Financial Statements for the Fiscal Year Ended March 31, 2026

May 14, 2026

For the fiscal year ended March 31, 2026 ("FY2025")

Company name : Kajima Corporation Stock exchange listings : Tokyo Prime, Nagoya Premier

Securities code : 1812 URL : https://www.kajima.co.jp/

Representative : Yoshikazu Oshimi, Chairman and President, Representative Director

Inquiries : Shinichi Nagae, General Manager of Accounting Department, Treasury Division Tel. +81-(0)3-5544-1111

Date of ordinary stockholders' meeting (as planned) : June 26, 2026 Annual securities report filing date (as planned) : June 24, 2026 Supplemental material on financial results : Available

1. Consolidated Financial Highlights

   Dividend payable date (as planned) : June 29, 2026

   *Amounts less than one million yen have been rounded down.

   1. Financial Results % : Representing year-on-year change

      	Revenues		Operating income		Ordinary income		Net income attributable to owners of the parent
      	JPY mil	%	JPY mil	%	JPY mil	%	JPY mil	%
      FY2025 FY2024	3,067,275 2,911,816	5.3 9.3	240,780 151,882	58.5 11.5	240,420 160,663	49.6 7.0	177,334 125,817	40.9 9.4

      (Note) Comprehensive income (loss)

      FY2025

      230,682 JPY mil 81.9%

      FY2024

      126,787 JPY mil (38.7%)

      	Basic net income per share	Diluted net income per share	Ratio of net income to owners' equity (ROE)	Ordinary income to total assets ratio	Operating income margin
      	JPY	JPY	%	%	%
      FY2025 FY2024	379.81 266.49	— —	13.3 10.2	6.8 4.9	7.8 5.2

      (Reference) Equity in earnings of unconsolidated subsidiaries and affiliates FY2025

      3,216 JPY mil

      FY2024

      2,815 JPY mil

   2. Financial Positions

      	Total assets	Total equity	Owners' equity ratio	Owners' equity per share
      	JPY mil	JPY mil	%	JPY
      As of March 31, 2026 As of March 31, 2025	3,624,341 3,454,592	1,436,220 1,277,988	39.0 36.4	3,036.89 2,672.64

      (Reference) Owners' equity (Total equity less noncontrolling interests)

      As of March 31, 2026 1,415,015 JPY mil As of March 31, 2025 1,258,127 JPY mil

   3. Cash Flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at the end of the period
   	JPY mil	JPY mil	JPY mil	JPY mil
   FY2025 FY2024	114,606 30,362	( 46,513) ( 104,836)	( 30,526) 61,687	392,273 349,540

2. Dividends

   	Dividends per share					Total dividends paid	Payout ratio	Ratio of tota amount of dividends to owners' equity
   	End of Q1	End of Q2	End of Q3	Year-end	Total
   	JPY	JPY	JPY	JPY	JPY	JPY mil	%	%
   FY2024 FY2025	— —	45.00 56.00	— —	59.00 90.00	104.00 146.00	49,221 68,300	39.0 38.4	4.0 5.1
   FY2026 (Forecast)	—	73.00	—	73.00	146.00		40.0

3. Forecast of Consolidated Financial Results for the fiscal year ending March 31, 2027

% : Representing year-on-year change

1. Significant changes in the scope of consolidation during the period : Applicable

   1. Newly included : 5 companies (3 consolidated subsidiaries of Kajima U.S.A. Inc. and 2 other companies)

   2. Excluded : 1 company (Silent Partnership with Sakurajima Kaihatsu LLC acting as the operator)

2. Changes in accounting policies and accounting estimates, retrospective restatements

   1. Changes in accounting policies based on revisions of accounting standards : None

   2. Changes in accounting policies other than "a" above : None

   3. Changes in accounting estimates : None

   4. Retrospective restatements : None

3. Number of issued and outstanding shares (common stock)

   1. Number of issued and outstanding shares (including treasury stock)

      As of March 31, 2026

      528,656,011

      As of March 31, 2025

      528,656,011

   2. Number of treasury stock

      As of March 31, 2026

      62,712,949

      As of March 31, 2025

      57,913,211

   3. Average number of shares

(Note) The number of treasury stock held at the end of the period includes the shares of the Company held by the stock delivery trust accounts for directors, executive officers and employees (917,087 shares as of March 31, 2026, and 1,597,818 shares as of March 31, 2025). In addition, the shares of the Company held by the trust accounts are included in the number of treasury stock deducted in the calculation of average number of shares during the period (1,057,185 shares for FY2025, and 1,743,125 shares for FY2024).

1. Nonconsolidated Financial Highlights

   1. Financial Results % : Representing year-on-year change

      	Revenues		Operating income		Ordinary income		Net income
      	JPY mil	%	JPY mil	%	JPY mil	%	JPY mil	%
      FY2025 FY2024	1,710,084 1,560,016	9.6 0.5	177,641 114,767	54.8 20.8	190,064 126,985	49.7 10.5	146,921 104,747	40.3 16.2

      	Basic net income per share	Diluted net income per share
      	JPY	JPY
      FY2025	314.04	—
      FY2024	221.42	—

   2. Financial Positions

   	Total assets	Total equity	Owners' equity ratio	Owners' equity per share
   	JPY mil	JPY mil	%	JPY
   As of March 31, 2026 As of March 31, 2025	2,165,017 2,046,869	891,975 778,493	41.2 38.0	1,910.46 1,650.44

   (Reference) Owners' equity As of March 31, 2026 891,975 JPY mil As of March 31, 2025 778,493 JPY mil

2. Forecast of Nonconsolidated Financial Results for the fiscal year ending March 31, 2027

% : Representing year-on-year change

• These financial statements are outside the scope of audit procedures by certified public accountant or an audit firm.
• Explanation regarding appropriate use of forecasts, and other notes

The forecasts contained herein are based on information available as of the date of this announcement, and the actual results may differ materially from forecasts due to various factors.

Consolidated Financial Statements

1. Consolidated Balance Sheet

   (JPY mil) As of March 31, 2025 As of March 31, 2026

   Assets
   Current assets
   Cash and deposits	354,486	403,295
   Notes and accounts receivable - trade	1,061,540	1,112,406
   Marketable securities	193	367
   Operational investments in securities	11,395	11,365
   Inventories - real estate for sale	280,787	278,796
   Inventories - construction projects in progress	13,129	20,350
   Inventories - development projects in progress	248,058	169,715
   Inventories - other	3,873	8,899
   Other	172,458	186,754
   Allowance for doubtful accounts	(8,794)	(10,425)
   Total current assets	2,137,129	2,181,525
   Noncurrent assets
   Property and equipment
   Buildings and structures - net	212,194	236,985
   Machinery, vehicles, tools, furniture and fixtures - net	24,400	27,241
   Land	291,683	292,689
   Construction in progress	48,862	48,662
   Other - net	11,460	11,732
   Total property and equipment	588,601	617,311
   Intangible assets	29,968	31,032
   Investments and other assets
   Investments in securities	397,478	478,697
   Long-term loans receivable	145,365	138,929
   Asset for retirement benefits	5,458	7,812
   Deferred tax assets	16,973	7,591
   Other	135,667	163,767
   Allowance for doubtful accounts	(2,049)	(2,326)
   Total investments and other assets	698,893	794,471
   Total noncurrent assets	1,317,462	1,442,815
   Total assets	3,454,592	3,624,341

   (JPY mil)

   	As of March 31, 2025	As of March 31, 2026
   Liabilities
   Current liabilities
   Notes and accounts payable - trade	631,710	536,387
   Short-term loans payable	379,117	387,157
   Commercial paper	70,000	—
   Current portion of bonds payable	14,800	20,000
   Income taxes payable	22,572	51,291
   Advances received on construction projects in progress	250,009	224,527
   Advances received on development projects in progress, real estate for sale and other	6,557	6,976
   Provision for warranties for completed construction projects	13,008	15,561
   Provision for loss on construction projects in progress	25,094	24,497
   Provision for directors' bonuses	240	278
   Provision for stock awards	1,480	1,767
   Other	282,383	336,315
   Total current liabilities	1,696,974	1,604,762
   Long-term liabilities
   Bonds payable	95,850	105,850
   Long-term loans payable	232,246	320,126
   Deferred tax liabilities	8,810	14,157
   Deferred tax liabilities on revaluation surplus of land	21,011	20,969
   Liability for retirement benefits	57,509	53,785
   Other	64,200	68,470
   Total long-term liabilities	479,628	583,358
   Total liabilities	2,176,603	2,188,120
   Equity
   Shareholders' equity
   Common stock	81,447	81,447
   Capital surplus	43,461	43,461
   Retained earnings	970,255	1,093,668
   Treasury stock	(95,976)	(114,510)
   Total shareholders' equity	999,187	1,104,065
   Accumulated other comprehensive income (loss)
   Unrealized gain (loss) on available-for-sale securities	120,563	161,895
   Deferred gain (loss) on derivatives under hedge accounting	5,830	6,953
   Revaluation surplus of land	20,305	20,214
   Foreign currency translation adjustments	105,597	112,991
   Defined retirement benefit plans	6,643	8,894
   Total accumulated other comprehensive income (loss)	258,940	310,949
   Noncontrolling interests	19,861	21,204
   Total equity	1,277,988	1,436,220
   Total liabilities and equity	3,454,592	3,624,341

2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income Consolidated Statement of Income

FY2024 (Apr 1, 2024 -

Mar 31, 2025)

(JPY mil)

FY2025 (Apr 1, 2025 -

Mar 31, 2026)