Disclaimer: This financial information, a digest of Taisei Corporation's "Consolidated Financial Results for the Nine Months Ended December 31, 2025" ("Kessan Tanshin") disclosed at the Tokyo Stock Exchange on February 6, 2026 was translated into English and presented solely for the convenience of non-Japanese speaking users. If there is any discrepancy between Japanese "Kessan Tanshin" and this document, Japanese "Kessan Tanshin" will prevail.
February 6, 2026
Listed company name: Taisei Corporation
Stock exchange listings: Tokyo Stock Exchange, Prime Market Nagoya Stock Exchange, Premier Market
Stock code: 1801
Location of headquarters: Tokyo, Japan
Website: https://www.taisei.co.jp/english/
Representative: Yoshiro Aikawa, President and Chief Executive Officer
Contact: Yuichi Nakano, General Manager of Accounting Department
TEL: 81-3-3348-1111 (from overseas)
Scheduled date for dividend payment: -
Supplementary materials for
financial summaries: Yes
Financial results briefing: Yes (for analysts and institutional investors)
-
Consolidated financial results for the nine months ended December 31, 2025
(From April 1, 2025 to December 31, 2025)
Net sales
Operating income
Ordinary income
Net income attributable to owners of parent
%
%
%
%
FY2025 (Third quarter-end)
As of December 31, 2025
1,427,758
(6.5)
122,356
53.0
130,499
41.0
102,568
22.4
FY2024 (Third quarter-end) As of December 31, 2024
1,527,540
33.3
79,958
356.6
92,573
268.9
83,770
324.0
-
Operating results (cumulative total) (Millions of yen, rounded down) (Percentages indicate changes from the same period in the previous fiscal year.)
(Note) Comprehensive income:
FY2025 (Third quarter-end)
121,831 million yen
391.9 %
FY2024 (Third quarter-end)
24,769 million yen
(60.5 %)
Net income per share
Diluted net income per share
yen
yen
FY2025 (Third quarter-end) As of December 31, 2025
615.38
-
FY2024 (Third quarter-end) As of December 31, 2024
457.17
-
-
Financial position (Millions of yen, rounded down)
Total assets
Net assets
Equity ratio
%
As of December 31, 2025
2,612,734
902,305
33.0
As of March 31, 2025
2,428,837
900,699
35.7
(Reference) Shareholders' equity: As of December 31, 2025 862,301 million yen
As of March 31, 2025 866,188 million yen
-
Operating results (cumulative total) (Millions of yen, rounded down) (Percentages indicate changes from the same period in the previous fiscal year.)
Dividends
Dividends per share (yen)
First quarter-end
Interim-end Third quarter-end
Year-end Total (Full year)
FY2024 - 65.00 - 145.00 210.00
FY2025
-
125.00
-
FY2025 (forecast)
125.00
250.00
(Note) Revisions of projected dividends most recently announced: None
-
Consolidated results forecast for the fiscal year ending March 31, 2026 (FY2025)
(From April 1, 2025 to March 31, 2026)
(Millions of yen, rounded down) (Percentages indicate the rate of change from the same period of the previous fiscal year)
Net sales
Operating income
Ordinary income
Net income attributable
to owners of parent
Net income
per share
%
%
%
%
yen
Full fiscal year
2,090,000
(3.0)
148,000
23.2
152,000
13.0
137,000
10.6
826.44
(Note) Revisions of consolidated forecasts most recently announced: None
*Notes
Changes in principal subsidiaries during the quarter under review
(Changes in specified subsidiaries accompanying changes in scope of consolidation): Yes Newly included: One company: Toyo Construction Co., Ltd.
Excluded: None
Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: Yes
(Note) For details, please refer to page 12 of the Attachments, "2. Quarterly Consolidated Financial Statements and Principal Notes
Notes to quarterly consolidated financial statements (Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements)."
Changes in accounting principles, changes in accounting estimates and restatements
Changes in accounting principles due to revisions to accounting standards, etc.: None
Changes due to accounting principles other than (i): None
Changes in accounting estimates: None
Restatements: None
Number of shares outstanding (common stock)
Number of shares outstanding at the end of period (including treasury stock) As of December 31, 2025 163,185,872 shares
As of March 31, 2025 183,166,472 shares
Number of treasury shares at the end of period
As of December 31, 2025 175,525 shares
As of March 31, 2025 11,352,272 shares
Average number of shares during the period (quarterly cumulative period) FY2025 (Third quarter-end) 166,675,641 shares
FY2024 (Third quarter-end) 183,237,176 shares
(Note) The number of treasury shares at the end of the period and number of treasury shares excluded for calculating average number of shares during the period include the Company's shares held by the Board Benefit Trust (BBT).
(As of December 31, 2025: 98,400 shares, As of March 31, 2025: 98,400 shares, As of December 31, 2024: 98,400 shares)
Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: No
Proper use of forecasts of financial results, and other special matters
Forward-looking statements in this document, including the forecasts of financial results, etc., are based on information currently available to the Company and on certain assumptions that the Company deems reasonable and do not represent any promise by the Company. Actual results can be materially different from expectations due to a variety of factors.
For matters related to the forecasts of financial results, please refer to "1. Overview of Operating Results, etc. (3) Explanation of consolidated financial results forecast and other forward-looking information" on page 6 of the Attachments.
Overview of Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2026
(Unit: 100 million yen)
First three quarters
Full fiscal year
Previous fiscal year
(From Apr. 1, 2024 to
Dec. 31, 2024)
Current fiscal year
(From Apr. 1, 2025
to Dec. 31, 2025)
Previous fiscal year
(From Apr. 1, 2024 to
Mar. 31, 2025)
Current fiscal year
(From Apr. 1, 2025
to Mar. 31, 2026)
Result
Result
Over previous
fiscal year
Result
Forecast
Over previous
fiscal year
Amount of orders received
16,442
17,938
1,496
24,375
21,900
(2,475)
Civil engineering
4,720
4,792
71
7,002
6,500
(502)
Building construction
10,617
12,033
1,416
15,731
13,900
(1,831)
Real estate development
1,023
1,025
2
1,507
1,400
(107)
Other
81
86
5
134
100
(34)
Net sales
15,275
14,277
(997)
21,542
20,900
(642)
Civil engineering
4,314
4,633
319
6,306
7,000
693
Building construction
9,838
8,528
(1,309)
13,725
12,400
(1,325)
Real estate development
1,042
1,030
(11)
1,375
1,400
24
Other
81
85
4
134
100
(34)
Gross profit
%
10.3
15.3
5.0
10.7
14.1
3.4
1,567
2,179
611
2,311
2,940
628
%
18.0
20.6
2.6
19.4
18.6
(0.8)
Civil engineering
775
953
177
1,220
1,300
79
%
5.5
11.6
6.1
5.4
10.7
5.3
Building construction
539
985
446
744
1,330
585
%
22.3
21.3
(1.0)
22.8
20.7
(2.1)
Real estate development
232
219
(12)
313
290
(23)
%
25.1
24.5
(0.6)
23.9
20.0
(3.9)
Other
20
20
0
32
20
(12)
%
(5.0)
(6.7)
(1.7)
(5.2)
(7.0)
(1.8)
SG&A expenses
(768)
(955)
(187)
(1,109)
(1,460)
(350)
Operating income
%
5.2
8.6
3.4
5.6
7.1
1.5
799
1,223
423
1,201
1,480
278
Non-operating income (expenses)
126
81
(44)
143
40
(103)
(Net financial revenue)
45
34
(10)
49
22
(27)
Ordinary income
%
6.1
9.1
3.0
6.2
7.3
1.1
925
1,304
379
1,345
1,520
174
Extraordinary gains (losses)
329
263
(65)
437
500
62
Income before income taxes
%
8.2
11.0
2.8
8.3
9.7
1.4
1,255
1,568
313
1,782
2,020
237
Income taxes
(379)
(500)
(121)
(503)
(610)
(106)
Net income
%
5.7
7.5
1.8
5.9
6.7
0.8
875
1,068
192
1,279
1,410
130
Net income attributable to non-controlling interests
(38)
(42)
(4)
(41)
(40)
1
Net income attributable to owners of parent
%
5.5
7.2
1.7
5.7
6.6
0.9
837
1,025
187
1,238
1,370
131
The forecast for the current fiscal year shows the figures in earnings forecasts released on November 11, 2025.
Overview of Non-consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2026
(Unit: 100 million yen)
First three quarters
Full fiscal year
Previous fiscal year
(From Apr. 1, 2024 to
Dec. 31, 2024)
Current fiscal year
(From Apr. 1, 2025
to Dec. 31, 2025)
Previous fiscal year
(From Apr. 1, 2024 to
Mar. 31, 2025)
Current fiscal year
(From Apr. 1, 2025
to Mar. 31, 2026)
Result
Result
Result
Forecast
Over previous fiscal year
Over previous fiscal year
Amount of orders received
12,309
13,452
1,142
18,912
15,200
(3,712)
Civil engineering
2,913
2,722
(191)
4,651
3,500
(1,151)
Domestic
2,889
2,661
(227)
4,650
3,100
(1,550)
Overseas
24
61
36
1
400
398
Building construction
9,180
10,493
1,312
13,774
11,400
(2,374)
Domestic
9,094
10,419
1,325
13,662
11,150
(2,512)
Overseas
86
73
(12)
111
250
138
Total
12,093
13,215
1,121
18,425
14,900
(3,525)
Real estate development
159
178
18
382
204
(178)
Other
56
58
1
104
96
(8)
Net sales
11,531
9,983
(1,548)
16,378
14,300
(2,078)
Civil engineering
2,701
2,765
63
4,037
4,000
(37)
Domestic
2,527
2,592
65
3,822
3,750
(72)
Overseas
174
172
(2)
214
250
35
Building construction
8,584
6,982
(1,602)
11,969
10,000
(1,969)
Domestic
8,385
6,738
(1,647)
11,704
9,560
(2,144)
Overseas
199
243
44
264
440
175
Total
11,286
9,747
(1,539)
16,007
14,000
(2,007)
Real estate development
188
178
(10)
266
204
(62)
Other
56
58
1
104
96
(8)
Gross profit
%
8.4
14.8
6.4
9.2
13.7
4.5
971
1,479
508
1,514
1,960
445
%
18.5
21.9
3.4
20.7
21.0
0.3
Civil engineering
500
604
104
835
840
4
%
4.4
10.9
6.5
4.4
10.0
5.6
Building construction
376
759
382
521
1,000
478
%
7.8
14.0
6.2
8.5
13.1
4.6
Total
877
1,364
487
1,356
1,840
483
%
42.5
56.2
13.7
49.8
51.0
1.2
Real estate development
80
100
19
132
104
(28)
%
24.3
25.6
1.3
23.9
16.7
(7.2)
Other
13
14
1
25
16
(9)
%
(4.2)
(5.9)
(1.7)
(4.3)
(6.1)
(1.8)
SG&A expenses
(487)
(593)
(106)
(711)
(870)
(158)
Operating income
%
4.2
8.9
4.7
4.9
7.6
2.7
484
885
401
802
1,090
287
Non-operating income (expenses)
70
72
1
68
30
(38)
(Net financial revenue)
65
68
2
71
56
(15)
Ordinary income
%
4.8
9.6
4.8
5.3
7.8
2.5
554
957
402
871
1,120
248
Extraordinary gains (losses)
314
275
(38)
437
500
62
Income before income taxes
%
7.5
12.4
4.9
8.0
11.3
3.3
869
1,233
363
1,308
1,620
311
Income taxes
(264)
(365)
(100)
(361)
(480)
(118)
Net income
%
5.2
8.7
3.5
5.8
8.0
2.2
604
867
262
947
1,140
192
The forecast for the current fiscal year shows the figures in earnings forecasts released on November 11, 2025.
Attachments - Contents
Overview of Operating Results, etc.
Overview of operating results for the nine months ended December 31, 2025 6
Overview of financial position for the nine months ended December 31, 2025 6
Explanation of consolidated financial results forecast and other forward-looking information 6
Policy related to cross-shareholdings 7
Quarterly Consolidated Financial Statements and Principal Notes
Quarterly consolidated balance sheet 8
Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
First three quarters of FY2025 (April 1, 2025 to December 31, 2025) 10
Notes to quarterly consolidated financial statements 12
(Reference) Quarterly Non-consolidated Financial Statements
(Summary) Quarterly non-consolidated balance sheet 16
(Summary) Quarterly non-consolidated statement of income
First three quarters of FY2025 (April 1, 2025 to December 31, 2025) 18
Supplementary Information
(Non-consolidated) Amount of orders received, net sales and balance carried forward 19
-
Overview of Operating Results, etc.
-
Overview of operating results for the nine months ended December 31, 2025
The Japanese economy has continued a moderate recovery trend, supported by a rebound in personal consumption and capital investment and solid demand from inbound tourism. However, there remains a risk of downward pressure on the economy due to the impact of U.S. trade policies and other factors.
In the construction market, overall construction investment has been steady due to a recovery in private investment and strong public investment. However, manufacturing companies in particular have seen a deterioration in the earnings environment, and therefore, the situation requires even closer monitoring of corporate capital investment trends.
Under these circumstances, the Group's operating results for the nine months ended December 31, 2025 showed that net sales decreased 6.5% year on year to ¥1,427.7 billion due to decreases in the building construction and real estate development businesses, resulting in a progress rate of 68.3% for the full-year forecast.
In terms of profits, gross profit increased 39.0% year on year to ¥217.9 billion (progress rate of 74.1%) due to a turnaround in profit margins in the civil engineering and building construction businesses. Although selling, general and administrative expenses increased 24.4% year on year to ¥95.5 billion (progress rate of 65.5%), operating income increased 53.0% year on year to ¥122.3 billion (progress rate of 82.7%). Ordinary income increased 41.0% year on year to ¥130.4 billion (progress rate of 85.9%) due to an increase in operating income, despite a deterioration in non-operating income (expenses) due in part to a decrease in investment gain on equity method. Net income attributable to owners of parent increased 22.4% year on year to ¥102.5 billion (progress rate of 74.9%) due to an increase in ordinary income, despite a deterioration in extraordinary gains (losses) mainly because of the recognition of impairment losses on assets for business use.
Results by reportable segment are as follows (results by reportable segment include internal transactions between segments).
Civil engineering
Net sales increased 7.5% year on year to ¥489.2 billion due to increases in sales by the Company and its consolidated subsidiaries. Operating income increased 20.3% year on year to ¥64.2 billion due not only to larger revenue but to an increase in gross profit from construction business reflecting the turnaround in profit margins for the Company and its consolidated subsidiaries.
Building construction
Although net sales decreased 13.1% year on year to ¥870.7 billion due to a decrease in sales by the Company, operating income increased 314.1% year on year to ¥45.6 billion due to an increase in gross profit from construction business reflecting the turnaround in profit margins for the Company and its consolidated subsidiaries.
Real estate development
Net sales increased 2.1% year on year to ¥110.8 billion due to an increase in sales by the consolidated subsidiaries. Operating income increased 10.9% year on year to ¥17.7 billion due not only to larger revenue but to an increase in gross profit from real estate development operations reflecting the turnaround in profit margins for the Company.
Others
Net sales increased 3.8% year on year to ¥11.6 billion, and operating income increased 5.0% to ¥1.4 billion.
-
Overview of financial position for the nine months ended December 31, 2025
Total assets increased by 7.6% or ¥183.8 billion from the end of the previous fiscal year to ¥2,612.7 billion due in part to the consolidation of Toyo Construction Co., Ltd. as a subsidiary during the nine months ended December 31, 2025.
Total liabilities increased by 11.9% or ¥182.2 billion from the end of the previous fiscal year to ¥1,710.4 billion due in part to an increase in interest-bearing debt for fund-raising purposes. The balance of interest-bearing debt for fund-raising purposes increased by 92.7% or ¥292.3 billion from the end of the previous fiscal year to ¥607.8 billion (of which non-recourse debt was ¥22.2 billion). Net assets increased by 0.2% or ¥1.6 billion from the end of the previous fiscal year to ¥902.3 billion due in part to an increase in unrealized gains on available-for-sale securities, net of taxes due to a rise in the stock market, as well as the recording of net income attributable to owners of parent, despite repurchases of treasury stock. The equity ratio decreased by 2.7 points from the end of the
previous fiscal year to 33.0%.
-
Overview of operating results for the nine months ended December 31, 2025
Explanation of consolidated financial results forecast and other forward-looking information
There are no changes to the full year consolidated results forecast announced on November 11, 2025.
- Policy related to cross-shareholdings
Moving forward, we will consider and implement additional sales, etc. in order to steadily achieve the reduction target, even in the event of fluctuations of the stock price and our consolidated net assets.
- Quarterly Consolidated Financial Statements and Principal Notes
-
Quarterly consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of December 31, 2025
Assets
Current assets
Cash and time deposits
240,689
264,401
Notes and accounts receivable trade
939,160
953,212
Cost on uncompleted contracts
69,013
127,956
Real estate for sale and development projects in progress
188,677
211,357
Other inventories
6,992
14,958
Other current assets
15,518
67,502
Allowance for doubtful accounts
(353)
(416)
Total current assets
1,599,698
1,638,973
Fixed assets
Tangible fixed assets
246,745
302,345
Intangible fixed assets
Goodwill
8,054
64,540
Other intangible fixed assets
19,484
19,708
Total intangible fixed assets
27,538
84,249
Investments and other assets
Investment securities
428,326
464,219
Net defined benefit asset
58,171
59,112
Other fixed assets
70,512
66,138
Allowance for doubtful accounts
(2,155)
(2,304)
Total investments and other assets
554,854
587,165
Total fixed assets
829,139
973,760
Total assets
2,428,837
2,612,734
(Millions of yen)
As of March 31, 2025
As of December 31, 2025
Liabilities
Current liabilities
Notes and accounts payable trade
553,376
453,049
Short-term borrowings
115,212
216,179
Short-term non-recourse loans payable
208
15
Commercial papers
-
109,924
Straight bonds due within one year
10,000
10,000
Advances received and progress billings on uncompleted contracts
211,132
256,463
Provision for warranties on completed contracts
4,129
3,417
Provision for losses on construction contracts
102,678
84,073
Allowance for losses on orders received
31
7
Other current liabilities
296,155
254,511
Total current liabilities
1,292,924
1,387,641
Long-term liabilities
Straight bonds
50,000
40,000
Non-recourse bonds payable
100
100
Long-term borrowings
127,799
209,549
Long-term non-recourse loans payable
12,201
22,115
Retirement benefits for directors and corporate auditors
933
906
Provision for share-based remuneration for directors
348
377
Allowance for losses on investments in subsidiaries and affiliates
3,033
1,377
Net defined benefit liability
17,418
21,471
Other long-term liabilities
23,377
26,889
Total long-term liabilities
235,213
322,787
Total liabilities
1,528,137
1,710,429
Net assets
Shareholders' equity
Common stock
122,742
122,742
Capital surplus
30,461
30,439
Retained earnings
649,200
558,117
Treasury stock
(73,168)
(915)
Total shareholders' equity
729,234
710,383
Accumulated other comprehensive income
Unrealized gains on available-for-sale securities, net of taxes
87,254
110,320
Unrealized gains (losses) on hedging derivatives, net of taxes
4
240
Revaluation reserve for land
1,062
1,066
Foreign currency translation adjustments
8,040
3,455
Remeasurements of defined benefit plans
40,592
36,835
Total accumulated other comprehensive income
136,953
151,917
Non-controlling interests
34,511
40,003
Total net assets
900,699
902,305
Total liabilities and net assets
2,428,837
2,612,734
-
Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income
Quarterly consolidated statement of income
First three quarters of FY2025 (April 1, 2025 to December 31, 2025)
(Millions of yen)
Quarterly consolidated statement of comprehensive income First three quarters of FY2025 (April 1, 2025 to December 31, 2025)From April 1, 2024
to December 31, 2024
From April 1, 2025
to December 31, 2025
Net sales
Construction business
1,394,037
1,290,060
Development projects
133,502
137,698
Total net sales
1,527,540
1,427,758
Cost of sales
Construction business
1,265,417
1,099,838
Development projects
105,334
109,976
Total cost of sales
1,370,752
1,209,814
Gross profit
Construction business
128,620
190,222
Development projects
28,167
27,722
Total gross profit
156,788
217,944
Selling, general and administrative expenses
76,829
95,587
Operating income
79,958
122,356
Non-operating income
Interest income
963
1,161
Dividend income
5,351
4,898
Investment gain on equity method
8,349
4,498
Other non-operating income
1,263
1,716
Total non-operating income
15,928
12,274
Non-operating expenses
Interest expenses
1,760
2,581
Financing expenses
816
380
Other non-operating expenses
736
1,170
Total non-operating expenses
3,313
4,132
Ordinary income
92,573
130,499
Extraordinary gains
Gain on sales of investment securities
32,989
30,574
Other extraordinary gains
139
193
Total extraordinary gains
33,129
30,768
Extraordinary losses
Loss on sales of fixed assets
41
471
Impairment losses on fixed assets
15
3,368
Loss on retirement of fixed assets
40
193
Loss on sales of investment securities
62
175
Other extraordinary losses
34
193
Total extraordinary losses
195
4,403
Income before income taxes
125,506
156,864
Income taxes
37,911
50,035
Net income
87,595
106,829
Net income attributable to non-controlling interests
3,824
4,260
Net income attributable to owners of parent
83,770
102,568
(Millions of yen)
From April 1, 2024
to December 31, 2024
From April 1, 2025
to December 31, 2025
Net income
87,595
106,829
Other comprehensive income
Unrealized gains on available-for-sale securities, net of taxes
(57,230)
23,030
Unrealized gains (losses) on hedging derivatives, net of taxes
-
286
Foreign currency translation adjustments
460
(2,262)
Remeasurements of defined benefit plans
(5,186)
(4,291)
Share of other comprehensive income of entities accounted for using equity method
(868)
(1,760)
Total other comprehensive income
(62,825)
15,002
Comprehensive income
24,769
121,831
Comprehensive income attributable to
Owners of parent
20,998
117,423
Non-controlling interests
3,771
4,408
- Notes to quarterly consolidated financial statements
(Notes regarding going concern assumption)
Not applicable.
(Notes regarding substantial changes in the amount of shareholders' equity)
The Company, at the Board of Directors meeting held on November 7, 2024, resolved to repurchase its own shares under Article 156 of the Companies Act, as applied mutatis mutandis pursuant to paragraph 3, Article 165 thereof. As such, the Company acquired 9,062,900 shares of common stock for ¥77,941 million between April 1, 2025 and November 7, 2025 (on a trade basis) through purchases on the Tokyo Stock Exchange.
The 19,980,600 shares of common stock repurchased between November 8, 2024 and November 7, 2025 (on a trade basis) were cancelled effective November 28, 2025, pursuant to the resolution adopted at the Board of Directors meeting held on November 11, 2025.
(Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements) (Calculation of tax expenses)
Tax expenses are calculated by reasonably estimating the effective tax rate after applying tax-effect accounting to income before income taxes for the fiscal year, including the third quarter of the fiscal year ending March 31, 2026, and multiplying income before income taxes by said estimated effective tax rate.
However, in cases where the Company records loss before income taxes, the amount is multiplied by the statutory effective tax rate.
(Segment information, etc.)
Reporting segment information (net sales and income (loss))
First three quarters of FY2024 (April 1, 2024 - December 31, 2024)
(Millions of yen)
Reporting segments
Others (Note 1)
Total
Adjustments (Note 2)
Book value in quarterly consolidated statement of income (Note 3)
Civil engineering
Building construction
Real estate development
Subtotal
Net sales
Sales on third party customers
431,423
983,805
104,211
1,519,440
8,100
1,527,540
-
1,527,540
Intersegment transactions or transfers
23,942
17,640
4,341
45,924
3,101
49,025
(49,025)
-
Total
455,365
1,001,445
108,553
1,565,364
11,201
1,576,566
(49,025)
1,527,540
Segment operating income
53,455
11,015
15,973
80,445
1,363
81,808
(1,850)
79,958
Notes 1. Businesses that cannot be classified into the Company's reporting segments are shown as "Others."
This includes the incidental business of construction business such as cooperative research, technical service, and environmental measurement, and logistics business, and also, leisure-related business and other service business.
The adjustments of segment operating income of ¥(1,850) million includes elimination of intersegment transaction amounting to ¥(1,452) million and amortization of goodwill amounting to ¥(397) million.
Segment operating income is adjusted in accordance with operating income of the quarterly consolidated statement of income.
Reporting segment information (net sales and income (loss))
First three quarters of FY2025 (April 1, 2025 - December 31, 2025)
(Millions of yen)
Reporting segments
Others (Note 1)
Total
Adjustments (Note 2)
Book value in quarterly consolidated statement of income (Note 3)
Civil
engineering
Building
construction
Real estate
development
Subtotal
Net sales
Sales on third party customers
463,398
852,810
103,023
1,419,233
8,525
1,427,758
-
1,427,758
Intersegment transactions or transfers
25,898
17,932
7,848
51,679
3,099
54,778
(54,778)
-
Total
489,296
870,743
110,872
1,470,913
11,624
1,482,537
(54,778)
1,427,758
Segment operating income
64,293
45,611
17,714
127,619
1,432
129,051
(6,694)
122,356
Notes 1. Businesses that cannot be classified into the Company's reporting segments are shown as "Others."
This includes the incidental business of construction business such as cooperative research, technical service, and environmental measurement, and logistics business, and also, leisure-related business and other service business.
The adjustments of segment operating income of ¥(6,694) million includes elimination of intersegment transaction amounting to ¥(4,195) million and amortization of goodwill amounting to ¥(2,499) million.
Segment operating income is adjusted in accordance with operating income of the quarterly consolidated statement of income.
Reporting segment information (impairment losses on fixed assets or goodwill, etc.)
(Significant impairment losses on fixed assets)
During the third quarter of the fiscal year ending March 31, 2026, an impairment loss of ¥2,775 million was recorded on assets for business use in the Others segment.
The impairment loss recorded in the quarterly consolidated statement of income for the nine months ended December 31, 2025
amounted to ¥3,368 million (¥61 million in total for the Civil engineering and Building construction segments, ¥532 million in the Real estate development segment, and ¥2,775 million in Others).
(Significant change in amount of goodwill)
The Company has acquired shares of Toyo Construction Co., Ltd. in the Civil engineering and Building construction segments, making it a consolidated subsidiary. The increase in goodwill resulting from such transaction amounted to ¥58,856 million for the nine months ended December 31, 2025.
The amount of goodwill was provisionally calculated since the allocation of the acquisition cost had not been completed as of December 31, 2025.
(Notes on the statement of cash flows)
The Company does not prepare quarterly consolidated statement of cash flows for the nine months ended December 31, 2025. Depreciation (including amortization of intangible assets aside from goodwill) and amortization of goodwill for the nine months ended December 31 2025 are as follows.
(Millions of yen)
From April 1, 2024
to December 31, 2024
From April 1, 2025
to December 31, 2025
Depreciation
11,703
11,873
Amortization of goodwill
397
2,499
(Business combination, etc.)
Business combination through acquisition
Overview of business combination
Name and business description of acquiree
Name of acquiree Toyo Construction Co., Ltd.
Business description General construction business (marine and land civil engineering, building construction), real estate business, etc.
Main reasons for business combination
Under the [TAISEI VISION 2030] Achievement Plan, the Company focused more than ever on the healthy development of the construction industry through industry transformation (IX) to steadily implement transforming businesses utilizing M&A. At the same time, it explored every opportunity to build a new growth foundation specifying the following targets: vertical integration targeting to secure appropriate workforce and labor-saving, integration of value chains aimed at new value creation, and overseas business development aiming at business expansion. Amid this situation, the Company recognized the potential for various synergies by closely collaborating with the acquiree and mutually leveraging their respective strengths. The Company's expertise lies in onshore construction, while the acquiree has outstanding technology and an extensive track record in offshore construction. Based on this, the Company implemented a tender offer for the shares of the acquiree. Furthermore, as part of the procedures to make the Company and Maeda Corporation the only shareholders of the acquiree, the acquiree conducted a share consolidation effective December 18, 2025, and acquired treasury shares targeting the acquiree's shares held by Maeda Corporation on December 19, 2025, thereby becoming a wholly owned subsidiary of the Company.
Date of business combination September 30, 2025
Legal form of business combination Acquisition of shares for cash consideration
Name of entity after business combination There is no change.
Percentage of voting rights of acquired shares
Before the acquisition
- %
After the tender offer
61.81%
After the treasury share acquisition
100.00%
Main reason for deciding to acquire the entity
The shares were acquired for cash consideration.
Period of the acquiree's financial results included in the quarterly consolidated statement of income From October 1, 2025 to December 31, 2025
Breakdown of the acquisition cost for the acquiree by type of consideration Consideration for the acquisition Cash and deposits ¥102,034 million Acquisition cost ¥102,034 million
Details and amount of major acquisition-related expenses Advisory fees, etc. ¥917 million
Amount of goodwill recognized, reason for recognition, and method and period of amortization
Amount of goodwill recognized
¥58,856 million
The amount of goodwill was provisionally calculated since the allocation of the acquisition cost had not been completed as of December 31, 2025.
As a result of the Company's acquisition of all fractional shares arising from the share consolidation, the consideration for acquisition is expected to increase by ¥29.6 billion, with goodwill amounting to ¥88.5 billion.
Reason for recognition
Since the acquisition cost exceeded the fair value of net assets at the time of the business combination, the difference was recorded as goodwill.
Method and period of amortization
Amortization on the straight-line method over a period of seven years
-
(Reference) Quarterly Non-consolidated Financial Statements
-
(Summary) Quarterly non-consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of December 31, 2025
Assets
Current assets
Cash and time deposits
147,069
147,272
Notes and accounts receivable trade
755,966
694,536
Securities
60,000
-
Real estate for sale
32,672
31,162
Cost on uncompleted contracts
64,781
108,941
Cost on development projects in progress
11,690
15,761
Other current assets
83,788
51,269
Allowance for doubtful accounts
(115)
(117)
Total current assets
1,155,852
1,048,826
Fixed assets
Tangible fixed assets
165,424
175,707
Intangible fixed assets
15,337
14,376
Investments and other assets
Investment securities
540,611
691,638
Other fixed assets
78,612
97,600
Allowance for doubtful accounts
(7,199)
(7,536)
Total investments and other assets
612,024
781,702
Total fixed assets
792,787
971,787
Total assets
1,948,640
2,020,613
(Millions of yen)
As of March 31, 2025
As of December 31, 2025
Liabilities
Current liabilities
Notes and accounts payable trade
479,148
352,999
Short-term borrowings
79,752
157,104
Commercial papers
-
109,924
Straight bonds due within one year
10,000
10,000
Advances received and progress billings on uncompleted contracts
174,578
210,060
Deposit received
268,204
245,948
Provision for warranties on completed contracts
3,236
2,170
Provision for losses on construction contracts
102,279
82,903
Other current liabilities
75,357
57,818
Total current liabilities
1,192,555
1,228,928
Long-term liabilities
Straight bonds
50,000
40,000
Long-term borrowings
94,699
156,954
Provision for retirement benefits
13,092
9,402
Provision for share-based remuneration for directors
72
114
Allowance for losses on investments in subsidiaries and affiliates
-
420
Other long-term liabilities
4,737
4,935
Total long-term liabilities
162,602
211,827
Total liabilities
1,355,158
1,440,756
Net assets
Shareholders' equity
Common stock
122,742
122,742
Capital surplus
30,686
30,686
Additional paid-in-capital
30,686
30,686
Retained earnings
427,989
321,132
Other retained earnings
427,989
321,132
Reserve for tax deferment on replacement of fixed assets
1,395
1,395
Reserve for purchase of specified shares
250
250
Other reserve
319,500
226,500
Retained earnings carried forward
106,843
92,986
Treasury stock
(72,966)
(713)
Total shareholders' equity
508,451
473,847
Accumulated gains from valuation
Unrealized gains on available-for-sale securities, net of taxes
85,030
106,009
Total accumulated gains from valuation
85,030
106,009
Total net assets
593,481
579,857
Total liabilities and net assets
1,948,640
2,020,613
- (Summary) Quarterly non-consolidated statement of income
(Millions of yen)
From April 1, 2024
to December 31, 2024
From April 1, 2025
to December 31, 2025
Net sales
Construction business
1,128,643
974,715
Development projects
24,552
23,649
Total net sales
1,153,195
998,365
Cost of sales
Construction business
1,040,923
838,282
Development projects
15,136
12,143
Total cost of sales
1,056,060
850,426
Gross profit
Construction business
87,719
136,433
Development projects
9,415
11,506
Total gross profit
97,134
147,939
Selling, general and administrative expenses
48,711
59,396
Operating income
48,423
88,542
Non-operating income
8,467
10,480
Non-operating expenses
1,406
3,275
Ordinary income
55,485
95,747
Extraordinary gains
31,550
30,555
Extraordinary losses
93
2,986
Income before income taxes
86,942
123,316
Income taxes
26,460
36,538
Net income
60,482
86,778
(Reference) Net income per share FY2025 (Third quarter-end): 520.55 yen
FY2024 (Third quarter-end): 330.07 yen
(Notes)
The Company's quarterly non-consolidated financial statements are prepared in accordance with the "Ordinance on the Terminology, Forms, and Preparation Methods of Quarterly Financial Statements, etc." and the "Construction Industry Law's enforcement regulations."
Classifications of categories are noted in summary.
-
(Summary) Quarterly non-consolidated balance sheet
- Supplementary Information
-
(Non-consolidated) Amount of orders received, net sales and balance carried forward
-
Amount of orders received
(Millions of yen)
First three quarters of FY2024
April 1, 2024 to
December 31, 2024
First three quarters of FY2025
April 1, 2025 to
December 31, 2025
Change over previous year
Rate of change
FY2024 (Full year)
April 1, 2024 to
March 31, 2025
(Note)
%
(Note)
%
%
(Note)
%
Civil engineering (1)
Domestic public sector
217,722
17.7
190,974
14.2
(26,748)
(12.3)
328,529
17.4
Domestic private sector
71,182
5.8
75,157
5.5
3,975
5.6
136,481
7.2
Overseas
2,450
0.2
6,116
0.5
3,665
149.6
117
0.0
Total
291,355
23.7
272,248
20.2
(19,107)
(6.6)
465,127
24.6
Building construction (2)
Domestic public sector
72,975
5.9
106,318
7.9
33,343
45.7
140,196
7.4
Domestic private sector
836,428
67.9
935,597
69.6
99,169
11.9
1,226,030
64.8
Overseas
8,602
0.7
7,386
0.5
(1,215)
(14.1)
11,185
0.6
Total
918,005
74.5
1,049,302
78.0
131,297
14.3
1,377,412
72.8
Total (1) + (2)
Domestic public sector
290,698
23.6
297,293
22.1
6,595
2.3
468,726
24.8
Domestic private sector
907,610
73.7
1,010,754
75.1
103,144
11.4
1,362,511
72.0
Overseas
11,052
0.9
13,503
1.0
2,450
22.2
11,302
0.6
Subtotal
1,209,361
98.2
1,321,551
98.2
112,189
9.3
1,842,540
97.4
Real estate development
15,958
1.3
17,830
1.3
1,872
11.7
38,224
2.0
Other
5,655
0.5
5,830
0.5
175
3.1
10,491
0.6
Total
1,230,975
100.0
1,345,213
100.0
114,237
9.3
1,891,256
100.0
Note: The percentages indicate the proportion.
-
Net sales
(Millions of yen)
First three quarters of FY2024
April 1, 2024 to
December 31, 2024
First three quarters of FY2025
April 1, 2025 to
December 31, 2025
Change over previous year
Rate of change
FY2024 (Full year)
April 1, 2024 to
March 31, 2025
(Note)
%
(Note)
%
%
(Note)
%
Civil engineering (1)
Domestic public sector
179,808
15.6
177,633
17.8
(2,174)
(1.2)
270,553
16.5
Domestic private sector
72,901
6.3
81,651
8.2
8,749
12.0
111,688
6.8
Overseas
17,438
1.5
17,228
1.7
(210)
(1.2)
21,488
1.3
Total
270,149
23.4
276,514
27.7
6,364
2.4
403,730
24.6
Building construction (2)
Domestic public sector
116,153
10.1
82,524
8.3
(33,628)
(29.0)
160,925
9.8
Domestic private sector
722,376
62.7
591,287
59.2
(131,089)
(18.1)
1,009,559
61.7
Overseas
19,963
1.7
24,389
2.4
4,426
22.2
26,489
1.6
Total
858,493
74.5
698,201
69.9
(160,292)
(18.7)
1,196,974
73.1
Total (1) + (2)
Domestic public sector
295,962
25.7
260,158
26.1
(35,803)
(12.1)
431,478
26.3
Domestic private sector
795,278
69.0
672,939
67.4
(122,339)
(15.4)
1,121,248
68.5
Overseas
37,402
3.2
41,618
4.1
4,215
11.3
47,977
2.9
Subtotal
1,128,643
97.9
974,715
97.6
(153,927)
(13.6)
1,600,704
97.7
Real estate development
18,897
1.6
17,818
1.8
(1,078)
(5.7)
26,627
1.6
Other
5,655
0.5
5,830
0.6
175
3.1
10,491
0.7
Total
1,153,195
100.0
998,365
100.0
(154,830)
(13.4)
1,637,823
100.0
Note: The percentages indicate the proportion.
- Balance carried forward
-
Amount of orders received
(Millions of yen)
First three quarters of FY2024 As of December 31, 2024 | First three quarters of FY2025 As of December 31, 2025 | Change over previous year | Rate of change | FY2024 (Full year) As of March 31, 2025 | |||||
(Note) | % | (Note) | % | % | (Note) | % | |||
Civil engineering (1) | |||||||||
Domestic public sector | 615,294 | 21.6 | 648,697 | 19.2 | 33,403 | 5.4 | 635,356 | 21.0 | |
Domestic private sector | 299,636 | 10.5 | 319,653 | 9.5 | 20,017 | 6.7 | 326,147 | 10.8 | |
Overseas | 68,180 | 2.4 | 50,685 | 1.5 | (17,495) | (25.7) | 61,797 | 2.0 | |
Total | 983,110 | 34.5 | 1,019,035 | 30.2 | 35,925 | 3.7 | 1,023,301 | 33.8 | |
Building construction (2) | |||||||||
Domestic public sector | 262,261 | 9.2 | 308,504 | 9.2 | 46,243 | 17.6 | 284,710 | 9.4 | |
Domestic private sector | 1,530,750 | 53.7 | 1,977,479 | 58.6 | 446,729 | 29.2 | 1,633,170 | 53.9 | |
Overseas | 75,254 | 2.6 | 54,309 | 1.6 | (20,945) | (27.8) | 71,312 | 2.4 | |
Total | 1,868,266 | 65.5 | 2,340,294 | 69.4 | 472,027 | 25.3 | 1,989,193 | 65.7 | |
Total (1) + (2) | |||||||||
Domestic public sector | 877,555 | 30.8 | 957,202 | 28.4 | 79,646 | 9.1 | 920,067 | 30.4 | |
Domestic private sector | 1,830,386 | 64.2 | 2,297,133 | 68.1 | 466,746 | 25.5 | 1,959,317 | 64.7 | |
Overseas | 143,435 | 5.0 | 104,995 | 3.1 | (38,440) | (26.8) | 133,109 | 4.4 | |
Subtotal | 2,851,377 | 100.0 | 3,359,330 | 99.6 | 507,953 | 17.8 | 3,012,494 | 99.5 | |
Real estate development | - | - | 14,548 | 0.4 | 14,548 | 0.0 | 14,536 | 0.5 | |
Other | - | - | - | - | - | - | - | - | |
Total | 2,851,377 | 100.0 | 3,373,879 | 100.0 | 522,502 | 18.3 | 3,027,031 | 100.0 | |
Note: The percentages indicate the proportion.