinjuku-Ku, Tokyo 163-1031, Japan TOA CORPORATION Corporate Management General Headquarters Corporate Communications Dept. TEL :03-6757-3821 This document contains predictions based on current assumptions and forecasts regarding the future. Ple