Infroneer Holdings Inc. · TSE:5076

Infroneer — Q2 FY2025 Earnings Presentation

63 slides from Infroneer's earnings presentation, Nov 14, 2025

  1. Slide 1: FY25 2nd Quarter Financial Presentation

    INFRONEER Holdings FY25 2nd Quarter Financial Presentation November 14, 2025

  2. Slide 2: Index

    FY 2025 2nd Quarter Financial Results Supplementary Material INDEX 1 1. Management Environment Recognition = Appendix = 2. Financial Summary Segments Highlights 3. Capital Strategies & Return Policy/ FY25 2Q 1. Building Construction Results and Full-year Forecast 2. Civil Engineering 3. Infrastructu

  3. Slide 3: 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 While construction investment remains at a high level, Current backlog of constr

  4. Slide 4: Financial Summary

    2. Financial Summary Segment Financial Summary 3 • In FY25 Q2 Results, both net sales and profits increased year-on-year. Net sales, EBITDA, and net income reached have reached at a record high since INFRONEER HD was established. • Due to the business integration of Mitsui Sumitomo Construction and

  5. Slide 5: Capital Strategies & Return Policy / FY25 2Q Results and Full-year Forecast

    3. Capital Strategies & Return Policy/ FY25 2Q Results and Full-year Forecast 4 FY24 FY25 2Q Results/ Medium-term Vision 2027 Results Full-year Forecast The full-year forecast has been Capital updated following upward ROE 12.0％ 7.5％ 11.9％(Full-year) Efficiency revision of end-of-period earnings fore

  6. Slide 6: Performance Figures for INFRONEER Holdings (1)

    4-1. Performance Figures for INFRONEER Holdings 5 Business Profits Profits （billion yen） IFRS Business Profits 2Q Business Profit Business Profit Margin （billion yen） Profits 2Q Profits Profits Margin 80.0 79.2 (Planned) 60.0 55.4 (Planned) 60.0 46.4 51.5 48.5 40.0 33.5 32.4 7.0% 26.7 32.6 4.9% 40.0

  7. Slide 7: Performance Figures for INFRONEER Holdings (2)

    4-2. Performance Figures for INFRONEER Holdings • In FY25 Q2 Results, both net sales and profits increased year-on-year. Net sales, EBITDA, and net income reached have reached at a 6 record high since INFRONEER HD was established. • Due to the business integration of Mitsui Sumitomo Construction and

  8. Slide 8: Segment Performance Figures (YOY)

    5. Segment Performance Figures (YOY) 7 （billion yen） FY24 FY25 Progress YOY 2Q Results 2Q Results (Ratio to Full-year FY 25) Net Sales 380.7 424.5 43.8 37.5% ※ Building Construction 156.4 183.9 27.5 36.6% Civil Engineering 67.0 79.0 12.0 28.5% Road Civil Engineering 123.0 125.2 2.2 45.6% Machinery 2

  9. Slide 9: Segment Performance Figures (Full-Year Forecast Trend)

    5. Segment Performance Figures (Full-Year Forecast Trend) （billion yen） FY24 FY25 FY25 FY25 8 ②ー① Full-Year Results At the beg. ① Revised on Sept. 30 Revised on Nov. 14② ※ 1,133.0 236.7 Net Sales 847.5 896.3 1,131.0 Building Construction 320.7 384.8 500.7 502.7 117.9 Civil Engineering 142.0 173.9 27

  10. Slide 10: Changes of Segment Classification

    6.Changes of segment classification  Following the business integration with Sumitomo Mitsui Construction(SMC), the segment classification of affiliated companies 9 related to both Maeda Corporation and Sumitomo Mitsui Construction has been reorganized. Maeda Group Affiliates SMC Group Affiliates C

  11. Slide 11: Backlog, Orders Received and Profit Margin – Maeda Corp.

    7-1. Transitions of Backlog, Orders Received, and Profit Margin of Orders Received 【MAEDA CORP.】 10  Orders received of building construction segment remain steadily with profit margin of orders received sustained at a high level. Backlog at the end of FY25 is expected to remain high, as in FY24. 

  12. Slide 12: Backlog, Orders Received and Profit Margin – Sumitomo Mitsui Construction

    7-2. Transitions of Backlog, Orders Received, and Profit Margin of Orders Received 【Sumitomo Mitsui Construction】 11  Orders received of building construction segment remain steadily with profit margin of orders received sustained at a high level. Profit Margin of Orders Received is expected to rea

  13. Slide 13: Major Factors for Changes in the Consolidated Balance Sheet

    8. Major factors for Changes in the Consolidated Balance Sheet 12 Assets Liabilities and Equity （Billion yen） （Billion yen） 374.6 1,825.4 (371.6) 374.6 (1,735.4)※1 1,825.4 Major Factors Major Factors 1,450.7 163.8 (1,357.7)※1 1,450.7 559.0 ※2 272.5 Consolidation of SMCC 873.3 ＋74.7 Consolidation of

  14. Slide 14: Trends in Stock Price

    9.Trends in Stock Price (as of November 13, 2025)  Stock price reached at the highest on Nov. 13 since INFRONEER Holdings was established, surpassing the previous peak 13  By implementing the capital strategy outlined in the medium-term management plan and achieving performance targets, more effec

  15. Slide 15: Impact on Financial Indicators of Bond-Type Class Shares

    10.Impact on Financial Indicators brought by issuance of Bond-Type Class Shares  Bond-type class shares are distinguished from common shares and are excluded from the net assets at the time of 14 estimation of PBR.  ROE and EPS will be deducted by the preferred dividend, resulting in a decrease in

  16. Slide 16: Appendix

    Maeda Corp Sumitomo Mitsui Construction Building Construction Maeda Corp Sumitomo Mitsui Construction Civil Engineering Maeda Corp Group Infrastructure Management Appendix Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA SEISAKUSH

  17. Slide 17: Segment Highlights

    Maeda Corp Sumitomo Mitsui Construction Building Construction Maeda Corp Sumitomo Mitsui Construction Civil Engineering Maeda Corp Group Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA

  18. Slide 18: Maeda Building Construction: Net Sales, Gross Profit, Operating Profit

    Maeda Corp. Building construction segment (Real estate included) 1-1. Trends in Net Sales, Gross Profit, and Operating Profit 17  FY25 2Q Net Sales and Gross profits increased year on year due to steady progress in profitable construction backlog Building Construction projects.  FY25 Due to the st

  19. Slide 19: Maeda Building Construction: Orders Received and Profit Margin

    Maeda Corp. Building construction segment (Real estate included) 1-2. Trends in Orders Received and Profit Margin of Orders Received 18 Building Construction  FY25 2Q Orders were received as planned, and the profit margin at the time of order was 9.6% at high level.  FY25 The probability of receiv

  20. Slide 20: Maeda Building Construction: Order Ratios by Building Use

    Maeda Corp. Building construction segment (Domestic, Real estate included） 1-3. Trends in order ratios by building use. 19 Building Construction  Due to large-scale orders, the proportion of orders for "condominium," "cultural institutions," and "offices" is expected to increase 【 】 indicate Profit

  21. Slide 21: Topics: MICE Facilities and Intermediate Processing Facilities

    Maeda Corp. Building construction segment 1-4. Topics: "International standard MICE facilities" and "Intermediate processing 20 facilities that support a recycling-oriented society" Building Construction (Tentative name) Osaka IR Project Block C New Construction Numazu City New Intermediate Treatmen

  22. Slide 22: SMC Building Construction: Net Sales, Gross Profit, Operating Profit

    Sumitomo Mitsui Construction Building construction segment (Real estate included) and it's Overseas Subsidiaries 1-5. Trends in Net Sales, Gross Profit, and Operating Profit 21  FY25 2Q Net sales fell sharply due to a decrease in carryover balances. However, due to the absence of losses from Buildi

  23. Slide 23: SMC Building Construction: Orders Received and Profit Margin

    Sumitomo Mitsui Construction and it's Overseas Subsidiaries Building construction segment (Real estate included) 1-6. Trends in Orders Received and Profit Margin of Orders Received 22 Building Construction  FY25 2Q Orders are progressing smoothly in line with the initial plan.  FY25 With orders co

  24. Slide 24: SMC Building Construction: Order Ratios by Building Use

    Sumitomo Mitsui Construction Building construction segment (Domestic, Real estate included） 1-7. Trends in order ratios by building use. 23 Building Construction  The company expects to receive orders for projects in "factories and power plants," "educational, research, and cultural institution," a

  25. Slide 25: Topics: Educational, Cultural and Research Facilities

    Sumitomo Mitsui Construction Building construction segment 1-8. Topics: "educational, cultural and research facilities" 24 Building Construction Nagoya City University Tanabe-dori Campus Development Work Civil Engineering Management(MK) Infrastructure Management(JWD) Nagoya City University is underg

  26. Slide 26: Segment Highlights

    Maeda Corp Sumitomo Mitsui Construction Building Construction Maeda Corp Sumitomo Mitsui Construction Civil Engineering Maeda Corp Group Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA

  27. Slide 27: Maeda Civil Engineering: Net Sales, Gross Profit, Operating Profit

    Maeda Corp. Civil engineering segment 2-1. Trends in Net Sales, Gross Profit, and Operating Profit 26  FY25 2Q Net sales are trending steadily. Due to a lack of large projects completed this fiscal year, net profits Building Construction decreased compared to the same period last year, resulting in

  28. Slide 28: Maeda Civil Engineering: Orders Received and Profit Margin

    Maeda Corp. Civil engineering segment 2-2. Trends in Orders Received and Profit Margin of Orders Received 27 Building Construction  FY25 2Q Orders are progressing steadily. Private-sector construction projects, including large-scale special contracts, are driving orders, increasing year-on-year. 

  29. Slide 29: Topics: Flood Control Construction and Wind Power Business

    Maeda Corp. Civil engineering segment 2-3. Topics: “Received an order for flood control construction work “and“Wind power business through group collaboration” 28 Asuwa River Dam – Mizuumi River Diversion Weir Construction Project of the Sanmoritoge Wind Power Plant Building Construction Constructio

  30. Slide 30: SMC Civil Engineering: Net Sales, Gross Profit, Operating Profit

    Sumitomo Mitsui Construction Civil engineering segment and it's Overseas Subsidiaries 2-4. Trends in Net Sales, Gross Profit, and Operating Profit 29  FY25 2Q Since many projects are still in progress toward the fiscal year-end, second quarter sales decreased. Due to improved profitability of compl

  31. Slide 31: SMC Civil Engineering: Orders Received and Profit Margin

    Sumitomo Mitsui Construction Civil engineering segment and it's Overseas Subsidiaries 2-5. Trends in Orders Received and Profit Margin of Orders Received 30  FY25 2Q Domestic results decreased year-on-year, while overseas results increased year-on-year. The profit margin at the time of order improv

  32. Slide 32: Topics: ODA Project in Benin and Renewal Works

    Sumitomo Mitsui Construction Civil engineering segment 2-6. Topics: “ODA Project in the Republic of Benin “and” Ongoing Commitment to 31 Renewal Works” ● Secured ODA Project in the Republic of Benin ● NEXCO Renewal Works ~ Contributing to logistics improvements and strengthening growth industries in

  33. Slide 33: Segment Highlights

    Maeda Corp Sumitomo Mitsui Construction Building Construction Maeda Corp Sumitomo Mitsui Construction Civil Engineering Maeda Corp Group Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA

  34. Slide 34: Infrastructure Management: Net Sales, Gross Profit, EBITDA

    Maeda Corp. Group Infrastructure management segment 3-1-1. Trends in Net Sales, Gross Profit, and EBITDA 33  FY25 2Q Concession projects such as the Aichi Road Concession and Osaka Industrial Water Concession are progressing smoothly, resulting in increased net sales and profit compared to the same

  35. Slide 35: Profit Contribution Amount

    Maeda Corp. Group Infrastructure management segment 3-1-2. Profit contribution amount(full-year) 34  FY25 2Q The operating profits of the SPCs currently in operation, including Aichi Road Concession, are progressing smoothly. 建  FY25 Komono Villa is scheduled to be sold within this fiscal year. 築

  36. Slide 36: Performance Figures for Major Group Companies (Infrastructure Management)

    Maeda Corp. Group Infrastructure management segment 3-1-3. Performance figures for major group companies (Infrastructure Management) 35 （million yen） Consolidated Miotsukushi Industrial Water 建 Miura Sewerage Concession Co., Ltd. subsidiaries Aichi Road Concession Co., Ltd. ※1 Concession Co., Ltd. ※

  37. Slide 37: Major Infrastructure Management Projects in Japan

    Infrastructure management segment 3-1-4. Major Infrastructure Management Projects in Japan 36  Proven track record in various infrastructure services.  Utilize our extensive operational know-how backed by our track record to acquire future projects 建 築 Concessions PFI(Service Purchase Type) Compre

  38. Slide 38: Topics: Aichi Prefecture Disaster Prevention Base PFI

    Maeda Corp. Consolidated Infrastructure management segment 3-1-3. Topics : “PFI · Aichi Prefecture Disaster Prevention Base” 37 Selected as the successful bidder for the Aichi Prefecture Core Regional Disaster Prevention Base Development Project (Phase 1: Fire School) 建 築  A base facility providing

  39. Slide 39: Segment Highlights

    Maeda Corp Sumitomo Mitsui Construction Building Construction Maeda Corp Sumitomo Mitsui Construction Civil Engineering Maeda Corp Group Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA

  40. Slide 40: JWD: Net Sales, Gross Profit, EBITDA

    JWD Consolidated Infrastructure management segment 3-2-1. Trends in Net Sales, Gross Profit, and EBITDA 39  FY25 2Q Both net sales and gross profit remained largely unchanged compared to the same period last year. Investment in personnel is currently underway to expand the O&M business. 建  FY25 Th

  41. Slide 41: Transition of Ongoing and Developing Projects

    JWD Consolidated Infrastructure management segment 3-2-2. The transition of ongoing and developing projects 40  Added two new projects (117MW) compared to FY24. 建  Five projects are currently under construction（1Q : 4projects, 2Q : 1projects) 築 No of Project* MW （project） 3,312 3,274 3,392 （MW） 3,

  42. Slide 42: Projects Status by Japan Wind Development

    JWD Consolidated Infrastructure management segment 3-2-2. Projects Status by Japan Wind Development 41  From development to operation, our group handles all phases of the wind power business. 建  Prioritizing coexistence with the community, we always promote development through constant dialogue wi

  43. Slide 43: Segment Highlights

    Maeda Corp Sumitomo Mitsui Construction Building Construction Maeda Corp Sumitomo Mitsui Construction Civil Engineering Maeda Corp Group Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA

  44. Slide 44: Maeda Road: Net Sales, Gross Profit, Operating Profit

    MAEDA Road Consolidated Road Civil Engineering 4-1. Trends in Net Sales, Gross Profit and Operating Profit 43 Building Construction  FY25 2Q While implementing a full two-day weekend system, thorough profit management at the time of order and appropriate price pass-through resulted in increased rev

  45. Slide 45: Maeda Road Construction Business: Orders, Sales, Profit

    MAEDA Road Consolidated Road Civil Engineering 4-2. 【Construction Business】 Trends in Orders Received, Net Sales, Gross and Operating Profit44  FY25 2Q Although net sales decreased due to the adoption of a full two-day weekend system, profit increased YoY due Building Construction to improved profi

  46. Slide 46: Maeda Road Manufacturing and Sales Business

    MAEDA Road Consolidated Road Civil Engineering 45 4-3. 【Manufacturing and Sales Business】 Trends in Net Sales, Gross Profit and Operating Profit Building Construction  FY25 2Q Due to the progress of price pass-through implemented in the previous fiscal period and the stabilization of raw material c

  47. Slide 47: Topics: Title Sponsor for the 37th Izumo Ekiden

    MAEDA Road Consolidated Road Civil Engineering 4-4. Topics : Provided support as the title sponsor for the 37th Izumo Ekiden 46 Building Construction  Maeda Road provided support as the title sponsor for the 37th Izumo Ekiden.  Continuing to contribute to building a sustainable society through the

  48. Slide 48: Segment Highlights

    Maeda Corp Sumitomo Mitsui Construction Building Construction Maeda Corp Sumitomo Mitsui Construction Civil Engineering Maeda Corp Group Infrastructure Management Segment Highlights Japan Wind Development (consolidated) Infrastructure Management MAEDA ROAD (consolidated) Road Civil Engineering MAEDA

  49. Slide 49: Maeda Seisakusho: Net Sales, Gross Profit, Operating Profit

    MAEDA SEISAKUSHO Consolidated Machinery 5-1. Trends in Net Sales, Gross Profit and Operating Profit 48  FY25 2Q Net sales decreased due to fewer orders and changes in product distribution, but profit increased YoY due to Building Construction price optimization and improved production efficiency. 

  50. Slide 50: 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 49  FY25 2Q In construction machinery, net sales decreased due to fewer orders, but gross profit margin improved through Buil

  51. Slide 51: Topics: Expansion of Construction Machinery and Forklift Business

    MAEDA SEISAKUSHO Consolidated Machinery 5-3. Topics : Expansion of the construction machinery and forklift business 50 Expansion of the construction machinery and forklift business in Mie area from Building Construction April 2026 through business transfer from KOMATSU. ・Enhanced efficiency and prof

  52. Slide 52: Performance Figures

    Performance Figures

  53. Slide 53: Maeda Corp. FY25 2Q Results & Full-Year Plan

    1. MAEDA CORP. 【Consolidated】 FY25 2Q Results & Full-Year Plan （billion yen） 52 FY24 FY25 YoY FY25 2Q 2Q results 2Q results Change Full-Year Plan Progress Net Sales 235.8 268.1 32.3 603.0 44.5% Total 156.7 177.6 20.9 399.0 44.5% Building Construction Domestic 150.8 173.4 22.6 - -% Overseas 5.9 4.2 -

  54. Slide 54: Maeda Road FY25 2Q Results & Full-Year Plan

    2. MAEDA ROAD 【Consolidated】 FY25 2Q Results & Full-Year Plan 53 (Billion Yen） FY24 FY25 YoY FY25 2Q 2Q Results 2Q Results Change Full-Year Plan Progress Net Sales 123.8 125.4 1.6 261.6 48.0% Construction Business 86.8 86.3 -0.5 180.0 47.9% Manufacturing and Sales Business 37.0 39.2 2.2 81.7 48.0% G

  55. Slide 55: Maeda Seisakusho FY25 2Q Results & Full-Year Plan

    3. MAEDA SEISAKUSHO 【Consolidated】 FY25 2Q Results & Full-Year Plan 54 （billion yen） FY24 FY25 YoY FY25 ２Q 2Q Results 2Q Results Change Full-Year Plan Progress Net Sales 21.5 19.7 -1.8 43.0 45.8% Construction Machinery 12.6 12.4 -0.2 26.0 47.7% Industrial Machinery & Steel Products 7.8 6.1 -1.5 14.5

  56. Slide 56: Japan Wind Development FY25 2Q Results & Full-Year Plan

    4. Japan Wind Development Co., Ltd. 【Consolidated】 FY25 2Q Results & Full-Year Plan 55 （Billion Yen） FY24 FY25 YoY FY25 ２Q 2Q Results 2Q Results Change Full-Year Plan Progress Net Sales 2.0 2.0 -0 5.4 36.5% Development 0.8 0.8 -0 2.9 26.3% O&M 1.0 1.1 0.1 2.1 52.1% Others 0.2 0.1 -0.1 0.4 29.5% Gros

  57. Slide 57: Sumitomo Mitsui Construction FY25 2Q Results and Full-Year Plan

    5. Sumitomo Mitsui Construction 【Consolidated】 FY25 2Q Results and FY25 Full-Year Plan 56 （billion yen） FY24 FY25 YoY FY25 ２Q 2Q Results 2Q Results Change Full Year Plan Progress Net Sales 218.3 189.3 -29.0 401.1 47.2% Total 120.7 95.0 -25.7 188.8 50.3% Building Domestic 95.3 72.2 -23.1 139.2 51.9%

  58. Slide 58: Key INFRONEER Group Companies (Maeda Corporation Group)

    6.FY25 2Q Results and FY25 Full-Year Forecast of Key INFRONEER Group Companies (Maeda Corporation Group) 57 （million yen） FBS CO.,LTD. ※1 FUJIMI KOKEN ※1 JM ※2 Consolidated Subsidiaries FY24 FY25 FY25 FY24 FY25 FY25 FY24 FY25 FY25 (Other Segments) 2Q Results 2Q Results Forecast 2Q Results 2Q Results

  59. Slide 59: Key INFRONEER Group Companies (SMCC Group)

    7.FY25 2Q Results and FY25 Full-Year Forecast of Key INFRONEER Group Companies 58 (SMCC Group) （million yen） Sumitomo Mitsui Construction Steel SUMIKEN MITSUI ROAD CO., LTD.※1 DPS Bridge Works Co.,Ltd. Domestic Structures Engineering Co., Ltd. Consolidated Subsidiary FY24 FY25 FY25 FY24 FY25 FY25 FY

  60. Slide 60: Integrated Report 2025 Has Been Published

    Integrated Report 2025 of INFRONEER Holdings Inc. has been published！ 59 POINT Top Message President and CEO Kibe discusses INFRONEER's approach to enhancing corporate value. Special Dialogue （Published Date：30 September 2025） Chairman Yamashita of Structure of Integrated Report 2025 RICOH × Preside

  61. Slide 61: Mechanism of the Conversion Restriction Clause

    [Supplementary Material ] Restricted conversion clause of Euro-Yen Convertible Bonds with Share option 60 - In March 2024, a board of directors resolution was passed for issurance of ¥60 billion Euro-Yen denominated convertible bonds with share option (Green CBs). - Restricted conversion clause are

  62. Slide 62: Differences Between Contribution to Profit and Segment Profit

    61 [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

  63. Slide 63: Disclaimer

    【 Disclaimer】 The performance figures stated in this document are based on the numbers from the financial results report etc., 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

INFRONEER Holdings — Q2 FY2025 Earnings Presentation on 6ix