Infroneer Holdings Inc. · TSE:5076
Infroneer — FY2025 Earnings Presentation
63 slides from Infroneer's earnings presentation, May 13, 2026
Slide 1: INFRONEER Holdings FY25 Financial Presentation
INFRONEER Holdings FY25 Financial Presentation May 13, 2026
Slide 2: FY25 Financial Results Supplementary Material Index
FY25 Financial Results Supplementary Material INDEX 1 1. Management Environment Recognition = Appendix = 2. Financial Summary Segments Highlights 3. Capital Strategies & Return Policy/ FY25 Results 1. Building Construction and FY26 Forecast 2. Civil Engineering 3. Infrastructure Management 4. Perfor
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, the total floor area of c
Slide 4: Financial Summary: Segments (Building, Civil)
2. Financial Summary 3 Segments Financial Summary Across the segment as a whole, net sales and profits increased year on year, driven by the integration of Sumitomo Mitsui Construction and business growth. ― MAEDA CORPORATION achieved higher net sales and profits year on year through the steady exec
Slide 5: Financial Summary: Infrastructure Management and Others
2. Financial Summary 4 Segments Financial Summary • Across the segment as a whole, net sales increased year on year. ― The MAEDA CORPORATION Group recorded higher net sales and profits year on year, driven by the steady progress of the concession business and gains on the sale of Komono Villa, among
Slide 6: Capital Strategies & Return Policy / FY25 Results and FY26 Forecast
3. Capital Strategies & Return Policy/ FY25 Results and FY26 Forecast 5 Medium-term Vision 2027 FY25 Results FY26 Forecast Notes Work to improve profit Capital margins toward achieving ROE 12.0％ 16.0％ 11.1％ Efficiency the targets of the Medium- term Vision. Optical Equity 30％or Ratio 30.2％ 30.7％ mor
Slide 7: Performance Figures for INFRONEER Holdings
4-1. Performance Figures for INFRONEER Holdings 6 Business Profits Profits （billion yen） IFRS Business Profits Business Profit Margin （billion yen） Profits Profits Margin 76.6 84.1 80.0 80.0 80.0 6.8% 60.0 60.0 51.5 48.5 7.5% 33.5 46.4 32.5 32.4 40.0 5.9% 40.0 4.4% 20.0 0.0 0.0 FY22 FY23 FY24 FY25 F
Slide 8: Performance Figures for INFRONEER Holdings
4-2. Performance Figures for INFRONEER Holdings FY25 full-year results recorded higher net sales and profits year on year. Net sales, business profit, EBITDA, and profit 7 all reached record highs since the establishment of the HD. （billion yen) FY26 full-year plan expects net sales to reach a r
Slide 9: Segment Performance Figures
5. Segment Performance Figures 8 （billion yen） FY24 FY25 FY26 ②Revised ①Results ③Results (③-①) (③-②) ④Forecast (④-③) ※ on Feb.10 Net Sales 847.5 1,130.0 1,124.9 277.3 -5.1 1,366.0 241.1 Building Construction 363.4 498.7 497.7 134.3 -1.0 624.4 126.7 Civil Engineering 146.4 265.1 265.0 118.6 -0.1 365.
Slide 10: Transitions of Backlog and Orders Received (Maeda Corp.)
6-1. Transitions of Backlog, Orders Received, and Profit Margin of Orders Received 【MAEDA CORP.】 Building Construction significantly exceeded plan in both orders received and the profit margin of orders received, achieving 9 a record-high profit. It aims to achieve a similarly high level of perfor
Slide 11: Transitions of Backlog and Orders Received (Sumitomo Mitsui Construction)
6-2. Transitions of Backlog, Orders Received, and Profit Margin of Orders Received 【Sumitomo Mitsui Construction】 Orders received in Building Construction continued to trend steadily, with both orders received and profit margin of orders 10 received exceeding the initial plan at the beginning of F
Slide 12: FY25 SG&A Key factors for increase and decrease
7. FY25 SG&A Key factors for increase and decrease 11 SG&A increased due to the full consolidation of Sumitomo Mitsui Construction(SMC) as a wholly owned subsidiary. Consolidated SG&A YoY （Billion yen） 100.0 95.0 2.1 94.2 2.3 0.7 90.0 J-ESOP is 2.0 billion yen 5.1 85.0 15.6 80.0 Increase excluding
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） +572.4 2,023.1 （Billion yen） (+573.4) (1,931.0)※1 +572.4 2,023.1 ※2 Major Factors Major Factors 1,450.7 573.3 +178.1 (1,357.7)※1 +435.7 1,450.7※2 Consolidation of SMC Consolidation of SMC 1,
Slide 14: Trends in Stock Price
9. Trends in Stock Price (As of May 12,2026) 13 Stock price reached at the highest on Feb 09, 2026 since INFRONEER Holdings was established, surpassing the previous peak By implementing the capital strategy outlined in the medium-term management plan and achieving performance targets, more effec
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 i
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
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
Slide 18: Maeda Corp. Building: 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 Results: Net sales and profits increased year on year, driven by the steady progress of highly profitable backlogs Building Construction and newly awarded projects.
Slide 19: Maeda Corp. Building: 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 FY25 Results: Orders received reached a record high. The profit margin of orders received also achieved a record-high Building Construction level at 9.8%. FY26
Slide 20: Maeda Corp. Building: 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 The share of “offices” and “warehouses/logistics facilities” is expected to increase due to orders for large-scale data centers and warehouses. 【 】 indic
Slide 21: Topic: Multifunctional Complex and Live Music Venue
Maeda Corp. Building construction segment 1-4.Topic: “A multifunctional complex with integrated environmental features” / “A live music venue offering experiences to listen, eat, talk, connect, and create” 20 Building Construction Construction of (Tentative Name) SIX WAKE TAKANAWA Construction Proje
Slide 22: Sumitomo Mitsui Construction Building: 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 Results: Net sales decreased year on year due to a reduction in backlogs. Gross profit returned to an increase, as B
Slide 23: Sumitomo Mitsui Construction Building: 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 Results: Orders received remained steady, mainly driven by domestic private-sector proj
Slide 24: Sumitomo Mitsui Construction Building: 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 FY25 Large-scale projects were received mainly in the “education/research/accommodation facilities” and Building Construction “warehouses/logistics facilities
Slide 25: Initiatives for Education, Cultural, and Research Facilities
Sumitomo Mitsui Construction Building construction segment 1-8. Topic: Initiatives Related to “Education, Cultural, and Research Facilities” 24 Building Construction Tateishi Station North Exit Area Type I Urban Redevelopment Project (West District） Development and Operation Project for the Ishinoma
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
Slide 27: Maeda Corp. 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 Results: Steady progress of backlogs and projects received during the current fiscal year, together with the Building Construction acquisition of design changes for projects completed in the
Slide 28: Maeda Corp. 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 FY25 Results: Orders received from both public and private sectors significantly exceeded the previous fiscal year, Building Construction reaching the ¥200.0 billion level for the first tim
Slide 29: Awarded Contracts: NEXCO Tunnel and Water Supply Facilities
Maeda Corp. Civil engineering segment 2-3.Topics: Awarded Contracts for “NEXCO Four-Laning Tunnel Construction” and “Renovation of Aging Water Supply Facilities” 28 Construction of the First Distribution Reservoir at Onoji Banetsu Road construction of Higashimatsu Tunnel Building Construction Water
Slide 30: Sumitomo Mitsui Construction Civil: 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 Results: Domestic net sales remained flat, while overseas net sales decreased due to the timing shift of large-scale Building Construction proj
Slide 31: Sumitomo Mitsui Construction Civil: 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 Results: Orders were achieved largely in line with the plan, driven by a significant increase in domestic private- Building Construction
Slide 32: Received Orders for Two Land Readjustment Projects
Sumitomo Mitsui Construction Civil engineering segment 2-6. Topics: Received orders for two land readjustment projects 31 Seika Town Kageyama-Mizuochi Land Building Construction Toride City Planning Project - Shin-Moriya Station Area Land Readjustment Project Readjustment Project Civil Engineering M
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
Slide 34: Maeda Corp. Group 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 Results: The concession business progressed steadily, and profit increased year on year due to gains on the sale of Building Construction Komono Villa, among other factors. FY26 Forec
Slide 35: Profit Contribution Amount
Maeda Corp. Group Infrastructure management segment 3-1-2. Profit contribution amount (full-year) 34 FY25 Results: The contribution amount to consolidated profits for the full year was approximately ¥5.1 billion, driven by Building Construction operating profit from SPCs in operation and gains on
Slide 36: Performance Figures for Major Group Companies
Maeda Corp. Group Infrastructure management segment 3-1-3. Performance figures for major group companies (Infrastructure Management)35 （million yen） Building Construction Consolidated Miotsukushi Industrial Water Miura Sewerage Concession Co., Ltd. Aichi Road Concession Co., Ltd. ※1 subsidiaries Con
Slide 37: Major Infrastructure Management Projects in Japan
Infrastructure management segment 3-1-4. Major Infrastructure Management Projects in Japan 36 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 38: Topics: Concession – Shizuoka Arena
Maeda Corp. Group Infrastructure management segment 3-1-5. Topics「Concession – Shizuoka Arena」 37 Selected as the winning bidder for the Shizuoka City Arena Development and Building Construction Operation Project. POINT A leading model project for the development of multi-purpose arenas in ordinan
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
Slide 40: JWD Consolidated: Net Sales, Gross Profit, EBITDA
JWD Consolidated Infrastructure management segment 3-2-1. Trends in Net Sales, Gross Profit, and EBITDA 39 FY25 Results: The sale of five projects had been planned, but the policy was changed to retain them in-house. Building Construction FY26 Forecast: Higher net sales and profits are expected
Slide 41: Transition of Ongoing and Developing Projects
JWD Consolidated Infrastructure management segment 3-2-2. The transition of ongoing and developing projects 40 FY25 One new project（17MW )was added in 4Q. Building Construction FY26 One new projects will be commenced to construct from 1Q and three project will be commenced to operate MW (2 no fr
Slide 42: Projects Status by Japan Wind Development
JWD Consolidated Infrastructure management segment 3-2-3. Projects Status by Japan Wind Development 41 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 43: Selected as a Decarbonization Leading Area by the Ministry of the Environment
JWD Consolidated Infrastructure management segment 3-2-4. Topics「Selected as a Decarbonization Leading Area by the Ministry of the Environment」 42 Choshi, the Town of Wind and Sea～Realizing a Local Economic Circulation Model Starting Building Construction from Community-Benefiting Wind Power Generat
Slide 44: 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
Slide 45: MAEDA Road: Net Sales, Gross Profit and Operating Profit
MAEDA Road Consolidated Road Civil Engineering 4-1. Trends in Net Sales, Gross Profit and Operating Profit 44 FY25 Results: Despite implementing a full two-day weekend system, net sales and profits increased year on year through Building Construction the thorough management of profit margins at th
Slide 46: MAEDA Road Construction Business Trends
MAEDA Road Consolidated Road Civil Engineering 45 4-2. 【Construction Business】 Trends in Orders Received, Net Sales, Gross and Operating Profit Building Construction FY25 Results: Despite the implementation of a full two-day weekend system, net sales and profits increased year on year. FY26 Fore
Slide 47: MAEDA Road Manufacturing and Sales Business Trends
MAEDA Road Consolidated Road Civil Engineering 46 4-3. 【Manufacturing and Sales Business】 Trends in Net Sales, Gross Profit and Operating Profit FY25 Results: Net sales and profits increased year on year due to progress in price pass-through implemented in the Building Construction previous fiscal
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
Slide 49: MAEDA SEISAKUSHO: Net Sales, Gross Profit and Operating Profit
MAEDA SEISAKUSHO Consolidated Machinery 5-1. Trends in Net Sales, Gross Profit and Operating Profit 48 FY25 Results: Net sales of construction machinery business increased due to the transfer of the lift business in Nagano Prefecture Building Construction and Aichi Prefecture; however, net sales d
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 Building Construction FY25 Results: Construction machinery achieved higher net sales and profits, supported by the contri
Slide 51: Performance Figures
Performance Figures
Slide 52: MAEDA CORP. Consolidated FY25 Results & FY26 Plan
1. MAEDA CORP. 【Consolidated】 FY25 Results & FY26 Plan （billion yen） 51 FY24 FY25 FY26 YoY Results Revised Plan Results vs. Plan 計画 vs. FY25 Change Net Sales 538.0 602.1 600.8 62.8 -1.3 614.1 13.3 Total 363.9 397.1 396.1 32.2 -1.0 399.9 3.8 Building 352.1 - 387.6 35.6 - Construction Domestic Oversea
Slide 53: MAEDA ROAD Consolidated FY25 Results & FY26 Plan
2. MAEDA ROAD 【Consolidated】 FY25 Results & FY26 Plan 52 （billion yen） FY24 FY25 FY26 YoY vs. vs. Results Revised Plan Results Plan Change Plan FY25 Net Sales 267.9 273.0 273.5 5.6 0.5 274.0 0.5 Construction Business 186.9 190.0 189.8 2.9 -0.2 190.0 0.2 Manufacturing and Sales Business 81.0 83.0 83.
Slide 54: MAEDA SEISAKUSHO Consolidated FY25 Results & FY26 Plan
3. MAEDA SEISAKUSHO 【Consolidated】 FY25 Results & FY26 Plan （billion yen） 53 FY24 FY25 FY26 YoY vs. vs. Results Plan Results Plan Change Plan FY25 Net Sales 43.8 43.0 42.1 -1.7 -0.9 47.6 5.5 Construction Machinery 25.8 26.0 26.6 0.8 0.6 29.9 3.3 Industrial Machinery & Steel Products 15.7 14.5 13.0 -
Slide 55: Japan Wind Development Consolidated FY25 Results & FY26 Plan
4. Japan Wind Development Co., Ltd. 【Consolidated】 FY25 Results & FY26 Plan 54 （billion yen） FY24 FY25 FY26 YoY vs. vs. Results Revised Plan Results Plan Change Plan FY25 Net Sales 6.5 5.4 5.6 -1.0 0.2 6.2 0.6 Development 3.6 2.9 1.9 -1.7 -0.9 3.4 1.4 O&M 2.5 2.1 3.3 0.7 1.2 2.4 -0.9 Others 0.4 0.4
Slide 56: Sumitomo Mitsui Construction Consolidated FY25 Results & FY26 Plan
5. Sumitomo Mitsui Construction 【Consolidated】 FY25 Results & FY26 Plan 55 （billion yen） FY24 FY25 FY26 YoY vs. Results Plan Results Plan vs. FY25 Change Plan Net Sales 463.0 401.1 398.4 -64.6 -2.7 442.0 43.6 Total 249.6 188.8 197.2 -52.4 8.4 226.2 29.0 Building Domestic 193.6 139.2 152.1 -41.6 12.9
Slide 57: Key Group Companies (MAEDA Corporation Group)
6-1. FY25 Results & FY26 Full-Year Plan of Key INFRONEER Group Companies 56 (MAEDA Corporation Group) （Million Yen） FBS CO., LTD. ※1 FUJIMI KOKEN ※1 JM ※2 Consolidated Subsidiaries FY26 FY26 FY26 FY24 FY25 FY24 FY25 FY24 FY25 Full-Year Full-Year Full-Year Results Results Results Results Results Resu
Slide 58: Key Group Companies (SMCC Group)
6-2. FY25 Results & FY26 Full-Year Plan of Key INFRONEER Group Companies (SMCC Group) 57 （Million Yen） Sumitomo Mitsui Construction Steel SUMIKEN MITSUI ROAD CO., LTD.※1 DPS Bridge Works Co., Ltd. Domestic Structures Engineering Co., Ltd. Consolidated FY26 FY26 FY26 FY24 FY25 FY24 FY25 FY24 FY25 Sub
Slide 59: Changes of Segment Classification
7.Changes of segment classification Following the business integration with Sumitomo Mitsui Construction(SMC), the segment classification of affiliated companies 58 related to both Maeda Corporation and Sumitomo Mitsui Construction has been reorganized. Maeda Group Affiliates SMC Group Affiliates
Slide 60: Continuous Improvement of ESG Ratings
【Supplementary Material】 Continuous Improvement of ESG Ratings 59 Selected as an "Environmentally Sustainable Company" in the ESG Finance Awards Japan for the second consecutive year！ This award program was established by Japan's Ministry of the Environment in 2019 to institutional investors, fina
Slide 61: Restricted Conversion Clause of Euro-Yen Convertible Bonds
[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
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
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