Slide 1: FY2025 (63rd Term) Financial Results and Progress of the Mid-Term Management Plan
FY2025 (63 rd Term) Financial Results and Progress of the Mid-Term Management Plan Tokyo Stock Exchange / Code number： Feb 13, 2026 9621
Slide 2: Contents
・FY2025 (63rd Term) Financial Results ・Progress of the Mid-Term Management Plan 2027 - Summary of Year 1 of the Mid-Term Management Plan - Analysis of the Business Environment for Year 2 C O N T E N TS ・FY2026 (64 th Term) Management Plan ・ Appendix 2
Slide 3: Contents
・FY2025 (63rd Term) Financial Results ・Progress of the Mid-Term Management Plan 2027 - Summary of Year 1 of the Mid-Term Management Plan - Analysis of the Business Environment for Year 2 C O N T E N TS ・FY2026 (64 th Term) Management Plan ・ Appendix 3
Slide 4: Highlights from FY2025 (63rd Term) Financial Results
Highlights from FY2025 (63 rd Term) Financial Results FY2025(63 rd Term) : Increase in Sales, decrease in profit • Orders received : Strong, 9.7% up compared with the target • Sales : Steady, 1.0% up compared with the target • Operating income : 8.6% down compared with the target Affected by a decli
Slide 5: FY2025 Financial Highlights (Consolidated)
FY2025 (63rd Term)-Financial Highlight（Consolidated） Orders Received Sales Operating Income Net Income Attributable to Owners of the Parent JPY 109,701 million JPY 101,038 million JPY 9,136 million JPY 5,952 million FY2024 (62nd) JPY 6,746 million FY2024 (62nd) JPY 94,400 million FY2024 (62nd) JPY 9
Slide 6: FY2025 Financial Highlights (Achievement vs. Plan)
• FY2025 (63rd Term) -Financial Highlight （ Achievement vs. Plan ） Orders Received and Sales achieved the target, while Operating Income and Net Income did not reach the target. FY2025(63 rd) FY2025(63 rd) Plan Actual vs. Plan 50％ 100％ Orders Achievement Rate 100,000 Received JPY 109,701 million 109
Slide 7: FY2025 Profit and Loss Statement (Consolidated)
FY2025 (63 rd Term) - Profit and Loss Statement (Consolidated) （JPY million） FY2025 (63 rd Term) FY2025 (63 rd Term) (Updated FY Plan) FY2024 (62nd Term) Change(¥) Change(%) Achievement (YoY) (YoY) vs. Plan(%) Orders Received 94,400 109,701 +15,301 +16.2% 100,000 109.7% Sales 97,678 101,038 +3,359 +
Slide 8: Income Statement (Consolidated) - 5 Years Trend
Income Statement（Consolidated） - 5 years Trend - Operating Income Margin, etc. - 5 years Trend - Sales Composition - 5 years Trend - ・Cost of Sales Ratio :70.7%(YoY -0.2pt) ・Sales reached a record high due to strong Orders Received, ・SG&A Ratio : 20.2% (YoY +0.7pt) exceeding JPY 100 billion for the
Slide 9: Analysis of Changes in Operating Income
Analysis of Changes in Operating Income ・Cost of sales increased in line with higher Sales. Cost of Sales Ratio decreased by 0.2pt YoY ・SG&A Expenses increased in both constant and one-time expenses ・SG&A expenses ratio increased 0.7 pt YoY ・Operating Income decreased due to higher SG&A expenses. ・O
Slide 10: Balance Sheet / Cash Flow (Consolidated)
Balance Sheet／Cash Flow（Consolidated） Balance Sheet Cash Flow ・ Total Assets increased by JPY 8.7 billion YOY to JPY 96.3 billion due to ・ Cash & cash equivalents closing balance : JPY 15 billion (+ JPY 0.4 billion YOY) an increase in accounts receivable (+JPY 4.1 billion), and right-of-use assets (
Slide 11: FY2025 Results Outline by Segment: Domestic Business
FY2025 (63 rd Term) Results Outline by Segment: Domestic Business Orders Received and Sales exceeded the target, while Operating Income fell short of the plan ・Orders received and Sales were strong, supported by steady performance in Core Businesses and strong performance in Growth Areas and New Bus
Slide 12: Overview of Orders Received (Domestic Business)
Overview of Orders Received (Domestic Business) Orders Received Amount by Clients Orders Received Amount by Contract Method • Steady progress in Business 10% Portfolio Transformation ・ While the business portfolio transformation is • Slightly increased from 24％ progressing, the ratio of highly profi
Slide 13: Orders Received Amount by Business Sector
Overview of Orders Received (Domestic Business) Orders Received Amount by Business Sector Water Transportation ・Water＆Land Business Sector remained strong, driven by strong performance in water ＆ sewage sector (＋35％ YoY) & Land 35％ & Urban Business 33% ・Transportation＆Urban Business Sector performed
Slide 14: Results by Segment: Overseas Business
Overview of FY2025 (63rd Term) Results by segment: Overseas Business ・ Orders Received exceeded the target and Sales in line with targets, while Operating Income decreased significantly CTI Engineering International (CTII) : Orders Received exceeded the plan due to large-scale projects, while Operat
Slide 15: Overview of Orders Received (Overseas Business)
• Overview of Orders Received (Overseas Business) ・CTII increased significantly YoY due to the acquisition of large-scale projects ・Waterman exceeded the previous year in both the public and private sectors Orders Received Amount Trend in balance of Orders Received （JPY billion） （JPY billion） 400 40
Slide 16: Overview of Sales and Profit (Overseas Business)
Overview of Sales and Profit (Overseas Business) Sales achieved the target, but Operating Income decreased due to a decline in utilisation rate and other factors Trend in Sales （JPY billion） Trend in Operating Income and OI Margin （JPY billion） 350 35.0 15 10% 0.28 0.31 250 25.0 13.3 12.6 11.2 0.26
Slide 17: Contents
・FY2025 (63rd Term) Financial Results ・Progress of the Mid-Term Management Plan 2027 - Summary of Year 1 of the Mid-Term Management Plan - Analysis of the Business Environment for Year 2 C O N T E N TS ・FY2026 (64 th Term) Management Plan ・ Appendix 17
Slide 18: Mid-Term Management Plan 2027: Year 1 Summary & Year 2 Policy
Mid-Term Management Plan 2027: Year 1 Summary & Year 2 Policy 2025 Summary Toward 2026 2026 Policy Financial Targets key issues Accelerate Business Portfolio Transformation and strengthen the Rebuild of Foundation for Growth Strengthen technological to achieve the Mid-Term Management Plan ⚫ Sales: A
Slide 19: Year 1 Summary: Financial Targets
Mid-Term Management Plan 2027 Year 1 Summary：Financial Targets ●Sales achieved 2025 target of JPY 100 billion, and on track to reach 2027 target of 110 billion yen ●Operating Income was lower than the previous year, falling short of the 2025 target of 10% ●ROE decreased from the previous year due to
Slide 20: Year 1 Summary: Business Portfolio Transformation
Mid-Term Management Plan 2027 Year 1 Summary：Business Portfolio Transformation ● Core Businesses are steady. Growth Areas and New Businesses are expanding and growing on track ● In the Overseas Business, Orders Received and Sales were in line with targets, but improving profitability is an issue for
Slide 21: Business Portfolio Transformation - Core Business
Mid-Term Management Plan 2027 Year 1 Review ： Business Portfolio Transformation - Core Business ●Sales in Domestic Business have been steady. Ensured stable profitability through cost management ●Number of orders for consulting engineer services has been on a downward trend. Strengthening technologi
Slide 22: Business Portfolio Transformation - Growth Area
Mid-Term Management Plan 2027 Year 1 Summary：Business Portfolio Transformation - Growth Area ● Sales increased across all three Growth Area businesses, contributing steadily to Business Portfolio Transformation Information Energy CM／PM services ・ Successfully established a track record by ・ Rapid ex
Slide 23: Business Portfolio Transformation - New Businesses
Mid-Term Management Plan 2027 Year 1 Summary：Business Portfolio Transformation New Businesses ● PPP/PFI projects performed strongly ● Urban infrastructure and building-related markets were booming, driving expanded group-wide collaboration in related businesses ● In the environmental sector, we have
Slide 24: Strengthening Investment in Human Capital
Mid-Term Management Plan 2027 Year 1 Summary ：Rebuild of Foundation for Growth 1 Strengthening Investment in Human Capital 2025 Summary key issue for 2026 • The number of engineers, both on a non-consolidated and group basis, increased steadily toward the 2027 target. The ratio of female managers ha
Slide 25: Rebuild of Foundation for Growth: DX / Production System Reform
Mid-Term Management Plan 2027 Year 1 Summary ：Rebuild of Foundation for Growth ２ DX / Production System Reform 2025 Summary key issue for 2026 • The number of managing engineers serving as project leaders increased steadily • Annual working hours were on a downward trend, while the 2027 target has n
Slide 26: Challenges for Sustainability and Group Governance
Mid-Term Management Plan 2027 Year 1 Summary ：Rebuild of Foundation for Growth 3 Challenges for Sustainability ⚫ Status of achievement of KGIs Business Sales related 2025 Summary to climate change Target for 2027: • Sales from climate change related business have reached both 2025 Over JPY 28 billio
Slide 27: Management Conscious of Cost of Capital and Stock Price - Current Situation
Mid-Term Management Plan 2027 Year 1 Summary ： Management that is Conscious of Cost of Capital and Stock Price - Analysis of the current situation ● Cost of Capital: We estimate the Cost of Equity to be approximately 8% ● ROE: ROE exceeded the Cost of Capital, but it declined from the previous year
Slide 28: Shareholder Returns
Mid-Term Management Plan 2027 Year 1 Summary ： Shareholder Returns ● Dividends per share : Maintained the dividend at JPY 75, the same as the previous period, resulting in a consolidated dividend payout ratio of 35.0% ● DOE (Dividend on Equity): Achieved our policy of 3% (2025 Result : 3.2%) ● Imple
Slide 29: Contents
・FY2025 (63rd Term) Financial Results ・Progress of the Mid-Term Management Plan 2027 - Summary of Year 1 of the Mid-Term Management Plan - Analysis of the Business Environment for Year 2 C O N T E N TS ・FY2026 (64 th Term) Management Plan ・ Appendix 29
Slide 30: Business Environment Analysis (Domestic Business)
Mid-Term Management Plan 2027 Toward Year 2: Business Environment Analysis (Domestic Business) ● With the major structural changes in society in mind, the PEST framework analyzed the areas that should be the core of future Business Portfolio Transformation PEST axis Key structural changes Market Seg
Slide 31: Business Environment Analysis (Overseas Business)
Mid-Term Management Plan 2027 Toward Year 2: Business Environment Analysis (Overseas Business) ● Overview of market outlooks and growth opportunities by sector in key regions of our overseas business United Kingdom The macro environment is favorable with declining interest rates and inflation; howev
Slide 32: Contents
・FY2025 (63rd Term) Financial Results ・Progress of the Mid-Term Management Plan 2027 - Summary of Year 1 of the Mid-Term Management Plan - Analysis of the Business Environment for Year 2 C O N T E N TS ・FY2026 (64 th Term) Management Plan ・ Appendix 32
Slide 33: 64th Term (2026) Management Plan: Consolidated
64 th Term（2026）Management Plan ● Increase both non-consolidated and consolidated sales and profits to secure achieving the Mid-Term Management Plan 2027 （JPY million） 第63期 第64期 Change(%) MTMP 2027 項 目 （2025年）Results （2026年）Plan (YoY) Target Orders Received 109,701 105,000 -4.3％ - Sales 101,038 105,
Slide 34: 64th Term (2026) Management Plan: By Segment
64 th Term（2026）Management Plan： By Segment ● Increase both Domestic Business and Overseas Business sales and profits to secure achieving the Mid-Term Management Plan 2027 （JPY million） FY2025 FY2026 Change(%) Domestic Business (63 rd Term) (64 th Term) (YoY) Results Plan ・Aim to increase Sales by i
Slide 35: 64th Term (2026) Management Plan: Basic Policy
64 th Term（2026）Management Plan：Basic Policy Slogan for 2026 “Accelerate Transformation, Drive Growth” Accelerate the transformation realised in 2025 and evolve it into sustainable growth Priority Themes１ Accelerate Business Portfolio Priority Theme２ Increase the Employee Key issue Key issue Transfo
Slide 36: Toward achieving ROE of 12% or more
64 th Term（2026）Management Plan： Toward achieving ROE of 12% or more ● ROE for FY2025 was 9.3%, exceeding the Cost of Equity and resulting in a positive equity spread. However, it declined YoY due to lower profit margins and the impact of extraordinary losses. ● Achieved steady improvement in profit
Slide 37: Roadmap to higher Operating Income
64 th Term（2026）Management Plan： Roadmap to higher Operating Income ● Domestic Business：Aim to increase profit by reducing cost of sales and SG&A expenses ratio ● Overseas Business : Reduce cost of sales and SG&A ratios by improving utilisation rates and （JPY billion） streamlining administrative ope
Slide 38: Contents
・FY2025 (63rd Term) Financial Results ・Progress of the Mid-Term Management Plan 2027 - Summary of Year 1 of the Mid-Term Management Plan - Analysis of the Business Environment for Year 2 C O N T E N TS ・FY2026 (64 th Term) Management Plan ・ Appendix 38
Slide 39: Corporate Profile
Corporate Profile Ever since founded in 1945, CTI Engineering has focused on great importance to people and technology. We are “Japan’s first consulting engineer company " developed with high technological capabilities. Business Philosophy Company Name CTI Engineering Co.,Ltd. We strive to create a
Slide 40: Role of Civil Engineering Consultants
Role of Civil Engineering Consultants Infrastructure developments are carried out mainly by three parties: (1) national and local governments, (2) construction consultants, and (3) construction companies. For "national and local governments" that decide projects and make plans, We " Civil Engineerin
Slide 41: Business process of Civil Engineering Consultants
Business process of Civil Engineering Consultants The role of civil engineering consultants is to provide consulting on specific surveys, plans, designs, etc. to national and local governments, which make decisions on projects and make plans. We undertake almost all the work flow, but in accordance
Slide 42: Basic flow of Civil Engineering Consultants
Basic flow of Civil Engineering Consultants ➢ Project size: Mostly tens of millions of yen. In recent years, the number of large-scale projects is increasing by several hundred million. ➢ Number of projects :Thousands per year ➢ Project period : Basically 1 year. The ends of projects period tends to
Slide 43: Importance of Consulting Engineers
Importance of Consulting Engineers Infrastructure Development Yashio City road Infrastructure Maintenance and sinkhole accident Management Define a Construction Plan Survey Design management Maintenance project management Efficient and Effective infrastructure development Importance of inspection, e
Slide 44: Quarterly Sales Amounts and Operating Income (Consolidated)
(Reference Data) Quarterly Sales Amounts and Operating Income (Consolidated) Since CTI Engineering Group has a lot of public projects, work progress tends to concentrate at the end of fiscal year, resulting in a tendency for sales and income to be clustered towards 1Q. (JPY million） (after the adopt
Slide 45: The History of CTI Engineering Co., Ltd.
The History of CTI Engineering Co., Ltd. The history of the Construction Technology Institute (the predecessor of CTI Engineering Co., Ltd.) begins in December 1944, as Japan headed toward its defeat in World War II. Our Founding: The board of directors of the Japan Civil Engineering and Constructio
Slide 46: The History of CTI Engineering Co., Ltd.
The History of CTI Engineering Co., Ltd. Number of employees: 4,087 Sales : JPY 101.0billion Achieved sustainable growth through human resource 2017 enhancement and Yodo River, Yodo River system Waterman (Osaka City, Osaka Prefecture) joined M&A (1971-1980） CTI group Onagawa Central District, Onagaw
Slide 47: Transition of Sales/Operating Income/Number of Engineers
Transition of Sales/Operating Income/Number of engineers（Non-consolidated） Sales(Non-Consolidated) Number of （JPY billion） Engineers (people) 800 By increasing 1,940 2,000 human resources, we achieved 1,900 sustainable expand of Sales. 1,752 1,800 1,658 1,700 600 1,557 1,600 1,461 1,500 1,387 1,400
Slide 48: Consolidated Group Company (Domestic)
Consolidated Group Company (Domestic) Environ- Trans- mental Provides professional services related portation Provides professional services related Urban Social to urban development, urban planning to geological surveying and analysis, Japan Urban and town planning, land readjustment Chi-ken Sogo g
Slide 49: Our Position in the Construction Consulting Industry
Our Position in the Construction Consulting Industry (Non-consolidated) Ranked 3rd in Sales, 1st in Net Income in FY 2024 (JPY Million) Sales of Consulting Company Name Engineers Division Net Income 1 Nippon Koei(ID&E) (Unlisted) *1 64,208 6,329 2 Pacific Consultants (PCKK) (Unlisted) 57,718 3,867 3
Slide 50: Our Strength
Our Strength Industry Professional Japan’s Stable Engineers First Customer Based Leader with on the Order Received Consulting in the Advanced Engineer Public Sector River Sector Technical Skills Since the founding of the As we receive 90% of orders Leveraging our experiences in We are a group of Con
Slide 51: Our Strengths
Our Strengths Order Received Amount by Source (2025) Order Received Amount by Contract Method (2025) １ Private, ２ etc. Price Orders 9％ Competition Received Strength in 24% Proposal from National technical Government competition government Local Gov. 40％ 44% Government 38% Negotiated Contracts Former
Slide 52: Business fields of Domestic Segment
Business fields of Domestic Segment The Company's (non-consolidated) business fields consist of the following four business divisions. ▮63 rd (2025) Period Orders Composition Ratio (Domestic) Water and Land Transportation and Urban Environmental and social Construction Management Business Sector Bus
Slide 53: Our Position in the Industry (Results in 2024)
Our Position in the Industry (Results in 2024) (JPY Million) Our company Business Unit Water and Land Business Sector Transportation and Urban Business Sector Rivers, Coasts Urban planning and Steel structure Sales Rank Sewerage Mechanical Road Tunnel and Sabo Regional planning and concrete Dia Nipp
Slide 54: Our Position in the Industry (Results in 2024)
Our Position in the Industry (Results in 2024) Sales of Construction Management Business Sector increased by 50%YoY (JPY Million) Construction Our company Environmental and Social Business Sector Management Business Unit Business Sector Construction plan and Sales Rank Construction environment Elect
Slide 55: Consolidated Group Company (Overseas)
Consolidated Group Company (Overseas) We are expanding globally with two subsidiaries, Waterman and CTI International 63 rd Term (2025) 63 rd Term (2025) Composition of Overseas Composition of Overseas Segment Sales Segment Sales Waterman Group Plc 15% CTI Engineering International 85% 81% History H
Slide 56: Sales of Waterman Group Plc after the Acquisition
• Sales of Waterman Group Plc after the Acquisition ・ Sales of Waterman Group Plc have progressed steadily since 2017 ・ After our acquisition, public sector Sales have increased FY2024(62nd Term) Composition of Overseas Sales Trends (GBP) (Unit: ％) Segment Sales Waterman Group Plc 140.0 60.0 85% 127
Slide 57: Appendix: Five Key Factors to Express How we should be
Mid-Term Management Plan 2027 Appendix : Five Key Factors to Express “How we should be" Based on the five key factors that express ideal state of CTI Engineering Group, the measures to be implemented in the Mid-Term Management Plan 2027 are consolidated into two pillars. Acquisition of Human Resourc
Slide 58: Appendix: Rationale for Numerical Targets
Mid-Term Management Plan 2027 Appendix : Rationale for Numerical Targets ● Important management figures in 2027 Continue to strengthen our workforce at an annual growth rate of around 5% and aim for net sales of JPY 110 billion Sales or more (achieve SPRONG2030, our mid- to long-term vision, ahead o
Slide 59: External Environment: Public Works Expenditures and Construction Investments
Mid-Term Management Plan 2027 Appendix : External Environment (Trend of Public Works Expenditures and Construction Investments) The market for consulting engineering business, our core business, is strongly influenced by government budget allocations and construction investment. Public works expendi
Slide 60: External Environment: Disaster prevention and national resilience policy
(Reference Data) External Environment (Disaster prevention and mitigation, national resilience policy) • Government approved the “The First Medium-Term National Resilience Implementation Plan” in June 2025 • The plan covers the five-year period from FY2026 to FY2030 with an estimated total budget of
Slide 61: Increase in unit rate for consulting engineers
Mid-Term Management Plan 2027 Appendix : External Environment (Consulting engineer unit rate) ● Unit rate for consulting engineers: Uniform nationwide rates used for estimating costs in design, surveying, and geological consulting services commissioned by the Ministry of Land, Infrastructure, Transp
Slide 62: Action for management Conscious of Cost of Capital and Stock Price
Action for management that is Conscious of Cost of Capital and Stock Price （ Mid-Term Management Plan 2027 ： Announced on February 14, 2025） ● By steadily implementing the Mid-Term Management Plan, which focuses on business portfolio reform and reconstruction of the foundation for growth, and by con
Slide 63: Conscious of Cost of Equity and Stock Price: Progress in 2025
Action for management that is Conscious of Cost of Equity and Stock Price ： Progress in 2025 ● Specific results and future strategies for improving ROE and PER are as follows ● Further accelerating our initiatives toward driving PBR growth by achieving ROE targets and improving PER Action Items and
Slide 64: Conscious of Cost of Equity and Stock Price: Progress in 2025
Action for management that is Conscious of Cost of Equity and Stock Price ： Progress in 2025 Action Items and Directions Progress in 2025 Future Actions ・ Consolidated dividend payout ratio of 30% ・ Dividend per share : JPY 75 or more ・ Dividend payout ratio : 35.0% ・ Stable dividends ・ Continue to
Slide 65: Communication with shareholders and investors
Action for management that is Conscious of Cost of Equity and Stock Price ： Communication with shareholders and Investors ● Actively approaching institutional and individual investors as outlined below ● Opinions obtained through dialogue with investors are regularly reported to the Board of Directo
Slide 66: Business Philosophy
Business Philosophy We strive to create a safe, Comfortable and enriching society Using world-class technology and expertise. CTI Engineering Co., Ltd. has faced social issues with integrity throughout its history as a pioneering consulting engineer. It has worked to solve a variety of infrastructur
Slide 67: Disclaimer
Disclaimer • Any forward-looking statements as part of information disclosed by the Company, such as (but not restricted to) information pertaining to future plans, outlooks, management strategy, etc., are based on the information available at the time of disclosure and/or on certain assumptions dee
Slide 68: 63rd term (2025) Financial Results [Supplementary Data]
63rd term (2025) Fi n a nc i al R e su lt s 〔Supplementary Data〕 CTI Engineering Co.,Ltd..
Slide 69: Order Status (Non-consolidated): Orders received by month
1. Order Status (Non-consolidated) (1) Orders received by month 、％） (JPY million, rounded down to the nearest million, %) Item Our company Consulting Engineering (50 companies) (Note) 2023 2024 2025 2023 2024 2025 Change Change Change Change Change Change Month Amount Amount Amount Amount Amount Amo
Slide 70: Cumulative Orders Received (Non-Consolidated)
2025 Cumulative Orders Received 2024 (JPY million) (Non-Consolidated) 2023 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sept. Oct. Nov. Dec. 2025 Cumulative Orders Received 2024 (JPY million) Consulting Engineering (50 companies) 2023 800,000 700,000 600
Slide 71: Orders Received of Proposals and Comprehensive Evaluation bid
(3) Orders Received of Proposals and Comprehensive Evaluation bid (Non-Consolidated) (Items,%) FY 2023 2024 2025 (2023.1 to 12) (2024.1 to 12) (2025.1 to 12) Number of cases audited 2,243 2,391 2,764 Number of selected 996 1,011 1,037 Selected orders received rate 44.4% 42.3% 37.5% Number of cases a
Slide 72: Results by Business Sector (Consolidated)
2. Results by Business Sector (Consolidated) (JPY million, rounded down to the nearest million, %) FY Business Sector Beginning Orders change Sales Composi change Gross profit Gross Profit Balance of balance of orders received (YoY) Amount tion (YoY) Margin% orders carried carried forward ratio forw