Obayashi Corporation TSE:1802

Obayashi : Financial Data Book (FY ended March 31, 2022 – FY ended March 31, 2026)

Published May 13, 2026 at 3:15 a.m. UTC

Source: MarketScreener

Financial Data Book

FY2021 - FY2025

Fiscal Year Ended March 31, 2022 - Fiscal Year Ended March 31, 2026 (Consolidated and Non-consolidated)

Contents

Consolidated Financial Information
1. Consolidated Key Financial Data 1
2. Consolidated Balance Sheet 2
3. Consolidated Statement of Income 5
4. Consolidated Statement of Cash Flows 6
5. Segment Information 7
Non-consolidated Financial Information
1. Non-consolidated Key Financial Data 8
2. Non-consolidated Balance Sheet 9
3. Non-consolidated Statement of Income 12
4. Non-consolidated Gross Profit on Completed Construction Contracts 13
5. Non-consolidated Orders Received, Net Sales and Project in Process

① Orders Received 14

② Net Sales 15

③ Project in Process 16

Disclaimer:This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

Consolidated Financial Information

Consolidated Key Financial Data

(Yen in millions)

	FY ended March 31,
	2022	2023	2024	2025	2026

Orders received	2,146,326	2,222,290	2,513,088	3,316,662	3,009,078
Orders received (Construction business)	2,042,487	2,107,374	2,355,067	3,161,895	2,849,812

Net sales	1,922,884	1,983,888	2,325,162	2,590,765	2,586,258
Gross profit	154,339	216,569	219,602	295,386	364,691
Operating profit	41,051	93,800	79,381	142,469	194,678
Ordinary profit	49,844	100,802	91,515	152,236	204,195
Profit attributable to owners of parent	39,127	77,671	75,059	145,355	173,759
Comprehensive income	48,546	74,244	189,756	95,997	222,645

Net assets	988,913	1,035,881	1,195,244	1,210,201	1,316,466
Total assets	2,422,085	2,609,929	3,019,118	3,042,778	3,143,449

Net assets per share (yen)	1,333.10	1,390.77	1,606.18	1,628.88	1,830.64
Dividend paid per share (yen)	32	42	75	81	88
Basic earnings per share (yen)	54.55	108.34	104.69	202.91	249.42

Operating margin	(%)	2.1	4.7	3.4	5.5	7.5
Equity-to-asset ratio	(%)	39.5	38.2	38.1	38.1	40.0
Rate of return on equity (ROE)	(%)	4.1	8.0	7.0	12.6	14.4
Return on invested capital (ROIC)	(%)	2.3	4.9	3.8	6.4	8.4
Price-earnings ratio (PER)	(times)	16.5	9.4	17.8	9.8	15.1
Payout ratio	(%)	58.7	38.8	71.6	39.9	35.3
Dividend on equity ratio (DOE)	(%)	2.4	3.1	5.0	5.0	5.1

Net cash provided by (used in) operating activities	69,697	228,456	50,399	84,161	252,920
Net cash provided by (used in) investing activities	(49,833)	(101,610)	(84,471)	10,044	(84,363)
Net cash provided by (used in) financing activities	(12,457)	22,118	(51,922)	(50,440)	(141,449)
Cash and cash equivalents	249,317	405,633	326,688	380,169	416,028

Number of employees		15,470	15,876	16,986	17,305	18,031
Average number of temporary employees not included in the above	(persons)	[ 3,497]	[ 3,381]	[ 3,774]	[ 3,441]	[ 3,598]

Number of consolidated subsidiaries (number of companies)

108

118

123

130

Number of associates accounted for (number of companies)

using equity method

Interest-bearing debt	197,376	261,222	249,756	285,212	279,578
Nonrecourse loans	83,060	76,699	74,128	77,553	64,488
Total amount of interest-bearing debt and nonrecourse loans	280,436	337,921	323,884	362,765	344,066

Guarantee obligations

24,157

12,596

9,824

Capital expenditure	55,415	92,394	78,406	49,411	111,188
Research and development expenses	15,841	15,330	16,538	16,393	17,790
Depreciation	20,691	23,941	27,117	32,087	36,353

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

Consolidated Balance Sheet

(Yen in millions)

			As of March 31,
			2022	2023	2024	2025	2026
Assets Current assets Cash and deposits Notes receivable, accounts receivable from completed construction contracts and other Electronically recorded monetary claims - operating Securities Real estate for sale Costs on construction contracts in progress Costs on real estate business Inventories for PFI and other projects Other inventories Accounts receivable - other Other Allowance for doubtful accounts			265,042	419,405	339,188	394,728	430,885
			902,244	832,939	1,036,514	1,139,624	1,083,224
			12,162	21,189	40,717	15,172	15,112
			5,988	7,285	8,430	11,410	9,791
			19,436	15,874	15,236	31,301	24,103
			43,823	35,428	40,121	38,399	49,758
			28,300	30,405	35,530	38,006	38,274
			10,127	6,610	4,847	3,141	1,545
			9,182	12,120	15,788	16,013	12,568
			78,433	98,866	127,323	96,954	89,594
			20,938	25,572	32,709	32,132	30,555
			(162)	(147)	(7,270)	(7,425)	(6,871)
Total current assets Non-current assets Property, plant and equipment Buildings and structures Machinery, vehicles, tools, furniture and fixtures Land Leased assets Construction in progress			1,395,517	1,505,551	1,689,137	1,809,460	1,778,543
			121,482	142,968	191,208	207,945	230,151
			68,716	79,252	80,155	81,664	83,082
			378,270	408,031	413,163	424,354	453,952
			493	4,823	5,175	6,001	7,223
			54,343	57,470	46,212	17,611	18,557
	Total property, plant and equipment Intangible assets Investments and other assets Investment securities Long-term loans receivable Deferred tax assets Retirement benefit asset Other Allowance for doubtful accounts		623,306	692,545	735,914	737,577	792,967
			8,648	17,932	38,537	37,116	63,111
			337,976	306,570	422,583	311,557	339,322
			2,096	1,312	2,637	2,812	3,070
			2,129	5,137	3,256	3,031	2,152
			35	2,900	7,482	8,718	13,688
			52,549	78,148	119,721	132,675	150,811
			(175)	(170)	(152)	(171)	(217)
		Total investments and other assets	394,612	393,899	555,529	458,624	508,827
	Total non-current assets		1,026,567	1,104,377	1,329,981	1,233,318	1,364,906
Total assets			2,422,085	2,609,929	3,019,118	3,042,778	3,143,449

	As of March 31,
	2022	2023	2024	2025	2026
Liabilities
Current liabilities
Notes payable, accounts payable for construction contracts and other	500,757	526,734	676,252	678,719	594,367
Electronically recorded obligations - operating	128,960	145,520	144,615	95,232	87,635
Short-term borrowings	62,785	67,170	68,142	97,532	75,203
Current portion of nonrecourse loans	14,122	8,611	8,252	9,496	8,510
Current portion of bonds payable	-	20,000	10,000	-	66
Lease liabilities	294	1,425	2,105	2,709	2,950
Income taxes payable	9,982	22,375	10,398	49,085	41,810
Advances received on construction contracts in progress	137,174	132,979	191,909	193,434	299,979
Deposits received	143,850	158,487	202,026	177,156	195,692
Provision for warranties for completed construction	3,138	3,004	3,155	3,333	2,977
Provision for loss on construction contracts	53,146	43,205	33,149	16,726	8,575
Other	74,390	96,919	83,510	129,931	111,757
Total current liabilities	1,128,602	1,226,434	1,433,517	1,453,358	1,429,526
Non-current liabilities Bonds payable	40,000	50,000	40,107	60,091	60,009
Long-term borrowings	94,590	124,051	131,507	127,589	144,299
Nonrecourse loans	68,937	68,087	65,875	68,056	55,977
Lease liabilities	144	5,018	6,915	8,160	9,464
Deferred tax liabilities	10,222	4,053	48,689	14,558	23,859
Deferred tax liabilities for land revaluation	18,445	18,421	17,931	18,124	17,736
Provision for share awards for directors (and other officers)	436	599	625	686	703
Provision for environmental measures	26	23	23	-	-
Retirement benefit liability	47,977	51,835	51,914	52,095	50,528
Other	23,788	25,522	26,765	29,855	34,877
Total non-current liabilities	304,569	347,613	390,356	379,218	397,457
Total liabilities	1,433,171	1,574,048	1,823,874	1,832,577	1,826,983

		As of March 31,
		2022	2023	2024	2025	2026
Net assets Shareholders' equity Share capital Capital surplus Retained earnings Treasury shares		57,752	57,752	57,752	57,752	57,752
		42,641	41,962	42,002	41,328	41,288
		677,559	728,087	773,841	852,429	905,459
		(2,808)	(2,754)	(2,711)	(14,828)	(9,514)
	Total shareholders' equity Accumulated other comprehensive income Valuation difference on available-for-sale securities Deferred gains or losses on hedges Revaluation reserve for land Foreign currency translation adjustment Remeasurements of defined benefit plans	775,144	825,047	870,884	936,681	994,986
		136,235 8,642 23,052 9,728 2,887	118,057 10,130 23,627 18,437 1,808	205,623 15,341 22,777 32,304 4,698	126,640 15,268 21,545 53,831 4,277	147,730 21,776 21,278 65,396 7,255
	Total accumulated other comprehensive income Non-controlling interests	180,546 33,222	172,061 38,772	280,745 43,614	221,563 51,956	263,438 58,041
Total net assets		988,913	1,035,881	1,195,244	1,210,201	1,316,466
Total liabilities and net assets		2,422,085	2,609,929	3,019,118	3,042,778	3,143,449

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

	FY ended March 31,
	2022	2023	2024	2025	2026
Net sales	1,922,884	1,983,888	2,325,162	2,590,765	2,586,258
Net sales of completed construction contracts	1,795,208	1,847,688	2,206,764	2,467,763	2,409,378
Net sales in real estate business and other	127,676	136,200	118,398	123,001	176,880
Cost of sales	1,768,544	1,767,318	2,105,560	2,295,378	2,221,567
Cost of sales of completed construction contracts	1,673,237	1,669,814	2,017,917	2,202,357	2,080,668
Cost of sales in real estate business and other	95,306	97,504	87,643	93,021	140,898
Gross profit	154,339	216,569	219,602	295,386	364,691
Gross profit on completed construction contracts	121,970	177,873	188,846	265,406	328,710
Gross profit on real estate business and other	32,369	38,695	30,755	29,980	35,981
Selling, general and administrative expenses	113,288	122,769	140,220	152,916	170,012
Operating profit	41,051	93,800	79,381	142,469	194,678
Non-operating income	11,767	11,384	16,693	15,766	19,284
Interest income	805	1,125	3,136	4,689	5,234
Dividend income	6,903	7,377	7,969	8,946	6,822
Foreign exchange gains	2,678	1,849	3,439	-	3,599
Other	1,379	1,031	2,148	2,130	3,628
Non-operating expenses	2,973	4,382	4,559	6,000	9,767
Interest expenses	2,019	2,485	3,530	4,675	5,311
Foreign withholding tax	-	-	-	-	2,780
Other	954	1,897	1,028	1,324	1,675
Ordinary profit	49,844	100,802	91,515	152,236	204,195
Extraordinary income	13,151	14,636	24,132	69,053	49,846
Gain on sale of investment securities	10,260	14,388	23,874	68,718	48,986
Gain on sale of businesses	2,242	-	-	-	-
Other	649	247	257	335	859
Extraordinary losses	6,714	1,732	8,541	11,407	4,631
Impairment losses	-	287	4,832	4,450	1,712
Loss on retirement of non-current assets	-	229	1,213	-	1,210
Loss on valuation of investment securities	1,509	784	1,042	2,112	898
Loss on liquidation of business	3,005	-	-	3,849	-
Loss on valuation of other investments	-	-	1,064	-	-
Loss on sale of investment securities	-	203	-	-	-
Loss on sale of non-current assets	-	193	-	-	-
Other	2,200	33	388	994	809
Profit before income taxes	56,281	113,706	107,106	209,882	249,410
Total income taxes	14,827	33,848	29,926	60,267	71,648
Income taxes - current	28,815	35,533	27,656	62,276	74,497
Income taxes - deferred	(13,988)	(1,685)	2,270	(2,008)	(2,848)
Profit	41,453	79,858	77,179	149,615	177,761
Profit attributable to non-controlling interests	2,326	2,187	2,119	4,259	4,001
Profit attributable to owners of parent	39,127	77,671	75,059	145,355	173,759

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

		FY ended March 31,
		2022	2023	2024	2025	2026
Cash flows from operating activities
Profit (loss) before income taxes		56,281	113,706	107,106	209,882	249,410
Depreciation		20,691	23,941	27,117	32,087	36,353
Impairment losses		-	287	4,832	4,450	1,712
Increase (decrease) in allowance for doubtful accounts		7	(24)	7,103	1	(754)
Increase (decrease) in provision for loss on construction contracts		39,566	(9,976)	(10,200)	(16,500)	(8,145)
Increase (decrease) in retirement benefit liability		(636)	2,185	496	187	(1,215)
Loss (gain) on valuation of short-term and long-term investment securities		1,509	784	1,042	2,112	898
Interest and dividend income		(7,709)	(8,503)	(11,105)	(13,636)	(12,056)
Interest expenses		2,019	2,485	3,530	4,675	5,311
Loss (gain) on sale of non-current assets		-	41	-	-	-
Loss (gain) on sale of short-term and long-term investment securities		(10,067)	(14,185)	(24,026)	(68,752)	(48,956)
Loss on valuation of other investments		-	-	1,064	-	-
Loss (gain) on sale of business		(2,242)	-	-	-	-
Decrease (increase) in trade receivables		(96,705)	74,694	(193,800)	(62,424)	69,791
Decrease (increase) in costs on construction contracts in progress		25,980	8,411	(2,578)	2,415	(11,931)
Decrease (increase) in inventories		6,013	14,120	2,503	8,034	38,889
Decrease (increase) in inventories for PFI and other projects		1,992	3,517	1,762	1,706	1,595
Decrease (increase) in other assets		(7,085)	(19,920)	(32,829)	32,227	11,672
Increase (decrease) in trade payables		43,111	29,257	125,767	(59,622)	(102,543)
Increase (decrease) in advances received on construction contracts in progress		7,037	(7,692)	47,242	(3,691)	100,183
Increase (decrease) in other liabilities		15,736	34,904	27,663	21,821	340
Other, net		923	(1,449)	(545)	4,511	(2,290)
	Subtotal	96,426	246,583	82,145	99,487	328,265
	Interest and dividends received	8,078	8,676	11,045	14,176	11,418
	Interest paid	(2,001)	(2,438)	(3,634)	(4,077)	(4,526)
	Income taxes refund (paid)	(32,805)	(24,365)	(39,157)	(25,425)	(82,235)
	Net cash provided by (used in) operating activities	69,697	228,456	50,399	84,161	252,920
Cash flows from investing activities
Payments into time deposits		(18,044)	(11,369)	(17,622)	(16,232)	(27,097)
Proceeds from withdrawal of time deposits		24,636	14,996	19,837	15,459	27,087
Purchase of property, plant and equipment and intangible assets		(58,030)	(96,589)	(78,391)	(49,942)	(125,630)
Proceeds from sale of property, plant and equipment and intangible assets		815	839	1,224	1,907	15,673
Purchase of short-term and long-term investment securities		(13,072)	(7,511)	(7,006)	(33,175)	(16,997)
Proceeds from sale and redemption of short-term and long-term investment securities		19,847	26,644	40,026	96,256	75,340
Loan advances		(412)	(363)	(289)	(319)	(486)
Proceeds from collection of loans receivable		351	36	30	120	143
Purchase of shares of subsidiaries resulting in change in scope of consolidation		(1,527)	(4,350)	(14,452)	-	(26,873)
Payments for sale of shares of subsidiaries resulting in change in scope of consolidation		(9,689)	-	-	-	-
Other, net		5,294	(23,943)	(27,826)	(4,029)	(5,523)
	Net cash provided by (used in) investing activities	(49,833)	(101,610)	(84,471)	10,044	(84,363)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings		4,996	701	5,843	(637)	136
Repayments of lease liabilities		(880)	(392)	(518)	(2,272)	(2,889)
Proceeds from long-term borrowings		11,008	47,660	20,682	36,400	35,200
Repayments of long-term borrowings		(16,473)	(19,626)	(20,756)	(15,565)	(44,145)
Proceeds from nonrecourse loans payable		20,911	7,938	5,140	16,804	250
Payment of nonrecourse loans payable		(7,445)	(14,299)	(10,580)	(13,379)	(13,314)
Proceeds from issuance of bonds		-	30,000	-	20,000	-
Redemption of bonds		-	-	(20,000)	(10,016)	(16)
Purchase of treasury shares		(793)	(3)	(110)	(12,217)	(58,061)
Dividends paid		(22,977)	(26,567)	(30,155)	(67,486)	(57,788)
Proceeds from share issuance to non-controlling shareholders		-	-	-	1,181	1,334
Dividends paid to non-controlling interests		(801)	(2,131)	(1,460)	(1,783)	(1,853)
Purchase of shares of subsidiaries not resulting in change in scope of consolidation		(2)	(1,160)	(5)	(1,467)	(245)
Proceeds from sale of shares of subsidiaries not resulting in change in scope of consolidation		2	-	-	-	-
Other, net		-	-	-	-	(56)
	Net cash provided by (used in) financing activities	(12,457)	22,118	(51,922)	(50,440)	(141,449)
Effect of exchange rate change on cash and cash equivalents		5,436	7,351	7,048	9,716	8,751
Net increase (decrease) in cash and cash equivalents		12,842	156,316	(78,945)	53,481	35,859
Cash and cash equivalents at beginning of period		236,474	249,317	405,633	326,688	380,169
Cash and cash equivalents at end of period		249,317	405,633	326,688	380,169	416,028

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

(5) Segment Information

(Yen in millions)

	FY ended March 31,
	2022	2023	2024	2025	2026

Domestic Building Construction

Segment net sales	1,095,302	1,095,860	1,301,182	1,355,554	1,165,556
Sales to external customers Transactions with other segments	1,059,945 35,357	1,056,407 39,452	1,264,181 37,001	1,337,171 18,383	1,138,762 26,794
Segment operating profit	(8,842)	36,075	26,863	62,742	103,615
Operating profit from sales to external customers Transactions with other segments	(8,900) 58	34,326 1,748	24,204 2,658	62,784 (42)	104,088 (473)

Overseas Building Construction

Segment net sales	298,867	343,979	457,901	478,058	509,513
Sales to external customers Transactions with other segments	298,818 48	343,894 84	457,818 83	477,879 179	507,992 1,520
Segment operating profit	818	4,992	12,759	12,666	11,415
Operating profit from sales to external customers Transactions with other segments	818 -	5,179 (187)	12,942 (182)	12,810 (143)	11,999 (583)

Domestic Civil Engineering

Segment net sales	366,621	359,660	384,832	417,710	443,023
Sales to external customers Transactions with other segments	346,808 19,812	343,464 16,195	369,367 15,465	402,252 15,457	426,623 16,399
Segment operating profit	23,724	21,646	26,226	40,433	40,649
Operating profit from sales to external customers Transactions with other segments	23,861 (137)	21,744 (97)	26,389 (163)	40,576 (142)	40,925 (275)

Overseas Civil Engineering

Segment net sales	89,635	103,921	115,396	250,459	336,000
Sales to external customers Transactions with other segments	89,635 -	103,921 -	115,396 -	250,459 -	336,000 -
Segment operating profit	2,052	3,451	(3,782)	8,006	15,238
Operating profit from sales to external customers Transactions with other segments	2,052 -	3,451 -	(3,782) -	8,006 -	14,769 469

Real Estate

Segment net sales	62,277	85,051	67,789	73,564	107,637
Sales to external customers Transactions with other segments	61,124 1,152	83,875 1,175	66,888 900	72,712 851	106,798 839
Segment operating profit	20,454	26,871	17,260	16,040	19,924
Operating profit from sales to external customers Transactions with other segments	20,395 59	26,928 (56)	18,277 (1,017)	16,071 (30)	19,978 (54)

Others

Segment net sales	75,546	62,545	62,661	62,535	84,104
Sales to external customers Transactions with other segments	66,551 8,995	52,324 10,220	51,509 11,151	50,289 12,245	70,082 14,022
Segment operating profit	2,722	2,138	1,317	2,191	2,844
Operating profit from sales to external customers Transactions with other segments	2,823 (101)	2,170 (32)	1,349 (31)	2,219 (27)	2,917 (72)

Total

Segment net sales	1,988,251	2,051,017	2,389,764	2,637,883	2,645,836
Sales to external customers Transactions with other segments	1,922,884 65,366	1,983,888 67,129	2,325,162 64,601	2,590,765 47,118	2,586,258 59,577
Segment operating profit	40,929	95,175	80,644	142,082	193,687
Operating profit from sales to external customers Transactions with other segments	41,051 (121)	93,800 1,375	79,381 1,262	142,469 (387)	194,678 (990)

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

Non-consolidated Financial Information

Non-consolidated Key Financial Data

(Yen in millions)

	FY ended March 31,
	2022	2023	2024	2025	2026

Orders received	1,534,281	1,493,898	1,601,552	2,044,406	1,641,646
Orders received (Construction business)	1,511,289	1,454,987	1,575,194	2,020,096	1,604,891

Net sales	1,374,132	1,387,028	1,582,199	1,660,662	1,509,991
Gross profit	84,590	146,476	132,107	184,849	234,458
Operating profit	4,425	59,945	43,323	89,418	129,952
Ordinary profit	19,563	71,178	55,400	98,673	174,607
Profit	18,843	62,558	49,650	115,721	162,842

Share capital	57,752	57,752	57,752	57,752	57,752
Net assets	740,713	758,739	866,231	822,644	873,189
Total assets	1,844,400	1,943,098	2,225,321	2,135,276	2,101,094

Total number of issued shares (thousand shares)	721,509	721,509	721,509	721,509	691,811
Weighted average common share (thousand shares)	717,251	716,931	716,969	716,367	696,649

Net assets per share (yen)	1,033.22	1,058.29	1,208.13	1,156.91	1,270.24
Dividend paid per share (yen)	32	42	75	81	88
Basic earnings per share (yen)	26.27	87.26	69.25	161.54	233.75

Operating margin	(%)	0.3	4.3	2.7	5.4	8.6
Equity-to-asset ratio	(%)	40.2	39.0	38.9	38.5	41.6
Rate of return on equity (ROE)	(%)	2.5	8.3	6.1	13.7	19.2
Price-earnings ratio (PER)	(times)	34.3	11.6	26.9	12.3	16.1
Payout ratio	(%)	121.8	48.1	108.3	50.1	37.6

Number of employees		9,026	9,134	9,253	9,386	9,472
Average number of temporary employees not included in the above	(persons)	[ 885]	[ 922]	[ 977]	[ 1,057]	[ 1,133]

Total shareholder return	(%)	91.8	107.1	198.2	218.1	401.4
Dividend-included TOPIX	(%)	102.0	107.9	152.5	150.2	202.2
Highest share price	(yen)	1,071	1,067	1,950	2,204	4,439
Lowest share price	(yen)	834	862	995	1,585.5	1,742.5

Interest-bearing debt

155,129

194,631

177,822

178,463

173,442

Guarantees	47,900	64,209	64,268	99,610	92,720
Commitments of guarantees	22,474	20,028	19,683	16,871	14,688

Capital expenditure	23,714	22,441	29,966	22,703	53,264
Research and development expenses	15,363	14,901	16,073	15,930	17,353
Depreciation	9,826	10,550	11,584	13,989	14,686

Non-consolidated Balance Sheet

(Yen in millions)

			As of March 31,
			2022	2023	2024	2025	2026
Assets Current assets Cash and deposits Notes receivable - trade Electronically recorded monetary claims - operating Accounts receivable from completed construction contracts Accounts receivable - real estate business and other Securities Real estate for sale Costs on construction contracts in progress Costs on real estate business and other Raw materials and supplies Short-term loans receivable Prepaid expenses Accounts receivable - other Other Allowance for doubtful accounts			141,707	272,172	173,279	194,430	182,981
			1,993	7,117	3,024	313	3,117
			9,628	18,176	37,442	12,945	12,830
			679,269	602,057	753,643	848,985	756,465
			6,169	5,315	5,270	6,393	9,600
			48	69	15	10	-
			10,156	2,936	2,216	2,116	3,026
			40,575	31,667	34,300	35,998	46,508
			3,993	2,755	4,198	6,992	4,198
			1,935	2,662	5,307	1,886	1,628
			66,087	66,644	55,024	46,819	16,401
			2,387	2,500	2,310	2,282	2,444
			73,788	89,008	116,229	84,799	75,690
			15,276	15,914	46,347	21,663	46,415
			(79)	(75)	(92)	(96)	(85)
Total current assets Non-current assets Property, plant and equipment Buildings Structures Machinery and equipment Vessels Vehicles Tools, furniture and fixtures Land Leased assets Construction in progress			1,052,939	1,118,922	1,238,517	1,265,541	1,161,225
			53,141	56,869	69,684	66,895	80,693
			1,776	2,022	2,266	2,614	2,800
			9,189	8,158	9,047	11,961	11,274
			-	-	5,953	4,959	4,131
			172	172	124	120	248
			3,370	3,679	3,592	3,742	4,385
			172,497	174,430	175,677	183,219	197,325
			21	13	6	7	19
			16,102	21,323	12,108	11,289	3,963
	Total property, plant and equipment Intangible assets Investments and other assets Investment securities Shares of subsidiaries and associates Bonds of subsidiaries and associates Investments in capital Investments in capital of subsidiaries and associates Long-term loans receivable from employees Long-term loans receivable from subsidiaries and associates Distressed receivables Prepaid pension costs Leasehold and guarantee deposits Other Allowance for doubtful accounts		256,272	266,671	278,462	284,812	304,843
			5,744	7,384	8,325	7,902	8,942
			320,600	291,510	407,382	278,270	295,920
			90,100	112,912	108,664	128,984	147,349
			-	-	-	-	943
			75	83	84	104	106
			40,942	90,000	138,326	154,762	161,877
			647	648	717	712	766
			69,041	45,782	34,583	2,799	8,490
			580	650	620	610	610
			-	370	1,318	2,542	3,471
			5,559	5,905	5,875	5,993	5,780
			2,882	3,443	3,140	2,924	2,554
			(986)	(1,185)	(696)	(683)	(1,789)
		Total investments and other assets	529,444	550,120	700,016	577,019	626,082
	Total non-current assets		791,460	824,175	986,804	869,735	939,868
Total assets			1,844,400	1,943,098	2,225,321	2,135,276	2,101,094

		As of March 31,
		2022	2023	2024	2025	2026
Liabilities Current liabilities Notes payable - trade Electronically recorded obligations - operating Accounts payable for construction contracts Accounts payable - real estate business and other Short-term borrowings Current portion of bonds payable Lease liabilities Accounts payable - other Accrued expenses Income taxes payable Advances received on construction contracts in progress Deposit received - real estate business and other Deposits received Unearned revenue Provision for warranties for completed construction Provision for loss on construction contracts Deposits received from employees Other		9,718	10,265	7,552	4,556	805
		126,941	144,248	145,335	98,463	92,111
		373,096	388,976	504,725	513,317	386,743
		1,626	1,496	1,808	1,869	2,921
		41,788	44,199	39,449	67,111	44,650
		-	20,000	10,000	-	-
		9	7	5	4	5
		5,546	20,007	4,195	33,651	9,205
		16,590	17,066	17,819	23,754	29,168
		6,906	18,466	4,792	41,594	34,936
		109,545	95,994	130,298	124,776	197,949
		2,326	2,529	2,486	4,953	5,679
		134,280	148,512	186,910	164,784	178,077
		127	130	132	133	140
		2,556	2,453	2,824	2,734	2,324
		52,404	43,154	32,932	15,061	6,840
		27,415	27,205	26,379	25,255	23,921
		739	1,100	1,260	4,420	1,489
Total current liabilities		911,616	985,813	1,118,909	1,126,442	1,016,969
Non-current liabilities
Bonds payable		40,000	50,000	40,000	60,000	60,000
Long-term borrowings		73,341	80,432	88,373	51,352	68,792
Lease liabilities		14	7	1	3	16
Long-term income taxes payable		-	-	-	114	984
Deferred tax liabilities		11,345	194	41,980	6,580	13,264
Deferred tax liabilities for land revaluation		15,054	15,030	14,592	14,696	14,600
Provision for retirement benefits		43,855	43,580	43,954	43,614	42,595
Provision for share awards for directors (and other officers)		436	599	625	686	703
Provision for loss on business of subsidiaries and associates		3,126	3,418	5,204	3,312	2,001
Asset retirement obligations		6	557	567	578	589
Other		4,890	4,724	4,882	5,251	7,387
	Total non-current liabilities	192,069	198,545	240,181	186,189	210,936
Total liabilities		1,103,686	1,184,358	1,359,090	1,312,632	1,227,905

		As of March 31,
		2022	2023	2024	2025	2026
Net assets Shareholders' equity Share capital Capital surplus Legal capital surplus Retained earnings Legal retained earnings Other retained earnings Reserve for tax purpose reduction entry of non-current assets General reserve Retained earnings brought forward Treasury shares		57,752	57,752	57,752	57,752	57,752
		41,694	41,694	41,694	41,694	41,694
		41,694	41,694	41,694	41,694	41,694
		490,679	525,871	546,283	595,239	618,676
		14,438	14,438	14,438	14,438	14,438
		476,241	511,433	531,845	580,801	604,238
		2,370	2,328	2,287	2,217	2,177
		435,000	435,000	460,000	460,000	460,000
		38,870	74,105	69,557	118,583	142,060
		(2,808)	(2,754)	(2,711)	(14,828)	(9,514)
Total shareholders' equity		587,317	622,563	643,018	679,857	708,608
Valuation and translation adjustments Valuation difference on available-for-sale securities		135,792	117,796	205,396	126,467	147,834
Deferred gains or losses on hedges		23	0	355	-	-
Revaluation reserve for land		17,579	18,377	17,460	16,318	16,745
	Total valuation and translation adjustments	153,396	136,175	223,212	142,786	164,580
Total net assets		740,713	758,739	866,231	822,644	873,189
Total liabilities and net assets		1,844,400	1,943,098	2,225,321	2,135,276	2,101,094

	FY ended March 31,
	2022	2023	2024	2025	2026
Net sales	1,374,132	1,387,028	1,582,199	1,660,662	1,509,991
Net sales of completed construction contracts	1,351,144	1,348,115	1,555,844	1,636,348	1,474,003
Net sales in real estate business and other	22,988	38,913	26,354	24,313	35,987
Cost of sales	1,289,542	1,240,552	1,450,092	1,475,813	1,275,533
Cost of sales of completed construction contracts	1,271,945	1,215,007	1,428,937	1,456,380	1,245,803
Cost of sales in real estate business and other	17,596	25,544	21,155	19,432	29,729
Gross profit	84,590	146,476	132,107	184,849	234,458
Gross profit on completed construction contracts	79,198	133,107	126,907	179,968	228,200
Gross profit on real estate business and other	5,391	13,368	5,199	4,881	6,258
Selling, general and administrative expenses	80,165	86,530	88,783	95,431	104,505
Operating profit	4,425	59,945	43,323	89,418	129,952
Non-operating income	16,989	13,784	13,916	14,067	50,387
Interest income	902	920	1,011	1,094	1,562
Interest on securities	12	18	38	43	77
Dividend income	13,796	11,465	9,473	11,801	39,652
Foreign exchange gains	1,798	-	2,592	-	-
Other	479	1,380	800	1,128	9,094
Non-operating expenses	1,852	2,551	1,840	4,812	5,732
Interest expenses	702	698	721	842	1,205
Interest expenses on bonds	159	240	155	259	290
Foreign withholding tax	-	-	-	-	2,780
Loss on investments in silent partnerships	-	-	-	1,674	-
Foreign exchange losses	-	-	-	1,040	-
Other	989	1,612	962	996	1,455
Ordinary profit	19,563	71,178	55,400	98,673	174,607
Extraordinary income	10,576	14,045	25,318	69,120	52,064
Gain on sale of investment securities	10,260	14,040	23,415	68,709	48,973
Other	316	4	1,902	410	3,090
Extraordinary losses	7,884	1,081	11,484	7,360	7,335
Loss on business of subsidiaries and associates	4,951	451	5,514	-	5,763
Loss on valuation of investment securities	1,509	377	-	2,112	898
Loss on liquidation of business	-	-	-	3,849	-
Impairment losses	-	-	3,486	745	-
Loss on sale of non-current assets	-	127	-	-	-
Other	1,423	124	2,483	652	672
Profit before income taxes	22,255	84,142	69,235	160,433	219,336
Total income taxes	3,412	21,584	19,585	44,711	56,494
Income taxes - current	16,837	24,851	16,836	48,021	59,686
Income taxes - deferred	(13,424)	(3,266)	2,748	(3,309)	(3,192)
Profit	18,843	62,558	49,650	115,721	162,842

FY ended March 31,

2022

2023

2024

2025

2026

Gross profit on Building Construction contracts Gross profit margin

37,777

3.6%

87,801

8.3%

78,354

6.3%

118,036

9.1%

163,624

14.8%

Domestic Building Construction Gross profit margin

37,613

3.6%

87,235

8.3%

78,246

6.3%

117,800

9.1%

162,947

14.9%

Overseas Building Construction Gross profit margin

164

2.8%

565

19.1%

107

1.8%

236

3.5%

677

7.1%

Gross profit on Civil Engineering contracts Gross profit margin

41,420

13.8%

45,306

15.3%

48,553

15.4%

61,931

18.3%

64,575

17.5%

Domestic Civil Engineering Gross profit margin

39,484

14.9%

41,794

15.7%

45,263

15.8%

58,235

18.8%

61,346

18.0%

Overseas Civil Engineering Gross profit margin

1,936

5.5%

3,511

11.6%

3,289

11.3%

3,696

12.6%

3,228

10.9%

Gross profit on completed construction contracts Gross profit margin

79,198

5.9%

133,107

9.9%

126,907

8.2%

179,968

11.0%

228,200

15.5%

Domestic total Gross profit margin

77,097

5.9%

129,030

9.8%

123,510

8.1%

176,035

11.0%

224,294

15.6%

Overseas total Gross profit margin

2,100

5.1%

4,076

12.2%

3,397

9.7%

3,932

10.9%

3,905

10.0%

(5) Non-consolidated Orders Received, Net Sales and Project in Process

① Orders Received

(Yen in millions)

	FY ended March 31,
	2022	2023	2024	2025	2026

Construction Business
	Building Construction		1,187,879	1,112,012	1,198,572	1,516,284	1,164,959
		Domestic public Domestic private	57,907 1,128,595	80,786 1,012,315	72,891 1,121,934	91,098 1,419,714	72,030 1,089,338
		Domestic total	1,186,503	1,093,102	1,194,826	1,510,813	1,161,368
		Overseas	1,375	18,909	3,746	5,471	3,591
	Civil Engineering		323,410	342,975	376,621	503,811	439,931
		Domestic public Domestic private	200,550 120,761	146,915 133,214	213,329 114,748	270,528 186,296	216,363 135,551
		Domestic total	321,311	280,130	328,078	456,825	351,915
		Overseas	2,099	62,845	48,542	46,986	88,016
	Construction Business total		1,511,289	1,454,987	1,575,194	2,020,096	1,604,891
		Domestic public Domestic private	258,457 1,249,357	227,702 1,145,530	286,221 1,236,683	361,627 1,606,010	288,393 1,224,889
		Domestic total	1,507,815	1,373,232	1,522,904	1,967,638	1,513,283
		Overseas	3,474	81,754	52,289	52,457	91,607
Real Estate Business and Other			22,991	38,910	26,358	24,309	36,754
Total			1,534,281	1,493,898	1,601,552	2,044,406	1,641,646

（Reference）Construction Business - classified by purpose

Building Construction		1,187,879	1,112,012	1,198,572	1,516,284	1,164,959
	Office / government buildings	632,622	347,296	384,144	515,724	313,167
	Accommodations	16,486	32,858	22,696	78,826	81,297
	Stores	47,349	19,613	16,336	119,330	38,680
	Factories and power plants	167,259	296,003	364,353	410,871	360,448
	Warehouse and logistics	66,143	64,141	50,547	47,813	121,753
	Houses	16,633	94,609	96,502	39,626	65,275
	Education, research and culture	60,506	116,007	133,764	101,293	81,813
	Medical and welfare	32,893	62,447	31,765	18,717	8,427
	Amusement	23,176	9,796	25,542	7,285	45,398
	Others	124,808	69,236	72,920	176,795	48,697
Civil Engineering		323,410	342,975	376,621	503,811	439,931
	Soil and river conservation	9,870	23,110	18,365	45,354	10,602
	Railroads	94,512	83,773	80,169	41,715	125,595
	Water supply and sewers	9,730	24,741	46,522	23,931	27,044
	Land development	11,827	18,815	25,288	48,104	38,536
	Ports and airports	9,038	9,979	15,136	32,345	15,227
	Roads	121,214	65,782	92,521	110,629	115,687
	Power lines	108	2,242	1,045	11,329	1,200
	Others	67,108	114,527	97,573	190,400	106,037
	[of which, in-factory civil engineering work]	[ 20,140]	[ 33,716]	[ 23,896]	[ 89,713]	[ 33,169]

	FY ended March 31,
	2022	2023	2024	2025	2026

Construction Business
	Building Construction		1,050,131	1,051,553	1,240,232	1,297,716	1,104,281
		Domestic public Domestic private	85,150 959,024	94,961 953,626	73,169 1,161,063	73,304 1,217,612	59,444 1,035,332
		Domestic total	1,044,174	1,048,587	1,234,232	1,290,917	1,094,777
		Overseas	5,956	2,965	6,000	6,798	9,503
	Civil Engineering		301,012	296,561	315,612	338,632	369,721
		Domestic public Domestic private	150,325 115,421	144,904 121,333	155,748 130,843	192,208 116,991	221,697 118,339
		Domestic total	265,747	266,237	286,591	309,199	340,037
		Overseas	35,264	30,323	29,020	29,433	29,684
	Construction Business total		1,351,144	1,348,115	1,555,844	1,636,348	1,474,003
		Domestic public Domestic private	235,476 1,074,446	239,865 1,074,959	228,917 1,291,906	265,512 1,334,604	281,142 1,153,672
		Domestic total	1,309,922	1,314,825	1,520,823	1,600,117	1,434,815
		Overseas	41,221	33,289	35,021	36,231	39,188
Real Estate Business and Other			22,988	38,913	26,354	24,313	35,987
Total			1,374,132	1,387,028	1,582,199	1,660,662	1,509,991

（Reference）Construction Business - classified by purpose

Building Construction		1,050,131	1,051,553	1,240,232	1,297,716	1,104,281
	Office / government buildings	319,269	392,709	524,291	503,322	400,529
	Accommodations	22,078	21,165	19,665	22,284	43,986
	Stores	32,085	38,809	34,911	18,459	27,588
	Factories and power plants	214,270	181,414	250,882	405,110	312,524
	Warehouse and logistics	56,909	95,162	59,642	34,635	81,892
	Houses	81,627	63,233	101,447	66,306	59,182
	Education, research and culture	130,833	75,439	101,481	101,674	78,170
	Medical and welfare	53,747	45,629	53,286	49,623	18,419
	Amusement	66,801	72,094	19,657	25,444	4,767
	Others	72,507	65,894	74,967	70,854	77,220
Civil Engineering		301,012	296,561	315,612	338,632	369,721
	Soil and river conservation	18,608	17,971	21,882	30,353	33,936
	Railroads	46,018	47,166	57,823	56,316	57,864
	Water supply and sewers	16,242	11,945	10,867	18,592	26,404
	Land development	25,950	21,726	19,649	25,806	30,051
	Ports and airports	13,981	16,812	16,155	11,482	15,243
	Roads	77,425	73,218	69,068	95,413	104,397
	Power lines	373	657	907	1,770	6,186
	Others	102,412	107,062	119,258	98,896	95,637
	[of which, in-factory civil engineering work]	[ 25,139]	[ 29,689]	[ 37,415]	[ 37,144]	[ 33,891]

	FY ended March 31,
	2022	2023	2024	2025	2026

Construction Business
	Building Construction		1,687,933	1,748,392	1,706,732	1,925,300	1,985,978
		Domestic public Domestic private	135,497 1,550,331	121,322 1,609,020	121,045 1,569,891	138,840 1,771,992	164,727 1,812,696
		Domestic total	1,685,829	1,730,343	1,690,937	1,910,832	1,977,423
		Overseas	2,104	18,048	15,794	14,467	8,555
	Civil Engineering		581,442	627,856	688,865	854,044	924,254
		Domestic public Domestic private	338,196 198,199	340,208 210,080	397,789 193,986	476,109 263,292	470,775 280,504
		Domestic total	536,396	550,289	591,775	739,401	751,279
		Overseas	45,045	77,567	97,089	114,642	172,974
	Construction Business total		2,269,376	2,376,248	2,395,597	2,779,344	2,910,232
		Domestic public Domestic private	473,694 1,748,531	461,530 1,819,101	518,834 1,763,878	614,949 2,035,284	635,503 2,093,200
		Domestic total	2,222,225	2,280,632	2,282,713	2,650,234	2,728,703
		Overseas	47,150	95,616	112,884	129,110	181,529
Real Estate Business and Other			2	-	4	-	766
Total			2,269,378	2,376,248	2,395,601	2,779,344	2,910,999

（Reference）Construction Business - classified by purpose

Building Construction		1,687,933	1,748,392	1,706,732	1,925,300	1,985,978
	Office / government buildings	906,442	860,399	727,230	741,009	657,406
	Accommodations	32,826	44,093	47,210	103,347	140,782
	Stores	47,335	28,249	8,362	108,965	119,921
	Factories and power plants	131,124	242,645	356,742	361,410	408,322
	Warehouse and logistics	86,716	55,714	46,617	59,693	99,209
	Houses	108,582	140,665	136,664	109,973	116,115
	Education, research and culture	84,502	130,292	155,239	155,185	157,544
	Medical and welfare	62,079	77,109	55,541	24,691	14,699
	Amusement	79,299	17,019	22,904	4,745	45,264
	Others	149,023	152,201	150,218	256,277	226,711
Civil Engineering		581,442	627,856	688,865	854,044	924,254
	Soil and river conservation	41,797	46,935	43,418	58,420	35,085
	Railroads	142,802	179,667	202,239	187,706	255,073
	Water supply and sewers	16,335	28,692	64,283	69,612	70,605
	Land development	17,838	15,421	22,041	43,499	51,989
	Ports and airports	22,393	15,714	14,672	35,223	35,109
	Roads	175,934	168,895	192,244	207,487	218,636
	Power lines	424	2,009	2,147	13,336	8,560
	Others	163,916	170,519	147,816	238,757	249,193
	[of which, in-factory civil engineering work]	[ 39,785]	[ 43,812]	[ 30,293]	[ 91,982]	[ 91,260]