Kajima CorporationTSE: 1812

Presentation Material 1st Half (FY2025)

Nov 11, 2025 at 3:20 AM UTC · MarketScreener

FY2025 First Half Financial Results (April 1 - September 30, 2025)

November 11, 2025

Kajima Corporation

The GEAR

(Singapore)

FY2025 1H

Financial Results

Consolidated results showed higher revenues and income YoY, mainly due to improved profitability in both domestic and overseas construction businesses. Revenue totaled ¥1.3729 trillion, operating profit reached
¥108.6 billion, and net profit came to ¥77.3 billion, marking the highest second-quarter results on record.
Domestic construction demand remains at a high level. We continue to pursue contract awards, with an emphasis on risk assessment and construction management systems.

FY2025 Full-Year

Forecast

With profit margins improving on more projects than usual in the domestic civil engineering and building construction businesses, we have raised our consolidated results outlook: revenues to 3 trillion yen, operating income to 202 billion yen, and net income to 155 billion yen. All are expected to hit record highs. We anticipate reaching the long-term targets set out in our medium-term business plan ahead of schedule.
Overseas subsidiaries and affiliates have postponed the timing of certain development project sales to the next fiscal year or later, taking into account trends in interest rates and cap rates. As a result, revenue and profit are expected to fall below the previous forecast.
Based on a dividend payout ratio of 40%, we have revised our full-year dividend per share upward by 20 yen, from

112 yen to 132 yen.

Future Outlook and Financial Strategy

We anticipate favorable business conditions to continue in FY2026 and beyond and recognize that our business performance is on a growth trajectory. We will implement the growth strategies outlined in our medium-term business plan and strive to deliver additional profit growth.
While factors that boosted performance in FY2025 may diminish in FY2026, the annual dividend for FY2026 will be maintained at a minimum of ¥132 per share.
We will continue to make proactive growth investments, including in human capital. In particular, we will further strengthen investments aimed at addressing key challenges such as promoting a circular economy and securing the next generation of talent.

Key Points

1 Results and Forecast

1 Financial Results and Forecast P.04

Progress on Kajima Group Medium-Term

2 Business Plan (Growth Strategies)

3 Current Status and Trends in Domestic and Overseas

Real Estate Development Businesses

P.17 P.25

INDEX

1 Financial Results and Forecast

Consolidated results showed increased revenues and income due to improved profitability

in the domestic and overseas construction businesses

Billions of yen

FY2025 1H Results Highlights	Consolidated			Non-Consolidated			Domestic Subsidiaries and Affiliates			Overseas Subsidiaries and Affiliates
FY2025 1H Results Highlights	FY2024 Q2 Result	FY2025 Q2 Result	YoY Change	FY2024 Q2 Result	FY2025 Q2 Result	YoY Change	FY2024 Q2 Result	FY2025 Q2 Result	YoY Change	FY2024 Q2 Result	FY2025 Q2 Result	YoY Change
Revenues	1,321.6	1,372.9	+51.2	693.9	786.0	+92.1	164.8	178.7	+13.8	517.1	476.0	(41.1)
Operating Income	48.0	108.6	+60.5	36.9	77.7	+40.7	6.6	13.2	+6.5	4.8	17.6	+12.7
Ordinary Income	48.9	105.3	+56.4	44.9	87.0	+42.1	8.8	15.4	+6.5	1.6	9.7	+8.0
Net Income Attributable to Owners of the Parent	35.1	77.3	+42.1	35.4	66.8	+31.4	6.4	11.0	+4.5	(0.3)	6.5	+6.8

Construction Contract Awards	1,240.4	1,190.0	(50.3)	751.2	814.4	+63.2	113.7	125.9	+12.1	418.0	309.4	(108.5)

GP Margin

FY2024 FY2025

Q2 Result Q2 Result

Exchange rate per US$= ¥161.07 ¥144.81 ¥161.07 ¥144.81

Consolidated revenues, operating income, ordinary income, and net income all set new 1H record highs

Rate as of : June 30, 2024 June 30, 2025 June 30, 2024 June 30, 2025

Note: For overseas subsidiaries and affiliates, the

Civil Engineering 13.5% 24.6%

Building Construction 8.8% 11.3%

Construction total 10.2% 14.9%

1H fiscal period is from January 1 to June 30.

Non-consolidated revenues and income increased YoY, with more projects showing improved gross profit margins than usual in the civil engineering and building construction businesses. Thorough risk management in safety, quality, and cost - not just at the time of order receipt, but also during construction
- has helped boost profitability on each project.
Domestic subsidiaries and affiliates also reported higher revenues and income YoY, with construction-related companies performing well.
Overseas subsidiaries and affiliates experienced lower revenues due to fewer property sales but saw higher income as profit margins improved in construction businesses across different regions, including Europe and Southeast Asia.
While construction contract awards decreased YoY, numbers remain high in Japan.

FY2025 1H Financial Results (April 1 - September 30, 2025)

1 Results and Forecast