Disclaimer: This financial information, a digest of Taisei Corporation's "Consolidated Financial Results for the Fiscal Year Ended March 31, 2026" ("Kessan Tanshin") disclosed at the Tokyo Stock Exchange on May 14, 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.
May 14, 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 of annual general meeting of
shareholders: June 23, 2026
Scheduled date for dividend payment June 24, 2026 Scheduled date to file annual securities report: June 16, 2026 Supplementary materials for financial summaries: Yes
Financial results briefing: Yes (for analysts and institutional investors)
-
Consolidated financial results for the fiscal year ended March 31, 2026 (FY2025)
(From April 1, 2025 to March 31, 2026)
Net sales
Operating income
Ordinary income
Net income attributable to owners of parent
%
%
%
%
FY2025 (Full year-end) As of March 31, 2026
2,089,091
(3.0)
187,973
56.4
195,777
45.6
170,004
37.3
FY2024 (Full year-end) As of March 31, 2025
2,154,223
22.1
120,160
353.8
134,505
245.7
123,824
207.5
-
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 (Full year-end) 209,307 million yen 348.2 %
FY2024 (Full year-end) 46,695 million yen (68.1 %)
Net income per share
Diluted net income per share
Return on equity
Ratio of ordinary
income to total assets
Ratio of operating
income to net sales
yen
yen
%
%
%
FY2025 (Full year-end) As of March 31, 2026
1,025.53
-
18.7
7.6
9.0
FY2024 (Full year-end) As of March 31, 2025
682.78
-
13.8
5.4
5.6
(Reference) Equity in earnings in affiliates: FY2025 (Full year-end): 5,729 million yen
FY2024 (Full year-end): 10,225 million yen
-
Financial position (Millions of yen, rounded down)
Total assets
Net assets
Equity ratio
Net assets per share
%
yen
As of March 31, 2026
2,714,550
989,931
34.9
5,816.09
As of March 31, 2025
2,428,837
900,699
35.7
5,041.43
(Reference) Shareholders' equity: As of March 31, 2026 948,075 million yen
As of March 31, 2025 866,188 million yen
- Cash flows (Millions of yen, rounded down)
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash
equivalents at end of period
FY2025 (Full year-end) As of March 31, 2026
147,287
(195,895)
24,397
272,974
FY2024 (Full year-end) As of March 31, 2025
(13,841)
10,531
(133,769)
295,963
-
Operating results (cumulative total) (Millions of yen, rounded down) (Percentages indicate changes from the same period in the previous fiscal year.)
-
Dividends (Millions of yen, rounded down)
Dividends per share (yen)
Total dividends (annual)
Dividend payout ratio (consolidated)
Ratio of dividends to equity
(consolidated)
First quarter-end
Interim-end
Third quarter-end
Year-end
Total (Full year)
yen
yen
yen
yen
yen
%
%
FY2024
-
65.00
-
145.00
210.00
36,817
30.8
4.2
FY2025
-
125.00
-
185.00
310.00
50,751
30.2
5.7
FY2026
(forecast)
-
190.00
-
190.00
380.00
41.0
-
Consolidated results forecast for the fiscal year ending March 31, 2027 (FY2026)
(From April 1, 2026 to March 31, 2027)
(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
2,420,000
15.8
188,000
0.0
187,000
(4.5)
151,000
(11.2)
926.33
*Notes
Significant changes in the scope of consolidation during the period
(Changes in specified subsidiaries accompanying changes in scope of consolidation): Yes Newly included: Toyo Construction Co., Ltd.
Excluded: None
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 March 31, 2026 163,185,872 shares
As of March 31, 2025 183,166,472 shares
Number of treasury stock at the end of period
As of March 31, 2026 176,753 shares
As of March 31, 2025 11,352,272 shares
Average number of shares during the period (quarterly cumulative total) FY2025 (Full year-end) 165,771,810 shares
FY2024 (Full year-end) 181,353,961 shares
(Note) The number of treasury stock at the end of the period and number of treasury stock excluded for calculating average number of shares during the period include the Company's shares held by the Board Benefit Trust (BBT).
(As of March 31, 2026: 98,400 shares, As of March 31, 2025: 98,400 shares)
Reference: Summary of Non-consolidated financial statements-
Non-consolidated financial results for the fiscal year ended March 31, 2026 (FY2025)
(From April 1, 2025 to March 31, 2026)
-
Operating results (Millions of yen, rounded down)
(Percentages indicate changes from the same period in the previous fiscal year.)
Net sales
Operating income
Ordinary income
Net income
%
%
%
%
FY2025 (Full year-end) As of March 31, 2026
1,452,294
(11.3)
142,890
78.0
149,080
71.2
145,423
53.5
FY2024 (Full year-end) As of March 31, 2025
1,637,823
17.5
80,279
-
87,104
531.9
94,744
318.4
Net income per share
Diluted net income per share
yen
yen
FY2025 (Full year-end) As of March 31, 2026
877.09
-
FY2024 (Full year-end) As of March 31, 2025
522.40
-
- Financial position
(Millions of yen, rounded down)
Total assets
Net assets
Equity ratio
Net assets per share
%
%
%
yen
As of March 31, 2026
2,036,168
628,592
30.9
3,855.46
As of March 31, 2025
1,948,640
593,481
30.5
3,453.60
(Reference) Shareholders' equity: As of March 31, 2026 628,592 million yen
As of March 31, 2025 593,481 million yen
-
Operating results (Millions of yen, rounded down)
- Non-consolidated results forecast for the fiscal year ending March 31, 2027 (FY2026)
(From April 1, 2026 to March 31, 2027)
(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 | Net income per share | |||||
% | % | % | % | yen | |||||
Full fiscal year | 1,640,000 | 12.9 | 145,000 | 1.5 | 146,000 | (2.1) | 132,000 | (9.2) | 809.62 |
This financial statement is exempt from audit by certified public accountants or an auditing firm.
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. (1) Overview of operating results for the fiscal year under review" on page 2 of the Attachments.
The Company plans to hold a briefing for analysts and institutional investors on Thursday, May 14, 2026. The financial results materials to be distributed at the briefing will be posted on the Company's website immediately after the briefing.
Overview of Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2027
(Unit: 100 million yen)
Full fiscal year
Previous fiscal year
(From Apr. 1, 2024 to
Mar. 31, 2025)
Current fiscal year
(From Apr. 1, 2025 to Mar. 31, 2026)
Next fiscal year
(From Apr. 1, 2026
to Mar. 31, 2027)
Result
Forecast
Result
Over previous fiscal year
Over forecast
Forecast
Over current fiscal year
Amount of orders received
24,375
21,900
24,362
(13)
2,462
23,300
(1,062)
Civil engineering
7,002
6,500
7,200
198
700
7,000
(200)
Building construction
15,731
13,900
15,538
(193)
1,638
14,600
(938)
Real estate development
1,507
1,400
1,457
(49)
57
1,500
42
Other
134
100
165
31
65
200
34
Net sales
21,542
20,900
20,890
(651)
(9)
24,200
3,309
Civil engineering
6,306
7,000
6,797
491
(202)
7,800
1,002
Building construction
13,725
12,400
12,485
(1,239)
85
14,700
2,214
Real estate development
1,375
1,400
1,441
65
41
1,500
58
Other
134
100
165
31
65
200
34
Gross profit
%
10.7
14.1
15.8
5.1
1.7
14.8
(1.0)
2,311
2,940
3,300
989
360
3,570
269
%
19.4
18.6
20.8
1.4
2.2
18.2
(2.6)
Civil engineering
1,220
1,300
1,414
194
114
1,420
5
%
5.4
10.7
12.3
6.9
1.6
12.2
(0.1)
Building construction
744
1,330
1,535
790
205
1,790
254
%
22.8
20.7
22.0
(0.8)
1.3
21.3
(0.7)
Real estate development
313
290
316
2
26
320
3
%
23.9
20.0
20.1
(3.8)
0.1
20.0
(0.1)
Other
32
20
33
1
13
40
6
%
(5.2)
(7.0)
(6.8)
(1.6)
0.2
(7.0)
(0.2)
SG&A expenses
(1,109)
(1,460)
(1,420)
(311)
39
(1,690)
(269)
Operating income
%
5.6
7.1
9.0
3.4
1.9
7.8
(1.2)
1,201
1,480
1,879
678
399
1,880
0
Non-operating income
188
115
145
(43)
30
110
(35)
Non-operating expenses
(45)
(75)
(67)
(22)
7
(120)
(52)
(Net financial revenue)
49
22
29
(19)
7
(46)
(75)
Ordinary income
%
6.2
7.3
9.4
3.2
2.1
7.7
(1.7)
1,345
1,520
1,957
612
437
1,870
(87)
Extraordinary gains
488
513
552
63
39
460
(92)
Extraordinary losses
(51)
(13)
(45)
5
(32)
-
45
Income before income taxes
%
8.3
9.7
11.8
3.5
2.1
9.6
(2.2)
1,782
2,020
2,464
681
444
2,330
(134)
Income taxes
(503)
(610)
(715)
(212)
(105)
(780)
(64)
Net income
%
5.9
6.7
8.4
2.5
1.7
6.4
(2.0)
1,279
1,410
1,748
468
338
1,550
(198)
Net income attributable to non-controlling interests
(41)
(40)
(48)
(7)
(8)
(40)
8
Net income attributable to owners of parent
%
5.7
6.6
8.1
2.4
1.5
6.2
(1.9)
1,238
1,370
1,700
461
330
1,510
(190)
The forecast for the current fiscal year shows the figures in earnings forecasts released on February 6, 2026.
Overview of Non-consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2027
(Unit: 100 million yen)
Full year
Previous fiscal year (From Apr. 1, 2024
to Mar. 31, 2025)
Current fiscal year
(From Apr. 1, 2025
to Mar. 31, 2026)
Next fiscal year
(From Apr. 1, 2026
to Mar. 31, 2027)
Result
Forecast
Result
Forecast
Over previous fiscal year
Over forecast
Over current fiscal year
Amount of orders received
18,912
15,200
17,832
(1,080)
2,632
15,000
(2,832)
Civil engineering
4,651
3,500
4,257
(393)
757
3,600
(657)
Domestic
4,650
3,100
3,926
(723)
826
3,200
(726)
Overseas
1
400
330
329
(69)
400
69
Building construction
13,774
11,400
13,188
(585)
1,788
11,100
(2,088)
Domestic
13,662
11,150
13,119
(542)
1,969
11,000
(2,119)
Overseas
111
250
68
(43)
(181)
100
31
Total
18,425
14,900
17,445
(979)
2,545
14,700
(2,745)
Real estate development
382
204
255
(126)
51
200
(55)
Other
104
96
130
25
34
100
(30)
Net sales
16,378
14,300
14,522
(1,855)
222
16,400
1,877
Civil engineering
4,037
4,000
3,948
(89)
(51)
4,300
351
Domestic
3,822
3,750
3,717
(104)
(32)
4,000
282
Overseas
214
250
230
15
(19)
300
69
Building construction
11,969
10,000
10,214
(1,755)
214
11,800
1,585
Domestic
11,704
9,560
9,835
(1,869)
275
11,500
1,664
Overseas
264
440
378
113
(61)
300
(78)
Total
16,007
14,000
14,162
(1,844)
162
16,100
1,937
Real estate development
266
204
229
(36)
25
200
(29)
Other
104
96
130
25
34
100
(30)
Gross profit
%
9.2
13.7
15.8
6.6
2.1
14.6
(1.2)
1,514
1,960
2,287
773
327
2,400
112
%
20.7
21.0
23.0
2.3
2.0
18.8
(4.2)
Civil engineering
835
840
908
73
68
810
(98)
%
4.4
10.0
11.9
7.5
1.9
12.2
0.3
Building construction
521
1,000
1,219
698
219
1,440
220
%
8.5
13.1
15.0
6.5
1.9
14.0
(1.0)
Total
1,356
1,840
2,128
771
288
2,250
121
%
49.8
51.0
58.7
8.9
7.7
65.0
6.3
Real estate development
132
104
134
2
30
130
(4)
%
23.9
16.7
18.8
(5.1)
2.1
20.0
1.2
Other
25
16
24
(0)
8
20
(4)
%
(4.3)
(6.1)
(5.9)
(1.6)
0.2
(5.8)
0.1
SG&A expenses
(711)
(870)
(858)
(147)
11
(950)
(91)
Operating income
%
4.9
7.6
9.8
4.9
2.2
8.8
(1.0)
802
1,090
1,428
626
338
1,450
21
Non-operating income
92
100
111
18
11
100
(11)
Non-operating expenses
(24)
(70)
(49)
(24)
20
(90)
(40)
(Net financial revenue)
71
56
63
(7)
7
16
(47)
Ordinary income
%
5.3
7.8
10.3
5.0
2.5
8.9
(1.4)
871
1,120
1,490
619
370
1,460
(30)
Extraordinary gains
444
513
543
99
30
450
(93)
Extraordinary losses
(6)
(13)
(32)
(26)
(19)
-
32
Income before income taxes
%
8.0
11.3
13.8
5.8
2.5
11.6
(2.2)
1,308
1,620
2,001
693
381
1,910
(91)
Income taxes
(361)
(480)
(547)
(186)
(67)
(590)
(42)
Net income
%
5.8
8.0
10.0
4.2
2.0
8.0
(2.0)
947
1,140
1,454
506
314
1,320
(134)
The forecast for the current fiscal year shows the figures in earnings forecasts released on February 6, 2026.
Overview of Operating Results, etc.
Overview of operating results for the fiscal year under review 7
Overview of financial position for the fiscal year under review 8
Overview of cash flows for the fiscal year under review 8
Basic policy on profit distribution and dividends for the fiscal year under review and the next fiscal year 8
Policy related to cross-shareholdings 10
Management Policy
Basic management policy of the Company 11
Medium- to long-term management strategies and issues to be addressed 11
Target management indicators 11
Other matters related to management policy 11
Basic Policies for Selecting Accounting Standards 11
Consolidated Financial Statements
Consolidated balance sheet 12
Consolidated statement of income and consolidated statement of comprehensive income 14
Consolidated statement of changes in net assets 17
Consolidated statement of cash flows 21
Notes to consolidated financial statements 23
Non-consolidated Financial Statements
Non-consolidated balance sheet 31
Non-consolidated statement of income 33
Non-consolidated statement of changes in net assets 34
Other
(Consolidated) Amount of orders received, net sales, and balance carried forward 36
(Non-consolidated) Amount of orders received, net sales, and balance carried forward 37
-
Overview of Operating Results, etc.
-
Overview of operating results for the fiscal year under review
Operating results for the fiscal year under review (Overview of the fiscal year under review)
The Japanese economy has continued a moderate recovery trend, supported by a rebound in personal consumption and capital investment.
In the construction market, overall construction investment has been steady due to a recovery in private investment and solid public investment.
However, the situation in the Middle East and the outlook for U.S. trade policy remain uncertain and require continued monitoring.
Orders received and net sales
Orders received remained roughly the same year on year at ¥2,436.2 billion. Net sales decreased 3.0% year on year to ¥2,089.0 billion due to a decrease in the building construction business.
Operating income, ordinary income, and net income attributable to owners of parent
Operating income increased 56.4% year on year to ¥187.9 billion due to gross profit increasing 42.8% year on year to ¥330.0 billion reflecting a turnaround in profit margins in the civil engineering and building construction businesses, although selling, general and administrative expenses increased 28.0% year on year to ¥142.0 billion. Ordinary income increased 45.6% year on year to ¥195.7 billion 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 37.3% year on year to ¥170.0 billion due to a turnaround in extraordinary gains (losses) mainly because of an increase in gain on sales of investment securities. Return on equity (ROE) increased 4.9% year on year to 18.7%.
(Operating results by reportable segment including internal transactions between segments)
Civil engineering
Net sales increased 8.5% year on year to ¥720.2 billion due to an increase in sales by the consolidated subsidiaries. Operating income increased 9.1% year on year to ¥95.5 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
Net sales decreased 9.0% year on year to ¥1,274.4 billion due to a decrease in sales by the Company. Operating income increased 590.6% year on year to ¥78.3 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
In the real estate industry, recent vacancy rates in the building leasing market are declining and rents are on the rise due to the ongoing trend of workers returning to the office. The real estate sales market generally remained strong as investor appetite remained strong.
Net sales of the Group in the real estate development segment increased 5.1% year on year to ¥154.2 billion due to an increase in sales by its consolidated subsidiaries. Operating income increased 2.0% year on year to ¥23.9 billion due not only to larger revenue but to an increase in gross profit from development projects reflecting the turnaround in profit margins for the Company.
Others
Net sales increased 18.0% year on year to ¥20.7 billion, and operating income increased 1.4% to ¥2.3 billion.
Outlook for the next fiscal year
In FY2026, the Japanese economy is expected to maintain its gradual recovery trend, supported by improvements in the employment and income environment. On the other hand, geopolitical risks, including the situation in the Middle East, and U.S. trade policy trends could exert downward pressure on the economy.
In the construction market, overall construction investment is expected to remain steady, supported by a recovery in private investment and strong public investment. However, it should be noted that there are risks that rising material and energy prices and delivery delays associated with the situation in the Middle East and the impact of U.S. trade policies may curb construction investment. With these circumstances taken into consideration, the consolidated results forecasts for the next fiscal year (April 1, 2026 to March 31, 2027) are net sales of ¥2,420.0 billion, operating income of ¥188.0 billion, ordinary income of ¥187.0 billion, and net income
attributable to owners of parent of ¥151.0 billion. Orders received are expected to reach ¥2,330.0 billion.
-
Overview of financial position for the fiscal year under review
Analysis of assets, liabilities, and net assets Assets
Total assets increased by 11.8% or ¥285.7 billion year on year to ¥2,714.5 billion due in part to the consolidation of Toyo Construction Co., Ltd. as a subsidiary during the fiscal year under review.
Liabilities
Total liabilities increased by 12.9% or ¥196.4 billion year on year to ¥1,724.6 billion due in part to an increase in interest-bearing debt for fund-raising purposes.
Net assets
Net assets increased by 9.9% or ¥89.2 billion year on year to ¥989.9 billion due in part to the recording of net income attributable to owners of parent and an increase in remeasurements of defined benefit plans, despite repurchases of treasury stock.
-
Overview of cash flows for the fiscal year under review
Analysis of cash flows
Cash flows from operating activities
Net cash provided by operating activities totaled ¥147.2 billion (versus ¥13.8 billion used in the previous fiscal year) due in part to income before income taxes of ¥246.4 billion.
Cash flows from investing activities
Net cash used in investing activities totaled ¥195.8 billion (versus ¥10.5 billion provided in the previous fiscal year) due in part to the consolidation of Toyo Construction Co., Ltd. as a subsidiary during the fiscal year under review.
Cash flows from financing activities
Net cash provided by financing activities totaled ¥24.3 billion (versus ¥133.7 billion used in the previous fiscal year) due in part to an increase in interest-bearing debt for fund-raising purposes.
Accordingly, cash and cash equivalents at the end of the fiscal year under review amounted to ¥272.9 billion, down ¥22.9 billion year on year. The balance of interest-bearing debt for fund-raising purposes amounted to ¥463.4 billion, up ¥147.9 billion year on year. Of the interest-bearing debt for fund-raising purposes, non-recourse debt was ¥46.0 billion.
-
Basic policy on profit distribution and dividends for the fiscal year under review and the next fiscal year
The Company's basic policy is to maintain a dividend payout ratio of 30% with a lower limit based on the premise of long-term stable dividends, while maintaining financial discipline and prioritizing growth investments, and to provide shareholder returns through flexible share repurchases and other measures based on financial policy.
Based on this policy, we have decided to pay a year-end dividend of ¥185 per share for the fiscal year under review, taking into consideration the financial results for the fiscal year under review and the future business environment, among other factors.
Accordingly, the annual dividend for the fiscal year, including the interim dividend, will be ¥310 per share (dividend payout ratio of 30.2%).
In addition, to further enhance shareholder returns, we will increase its dividend payout ratio to a "dividend payout ratio of 40% with a lower limit" from the next fiscal year.
Based on this policy, we will set an annual dividend of ¥380 per share as a minimum dividend amount for the next fiscal year (including an interim dividend of ¥190; a dividend payout ratio of 41.0%). This is equivalent to a 40% dividend payout ratio based on the initial forecast of consolidated net income. If the results exceed the forecast, we will revise the dividend forecast upward in accordance with the dividend payout ratio of 40%.
We also maintain a policy of acquiring treasury stock in a flexible manner while prioritizing growth investments.
Going forward, we will continue to improve our financial results and shareholder returns in order to meet the expectations of our shareholders.
- Policy related to cross-shareholdings
Moving forward, we will consider and implement an additional sale, etc. in order to steadily achieve the reduction target, even in the event of fluctuations in stock prices and our consolidated net assets.
-
Overview of operating results for the fiscal year under review
-
Management Policy
-
Basic management policy of the Company
Under the Taisei Group Philosophy "To create a vibrant environment for all members of society," all officers and employees share the "Taisei Spirit," which is based on three values: active and transparent culture, value creation, and evolution of tradition. The Group creates safe, secure, and attractive spaces and high value in harmony with nature, and strives to build a global society filled with dreams and hopes for the next generation.
-
Medium- to long-term management strategies and issues to be addressed
With a view to realizing its medium- to long-term vision, the Group formulated, in May 2024, the TAISEI VISION 2030 Achievement Plan, which organizes the policies and measures to be taken in a seven-year period, as well as the Medium-Term Management Plan (2024-2026), which has set numerical targets as milestones in a three-year period.
Based on these, we will develop medium- to long-term business strategies for our business segments as well as business foundations that support these strategies, and will also steadily implement the investments necessary to capture future growth and business profit opportunities.
The TAISEI VISION 2030 Achievement Plan and Medium-Term Management Plan (2024-2026) are posted on our website. (URL) https://www.taisei.co.jp/english/ir/policy/plan/
-
Target management indicators
Numerical management targets (consolidated) for the final year (FY2026) of the Medium-Term Management Plan (2024-2026)
(Billions of yen)
Medium-Term Management Plan (2024-2026)
FY2024
FY2025
FY2026
Results
Results
Numerical management
targets*1
Forecasts
Group operating income
120.1
187.9
120.0
188.0
Group net income
123.8
170.0
80.0
151.0
ROE
13.8%
18.7%
Approx. 8.5%*2
15.4%
(Reference) Net sales
2,154.2
2,089.0
Approx. 1,950.0
2,420.0
*1 As of the formulation of the Medium-Term Management Plan (May 2024)
*2 Approx. 10% if the sale of cross-shareholdings progresses as planned.
- Other matters related to management policy
In December 2020, the Company received a cease and desist order from the Japan Fair Trade Commission for violating the Antimonopoly Act in relation to the construction of new terminal stations (Shinagawa Station and Nagoya Station) using an underground excavation method for the Linear Chuo Shinkansen. In March 2021, the Company filed a lawsuit to revoke the cease and desist order, taking objection to the order. However, the Tokyo District Court in June 2024 and the Tokyo High Court in May 2025 each handed down a ruling dismissing our claim. In response, the Company filed a final appeal and a petition for acceptance of a final appeal with the Supreme Court in May 2025.
-
Basic management policy of the Company
-
Basic Policies for Selecting Accounting Standards
The Japanese accounting standards, which has undergone convergence with the international accounting standards, is of proven quality, compares favorably internationally and is evaluated by the relevant authorities in Europe as being equivalent to the IFRS. The Group therefore adopts Japanese GAAP as its accounting standards.
Going forward, the Group will take into consideration domestic and international trends in deciding whether to adopt the IFRS as appropriate.
-
Consolidated Financial Statements
-
Consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Assets
Current assets
Cash and time deposits
240,689
278,336
Notes and accounts receivable trade
939,160
961,838
Securities
60,000
-
Cost on uncompleted contracts
69,013
89,410
Real estate for sale and development projects in progress
188,677
218,781
Other inventories
6,992
10,900
Other current assets
95,518
78,955
Allowance for doubtful accounts
(353)
(511)
Total current assets
1,599,698
1,637,711
Fixed assets
Tangible fixed assets
Buildings and structures
179,616
199,111
Machinery, vehicles and equipment
88,070
115,302
Land
131,342
188,028
Construction in progress
14,352
47,740
Accumulated depreciation
(166,635)
(202,371)
Total tangible fixed assets
246,745
347,811
Intangible fixed assets
Goodwill
8,054
75,945
Other intangible fixed assets
19,484
40,255
Total intangible fixed assets
27,538
116,200
Investments and other assets
Investment securities
428,326
466,292
Net defined benefit asset
58,171
94,801
Deferred income tax assets
38,508
16,533
Other fixed assets
32,004
37,530
Allowance for doubtful accounts
(2,155)
(2,332)
Total investments and other assets
554,854
612,826
Total fixed assets
829,139
1,076,838
Total assets
2,428,837
2,714,550
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Liabilities
Current liabilities
Notes and accounts payable trade
553,376
501,553
Short-term borrowings
115,212
161,986
Short-term non-recourse loans payable
208
15
Straight bonds due within one year
10,000
10,000
Lease obligations
875
714
Income taxes payable
37,904
36,107
Advances received and progress billings on uncompleted contracts
211,132
283,340
Deposit received
193,483
223,751
Provision for warranties on completed contracts
4,129
3,525
Provision for losses on construction contracts
102,678
76,400
Allowance for losses on orders received
31
-
Other current liabilities
63,892
82,352
Total current liabilities
1,292,924
1,379,747
Long-term liabilities
Straight bonds
50,000
40,000
Non-recourse bonds payable
100
200
Long-term borrowings
127,799
205,428
Long-term non-recourse loans payable
12,201
45,851
Lease obligations
1,564
1,863
Deferred income tax liabilities
-
3,965
Deferred income tax liabilities for revaluation of land
4,596
6,805
Retirement benefits for directors and corporate auditors
933
938
Provision for share-based remuneration for directors
348
371
Allowance for losses on investments in subsidiaries and affiliates
3,033
1,154
Net defined benefit liability
17,418
19,875
Other long-term liabilities
17,216
18,416
Total long-term liabilities
235,213
344,871
Total liabilities
1,528,137
1,724,619
Net assets
Shareholders' equity
Common stock
122,742
122,742
Capital surplus
30,461
30,439
Retained earnings
649,200
625,553
Treasury stock
(73,168)
(927)
Total shareholders' equity
729,234
777,806
Accumulated other comprehensive income
Unrealized gains on available-for-sale securities, net of taxes
87,254
100,604
Unrealized gains (losses) on hedging derivatives, net of taxes
4
409
Revaluation reserve for land
1,062
1,079
Foreign currency translation adjustments
8,040
7,452
Remeasurements of defined benefit plans
40,592
60,722
Total accumulated other comprehensive income
136,953
170,268
Non-controlling interests
34,511
41,855
Total net assets
900,699
989,931
Total liabilities and net assets
2,428,837
2,714,550
-
Consolidated statement of income and consolidated statement of comprehensive income Consolidated statement of income
(Millions of yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
Net sales
Construction business
1,975,150
1,895,789
Development projects
179,073
193,301
Total net sales
2,154,223
2,089,091
Cost of sales
Construction business
1,781,706
1,604,411
Development projects
141,377
154,624
Total cost of sales
1,923,083
1,759,035
Gross profit
Construction business
193,443
291,378
Development projects
37,696
38,677
Total gross profit
231,139
330,055
Selling, general and administrative expenses
Selling expenses
39,058
44,294
General and administrative expenses
71,920
97,787
Total selling, general and administrative expenses
110,978
142,081
Operating income
120,160
187,973
Non-operating income
Interest income
1,401
1,577
Dividend income
6,095
5,634
Investment gain on equity method
10,225
5,729
Other non-operating income
1,170
1,622
Total non-operating income
18,894
14,564
Non-operating expenses
Interest expenses
2,572
4,237
Financing expenses
850
621
Taxes and dues
707
1,035
Other non-operating expenses
418
866
Total non-operating expenses
4,549
6,760
Ordinary income
134,505
195,777
(Millions of yen)
Consolidated statement of comprehensive incomeFrom April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
Extraordinary gains
Gain on sales of investment securities
46,197
54,656
Other extraordinary gains
2,697
568
Total extraordinary gains
48,894
55,225
Extraordinary losses
Loss on sales of fixed assets
53
533
Impairment losses on fixed assets
1,302
3,532
Loss on investments in subsidiaries and affiliates
3,033
-
Other extraordinary losses
760
520
Total extraordinary losses
5,149
4,586
Income before income taxes
178,250
246,417
Income taxes - current
60,564
65,626
Income taxes - deferred
(10,258)
5,966
Total income taxes
50,306
71,592
Net income
127,944
174,824
Net income attributable to non-controlling interests
4,119
4,819
Net income attributable to owners of parent
123,824
170,004
(Millions of yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
Net income
127,944
174,824
Other comprehensive income
Unrealized gains on available-for-sale securities, net of taxes
(66,816)
13,824
Unrealized gains (losses) on hedging derivatives, net of taxes
-
440
Revaluation reserve for land
(131)
-
Foreign currency translation adjustments
3,812
(175)
Remeasurements of defined benefit plans
(19,724)
20,238
Share of other comprehensive income of entities accounted for using equity method
1,610
154
Total other comprehensive income
(81,249)
34,483
Comprehensive income
46,695
209,307
Comprehensive income attributable to
Owners of parent
42,362
203,197
Non-controlling interests
4,332
6,109
-
Consolidated statement of changes in net assets Consolidated fiscal year ended March 31, 2025
(Millions of Yen)
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders'
equity
Balance as of April 1, 2024
122,742
30,382
558,721
(898)
710,947
Changes during the period
Dividends
(23,877)
(23,877)
Net income attributable to
owners of parent
123,824
123,824
Acquisition of treasury stock
(82,273)
(82,273)
Disposal of treasury stock
0
3
3
Cancellation of treasury stock
(9,999)
9,999
-
Transfer from retained
earnings to capital surplus
9,999
(9,999)
-
Reversal of revaluation
reserve for land
(28)
(28)
Changes in scope of consolidation
(28)
38
9
Change in ownership interest of parent due to transactions
with non-controlling interests
107
107
Changes in scope of equity method
522
522
Changes other than shareholders' equity, net
(Note)
Total changes during the period
-
78
90,478
(72,270)
18,287
Balance as of March 31, 2025
122,742
30,461
649,200
(73,168)
729,234
Accumulated other comprehensive income
Non-controlling interests
Total net assets
Unrealized gains on available-for-sale securities,
net of taxes
Unrealized gains (losses) on hedging derivatives,
net of taxes
Revaluation reserve for land
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
income
Balance as of April 1, 2024
154,295
(1)
1,176
2,530
60,385
218,387
31,666
961,000
Changes during the period
Dividends
(23,877)
Net income attributable to
owners of parent
123,824
Acquisition of treasury stock
(82,273)
Disposal of treasury stock
3
Cancellation of treasury stock
-
Transfer from retained
earnings to capital surplus
-
Reversal of revaluation
reserve for land
28
28
-
Changes in scope of consolidation
9
Change in ownership interest
of parent due to transactions with non-controlling interests
107
Changes in scope of equity
method
522
Changes other than shareholders' equity, net
(Note)
(67,041)
5
(143)
5,509
(19,793)
(81,461)
2,844
(78,617)
Total changes during the period
(67,041)
5
(114)
5,509
(19,793)
(81,433)
2,844
(60,301)
Balance as of March 31, 2025
87,254
4
1,062
8,040
40,592
136,953
34,511
900,699
(Note) Excluding the reversal of revaluation reserve for land.
Consolidated fiscal year ended March 31, 2026(Millions of Yen)
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders'
equity
Balance as of April 1, 2025
122,742
30,461
649,200
(73,168)
729,234
Changes during the period
Dividends
(45,502)
(45,502)
Net income attributable to
owners of parent
170,004
170,004
Acquisition of treasury stock
(77,969)
(77,969)
Disposal of treasury stock
324
1,754
2,079
Cancellation of treasury stock
(148,457)
148,457
-
Transfer from retained
earnings to capital surplus
148,132
(148,132)
-
Reversal of revaluation
reserve for land
(16)
(16)
Changes in scope of consolidation
-
Change in ownership interest of parent due to transactions
with non-controlling interests
(22)
(22)
Changes in scope of equity method
-
Changes other than shareholders' equity, net
(Note)
Total changes during the period
-
(22)
(23,647)
72,241
48,571
Balance as of March 31, 2026
122,742
30,439
625,553
(927)
777,806
Accumulated other comprehensive income
Non-controlling interests
Total net assets
Unrealized gains on available-for-sale securities,
net of taxes
Unrealized gains (losses) on hedging derivatives,
net of taxes
Revaluation reserve for land
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
income
Balance as of April 1, 2025
87,254
4
1,062
8,040
40,592
136,953
34,511
900,699
Changes during the period
Dividends
(45,502)
Net income attributable to
owners of parent
170,004
Acquisition of treasury stock
(77,969)
Disposal of treasury stock
2,079
Cancellation of treasury stock
-
Transfer from retained
earnings to capital surplus
-
Reversal of revaluation
reserve for land
16
16
-
Changes in scope of consolidation
-
Change in ownership interest
of parent due to transactions with non-controlling interests
(22)
Changes in scope of equity
method
-
Changes other than shareholders' equity, net
(Note)
13,350
405
(588)
20,130
33,298
7,344
40,642
Total changes during the period
13,350
405
16
(588)
20,130
33,314
7,344
89,231
Balance as of March 31, 2026
100,604
409
1,079
7,452
60,722
170,268
41,855
989,931
(Note) Excluding the reversal of revaluation reserve for land.
-
Consolidated statement of cash flows
(Millions of Yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
Cash flows from operating activities
Income before income taxes
178,250
246,417
Depreciation and amortization
16,391
16,766
Impairment losses on fixed assets
1,302
3,532
Amortization of goodwill
529
5,796
Increase (decrease) in allowance for doubtful accounts
(30)
267
Increase (decrease) in provision for losses on construction contracts
6,017
(26,678)
Increase (decrease) in net defined benefit liability
(1,014)
(1,469)
Decrease (increase) in net defined benefit asset
22,175
(35,780)
Increase (decrease) in remeasurements of defined benefit plans
(19,724)
20,238
Increase (decrease) in allowance for losses on investments in
subsidiaries and affiliates
3,033
(1,878)
Interest and dividend income
(7,497)
(7,212)
Interest expenses
2,572
4,237
Foreign exchange losses (gains)
(209)
(783)
Loss (gain) on valuation of investment securities
82
32
Loss (gain) on sales of investment securities
(48,672)
(54,478)
Loss (gain) on sales of fixed assets
(90)
(21)
Investment loss (gain) on equity method
(10,225)
(5,729)
Decrease (increase) in trade receivables
(74,123)
61,006
Decrease (increase) in cost on uncompleted contracts
10,962
(16,427)
Decrease (increase) in real estate for sale and development projects in progress
(17,759)
(28,135)
Decrease (increase) in other inventories
(140)
(3,666)
Decrease (increase) in accounts receivable - other
15,500
13,022
Increase (decrease) in trade payables
(44,789)
(80,612)
Increase (decrease) in accrued expenses
3,490
8,776
Increase (decrease) in advances received and progress billings on uncompleted contracts
(4,580)
62,119
Increase (decrease) in deposit received
(3,435)
17,842
Increase (decrease) in accounts payable - other
17,043
6,928
Other, net
(6,452)
5,539
Subtotal
38,605
209,648
Interest and dividend received
9,895
10,214
Interest paid
(2,542)
(4,158)
Income taxes paid
(59,799)
(68,416)
Net cash provided by (used in) operating activities
(13,841)
147,287
(Millions of yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
Cash flows from investing activities
Decrease (increase) in time deposits
(334)
(548)
Purchase of tangible and intangible assets
(31,939)
(77,579)
Proceeds from sales of tangible and intangible assets
898
2,604
Purchase of investment securities
(86,617)
(60,498)
Proceeds from sales and redemption of investment securities
115,149
90,488
Purchase of shares of subsidiaries resulting in change in scope of consolidation
-
(150,480)
Proceeds from sales of shares of subsidiaries resulting in change in scope of consolidation
13,377
-
Other, net
(2)
117
Net cash provided by (used in) investing activities
10,531
(195,895)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
3,532
4,840
Proceeds from long-term borrowings
26,400
132,200
Repayment of long-term borrowings
(40,239)
(51,437)
Proceeds from long-term non-recourse borrowings
7,998
33,690
Repayment of long-term non-recourse loans payable
(261)
(233)
Proceeds from issuance of bonds
9,944
-
Redemption of bonds
-
(10,000)
Proceeds from issuance of non-recourse bonds
90
93
Acquisition of treasury stock
(82,071)
(77,968)
Decrease (increase) in deposits for the purchase of treasury stock
(32,640)
32,640
Dividends paid
(23,877)
(45,502)
Other, net
(2,644)
6,075
Net cash provided by (used in) financing activities
(133,769)
24,397
Effect of exchange rate changes on cash and cash equivalents
2,287
1,221
Net increase (decrease) in cash and cash equivalents
(134,791)
(22,988)
Cash and cash equivalents at beginning of year
430,754
295,963
Cash and cash equivalents at end of year
295,963
272,974
- Notes to consolidated financial statements
(Notes regarding going concern assumption)
Not applicable.
(Additional Information)
Performance-based share remuneration plan for directors (Overview of transactions)
The Company has introduced the performance-based share remuneration plan "Board Benefit Trust (the "BBT")" for directors.
Shares of the Company's common stock are acquired through the BBT with money contributed by the Company (the "Company Stock"). The directors will have the Company Stock and the amounts converted at fair value of the Company Stock (the "Company Stock, etc.," which are provided through the BBT when directors retire in accordance with "Officers' Share Benefit Regulation" as stipulated by the Company.
(Treasury stock held by the BBT)
The shares held by the BBT are reported by the book value of the BBT (excluding the incidental expenses) as part of the treasury stock in the net assets. At the end of the previous fiscal year and the current fiscal year, the book value of treasury stock held by the BBT was
¥363 million and ¥363 million, and the number of shares was 98 thousand shares and 98 thousand shares, respectively.
(Matters related to consolidated balance sheets)
Shares, etc., to non-consolidated subsidiaries and affiliated companies
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
148,186 189,243
Revaluation of land
Some of the domestic consolidated subsidiaries executed revaluation of their land for business use in accordance with the Act on Revaluation of Land (Act No. 34, March 31, 1998), and revaluation reserve for land is recognized in net assets section.
Method of revaluation
The revaluation is executed in accordance with the method prescribed in Article 2, Items 3, 4, and 5 of the Order of Enforcement of the Act on Revaluation of Land (Cabinet Order No. 119, March 31, 1998).
Date of revaluation
March 31, 2000, November 30, 2001 and March 31, 2002
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
The difference between the fair value of the revalued land at the end of the
current fiscal year and the book value after the revaluation
2,365
4,715
Of which, the difference related to investment and rental property
(80)
(1,485)
Pledged assets
The following assets were pledged as collateral for borrowings and others of subsidiaries and affiliates.
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Land
-
16,049
Buildings and structures
-
979
Investment securities
930
858
Investments and other assets
/Other assets
619
651
Total
1,549
18,539
Liabilities related to the above
-
760
Contingent liabilities
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Guarantee obligations
6,713
16,736
Cost on uncompleted contracts corresponding to provision for losses on construction contracts
Cost on uncompleted contracts and provision for losses on construction contracts related to construction contracts that are likely to incur losses are separately presented, without being set off.
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
889
4,217
Assets corresponding to non-recourse liabilities
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Land
-
34,308
Real estate for sale
16,570
29,463
Other
2,056
3,226
(Matters Related to Consolidated Statements of Income)
Provision for losses on construction contracts included in cost of sales
(Millions of yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
35,984
6,508
Research and development expenses included in general and administrative expenses and manufacturing costs
(Millions of yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
19,503
21,829
(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 acquiree. Furthermore, to make the Company and Maeda Corporation the only shareholders of the acquiree, the acquiree conducted a share consolidation and acquired treasury shares targeting the acquiree's shares held by Maeda Corporation and others, 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 consolidated financial statements
From October 1, 2025 to March 31, 2026
Breakdown of the acquisition cost for the acquiree by type of consideration
Consideration for the acquisition
Cash and deposits
¥131,684 million
Acquisition cost
¥131,684 million
The acquiree acquired treasury shares targeting the acquiree's shares held by Maeda Corporation (¥27,651 million).
Details and amount of major acquisition-related expenses
Advisory fees, etc. ¥920 million
Amount of goodwill recognized, reason for recognition, and method and period of amortization
Amount of goodwill recognized
¥73,558 million
Following the allocation of the acquisition cost, customer-related intangible assets of ¥14,946 million（after tax effect）were recorded.
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.
Amounts of assets acquired and liabilities assumed as of the business combination date and their major components
Current assets
¥111,327 million
Fixed assets
¥79,802 million
Total assets
¥191,130 million
Current liabilities
¥73,791 million
Long-term liabilities
¥28,654 million
Total liabilities
¥102,446 million
(Segment Information, etc.) [Segment Information]
General information on reportable segments
Each reportable segment of the Company is a business unit in the Company, whose discrete financial information is available. Reportable segments are reviewed periodically at the Board of Directors Meeting in order to determine distribution of management resources and evaluate business results of each reportable segment.
The Company has established headquarters at the head office for each product of construction and service. Each headquarters, along with consolidated subsidiaries, proposes comprehensive domestic and overseas strategies with respect to products and services, and operates its business activities.
The Company consists of segments identified by products and services based on the headquarters, and identifies the three segments, "Civil engineering," "Building construction," and "Real estate development" as reportable segments.
"Civil engineering" refers to construction of civil engineering, etc., "Building construction" refers to construction of buildings and housing, etc., and "Real estate development" refers to purchase, sale, lease, management, and brokerage of land and buildings, etc.
Basis of measurement of net sales, profit or loss, and other material items in reportable segment
The accounting method for each reportable segment is the same as that used to prepare the consolidated financial statements. The profit (loss) of a reportable segment is based on the operating income (loss) before amortization of goodwill in the consolidated statement of income. In addition, conditions of intersegment transactions and transfers are determined by considering market prices as in the case of other general transactions.
Assets of the Company are not allocated to the segments. However, the corresponding depreciation and amortization are allocated to the segments according to the rational basis such as the usage of assets.
Information of net sales, profit or loss, and other material items by reportable segment
Consolidated fiscal year ended March 31, 2025
(Millions of yen)
Reportable segments
Others (Note 1)
Total
Adjustments (Note 2)
Book value in consolidated financial
statements (Note 3)
Civil engineering
Building construction
Real estate development
Subtotal
Net sales:
Sales on third party customers
630,627
1,372,558
137,589
2,140,775
13,448
2,154,223
-
2,154,223
Intersegment
transactions or transfers
33,294
27,439
9,199
69,933
4,120
74,054
(74,054)
-
Total
663,922
1,399,997
146,788
2,210,708
17,569
2,228,278
(74,054)
2,154,223
Segment operating income
87,580
11,348
23,487
122,416
2,327
124,743
(4,582)
120,160
Other items
Depreciation and amortization
6,118
7,480
2,748
16,347
181
16,528
(137)
16,391
Increase (decrease) in provision for losses on construction contracts
3,131
2,886
-
6,017
-
6,017
-
6,017
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 ¥(4,582) million includes elimination of intersegment transaction amounting to
¥(4,053) million and amortization of goodwill amounting to ¥(529) million.
Segment operating income is adjusted in accordance with operating income of the consolidated statement of income.
Consolidated fiscal year ended March 31, 2026
(Millions of yen)
Reportable segments
Others (Note 1)
Total
Adjustments (Note 2)
Book value in consolidated financial statements
(Note 3)
Civil engineering
Building construction
Real estate development
Subtotal
Net sales:
Sales on third party customers
679,740
1,248,588
144,174
2,072,503
16,588
2,089,091
-
2,089,091
Intersegment transactions or transfers
40,486
25,882
10,094
76,463
4,149
80,613
(80,613)
-
Total
720,226
1,274,470
154,269
2,148,966
20,737
2,169,704
(80,613)
2,089,091
Segment operating income
95,557
78,370
23,952
197,880
2,360
200,241
(12,267)
187,973
Other items
Depreciation and amortization
6,431
7,830
2,653
16,914
146
17,060
(293)
16,767
Increase (decrease) in provision for losses on
construction contracts
915
(27,593)
-
(26,678)
-
(26,678)
-
(26,678)
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.
2. The adjustments of segment operating income of ¥(12,267) million includes elimination of intersegment transaction amounting to
¥(6,470) million and amortization of goodwill amounting to ¥(5,796) million.
3. Segment operating income is adjusted in accordance with operating income of the consolidated statement of income.
[Information about impairment losses on fixed assets of reportable segment]
Consolidated fiscal year ended March 31, 2025
(Millions of yen)
Reportable segments
Others
Elimination and/or corporate
Total
Civil engineering
Building Construction
Real estate development
Subtotal
Impairment losses on fixed assets
97
-
58
155
1,146
-
1,302
Consolidated fiscal year ended March 31, 2026
(Millions of yen)
Reportable segments
Others
Elimination and/or corporate
Total
Civil engineering
Building construction
Real estate development
Subtotal
Impairment losses on fixed assets
163
48
532
744
2,787
-
3,532
[Information about amortization and unamortized balance of goodwill of reportable segment]
Consolidated fiscal year ended March 31, 2025
(Millions of yen)
Reportable segments
Others
Elimination and/or corporate
Total
Civil engineering
Building construction
Real estate development
Subtotal
Amortization of goodwill
19
509
-
529
-
-
529
Unamortized balance of
goodwill
26
8,027
-
8,054
-
-
8,054
Consolidated fiscal year ended March 31, 2026
(Millions of yen)
Reportable segments
Others
Elimination and/or corporate
Total
Civil engineering
Building construction
Real estate development
Subtotal
Amortization of goodwill
3,371
2,424
-
5,796
-
-
5,796
Unamortized balance of
goodwill
43,584
32,360
-
75,945
-
-
75,945
(Per share data)
(yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
Net assets per share Net income per share
Diluted net income per share
5,041.43
682.78
Diluted net income per share was not presented because the Company had no shares with dilutive effects such as bonds with share acquisition rights.
5,816.09
1,025.53
Same as on the left
Notes: 1. The treasury shares held by the BBT in the net assets are included in the number of treasury stock, which is excluded from the number of outstanding shares at the end of the fiscal year and the average number of shares during the period for calculating the net assets per share and the net income per share.
The numbers of treasury stock held by the BBT at the end of the consolidated fiscal year excluded for calculation of net assets per shares for the consolidated fiscal years ended March 31, 2025 and 2026 were 98 thousand shares and 98 thousand shares, respectively, and the numbers of treasury stock held by the BBT during the period excluded for the calculation of net income per shares for the consolidated fiscal years ended March 31, 2025 and 2026 were 98 thousand shares and 98 thousand shares, respectively.
2. Calculation basis for net income per share is as follows:
(Millions of yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
Net income attributable to owners of parent
123,824
170,004
Net income not attributable to common stockholders
-
-
Net income attributable to owners of parent related to common stock
123,824
170,004
Average number of common stock during the period (Thousand shares)
181,353
165,771
(Significant subsequent events)
Not applicable.
-
Consolidated balance sheet
-
Non-consolidated Financial Statements
-
Non-consolidated balance sheet
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Assets
Current assets
Cash and time deposits
147,069
166,080
Notes receivable trade
14,636
37,402
Accounts receivable trade
741,330
638,201
Securities
60,000
-
Real estate for sale
32,672
34,325
Cost on uncompleted contracts
64,781
70,778
Cost on development projects in progress
11,690
12,145
Other current assets
83,788
59,146
Allowance for doubtful accounts
(115)
(185)
Total current assets
1,155,852
1,017,893
Fixed assets
Tangible fixed assets
Buildings
97,503
104,165
Accumulated depreciation
(50,582)
(52,615)
Buildings, net
46,921
51,549
Structures
4,293
5,192
Accumulated depreciation
(2,916)
(2,995)
Structures, net
1,377
2,196
Machinery and equipment
18,172
18,420
Accumulated depreciation
(13,579)
(14,741)
Machinery and equipment, net
4,592
3,678
Vehicles
1,862
1,902
Accumulated depreciation
(1,419)
(1,552)
Vehicles, net
442
350
Tools, furniture and fixtures
11,008
11,762
Accumulated depreciation
(9,154)
(9,721)
Tools, furniture and fixtures, net
1,854
2,040
Land
97,286
101,847
Construction in progress
12,949
22,970
Total tangible fixed assets
165,424
184,632
Intangible fixed assets
15,337
14,559
Investments and other assets
Investment securities
265,752
252,658
Shares of subsidiaries and affiliates
215,183
354,066
Investments in other securities of subsidiaries and affiliates
59,675
120,362
Long-term loans receivable from subsidiaries and affiliates
7,134
36,674
Long-term prepaid expenses
386
5,522
Prepaid pension costs
9,367
8,793
Deferred income tax assets
40,448
28,531
Other fixed assets
21,276
20,391
Allowance for doubtful accounts
(7,199)
(7,919)
Total investments and other assets
612,024
819,082
Total fixed assets
792,787
1,018,274
Total assets
1,948,640
2,036,168
(Millions of yen)
As of March 31, 2025
As of March 31, 2026
Liabilities
Current liabilities
Notes payable trade
6,907
1,094
Electronically recorded obligations
99,825
77,932
Accounts payable trade
372,415
303,569
Short-term borrowings
79,752
98,696
Straight bonds due within one year
10,000
10,000
Lease obligations
496
267
Income taxes payable
27,233
25,974
Advances received and progress billings on uncompleted contracts
174,578
232,691
Deposit received
268,204
316,767
Provision for warranties on completed contracts
3,236
2,121
Provision for losses on construction contracts
102,279
75,362
Other current liabilities
47,627
60,904
Total current liabilities
1,192,555
1,205,381
Long-term liabilities
Straight bonds
50,000
40,000
Long-term borrowings
94,699
148,668
Lease obligations
519
529
Provision for retirement benefits
13,092
8,007
Provision for share-based remuneration for directors
72
128
Allowance for losses on investments in subsidiaries and affiliates
-
437
Other long-term liabilities
4,218
4,424
Total long-term liabilities
162,602
202,194
Total liabilities
1,355,158
1,407,576
Net assets
Shareholders' equity
Common stock
122,742
122,742
Capital surplus
Additional paid-in-capital
30,686
30,686
Total capital surplus
30,686
30,686
Retained earnings
Other retained earnings
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
151,632
Total retained earnings
427,989
379,778
Treasury stock
(72,966)
(724)
Total shareholders' equity
508,451
532,482
Accumulated gains from valuation
Unrealized gains on available-for-sale securities, net of Taxes
85,030
96,109
Total accumulated gains from valuation
85,030
96,109
Total net assets
593,481
628,592
Total liabilities and net assets
1,948,640
2,036,168
-
Non-consolidated statement of income
(Millions of yen)
From April 1, 2024
to March 31, 2025
From April 1, 2025
to March 31, 2026
Net sales
Construction business
1,600,704
1,416,270
Development projects
37,118
36,023
Total net sales
1,637,823
1,452,294
Cost of sales
Construction business
1,465,047
1,203,439
Development projects
21,341
20,080
Total cost of sales
1,486,389
1,223,519
Gross profit
Construction business
135,657
212,831
Development projects
15,776
15,943
Total gross profit
151,433
228,774
Selling, general and administrative expenses
71,154
85,884
Operating income
80,279
142,890
Non-operating income
Interest income
448
749
Interest on securities
21
170
Dividend income
8,426
9,124
Other non-operating income
402
1,080
Total non-operating income
9,298
11,124
Non-operating expenses
Interest expenses
1,383
3,009
Interest on bonds
179
290
Provision of allowance for doubtful accounts
-
41
Taxes and dues
407
953
Other non-operating expenses
504
639
Total non-operating expenses
2,474
4,934
Ordinary income
87,104
149,080
Extraordinary gains
Gains on sales of investment securities
44,207
54,321
Other extraordinary gains
203
40
Total extraordinary gains
44,411
54,362
Extraordinary losses
Loss on sales of fixed assets
-
371
Loss on retirement of fixed assets
147
69
Impairment losses on fixed assets
-
1,043
Loss on valuation of investment securities
66
32
Loss on investments in related companies
33
1,506
Loss on retirement of software
312
2
Other extraordinary losses
94
231
Total extraordinary losses
654
3,257
Income before income taxes
130,861
200,185
Income taxes - current
45,330
47,939
Income taxes - deferred
(9,213)
6,822
Total income taxes
36,117
54,761
Net income
94,744
145,423
- Non-consolidated statement of changes in net assets
Fiscal year ended March 31, 2025
(Millions of Yen)
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Total capital surplus
Other retained earnings
Total retained earnings
Reserve for tax deferment on replacement of fixed
assets
Reserve for purchase of specified shares
Other reserve
Retained earnings carried forward
Balance as of April 1, 2024
122,742
30,686
1,414
250
330,500
34,958
367,123
Changes during the period
Reversal of reserve for tax deferment on replacement of fixed assets
(18)
18
-
Reversal of other reserve
(11,000)
11,000
-
Dividends
(23,877)
(23,877)
Net income
94,744
94,744
Acquisition of treasury stock
Disposal of treasury stock
0
Cancellation of treasury
Stock
(9,999)
Transfer from retained
earnings to capital surplus
9,999
(9,999)
(9,999)
Changes other than
shareholders' equity, net
Total changes during the period
-
-
(18)
-
(11,000)
71,885
60,866
Balance as of March 31, 2025
122,742
30,686
1,395
250
319,500
106,843
427,989
Shareholders' equity
Accumulated gains from valuation
Total net assets
Treasury stock
Total shareholders' equity
Unrealized gains on available-for-sale securities, net of taxes
Total accumulated gains from valuation
Balance as of April 1, 2024
(898)
519,652
149,993
149,993
669,646
Changes during the period
Reversal of reserve for tax deferment on replacement of
fixed assets
-
-
Reversal of other reserve
-
-
Dividends
(23,877)
(23,877)
Net income
94,744
94,744
Acquisition of treasury stock
(82,071)
(82,071)
(82,071)
Disposal of treasury stock
3
3
3
Cancellation of treasury
stock
9,999
-
-
Transfer from retained
earnings to capital surplus
-
-
Changes other than
shareholders' equity, net
(64,963)
(64,963)
(64,963)
Total changes during the period
(72,068)
(11,201)
(64,963)
(64,963)
(76,164)
Balance as of March 31, 2025
(72,966)
508,451
85,030
85,030
593,481
Fiscal year ended March 31, 2026
(Millions of Yen)
Shareholders' equity
Common stock
Capital surplus
Retained earnings
Total capital surplus
Other retained earnings
Total retained earnings
Reserve for tax deferment on replacement of fixed
assets
Reserve for purchase of specified shares
Other reserve
Retained earnings
carried forward
Balance as of April 1, 2025
122,742
30,686
1,395
250
319,500
106,843
427,989
Changes during the period
Reversal of reserve for tax deferment on replacement of fixed assets
-
Reversal of other reserve
(93,000)
93,000
-
Dividends
(45,502)
(45,502)
Net income
145,423
145,423
Acquisition of treasury stock
Disposal of treasury stock
324
Cancellation of treasury
Stock
(148,457)
Transfer from retained
earnings to capital surplus
148,132
(148,132)
(148,132)
Changes other than
shareholders' equity, net
Total changes during the period
-
-
-
-
(93,000)
44,788
(48,211)
Balance as of March 31, 2026
122,742
30,686
1,395
250
226,500
151,632
379,778
Shareholders' equity
Accumulated gains from valuation
Total net assets
Treasury stock
Total shareholders' equity
Unrealized gains on available-for-sale securities, net of taxes
Total accumulated gains from valuation
Balance as of April 1, 2025
(72,966)
508,451
85,030
85,030
593,481
Changes during the period
Reversal of reserve for tax deferment on replacement of fixed assets
-
-
Reversal of other reserve
-
-
Dividends
(45,502)
(45,502)
Net income
145,423
145,423
Acquisition of treasury stock
(77,968)
(77,968)
(77,968)
Disposal of treasury stock
1,754
2,079
2,079
Cancellation of treasury
stock
148,457
-
-
Transfer from retained
earnings to capital surplus
-
-
Changes other than
shareholders' equity, net
11,078
11,078
11,078
Total changes during the period
72,242
24,031
11,078
11,078
35,110
Balance as of March 31, 2026
(724)
532,482
96,109
96,109
628,592
-
Non-consolidated balance sheet
- Other
-
(Consolidated) Amount of orders received, net sales and balance carried forward
Amount of orders received (Millions of yen)
FY2024
April 1, 2024 to
March 31, 2025
FY2025
April 1, 2025 to
March 31, 2026
Change over previous year
Rate of change (%)
Civil engineering
700,226
720,036
19,810
2.8
Building construction
1,573,187
1,553,868
(19,319)
(1.2)
Real estate development
150,729
145,755
(4,974)
(3.3)
Other
13,448
16,588
3,140
23.3
Total
2,437,591
2,436,248
(1,342)
(0.1)
Net sales
FY2024
April 1, 2024 to
March 31, 2025
FY2025
April 1, 2025 to
March 31, 2026
Change over previous year
Rate of change (%)
Civil engineering
630,627
679,740
49,112
7.8
Building construction
1,372,558
1,248,588
(123,969)
(9.0)
Real estate development
137,589
144,174
6,585
4.8
Other
13,448
16,588
3,140
23.3
Total
2,154,223
2,089,091
(65,131)
(3.0)
Balance carried forward
FY2024
April 1, 2024 to
March 31, 2025
FY2025
April 1, 2025 to
March 31, 2026
Change over previous year
Rate of change (%)
Civil engineering
1,241,248
(137,607)
1,419,152
177,903
14.3
Building construction
2,184,888
(140,513)
2,630,682
445,793
20.4
Real estate development
17,787
19,367
1,580
8.9
Other
-
-
-
-
Total
3,443,924
(278,120)
4,069,202
625,278
18.2
Note: Adjustments arising from changes in the scope of consolidation during the fiscal year under review are shown in parentheses below the balance carried forward for FY2024 and are not included in the balance carried forward for FY2024.
-
(Non-consolidated) Amount of orders received, net sales and balance carried forward
Amount of orders received
(Millions of yen)
FY2024
April 1, 2024 to
March 31, 2025
FY2025
April 1, 2025 to
March 31, 2026
Change over previous year
Rate of change
(Note)
%
(Note)
%
%
Civil engineering (1)
Domestic public sector
328,529
17.4
258,242
14.5
(70,287)
(21.4)
Domestic private sector
136,481
7.2
134,440
7.5
(2,040)
(1.5)
Overseas
117
0.0
33,091
1.8
32,974
-
Total
465,127
24.6
425,774
23.8
(39,353)
(8.5)
Building construction (2)
Domestic public sector
140,196
7.4
179,863
10.1
39,666
28.3
Domestic private sector
1,226,030
64.8
1,132,127
63.5
(93,902)
(7.7)
Overseas
11,185
0.6
6,828
0.4
(4,357)
(39.0)
Total
1,377,412
72.8
1,318,818
74.0
(58,594)
(4.3)
Total (1) + (2)
Domestic public sector
468,726
24.8
438,105
24.6
(30,621)
(6.5)
Domestic private sector
1,362,511
72.0
1,266,567
71.0
(95,943)
(7.0)
Overseas
11,302
0.6
39,919
2.2
28,616
253.2
Subtotal
1,842,540
97.4
1,744,593
97.8
(97,947)
(5.3)
Real estate development
38,224
2.0
25,574
1.4
(12,650)
(33.1)
Other
10,491
0.6
13,042
0.8
2,551
24.3
Total
1,891,256
100.0
1,783,210
100.0
(108,046)
(5.7)
Note: The percentages indicate the proportion.
Major new construction orders for FY2025Client
Project
Location
Keikyu Corporation
Shinagawa Station West Exit Area, District A New Construction Plan (tentative name)
Tokyo
Odori-nishi 4 South District Urban Redevelopment Association
New building construction work for Odori-nishi 4 South District, Category 1 Urban Redevelopment Project
Hokkaido
Tokyo Metropolitan Government
Shakujii-river upstream underground regulating reservoir works
Tokyo
Sumitomo Mitsui Banking Corporation
The plan for renovation, demolition and building construction
work for the Osaka-Chuo Branch of Sumitomo Mitsui Banking Corporation
Osaka Prefecture
Himeji City
Kabutoyama Water Treatment Plant Upgrade Project, Construction of New Water Treatment Plant
Hyogo Prefecture
Net sales
(Millions of yen)
FY2024
April 1, 2024 to
March 31, 2025
FY2025
April 1, 2025 to
March 31, 2026
Change over previous year
Rate of change
(Note)
%
(Note)
%
%
Civil engineering (1)
Domestic public sector
270,553
16.5
251,098
17.3
(19,455)
(7.2)
Domestic private sector
111,688
6.8
120,690
8.3
9,001
8.1
Overseas
21,488
1.3
23,038
1.6
1,550
7.2
Total
403,730
24.6
394,827
27.2
(8,902)
(2.2)
Building construction (2)
Domestic public sector
160,925
9.8
123,291
8.5
(37,633)
(23.4)
Domestic private sector
1,009,559
61.7
860,284
59.2
(149,275)
(14.8)
Overseas
26,489
1.6
37,867
2.6
11,378
43.0
Total
1,196,974
73.1
1,021,443
70.3
(175,530)
(14.7)
Total (1) + (2)
Domestic public sector
431,478
26.3
374,389
25.8
(57,088)
(13.2)
Domestic private sector
1,121,248
68.5
980,974
67.5
(140,273)
(12.5)
Overseas
47,977
2.9
60,906
4.2
12,928
26.9
Subtotal
1,600,704
97.7
1,416,270
97.5
(184,433)
(11.5)
Real estate development
26,627
1.6
22,980
1.6
(3,646)
(13.7)
Other
10,491
0.7
13,042
0.9
2,551
24.3
Total
1,637,823
100.0
1,452,294
100.0
(185,528)
(11.3)
Note: The percentages indicate the proportion.
Major construction projects completed in FY2025Client
Project
Location
Mitsui Fudosan Residential Co., Ltd. Mitsubishi Estate Residence Co., Ltd.
Minato-ku Mita 1-chome Project (tentative name)
Tokyo
MORI TRUST CO., LTD
NTT Urban Development Corporation
New Building Construction Work for Akasaka 2-chome Project (tentative name)
Tokyo
Tokyo Electron Miyagi Ltd.
Tokyo Electron Miyagi Ltd. New Building Construction Work for Development Building No. 3
Miyagi Prefecture
Japan Water Agency
Construction of the Nanma Dam's primary structure
Tochigi Prefecture
Tokyo Metropolitan Government Bureau of Waterworks
Construction work of Distribution Reservoir for Oji Water Supply Station (tentative name)
Tokyo
Balance carried forward
(Millions of yen)
FY2024 April 1, 2024 to March 31, 2025 | FY2025 April 1, 2025 to March 31, 2026 | Change over previous year | Rate of change | ||||
(Note) | % | (Note) | % | % | |||
Civil engineering (1) | |||||||
Domestic public sector | 635,356 | 21.0 | 642,500 | 19.1 | 7,144 | 1.1 | |
Domestic private sector | 326,147 | 10.8 | 339,897 | 10.2 | 13,750 | 4.2 | |
Overseas | 61,797 | 2.0 | 71,850 | 2.1 | 10,052 | 16.3 | |
Total | 1,023,301 | 33.8 | 1,054,248 | 31.4 | 30,946 | 3.0 | |
Building construction (2) | |||||||
Domestic public sector | 284,710 | 9.4 | 341,282 | 10.2 | 56,571 | 19.9 | |
Domestic private sector | 1,633,170 | 53.9 | 1,905,013 | 56.7 | 271,843 | 16.6 | |
Overseas | 71,312 | 2.4 | 40,272 | 1.2 | (31,039) | (43.5) | |
Total | 1,989,193 | 65.7 | 2,286,568 | 68.1 | 297,375 | 14.9 | |
Total (1) + (2) | |||||||
Domestic public sector | 920,067 | 30.4 | 983,783 | 29.3 | 63,715 | 6.9 | |
Domestic private sector | 1,959,317 | 64.7 | 2,244,910 | 66.9 | 285,593 | 14.6 | |
Overseas | 133,109 | 4.4 | 112,122 | 3.3 | (20,987) | (15.8) | |
Subtotal | 3,012,494 | 99.5 | 3,340,816 | 99.5 | 328,322 | 10.9 | |
Real estate development | 14,536 | 0.5 | 17,130 | 0.5 | 2,593 | 17.8 | |
Other | - | - | - | - | - | - | |
Total | 3,027,031 | 100.0 | 3,357,947 | 100.0 | 330,915 | 10.9 | |
Note: The percentages indicate the proportion.
Major construction orders carried over into next fiscal periodClient | Project | Location |
Odakyu Electric Railway Co., Ltd. Tokyo Metro Co., Ltd. TOKYU LAND CORPORATION | Shinjuku Station West Exit Area Development Project | Tokyo |
Yaesu 1-chome North district Urban redevelopment association | New Building Construction Work (South district) for Yaesu 1-chome North District Category 1 Urban Redevelopment Project | Tokyo |
Metropolitan Expressway Co., Ltd | Detail Design and Construction Works for tunnel of Tokiwabashi district | Tokyo |
Nishi-Azabu 3-chome Northeast district Urban redevelopment association | New Building Construction Work (district A) for Nishi-Azabu 3-chome Northeast district Category 1 Urban Redevelopment Project | Tokyo |
East Nippon Expressway Company Limited | Construction work of the Tokyo Outer Ring Road Oizumi South | Tokyo |