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 Q2 Financial Results Presentation
ASANUMA CORPORATION
TSE Prime Market 1852
November 17, 2025
Table of Contents
1 Financial Results (Q2 FYE Mar 2026) | |
1. Results and Progress (Cons olidated Basis) | p.4 |
2. Breakdown of Order (Non-Cons olidated Basis) - Public/Private Sector | p.5 |
3. Breakdown of Order (Non-Consolidated Basis) - by Type of Projects | p.6～ |
2 Initiatives in the First Half of FY2025 | |
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.14 |
3 Shareholder Returns | p.16 |
Appendix | p.17～ |
© 2025 Asanuma Corporation. 2
1 Financial Res ults (Q2 FY2025)
© 2025 Asanuma Corporation. 3
1
Financial Results (Q2 FY2025)
Res ults and Prog res s (Cons olidated Bas is )
Progress in the second quarter has been solid, with order intake, revenue, and profit all tracking ahead of last year's pace. While there are no changes to the plan announced on May 14, 2025, we have revised our full-year order intake forecast upward in light of recent booking trends (For details, refer to page 21)
Orders - In domestic building construction, we secured several large-scale projects, including new warehouses and residential buildings, as well as major renovation contracts. In civil engineering, s ignificant orders such as large-scale power line projects contributed to a substantial improvement. As a result, total orders increased by ¥54,307 million YoY, a 69.2% rise
Net Sales - Net sales progressed steadily, driven by a strong pipeline of large-scale carryover projects, particularly in warehouses, factories, and multi-family housing. This led to a YoY increase of ¥15,149 million, or 21.1%.
Profits - Gross profit rose by ¥2,223 million (up 28.5% YoY), supported by higher sales and improved gross profit margins. Selling, general and administrative expenses increased by ¥698 million (up 14.6%) YoY, mainly due to changes in management structure, higher domestic labor costs includin g base pay increases, and increased provisions. Despite this, operating profit, ordinary profit, and profit attributable to owners of parent all showed YoY growth.
(Unit: Millions of Yen)
FY2024
Results
FY2025
Plan
Q2
Results
Q2
Results
Progress(%)
Progress (%)
YoY
(%)
Consolidated
Orders
180,624
78,423
55.5
167,500
132,731
79.2
+54,307
+69.2
Net Sales
167,005
71,725
46.7
170,300
86,875
51.0
+15,149
+21.1
Gross Profit
17,991
7,803
48.5
18,320
10,026
54.7
+2,223
+28.5
Profit margin
10.8%
10.9%
-
10.8%
11.5%
-
+0.6P
-
SG&A expenses
10,170
4,786
47.1
11,290
5,484
48.6
+698
+14.6
Operating Profit
6,867
3,017
50.9
7,030
4,541
64.6
+1,524
+50.5
Profit margin
4.1%
4.2%
-
4.1%
5.2%
-
+1.0P
-
Profit attributable to
owners of parent
4,692
1,848
46.0
4,770
3,070
64.4
+1,221
+66.1
Net assets *1
45,708
44,167
-
47,000
47,071
-
+2,903
+6.6
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 from FY2024, we introduced an interim dividend system. For FY2024, out of the total Dividend (amount) of ¥41.0 per share, an interim dividend of ¥15.0 was paid at the end
of the second quarter.
*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 (Q2 FY2025)
Breakdown of Order (Non-Cons olidated Bas is )
- Public/ Private Sector
On a Non-consolidated basis (domestic*1), orders recorded a substantial year-on-year increase of 70.6%, amounting to ¥52,983 million.
In both the building construction and civil engineering segments, orders from government and private sectors increased s ignificantly year-on-year.
（Unit: Millions of Yen）
FY2024
Q2 Results
Domestic
(Non-consolidated basis)
Total (Building & Civil Engineering)
75,041
Public Sector
7,938
Private Sector
67,103
Building
69,796
Public Sector
4,359
Private Sector
65,436
Civil Engineering
5,245
Public Sector
3,578
Private Sector
1,666
Overseas Subsidiaries
consolidated basis
3,381
78,423
FY2025
Q2 Results
YoY(%)
128,025
+70.6
28,650
+260.9
99,375
+48.1
107,141
+53.5
22,826
+423.6
84,314
+28.8
20,883
+298.1
5,823
+62.7
15,060
+803.5
4,705
132,731
+39.2
+69.2
Building Public Sector
Building Private Sector
Civil Engineering Public SectorCivil Engineering Private Sector12%
18%
4%
5%
6%
2%
87%
66%
Outer：FY2025 Q2
Inner：FY2024 Q2
*1 Although figures include data from Guam, more than 99% relate to domestic projects. This applies throughout the subsequent pa ges as well
1
Financial Results (Q2 FY2025)
Breakdown of Order (Non-Cons olidated Bas is )
- by Type of Projects
Others Factories 6% 6% Educational and Warehouses Research Facilities 25% 10% Offices 13% Hotels Residential 24% Buildings 16% | Others Erosion and 5% Flood Control 5% Railways 9% electric power line Roads 42% 16% Land Development 23% | |||
84% | ||||
16% | ||||
by Proje | ||||
（Unit: Millions of Yen） | ||||
Building Construction (Domes tic) | Civil Engineering (Domes tic) | |||
Warehouses | 26,446 | electric power line | 8,670 | |
Hotels | 25,539 | |||
Land Development | 4,910 | |||
Residential Buildings | 17,614 | |||
Roads | 3,377 | |||
Offices | 13,413 | |||
Educational and Research Facilities | 11,107 | Railways | 1,838 | |
Erosion and Flood Control | 1,083 | |||
Factories | 6,158 | |||
Others | 1,002 | |||
Others | 6,862 | |||
Total | 107,141 | Total | 20,883 | |
Orders ct Type
1
Financial Results (Q2 FY2025)
3. Order Compos ition (Non-Cons olidated Bas is )
By Type of Projects （Building New Cons truction •Renovation ）
Others Factories4% 5% Offices 7% Warehouses Educational and 28% Research Facilities 10% Residential Buildings Hotels 28% | 2% 3% Retail and Entertainment Facilities 6% Educational and Research Facilities 11% Offices 51% Factories 27% | |||
87% | ||||
13% | ||||
by Proje | ||||
（Unit: Millions of Yen） | ||||
Building Operations (New Construction) | Building Operations (Renovation) | |||
Warehouses | 26,393 | Offices | 6,874 | |
Hotels | 25,512 | |||
Factories | 3,569 | |||
Residential Buildings | 16,630 | |||
Educational and Research Facilities | 1,444 | |||
Educational and Research Facilities | 9,663 | |||
Retail and Entertainment Facilities | 882 | |||
Offices | 6,538 | |||
medical and welfare | 219 | |||
Factories | 4,683 | |||
Others | 3,325 | Others | 421 | |
Total | 92,747 | |||
Total | 14,394 | |||
medical and welfareOthers
Orders ct Type
2 Initiatives in the Firs t Half of FY2025
© 2025 Asanuma Corporation. 8
2 In i tia tives in th e Firs t Ha l f of FY2025
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.
As one of the recent key initiatives, the following pages outline the progress of measures under Themes 2, 3, 4, and 6.
For being a more
Environment
surrounding the construction industry in Japan
Improving the renovation
vibrant organization
2 3Acquiring, retaining and developing human resources
4Promotion of DX
Realizing
comfortable,
Aging and shortage of human resources
Decrease in long-term construction investments
Growing demand for sustainability management
business in Japan and other countries, which was launched and strengthened during the previous three-year
medium-term plan
Strengthening the renovation business
efficient operations
5
Expanding building construction*1 and civil engineering businesses
more strategically and efficiently
1
Strengthening core Businesses
in Japan
Strengthening governance,
compliance and
risk management
6As a member of
For the peace of mind of all stakeholders
Environmental and social contribution
nature and society
Long-term Vision*2
Our 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. What we 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
In i tia tives in th e Firs t Ha l f of FY2025
Initiatives by Strateg ic Theme （1/4）
Thテemーe マ
(what we w（il3l fo年cu間s oでn d注uri力ngすtheるthこreeとye）ars )
K主eyなI取nitりia組tivみes
Strengthening the renovation business
2
GOOD CYCLE through Environmentally Conscious Technologies
Earth-Returning Bricks
3D Layered Clay-Wood Wall
Reception Room on the First Floor of the Nagoya Branch
Imomatsu Store on the Second Floor of Senkyakubanrai
Promote new utilization of excavated soil from construction site
We are conducting research to actively incorporate natural materials such as soil and wood into modern architecture, aiming not only to contribute to decarbonization and the achievement of SDGs , but also to enhance design quality and added value. As part of these efforts , The "Earth-Returning Bricks" and the "3D Layered Clay-Wood Wall," developed by us, have obtained patents *1.
Measures of Three-Year Medium-Term Plan
Strengthening ReQuality,
our renovation business brand
Strengthening the renovation business in the ASEAN region
ZEB Renovation of the Technical Research Institute Using Natural Materials
Achieving the practical use of renovation-related technologies and promoting the technologies
(advanced technologies for building deterioration diagnosis, etc.)
*1 Earth-Returning Bricks (Patents: 7676190, 7676191) and、3D Layered Clay-Wood Wall (Patent: 7723873)
2
In i tia tives in th e Firs t Ha l f of FY2025
Initiatives by Strateg ic Theme （2/4）
Thテemーe マ
(what we w（il3l fo年cu間s oでn d注uri力ngすtheるthこreeとye）ars )
K主eyなI取nitりia組tivみes
Acquiring, retaining and developing human resources
3
【 Acquisition 】
Showcasing Building construction and Civil Engineering Works on Our Official Instagram Sharing our vision and technologies through photos to strengthen branding and public relations.
【 Retention • Development 】
Hosting an internal event at the Netherlands
Pavilion at Expo.
This event is held to provide a deeper understanding of the company's initiatives.
Measures of Three-Year Medium-Term Plan
Sponsored the Architecture Student Workshop*¹ (organized by the NPO Art & Architect Festa). In FY2024, the event was held at Daigoji Temple in Kyoto Prefecture, with our employees participating on-site as advisors.
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
*1 Since FY2001, the workshop has been held with the aim of enabling students majoring in architecture, environmental design, and related fields to step outside their campuses and create site-specific works under the guidance of instructors, primarily practicing architects active in Japan and abroad.
2
In i tia tives in th e Firs t Ha l f of FY2025
2. Initiatives by Strateg ic Theme （3/4）
Theme
(what we will focus on during the three years)
Key Initiatives
Conducted DX training for all employees
Introduced the 'DX Literacy Human Resource Development Program' from SIGNATE Cloud to enhance DX
literacy and drive mindset transformation.
Developed DX leaders and established the foundation for organizational transformation. We will continue to advance DX to improve operational efficiency, enhance productivity, and establish a sustainable management foundation.
Measures of Three-Year Medium-Term Plan
DX
Promotion of DX
4
Strengthening the system for promoting DX
Promoting DX in construction and quality and for safety management
Promoting DX in administrative tasks and internal operations
Collecting information and conducting trials for the practical realization of advanced information technologies
(activities at the RX Consortium)*1
Further utilization of BIM and CIM*2
*1 This organization facilitates the joint development of technologies such as robotics and IoT applications required during the construction phase. It also promotes the shared use of existing technologies and the dissemination of related information. As of October 28, 2025, the organization consists of 30 full members and 282 supporting members.
*2 Building Information Modeling、Construction Information Modeling。 A 3D building model enriched with attribute data, enabling seamless use throughout all project phases
-from planning and design to construction and maintenance.
© 2025 Asanuma Corporation. 12
2
In i tia tives in th e Firs t Ha l f of FY2025
Initiatives by Strateg ic Theme （4/4）
Theme
(what we will focus on during the three years)
Key Initiatives
FY1990
FY2000
FY2005
FY2010
FY2015
FY2024
FY2030
FY2040
FY2050
Obtained third-party assurance toward acquiring SBT *1 certification.
Obtained third-party assurance from Socotec Certification Japan Co., Ltd. for the calculation results of GHG (greenhouse gas) emissions for FY2024.
In FY2025, we plan to set more ambitious reduction targets and obtain SBT certification.
CO₂ Reduction Targets and Results at Construction Sites
（Scope1＋2） （Scope3）
CO₂ Emissions, Total Reduction Rate, Scope 3 Category 11
FY2024 Results
△47% （Compared to FY2021 *3）
366,658 t-CO2
FY2030 Objectives
△15% （Compared to FY2021 *3）
589,414 t-CO2
※2
FY2050 Objectives
△35% （Compared to FY2021 *3）
450,728 t-CO2
Measures of Three-Year Medium-Term Plan
Intensity Reduction Target: ▲90% Total Reduction Target: ▲95%
Intensity Reduction Target: ▲60% Total Reduction Target: ▲78%
Baseline Year Emissions
Intensity：30 (t-CO₂ per 100 million yen) Total：74 (thousand t-CO₂)
FY2024 Results Intensity: 12.6 (t-CO₂ per 100 million yen) Total: 19.6 (thousand t-CO₂)
Total CO₂ Emissions (thousand t-CO₂)
CO₂ Emission Intensity (t-CO₂ per 100 million yen)
Environmental and social
contribution
6
Implementing initiatives related to environmental consideration, resource circulation and health (pushing forward with the GOOD CYCLE PROJECT, Eco-Friendly ASANUMA 21, etc.)
Suggesting high-value added designs, materials, etc.,
Acquiring SBT certification
Verifying and expanding health science in
construction technologies
Building and reinforcing foundations for promoting ZEB and ZEH
such as eco-friendly materials and designs
*1 SBT stands for 'Science Based Targets,' which refers to greenhouse gas emission reduction targets set by companies for a target year 5 to 10 years in the future, aligned with the level required under the Paris Agreement (Source: Ministry of the Environment website
*2 Calculation：30×（1-0.6）＝12
*3 FY2021 Emissions 693,428 t-CO2
© 2025 Asanuma Corporation. 13
2
In i tia tives in th e Firs t Ha l f of FY2025
Prog res s on KPIs by Strateg ic 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
core Businesses in Japan
Strengthening
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 s ignificant 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. 14
3 Shareholder Returns
© 2025 Asanuma Corporation. 15
3 Shareholder Returns
We plan to increase dividends for the ninth consecutive fis cal 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
*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 |
|
© 2025 Asanuma Corporation. 16
Appendix
© 2025 Asanuma Corporation. 17
Appendix 1/7
Appendix 2/7
Appendix 3/7
Appendix 4/7
Appendix 5/7
Appendix 5/7
（単位：百万円）
Appendix 6/7
（単位：百万円）
Appendix 6/7
Appendix 7/7
Appendix 7/7
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.