Shimizu CorporationTSE: 1803

Financial Results Briefing For the year ended March 31, 2026

· Issued by Shimizu Corporation


Financial Results Briefing For the year ended March 31, 2026 [Supplementary Documents]

May 12, 2026



Financial Results Briefing [Supplementary Documents]



Contents

  • ［Consolidated］ Overview of Subsidiaries (Construction Business) - 1 -

  • ［Consolidated］ Overview of Subsidiaries (Real Estate Development Business & Other Business) - 2 -

  • ［Consolidated］ Supplementary Information on Balance Sheet and Statements of Income - 3 -

  • ［Consolidated］ Development Business Assets - 4 -

  • ［Nonconsolidated］ Construction Orders by Project Size - 5 -

  • ［Nonconsolidated］ Construction Orders by Project Duration - 5 -

  • ［Nonconsolidated］ Type of Architectural Construction Orders - 5 -

  • ［Nonconsolidated］ Domestic Architectural Construction Orders and Renovation Construction Orders - 5 -

  • ［Consolidated］ Financial Highlights - 6 -

  • ［Nonconsolidated］ Financial Highlights - 7 -

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.

［

Co

Consolidated

nstruction Business

］ Overview of Subsidiaries (Construction Business)

(Billions of Yen)

Corporate Name

Total Assets

Capital

Number of Employees Shimizu's Share

Lines of Business

FY2025

FY2024

Increase (Decrease)

The Nippon Road

158.96

12.29

Road construction

Net Sales

Operating Income

168.35

10.58

164.29

9.89

4.06

0.69

Co., Ltd.(Consolidated)

2,931

100%

and paving work

Ordinary Income Net Income

11.00

7.56

10.13

6.32

0.87

1.24

FaB-Tec Japan Corporation

40.25

2.43

622

84.55%

Steelframe and bridge

fabrication contract work

Net Sales

Operating Income

Ordinary Income Net Income

34.28

2.30

2.26

1.45

44.72

2.87

2.79

1.85

(10.44)

(0.57)

(0.53)

(0.40)

Daiichi Setsubi Engineering Corporation

12.75

0.40

302

100%

Building facility

construction contract work

Net Sales

Operating Income

Ordinary Income Net Income

14.71

0.98

1.03

0.71

17.57

0.50

0.53

0.33

(2.86)

0.48

0.50

0.38

SHIMIZU BLC Co., Ltd.

40.75

0.10

1,563

100%

Building renewal and management business

Net Sales

Operating Income

Ordinary Income Net Income

77.82

4.77

4.90

3.17

73.62

3.00

3.07

1.92

4.20

1.77

1.83

1.25

Nihon Kensetsu

10.95

0.10

Building construction

Net Sales

Operating Income

14.85

1.09

14.92

0.82

(0.07)

0.27

Co., Ltd.

147

95%

contract work

Ordinary Income Net Income

1.14

0.74

0.84

0.54

0.30

0.20

MARUHIKO WATANABE

15.62

0.47

Building construction

Net Sales

Operating Income

26.99

1.10

28.54

1.09

(1.55)

0.01

CONSTRUCTION, inc

477

57.62%

contract work

Ordinary Income Net Income

1.10

0.67

1.06

0.82

0.04

(0.15)

Shimizu North America LLC

35.03

0.35

97

(Indirect)100%

Building construction contract work

Net Sales

Operating Income

Ordinary Income Net Income

17.13

1.67

2.32

1.85

16.20

0.61

1.06

0.95

0.93

1.06

1.26

0.90

Grandwork Interior Pte Ltd*

9.21

0.17

558

100%

High-end interior fit-out contract work

Net Sales

Operating Income

Ordinary Income Net Income

12.60

2.09

2.18

1.68

15 Subsidiaries Except

Net Sales

Operating Income

92.42

4.86

63.74

2.73

28.68

2.13

for the Above

Ordinary Income

Net Income

5.45

4.02

3.37

2.82

2.08

1.20

* It has been included in consolidated

Total Amount

(Inter-company

transactions are not eliminated)

Net Sales

Operating Income

459.15

29.44

423.60

21.51

35.55

7.93

statement of income since FY2025.

Ordinary Income

Net Income

31.38

21.85

22.85

15.55

8.53

6.30

FY2026

(Forecast)

170.00

10.10

10.20

6.50

37.23

1.28

1.20

0.76

15.27

0.76

0.80

0.53

82.57

3.92

4.00

2.68

17.57

1.07

1.10

0.69

29.37

1.23

1.20

0.82

48.10

2.83

3.18

3.18

13.50

1.41

1.43

1.13

123.11

2.20

2.32

0.98

536.72

24.80

25.43

17.27



1

Corporate Name

Total Assets

Capital

Number of Employees Shimizu's Share

Lines of Business

FY2025

FY2024

Increase (Decrease)

Shimizu Comprehensive Development Corporation

102.16

Development business, building management business, and lease brokerage business

Net Sales

25.08

34.24

(9.16)

3.00

Operating Income

2.41

2.54

(0.13)

339

Ordinary Income

1.57

1.90

(0.33)

100%

Net Income

1.15

1.50

(0.35)

Shimizu Realty Development (U.S.A.), Inc.

32.05

Real estate investment and development

Net Sales

7.91

4.44

3.47

0.00

Operating Income

0.17

0.43

(0.26)

5

Ordinary Income

(1.77)

(2.10)

0.33

(Indirect) 100%

Net Income

(25.74)

(4.98)

(20.76)

Shimizu Investment (Asia) Pte. Ltd.

23.85

Real estate investment and development

Net Sales

0.03

0.10

(0.07)

8.83

Operating Income

(0.39)

(0.20)

(0.19)

9

Ordinary Income

(1.44)

(1.37)

(0.07)

100%

Net Income

(1.45)

(1.38)

(0.07)

14 Subsidiaries Except for the Above

Net Sales

0.95

0.91

0.04

Operating Income

0.30

0.22

0.08

Ordinary Income

0.23

0.23

0.00

Net Income

0.12

0.16

(0.04)

Total Amount

(Inter-company

transactions are not eliminated)

Net Sales

33.97

39.69

(5.72)

Operating Income

2.49

2.99

(0.50)

Ordinary Income

(1.41)

(1.34)

(0.07)

Net Income

(25.92)

(4.70)

(21.22)

Other Business

MILX Corporation

88.04

Sales and lease of construction equipment and materials and insurance brokerage business

Net Sales

30.82

31.10

(0.28)

0.37

Operating Income

2.38

1.71

0.67

440

Ordinary Income

2.72

1.93

0.79

100%

Net Income

2.00

1.44

0.56

SC Machinery Corp.

19.35

Construction machinery rentals

Net Sales

37.89

34.89

3.00

0.20

Operating Income

0.75

0.85

(0.10)

284

Ordinary Income

0.80

0.89

(0.09)

100%

Net Income

0.55

0.61

(0.06)

Shimizu Finance Co., Ltd.

126.61

Financing for Shimizu's affiliates

Net Sales

1.34

0.97

0.37

0.10

Operating Income

0.59

0.45

0.14

1

Ordinary Income

0.59

0.45

0.14

100%

Net Income

0.41

0.31

0.10

44 Subsidiaries Except for the Above

Net Sales

41.21

60.63

(19.42)

Operating Income

1.61

1.99

(0.38)

Ordinary Income

1.74

2.62

(0.88)

Net Income

1.05

1.97

(0.92)

Total Amount

(Inter-company

transactions are not eliminated)

Net Sales

111.26

127.59

(16.33)

Operating Income

5.33

5.00

0.33

Ordinary Income

5.85

5.89

(0.04)

Net Income

4.01

4.33

(0.32)

(Billions of Yen)

FY2026

(Forecast)

40.32

3.25

1.90

1.43

7.07

0.13

(2.63)

(2.63)

0.20

(0.43)

(0.64)

(0.67)

1.03

0.19

0.19

0.11

48.62

3.14

(1.18)

(1.76)

35.81

1.58

2.00

1.32

34.46

0.94

1.00

0.67

1.82

0.61

0.61

0.42

55.54

2.46

2.22

1.47

127.63

5.59

5.83

3.88



［Consolidated］Overview of Subsidiaries

Development Business (Real Estate Development Business and Other Business)



2



［ Consolidated ］ Supplementary Information on Balance Sheet and Statements of Income

FY2025

FY2024

Increase

(Decrease)

Shimizu Corporation

95.2

88.3

6.8

Subsidiaries

44.1

36.0

8.1

Total

139.4

124.4

14.9

Personnel Expenses

61.0

52.7

8.3

Non-Personnel

Expenses

78.3

71.6

6.6

Total

139.4

124.4

14.9

FY2026

(Forecast)

102.0

50.0

152.0

65.5

86.5

152.0

Selling, General and Administrative Expenses (Billions of Yen)

Interest-Bearing Debt (Billions of Yen)

FY2025

FY2024

Increase

(Decrease)

Shimizu Corporation

478.3

488.4

(10.1)

Subsidiaries

89.0

102.8

(13.7)

[Nonrecourse

Borrowings and Bonds]

[35.0]

[59.4]

[(24.3)]

Total

567.4

591.3

(23.9)

FY2026

(Forecast)

600.0

120.0

720.0

Real Estate for Lease and Other (Billions of Yen)

Reseach and Development Expenses included in General, Administrative, and Manufacturing Expenses

FY2025

FY2024

Increase

(Decrease)

Carrying value

343.0

356.7

(13.6)

Shimizu Corporation

276.6

272.4

4.2

Fair value

523.2

520.1

3.0

Shimizu Corporation

443.0

437.3

5.6

Unrealized gain (loss)

180.1

163.4

16.6

Shimizu Corporation

166.4

164.9

1.4

(Billions of Yen)

FY2025

FY2024

Increase

(Decrease)

Shimizu Corporation

22.1

20.3

1.7

Subsidiaries

1.0

0.9

0.0

Total

23.1

21.2

1.8

FY2026

(Forecast)

23.5

1.0

24.5

Net Financial Revenue (Billions of Yen)

FY2025

FY2024

Increase

(Decrease)

Interest and

Dividend Income

9.5

9.5

(0.0)

Shimizu Corporation

15.9

13.4

2.4

Interest expenses

7.5

6.0

1.5

Shimizu Corporation

5.1

3.2

1.8

Net Financial Revenue

1.9

3.5

(1.5)

Shimizu Corporation

10.8

10.2

0.5

FY2026

(Forecast)

6.0

14.5

11.0

8.0

(5.0)

6.5



［ Consolidated ］ Development Business Assets

FY2025

Type of Property

Hotel 9%

Logistics 10%

Others 1%

Housing

19%

Office

61%

Region

Overseas

12%

Others 17%

Domestic 88%

Tokyo Metropolitan Area 71%



(Billions of Yen)

Divestment & New Investment Depreciation,etc.

Divestment & New Investment Depreciation

(32.0)

92.0

490.0

435.0

(49.0)

430.0

400.0

410.0

405.0

74.0

170.0

110.0

115.0

130.0

130.0

145.0

325.0

285.0

280.0

275.0

285.0

320.0



600.0

500.0

400.0

300.0

200.0

100.0

0.0

FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

Forecast

［

Nonconsolidated

］

Construction Orders by Project Size



(Billions of Yen)

FY2023

Proportion (%)

FY2024

Proportion (%)

FY2025

Proportion (%)

Increase (Decrease)

Rate(%)

10 Billion or Above

858.9

49.9

505.1

39.6

918.5

50.9

413.4

81.8

5-10 Billion

224.9

13.1

234.0

18.3

231.9

12.9

(2.0)

(0.9)

2-5 Billion

225.3

13.1

176.0

13.8

245.9

13.6

69.8

39.7

Less than 2 Billion

411.6

23.9

361.8

28.3

408.0

22.6

46.2

12.8

Total

1,720.9

100

1,277.0

100

1,804.5

100

527.5

41.3

［

Nonconsolidated

］

Construction Orders by Project Duration



(Billions of Yen)

FY2023

FY2024

Fiscal Year of Completion

Architectural Construction

Civil Engineering

Total

Proportion (%)

Fiscal Year of Completion

Architectural Construction

Civil Engineering

Total

Proportion (%)

2023

158.2

22.0

180.3

10.5

2024

164.1

18.3

182.5

14.3

2024

323.7

62.5

386.3

22.5

2025

285.4

55.6

341.0

26.7

2025

347.7

43.5

391.2

22.7

2026

307.0

32.2

339.3

26.6

2026 Onwards

556.0

206.9

763.0

44.3

2027 Onwards

291.6

122.3

414.0

32.4

Total

1,385.8

335.1

1,720.9

100

Total

1,048.3

228.6

1,277.0

100

FY2025

Fiscal Year of Completion

Architectural Construction

Civil Engineering

Total

Proportion (%)

2025

143.9

12.3

156.3

8.7

2026

393.5

61.6

455.2

25.2

2027

302.6

105.0

407.7

22.6

2028 Onwards

610.3

174.8

785.2

43.5

Total

1,450.5

353.9

1,804.5

100

FY2023

Proportion (%)

FY2024

Proportion (%)

FY2025

Proportion (%)

Negotiated

478.2

34.5

649.5

62.0

691.8

47.7

Tender

907.5

65.5

398.7

38.0

758.7

52.3

Total

1,385.8

100

1,048.3

100

1,450.5

100

［

Nonconsolidated

］

Type of Architectural Construction Orders

(Billions of Yen)

［

Nonconsolidated

］

Domestic Architectural Construction Orders

and Renovation Construction Orders





(Billions of Yen)

FY2023

Proportion (%)

FY2024

Proportion (%)

FY2025

Proportion (%)

Increase (Decrease)

Rate(%)

Renovation

240.8

17.7

280.5

28.4

338.8

25.1

58.3

20.8

Domestic Architectural

Construction Orders

1,362.2

100

989.2

100

1,351.3

100

362.0

36.6

FY2026

(Forecast)

Proportion (%)

250.0

22.9

1,090.0

100



Fiscal year

2022

2023

2024

2025

2026

(Forecast)

Construction Business Orders Awarded (Billions of Yen)

1,672.8

2,037.0

1,588.0

2,158.5

1,910.0

Net Sales

(Billions of Yen)

1,933.8

2,005.5

1,944.3

2,057.8

2,310.0

Operating Income

(Billions of Yen)

54.6

(24.6)

71.0

118.6

153.0

Ordinary Income

(Billions of Yen)

56.5

(19.8)

71.6

122.3

148.0

Net Income attributable to

shareholders of the Corporation

(Billions of Yen)

49.0

17.1

66.0

126.6

130.0

Net Assets (Billions of Yen)

907.2

948.0

923.9

1,001.1

-

Total Assets (Billions of Yen)

2,448.0

2,538.7

2,524.2

2,654.3

-

Ratio of Owners' Equity (％)

34.8

35.0

34.1

36.8

-

Return on Equity (％)

5.9

2.0

7.6

13.8

-

Net Income per Share (Yen)

66.29

23.57

94.80

186.68

191.40

Net Assets per Share (Yen)

1,150.70

1,243.88

1,260.48

1,439.89

-

［ Consolidated ］ Financial Highlights

(Contract Workers are Included)

19,869

20,515

21,286

22,278

-

Capital Investment (Billions of Yen)

73.0

58.4

32.8

97.9

63.0

Depreciation (Billions of Yen)

23.1

27.2

30.2

29.0

28.0

Number of Employees (Tangible Fixed Assets Only)

Research and Development Costs (Billions of Yen)

17.8

19.9

21.2

23.1

24.5

Interest-bearing Debt (Billions of Yen)

577.2

603.1

591.3

567.4

720.0

Debt Equity Ratio (Times)

0.68

0.68

0.69

0.58

-

Fiscal year

2022

2023

2024

2025

2026

(Forecast)

Construction Business Orders Awarded

(Billions of Yen)

1,401.2

1,720.9

1,277.0

1,804.5

1,450.0

Construction Contracts

(Billions of Yen)

1,428.1

1,434.9

1,381.9

1,489.6

1,660.0

Gross Profit

(Billions of Yen)

5.2%

74.6

(0.5%)

(7.4)

7.9%

109.1

10.6%

157.5

12.7%

210.0

Net Sales

(Billions of Yen)

1,557.3

1,577.9

1,501.5

1,589.5

1,750.0

Operating Income

(Billions of Yen)

33.1

(50.1)

44.0

84.2

123.0

Ordinary Income

(Billions of Yen)

41.3

(37.4)

51.6

96.3

129.0

Net Income

(Billions of Yen)

41.7

11.6

62.1

132.9

124.0

Capital

(Billions of Yen)

74.3

74.3

74.3

74.3

-

Number of Issued Shares

at the End of the Period

(Thousands of Shares)

788,514

743,676

716,689

716,689

-

Number of Treasury Stocks

at the End of the Period

(Thousands of Shares)

47,611

29,349

34,346

37,488

-

Net Assets

(Billions of Yen)

714.3

725.0

690.6

801.0

-

Total Assets

(Billions of Yen)

2,016.7

2,091.0

2,074.1

2,250.5

-

Ratio of Owners' Equity (％)

35.4

34.7

33.3

35.6

-

Net Income per Share (Yen)

56.36

15.94

89.24

196.02

182.57

Net Assets per Share (Yen)

964.18

1,015.01

1,012.14

1,179.34

-

［ Nonconsolidated ］ Financial Highlights

(Contract Workers are Included)

10,845

10,949

11,163

11,434

-

Capital Investment (Billions of Yen)

35.4

41.0

19.8

71.0

36.0

Depreciation (Billions of Yen)

13.5

17.0

19.4

17.9

18.0

Number of Employees (Tangible Fixed Assets Only)

Research and Development Costs (Billions of Yen)

16.9

19.0

20.3

22.1

23.5

Interest-bearing Debt (Billions of Yen)

463.7

488.2

488.4

478.3

600.0

Earlier from Shimizu

All Shimizu news releases