This summarized English translation of the financial report was prepared for reference purposes only and is qualified in its entirety by the original financial statements submitted to the Tokyo Stock Exchange. The financial information contained in this report is derived from our unaudited financial statements. In case of any discrepancy between this translation and the Japanese original, the latter shall prevail.
Tokyo, May 12, 2026
SHIMIZU CORPORATION Consolidated Financial Report [Japanese GAAP] For the year ended March 31, 2026
Shares Listed: Tokyo Stock Exchange Prime Market and Nagoya Stock Exchange Premier Market Stock Code: 1803
URL: https://www.shimz.co.jp/en/ Representative: Tatsuya Shimmura, President and Director
Inquiries: Takayuki Hachiya, General Manager, Accounting Department TEL: +81-3-3561-1111
Scheduled date of general meeting of shareholders: June 26, 2026 Scheduled date to file securities report: June 24, 2026 Scheduled date to commence dividend payments: June 29, 2026 Supplementary documents on financial results: Yes
Holding of financial results presentation: Yes (for analysts and institutional investors)
Consolidated Financial Highlights (Yen amounts have been rounded down to the nearest million)
Consolidated Results of Operations (Percentage figures are changes from the previous fiscal year)
Net Sales (Millions of Yen)
Operating Income (Millions of Yen)
Ordinary Income (Millions of Yen)
Net Income attributable to shareholders of the Corporation (Millions of Yen)
Year ended March 31, 2026
2,057,802
5.8％
118,669
67.1％
122,324
70.7％
126,617
91.8％
Year ended March 31, 2025
1,944,360
(3.0％)
71,030
-
71,664
-
66,015
284.6％
Net Income per share (Yen)
Diluted Net Income per share (Yen)
ROE (Ratio of Net Income to Owners' Equity)
ROA (Ratio of Ordinary Income to Total Assets)
Ratio of Operating Income to Net Sales
Year ended March 31, 2026
186.68
-
13.8％
4.7％
5.8％
Year ended March 31, 2025
94.80
-
7.6％
2.8％
3.7％
(Reference) Equity in earnings of affiliates Year ended March 31, 2026 : (125) Millions of Yen Year ended March 31, 2025 : (405) Millions of Yen
Consolidated Financial Position
Total Assets (Millions of Yen)
Net Assets (Millions of Yen)
Ratio of Owners' Equity attributable to shareholders of the Corporation
Net Assets per share
（Yen）
As of March 31, 2026
2,654,382
1,001,175
36.8％
1,439.89
As of March 31, 2025
2,524,219
923,922
34.1％
1,260.48
(Reference) Owners' Equity (Net Assets less non-controlling interests) As of March 31, 2026 : 977,977 Millions of Yen As of March 31, 2025 : 860,077 Millions of Yen
(Note) During the fiscal year ended March 2026, the Company finalized the provisional accounting treatment for business combinations, and the figures for the fiscal year ended March 2025 reflect the details of the finalized provisional accounting treatment.
Consolidated Cash Flows
Cash Flows from Operating Activities (Millions of Yen)
Cash Flows from Investing Activities (Millions of Yen)
Cash Flows from Financing Activities (Millions of Yen)
Cash and Cash Equivalents at End of Year (Millions of Yen)
As of March 31, 2026
41,639
(6,858)
(120,591)
354,492
As of March 31, 2025
159,094
7,813
(71,102)
438,144
Dividends
Dividends per share
Total amount of Dividends (Millions of Yen)
Dividends payout ratio (consolidated)
Ratio of Dividends to Net Assets (consolidated)
End of 1Q (Yen)
End of 2Q (Yen)
End of 3Q (Yen)
Year-End (Yen)
Total (Yen)
Year ended March 31, 2025
-
17.50
-
20.50
38.00
26,201
40.1％
3.0％
Year ended March 31, 2026
-
22.00
-
50.00
72.00
48,844
38.6％
5.3％
Year ending
March 31, 2027(Forecast)
-
38.50
-
38.50
77.00
40.2％
(Reference) Consolidated dividends pay out ratio for the fiscal year ended March 2026 deducting 5,927 million yen of Gain on negative goodwill is 40.5%.
Forecast of Consolidated Results of Operations
for the Fiscal Year Ending March 2027 (From April 1, 2026 to March 31, 2027)
(Percentage figures are changes from the previous fiscal year)
Net Sales (Millions of Yen) | Operating Income (Millions of Yen) | Ordinary Income (Millions of Yen) | Net Income attributable to shareholders of the Corporation (Millions of Yen) | Net Income per share (Yen) | |||||
Year ending March 31, 2027 | 2,310,000 | 12.3％ | 153,000 | 28.9％ | 148,000 | 21.0％ | 130,000 | 2.7％ | 191.40 |
-
Significant changes in the scope of consolidation during the period : Yes
Newly added subsidiaries: 1 company (Aomi Construction Co., Ltd.) Excluded subsidiaries: None
-
Changes in accounting policies and in accounting estimates, and restatements
①Changes in accounting policies due to amendment of accounting standards : None
②Changes in accounting policies other than ① above : None
③Changes in accounting estimates : None
④Restatements : None
- Number of shares issued (Common stock)
①Number of issued shares at the end of the period (including treasury stock)
FY2025 ended March 31, 2026 | 716,689,413 | FY2024 ended March 31, 2025 | 716,689,413 |
②Number of treasury stocks at the end of the period
FY2025 ended March 31, 2026 | 37,488,136 | FY2024 ended March 31, 2025 | 34,346,010 |
③Average number of shares issued during the period
FY2025 ended March 31, 2026 | 678,240,852 | FY2024 ended March 31, 2025 | 696,347,691 |
-
Nonconsolidated Financial Highlights
-
Nonconsolidated Results of Operations
(Percentage figures are changes from the previous fiscal year)
Net Sales
（Millions of Yen）
Operating Income
（Millions of Yen）
Ordinary Income
（Millions of Yen）
Net Income
（Millions of Yen）
Year ended March 31, 2026
1,589,544
5.9％
84,269
91.4％
96,374
86.5％
132,947
114.0％
Year ended March 31, 2025
1,501,519
(4.8％)
44,029
-
51,674
-
62,139
435.4％
Net Income per share (Yen)
Diluted Net Income per share (Yen)
Year ended March 31, 2026
196.02
-
Year ended March 31, 2025
89.24
-
- Nonconsolidated Financial Position
Total Assets (Millions of Yen)
Net Assets (Millions of Yen)
Ratio of Owners' Equity to Total Assets
Net Assets per share (Yen)
As of March 31, 2026
2,250,585
801,006
35.6％
1,179.34
As of March 31, 2025
2,074,174
690,629
33.3％
1,012.14
(Reference) Owners' Equity As of March 31, 2026 : 801,006 Millions of Yen As of March 31, 2025 : 690,629 Millions of Yen
-
Nonconsolidated Results of Operations
- Forecast of Nonconsolidated Results of Operations
(Percentage figures are changes from the previous fiscal year)
Net Sales (Millions of Yen) | Operating Income (Millions of Yen) | Ordinary Income (Millions of Yen) | Net Income (Millions of Yen) | Net Income per share (Yen) | |||||
Year ending March 31, 2027 | 1,750,000 | 10.1％ | 123,000 | 46.0％ | 129,000 | 33.9％ | 124,000 | (6.7％) | 182.57 |
The forecast figures are based on the information that the Company is able to obtain at the present point. However, actual results may be different due to various factors, including, but not limited to, changes in the future economic conditions.
Contents PERFORMANCE RESULTS 2 PERFORMANCE FORECASTS 3 BREAKDOWN OF SALES AND GROSS PROFIT (NONCONSOLIDATED) 4 CONSOLIDATED BALANCE SHEETS 5 CONSOLIDATED STATEMENTS OF INCOME 7 CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 8 CONSOLIDATED STATEMENTS OF CASH FLOWS 9 NONCONSOLIDATED BALANCE SHEETS 11 NONCONSOLIDATED STATEMENTS OF INCOME 14 BREAKDOWN OF ORDERS (NONCONSOLIDATED) 15 ORDERS, SALES AND BACKLOG (NONCONSOLIDATED) 16 ORDERS AND CONTRACTS FORECAST (NONCONSOLIDATED) 17〔
Current
Fiscal Year
From:Apr 1, 2025
To :Mar 31, 2026
〕〔
Previous
Fiscal Year
From:Apr 1, 2024
To :Mar 31, 2025
〕
Increase
(Decrease)
Rate(%)
Net Income Attributable to
Non-Controlling Interests Net Income Attributable to Shareholders of the Corporation
2.4
4.3
(1.8)
(43.4)
6.2%
126.6
3.4%
66.0
60.6
91.8
(1) Consolidated (Billions of Yen)
Construction Contracts | 1,845.3 | 1,696.0 | 149.2 | 8.8 | ||
Gross Profit | 11.8% | 218.6 | 9.3% | 157.8 | 60.7 | 38.5 |
Real Estate and Other | 212.5 | 248.3 | (35.8) | (14.4) | ||
Gross Profit | 18.6% | 39.4 | 15.1% | 37.5 | 1.8 | 4.9 |
Net Sales | 2,057.8 | 1,944.3 | 113.4 | 5.8 | ||
Gross Profit | 12.5% | 258.0 | 10.1% | 195.4 | 62.6 | 32.0 |
S, G & A Expenses | 139.4 | 124.4 | 14.9 | 12.1 | ||
Operating Income | 5.8% | 118.6 | 3.7% | 71.0 | 47.6 | 67.1 |
Net Financial Revenue | 1.9 | 3.5 | (1.5) | (44.6) | ||
Others | 1.6 | (2.9) | 4.6 | - | ||
Ordinary Income | 5.9% | 122.3 | 3.7% | 71.6 | 50.6 | 70.7 |
Special Gains (Losses) | 71.0 | 36.6 | 34.3 | 93.5 | ||
Income Before Taxes | 193.3 | 108.3 | 84.9 | 78.4 | ||
Income Taxes | 64.2 | 37.9 | 26.2 | 69.2 |
(Consolidated) | Current Fiscal Year Previous Fiscal Year 〔 Mar 31, 2026 〕 〔 Mar 31, 2025 〕 | Increase(D | ecrease) Rate(%) | |||||||||||
Interest-bearing Debt | 567.4 | 591.3 | (23.9) | (4.0) | ||||||||||
[Nonrecourse Borrowings] | [ | 35.0 | ] | [ | 59.4 | ] | [ | (24.3) | ] | [ | (40.9) | ] | ||
Debt/Equity Ratio | 0.58 times | 0.69 times | ||||||||||||
(2) Nonconsolidated (Billions of Yen) | ||||||||||||||
Current Fiscal Year 〔 From:Apr 1, 2025 〕 To :Mar 31, 2026 | Previous Fiscal Year 〔 From:Apr 1, 2024 〕 To :Mar 31, 2025 | Incre (Decre | ase ase) Rate(%) | |||||||||||
Construction Contracts | 1,489.6 | 1,381.9 | 107.6 | 7.8 | ||||||||||
[Architectural Construction] | [ | 1,190.8 | ] | [ | 1,099.2 | ] | [ | 91.6 | ] | [ | 8.3 | ] | ||
[Civil Engineering] | [ | 298.7 | ] | [ | 282.6 | ] | [ | 16.0 | ] | [ | 5.7 | ] | ||
Gross Profit | 10.6% | 157.5 | 7.9% | 109.1 | 48.4 | 44.3 | ||||||||
[Architectural Construction] | [ | 10.8% | 128.8 | ] | [ | 7.3% | 79.9 | ] | [ | 48.9 | ] | [ | 61.2 | ] |
[Civil Engineering] | [ | 9.6% | 28.7 | ] | [ | 10.3% | 29.2 | ] | [ | (0.4) | ] | [ | (1.7) | ] |
Real Estate and Other | 99.9 | 119.5 | (19.6) | (16.4) | ||||||||||
Gross Profit | 21.9% | 21.9 | 19.4% | 23.2 | (1.3) | (5.7) | ||||||||
Net Sales | 1,589.5 | 1,501.5 | 88.0 | 5.9 | ||||||||||
Gross Profit | 11.3% | 179.5 | 8.8% | 132.4 | 47.0 | 35.6 | ||||||||
S, G & A Expenses | 95.2 | 88.3 | 6.8 | 7.8 | ||||||||||
Operating Income | 5.3% | 84.2 | 2.9% | 44.0 | 40.2 | 91.4 | ||||||||
Net Financial Revenue | 10.8 | 10.2 | 0.5 | 5.7 | ||||||||||
Others | 1.3 | (2.5) | 3.8 | - | ||||||||||
Ordinary Income | 6.1% | 96.3 | 3.4% | 51.6 | 44.7 | 86.5 | ||||||||
Special Gains (Losses) | 89.5 | 39.7 | 49.8 | 125.5 | ||||||||||
Income Before Taxes | 185.9 | 91.3 | 94.5 | 103.5 | ||||||||||
Income Taxes | 52.9 | 29.2 | 23.7 | 81.2 | ||||||||||
Net Income | 8.4% | 132.9 | 4.1% | 62.1 | 70.8 | 114.0 | ||||||||
(Nonconsolidated) | Current Fiscal Year 〔 Mar 31, 2026 〕 | 〔 | Previous Fiscal Year Mar 31, 2025 〕 | Increase(Decrease) | ||
Rate(%) | ||||||
Interest-bearing Debt | 478.3 | 488.4 | (10.1) | (2.1) | ||
[Nonrecourse Borrowings] | [ － ] | [ | 24.1 ] | [ (24.1) | ] | [ － ] |
Following
Fiscal Year Forecast
From:Apr 1, 2026
〔
Current
Fiscal Year Result
From:Apr 1, 2025
To :Mar 31, 2027
〕
〔
To :Mar 31, 2026
〕
Increase
(Decrease)
Rate(%)
Consolidated (Billions of Yen)
Construction Contracts
2,065.0
1,845.3
219.6
11.9
Gross Profit
13.1%
270.0
11.8%
218.6
51.3
23.5
Real Estate and Other
245.0
212.5
32.4
15.3
Gross Profit
14.3%
35.0
18.6%
39.4
(4.4)
(11.2)
Net Sales
2,310.0
2,057.8
252.1
12.3
Gross Profit
13.2%
305.0
12.5%
258.0
46.9
18.2
S, G & A Expenses
152.0
139.4
12.5
9.0
Operating Income
6.6%
153.0
5.8%
118.6
34.3
28.9
Net Financial Revenue
(5.0)
1.9
(6.9)
-
Others
0.0
1.6
(1.6)
(100.0)
Ordinary Income
6.4%
148.0
5.9%
122.3
25.6
21.0
Special Gains (Losses)
50.0
71.0
(21.0)
(29.6)
Income Before Taxes
198.0
193.3
4.6
2.4
Income Taxes
67.0
64.2
2.7
4.3
Net Income Attributable to
Non-Controlling Interests
1.0
2.4
(1.4)
(59.5)
Net Income Attributable to
Shareholders of the
5.6%
130.0
6.2%
126.6
3.3
2.7
Corporation
567.4
152.5
26.9
Less than 720.0
Interest-bearing Debt
478.3
121.6
25.4
Nonconsolidated (Billions of Yen)
Following Fiscal Year Forecast 〔 From:Apr 1, 2026 〕 To :Mar 31, 2027 | Current Fiscal Year Result 〔 From:Apr 1, 2025 〕 To :Mar 31, 2026 | Incre (Decre | ase ase) Rate(%) | |||||||||||
Construction Contracts | 1,660.0 | 1,489.6 | 170.3 | 11.4 | ||||||||||
[Architectural Construction] | [ | 1,360.0 | ] | [ | 1,190.8 | ] | [ | 169.1 | ] | [ | 14.2 | ] | ||
[Civil Engineering] | [ | 300.0 | ] | [ | 298.7 | ] | [ | 1.2 | ] | [ | 0.4 | ] | ||
Gross Profit | 12.7% | 210.0 | 10.6% | 157.5 | 52.4 | 33.3 | ||||||||
[Architectural Construction] | [ | 13.2% | 180.0 | ] | [ | 10.8% | 128.8 | ] | [ | 51.1 | ] | [ | 39.7 | ] |
[Civil Engineering] | [ | 10.0% | 30.0 | ] | [ | 9.6% | 28.7 | ] | [ | 1.2 | ] | [ | 4.4 | ] |
Real Estate and Other | 90.0 | 99.9 | (9.9) | (9.9) | ||||||||||
Gross Profit | 16.7% | 15.0 | 21.9% | 21.9 | (6.9) | (31.6) | ||||||||
Net Sales | 1,750.0 | 1,589.5 | 160.4 | 10.1 | ||||||||||
Gross Profit | 12.9% | 225.0 | 11.3% | 179.5 | 45.4 | 25.3 | ||||||||
S, G & A Expenses | 102.0 | 95.2 | 6.7 | 7.1 | ||||||||||
Operating Income | 7.0% | 123.0 | 5.3% | 84.2 | 38.7 | 46.0 | ||||||||
Net Financial Revenue | 6.5 | 10.8 | (4.3) | (39.8) | ||||||||||
Others | (0.5) | 1.3 | (1.8) | - | ||||||||||
Ordinary Income | 7.4% | 129.0 | 6.1% | 96.3 | 32.6 | 33.9 | ||||||||
Special Gains (Losses) | 50.0 | 89.5 | (39.5) | (44.2) | ||||||||||
Income Before Taxes | 179.0 | 185.9 | (6.9) | (3.7) | ||||||||||
Income Taxes | 55.0 | 52.9 | 2.0 | 3.8 | ||||||||||
Net Income | 7.1% | 124.0 | 8.4% | 132.9 | (8.9) | (6.7) | ||||||||
Interest-bearing Debt Less than 600.0 | ||||||||||||||
Performance Results (Billions of Yen)
Current Fiscal Year Result
〔 From:Apr 1, 2025
To :Mar 31, 2026 〕
Previous
Fiscal Year Result
〔 From:Apr 1, 2024 〕
To :Mar 31, 2025
Increase (Decrease)
Sales
Gross
Profit
Sales
Gross Profit
Sales
Gross Profit
Profit Rate
(%)
Profit Rate
(%)
Rate
(%)
Rate
(%)
Construction business
Architectural Construction
Domestic
1,139.6
11.6%
131.6
1,058.8
7.6%
80.9
80.8
7.6%
50.6
62.6%
Overseas
51.2
(5.4)
(2.7)
40.4
(2.5)
(1.0)
10.7
26.7
(1.7)
-
Sub total
1,190.8
10.8
128.8
1,099.2
7.3
79.9
91.6
8.3
48.9
61.2
Civil Engineering
Domestic
259.1
10.0
25.9
240.6
10.8
25.9
18.5
7.7
0.0
0.2
Overseas
39.5
6.9
2.7
42.0
7.8
3.2
(2.4)
(5.9)
(0.5)
(16.2)
Sub total
298.7
9.6
28.7
282.6
10.3
29.2
16.0
5.7
(0.4)
(1.7)
Domestic
1,398.7
11.3
157.6
1,299.4
8.2
106.9
99.3
7.6
50.7
47.4
Overseas
90.8
(0.0)
(0.0)
82.5
2.7
2.2
8.3
10.1
(2.2)
-
Total
1,489.6
10.6
157.5
1,381.9
7.9
109.1
107.6
7.8
48.4
44.3
Real Estate and Other
99.9
21.9
21.9
119.5
19.4
23.2
(19.6)
(16.4)
(1.3)
(5.7)
Grand Total
1,589.5
11.3
179.5
1,501.5
8.8
132.4
88.0
5.9
47.0
35.6
Performance Forecasts (Billions of Yen)
Following Fiscal Year Forecast 〔 From:Apr 1, 2026 To :Mar 31, 2027 〕 | Current Fiscal Year Result 〔 From:Apr 1, 2025 〕 To :Mar 31, 2026 | Increase (Decrease) | ||||||||||
Sales | Gross | Profit | Sales | Gross Profit | Sales | Gross Profit | ||||||
Profit Rate (%) | Profit Rate (%) | Rate (%) | Rate (%) | |||||||||
Construction business | ||||||||||||
Architectural Construction | ||||||||||||
Domestic | 1,270.0 | 13.9% | 176.0 | 1,139.6 | 11.6% | 131.6 | 130.3 | 11.4% | 44.3 | 33.7% | ||
Overseas | 90.0 | 4.4 | 4.0 | 51.2 | (5.4) | (2.7) | 38.7 | 75.7 | 6.7 | - | ||
Sub total | 1,360.0 | 13.2 | 180.0 | 1,190.8 | 10.8 | 128.8 | 169.1 | 14.2 | 51.1 | 39.7 | ||
Civil Engineering | ||||||||||||
Domestic | 265.0 | 10.6 | 28.0 | 259.1 | 10.0 | 25.9 | 5.8 | 2.3 | 2.0 | 7.8 | ||
Overseas | 35.0 | 5.7 | 2.0 | 39.5 | 6.9 | 2.7 | (4.5) | (11.6) | (0.7) | (27.3) | ||
Sub total | 300.0 | 10.0 | 30.0 | 298.7 | 9.6 | 28.7 | 1.2 | 0.4 | 1.2 | 4.4 | ||
Domestic | 1,535.0 | 13.3 | 204.0 | 1,398.7 | 11.3 | 157.6 | 136.2 | 9.7 | 46.3 | 29.4 | ||
Overseas | 125.0 | 4.8 | 6.0 | 90.8 | (0.0) | (0.0) | 34.1 | 37.6 | 6.0 | - | ||
Total | 1,660.0 | 12.7 | 210.0 | 1,489.6 | 10.6 | 157.5 | 170.3 | 11.4 | 52.4 | 33.3 | ||
Real Estate and Other | 90.0 | 16.7 | 15.0 | 99.9 | 21.9 | 21.9 | (9.9) | (9.9) | (6.9) | (31.6) | ||
Grand Total | 1,750.0 | 12.9 | 225.0 | 1,589.5 | 11.3 | 179.5 | 160.4 | 10.1 | 45.4 | 25.3 | ||
(Millions of Yen)
Current Fiscal Year [Mar 31, 2026] | Previous Fiscal Year [Mar 31, 2025] | |
(ASSETS) | ||
Current Assets: | ||
Cash | 237,992 | 294,162 |
Notes and accounts receivable-trade | 953,196 | 810,473 |
Electronically recorded monetary claims | 31,865 | 21,570 |
Marketable securities | 118,000 | 144,000 |
Real estate for sale | 7,145 | 9,149 |
Costs on uncompleted construction contracts | 40,342 | 41,405 |
Costs on uncompleted real estate development projects | 49,018 | 31,875 |
Other inventories | 4,494 | 3,819 |
Other current assets | 171,428 | 162,877 |
Less: Allowance for doubtful accounts | (1,478) | (2,275) |
Total current assets | 1,612,004 | 1,517,057 |
Non-Current Assets: | ||
Tangible fixed assets: | ||
Buildings and structures | 399,740 | 415,698 |
Machinery, vehicles, tools, furniture and fixtures | 221,015 | 202,521 |
Land | 322,378 | 284,728 |
Construction in progress | 21,350 | 13,175 |
Less: Accumulated depreciaton | (305,687) | (286,906) |
Total tangible fixed assets | 658,797 | 629,217 |
Intangible fixed assets | 42,020 | 33,974 |
Investments and other assets: | ||
Investment securities | 303,343 | 299,507 |
Deffered tax assets | 5,311 | 22,427 |
Net defined benefit asset | 2,403 | 842 |
Other investments | 32,487 | 23,153 |
Less: Allowance for doubtful accounts | (1,985) | (1,961) |
Total investments and other assets | 341,559 | 343,969 |
Total non-current assets | 1,042,378 | 1,007,161 |
Total assets | 2,654,382 | 2,524,219 |
(Millions of Yen)
Current Fiscal Year [Mar 31, 2026] | Previous Fiscal Year [Mar 31, 2025] | |
(LIABILITIES) | ||
Current Liabilities: | ||
Notes and accounts payable-trade | 352,949 | 328,999 |
Electronically recorded obligations | 74,243 | 70,883 |
Short-term borrowings | 237,383 | 243,576 |
Current portion of non-recourse borrowings | 3,619 | 28,815 |
Current portion of bonds payable | 10,000 | 30,000 |
Income taxes payable | 45,493 | 17,423 |
Advances received on uncompleted construction contracts | 183,710 | 165,457 |
Deposits received | 183,527 | 148,586 |
Warranty reserve | 5,153 | 4,140 |
Reserve for expected losses on construction contracts in process | 64,536 | 103,999 |
Other current liabilities | 79,658 | 66,500 |
Total current liabilities | 1,240,276 | 1,208,382 |
Non-Current Liabilities: | ||
Bonds payable | 156,000 | 126,000 |
Non-recourse bonds payable | 450 | - |
Long-term borrowings | 128,930 | 132,362 |
Non-recourse borrowings | 31,028 | 30,597 |
Deferred tax liabilities | 3,520 | 2,361 |
Deferred tax liabilities for revaluation reserve for land | 16,604 | 17,011 |
Net defined benefit liability | 21,552 | 42,424 |
Other non-current liabilities | 54,843 | 41,156 |
Total non-current liabilities | 412,930 | 391,914 |
Total liabilities | 1,653,206 | 1,600,296 |
(NET ASSETS) | ||
Shareholders' Equity: | ||
Common stock, no par value | 74,365 | 74,365 |
Additional paid-in capital | 42,491 | 43,586 |
Retained earnings | 710,527 | 612,186 |
Less: Treasury stock, at cost | (43,821) | (36,903) |
Total shareholders' equity | 783,563 | 693,234 |
Accumulated Other Comprehensive Income: | ||
Net unrealized gain (loss) on other securities, net of taxes | 129,657 | 119,404 |
Deferred gain (loss) on hedging, net of taxes | (24) | 67 |
Revaluation reserve for land, net of taxes | 22,283 | 22,868 |
Foreign currency translation adjustments | 11,378 | 10,077 |
Remeasurements of defined benefit plans | 31,118 | 14,423 |
Total accumulated other comprehensive income | 194,414 | 166,842 |
Non-controlling Interests | 23,198 | 63,844 |
Total net assets | 1,001,175 | 923,922 |
Total liabilities and net assets | 2,654,382 | 2,524,219 |
(Millions of Yen)
Current | Previous | |||
Fiscal Year | Fiscal Year | |||
〔From:Apr 1, 2025 〕 | 〔From:Apr 1, 2024 〕 | |||
To :Mar 31, 2026 | To :Mar 31, 2025 | |||
Net Sales: | ||||
Construction contracts | 1,845,300 | 1,696,021 | ||
Real estate development and other | 212,501 | 248,339 | ||
Total net sales | 2,057,802 | 1,944,360 | ||
Cost of Sales: | ||||
Construction contracts | 1,626,639 | 1,538,157 | ||
Real estate development and other | 173,070 | 210,749 | ||
Total cost of sales | 1,799,710 | 1,748,906 | ||
Gross profit: | ||||
Construction contracts | [11.8%] | 218,660 | [9.3%] | 157,864 |
Real estate development and other | [18.6%] | 39,431 | [15.1%] | 37,590 |
Total gross profit | 12.5％ | 258,091 | 10.1％ | 195,454 |
Selling, General and Administrative Expenses | 139,422 | 124,423 | ||
Operating income | 5.8％ | 118,669 | 3.7％ | 71,030 |
Non-Operating Income: | ||||
Interest income | 3,869 | 3,507 | ||
Dividend income | 5,666 | 6,057 | ||
Foreign exchange gain | 2,732 | - | ||
Other non-operating income | 2,216 | 2,147 | ||
Total non-operating income | 14,485 | 11,712 | ||
Non-Operating Expenses: | ||||
Interest expenses | 7,569 | 6,016 | ||
Foreign exchange loss | - | 2,664 | ||
Other non-operating expenses | 3,259 | 2,397 | ||
Total non-operating expenses | 10,829 | 11,079 | ||
Ordinary income | 5.9％ | 122,324 | 3.7％ | 71,664 |
Special Gains: | ||||
Gain on sales of fixed assets | 2,299 | 1,153 | ||
Gain on sales of investment securities | 88,174 | 39,382 | ||
Gain on negative goodwill | 5,927 | - | ||
Total special gains | 96,401 | 40,535 | ||
Special Losses: | ||||
Loss on sales of fixed assets | 107 | 208 | ||
Loss on sales of investment securities | - | 98 | ||
Loss on devaluation of investment securities | 828 | 327 | ||
Impairment loss on fixed assets | 24,453 | 3,208 | ||
Total special losses | 25,389 | 3,843 | ||
Income before income taxes | 193,336 | 108,356 | ||
Income taxes current | 59,830 | 31,274 | ||
Income taxes deffered | 4,416 | 6,696 | ||
Total income taxes | 64,247 | 37,971 | ||
Net income | 129,089 | 70,385 | ||
Net income attributable to non-controlling interests | 2,471 | 4,370 | ||
Net income attributable to shareholders of the Corporation | 6.2％ | 126,617 | 3.4％ | 66,015 |
(Millions of Yen)
Current Fiscal Year 〔From:Apr 1, 2025 〕 To :Mar 31, 2026 | Previous Fiscal Year 〔From:Apr 1, 2024〕 To :Mar 31, 2025 | |
Net income | 129,089 | 70,385 |
Other comprehensive income: | ||
Net unrealized gain (loss) on other securities, net of taxes | 10,235 | (44,651) |
Deferred gain (loss) on hedging, net of taxes | (40) | 246 |
Revaluation reserve for land, net of taxes | 10 | (486) |
Foreign currency translation adjustments | 1,439 | 4,644 |
Remeasurements of defined benefit plans | 16,878 | (2,125) |
Share of other comprehensive income of associates accounted for using equity method | 8 | 15 |
Total other comprehensive income | 28,532 | (42,357) |
Comprehensive income | 157,621 | 28,028 |
Comprehensive income attributable to: Shareholders of the Corporation Non-controlling interests | 154,784 2,837 | 22,916 5,111 |
Cash Flows from Operating Activities:
Current Fiscal Year
〔 〕
From:Apr 1, 2025
To :Mar 31, 2026
(Millions of Yen) Previous
Fiscal Year
〔 〕
From:Apr 1, 2024
To :Mar 31, 2025
Income before income taxes | 193,336 | 108,356 |
Adjustments for: | ||
Depreciation and amortization | 33,511 | 33,478 |
Impairment loss on fixed assets | 24,453 | 3,208 |
Gain on negative goodwill | (5,927) | - |
Increase (decrease) in allowance for doubtful accounts | (765) | 315 |
Increase (decrease) in reserve for expected losses on construction contracts in process | (39,464) | (21,792) |
Increase (decrease) in net defined benefit liability | 632 | (164) |
Loss (gain) on sales of fixed assets | (2,192) | (945) |
Loss (gain) on valuation of investment securities | 828 | 327 |
Loss (gain) on sales of investment securities | (88,174) | (39,283) |
Interest and dividend income | (9,535) | (9,565) |
Interest expenses | 7,569 | 6,016 |
(Increase) decrease in notes and accounts receivable-trade
(Increase) decrease in real estate for sale
(Increase) decrease in costs on uncompleted construction contracts
(Increase) decrease in uncompleted real estate development projects
(Increase) decrease in other inventories
Increase (decrease) in notes and accounts payable-trade
(130,734)
25,735
3,290
(15,927)
(1,452)
23,541
79,031
18,946
1,752
(3,626)
250
15,604
Increase (decrease) in advances received on uncompleted construction contracts Other, net | 14,222 40,324 | 11,803 (12,107) | |
Subtotal | 73,272 | 191,606 | |
Interest and dividends received | 9,338 | 9,680 | |
Interest paid | (7,399) | (6,056) | |
Income taxes paid | (33,571) | (36,135) | |
Net cash provided by (used in) operating activities | 41,639 | 159,094 |
(Millions of Yen)
Current Fiscal Year 〔From:Apr 1, 2025 〕 To :Mar 31, 2026 | Previous Fiscal Year 〔From:Apr 1, 2024 〕 To :Mar 31, 2025 | |
Cash Flows from Investing Activities: | ||
Acquisition of tangible fixed assets | (98,654) | (34,076) |
Proceeds from sales of tangible fixed assets | 5,269 | 3,055 |
Acquisition of marketable securities and investment securities | (8,709) | (7,686) |
Proceeds from sales of marketable securities and investment securities | 109,544 | 59,917 |
Acquisition of shares of subsidiaries resulting in change in scope of consolidation | (8,163) | (10,360) |
Other, net | (6,144) | (3,036) |
Net cash provided by (used in) investing activities | (6,858) | 7,813 |
Cash Flows from Financing Activities: | ||
Net increase (decrease) in short-term borrowings | 16,022 | (33,921) |
Proceeds from long-term borrowings | 40,033 | 56,000 |
Repayments of long-term borrowings | (66,718) | (23,731) |
Proceeds from non-recourse borrowings | 4,050 | 6,435 |
Repayments of non-recourse borrowings | (28,815) | (33,640) |
Proceeds from issuance of bonds | 40,000 | 31,000 |
Redemption of bonds | (30,000) | (20,000) |
Proceeds from issuance of non-recource bonds | 450 | - |
Purchase of treasury stock | (10,014) | (34,520) |
Dividends | (28,872) | (16,856) |
Purchase of shares of subsidiaries not resulting in change in scope of consolidation | (55,439) | - |
Other, net | (1,287) | (1,867) |
Net cash provided by (used in) financing activities | (120,591) | (71,102) |
Effect of exchange rate changes on Cash and Cash Equivalents | 2,158 | 3,097 |
Net increase (decrease) in Cash and Cash Equivalents | (83,651) | 98,903 |
Cash and Cash Equivalents at beginning of year | 438,144 | 339,240 |
Cash and Cash Equivalents at end of year | 354,492 | 438,144 |
(Millions of Yen)
Current Fiscal Year [Mar 31, 2026] | Previous Fiscal Year [Mar 31, 2025] | |
(ASSETS) | ||
Current Assets: | ||
Cash | 123,208 | 181,722 |
Notes receivable | 5 | 257 |
Electronically recorded monetary claims | 28,098 | 17,272 |
Accounts receivable from completed construction contracts | 774,154 | 655,188 |
Marketable securities | 118,000 | 144,000 |
Real estate for sale | 206 | 4,124 |
Costs on uncompleted construction contracts | 35,615 | 39,945 |
Costs on uncompleted real estate development projects | 10,301 | 1,853 |
Raw materials and supplies | 893 | 909 |
Prepaid expenses | 151 | 185 |
Other current assets | 152,714 | 143,277 |
Less: Allowance for doubtful accounts | (895) | (1,730) |
Total current assets | 1,242,454 | 1,187,006 |
Non-Current Assets: | ||
Tangible fixed assets: | ||
Buildings | 296,429 | 290,656 |
Less: Accumulated depreciation | (123,011) | (117,657) |
Buildings, net | 173,417 | 172,999 |
Structures | 12,119 | 12,046 |
Less: Accumulated depreciation | (5,770) | (5,463) |
Structures, net | 6,349 | 6,582 |
Machinery and equipment | 34,425 | 26,916 |
Less: Accumulated depreciation | (16,622) | (14,589) |
Machinery and equipment, net | 17,803 | 12,327 |
Vessels | 40,907 | 40,886 |
Less: Accumulated depreciation | (8,424) | (5,684) |
Vessels, net | 32,482 | 35,201 |
Vehicles | 1,207 | 1,285 |
Less: Accumulated depreciation | (607) | (723) |
Vehicles, net | 599 | 562 |
Tools, furniture and fixtures | 15,857 | 16,338 |
Less: Accumulated depreciation | (11,084) | (11,112) |
Tools, furniture and fixtures, net | 4,772 | 5,225 |
Land | 242,038 | 210,158 |
Construction in progress | 19,025 | 11,684 |
Total tangible fixed assets | 496,489 | 454,742 |
Current Fiscal Year [Mar 31, 2026] | Previous Fiscal Year [Mar 31, 2025] | |
Intangible fixed assets: | ||
Leasehold interests in land | 6,377 | 6,346 |
Software | 8,110 | 5,992 |
Other intangible fixed assets | 2,898 | 2,853 |
Total intangible fixed assets | 17,386 | 15,193 |
Investments and other assets: | ||
Investment securities | 260,860 | 265,417 |
Investments in subsidiaries and affiliates | 178,370 | 97,232 |
Investments in other securities of subsidiaries and affiliates | 16,070 | 12,011 |
Investments in capital | 1,023 | 675 |
Long-term loans receivable from subsidiaries and associates | 1,871 | 1,914 |
Claims in bankruptcy or reorganization proceedings | 158 | 147 |
Long-term prepaid expenses | 6,164 | 349 |
Deffered tax assets | 14,633 | 24,928 |
Other investments | 16,995 | 16,420 |
Less: Allowance for doubtful accounts | (1,892) | (1,865) |
Total investments and other assets | 494,254 | 417,232 |
Total non-current assets | 1,008,131 | 887,168 |
Total assets | 2,250,585 | 2,074,174 |
Current Fiscal Year [Mar 31, 2026] | Previous Fiscal Year [Mar 31, 2025] | |
(LIABILITIES) | ||
Current Liabilities: | ||
Notes payable | - | 2,979 |
Electronically recorded obligations | 72,599 | 68,484 |
Accounts payable for construction contracts | 268,112 | 259,873 |
Short-term borrowings | 198,113 | 206,083 |
Current portion of non-recourse borrowings | - | 24,150 |
Current portion of bonds payable | 10,000 | 30,000 |
Lease liabilities | 1,049 | 884 |
Accounts payable-other | 26,931 | 26,884 |
Accrued expenses | 28,093 | 19,111 |
Income taxes payable | 37,996 | 10,794 |
Advances received on uncompleted construction contracts | 163,261 | 146,920 |
Deposits received | 187,811 | 144,529 |
Warranty reserve | 4,617 | 3,869 |
Reserve for expected losses on construction contracts in process | 63,135 | 102,682 |
Asset retirement obligations | 80 | 80 |
Other current liabilities | 439 | 415 |
Total current liabilities | 1,062,242 | 1,047,742 |
Non-Current Liabilities: | ||
Bonds payable | 156,000 | 126,000 |
Long-term borrowings | 114,202 | 102,227 |
Lease liabilities | 8,629 | 1,036 |
Deferred tax liabilities for revaluation reserve for land | 16,604 | 17,011 |
Reserve for employees' retirement benefits | 53,272 | 52,894 |
Reserve for expected losses on affiliates' businesses | 1,956 | 1,956 |
Asset retirement obligations | 437 | 437 |
Other non-current liabilities | 36,234 | 34,239 |
Total non-current liabilities | 387,336 | 335,801 |
Total liabilities | 1,449,579 | 1,383,544 |
(NET ASSETS) | ||
Shareholders' Equity: Common stock, no par value Additional paid-in capital: Capital reserve Other additional paid-in capital | 74,365 | 74,365 |
43,143 | 43,143 | |
2,774 | - | |
Total additional paid-in capital | 45,918 | 43,143 |
Retained earnings: | ||
Legal reserve | 18,394 | 18,394 |
Other retained earnings: | ||
Reserve for advanced depreciation of non-current assets | 4,360 | 4,457 |
Contingent Reserve | 405,100 | 405,100 |
Retained earnings brought forward | 145,759 | 40,991 |
Total retained earnings | 573,614 | 468,943 |
Less: Treasury stock, at cost | (43,821) | (36,903) |
Total shareholders' equity | 650,076 | 549,548 |
Valuation and Translation Adjustments: | ||
Net unrealized gain (loss) on other securities, net of taxes | 128,618 | 118,144 |
Deferred gain (loss) on hedging, net of taxes | 27 | 67 |
Revaluation reserve for land, net of taxes | 22,283 | 22,868 |
Total valuation and translation adjustments | 150,929 | 141,081 |
Total net assets | 801,006 | 690,629 |
Total liabilities and net assets | 2,250,585 | 2,074,174 |
(Millions of Yen)
Current | Previous | |||
Fiscal Year | Fiscal Year | |||
〔From:Apr 1, 2025 〕 | 〔From:Apr 1, 2024 〕 | |||
To :Mar 31, 2026 | To :Mar 31, 2025 | |||
Net Sales: | ||||
Construction contracts | 1,489,615 | 1,381,963 | ||
Real estate development and other | 99,928 | 119,556 | ||
Total net sales | 1,589,544 | 1,501,519 | ||
Cost of Sales: | ||||
Construction contracts | 1,332,022 | 1,272,786 | ||
Real estate development and other | 78,010 | 96,316 | ||
Total cost of sales | 1,410,033 | 1,369,103 | ||
Gross profit: | ||||
Construction contracts | [10.6%] | 157,592 | [7.9%] | 109,176 |
Real estate development and other | [21.9%] | 21,918 | [19.4%] | 23,239 |
Total gross profit | 11.3% | 179,510 | 8.8% | 132,416 |
Selling, General and Administrative Expenses | 95,241 | 88,386 | ||
Operating income | 5.3% | 84,269 | 2.9% | 44,029 |
Non-Operating Income: | ||||
Interest income | 1,996 | 2,454 | ||
Interest on securities | 643 | 83 | ||
Dividend income | 13,293 | 10,941 | ||
Foreign exchange gain | 2,629 | - | ||
Other non-operating income | 1,175 | 1,288 | ||
Total non-operating income | 19,738 | 14,768 | ||
Non-Operating Expenses: | ||||
Interest expenses | 4,046 | 2,632 | ||
Interest on bonds | 1,085 | 626 | ||
Foreign exchange loss | - | 2,703 | ||
Other non-operating expenses | 2,501 | 1,160 | ||
Total non-operating expenses | 7,633 | 7,123 | ||
Ordinary income | 6.1% | 96,374 | 3.4% | 51,674 |
Special Gains: | ||||
Gain on sales of fixed assets | 2,244 | 1,109 | ||
Gain on sales of investment securities | 87,920 | 39,251 | ||
Total special gains | 90,164 | 40,360 | ||
Special Losses: | ||||
Loss on sales of fixed assets | 105 | 3 | ||
Loss on sales of investment securities | - | 96 | ||
Loss on devaluation of investment securities | 500 | 319 | ||
Impairment loss on fixed assets | - | 228 | ||
Total special losses | 605 | 648 | ||
Income before income taxes | 185,934 | 91,386 | ||
Income taxes current | 48,087 | 21,904 | ||
Income taxes deffered | 4,899 | 7,343 | ||
Total income taxes | 52,986 | 29,247 | ||
Net income | 8.4% | 132,947 | 4.1% | 62,139 |
(Millions of Yen)
Current Fiscal Year Result 〔From:Apr 1, 2025 〕 To :Mar 31, 2026 | Previous Fiscal Year Result 〔From:Apr 1, 2024 〕 To :Mar 31, 2025 | Increase (Decrease) | |||||||
Proportion (%) | Proportion (%) | Rate (%) | |||||||
Construction business | (orders) | ||||||||
Architectural Construction | |||||||||
Domestic | 1,351,374 | 74.9 | 989,287 | 77.5 | 362,087 | 36.6 | |||
Overseas | 99,218 | 5.5 | 59,027 | 4.6 | 40,190 | 68.1 | |||
Sub total | 1,450,592 | 80.4 | 1,048,314 | 82.1 | 402,278 | 38.4 | |||
Civil Engineering | |||||||||
Domestic | 320,793 | 17.8 | 209,906 | 16.4 | 110,887 | 52.8 | |||
Overseas | 33,171 | 1.8 | 18,783 | 1.5 | 14,388 | 76.6 | |||
Sub total | 353,965 | 19.6 | 228,689 | 17.9 | 125,275 | 54.8 | |||
Domestic | 1,672,168 | 92.7 | 1,199,193 | 93.9 | 472,974 | 39.4 | |||
Overseas | 132,390 | 7.3 | 77,811 | 6.1 | 54,579 | 70.1 | |||
Total | 1,804,558 | 100 | 1,277,004 | 100 | 527,553 | 41.3 | |||
Real Estate and Other | 93,617 | 127,215 | (33,597) | (26.4) | |||||
Grand Total | 1,898,176 | 1,404,220 | 493,956 | 35.2 | |||||
(Reference: Overseas Construction Orders) (Millions of Yen)
Current Fiscal Year Result To :Mar 31, 2026 〕〔From:Apr 1, 2025 | Previous Fiscal Year Result 〔From:Apr 1, 2024 〕 To :Mar 31, 2025 | Increase (Decrease) | ||
Rate (%) | ||||
Shimizu Corporation | 132,390 | 77,811 | 54,579 | 70.1 |
Subsidiaries | 110,474 | 55,954 | 54,520 | 97.4 |
Total | 242,864 | 133,765 | 109,099 | 81.6 |
Construction orders awarded and contracts (Millions of Yen)
Current Fiscal Year
To :Mar 31, 2026 〕〔From:Apr 1, 2025
Previous
Fiscal Year
〔From:Apr 1, 2024 〕
To :Mar 31, 2025
Increase
(Decrease)
Rate(%)
Architectural Construction
Domestic 1,351,374 989,287
362,087
36.6
Overseas
99,218
59,027
40,190
68.1
Sub total
1,450,592
1,048,314
402,278
38.4
Civil Engineering
Domestic
320,793
209,906
110,887
52.8
Overseas
33,171
18,783
14,388
76.6
Sub total
353,965
228,689
125,275
54.8
Construction business (orders)
1,804,558
1,277,004
527,553
41.3
Real estate development and other (contracts) 93,617 127,215
(33,597)
(26.4)
Total
1,898,176
1,404,220
493,956
35.2
Net sales (Millions of Yen)
Current Fiscal Year
To :Mar 31, 2026 〕〔From:Apr 1, 2025
Previous
Fiscal Year
〔From:Apr 1, 2024 〕
To :Mar 31, 2025
Increase
(Decrease)
Rate(%)
Architectural Construction
Domestic 1,139,654 1,058,834
80,819
7.6
Overseas
51,238
40,455
10,782
26.7
Sub total
1,190,892
1,099,290
91,602
8.3
Civil Engineering
Domestic
259,125
240,611
18,514
7.7
Overseas
39,597
42,061
(2,463)
(5.9)
Sub total
298,723
282,673
16,050
5.7
Construction business
1,489,615
1,381,963
107,652
7.8
Real estate development and other 99,928 119,556
(19,628)
(16.4)
Total
1,589,544
1,501,519
88,024
5.9
Backlog (Millions of Yen)
Current Fiscal Year [ Mar 31, 2026 ] | Previous Fiscal Year [ Mar 31, 2025 ] | Increase (Decrease) | |||
Rate(%) | |||||
Architectural Construction | Domestic 1,758,465 1,546,745 | 211,720 | 13.7 | ||
Overseas | 134,848 | 86,868 | 47,980 | 55.2 | |
Sub total | 1,893,314 | 1,633,614 | 259,700 | 15.9 | |
Civil Engineering | Domestic | 554,821 | 493,153 | 61,667 | 12.5 |
Overseas | 120,621 | 127,046 | (6,425) | (5.1) | |
Sub total | 675,442 | 620,200 | 55,242 | 8.9 | |
Construction business | 2,568,757 | 2,253,814 | 314,942 | 14.0 | |
Real estate development and other 68,212 74,523 | (6,310) | (8.5) |
Total | 2,636,969 | 2,328,337 | 308,632 | 13.3 |
(Millions of Yen)
Following Fiscal Year Forecast To :Mar 31, 2027 〕〔From:Apr 1, 2026 | Current Fiscal Year Result 〔From:Apr 1, 2025 〕 To :Mar 31, 2026 | Increase (Decrease) | |||
Rate(%) | |||||
Architectural Construction | Domestic 1,090,000 1,351,374 | (261,374) | (19.3) | ||
Overseas | 60,000 | 99,218 | (39,218) | (39.5) | |
Sub total | 1,150,000 | 1,450,592 | (300,592) | (20.7) | |
Civil Engineering | Domestic | 250,000 | 320,793 | (70,793) | (22.1) |
Overseas | 50,000 | 33,171 | 16,828 | 50.7 | |
Sub total | 300,000 | 353,965 | (53,965) | (15.2) | |
Construction business (orders) | 1,450,000 | 1,804,558 | (354,558) | (19.6) | |
Real estate development and other (contracts) 100,000 93,617 | 6,382 | 6.8 |
Total | 1,550,000 | 1,898,176 | (348,176) | (18.3) |
(Reference: Overseas Construction Orders) (Millions of Yen)
Following Fiscal Year Forecast To :Mar 31, 2027 〕〔From:Apr 1, 2026 | Current Fiscal Year Result 〔From:Apr 1, 2025 〕 To :Mar 31, 2026 | Increase (Decrease) | ||
Rate(%) | ||||
Shimizu Corporation | 110,000 | 132,390 | (22,390) | (16.9) |
Subsidiaries | 190,000 | 110,474 | 79,525 | 72.0 |
Total | 300,000 | 242,864 | 57,135 | 23.5 |