Performance for
the First Nine Months of the Fiscal Year Ending March 2026
January 29, 2026
Kinden Corporation
Contents
Summary of Financial Results
Consolidated P1
Non-Consolidated P2
Business Overview by Region (Domestic/Overseas) P3
Business Overview (Non-Consolidated)
Construction Orders
ï‚ Construction Orders by Customer P4
ï‚‚ Construction Orders by Operation P4
 Renewal Construction (Excluding Power Distribution Lining) P4
ï‚„ Construction Orders by Region P5
ï‚… Construction Orders by Operation
(ï½) Power Distribution Lining P6
(ｂ) Electrical (By Facility) P6
(ｃ) Electrical (By Customer's Industry) P6
(ｄ) Information & Communications Network P7
(ï½…) Environmental Management Facilities (By Facility) P7
(ｆ) Electric Power & Others P7
Net Sales of Completed Construction Contracts
ï‚ Sales of Completed Construction Contracts by Customer P8
ï‚‚ Sales of Completed Construction Contracts by Operation P8
 Renewal Construction (Excluding Power Distribution Lining) P8
ï‚„ Sales of Completed Construction Contracts by Region P9
ï‚… Net Sales of Completed Construction Contracts by Operation
(ï½) Power Distribution Lining P10
(ｂ) Electrical (By Facility) P10
(ｃ) Electrical (By Customer's Industry) P10
(ｄ) Information & Communications Network P11
(ï½…) Environmental Management Facilities (By Facility) P11
(ｆ) Electric Power & Others P11
Contract Backlog by Operation at the End of Period P12
Selling, General and Administrative Expenses P13
Shareholder Returns
Dividends P14
Acquisition of Treasury Stock P14
ROE P14
The Company bases its forecasts on assumptions that are believed to be reasonable under information available at the time of the forecasts. Actual results may materially differ from these forecasts due to potential risks and uncertainties.
Amounts less than one million were rounded down.
Consolidated (Millions of yen)
Full year
First nine months
FY2026 FY2025 FY2026
FY2024 FY2025 (Forecast) 3Q 3Q Change % Change
654,516 705,058 750,000 464,585 499,267
34,682
7.5%
107,581 132,803 166,500 80,641 111,583
30,941
38.4%
Net sales of completed construction contracts
Gross profit on completed construction contracts
Gross profit margin 16.4%
18.8%
22.2%
17.4%
22.3%
4.9
-
Selling, general and administrative expenses
64,903
71,823
82,500
49,934
59,625
9,690
19.4%
Operating profit
42,677
60,979
84,000
30,707
51,957
21,250
69.2%
Operating profit margin 6.5%
8.6%
11.2%
6.6%
10.4%
3.8
-
Ordinary profit
45,982
64,546
87,500
33,829
55,850
22,020
65.1%
Profit attributable to owners of parent
33,553
47,250
65,500
24,430
40,257
15,827
64.8%
Profit per share (yen)
165.34
236.26
330.60
121.97
203.16
81.19
* Revised January 2026
As of Mar. 31,
2024
As of Mar. 31,
2025
As of Dec. 31,
2024
As of Dec. 31,
2025
Total assets
815,887
821,693
776,731
849,556
Total net assets
574,053
599,738
571,506
629,931
Equity ratio
70.3%
72.9%
73.5%
74.1%
Net assets per share (yen)
2,848.11
3,014.06
Net Sales of Completed Construction Contracts
800,000
700,000
600,000
500,000
400,000
705,058
300,000
499,267
200,000
100,000
0
FY2024 FY2025
FY2026
(Forecast)
FY2025 FY2026
3Q
3Q
(Millions of yen)
464,585
654,516
750,000
FY2024 FY2025 FY2026 FY2025 FY2026
(Forecast) 3Q 3Q
(Millions of yen)
2.0%
0.0%
4.0%
60,979
30,707
6.0%
84,000
8.0%
51,957
6.6%
6.5%
10.0%
8.6%
10.4%
12.0%
11.2%
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Operating profit margin
Operating Profit
42,677
(Millions of yen)
FY2025 FY2026
3Q 3Q
FY2024 FY2025 FY2026
(Forecast)
2.0%
0.0%
45,982
4.0%
64,546
33,829
6.0%
87,500
8.0%
7.0%
55,850
60,000
50,000
40,000
30,000
20,000
10,000
0
7.3%
10.0%
9.2%
Ordinary margin
12.0%
11.2%
11.7%
Ordinary Profit
90,000
80,000
70,000
8.0%
FY2024 FY2025 FY2026 FY2025 FY2026
(Forecast) 3Q 3Q
(Millions of yen)
2.0%
0.0%
33,553
24,430
47,250
4.0%
65,500
5.3% 40,257 6.0%
5.1%
6.7%
8.1%
60,000
50,000
40,000
30,000
20,000
10,000
0
10.0%
8.7%
12.0%
90,000
80,000
70,000
Net profit margin
Profit Attributable to Owners of Parent
Non-Consolidated (Millions of yen)
Full year
First nine months
FY2026 FY2025 FY2026
FY2024 FY2025 (Forecast) 3Q 3Q Change % Change
560,416 619,160 680,000 511,246 623,570 112,324
22.0%
559,954 595,918 615,000 398,889 412,720
13,830
3.5%
87,662 111,374 142,000 69,154
95,382
26,227
37.9%
Construction orders
Gross profit margin 15.7% | 18.7% | 23.1% | 17.3% | 23.1% | 5.8 | - | |||
Selling, general and administrative expenses | 53,139 | 58,987 | 66,000 | 41,904 | 48,437 | 6,533 | 15.6% | ||
Operating profit | 34,523 | 52,386 | 76,000 | 27,250 | 46,944 | 19,693 | 72.3% | ||
Operating profit margin 6.2% | 8.8% | 12.4% | 6.8% | 11.4% | 4.6 | - | |||
Ordinary profit | 39,549 | 57,161 | 79,000 | 31,983 | 52,418 | 20,435 | 63.9% | ||
Profit | 29,778 | 42,374 | 63,000 | 23,793 | 39,748 | 15,955 | 67.1% | ||
Profit per share (yen) | 146.74 | 211.88 | 317.99 | 118.79 | 200.59 | 81.80 | |||
* Revised January 2026 | |||||||||
As of Mar. 31, 2024 | As of Mar. 31, 2025 | As of Dec. 31, 2024 | As of Dec. 31, 2025 | ||||||
Total assets | 723,189 | 709,198 | 688,639 | 734,465 | |||||
Total net assets | 520,706 | 533,471 | 518,190 | 564,923 | |||||
Equity ratio | 72.0% | 75.2% | 75.2% | 76.9% | |||||
Net assets per share (yen) | 2,586.84 | 2,684.14 | |||||||
Net sales of completed construction contracts Gross profit on completed construction contracts
Construction Orders
800,000
700,000
600,000
500,000
400,000
300,000
623,570
511,246
200,000
100,000
0
FY2024 FY2025
FY2026
(Forecast)
FY2025 FY2026
3Q
3Q
(Millions of yen)
560,416
619,160
680,000
Net Sales of Completed Construction Contracts
700,000
600,000
500,000
400,000
300,000
595,918
615,000
200,000
398,889 412,720
100,000
0
FY2024 FY2025
FY2026
(Forecast)
FY2025 FY2026
3Q
3Q
(Millions of yen)
559,954
FY2024 FY2025 FY2026 FY2025 FY2026
(Forecast) 3Q 3Q
(Millions of yen)
0.0%
0
2.0%
10,000
34,523
20,000
4.0%
52,386
27,250
30,000
6.0%
76,000
6.2%
40,000
8.0%
6.8%
46,944
50,000
10.0%
8.8%
70,000
60,000
12.0%
11.4%
12.4%
80,000
Operating profit margin
Operating Profit
FY2024 FY2025 FY2026 FY2025 FY2026
(Forecast) 3Q 3Q
(Millions of yen)
0.0%
0
2.0%
10,000
29,778
42,374
20,000
4.0%
23,793
63,000
30,000
6.0%
5.3%
39,748
6.0%
40,000
8.0%
7.1%
50,000
10.0%
60,000
9.6%
10.2%
70,000
12.0%
80,000
Net profit margin
Profit
Business Overview by Region (Domestic/Overseas)
(Millions of yen)
Company
Area
New Orders
Net Sales
Full year
First nine months
Full year
First nine months
FY2024
FY2025
FY2025 3Q
FY2026 3Q
FY2024
FY2025
FY2025 3Q
FY2026 3Q
Kinden Corporation 553,822
614,523
507,117
616,217
553,120
591,028
395,298
407,946
Domestic subsidiaries
Domestic subsidiaries related to Nishihara 39,726
43,768
28,185
49,114
32,586
39,245
22,178
23,361
Domestic subsidiaries related to electrical 11,596
10,806
8,058
27,043
10,510
11,392
7,158
20,066
Domestic subsidiaries related to wind power 2,995
2,524
1,803
1,695
2,995
2,524
1,803
1,695
Other domestic subsidiaries (4 companies) 14,981
16,727
12,618
10,811
17,381
16,801
10,975
11,231
Domestic subsidiaries total 69,300
73,827
50,666
88,665
63,473
69,964
42,115
56,354
Domestic
Engineering Company, Limited (2 companies) business (6 companies)
generation business (4 companies)
(16 companies)
Domestic Total
[Kinden + Domestic subsidiaries]
623,122
688,350
557,783
704,882
616,593
660,992
437,414
464,301
Domestic
ratio
91.0%
90.1%
91.7%
92.4%
92.1%
91.6%
92.0%
90.8%
50,678
42,324
Overseas
Kinden Corporation
Asia
2,634
2,405
2,427
2,873
2,510
1,533
1,108
2,195
Guam
3,960
2,231
1,701
4,478
4,323
3,356
2,482
2,579
Other areas
0
-
-
-
-
-
-
-
Kinden (Overseas) total
6,594
4,636
4,128
7,352
6,834
4,890
3,590
4,774
Overseas subsidiaries
(6 companies)
Asia
37,981
45,464
27,915
35,283
32,124
38,409
23,076
28,391
(2 companies)
Hawaii
16,947
25,306
18,230
15,395
13,634
17,373
11,194
13,933
Overseas subsidiaries total (8 companies)
54,929 70,770 46,146
45,758
55,783 34,270
Overseas Total
[Kinden (Overseas) + Overseas subsidiaries]
Asia
40,616
47,869
30,342
38,157
34,634
39,943
24,184
30,586
Hawaii and
Guam
20,907
27,538
19,932
19,873
17,958
20,730
13,676
16,512
Other areas
0
-
-
-
-
-
-
-
Total
61,523
75,407
50,275
58,031
52,592
60,673
37,861
47,099
Overseas
ratio
9.0%
9.9%
8.3%
7.6%
7.9%
8.4%
8.0%
9.2%
Kinden + Subsidiaries Total
(Before adjustment for inter-group transactions)
684,646
763,758
608,058
762,914
669,186
721,666
475,275
511,400
FY2024 FY2025 FY2025 FY2026
(Millions of yen) 3Q 3Q
Hawaii and Guam
Hawaii and Guam
Asia
Hawaii and
Guam
Other areas
50,275
Asia
58,031
61,523
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Asia
75,407
80,000
Overseas (New Orders by Region)
Overseas (Net Sales by Region)
80,000
Asia
70,000
60,673
60,000
50,000
40,000
30,000
20,000
10,000
0
52,592
Asia
47,099
37,861
Asia
Hawaii and
Guam
Other areas
Hawaii and Guam
FY2024 FY2025
(Millions of yen)
Hawaii and Guam
FY2025 FY2026 3Q 3Q
Notes:
Domestic subsidiaries related to Nishihara Engineering Company, Limited (Nishihara Engineering Co., Ltd., Nishihara Construction Co., Ltd.) Domestic subsidiaries related to electrical business (Kinden Tokyo Service Company, Incorporated, Kinden Chubu Service Company, Incorporated, Kinden Kansai Service Company, Incorporated, Kinden Nishinihon Service Company, Incorporated, Daito Denki Kouji Co., Ltd.,
KITA KOUDENSHA Corporation)
Domestic subsidiaries related to wind power generation business (Shirama Wind Farm Co., Ltd., Shiratakiyama Wind Farm Co., Ltd., Shirama Greenenergy Co., Ltd., Shiratakiyama Greenenergy Co., Ltd.)
Other domestic subsidiaries (Kinden Services Company, Incorporated, Kinden Shoji Company, Limited, KINDENSPINET CORPORATION, FEN Co., Ltd.)
Overseas subsidiaries:
Asia (Kinden Vietnam Co., Ltd., Kinden (Thailand) Co., Ltd., P.T. Kinden Indonesia, Kinden Phils Corporation, Antelec Private Ltd., International Electro-Mechanical Services Co. (L.L.C.))
Hawaii (US Kinden Corporation, Wasa Electrical Services, Inc.)
Construction Orders
(Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
ï‚ Construction Orders by Customer
The Kansai Electric Power Company,
Incorporated*
74,405
82,079
84,416
85,054
87,000
64,164
69,185
5,021
7.8%
The Kansai Electric Power Group
22,534
18,009
16,226
17,534
18,000
14,067
14,029
(38)
(0.3)%
Others
429,058
458,231
459,773
516,571
575,000
433,014
540,355
107,340
24.8%
[Public offices (Reissued)]
[15,557]
[16,067]
[12,294]
[24,985]
[13,603]
[10,439]
[(3,164)]
(23.3)%
Total
525,998
558,320
560,416
619,160
680,000
511,246
623,570
112,324
22.0%
* Includes Kansai Transmission and Distribution, Inc.
ï‚‚Construction Orders by Operation
Power Distribution Lining
68,019
73,485
72,957
78,384
78,000
59,883
62,596
2,712
4.5%
Electrical
326,958
364,940
368,922
421,762
450,000
356,661
429,014
72,353
20.3%
Information & Communications Network
60,710
55,747
44,715
43,810
51,000
34,915
42,668
7,752
22.2%
Environmental Management Facilities
43,965
47,843
52,097
49,618
55,000
38,874
46,350
7,476
19.2%
Electric Power & Others
26,344
16,304
21,723
25,585
46,000
20,910
42,939
22,029
105.4%
Total
525,998
558,320
560,416
619,160
680,000
511,246
623,570
112,324
22.0%
Renewal Construction (Excluding Power Distribution Lining)
Electrical
142,849
146,684
153,994
188,444
151,174
194,342
43,168
28.6%
Information & Communications Network
23,839
22,109
15,960
20,966
16,662
19,473
2,810
16.9%
Environmental Management Facilities
7,637
9,506
10,618
9,868
7,735
9,110
1,374
17.8%
Electric Power & Others
5,776
8,426
11,066
6,185
3,858
6,130
2,271
58.9%
Total
180,102
186,727
191,640
225,465
250,000
179,432
229,056
49,624
27.7%
400,000
FY2026 3Q
FY2023
300,000
FY2024
200,000
FY2025
100,000
FY2026
(Forecast)
FY2025 3Q
0
Power Distribution Lining
(Millions of yen)
Electrical
Information &
Environmental Electric Power &
Communications Management Facilities Network
Others
FY2022
Construction Orders by Operation
500,000
FY2026 3Q
Others
The Kansai Electric Power Group
0
The Kansai Electric Power Company,
Incorporated*
(Millions of yen)
FY2026
(Forecast)
FY2025 3Q
200,000
100,000
FY2025
300,000
FY2024
400,000
FY2023
500,000
FY2022
Construction Orders by Customer
600,000
ï‚„Construction Orders by Region (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Excluding Power Distribution Lining
Hokkaido and Tohoku
25,064
29,728
26,790
29,572
27,190
44,881
17,691
65.1%
Kanto and Tokyo metropolitan area
141,598
145,758
142,061
161,182
122,323
152,870
30,547
25.0%
Chubu
46,860
48,783
57,885
57,655
42,274
56,365
14,091
33.3%
Kinki
185,553
201,868
202,635
228,556
206,867
246,078
39,211
19.0%
Chugoku, Shikoku and Kyushu
51,257
50,838
51,491
59,173
48,578
53,426
4,847
10.0%
Overseas
7,644
7,858
6,594
4,636
4,128
7,352
3,223
78.1%
Power Distribution Lining
68,019
73,485
72,957
78,384
59,883
62,596
2,712
4.5%
Total
525,998
558,320
560,416
619,160
680,000
511,246
623,570
112,324
22.0%
(Millions of yen) (Excluding Power Distribution Lining)
Chugoku, Overseas Power
Shikoku and Distribution
Kyushu Lining
Tokyo metropolitan area
Tohoku
Kinki
Chubu
Hokkaido and Kanto and
0
50,000
FY2025 3Q
FY2026 3Q
100,000
FY2025
150,000
FY2023
FY2024
200,000
FY2022
250,000
300,000
ï‚…Construction Orders by Operation
Power Distribution Lining (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
The Kansai Electric Power Company,
Incorporated
65,453
69,711
69,787
74,972 75,000
56,956
60,265
3,309
5.8%
Other Power Distribution Lining
2,565
3,773
3,170
3,411
3,000
2,927
2,330
(597)
(20.4)%
Total
68,019
73,485
72,957
78,384
78,000
59,883
62,596
2,712
4.5%
Note:
"Other Power Distribution Lining" includes C.C.Box and Information Box, power distribution-related construction of The Kansai Electric Power Company, Incorporated, electric water heater installation, NTT telegraph pole installation, and others.
Electrical (By Facility) (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Office buildings
128,559
160,064
146,445
154,364
130,257
204,374
74,117
56.9%
Commercial and entertainment facilities
35,050
37,565
36,543
32,069
27,702
33,290
5,587
20.2%
Healthcare facilities
16,951
11,164
23,181
13,351
12,561
11,972
(588)
(4.7)%
Educational and cultural facilities
21,554
23,385
19,669
31,635
30,414
21,403
(9,011)
(29.6)%
Residences
2,422
1,812
2,550
1,696
1,448
1,963
514
35.5%
Factories
65,803
81,376
87,008
124,313
103,402
92,346
(11,055)
(10.7)%
Logistics facilities
32,061
29,008
26,533
31,259
28,709
41,666
12,957
45.1%
Others
16,737
11,010
17,634
21,988
12,978
12,280
(698)
(5.4)%
Interior constructions
7,819
9,550
9,355
11,082
9,186
9,716
530
5.8%
Total
326,958
364,940
368,922
421,762
450,000
356,661
429,014
72,353
20.3%
220,000
200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
FY2022 FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
Office buildings Commercial and Healthcare Educational and Residences Factories entertainment facilities cultural facilities
Logistics facilities
Others
Interior constructions
(Millions of yen)
facilities
Electrical (By Customer's Industry) (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Manufacturing
81,057
102,803
113,747
151,038
125,506
113,935
(11,570)
(9.2)%
Transport machines and equipment
10,680
16,671
20,608
27,685
18,502
15,821
(2,681)
(14.5)%
Electrical / precision machinery and instruments
14,172
23,145
20,577
42,892
38,526
23,837
(14,688)
(38.1)%
Food
8,030
6,271
11,571
10,491
9,227
10,687
1,459
15.8%
Chemical
9,265
8,470
10,211
10,432
9,098
9,738
640
7.0%
Pharmaceutical
6,999
10,527
7,900
22,719
17,680
8,725
(8,954)
(50.6)%
Other manufacturing
31,909
37,715
42,878
36,817
32,471
45,125
12,653
39.0%
Service
47,099
57,688
58,695
62,109
56,551
69,002
12,451
22.0%
Real estate
44,447
57,833
41,696
55,923
49,600
57,004
7,403
14.9%
Transportation and communication
54,494
38,831
35,958
44,223
30,692
59,831
29,139
94.9%
Commerce
17,882
18,495
15,293
14,303
12,291
27,590
15,298
124.5%
Others
81,976
89,288
103,531
94,163
82,018
101,650
19,631
23.9%
Total
326,958
364,940
368,922
421,762
450,000
356,661
429,014
72,353
20.3%
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
FY2022 FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
Manufacturing Service Real estate
(Millions of yen)
Transportation and communication
Commerce
Others
Instrumentation
LAN and others
Local area network total
4,125 7,043 4,867 7,977 9,500 5,958 8,660
6,573 7,777 5,954 8,508 13,500 6,338 11,925
10,699 14,821 10,821 16,486 23,000 12,296 20,586
2,702
5,587
8,289
45.4%
88.2%
67.4%
Information & Communications Network (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Business communication networks by The Kansai Electric Power Company, Incorporated
1,691
1,985
1,621
1,630
1,500
1,198
1,077
(121) (10.1)%
Excluding The Kansai Electric Power Company, Incorporated
FTTH and others 15,132 13,969 13,334 13,113 13,000 9,917 9,905 (11) (0.1)%
Mobile phone and others 18,337 16,561 14,485 8,816 9,000 7,184 6,949 (235) (3.3)%
CATV 11,690 3,929 3,129 3,026 3,000 2,781 2,813 31 1.1%
Others 3,158 4,480 1,321 737 1,500 1,537 1,337 (200) (13.0)%
Broadband network total 50,010 40,926 33,893 27,324 28,000 22,619 22,082 (536) (2.4)%
42,668
20,000
15,000
10,000
5,000
0
Instrumentation
LAN and others
Business communication networks by The Kansai Electric Power Company, Incorporated
FTTH and others Mobile phone and others
CATV
Others
FY2022 FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
(Millions of yen)
Total
60,710 55,747 44,715 43,810 51,000 34,915
7,752 22.2%
Environmental Management Facilities (By Facility) (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Office buildings
6,808
6,660
12,552
7,113
3,673
4,594
921
25.1%
Commercial and entertainment facilities
14,112
13,971
7,925
7,252
6,421
12,416
5,995
93.4%
Healthcare facilities
2,491
2,547
2,153
7,295
7,276
4,113
(3,162)
(43.5)%
Educational and cultural facilities
2,531
8,156
5,577
4,334
4,018
3,513
(505)
(12.6)%
Residences
548
1,987
731
92
82
2,716
2,634
-
Factories
5,499
6,247
7,885
12,546
11,149
5,300
(5,849)
(52.5)%
Logistics facilities
9,959
7,647
10,892
9,422
5,558
12,966
7,408
133.3%
Others
2,014
626
4,379
1,560
693
728
34
5.0%
Total
43,965
47,843
52,097
49,618
55,000
38,874
46,350
7,476
19.2%
15,000
10,000
5,000
0
Office buildings Commercial and Healthcare facilities Educational and Residences
Factories Logistics facilities
Others
entertainment facilities
cultural facilities
FY2022 FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
(Millions of yen)
0
Electric Power & Others (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Overhead power lining
2,354
5,534
7,920
3,073
4,500
1,587
3,531
1,944
122.5%
Underground power lining
2,226
2,636
3,480
2,851
3,500
1,937
2,639
702
36.3%
Power plants and substations*
21,233
7,406
9,478
17,939
37,500
15,918
36,386
20,467
128.6%
Others
529
726
844
1,720
500
1,467
382
(1,084)
(73.9)%
Total
26,344
16,304
21,723
25,585
46,000
20,910
42,939
22,029
105.4%
* Includes solar and wind power plants, etc.
The Kansai Electric Power Company, Incorporated*
Others
6,150
20,193
9,266
7,037
12,224
9,498
6,773
18,811
8,000
38,000
4,396
16,513
7,335
35,604
2,939
19,090
66.8%
115.6%
* Includes Kansai Transmission and Distribution, Inc.
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Overhead power lining
(Millions of yen)
Underground power lining
Others
FY2022
FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
40,000
30,000
20,000
10,000
0
FY2022
FY2023
FY2024 FY2025
Power plants and substations (including solar and wind power plants,
FY2025 3Q
FY2026 3Q
(Millions of yen) etc.)
Net Sales of Completed Construction Contracts
(Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
ï‚ Sales of Completed Construction Contracts by Customer
The Kansai Electric Power Company,
Incorporated*
74,825
78,492
81,542
85,302
83,000
61,836
66,688
4,852
7.8%
The Kansai Electric Power Group
22,109
18,420
16,499
16,117
16,000
11,930
14,751
2,821
23.7%
Others
396,788
427,319
461,912
494,497
516,000
325,123
331,280
6,156
1.9%
[Public offices (Reissued)]
[14,133]
[10,266]
[16,073]
[15,731]
[10,423]
[9,023]
[(1,399)]
(13.4)%
Total
493,724
524,233
559,954
595,918
615,000
398,889
412,720
13,830
3.5%
* Includes Kansai Transmission and Distribution, Inc.
ï‚‚Sales of Completed Construction Contracts by Operation
Power Distribution Lining
66,480
70,375
73,969
77,150
77,000
55,863
59,378
3,514
6.3%
Electrical
309,292
329,873
372,944
404,667
416,000
266,158
267,145
986
0.4%
Information & Communications Network
56,143
53,003
52,032
44,594
47,000
28,691
31,802
3,110
10.8%
Environmental Management Facilities
36,136
45,344
41,421
49,186
52,000
33,110
38,063
4,953
15.0%
Electric Power & Others
25,671
25,636
19,586
20,319
23,000
15,065
16,330
1,265
8.4%
Total
493,724
524,233
559,954
595,918
615,000
398,889
412,720
13,830
3.5%
8
Renewal Construction (Excluding Power Distribution Lining)
Electrical
136,678
142,129
150,543
159,413
97,190
121,027
23,836
24.5%
Information & Communications Network
20,667
19,281
21,909
19,931
11,593
14,414
2,821
24.3%
Environmental Management Facilities
8,537
7,632
8,383
9,941
6,519
7,087
567
8.7%
Electric Power & Others
8,509
7,941
7,432
8,026
5,363
6,171
808
15.1%
Total
174,392
176,984
188,268
197,313
205,000
120,667
148,702
28,034
23.2%
The Kansai Electric Power Company, The Kansai Electric Power Group Others Incorporated*
(Millions of yen)
FY2026 3Q
0
FY2026
(Forecast)
FY2025 3Q
200,000
100,000
FY2025
300,000
FY2024
400,000
FY2023
500,000
FY2022
Sales of Completed Construction Contracts by Customer
600,000
Others
Management Facilities
Environmental Electric Power &
Information & Communications Network
Electrical
Power Distribution Lining
(Millions of yen)
FY2026 3Q
0
FY2026
(Forecast)
FY2025 3Q
200,000
100,000
FY2025
300,000
FY2023
FY2024
400,000
FY2022
Sales of Completed Construction Contracts by Operation
500,000
ï‚„Sales of Completed Construction Contracts by Region (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Excluding Power Distribution Lining
Hokkaido and Tohoku
24,177
23,717
31,992
30,128
22,549
21,725
(824)
(3.7)%
Kanto and Tokyo metropolitan area
140,704
140,268
150,332
161,519
103,284
98,994
(4,290)
(4.2)%
Chubu
41,661
46,303
51,339
58,089
38,656
37,150
(1,505)
(3.9)%
Kinki
166,158
188,442
198,514
207,415
137,116
154,368
17,251
12.6%
Chugoku, Shikoku and Kyushu
47,806
49,554
46,970
56,725
37,828
36,329
(1,498)
(4.0)%
Overseas
6,735
5,572
6,834
4,890
3,590
4,774
1,183
33.0%
Power Distribution Lining
66,480
70,375
73,969
77,150
55,863
59,378
3,514
6.3%
Total
493,724
524,233
559,954
595,918
615,000
398,889
412,720
13,830
3.5%
(Excluding Power Distribution Lining)
(Millions of yen)
Chugoku, Overseas Power
Shikoku and Distribution
Kyushu Lining
Kinki
Chubu
Kanto and Tokyo metropolitan area
Hokkaido and Tohoku
20,000
0
FY2026 3Q
60,000
40,000
FY2025 3Q
80,000
FY2025
100,000
FY2024
120,000
FY2023
140,000
FY2022
220,000
200,000
180,000
160,000
ï‚…Net Sales of Completed Construction Contracts by Operation
Power Distribution Lining (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
The Kansai Electric Power Company,
Incorporated
64,198
67,949
70,208
72,914
72,000
53,490
57,659
4,169
7.8%
Other Power Distribution Lining
2,281
2,425
3,761
4,235
5,000
2,373
1,718
(654)
(27.6)%
Total
66,480
70,375
73,969
77,150
77,000
55,863
59,378
3,514
6.3%
Note:
"Other Power Distribution Lining" includes C.C.Box and Information Box, power distribution-related construction of The Kansai Electric Power Company, Incorporated, electric water heater installation, NTT telegraph pole installation, and others.
Electrical (By Facility) (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Office buildings
112,349
118,286
166,478
168,628
114,092
109,631
(4,460)
(3.9)%
Commercial and entertainment facilities
32,905
40,964
34,515
38,966
26,248
18,867
(7,381)
(28.1)%
Healthcare facilities
12,735
14,634
15,466
15,661
10,193
9,581
(611)
(6.0)%
Educational and cultural facilities
19,268
19,303
22,858
25,095
15,844
18,025
2,180
13.8%
Residences
7,642
1,833
2,347
2,101
1,160
1,242
82
7.1%
Factories
62,951
73,324
82,250
94,524
58,944
66,716
7,771
13.2%
Logistics facilities
35,764
36,930
27,519
29,736
19,892
26,219
6,327
31.8%
Others
18,819
14,652
11,622
19,838
13,080
9,412
(3,667)
(28.0)%
Interior constructions
6,855
9,944
9,886
10,114
6,701
7,447
746
11.1%
Total
309,292
329,873
372,944
404,667
416,000
266,158
267,145
986
0.4%
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
FY2022 FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
Office buildings Commercial and Healthcare Educational and Residences Factories
entertainment facilities
facilities
cultural facilities
Logistics facilities
Others
Interior constructions
(Millions of yen)
Electrical (By Customer's Industry) (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Manufacturing
75,546
91,283
105,655
120,168
75,646
88,921
13,274
17.5%
Transport machines and equipment
8,180
13,320
17,564
26,646
18,036
15,911
(2,124)
(11.8)%
Electrical / precision machinery and instruments
16,314
19,413
23,116
21,276
12,664
19,437
6,773
53.5%
Food
8,075
8,424
7,029
8,601
5,551
9,292
3,741
67.4%
Chemical
8,138
8,428
9,509
11,241
7,465
8,481
1,016
13.6%
Pharmaceutical
6,163
8,692
9,561
10,702
5,011
11,810
6,798
135.6%
Other manufacturing
28,673
33,004
38,874
41,700
26,917
23,987
(2,929)
(10.9)%
Service
55,955
46,330
60,223
56,054
38,311
41,446
3,135
8.2%
Real estate
53,565
52,972
56,310
43,115
27,380
34,849
7,468
27.3%
Transportation and communication
30,901
32,674
38,824
56,360
34,818
31,044
(3,774)
(10.8)%
Commerce
10,821
16,129
16,199
19,994
14,921
11,533
(3,387)
(22.7)%
Others
82,502
90,482
95,732
108,973
75,080
59,350
(15,730)
(21.0)%
Total
309,292
329,873
372,944
404,667
416,000
266,158
267,145
986
0.4%
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
FY2022 FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
Manufacturing Service Real estate
(Millions of yen)
Transportation and communication
Commerce
Others
Instrumentation
LAN and others
Local area network total
4,879 4,116 5,426 6,380 7,300
5,844 5,901 8,377 6,711 8,000
10,724 10,017 13,804 13,092 15,300
3,495 6,087
3,267 5,943
6,762 12,031
2,592
2,676
5,268
74.1%
81.9%
77.9%
Information & Communications Network (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Business communication networks by The Kansai Electric Power Company, Incorporated
1,676
1,931
1,612
1,656
1,500
1,143
987
(156) (13.7)%
Excluding The Kansai Electric Power Company, Incorporated
FTTH and others 15,299 14,036 13,318 13,206 12,800 9,912 9,645 (267) (2.7)%
Mobile phone and others 18,074 17,405 14,926 10,415 10,100 6,226 5,469 (757) (12.2)%
CATV 7,273 7,942 6,749 3,729 2,700 1,828 2,179 350 19.2%
Others 3,094 1,671 1,620 2,495 4,600 2,817 1,488 (1,328) (47.1)%
Broadband network total 45,418 42,986 38,227 31,502 31,700 21,928 19,770 (2,157) (9.8)%
31,802
20,000
15,000
10,000
5,000
0
Instrumentation
LAN and others
Business communication networks by The Kansai Electric Power Company, Incorporated
FTTH and others Mobile phone and others
CATV
Others
FY2022 FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
(Millions of yen)
Total
56,143 53,003 52,032 44,594 47,000 28,691
3,110 10.8%
Environmental Management Facilities (By Facility) (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Office buildings
6,344
5,907
5,056
7,973
4,536
8,757
4,220
93.0%
Commercial and entertainment facilities
8,028
14,583
10,811
10,745
8,271
5,681
(2,590)
(31.3)%
Healthcare facilities
3,210
2,246
2,166
3,220
2,413
4,387
1,974
81.8%
Educational and cultural facilities
4,038
5,668
6,320
4,662
3,422
2,981
(441)
(12.9)%
Residences
1,884
792
1,787
463
354
374
20
5.6%
Factories
5,094
6,781
4,799
9,690
5,840
7,901
2,060
35.3%
Logistics facilities
6,648
9,184
9,682
9,444
6,087
6,094
7
0.1%
Others
887
179
798
2,985
2,182
1,884
(298)
(13.7)%
Total
36,136
45,344
41,421
49,186
52,000
33,110
38,063
4,953
15.0%
16,000
12,000
8,000
4,000
0
Office buildings Commercial and Healthcare facilities Educational and Residences
Factories Logistics facilities
Others
entertainment facilities
cultural facilities
FY2022 FY2023 FY2024 FY2025 FY2025 3Q
FY2026 3Q
(Millions of yen)
Overhead power lining
5,821
4,367
4,662
5,127
5,500
4,055
4,827
772
19.0%
Underground power lining
2,057
2,459
3,089
3,254
3,000
2,364
2,435
70
3.0%
Power plants and substations*
16,904
17,709
10,860
10,216
13,000
7,617
8,813
1,196
15.7%
Others
888
1,100
974
1,721
1,500
1,028
254
(773)
(75.2)%
Total
25,671
25,636
19,586
20,319
23,000
15,065
16,330
1,265
8.4%
* Includes solar and wind power plants, etc.
The Kansai Electric Power Company, 8,592
7,780
8,553
9,214
10,000
6,464
7,215
750
11.6%
Others 17,079
17,855
11,032
11,104
13,000
8,601
9,115
514
6.0%
Electric Power & Others (Millions of yen)
Full year
First nine months
FY2022
FY2023
FY2024
FY2025
FY2026
(Forecast)
FY2025 3Q
FY2026 3Q
Change
% Change
Incorporated*
* Includes Kansai Transmission and Distribution, Inc.
6,000
5,000
4,000
3,000
2,000
1,000
0
FY2022
FY2023 FY2024 FY2025 FY2025 3Q
Overhead power lining
(Millions of yen)
Underground power lining
Others
FY2026 3Q
20,000
15,000
10,000
5,000
0
FY2022
FY2023 FY2024
FY2025
Power plants and substations (including solar and wind power plants,
FY2025 3Q
FY2026 3Q
(Millions of yen)
etc.)
Contract Backlog by Operation at the End of Period
(Millions of yen)
As of Mar. 31
As of Dec. 31
As of Mar. 31,
2022
As of Mar. 31,
2023
As of Mar. 31,
2024
As of Mar. 31,
2025
As of Mar. 31,
2026
(Forecast)
As of Dec. 31,
2024
As of Dec. 31,
2025
Change
% Change
By Operation
Power Distribution Lining
11,191
14,301
13,289
14,523
15,520
17,308
17,741
432
2.5%
Electrical
304,067
339,134
335,112
352,206
386,220
425,615
514,076
88,461
20.8%
Information & Communications Network
21,180
23,924
16,607
15,823
19,820
22,831
26,689
3,857
16.9%
Environmental Management Facilities
37,013
39,513
50,189
50,621
53,620
55,953
58,908
2,954
5.3%
Electric Power & Others
40,858
31,526
33,664
38,929
61,920
39,509
65,538
26,029
65.9%
Total
414,312
448,400
448,862
472,105
537,100
561,218
682,954
121,735
21.7%
As of As of Dec. 31, Dec. 31,
2024 2025
As of Mar. 31,
2026
(Forecast)
As of As of Mar. 31, Mar. 31,
2024 2025
As of Mar. 31,
2023
As of Mar. 31,
2022
(Millions of yen)
0
100,000
Electric Power & Others
200,000
Information & Communications Network
Environmental Management Facilities
300,000
Electrical
400,000
Power Distribution Lining
500,000
600,000
700,000
Selling, General and Administrative Expenses
(Millions of yen)
Full year | First nine months | ||||||||
FY2022 | FY2023 | FY2024 | FY2025 | FY2026 (Forecast) | FY2025 3Q | FY2026 3Q | Change | % Change | |
Personnel expenses | 30,415 | 30,725 | 32,032 | 35,528 | 39,600 | 24,540 | 28,682 | 4,141 | 16.9% |
Fixed assets expenses | 8,209 | 8,499 | 8,768 | 9,357 | 10,000 | 6,773 | 7,424 | 650 | 9.6% |
Other expenses | 9,282 | 11,150 | 12,338 | 14,101 | 16,400 | 10,590 | 12,331 | 1,740 | 16.4% |
Total | 47,907 | 50,375 | 53,139 | 58,987 | 66,000 | 41,904 | 48,437 | 6,533 | 15.6% |
R&D expenses (Reissued) | 651 | 670 | 649 | 705 | 890 | 496 | 648 | 152 | 30.6% |
(Millions of yen)
FY2025 3Q FY2026 3Q
FY2026
(Forecast)
FY2025
FY2024
FY2023
FY2022
0
10,000
20,000
Personnel expenses
Fixed assets expenses Other expenses
40,000
30,000
50,000
60,000
70,000
4. Shareholder Returns
Dividends and share buybacks will be paid in accordance with the policy outlined in the "Capital Policy in the Medium-term Management Plan" announced on January 31, 2025.
Dividends
400.00
Profit per share (consolidated) Cash dividends per share Payout ratio (consolidated)
140.15
165.34
28.5%
22.4%
125
236.26
90
63
35
37
28.8%
40
330.60
156.46
128.65
38.1%
38.1%
37.8%
45.0%
350.00
40.0%
300.00
250.00
200.00
150.00
100.00
50.00
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.00
(Yen)
FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
(Forecast)
* Revised January 2026
0.0%
Acquisition of Treasury Stock
Cumulative total of treasury stock repurchased: 9,999 million yen (2,310,300 shares)
5. ROE
Consolidated
Non-Consolidated
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 (Forecast) | |
* Revised January 2026 | ||||||
Consolidated | 6.8% | 5.3% | 5.5% | 6.1% | 8.1% | 10.6% |
Non-Consolidated | 7.0% | 5.6% | 5.8% | 5.9% | 8.0% | 11.5% |
Disclaimer
This report is intended to provide information about the business performance of KINDEN CORPORATION and its subsidiaries and affiliates. It is not intended and should not be construed as an inducement to purchase or sell stock in the Company or its group companies. Statements in this document that are not recitations of historical or current fact are forward-looking statements based on current beliefs, estimates and expectations of management. Many factors that the Company is unable to predict with accuracy could cause the Company's actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update forward-looking statements to reflect facts, circumstances or events that have occurred or changed after such statements have been made, and shall in no event be liable for any damages arising out of the use or interpretation of this material.