35 slides from Toa Corporation (construction)'s earnings presentation, Nov 20, 2025
Slide 1: FY2025 1H Financial Results Briefing Material
FY2025 1H Financial Results Briefing Material November 20, 2025 President and Representative Director Takeshi Hayakawa Chief of Corporate Management General Headquarters Takeshi Nakao TOA CORPORATION
Slide 2: Agenda
あ Agenda 1. Earnings Results and Forecast 2. Business Strategies for Medium-to-Long-term Growth TOA CORPORATION
Slide 3: FY2025 1H Earnings Summary
FY2025 1H Earnings Summary Achieved record-high consolidated 1H results across net sales, operating profit, ordinary profit, and profit* for three consecutive interim periods. Orders Operating Ordinary Net sales Profit* received profit profit (Non-consolidated) 159.5 billion yen 164.8 billion yen 11
Slide 4: FY2025 1H Financial Results
FY2025 1H Financial Results Net sales, operating profit, ordinary profit, and profit* all marked record highs for the 3 consecutive interim periods. ✓ Orders received (non-consolidated) : Decreased by 7.3% YoY as overseas results fell below the previous year. Domestic civil engineering and domestic
Slide 5: [Non-consolidated] Breakdown of Orders Received by Business
[Non-consolidated] Breakdown of Orders Received by Business (Unit: billions of yen) FY2024 1H FY2025 1H Orders received Orders received ：159.5 billion yen (YoY-7.3％) Actual Actual YoY change % YoY difference Domestic civil engineering :76.3 billion yen (YoY +20.9％） Public 44.8 37.3 (16.7%) (7.4) ✓ F
Slide 6: [Non-consolidated] Breakdown of Net Sales and Gross Profit by Business
[Non-consolidated] Breakdown of Net Sales and Gross Profit by Business (Unit: billions of yen) FY2024 1H FY2025 1H Net sales: 159.6 billion yen （YoY +10.9％） Net sales Domestic civil engineering: 67.0 billion yen （YoY+ 5.3％） Actual % of total Actual % of total YoY change % YoY difference ✓ Increased
Slide 7: Consolidated Balance Sheets
Consolidated Balance Sheets Total assets Total liabilities and net assets (Unit: billions of yen) (Unit: billions of yen) 350.0 350.0 298.9 303.1 298.9 303.1 300.0 300.0 250.0 250.0 170.5 176.6 200.0 200.0 242.6 244.7 150.0 150.0 20.5 18.8 100.0 100.0 50.0 50.0 107.8 107.6 32.7 32.3 0.7 0.7 22.8 25.
Slide 8: Consolidated Cash Flows
Consolidated Cash Flows ✓Operating CF : Increased due to decrease in trade receivables and advances received on uncompleted construction contracts in progress. ✓ Investment CF : Decreased due to purchase of property, plant and equipment and other factors. ✓Financial CF : Decreased due to repayment o
Slide 9: FY2025 Earnings Forecast Summary
FY2025 Earnings Forecast Summary Projected to achieve record-high operating profit and ordinary profit. Orders Operating Ordinary Net sales Profit* received profit profit (Non-consolidated) 265.0 billion yen 342.0 billion yen 21.5 billion yen 21.0 billion yen 15.0 billion yen +35.0 billion yen +7.0
Slide 10: FY2025 Forecast
FY2025 Forecast Upward revision for operating profit and ordinary profit ✓ Orders received (non-consolidated) : Revised upward due to steady progress in both public and private sector orders for domestic civil engineering and domestic building construction. ✓ Net sales (consolidated) : Revised upwar
Slide 11: [Non-consolidated] Forecast of Orders Received by Business
[Non-consolidated] Forecast of Orders Received by Business (Unit: billions of yen) Orders received: 265.0 billion yen FY2024 FY2025 (Change from previous forecast +35.0 billion yen) Orders received Forecast Previous Change from Actual (announced in forecast previous ✓ Domestic Civil Engineering:129.
Slide 12: [Non-consolidated] Forecast of Net Sales and Gross Profit by Business
[Non-consolidated] Forecast of Net Sales and Gross Profit by Business (Unit: billions of yen) [Net Sales] (Unit: billions of yen) FY2024 FY2025 350.0 5.8 6.5 Net sales Forecast Previous Change from 300.0 Actual % of total (announced in % of total forecast previous 5.5 65.7 80.0 Nov. 2025) (announced
Slide 13: Shareholder Returns
Shareholder Returns Revised annual dividend forecast per share to ¥77 (¥38 interim, ¥39 year-end), up ¥1 following the upward revision of full-year earnings forecast. ✓ Dividend per share （yen） 80 Annual Dividend 76 76 yen 77 77 yen 60 Final dividend 40 38 yen 39 yen 40 20 22.5 22.5 20 Interim divid
Slide 14: Agenda
あ Agenda 1. Earnings Results and Forecast 2. Business Strategies for Medium-to-Long-term Growth TOA CORPORATION
Slide 15: [Domestic Civil Engineering] Reinforcing National Resilience
[Domestic Civil Engineering] Reinforcing National Resilience ✓ The Ports and Harbors Bureau of the Ministry of Land, Infrastructure, Transport and Tourism has maintained a high budget since the government announced the “Five-Year Acceleration Measures for Disaster Prevention, Mitigation, and Nationa
Slide 16: [Domestic Civil Engineering/Building Construction] Defense
[Domestic Civil Engineering/Building Construction] Defense ✓ Budgets for facility reinforcement have significantly increased, with increased demand expected across building updates, new building construction, and renovation. ✓ Approximately 40% (9,900 buildings) of JSDF facilities (bases and garriso
Slide 17: [Domestic Building Construction] Warehouses
[Domestic Building Construction] Warehouses ✓ Built an industry-leading construction track record of over 1 million tons (tonnage capacity) of frozen/refrigerated warehouses starting in coastal area. ✓ Leveraged expertise from frozen/refrigerated warehouses for multi-tenant dry warehouses (projects
Slide 18: [Domestic Building Construction] Initiatives for Real Estate Development and Renovation Projects
[Domestic Building Construction] Initiatives for Real Estate Development and Renovation Projects ✓ We merged subsidiaries that are engaged in real estate management and building maintenance/refurbishment in anticipation of increased renovation demand in the Tokyo Metropolitan Area. ✓ We are collabor
Slide 19: [Overseas] Ongoing Projects
[Overseas] Ongoing Projects ✓ Steadily advance construction projects while managing risks, with a focus on ODA port infrastructure and similar works, leveraging Singapore as our primary base. Republic of Indonesia Patimban Port Development Project (I) Republic of Singapore Construction of 5 Containe
Slide 20: [Overseas] Expanding the Scope of Our Business
[Overseas] Expanding the Scope of Our Business ✓ In Bangladesh, following the “Matarbari Port Development Project Phase-1 Package1: Civil Works for Port Construction” that we secured in the previous fiscal year, we were awarded the “Construction of Dhaka Fire Service and Civil Defense Headquarters B
Slide 21: Investment Strategy for Growth
Investment Strategy for Growth ✓ During the period of the current Medium-term Management Plan, we aim to integrate our business and human resource strategies to realize our long-term vision. We will expand operating profit by enhancing both the quantity and quality of our talent pool, with a focus o
Slide 22: Human Capital Management
Human Capital Management ✓ With over 40% of our construction site personnel in their 20s, we have launched a skill map that systematically outlines the competencies required for site managers (e.g., capabilities, knowledge, experience, and mindset). This enables us to promote younger employees at an
Slide 23: DX Initiatives
DX Initiatives ✓ Align business and human resource strategies through DX to support sustainability and create innovations. ✓ Develop an internal database to improve operational efficiency and to augment our business strategies. ✓ Continue to promote construction DX. Construction DX Data utilization
Slide 24: Case Study on Construction DX Promotion: Robotics
Case Study on Construction DX Promotion: Robotics ✓ Promote labor efficiency through robotics. ✓ Aim to deploy autonomous site supervision robots by 2035. AI-powered technology development As of 2025 2035 • Advance of existing technologies • Remote autonomous walking technology • Self-positioning te
Slide 25: Appendix
A T I O TO R A P O R FY2025 1H Financial Results Briefing Appendix O A C O N TO T I A 24
Slide 26: Major Completed Projects (Domestic Civil Engineering)
Major Completed Projects (Domestic Civil Engineering) FY2022 Improvement and Renovation Works at the Honmoku District Pier, Yokohama Port (-16 m) Construction period Outline of construction work We conducted improvement works at the D5 Container Terminal in Honmoku Wharf, Yokohama Port, which has be
Slide 27: Major Completed Projects (Domestic Building Construction)
Major Completed Projects (Domestic Building Construction) UI Konan Logistics Center Plan Phase Ⅱ Construction period Outline of construction work This project involved developing a logistics center with a total floor area of 188,140 m2, making it the largest multi-tenant logistics complex in Novembe
Slide 28: Major Completed Projects (Overseas)
Major Completed Projects (Overseas) Comprehensive Development of Namibe Bay Package 1 :Rehabilitation of Sacomar Port Iron Ore Export Terminal Comprehensive Development of Namibe Bay Package 2:Expansion of Namibe Port Container Terminal Construction period Outline of construction work September 2022
Slide 29: List of Major Orders Received
List of Major Orders Received Segment Project Name Client name Formation Construction Period Construction of the LH2 Pier and Mooring Facilities at the Receiving Terminal for the LH2 Supply Chain Japan Suiso Energy, Ltd. Single Jul. 2025 ～ Jan. 2030 Commercialization Demonstration Domestic Civil Eng
Slide 30: [Non-consolidated] Orders Received and Forecast by Business Over the Past 3 Years
[Non-consolidated] Orders Received and Forecast by Business Over the Past 3 Years (Unit: billions of yen) Orders Received by Business FY2023 FY2024 FY2025 Actual Actual Actual (1H) Actual (1H) Actual (1H) Forecast (Full-Year) (Full-Year) Construction Marine civil engineering 52.5 97.4 47.1 95.9 61.6
Slide 31: Information on Consolidated Subsidiaries (Building Construction, Real Estate and Other Business)
Information on Consolidated Subsidiaries (Building Construction, Real Estate and Other Business) *Number of employees includes board of directors and officers of each company (Unit: millions of yen, persons) (Unit: millions of yen, persons) FY2023 FY2024 FY2025 FY2023 FY2024 FY2025 1H Full-Year 1H F
Slide 32: Information on Consolidated Subsidiaries (PFI Business)
Information on Consolidated Subsidiaries (PFI Business) *Number of employees includes board of directors and officers of each company (Unit: millions of yen, persons) (Unit: millions of yen, persons) FY2023 FY2024 FY2025 FY2023 FY2024 FY2025 1H Full-Year 1H Full-Year 1H 1H Full-Year 1H Full-Year 1H
Slide 33: Capital Investments, Research and Development Costs, and Depreciation Expenses and Number of Employees
Capital Investments, Research and Development Costs, and Depreciation Expenses and Number of Employees FY2023 FY2024 FY2025 Full-Year 1H Full-Year 1H Full-Year 1H (Forecast) ■ Capital investments (Unit: millions of yen) Consolidated 2,200 2,948 1,060 1,568 1,331 3,000 Non-consolidated 2,120 2,485 54
Slide 34: Matters Related to Shares (As of September 30, 2025)
Matters Related to Shares (As of September 30, 2025) 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 7,461,028 The Master Trust Bank of Japa
Slide 35: Contact
Contact Shinjuku Park-Tower 31F 3-7-1, Nishi-Shinjuku, Shinjuku-Ku, Tokyo 163-1031, Japan TOA CORPORATION Corporate Management General Headquarters Corporate Communication Dept. TEL :03-6757-3821 This document contains predictions based on current assumptions and forecasts regarding the future. Plea