FY2025 3rd Quarter : Financial Results (April 1, 2025 to December 31, 2025)

February 9, 2026

Company name: OBAYASHI CORPORATION Listing: Tokyo Stock Exchange

Securities code: 1802

URL: https://www.obayashi.co.jp/en/

Representative: Toshimi Sato, Representative Director, President and CEO Inquiries: Yoshiaki Takata, General Manager of Accounting Department Telephone: +81-3-5769-1701

Scheduled date to commence dividend payments: -

Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes (for analysts and institutional investors)

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating income		Ordinary income		Profit attributable to owners of parent
      Nine months ended December 31, 2025 December 31, 2024	Millions of yen 1,832,429 1,900,381	% (3.6) 11.7	Millions of yen 142,725 97,603	% 46.2 90.6	Millions of yen 151,645 106,198	% 42.8 73.8	Millions of yen 131,761 95,964	% 37.3 102.1

      Note: Comprehensive income For the nine months ended December 31, 2025: 154,002 Millions of yen [143.1%] For the nine months ended December 31, 2024: 63,361 Millions of yen [(40.8)%]

      	Profit attributable to owners of parent per share (EPS)	Diluted profit per share
      Nine months ended December 31, 2025 December 31, 2024	Yen 188.39 133.84	Yen - -

      Note: Due to a change in accounting policy, results for the nine months ended December 31, 2024, have been re-presented retrospectively.

   2. Consolidated financial position

   	Total assets	Net assets	Equity ratio	Net assets per share (BPS)
   As of	Millions of yen	Millions of yen	%	Yen
   December 31, 2025	3,145,710	1,248,303	38.0	1,737.14
   March 31, 2025	3,042,778	1,210,201	38.1	1,628.88

   Reference: Equity

   As of December 31, 2025: 1,194,148 Millions of yen

   As of March 31, 2025: 1,158,245 Millions of yen

   Note: Due to a change in accounting policy, results for the fiscal year ended March 31, 2025, have been re-presented retrospectively.

2. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Dividend payout ratio (Consolidated)	Ratio of dividends to net assets (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen - -	Yen	Yen - -	Yen	Yen	Millions of yen 57,911	%	%
   Fiscal year ended March 31, 2025		40.00		41.00	81.00		39.9	5.0
   Fiscal year ending March 31, 2026		41.00
   Fiscal year ending March 31, 2026 (Forecast)				46.00	87.00		35.7

   Note: Revisions to the forecast of cash dividends most recently announced: Yes

   Refer to "Notice Concerning Revisions to Full-Year Financial Results Forecasts and Dividend Forecasts (Dividend Increase)" (disclosed on February 9, 2026) for the forecast of cash dividends for the fiscal year ending March 31, 2026.

   Due to a change in accounting policy, dividend payout ratio (consolidated) and ratio of dividends to net assets (consolidated) for the fiscal year ended March 31, 2025, have been re-presented retrospectively.

3. Consolidated forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the consolidated forecasts most recently announced: Yes

Refer to page 1 of the appendix and "Notice Concerning Revisions to Full-Year Financial Results Forecasts and Dividend Forecasts (Dividend Increase)" (disclosed on February 9, 2026) for the consolidated forecasts for the fiscal year ending March 31, 2026.

Year-on-year percentage changes are comparisons with the previous fiscal year's figures, which reflect retrospective application of a change in accounting policy.

1. Significant changes in the scope of consolidation during the period: None
2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None
3. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: Yes

   3. Changes in accounting estimates: None

   4. Restatement: None

      Refer to page 14 of the appendix, (3) Notes to the Consolidated Financial Statements "Notes Regarding Changes in Accounting Policies" for details.

4. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      December 31, 2025	706,951,046 shares
      March 31, 2025	721,509,646 shares

   2. Number of treasury shares at the end of the period

      December 31, 2025	19,528,835 shares
      March 31, 2025	10,439,266 shares

   3. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

• Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

• Proper use of earnings forecasts, and other special matters

  1. Refer to page 1 of the appendix and "Notice Concerning Revisions to Full-Year Financial Results Forecasts and Dividend Forecasts (Dividend Increase)" (disclosed on February 9, 2026) for consolidated forecasts.

  2. Forward-looking statements and figures in this document are based on the information that the Company is able to obtain at the present point. Actual results may be different due to various factors.

Contents of Appendix

1. Overview of Operating Results and Financial Position 1

2. Financial Highlights 2

3. Breakdown of Net Sales and Operating Income/Gross Profit for Domestic/Overseas Segments 5

4. Breakdown of Non-consolidated Orders Received, Net Sales and Projects in Process 8

5. Consolidated Financial Statements 10

6. Non-consolidated Financial Statements 17

1. Overview of operating results

   Consolidated net sales for the first nine months of the fiscal year ending March 31, 2026 (from April 1 to December 31, 2025), amounted to 1,832.4 billion yen, a decrease of 67.9 billion yen (3.6%) from the same period of the previous fiscal year, due to a decline in the domestic building construction business compared to the same period of the previous fiscal year, which benefited from progress with large-scale projects, and also due to new orders being strategically received in alignment with the current construction capacity. In terms of profit and loss, operating income amounted to 142.7 billion yen, an increase of 45.1 billion yen (46.2%) from the same period of the previous fiscal year. Ordinary income amounted to 151.6 billion yen, an increase of

   45.4 billion yen (42.8%) year-on-year. These were mainly due to factors including change orders and greater contribution from highly profitable construction projects in the domestic building construction business, an increase in and steady progress with projects in hand in the overseas civil engineering subsidiaries, and the sale of developed properties in the real estate business. Profit attributable to owners of parent amounted to

   131.7 billion yen, an increase of 35.7 billion yen (37.3%) year-on-year.

2. Overview of consolidated financial position

   Total assets increased by 102.9 billion yen (3.4%) compared with the balance at the end of the previous fiscal year, amounting to 3,145.7 billion yen as of December 31, 2025. This was mainly due to increases in trade receivables related to construction contracts (the sum of notes and accounts receivable from completed construction contracts and other and electronically recorded monetary claims) and in costs on uncompleted construction contracts, despite a decrease in cash and deposits.

   Total liabilities increased by 64.8 billion yen (3.5%) compared with the balance at the end of the previous fiscal year, amounting to 1,897.4 billion yen as of December 31, 2025. This was mainly due to an increase in interest-bearing debt such as commercial papers despite a decrease in trade payables related to construction costs (the sum of notes and accounts payable for construction contracts and other and electronically recorded obligations). The balance of interest-bearing debt increased by 138.7 billion yen (38.2%) compared with the balance at the end of the previous fiscal year, amounting to 501.4 billion yen as of December 31, 2025.

   Total net assets increased by 38.1 billion yen (3.1%) compared with the balance at the end of the previous fiscal year, amounting to 1,248.3 billion yen as of December 31, 2025. This was mainly due to an increase in retained earnings from the recognition of profit attributable to owners of parent while total net assets decreased due to acquisition of treasury stocks.

   As a result, the equity ratio as of December 31, 2025, was 38.0%, down 0.1 percentage points from the end of the previous fiscal year.

3. Consolidated forecasts for the fiscal year ending March 31, 2026

The forecasts for consolidated performance for the fiscal year ending March 31, 2026 compared to the previously announced forecasts are as follows: 2,570.0 billion yen in net sales (no revision from the previously announced forecasts on November 5, 2025), 195.0 billion yen in operating income (an increase of 18.2%),

205.0 billion yen in ordinary income (an increase of 19.2%), and 170.0 billion yen in profit attributable to owners of parent (an increase of 14.1%). These are mainly due to an increase in gross profit on completed construction contracts resulting from reduction of construction costs in the domestic construction business.

Please refer to "Notice Concerning Revisions to Full-Year Financial Results Forecasts and Dividend Forecasts (Dividend Increase)" announced separately on February 9, 2026.

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