Asanuma CorporationTSE: 1852

Financial Results Presentation for the First Quarter of the Fiscal Year Ended March 2026（August 22, 2025）

· Issued by Asanuma Corporation


‌Dis claimer: This document has been translated from the Japanese original for reference purposes only. In the event of any dis crepancy between this translated document and the Japanese original, the original shall prevail.







Fiscal Year Ending March 2026 Q1 Financial Results Presentation






ASANUMA CORPORATION

TSE Prime Market 1852



August 22, 2025





‌Table of Contents

1 Financial Results (Q1 FYE Mar 2026)

1. Results and Progress (Consolidated Basis)

p.4

2. Breakdown of Order (Non-Consolidated Basis)

- Public/ Private Sector

p.5

3. Breakdown of Order (Non-Consolidated Basis)

- by Type of Projects

p.6～

2 Three-Year Medium-Term Plan(FY2024 to 2026)

Progress on KPIs and Strategic Measures

1.Themes of the Three-Year Medium-Term Plan

p.9

2. Initiatives by Strategic Theme

p.10～

3. Progress on KPIs by Strategic Theme

p.12

3 Shareholder Returns

p.14

Appendix

p.16～

© 2025 Asanuma Corporation. 2



‌1 Financial Results (Q1 FY2025)

© 2025 Asanuma Corporation.

3





1



‌Financial Results (Q1 FY2025)

  1. Results and Progress (Consolidated Basis)

    • As of Q1 of FY2025 ending March 31, 2026, orders were in line with the previous year, while both Net Sales and profits showed steady progress, surpassing the year-on-year performance ratio. (For details, refer to page 18)

    • Orders ••• Orders increased by ¥3,399 million (up 6.4% YoY), primarily driven by a recovery in domestic civil engineering projects.

    • Net Sales•••Net Sales rose by ¥10,517 million (up 32.7% YoY), supported by steady progress on a large volume of carried-over construction projects, particularly in warehouses, factories, and multi-family residential buildings.

    • Profits ••• Gross profit increased by ¥1,113 million (up 38.5% YoY), reflecting both higher sales and improved gross profit margins. Selling, general and administrative expenses rose by ¥542 million (up 23.1% YoY), mainly due to increased domestic labor costs and higher provisions. Nevertheless, operating profit, ordinary profit, and net profit for the quarter all showed year-on-year growth.

      (Unit: Millions of Yen)

      FY2024

      Results

      FY2025

      Plan

      Q1

      Results

      Q1

      Results

      Progress(%)

      Progress (%)

      YoY

      (%)

      Consolidated

      Orders

      180,624

      52,723

      29.2

      151,500

      56,122

      37.0

      +3,399

      +6.4

      Net Sales

      167,005

      32,189

      19.3

      170,300

      42,707

      25.1

      +10,517

      +32.7

      Gross Profit

      17,991

      2,892

      16.1

      18,320

      4,005

      21.9

      +1,113

      +38.5

      Profit margin

      10.8%

      9.0%

      -

      10.8%

      9.4%

      -

      +0.4P

      -

      SG&A expenses

      10,170

      2,351

      23.1

      11,290

      2,893

      25.6

      +542

      +23.1

      Operating Profit

      6,867

      541

      7.9

      7,030

      1,112

      15.8

      +571

      +105.5

      Profit margin

      4.1%

      1.7%

      -

      4.1%

      2.6%

      -

      +0.9P

      -

      Profit attributable to

      owners of parent

      4,692

      360

      7.7

      4,770

      712

      14.9

      +351

      +97.5

      Net assets*1

      45,708

      42,653

      -

      47,000

      44,225

      -

      +1,571

      +3.7

      ROE

      10.1%

      -

      -

      10.3%

      -

      -

      -

      ROIC

      7.1%

      -

      -

      7.2%

      -

      -

      -

      Dividend ratio

      70.4%

      -

      -

      70.1%

      -

      -

      -

      Dividend (amount)

      41.0yen*2

      -

      -

      41.5yen*3

      -

      -

      -

      *1 Excluding Non-Controlling Interests

      *2 Starting in FY2024, the company introduced an interim dividend system. For FY2024, out of the total projected annual dividend of ¥35.0 per share, an interim dividend of ¥15.0 per share was paid at the end of the second quarter, with the effective date set for December 3, 2024.

      *3 For FY2025, the company plans to pay an interim dividend of ¥16.0 per share at the end of the second quarter, out of the total projected annual dividend of ¥41.5 per share.

      © 2025 Asanuma Corporation. 4

      1



      ‌Financial Results (Q1 FY2025)

  2. Breakdown of Order (Non-Consolidated Basis)

    - Public/ Private Sector

    • Non-consolidated basis (Domestic*1) orders received increased by 7.6% year-on-year, up ¥3.89 billion.

    • Building orders from public sector projects increased, and civil engineering orders - from both public and private sectors - saw a substantial year-on-year rise, with civil engineering jumping 444.3%, equivalent to ¥4.06 billion.

      （Unit: Millions of Yen）

      FY2024

      Q1 Results

      Domestic

      (Non-consolidated basis)

      Total (Building & Civil Engineering)

      51,268

      Public Sector

      1,781

      Private Sector

      49,487

      Building

      50,354

      Public Sector

      1,595

      Private Sector

      48,758

      Civil Engineering

      914

      Public Sector

      186

      Private Sector

      728

      Overseas Subsidiaries

      consolidated basis

      1,454

      52,723

      FY2025

      Q1 Results

      YoY(%)

      55,162

      +7.6

      7,970

      +347.3

      47,192

      △4.6

      50,182

      △0.3

      6,614

      +314.7

      43,567

      △10.6

      4,979

      +444.3

      1,355

      +626.4

      3,624

      +397.7

      960

      56,122

      △33.9

      +6.4

      Building Public Sector

      Building Private Sector

      Civil Engineering Public Sector

      Civil Engineering Private Sector

      2%

      7%

      12%

      0% 3%

      2%

      95%

      79%

      Outer：FY2025 Q1

      Inner：FY2024 Q1







*1 Although figures include data from Guam, more than 99% relate to domestic projects. This applies throughout the subsequent pages as well

© 2025 Asanuma Corporation. 5

1



‌Financial Results (Q1 FY2025)

  1. Breakdown of Order (Non-Consolidated Basis)

- by Type of Projects



Others2%

Factories

6%

Warehouses

9%

Offices

11% Hotels

41%

Educational and Research Facilities

14% Residential

Buildings

17%

Roads

1%

Others Railways 10%

6%

Water and

Sewerage

7% Land

Development

Erosion and

Flood Control

57%

19%

91%

9%

by Proj

（Unit: Millions of Yen）

Building Construction (Domestic)

Civil Engineering (Domestic)

Hotels

20,359

Land Development

2,863

Residential Buildings

8,602

Erosion and Flood Control

961

Educational and Research Facilities

6,856

Water and Sewerage

351

Offices

5,438

Railways

285

Warehouses

4,401

Roads

42

Factories

2,968

Others

475

Others

1,056

Total

50,182

Total

4,979

Orders ect Type

© 2025 Asanuma Corporation. 6

1



‌Financial Results (Q1 FY2025)

3. Order Composition (Non-Consolidated Basis)

By Type of Projects （Building New Construction•Renovation）



Factories 2%

3%

Warehouses

9%

Offices

11%

Hotels

Educational 44%

and Research Facilities

14% Residential

Buildings

17%

Others

6%

Offices

9%

Retail and

Entertainment

Facilities Factories

11% 46%

Residential Buildings

13% Educational

and Research Facilities

15%

93%

7%

by Proj

（Unit: Millions of Yen）

Building Operations (New Construction)

Building Operations (Renovation)

Hotels

20,354

Factories

1,645

Residential Buildings

8,155

Educational and Research Facilities

542

Educational and Research Facilities

6,314

Residential Buildings

446

Offices

5,123

Retail and Entertainment Facilities

396

Warehouses

4,392

Offices

315

Factories

1,322

Others

948

Others

224

Total

46,612

Total

3,570

Others

Orders ect Type

© 2025 Asanuma Corporation. 7



‌2 Three-Year Medium-Term Plan (FY2024 to 2026)

Progress on KPIs and Strategic Measures

© 2025 Asanuma Corporation. 8





‌2 Three-Year Medium-Term Plan (FY2024 to 2026)

Progress on KPIs and Strategic Measures

  1. Themes of the Three-Year Medium-Term Plan

    • Six themes were selected as the themes we will focus on during the three years of the plan.

Environment

surrounding the construction industry in Japan

Improving the renovation business in Japan and othercountries, whichwas launchedand strengthened

during the previous three-year

medium-term plan

For being a more vibrant organization

2

2

SSttrreennggtthheenniinngg tthhee rreennoovvaattiioonn business

3

Acquiring, retaining and developing human resources

4

4

PPrroommoottiioonn ooff DDXX

Realizing comfortable, efficient operations

5

  • Aging and shortage of human resources

  • Decrease in long-term construction investments

  • Growing demand for sustainability management

Expanding building construction*1 and civil engineering businesses

more strategically and efficiently

1

1

SSttrreennggtthheenniinnggccoorree BBuussiinneesssseess iinnJJaappaann

Strengthening governance, compliance and risk management

6

6

As a member of

For the peace of mind of all stakeholders

Environmental and sEoncviiarol cnomnetnritbaul taionnd social contribution

nature and society

Long-term Vision*2Our Founding Philosophy

A company which works to improve the satisfaction of customers, partner companies, shareholders and employees and contributes to the global environment and society

Spirit of Harmony

and Sincerity, Enthusiasm and Creativity

*1. Refers mainly to new construction

*2. Whatwe want to be as of the 140th anniversary of our founding (FY2031 (January 20, 2032)). The long-term vision, philosophy, policy and other matters were revised in April 2024. For details, see page 17.

© 2025 Asanuma Corporation. 9



2



‌Three-Year Medium-Term Plan (FY2024 to 2026)

Progress on KPIs and Strategic Measures

  1. Initiatives by Strategic Theme （1/2）

    テThーemマe

    (what w（e3w年ill間focでus注on力duすrinるg tこheとthr）ee years)

    Key Initiatives



    3

    Acquiring, retaining and developing human

    resources



    • Acquisition - We have raised the starting salary to ¥300,000 per month.

      To strengthen talent acquisition, we have also implemented company-wide salary increases for four consecutive years.

      Entered into a naming rights partnership agreement with Saga University. In addition to enhancing brand recognition, the partnership also plays a role in contributing to the educational and research environment.

      • Acquisition & Retention - Introduced a student loan repayment support program. The company partially covers employees' student loan repayments. This

        initiative aims to reduce the financial burden on employees repaying their loans

        while working, and to position the company as a more attractive employer.

      • Retention

        • We have introduced 'HR OnBoard', a tool designed to prevent

          early turnover and support employee retention. Implemented a web-based survey tool using weather stamp responses to visualize and mitigate turnover risks.

        • Promoting a worksite schedule of eight closures every four weeks.

      • Development - Enhancing employee training programs.

        Nickname: 'Asanuma Hall'

        Saga University, Faculty of Science and Engineering Building No. 6, 1st Floor Communication Hall

        We have extended and enriched our training programs for new employees, and introduced new initiatives to

        support long-term career development.

        Measures of Three-Year Medium-Term Plan

      • Strengthening recruitment measures

      • Securing diverse human resources (including women, non-Japanese people and aged people)

      • Encouraging employees to take holidays and

reduce overtime work

  • Improving the labor environment of work sites and promoting the closure of work sites

  • Reviewing and enhancing the content of training programs

  • Strengthening our branding and PR

© 2025 Asanuma Corporation. 10

2



‌Three-Year Medium-Term Plan (FY2024 to 2026)

Progress on KPIs and Strategic Measures

  1. Initiatives by Strategic Theme （2/2）

    テThーemマe

    (what w（e3w年ill間focでus注on力duすrinるg tこheとthr）ee years)

    Key Initiatives



    Strengthening governance, compliance and risk management

    5



    • 【Strengthening Governance】

      Strengthening communication with shareholders and investors. *1

      By hosting events on-site and utilizing live streaming formats, we are sharing our business activities with a broader range of investors

      Early disclosure of the Annual Securities Report prior to the General

      Shareholders' Meeting.



      Disclosed three business days prior to the General Shareholders' Meeting (June 23, 2025).

      Corporate IR & Individual Investor Meeting Event Co-hosted by Radio NIKKEI and Pronexus

      (Scene from the Kobe venue)

      We have decided to continue granting Restricted Stock Compensation to all executives and employees in fiscal year 2025 *2

      Employee stock compensation has been implemented for three consecutive years.

      （FY2024 Results）

      • 【Strengthening Compliance】

        common

        Director

        5people

        Executive Officer

        18people

        Employee

        1,242people

        stock

        18,900shares

        Total Disposal Amount

        14,023million

        37,535shares

        27,850million

        167,670shares

        124,411million

        Earnings Presentation Hosted by Nikko Investor Relations

        (Scene from the live broadcast)

        Compliance and IT security training programs are conducted via e-learning.

      • 【Strengthening Risk management】

        Strengthening BCP measures . SECOM's safety confirmation system.

        Measures of Three-Year Medium-Term Plan

        • Strengthening governance further

          (including governance of overseas subsidiaries)

        • Enhancing communication with shareholders and investors

        • Ensuring compliance and enhancing compliance

        • Enhancing safety measures (for aged workers) and increasing safety awareness

        • Reinforcing the information security structure and systems and increasing awareness of information security

        awareness

        *1 26 meetings with shareholders and institutional investors、 3 financial results briefings (including on-demand video sessions)、 3 briefings for individual investors (FY2024)

        *2 Implemented for directors and executive officers in FY2021, and for employees starting from FY2023.

        FY2024 Share Disposal Details：Disposal price: ¥742 per share 、 Payment date: Directors and Executive Officers: July 26, 2024 、Employees: September 27, 2024

        Planned Share Disposal Details for FY2025：Disposal price: ¥728 per share、Scheduled payment dates:Directors and Executive Officers: July 25, 2025、Employees: September 19, 2025

        © 2025 Asanuma Corporation. 11

        2



        ‌Three-Year Medium-Term Plan (FY2024 to 2026)

        Progress on KPIs and Strategic Measures

  2. Progress on KPIs by Strategic Theme

  • KPIs have been established for each strategic theme. FY2024 results indicate solid progress toward achieving our targets by

the end of FY2026.

Theme

(what we will focus on during the three years)

Financial/non-financial KPI

Target for the End of FY2026 FY2024 Results

Supplementary Information on FY2024 Results

Strengthening

  1. core Businesses in Japan

    Strengthening

  2. the renovation

business

Customer Satisfaction Score

Ratio of operating income from renovation business to consolidated operating income

80 points or higher



(Average of the last two fiscal years)

40 %

or higher

79.9 points

※Average of FY2023 and

FY2024

※ Calculated based on data received as of the end of March

45.3%

  • Continuing from the previous year, it has maintained a high level (up 0.2 points year on year)

  • In FY2023, we secured several large-scale and high-margin renewal projects in Japan, which contributed to operating profit in FY2024.

3

4 DX

5

Acquiring, retaining and developing Human resources

Promotion of DX

Strengthening governance, compliance and risk management

Engagement Score

Gross profit per hour of work

Number of serious legal or regulatory violations

Fatal Accident

70 points or higher

6,000 yen or higher

0 cases

0 cases

△75%

69.6 points

6,722 yen

0 cases

0 cases

△73%

  • An increase of 1.4 points compared to the previous year

  • Scores for employee engagement items-such as 'I am truly grateful to be working at this company'-showed an upward trend.

  • Reduction in Working Hours and Increase in Gross Profit

  • Focused on Strengthening Compliance Training

  • Implemented safety training leveraging digital transformation (DX)

  • Progress on Scope 1 and 2 emissions reduction is on track.

    6

    Environmental and

    social contribution

    CO2 emission reduction rate

    Scope 1 and 2

    Scope 3

    Category 11

    (compared to FY1990)

    △8%

    (compared to FY2021)

    (compared to FY1990)

    △47%

    (compared to FY2021)

  • Category 11 saw a significant decline due to a decrease in the number of project completions in FY2024. This is a temporary phenomenon caused by longer construction periods resulting from larger-scale projects.

    © 2025 Asanuma Corporation. 12



    ‌3 Shareholder Returns

    © 2025 Asanuma Corporation. 13









    ‌3 Shareholder Returns

    • We plan to increase dividends for the ninth consecutive fiscal year.



    • Under the current three-year medium-term plan, we aim to maintain a dividend payout ratio of over 70%. Additionally, to create a more accessible investment environment, we have introduced a stock split and a semi-annual dividend system.

Trends in Dividend Payments and Payout Ratios

45.0

40.0

35.0

30.0

50.0%

78.1% 73.3% 70.0% 70.4%

41.0*2

41.5

42.5

90.0%

80.0%

70.0%

60.0%

25.0

20.0

15.0

30.3%

40.5%

25.7

26.0

36.3

27.4

38.2

28.2

40.6

35.0

25.5

50.0%

40.0%

30.0%

10.0

5.0

0.0

10.0

21.6

15.3 13.0

18.0

16.0

20.0%

10.0%

0.0%

（Unit: JPY）

FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

*1 Figures have been adjusted to reflect the stock consolidation (10-to-1) on October 1, 2018, the 2-for-1 stock split on August 1, 2022, and the 5-for-1 stock split on August 1, 2024

*2 Interim dividend: ¥15.0, Year-end dividend: ¥26.0

Initial Plan *3

Actual Results Dividend Payout Ratio

*3 The initial plans disclosed under each of the medium-term three-year management plans starting in FY2018, FY2021, and FY2024 are presented. However, as the dividend amount for FY2025 was not

Three-Year Medium-Term Plan

disclosed in the current medium-term plan, the projected amount disclosed in the financial results announcement dated May 14, 2025, is shown instead.

Policy

While securing funds for strategic investments, we remain committed to maintaining a dividend payout ratio of 70%

or higher, in line with our previous medium-term management plan.

Dividend Criteria

Criteria: Dividend payout ratio of 70% or higher

Dividend Amount (JPY)

Dividend for the Final Fiscal Year：¥42.5 per share

Other Information

  • Stock split (5-for-1), effective August 1, 2024

  • An interim dividend system was introduced. For FY2024, an interim dividend of ¥15.0 per share was distributed at the end of the second quarter, out of a total annual dividend of ¥41.0 per share.

© 2025 Asanuma Corporation. 14



‌Appendix

© 2025 Asanuma Corporation. 15







‌Appendix 1/7

1



Customer satisfaction score

80 points or higher (Average of the last two fiscal years)

Slightly satisfied

85 points

Slightly dissatisfied

55 points

  • Where a construction performance evaluation is received (mainly government works)

    • Using a rating score as a customer satisfaction score

  • Where a customer satisfaction survey is conducted (mainly private-sector works)

Questionnaire responses

Where the survey was conducted

Conversion to

scores

•

•

Translating responses to each question into a score as shown in the table on the right, and calculating the average

In order to close the gap between the recipient's construction performance evaluation score, correcting the average value calculated above by adding a multiplication factor of 0.85 (the multiplication factor is calculated based on past results)

Since it takes time to receive all the survey results for the current year, using the average of the two periods (the current and the previous year) for the evaluation of the current year

Satisfied

100 points

Neither satisfied nor dissatisfied

70 points

•

Dissatisfied 40 points

  • Average of FY2022 and FY2023: 79.7 points

  • Average of FY2023 and FY2024: 79.9 points

  • Operating income from renovation (Japan and overseas) ÷ Consolidated operating income (The amount of goodwill is subtracted from operating income from overseas renovation.)

  • The value was determined considering future M&A activities involving renovation companies in the ASEAN region.

  • FY2023: 68%(thanks to strong performance of the subsidiaries in Singapore)

  • FY2024: 45.3%

Past result

Calculation method

Calculation method

Past result

KPI calculation methods and past results

Theme

(what we will focus on during the three years)

Financial/

non-financial KPI

Calculation methods and past results

Strengthening core businesses in Japan

Strengthening the renovation business

2

1

Acquiring, retaining and developing human resources

3



Ratio of operating incomefrom renovationbusiness to consolidated operatingincome

40% or higher

Engagement score

70 points or higher

  • The score was determined based on the percentage of the upper two answers on a four-point scale (answers (1) and (2) below) to four questions related to engagement in the stress check (subjects: all employees).

Answers: (1) Very applicable (2) Fairly applicable (3) Not very applicable (4) Not applicable at all

  • FY2023: 68.1 points

  • FY2024: 69.6 points

Past result

Calculation method

© 2025 Asanuma Corporation. 16



‌Appendix 2/7

Theme

(what we will focus on during the three years)

Financial/

non-financial KPI

Calculation methods and past results

4

DX

Promotion of DX

Gross profit per hour worked

6,000 yen or higher

Calculation method

  • Gross profit (consolidated)/all employees' working hours (non-consolidated)

Past result

  • FY2023: 5,230 yen/hour worked

  • FY2024: 6,722 yen/hour worked

Number of serious legal or regulatory violations

0

Fatal accidents

0

5

Strengthening

governance, compliance and risk management



Calculation method

Past result

Rate of reduction of total CO2emissions

Scope 1 and 2

△75%

(compared with FY1990)

Scope 3 Category 11

△ 8%

(compared with FY2021)

6

Environmental and social contribution



Calculation method

  • Number of serious legal or regulatory violations



    • Because there is no legal definition of serious legal or regulatory violation, we define it as described below, in principle.

      (However, decisions will be made on a case-by-case basis because these matters are highly individual.)

      • Legal or regulatory violations which significantly impact society or the company

      • Legal or regulatory violations which result in criminal or administrative punishments (which are publicly disclosed)

  • Number of fatal accidents

    • If one accident results in the death of multiple people, the number of people whose lives were lost shall

      be regarded as the number of accidents. (Conforming to rules on administrative reporting, etc.)

      Fiscal year

      Major legal or regulatory violations

      Fatal accidents

      2023

      0

      1

      2024

      0

      0

  • The FY2026 target was set through back calculation based on the FY2030 and FY2050 targets that had already been set

(The percentage indicates the rate of reduction from the emissions in the baseline year.).

Scope

Unit

Baseline year

Results

Medium-Term Plan

Medium- and longterm target

Reference: Categories of CO2emissions

  • Scope 1

    CO2emissions from business activities

  • Scope 2

    Indirect CO2emissions from the use of electricity and gas

  • Scope 3, Category 11 CO2emissions from the use of buildings that we delivered to customers

Fiscal year

Emissions

FY2022

FY2026

FY2030

FY2050

Scopes 1

and 2

Emission 1 (t-CO2/ n

intensity 00 millio

yen)*1

1990

30

13.4*2

-55%

13.8

-54%

12

-60%

3

-90%

Total volume

t-CO2

(construction work only)

1990

74,193

17,000*2

-77%

18,548

-75%

16,322

-78%

3,710

-95%

Scope 3

Category 11

(in-house designs + other companies' designs)

Total volume

t-CO2

2021

693,428

647,430

637,953

589,414

450,728

-6%

-8%

-15%

-35%

Past result

*1. Emissions per 100 million yen of completed construction project.

*2 Results in FY2022 were favorable due to temporary factors, including the small number of civil engineering projects with large CO2 emissions. During the medium-term plan (FY2026), the medium- and long-term targets were set based on straight-line values from the baseline year.

© 2025 Asanuma Corporation. 17



‌Appendix 3/7

2



Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2026

  • Orders: Orders increased by ¥3,399 million (up 6.4% YoY), primarily driven by a recovery in domestic civil engineering projects.

  • Net sales: Net Sales rose by ¥10,517 million (up 32.7% YoY), supported by steady progress on a large volume of carried-over construction projects, particularly in warehouses, factories, and

    multi-family residential buildings.

  • Profits: Gross profit increased by ¥1,113 million (up 38.5% YoY), reflecting both higher sales and improved gross profit margins. Selling, general and administrative expenses rose by ¥542 million (up 23.1% YoY), mainly due to increased domestic labor costs and higher provisions. Nevertheless, operating profit, ordinary profit, and net profit for the quarter all showed year-on-year growth.





FY2023

１ＱResults

FY2024

１ＱResults

FY2025

１ＱResults

YOY

Rate of change

Orders

44,697

52,723

56,122

3,399

6.4%

Net sales

30,179

32,189

42,707

10,517

32.7%

Construction contracts

Other

29,534

644

31,464

725

41,935

771

10,471

46

33.3%

6.3%

Gross profit

2,343

2,892

4,005

1,113

38.5%

Rate

7.8%

9.0%

9.4%

0.4P

-

Construction contracts

2,152

2,732

3,766

1,034

37.9%

Rate

7.3%

8.7%

9.0%

0.3P

-

Other

190

160

238

78

49.1%

Rate

29.5%

22.1%

31.0%

8.9P

-

Selling,general and administrative

expenses

2,424

2,351

2,893

542

23.1%

Operating profit

△81

541

1,112

571

105.5%

Rate

△0.3%

1.7%

2.6%

0.9P

-

Ordinary profit

103

693

1,085

392

56.6%

Rate

0.3%

2.2%

2.5%

0.3P

-

Profit attributable to

32

360

712

351

97.5%

Owners of parent

Rate

0.1%

1.1%

1.7%

0.6P

-

FY2023

１ＱResults

FY2024

１ＱResults

FY2025

１ＱResults

YOY

Rate of change

Total assets

101,251

115,240

105,233

△10,006

△8.7%

Current assets

Fixed assets

83,229

18,022

97,664

17,576

88,015

17,218

△9,648

△357

△9.9%

△2.0%

Total liabilities

52,545

69,102

60,610

△8,491

△12.3%

Debt(including Corporate bond)

14,984

21,558

17,176

△4,381

△20.3%

Current libilities

45,181

52,885

44,548

△8,337

△15.8%

Short-term debt

12,126

9,946

5,640

△4,305

△43.3%

Fixed libilities

7,363

16,216

16,061

△154

△1.0%

Long-term debt (including

Corporate bond)

2,858

11,611

11,535

△75

△0.7%

Net assets

48,705

46,138

44,622

△1,515

△3.3%

Shareholders' equity

accumulated other comprehensive income

Non-controlling interests

44,251

3,371

1,083

42,411

3,296

430

41,031

3,194

397

△1,380

△102

△33

△3.3%

△3.1%

△7.7%

■Consolidated Statement of Income ■Consolidated Balance Sheet (million yen)









Capital adequacy ratio

47.0%

39.7%

42.0%

2.3P

-

© 2025 Asanuma Corporation. 18



‌Appendix 4/7

3



Non-Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2026





FY2023

１ＱResults

FY2024

１ＱResults

FY2025

１ＱResults

YOY

Rate of change

Orders

40,688

51,268

55,162

3,893

7.6%

Building construction

Civil engineering

35,750

4,937

50,354

914

50,182

4,979

△171

4,064

△0.3%

444.3%

Net sales

27,581

29,899

39,919

10,019

33.5%

Construction contracts

27,487

29,788

39,828

10,039

33.7%

Building construction

Civil Engineering

23,047

4,439

25,505

4,283

33,642

6,185

8,137

1,902

31.9%

44.4%

Other

94

111

90

△20

△18.4%

Gross profit

1,700

2,445

3,470

1,025

41.9%

Rate

6.2%

8.2%

8.7%

0.5P

-

Construction contracts

1,669

2,409

3,438

1,028

42.7%

Rate

6.1%

8.1%

8.6%

0.5P

-

Building construction

1,145

1,953

2,793

839

43.0%

Rate

5.0%

7.7%

8.3%

0.6P

-

Civil Engineering

524

456

645

189

41.5%

Rate

11.8%

10.6%

10.4%

△0.2P

-

Other

30

35

31

△3

△10.3%

Rate

32.6%

31.7%

34.8%

3.1P

-

Selling,general and

administrative expenses

2,212

2,078

2,603

524

25.3%

Personnel expenses

Other Expenses

1,188

1,023

1,199

879

1,324

1,279

124

399

10.4%

45.5%

Operating profit

△511

366

867

500

136.3%

Rate

△1.9%

1.2%

2.2%

1.0P

-

Ordinary profit

△290

485

1,389

903

186.2%

Rate

△1.1%

1.6%

3.5%

1.9P

-

Net income

△189

246

1,079

833

338.8%

Rate

△0.7%

0.8%

2.7%

1.9P

-

FY2023

１ＱResults

FY2024

１ＱResults

FY2025

１ＱResults

YOY

Rate of change

Total assets

92,463

107,963

99,305

△8,657

△8.0%

Current assets

Fixed assets

73,119

19,343

86,053

21,910

77,562

21,743

△8,491

△166

△9.9%

△0.8%

Total liabilities

47,537

64,005

56,171

△7,834

△12.2%

Debt

（including Corporate bond）

13,100

20,000

15,690

△4,310

△21.6%

Current liabilities

41,932

49,286

41,450

△7,835

△15.9%

Short-term debt

（including Corporate bond）

11,800

9,610

5,300

△4,310

△44.8%

Fixed liabilities

5,604

14,719

14,720

0

0.0%

Long-term debt

（including Corporate bond）

1,300

10,390

10,390

0

0.0%

Net assets

44,926

43,958

43,134

△823

△1.9%

Shareholders' equity

Valuation and translation adjustments

42,528

2,398

41,928

2,029

40,916

2,218

△1,012

189

△2.4%

9.3%

■Non-Consolidated Statement of Income ■Non-Consolidated Balance Sheet (million yen)













Capital adequacy ratio

48.6%

40.7%

43.4%

2.7P

-

© 2025 Asanuma Corporation. 19



‌Appendix （別紙） 5/7

4

Progress in orders, net sales, and profits for the first quarter is tracking well, exceeding the pace achieved in the same period of the previous fiscal year. At this point, there are no changes to the full-year earnings forecast announced on May 14, 2025.



Forecast for the Fiscal year Ending March 31, 2026

Year-end

FY2024

１QResults

Consolidated

Year-end Plans

FY2025

１QResults

Year-end

FY2024

１QResults

Non-Consolidated

Year-end Plans

FY2025

(million yen)



１QResults

results

Progress rate

YOY

Progress rate

results

Progress rate

YOY

Progress rate

Orders

180,624

52,723

29.2%

151,500

△29,124

56,122

37.0%

169,334

51,268

30.3%

144,000

△25,334

55,162

38.3%



Building construction

-

-

-

-

-

-

-

143,828

50,354

35.0%

120,000

△23,828

50,182

41.8%

Civil engineering

-

-

-

-

-

-

-

25,506

914

3.6%

24,000

△1,506

4,979

20.7%

Net sales

167,005

32,189

19.3%

170,300

3,294

42,707

25.1%

155,720

29,899

19.2%

157,100

1,379

39,919

25.4%



Construction contracts

163,661

31,464

19.2%

167,200

3,538

41,935

25.1%

155,275

29,788

19.2%

156,700

1,424

39,828

25.4%



Building construction

-

-

-

-

-

-

-

134,318

25,505

19.0%

132,700

△1,618

33,642

25.4%

Civil engineering

-

-

-

-

-

-

-

20,957

4,283

20.4%

24,000

3,042

6,185

25.8%

Other

3,344

725

21.7%

3,100

△244

771

24.9%

445

111

25.0%

400

△45

90

22.7%

Gross profit

17,991

2,892

16.1%

18,320

328

4,005

21.9%

15,647

2,445

15.6%

15,970

322

3,470

21.7%

Rate

10.8%

9.0%

-

10.8%

0.0P

9.4%

-

10.0%

8.2%

-

10.2%

0.2P

8.7%

-



Construction contracts

17,081

2,732

16.0%

17,560

478

3,766

21.5%

15,510

2,409

15.5%

15,840

329

3,438

21.7%

Rate

10.4%

8.7%

-

10.5%

0.1P

9.0%

-

10.0%

8.1%

-

10.1%

0.1P

8.6%

-

Other

909

160

17.6%

760

△149

238

31.4%

137

35

25.6%

130

△7

31

24.4%

Rate

27.2%

22.1%

-

24.5%

△2.7P

31.0%

-

31.0%

31.7%

-

32.5%

1.5P

34.8%

-

Selling,general and administ

expenses

rative

11,124

2,351

21.1%

11,290

165

2,893

25.6%

9,714

2,078

21.4%

9,700

△14

2,603

26.8%

Operating profit

6,867

541

7.9%

7,030

162

1,112

15.8%

5,933

366

6.2%

6,270

336

867

13.8%

Rate

4.1%

1.7%

-

4.1%

0.0P

2.6%

-

3.8%

1.2%

-

4.0%

0.2P

2.2%

-

Ordinary profit

6,545

693

10.6%

6,820

274

1,085

15.9%

5,472

485

8.9%

6,540

1,067

1,389

21.2%

Rate

3.9%

2.2%

-

4.0%

0.1P

2.5%

-

3.5%

1.6%

-

4.2%

0.7P

3.5%

-

Net income

4,692

360

7.7%

4,770

77

712

14.9%

3,949

246

6.2%

4,770

820

1,079

22.6%

Rate

2.8%

1.1%

-

2.8%

0.0P

1.7%

-

2.5%

0.8%

-

3.0%

0.5P

2.7%

-

Dividend（Resultl・Plan）

41.00円

41.50円

0.50円

Dividend payout ratio

ROIC

Rate

70.4%

FY2024

Result

7.1%

FY2025

Result

7.2% WACC

70.1%

△0.3P

FX2024

Result

4.1%

FY2025

Result

4.1%

ROE

10.1%

10.3% Cost of Shareholders' Equity

5.5%

5.5%

© 2025 Asanuma Corporation. 20



‌Appendix （別紙） 6/7

5



Breakdown of Orders By Sectors （Non-Consolidated）

(million yen)

FY2024

FY2025

Results

Proportion

Results

Proportion

YOY

FY2024

FY2025

Results

Proportion

Results

Proportion

YOY

■By Sectors（Building Construction） ■By Sectors（Civil Engineering）

National Government

Independent Administrative Agencies, etc.

-

484

0.0%

30.4%

520

3,840

7.9%

58.1%

520

3,355

Central

484

30.4%

4,360

65.9%

3,875

Prefectural Governments

Municipality, etc.

-

1,110

0.0%

69.6%

0

2,254

0.0%

34.1%

0

1,143

Local

1,110

69.6%

2,254

34.1%

1,144

Public

1,595

100.0%

6,614

100.0%

5,019

Food

34

0.1%

410

0.9%

375

Chemical

1

0.0%

44

0.1%

43

Iron and Steel

50

0.1%

73

0.2%

23

Electrical Machinery

29

0.1%

13

0.0%

△16

Transportation Equipment

3,165

6.5%

2,622

6.0%

△542

Other Machinery

△5

0.0%

117

0.3%

123

Others

77

0.2%

1,407

3.2%

1,329

Manufacturing Industry

3,352

6.9%

4,689

10.8%

1,336

Mining and Construction

3,653

7.5%

6,714

15.4%

3,060

Electricity, Gas, Heat Supply, and Water Utilities

-

0.0%

9

0.0%

9

Information and Communications

3

0.0%

49

0.1%

46

Transportation and Logistics

8,971

18.4%

1,647

3.8%

△7,323

Wholesale and Retail Trade

11

0.0%

35

0.1%

24

Finance and Insurance

29

0.1%

56

0.1%

27

Real Estate

31,622

64.9%

9,400

21.6%

△22,221

Service

835

1.7%

20,688

47.5%

19,853

Others

280

0.6%

275

0.6%

△4

Non-Manufacturing Industry

45,406

93.1%

38,878

89.2%

△6,527

Private

48,758

100.0%

43,567

100.0%

△5,191

Total

50,354

50,182

△171

National Government

Independent Administrative Agencies, etc.

115

0

61.8%

0.0%

961

-

70.9%

0.0%

845

0

Central

115

61.8%

961

70.9%

845

Prefectural Governments

Municipality, etc.

-

71

0.0%

38.2%

42

351

3.1%

26.0%

42

280

Local

71

38.2%

394

29.1%

323

Public

186

100.0%

1,355

100.0%

1,168

Food

-

-

-

-

-

Chemical

-

-

-

-

-

Iron and Steel

-

-

-

-

-

Electrical Machinery

-

-

-

-

-

Transportation Equipment

-

-

-

-

-

Other Machinery

-

-

-

-

-

Others

-

-

-

-

-

Manufacturing Industry

-

-

-

-

-

Mining and Construction

9

1.2%

442

12.2%

432

Electricity, Gas, Heat Supply, and Water Utilities

-

0.0%

-

0.0%

0

Information and Communications

-

0.0%

-

0.0%

0

Transportation and Logistics

175

24.0%

285

7.9%

109

Wholesale and Retail Trade

-

0.0%

-

0.0%

0

Finance and Insurance

-

0.0%

-

0.0%

0

Real Estate

0

0.0%

2,421

66.8%

2,420

Service

541

74.3%

475

13.1%

△66

Others

-

0.0%

-

0.0%

0

Non-Manufacturing Industry

728

100.0%

3,624

100.0%

2,896

Private

728

100.0%

3,624

100.0%

2,896

Total

914

4,979

4,064

© 2025 Asanuma Corporation. 21



‌Appendix （別紙） 7/7

6



Breakdown of Orders By Type of Projects （Non-Consolidated）

(million yen)

FY2024

FY2025

Results

Proportion

Results

Proportion

YOY

FY2024

FY2025

Results

Proportion

Results

Proportion

YOY

Offices

1,302

2.6%

5,438

10.8%

4,136

Hotels

480

1.0%

20,359

40.6%

19,878

Retail and Entertainment Facilities

3,948

7.8%

396

0.8%

△3,552

Factories

5,869

11.7%

2,968

5.9%

△2,901

Warehouses

24,116

47.9%

4,401

8.8%

△19,715

Residential Buildings

13,606

27.0%

8,602

17.1%

△5,004

Educational and Research Facilities

897

1.8%

6,856

13.7%

5,959

Medical and Welfare Facilities

40

0.1%

514

1.0%

473

Others

92

0.2%

645

1.3%

552

Building Construction

50,354

100.0%

50,182

100.0%

△171

Offices

966

2.1%

5,123

11.0%

4,157

Hotels

500

1.1%

20,354

43.7%

19,854

Retail and Entertainment Facilities

2,089

4.5%

-

0.0%

△2,089

Factories

5,211

11.2%

1,322

2.8%

△3,888

Warehouses

24,096

51.7%

4,392

9.4%

△19,703

Residential Buildings

13,543

29.1%

8,155

17.5%

△5,387

Educational and Research Facilities

127

0.3%

6,314

13.5%

6,186

Medical and Welfare Facilities

0

0.0%

392

0.8%

392

Others

40

0.1%

555

1.2%

515

Building Construction (New Construction)

46,574

100.0%

46,612

100.0%

37

Offices

335

8.9%

315

8.8%

△20

Hotels

△19

-0.5%

4

0.1%

24

Retail and Entertainment Facilities

1,858

49.2%

396

11.1%

△1,462

Factories

658

17.4%

1,645

46.1%

987

Warehouses

20

0.5%

8

0.2%

△11

Residential Buildings

63

1.7%

446

12.5%

383

Educational and Research Facilities

770

20.4%

542

15.2%

△227

Medical and Welfare Facilities

40

1.1%

121

3.4%

81

Others

52

1.4%

89

2.5%

37

Building Construction (Renovation)

3,779

100.0%

3,570

100.0%

△209

■By Type of Projects（Building Construction） ■By Type of Projects（Civil Engineering）

Erosion and Flood Control

96

10.5%

961

19.3%

864

Railways

175

19.2%

285

5.7%

109

Water Supply and Sewerage Systems

-

0.0%

351

7.1%

351

Land Development

10

1.2%

2,863

57.5%

2,852

Roads

71

7.8%

42

0.9%

△28

Power and Communication Lines

-

0.0%

-

0.0%

-

Others

561

61.4%

475

9.5%

△85

Civil engineering

914

100.0%

4,979

100.0%

4,064

■By Region（Building Construction and Civil Engineering）

Hokkaido

167

0.3%

238

0.4%

71

Tohoku

1,451

2.8%

563

1.0%

△887

Kanto / Koshinetsu

19,495

38.0%

13,774

25.0%

△5,721

Chubu / Hokuriku

6,578

12.8%

1,382

2.5%

△5,195

Kinki

19,141

37.3%

35,389

64.2%

16,247

Chugoku / Shikoku

3,934

7.7%

3,403

6.2%

△531

Kyushu / Okinawa

234

0.5%

410

0.7%

176

Overseas

265

0.5%

0

0.0%

△264

Total

51,268

100.0%

55,162

100.0%

3,893

*Until FY March 2025, figures were broken down by area of branch offices, while from FY March 2026, by area of construction sites.

■By Volume of Projects（Building Construction and Civil Engineering） *Only new orders

FY2024

FY2025

Count

Results

Proportion

Count

Results

Proportion

YoY

less than 500

198

2,955

6.0%

197

2,813

5.4%

△142

500 to 1,000

1

500

1.0%

3

2,152

4.2%

1,652

1,000 to 3,000

4

6,123

12.4%

7

10,677

20.6%

4,554

3,000 to 5,000

5

19,313

39.1%

3

10,575

20.4%

△8,738

more than 5,000

3

20,535

41.5%

2

25,501

49.3%

4,966

Total

211

49,427

100.0%

212

51,719

100.0%

2,292

© 2025 Asanuma Corporation. 22



‌MEMO

© 2025 Asanuma Corporation. 23

‌Contact Information

Corporate Strategy and Planning Headquarters Corporate Communications Division

Asanuma Corporation

MAIL asanuma_ir@asanuma.co.jp

TEL 06-6585-5500

FAX 06-6585-5556

Asanuma Corporation Integrated Report 2024

https://www.asanuma.co.jp/csr/report.html

Official Corporate Instagram

The plans, forecasts, and forward-looking statements contained in this document are based on the Company's strategies, objectives, assumptions, and premises as of the date of publication. Actual results may differ materially from these statements due to various factors.



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