(Stock code: 1982)
Earnings Presentation for Full Year FY3/25May 13, 2025
Our strategic sales activities resulted in receiving orders for large-scale data centers, mainly in 2H.
Net sales increased YoY due to progress of projects carried over from FY3/24 and those for orders received in FY3/25.
Profit margin increased significantly due to improvements in projected profit at the time of receiving orders and in the profitability of construction projects completed, resulting in a significant YoY improvement in each line-item profit. In addition, extraordinary income of 590 million yen was recorded in FY3/25 resulting from the sales of cross-shareholdings.
Compared with the initial forecast, orders received and net sales were mostly as expected (the former up slightly and the latter down slightly), but profits improved significantly due to improved profitability of construction projects completed.
3/2023
Results
3/2024
Results
3/2025 (Billion yen)
Initial Forecast*
(2)
Results
(3)
YoY change
(3) - (1)
vs. forecast
(3) - (2)
(1)
Orders
received
87.3
105.5
88.5
93.6
-11.9
(-11.3%)
+5.1
(+5.8%)
Net sales
83.9
83.7
91.0
89.7
+6.0
(+7.2％)
-1.3
(-1.4％)
Gross profit
15.1
14.9
15.3
17.2
+2.3
(+15.9%)
-
-
Gross profit margin
18.0%
17.8%
16.8%
19.2%
+1.4%
-
Operating profit
5.9
5.7
5.9
7.4
+1.7
(+30.0%)
+1.5
(+25.4%)
Ordinary profit
6.6
6.4
6.6
8.1
+1.6
(+26.2%)
+1.5
(+22.7%)
Profit attributable to owners of parent
4.6
4.8
4.6
5.9
+1.1
(+23.0%)
+1.3
(+28.3%)
ROE
7.4%
7.3%
6.7%
8.5%
* Announced on May 15, 2024
Financial Highlights (Consolidated)
Given the solid performance for FY3/2025, targets for FY3/2026, the final year of the 8th Medium-term Management Plan (the
"Plan"), have been revised upward. Specifically, we aim to:
Secure orders exceeding the FY3/2025 level by strategically addressing strong demand for data centers and redevelopment/renovation projects,
Achieve YoY revenue growth by steadily completing projects carried over from FY3/25 and striving to complete projects
received during FY3/26 within the same period, and
Ensure YoY profit increases while continuously striving to improve projected profits at the time of order receipt and profitability of projects completed.
8th Medium-term Management Plan (Billion yen) | ||||||
FY3/2024 | FY3/2025 | FY3/2026 | ||||
Forecast at announcement of the Plan on May 11, 2023 | Results | Forecast at announcement of the Plan on May 11, 2023 | Results | Forecast at announcement of the Plan on May 11, 2023 | Full year forecast | |
Orders received | 86.5 | 105.5 | 88.5 | 93.6 | 91.0 | 95.5 |
Net sales | 85.0 | 83.7 | 88.5 | 89.7 | 90.5 | 93.5 |
Gross profit | 14.0 | 14.9 | 14.7 | 17.2 | 15.8 | 17.6 |
Gross profit margin | 16.5% | 17.8% | 16.6% | 19.2% | 17.5% | 18.9% |
Operating profit | 5.0 | 5.7 | 5.5 | 7.4 | 6.5 | 7.8 |
Profit attributable to owners of parent | 3.8 | 4.8 | 4.1 | 5.9 | 4.8 | 6.1 |
ROE | On a basis excluding the estimated stock sale profit (350 million yen), 7.3% it is 7.0%. | On a basis excluding the estimated stock sale profit (590 million yen), 8.5% it is 7.9%. | On a basis excluding the estimated stock sale profit (390 million yen), 8.4% it is 8.1%. |
Forecast for FY3/2026
Although orders from the NTT Group decreased*1, we maintained a high level of order intake through strategic efforts to secure orders from the private and public sectors.
*1 Nevertheless, steady orders were secured compared with orders received for prior fiscal years (¥35.1 bn for FY3/21
and ¥35.0 bn for FY3/22).
By Customer By Category105.5
11.5
87.3
10.4
21.4
*2
93.6
9.5
15.5
16.3
21.6
19.3
18.5
42.0
50.9
*2
49.1
FY3/23
FY3/24
FY3/25
(Billion yen) (Billion yen)
120.0
100.0
80.0
120.0
100.0
80.0
60.0
40.0
20.0
60.0
40.0
20.0
2023/3
2024/3
2025/3
2023/3
2024/3
2025/3
105.5
11.5
93.6
87.3
10.4
9.5
*2
47.9
30.3
36.6
4.8
4.5
7.8
41.7
41.5
39.5
FY3/23
FY3/24
FY3/25
0.0 0.0
Orders Received (1): By Customer/Category (Consolidated)
Orders Received (2): By Facility Category (Non-consolidated)
Strategic response to strong demand for data centers maintains a high level of order intake.
Data centers/InformationOffice buildingsManufacturing/DistributionEducation/Health careHotels/ResortsOther100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
Trends in orders received (non-consolidated)(Billion yen)
2023/3
2024/3
2025/3
84.053.0
17.6
2.4
0.2
FY3/23
FY3/24
6.9
2.0
FY3/25
4.1
0.5
5.2
2.2
1.9
6.2
5.5
6.7
16.7
36.5*1
39.3
76.8
47.7
*1 Increased YoY due to the re-recognition of orders cancelled in prior fiscal years
Orders Received (3): New vs. Renovation Split (Non-consolidated)
Orders for new construction and fitting out construction for new data centers (recorded as "renovation")
drove growth in orders received.
Renovation remained steady.
RenovationNew construction100.0
90.0
80.0
70.0
60.0
50.0
Trends in new vs. renovation split (non-consolidated) 94.076.8
*1 Including ¥0.9 bn for
fitting out construction
(63.0%)
*2 Including ¥0.2 bn for
fitting out construction
*4
39.9
(42.5%)
28.4
(37.0%)
*1
48.4
54.0
(57.5.%)
*2
*3
58.4
(69.6%)
*3 Including ¥7.9 bn for
(Billion yen)
40.0
fitting out construction
30.0
20.0
10.0
0.0
25.5
(30.4%)
2023/3
2024/3
2025/3
FY3/23 FY3/24 FY3/25
Progress made in private sector construction contributed to increased net sales.
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
By Customer9.4
36.8
4.0
39.4
FY3/23
FY3/24
FY3/25
38.1
40.9
4.3
2.7
28.3
31.0
11.6
10.4
83.7
89.7
83.9
(Billion yen)
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
By Category9.4
15.3
19.7
45.2
37.0
42.3
17.2
15.9
17.8
15.2
11.6
10.4
83.7
83.9
89.7
(Billion yen)
2025/3
0.0
0.0
2023/3
2024/3
2025/3
FY3/23 FY3/24 FY3/25
2023/3
2024/3
Net Sales (1): By Customer/Category (Consolidated)
Net Sales (2): By Facility Category (Non-consolidated)
Growth in data center and office building construction contributed to increased net sales.
Data centers/Information90.0
80.0
Trends in net sales (non-consolidated)(Billion yen)
Office buildings70.0
40.8
22.6
5.7
4.1
2.2
4.6
2.5
3.9
3.6
4.8
4.7
1.5
17.4
19.1
37.2
36.4
80.3
7.3
7.1
60.0
50.0
40.0
30.0
20.0
10.0
0.0
2023/3 *
2024/3
2025/3
FY3/23* FY3/24 FY3/25
Net Sales (3): New vs. Renovation Split (Non-consolidated)
Renovation is progressing steadily, but the renovation ratio has declined due to an increase in new
construction projects in the private sector.
RenovationNew construction90.0
80.0
70.0
60.0
50.0
40.0
Trends in new vs. renovation split (non-consolidated)48.2
(66.9%)
48.7
(66.3%)
49.1
(61.3%)
(Billion yen)
30.0
20.0
10.0
31.1
(38.7%)
23.8
(33.1%)
24.7
(33.7%)
0.0
2023/3
2024/3
2025/3
FY3/23 FY3/24 FY3/25
90.0
80.0
70.0
60.0
Projects carried over remained at a high level due to continued strong order counts for large-
scale, long-duration projects.
By Customer By Category(Billion yen) (Billion yen)
81.7
85.6
0.3
13.8
59.9
22.2
49.1
31.3
45.2
18.2
0.3
9.9
22.6
0.2
13.6
81.7
0.2
85.6
0.3
59.9
0.3
57.1
56.9
37.6
4.1
5.9
9.7
17.7
18.3
18.5
FY3/23
FY3/24
FY3/25
90.0
80.0
70.0
60.0
50.0 50.0
40.0 40.0
30.0 30.0
20.0
10.0
20.0
10.0
0.0
2023/3
2024/3
2025/3
0.0
FY3/23 FY3/24 FY3/25
2023/3
2024/3
2025/3
Air conditioning
Projects Carried Over by Customer/Category (Consolidated)
Projects carried over completing within one year remained at the same high level as March 31, 2024.
Projects with over one year to completion increased as the number of long-duration projects increased slightly.
60.0
By completion period (non-consolidated)(Billion yen)
50.0
40.0
30.0
20.0
53.8 53.7
17.3
2.7
33.8
30.7
6.2
22.4 25.2
19.3 21.8
10.0
0.0
As of March 31, 2024
16.8
As of March 31, 2025
1.0
2.1
As of March 31, 2024
1.6
As of March 31, 2025
1.7
0.1
3.4
3.3
As of March 31, 2024
6.4
4.4
As of March 31, 2025
2.0
To be completed
within one year
To be completed over one year
and within two years
To be completed
over two years
To be completed in FY3/25 FY3/26 FY3/26 FY3/27 FY3/27
FY3/28
Projects Carried Over by Completion Period (Non-consolidated)
Dividends are maintained or increased in a stable and consistent manner in line with medium- to long-term profit growth.
For FY3/25, the year-end dividend is planned to increase from the initial forecast of 44 yen to 50 yen per share in line with the increase in profit levels.
For FY3/26, a dividend of 50 yen per share is forecasted for both the interim and year-end dividends.
110
90
(Yen 70 per share) 50
Interim dividend
Year-end dividend40
30
40 40
42 43
50
(Plan)
50
(Forecast)
25
30 20
16
50
40 40
40 40
42 43
(Forecast)
-10
2015/3
2016/3
2017/3
2018/3
2019/3
2020/3
2021/3
2022/3
2023/3
2024/3
2025/3
2026/3
10 16 20 25 30
FY
3/2015
3/2016
3/2017
3/2018
3/2019
3/2020
3/2021
3/2022
3/2023
3/2024
3/2025
3/2026
(Forecast)
Interim
16
20
25
30
40
40
40
40
42
43
44
50
Year-end
16
20
25
30
40
40
40
42
43
43
50
(Plan)
50
Full-year
32
40
50
60
80
80
80
82
85
86
( 94
Plan)
100
Payout ratio
(consolidated)
36.5%
25.5%
28.0%
22.9%
71.9%
54.3%
62.1%
44.6%
42.4%
40.7%
※1
35.5%
(Plan)
※2
36.7％
DOE
1.7%
2.1%
2.5%
2.7%
3.3%
3.3%
3.2%
3.2%
3.1%
3.0%
3.0%
(Plan)
3.0％
※1 On a basis excluding stock sale profits, it is 37.8%.
※2 On a basis excluding stock sale profits, it is 37.1%.
Trends in Dividends
Regarding the share buyback as a means of capital allocation, we conduct share buybacks in a flexible and
timely manner in view of investment opportunities, share price, and investment efficiency.
For FY3/2025, we conducted share buybacks up to the projected upper limit of 527,700 shares for ¥1.79 bn.
5,000,000
For FY3/2026, we have set the upper limit of 600,000 shares for ¥2.1 bn.
5,000
4,529.988
600,000
(Thousand of shares)
600
500,000
500
400,000
400
300,000
300
455.8
440.2
462.2
4,000,000
Includes tender offer for 4,493.988
378.9
300.0
495.1
592.3
582.7
527.7
600
(Upper limit)
200,000
200
100,000
100
No share buyback conducted
0
2015/3
2016/3
2017/3
2018/3
2019/3
2020/3
2021/3
2022/3
2023/3
2024/3
2025/3
2026/3
(Upper limit)
FY 3/2015 3/2016 3/2017 3/2018 3/2019 3/2020 3/2021 3/2022 3/2023 3/2024 3/2025 3/2026
Total return ratio (%)
64.3
40.7
53.0
23.2*
98.1
70.6
62.6
66.1
66.6
70.0
65.7
(70.9)
Buyback amount (bn yen)
0.72 0.70 0.75 11.09 0.70 0.56 ー 0.94 1.13 1.39 1.79 (2.10)
Trends in Share Buyback
(Cautionary Statement Concerning Forward-Looking Statements)
Forward-looking statements such as forecasts of financial results stated in these materials are based on information currently available to the Company and certain assumptions that the Company judges as rational. These statements are not guarantees of future performance. Actual results may be materially different from the above forecasts for a number of reasons.
[Inquiries about these materials] Hibiya Engineering, Ltd.
IR and Public Relations Department, Management Headquarters
13F Sumitomo Fudosan Tokyo Mita South Tower, 3-5-27, Mita, Minato-ku, Tokyo, 108-6312 TEL: 03-3454-2720 FAX: 03-3454-3410