Infroneer Holdings Inc. · TSE:5076

Infroneer — Q3 FY2025 Earnings Presentation

56 slides from Infroneer's earnings presentation, Feb 10, 2026

  1. Slide 1: INFRONEER Holdings FY25 3rd Quarter Financial Presentation

    INFRONEER Holdings FY25 3rd Quarter Financial Presentation February 10, 2026

  2. Slide 2: Index

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

  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 Leveraging the strengths of both

  4. Slide 4: Financial Summary

    2. Financial Summary 3 Segment Financial Summary • In FY25 3Q 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. • Net income increased by 30.8 billion yen YoY (approximately 2.5 time

  5. Slide 5: Capital Strategies & Return Policy / FY25 3Q Results and Full-year Forecast

    3. Capital Strategies & Return Policy/ FY25 3Q Results and Full-year Forecast 4 FY24 FY25 3Q Results/ Medium-term Vision 2027 Results Full-year Forecast Capital Feb.10 - Upward revision of ROE 12.0％ 7.5％ 12.6％ (Full-year) Efficiency forecasts Interest-bearing debt increased Optical Equity Ratio 30％o

  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 3Q Business Profit Business Profit Margin （billion yen） Profits 3Q Profits Profits Margin 60.0 (Planned) 80.0 77.3 (Planned) 60.0 51.5 46.4 48.5 40.0 33.5 32.6 32.4 40.0 37.5 26.7 5.3% 5.7%

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

    4-2. Performance Figures for INFRONEER Holdings • In FY25 3Q Results, both net sales and profits increased year-on-year. Net sales, EBITDA, and net income reached have reached at a record 6 high since INFRONEER was established. • Net income increased by 30.8 billion yen (Approximately 2.5 times YoY)

  8. Slide 8: Segment Performance Figures (YoY)

    5. Segment Performance Figures (YOY) 7 （billion yen） FY24 FY25 Progress YOY 3Q Results 3Q Results (Ratio to Full-year FY 25) Net Sales 604.4 768.6 164.2 68.0% ※ Building Construction 250.2 336.1 85.9 67.4% Civil Engineering 104.6 168.0 63.4 63.4% Road Civil Engineering 195.0 206.0 11.0 72.0% Machine

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

    5. Segment Performance Figures (Full-Year Forecast Trend) 8 （billion yen） FY24 FY25 FY25 FY25 ②ー① Full-Year Results At the beg. ① Revised on Nov.14 Revised on Feb. 10② Net Sales ※ 847.5 896.3 1133.0 1130.0 233.7 Building Construction 363.4 384.8 502.7 498.7 113.9 Civil Engineering 146.4 173.9 277.6

  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 of Orders Received (Maeda Corp.)

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

  12. Slide 12: Backlog, Orders Received and Profit Margin of Orders Received (Sumitomo Mitsui Construction)

    7-2. Transitions of Backlog, Orders Received, and Profit Margin of Orders Received 【Sumitomo Mitsui Construction】  Orders received of building construction segment remain steadily with profit margin of orders received sustained at a high 11 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） 447.0 1,897.8 （Billion yen） (446.5) (1,804.2)※1 447.0 1,897.8 Major Factors Major Factors ※2 1,450.7 600.7 205.6 (1,357.7)※1 1,450.7 Consolidation of SMC 334.5 935.3 ＋65.3 Liabilities with B

  14. Slide 14: Trends in Stock Price

    9. Trends in Stock Price (as of Feb 09,2026) 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 effect

  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 i

  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 3Q Due to the steady progress of profitable construction projects on hand, the Company achieved an increase in Building Construction both net sales and gross profit

  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  FY25 3Q Orders have been received as planned, and the profit margin at the time of order intake reached 9.7%, the Building Construction highest level on record. 

  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: SMC Building Construction: Net Sales, Gross Profit, Operating Profit

    Sumitomo Mitsui Construction Building construction segment (Real estate included) and it's Overseas Subsidiaries 1-4. Trends in Net Sales, Gross Profit, and Operating Profit 20  FY25 3Q Due to a decrease in the carried-over backlog, net sales declined significantly. However, gross profits Building

  22. Slide 22: SMC Building Construction: Orders Received and Profit Margin

    Sumitomo Mitsui Construction and it's Overseas Subsidiaries Building construction segment (Real estate included) 1-5. Trends in Orders Received and Profit Margin of Orders Received 21 Building Construction  FY25 3Q Order intake has been progressing steadily in line with the initial plan  FY25 Thro

  23. Slide 23: SMC Building Construction: Order Ratios by Building Use

    Sumitomo Mitsui Construction Building construction segment (Domestic, Real estate included） 1-6. Trends in order ratios by building use. 22 Building Construction  The proportion of "accommodation facilities" and "educational and research facilities" is expected to be higher than in typical years 【

  24. Slide 24: 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

  25. Slide 25: 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 24  FY25 3Q Due to the steady progress of the opening backlog and construction projects ordered during the current Building Construction fiscal year, as well as the successful acquisition of design ch

  26. Slide 26: 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 25  FY25 3Q Orders from both the public and private sectors have been progressing steadily. Both orders received and the Building Construction profit margin of orders received exceeded the prev

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

    Sumitomo Mitsui Construction Civil engineering segment and it's Overseas Subsidiaries 2-3. Trends in Net Sales, Gross Profit, and Operating Profit 26  FY25 3Q Net sales declined due to the reactionary effect from the completion of a large-scale overseas project in the Building Construction same per

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

    Sumitomo Mitsui Construction Civil engineering segment and it's Overseas Subsidiaries 2-4. Trends in Orders Received and Profit Margin of Orders Received 27  FY25 3Q Order intake remained at a level comparable to the same period of the previous year, while the profit margin Building Construction at

  29. Slide 29: 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

  30. Slide 30: Maeda Infrastructure Management: Net Sales, Gross Profit, EBITDA

    Maeda Corp. Group Infrastructure management segment 3-1-1. Trends in Net Sales, Gross Profit, and EBITDA 29  FY25 3Q Concession projects such as the Aichi Prefecture Road Concession and the Osaka Industrial Water Concession Building Construction as well as the sale of Komono Villa are progressing s

  31. Slide 31: Infrastructure Management: Profit Contribution Amount

    Maeda Corp. Group Infrastructure management segment 3-1-2. Profit contribution amount (full-year) 30  FY25 3Q The operating profits of the SPCs currently in operation, including Aichi Road Concession, are progressing Building Construction smoothly.  FY25 Operating profit from SPC during the period

  32. Slide 32: 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)31 （million yen） Building Construction Consolidated Miotsukushi Industrial Water Miura Sewerage Concession Co., Ltd. Aichi Road Concession Co., Ltd. ※1 subsidiaries Con

  33. Slide 33: Major Infrastructure Management Projects in Japan

    Infrastructure management segment 3-1-4. Major Infrastructure Management Projects in Japan 32 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

  34. Slide 34: 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

  35. Slide 35: JWD: Net Sales, Gross Profit, EBITDA

    JWD Consolidated Infrastructure management segment 3-2-1. Trends in Net Sales, Gross Profit, and EBITDA 34  FY25 3Q Net sales were flat. Profit decreased YoY due to lower electricity sales volume at owned power plants. Building Construction  FY25 Expect to achieve the revised full-year plan, suppo

  36. Slide 36: JWD: Transition of Ongoing and Developing Projects

    JWD Consolidated Infrastructure management segment 3-2-2. The transition of ongoing and developing projects 35  Added two new projects (118MW) compared to FY24. Building Construction  5 No of projects are currently under construction（1Q : 4 Nos, 2Q : 1 No) No of Project* MW （project） 3,312 3,274 3

  37. Slide 37: Projects Status by Japan Wind Development

    JWD Consolidated Infrastructure management segment 3-2-3. Projects Status by Japan Wind Development 36 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

  38. Slide 38: 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

  39. Slide 39: 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 38  FY25 3Q Through rigorous management of profit margins at the time of order acceptance and appropriate price Building Construction pass-through, revenue and profit increased year-on-year. 

  40. Slide 40: MAEDA Road Construction Business: Orders, Net Sales, Profit

    MAEDA Road Consolidated Road Civil Engineering 39 4-2. 【Construction Business】 Trends in Orders Received, Net Sales, Gross and Operating Profit  FY25 3Q Through rigorous management of profit margins at the time of order acceptance and appropriate price Building Construction pass-through, revenue an

  41. Slide 41: MAEDA Road Manufacturing and Sales Business

    MAEDA Road Consolidated Road Civil Engineering 40 4-3. 【Manufacturing and Sales Business】 Trends in Net Sales, Gross Profit and Operating Profit  FY25 3Q Due to the progress of price pass-through implemented in the previous fiscal period and the stabilization of Building Construction raw material c

  42. Slide 42: 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

  43. Slide 43: MAEDA SEISAKUSHO: Net Sales, Gross Profit, Operating Profit

    MAEDA SEISAKUSHO Consolidated Machinery 5-1. Trends in Net Sales, Gross Profit and Operating Profit 42  FY25 3Q Although sales revenue decreased due to reduced orders for construction machinery units and changes in the Building Construction distribution channels for certain products, the gross prof

  44. Slide 44: MAEDA SEISAKUSHO: Construction and Industrial Machinery

    MAEDA SEISAKUSHO Consolidated Machinery 5-2. 【Construction Machinery ※1 / Industrial Machinery & Steel Products ※2 】 Trends in Net Sales, Gross Profit and Operating Profit※3 43  FY25 3Q While orders received in the construction machinery business declined, revenue remained on par with the previous

  45. Slide 45: FY25 3Q Results and FY25 Full-year Forecast

    FY25 3Q Results and FY25 Full-year Forecast

  46. Slide 46: MAEDA CORP. Consolidated FY25 3Q Results & Full-Year Plan

    1. MAEDA CORP. 【Consolidated】 FY25 3Q Results & Full-Year Plan （billion yen） 45 FY24 FY25 YoY FY25 3Q 3Q Results 3Q Results Change Full-Year Plan Progress Net Sales 375.3 424.6 49.2 602.1 70.5% Total 250.6 280.6 30.0 397.1 70.7% Building Domestic 242.4 274.9 32.5 - -% Construction Overseas 8.2 5.7 -

  47. Slide 47: MAEDA ROAD Consolidated FY25 3Q Results & Full-Year Plan

    2. MAEDA ROAD 【Consolidated】 FY25 3Q Results & Full-Year Plan 46 （billion yen） FY24 FY25 YoY FY25 3Q 3Q Results 3Q Results Change Full-Year Plan Progress Net Sales 194.8 199.3 4.5 273.0 73.0% Construction Business 135.1 137.4 2.3 190.0 72.3% Manufacturing and Sales Business 59.8 61.9 2.2 83.0 74.6%

  48. Slide 48: MAEDA SEISAKUSHO Consolidated FY25 3Q Results & Full-Year Plan

    3. MAEDA SEISAKUSHO 【Consolidated】 FY25 3Q Results & Full-Year Plan 47 （Billion Yen） FY24 FY25 YoY FY25 3Q 3Q Results 3Q Results Change Full-Year Plan Progress Net Sales 32.9 29.9 -3.0 43.0 69.5% Construction Machinery 19.0 19.0 -0.0 26.0 73.1% Industrial Machinery & Steel Products 12.2 9.3 -2.9 14.

  49. Slide 49: Japan Wind Development Consolidated FY25 3Q Results & Full-Year Plan

    4. Japan Wind Development Co., Ltd. 【Consolidated】 FY25 3Q Results & Full-Year Plan 48 （Billion Yen） FY24 FY25 YoY FY25 3Q 3Q Results 3Q Results Change Full-Year Plan Progress Net Sales 3.8 3.5 -0.2 5.4 66.0% Development 1.4 1.3 -0.1 2.9 45.9% O&M 2.0 2.0 -0.0 2.1 98.0% Others 0.3 0.2 -0.1 0.4 46.0%

  50. Slide 50: Sumitomo Mitsui Construction Consolidated FY25 3Q Results & Full-Year Plan

    5. Sumitomo Mitsui Construction 【Consolidated】 FY25 3Q Results & Full-Year Plan 49 （Billion Yen） FY24 FY25 YoY FY25 3Q 3Q Results 3Q Results Chhange Full-Year Plan Progress Net Sales 343.2 292.7 -50.5 401.1 73.0% Total 184.7 143.7 -41.0 188.8 76.1% Building Domestic 147.9 108.8 -39.1 139.2 78.2% Con

  51. Slide 51: Key INFRONEER Group Companies (MAEDA Corporation Group)

    6. FY25 3Q Results & Full-Year Plan of Key INFRONEER Group Companies 50 (MAEDA Corporation Group) （Million Yen） FBS CO., LTD. ※1 FUJIMI KOKEN ※1 JM ※2 Consolidated Subsidiaries FY25 FY25 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Full-Year Full-Year Full-Year 3Q Results 3Q Results 3Q Results 3Q Results 3Q R

  52. Slide 52: Key INFRONEER Group Companies (SMCC Group)

    7. FY25 3Q Results & FY25 Full-Year Plan of Key INFRONEER Group Companies 51 (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 FY25 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY25 Su

  53. Slide 53: Continuous Improvement of ESG Ratings

    【Supplementary Information】 Continuous Improvement of ESG Ratings 52  Selected for the A List* in the "Climate Change" category for the second consecutive year, following inclusion last year.！ * Selected for the A List means being recognized as world-leading company in Climate Change initiatives. *

  54. Slide 54: Restricted Conversion Clause of Euro-Yen Convertible Bonds

    [Supplementary Material ] Restricted conversion clause of Euro-Yen Convertible Bonds with Share option 53 - 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

  55. Slide 55: Differences between Contribution to Profit and Segment Profit

    54 [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

  56. Slide 56: 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 — Q3 FY2025 Earnings Presentation on 6ix