Slide 1: Material on the Consolidated Financial Results for the Six Months Ended September 30, 2025
Material on the Consolidated Financial Results for the Six Months Ended September 30, 2025 YAHAGI CONSTRUCTION CO., LTD. Code no.: 1870 (Listed on Prime Market of Tokyo Stock Exchange and Premier Market of Nagoya Stock Exchange) November 6, 2025 ©2025 All rights reserved., YAHAGI CONSTRUCTION CO., L
Slide 2: Financial Results for the Six Months Ended September 30, 2025
I Financial Results for the Six Months Ended September 30, 2025 ©2025 All rights reserved., YAHAGI CONSTRUCTION CO., LTD. 2
Slide 3: Highlights of financial results for the six months ended September 30, 2025
Highlights of financial results for the six months ended September 30, 2025 ◼ Net sales Net sales increased sharply by ¥30.9 billion to ¥89.6 billion year on year, marking a record high for a six-month period for the third consecutive fiscal year, driven by the peaking of large-scale construction pr
Slide 4: Financial results for the six months ended September 30, 2025
Financial results for the six months ended September 30, 2025 (Millions of Yen) Six months ended Six months ended Six months ended Year on year Sept.30, 2023 Sept.30, 2024 Sept.30, 2025 Increase/ Actual Actual Actual Change decrease Net sales 52,158 58,760 89,665 30,905 52.6% Net sales of completed
Slide 5: Factors for increase or decrease in net sales/operating profit (vs prior year)
Factors for increase or decrease in net sales/operating profit (vs results for the fiscal year ended September 30, 2024) ◼ Net sales · · · There was a significant ¥30.9 billion increase year on year due to the significant growth of the construction business, resulting in a new high continued from th
Slide 6: Comparison with financial forecasts
Comparison with financial forecasts (Millions of Yen) Six months ended Six months ended vs forecasts Sept. 30, 2025 Sept. 30, 2025 Forecast Actual Increase/decrease Achievement rate Net sales 88,000 89,665 1,665 101.9% Net sales of completed construction contracts 78,000 79,064 1,064 101.4% Net sale
Slide 7: Factors for increase or decrease in net sales/operating profit (vs forecasts)
Factors for increase or decrease in net sales/operating profit (vs year-beginning forecasts) ◼ Net sales · · · Approximately on the same level as the forecast Construction business: Net sales were approximately consistent with the forecast. A decrease in building construction was offset by an increa
Slide 8: Overall status by segment: Architectural business
<Overall status by segment> Architectural business ◼ Orders received Orders received remained high, mainly due to orders for the construction of multiple large condominiums. However, they were lower than the previous fiscal year, when orders reached a record high for a six-month period. ◼ Net sales
Slide 9: Overall status by segment: Civil engineering business
<Overall status by segment> Civil engineering business ◼ Orders received Orders received remained high, roughly at the same level as the previous fiscal year, largely due to large-scale construction project orders from the public sector. ◼ Net sales Sales rose by ¥2.9 billion year on year, reflectin
Slide 10: Overall status by segment: Real estate business
<Overall status by segment> Real estate business ◼ Net sales Net sales rose ¥1.4 billion year on year, the result of the sale of self-developed land for industrial use. ◼ Gross profit Increased ¥0.6 billion year on year due to the sale of self-developed land for industrial use with high profit margi
Slide 11: Summary of orders received and orders received carried forward
Summary of orders received and orders received carried forward ◼ Orders received Orders received (JPY mil) Orders for both building construction and civil engineering remained strong, although they were lower than the previous fiscal year, when orders reached a record high for a six-month period. Yo
Slide 12: Consolidated financial position
Consolidated financial position ◼ Total assets Trade receivables increased due to a higher volume of construction in the construction business. Consequently, total assets rose by ¥10.5 billion. ◼ Liabilities Total liabilities rose by ¥6.2 billion due to higher trade payables resulting from higher co
Slide 13: Consolidated financial position: key indicators and cash flows
Consolidated financial position ❏ Key management indicators (Millions of Yen) Six months ended Six months ended FYE March 2022 FYE March 2023 FYE March 2024 FYE March 2025 Sept. 30, 2024 Sept. 30, 2025 Actual Actual Actual Actual Actual Actual Return on assets (ROA) 5.0% 5.9% 7.5% 6.4% － － Return on
Slide 14: Financial Forecasts for the Fiscal Year Ending March 31, 2026
II Financial Forecasts for the Fiscal Year Ending March 31, 2026 ©2025 All rights reserved., YAHAGI CONSTRUCTION CO.,LTD. 14
Slide 15: Highlights of the financial forecasts for the fiscal year ending March 31, 2026
Highlights of the financial forecasts for the fiscal year ending March 31, 2026 While the six-month results exceeded forecasts, the full-year forecasts have not been changed from the forecasts announced on May 7, 2025. The Company will disclose any revision to the forecasts as soon as it becomes nec
Slide 16: Financial forecasts for the fiscal year ending March 31, 2026
Financial forecasts for the fiscal year ending March 31, 2026 Full-year forecasts for the fiscal year ending March 31, 2026 are as follows. Both net sales and profits at all levels are forecast to reach record highs, with net sales expected to be ¥168.0 billion (up¥ 27.3 billion year on year), opera
Slide 17: Consolidated financial forecasts for the fiscal year ending March 31, 2026 (by segment)
Consolidated financial forecasts for the fiscal year ending March 31, 2026 (by segment) (Millions of Yen) 2025.3 2026.3 Year on year (full year) Actual Full-year forecasts Increase/decrease Change Net sales 140,699 168,000 27,300 19.4% Net sales of completed construction contracts 118,701 150,000 31
Slide 18: Factors for increase or decrease in net sales/operating profit (vs prior fiscal year)
Factors for increase or decrease in net sales/operating profit (vs results for the fiscal year ended March 31, 2025) ◼ Net sales Construction business: Net sales are expected to far exceed the previous fiscal year due to the progress of work in several large building construction projects. Real esta
Slide 19: Major completed construction project
Major completed construction project [Building construction] [Building construction] New construction of New construction of School Lunch Center Mitsui Fudosan Logistics Park Ichinomiya of Konan City Completed in May 2025 Completed in July 2025 Ichinomiya, Aichi Konan, Aichi Client: Mitsui Fudosan C
Slide 20: Shareholder Returns
Ⅲ Shareholder Returns ©2025 All rights reserved., YAHAGI CONSTRUCTION CO.,LTD. 20
Slide 21: Dividends
Dividends Dividend policy (applied in FYE March 2026): Dividend on equity ratio (DOE) of 5% or more and progressive dividends ◼ The interim dividend for the fiscal year ending March 31, 2026 will be 45 yen, which is the publicly disclosed value. ◼ The forecast year-end dividend will also be 45 yen a
Slide 22: Medium-Term Management Plan
Ⅳ Medium-Term Management Plan ©2025 All rights reserved., YAHAGI CONSTRUCTION CO.,LTD. 22
Slide 23: Vision for FY2030 and the positioning of the medium-term management plan
Vision for FY2030 and the positioning of the medium-term management plan Vision for FY2030: “Problem-solving and value-creating company” ◼ A company that contributes to the sustainable development of customers, communities, and society by creating and providing new value through construction enginee
Slide 24: Business policy
Business policy Transformation into a problem-solving and value-creating company “Enhancement of capabilities to build and create” and the “development of the foundation for sustainable growth” toward accelerated growth Exploring and developing new areas and Deepening and evolving existing businesse
Slide 25: Progress of the medium-term management plan (FY2021 to FY2025)
Progress of the the medium-term management plan (FY2021 to FY2025) ◼ Net sales Net sales are expected to far exceed the numerical target in the medium-term management plan (¥130.0 billion) due to an increase in orders received for building construction associated with real estate development, and al
Slide 26: Numerical targets and progress in the medium-term management plan
Numerical targets and progress in the medium-term management plan (FY2021 to FY2025) Good progress was made in the architectural, civil engineering and real estate businesses. In terms of profit, a well-balanced business portfolio has been established. ❏ Trend in segment net sales ❏ Trend in segment
Slide 27: Trend in profit margin of architectural business
Trend in profit margin of architectural business While the profit margin has been trending lower for the past several years due to the rapid price hike, the margin is expected to improve in the current fiscal year given progress in price pass-through and a decrease in the number of unprofitable cons
Slide 28: Cash allocation
Cash allocation Allocate cash appropriately to future growth investments and shareholder returns, by utilizing interest-bearing debt to the extent that financial soundness can be maintained, in addition to earned profit. Cash allocation policy FYE March 2022 to FYE March 2026 Utilization of Increase
Slide 29: Investment plan and progress
Investment plan and progress We plan to make growth investment to build the foundation for realizing the vision for FY2030, in the amount of approx. ¥30 billion over 5 years (¥6 billion per year on average). We have invested approx. ¥35.0 billion over the past four years, an average of ¥8.7 billion
Slide 30: Investment plan and progress (real estate investment)
Investment plan and progress (real estate investment) We will increase real estate investments in industrial sites aiming to continuously expand the real estate business. — Multiple projects will be implemented simultaneously to establish a stable revenue base. ● Progress of projects for the develop
Slide 31: Investment plan and progress (other investments)
Investment plan and progress (other investments) Investment in R&D investment information technology Accelerate demonstration research and development to Increase the productivity of the construction process deliver value to customers based on market needs and carry out workstyle reforms [Results] -
Slide 32: Analysis of current status of capital cost and return on equity
Analysis of current status of capital cost and return on equity PBR has increased to a level far above 1.0× due to the implementation of management with an awareness of capital cost and share price Trends in Return on Equity (ROE) Trends in Price Book-value Ratio (PBR) 12.0% 10.2% 11.0% (*) 9.4%（※）
Slide 33: Analysis of current status of capital cost and return on equity
Analysis of current status of capital cost and return on equity The Company's return on equity (ROE) is higher than its cost of shareholders' equity. However, the spread between them is narrowing. The Company aims to widen the spread, or the gap between ROE and the cost of shareholders' equity by in
Slide 34: Efforts to maximize corporate value
Efforts to maximize corporate value The Company will step up initiatives for widening the spread (= constantly creating excess returns) and increasing PER (= gaining market appreciation through engagement) in a bid to maximize the corporate value (= PBR exceeding 1). Maximizing corporate value Drive
Slide 35: ESG/SDGs Initiatives to build a decarbonized society
ESG/SDGs Initiatives to build a decarbonized society SBT certification acquired for GHG reduction targets In March 2025, the Company acquired certification under the Science Based Targets (SBT)*, an international initiative, for its greenhouse gas (GHG) emission reduction targets with FY2030 as the
Slide 36: ESG/SDGs Initiatives to create environmentally friendly, healthy, comfortable spaces
ESG/SDGs Initiatives to create spaces which are environmentally friendly, healthy, and comfortable ZEB and CASBEE certifications acquired for Engineering Center, the Company's R&D facility The Company refurbished the Engineering Center, its R&D facility in Nagakute, Aichi, with a focus on decarboniz
Slide 37: FACT SHEET
Ⅴ FACT SHEET ©2025 All rights reserved., YAHAGI CONSTRUCTION CO.,LTD. 37
Slide 38: Consolidated financial results (last 5 years) and forecasts
1. Consolidated financial results (for the last 5 years) and forecasts (Millions of Yen) Six months ended Six months ended Six months ended Six months ended Six months ended FYE March Sept. 30, 2021 Sept. 30, 2022 Sept. 30, 2023 Sept. 30, 2024 Sept. 30, 2025 2026 forecast Net sales 46,852 41,495 52,
Slide 39: Status of consolidated subsidiaries (as of September 30, 2025)
2. Status of consolidated subsidiaries (as of September 30, 2025) Net sales for the Capital Fiscal year Name Address Business description first-half (Millions of yen) end (Millions of yen) Condominiums for sale business, real estate development YAHAGI REAL ESTATE Co., Ltd. Higashi-ku, Nagoya 800 Mar
Slide 40: Orders received, net sales, and orders received carried forward (consolidated)
3. Orders received, net sales, and orders received carried forward (consolidated) (Millions of Yen) Orders received Net sales Orders received carried forward Category 2024.9 2025.9 Year on year 2024.9 2025.9 Year on year 2024.9 2025.9 Year on year Increase/ Increase/ Increase/ Actual Actual Change A
Slide 41: Trends in share price and trading volume
4. Trends in share price and trading volume (April 1, 2020 to October 31, 2025) Trading volume Share price (thousand (yen) shares) 2,500 17,500 Closing price on Oct. 31: 2,183 yen PER: 14.23 × PBR: 1.29 × 15,000 2,000 12,500 1,500 10,000 7,500 1,000 5,000 500 2,500 0 0 2020/04 2020/10 2021/04 2021/1
Slide 42: memo
memo ©2025 All rights reserved., YAHAGI CONSTRUCTION CO.,LTD. 42
Slide 43: Disclaimer
Disclaimer * Forward-looking statements such as earnings forecasts contained in this document include projections for the future, assumptions underlying plans, and predictions as of the date of the release of this document. These statements are not guarantees of future performance by the Company. Ac