Consolidated Financial Results for the Year Ended March 31, 2026

Consolidated Financial Results for the Year Ended March 31, 2026 [Japanese GAAP]

May 15, 2026

Company name: TODA CORPORATION Listing: Tokyo Stock Exchange Securities code: 1860

URL: https://www.toda.co.jp/

Representative: Seisuke Otani President and Representative Director Inquiries: Yoshiyuki Shiba General Manager,Planning&IR Div. Telephone: +81-3-3535-1357

Scheduled date of annual general meeting of shareholders: June 26, 2026 Scheduled date to commence dividend payments: June 29, 2026 Scheduled date to file annual securities report: June 22, 2026

Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (April 1, 2025 to March 31, 2026)

   1. Consolidated Operating Results (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 645,737 586,661	% 10.1 12.3	Millions of yen 38,215 26,638	% 43.5 48.8	Millions of yen 43,984 29,088	% 51.2 14.1	Millions of yen 36,981 25,185	% 46.8 56.4

      (Note) Comprehensive income Fiscal year ended March 31, 2026: ¥ 65,788 million [ 814.6%]

      Fiscal year ended March 31, 2025: ¥ 7,193 million [ (84.3) %]

      	Basic earnings per share	Diluted earnings per share	Rate of return on equity	Ordinary profit to total assets ratio	Operating profit to net sales ratio
      Fiscal year ended	Yen	Yen	%	%	%
      March 31, 2026	123.34	-	10.1	4.6	5.9
      March 31, 2025	83.59	-	7.3	3.2	4.5

      (Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2026: ¥ (209) million

      Fiscal year ended March 31, 2025: ¥ (152) million

   2. Consolidated Financial Position

      	Total assets	Net assets	Capital adequacy ratio	Net assets per share
      As of March 31, 2026 March 31, 2025	Millions of yen 998,399 923,572	Millions of yen 403,161 353,197	% 39.1 37.1	Yen 1,320.15 1,140.47

      (Reference) Equity: As of March 31, 2026: ¥ 390,818 million

      As of March 31, 2025: ¥ 342,227 million

   3. Consolidated Cash Flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of period
   Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 62,460 26,413	Millions of yen (20,504) (61,191)	Millions of yen (43,806) 7,364	Millions of yen 84,629 86,131

2. Dividends

   	Annual dividends					Total dividends	Payout ratio (Consolidated)	Dividends to net assets (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	year-end	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   Fiscal year ended March 31, 2025	-	14.50	-	15.50	30.00	9,071	35.9	2.6
   Fiscal year ended March 31, 2026	-	20.00	-	38.00	58.00	17,464	47.0	4.7
   Fiscal year ending March 31, 2027 (Forecast)	-	30.00	-	30.00	60.00		51.4

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2027 (April 1, 2026 to March 31, 2027)

(Percentages indicate year-on-year changes.)

* Notes

1. Significant changes in the scope of consolidation during the period: Yes Newly included: - ( )

   Excluded: 1 (Company name: TODA Energia 2 Ltda. )

2. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

3. Number of issued shares (common shares):

   1. Total number of issued shares at the end of the period (including treasury shares)

      March 31, 2026	318,005,696 shares
      March 31, 2025	322,656,796 shares

   2. Number of treasury shares at the end of the period:

      March 31, 2026	21,965,656 shares
      March 31, 2025	22,579,942 shares

   3. Average number of shares outstanding during the period

(Note) The number of shares of treasury stock at the end of the period includes the Company's shares held by the BIP Trust for directors' remuneration and the ESOP Trust for granting shares.

(Reference) Overview of Non-consolidated Financial Results

1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (April 1, 2025 to March 31, 2026)

   1. Non-consolidated Operating Results (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Net income
      Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 513,845 475,368	% 8.1 12.3	Millions of yen 26,422 21,246	% 24.4 64.2	Millions of yen 31,068 25,364	% 22.5 43.4	Millions of yen 30,896 24,383	% 26.7 111.3

      	Basic earnings per share	Diluted earnings per share
      Fiscal year ended	Yen	Yen
      March 31, 2026	103.05	-
      March 31, 2025	80.93	-

   2. Non-consolidated Financial Position

   	Total assets	Net assets	Capital adequacy ratio	Net assets per share
   As of March 31, 2026 March 31, 2025	Millions of yen 886,748 814,164	Millions of yen 338,847 300,811	% 38.2 36.9	Yen 1,144.60 1,002.45

   (Reference) Equity: As of March 31, 2026: ¥ 338,847 million

   As of March 31, 2025: ¥ 300,811 million

2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2027 (April 1, 2026 to March 31, 2027)

(Percentages indicate year-on-year changes.)

• Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.

• Proper use of earnings forecasts, and other special matters

These statements include Toda Corporation's forecasts based on information currently available as of the announcement date, which are subject to a number of risks and uncertainties. Therefore, the actual results of developments may differ from those presented in these forward-looking statements due to the changes in various factors.

1. Overview of Operating Results 2

   1. Overview of Operating Results for the Fiscal Year ended March 31, 2026 2

   2. Overview of Financial Position for the Fiscal Year ended March 31, 2026 3

   3. Overview of Cash Flows for the Fiscal Year 4

   4. Future Outlook 5

   5. Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years 5

2. Basic Policy on the Selection of Accounting Standards 5

3. Consolidated Financial Statements and Major Notes 6

   1. Consolidated Balance Sheets 6

   2. Consolidated Statements of Income and Comprehensive Income 8

   3. Consolidated Statements of Changes in Net Assets 10

   4. Consolidated Statement of Cash Flows 12

   5. Notes to Consolidated Financial Statements 14

      Notes on Going Concern Assumption 14

      Significant Matters Forming the Basis for Preparation of the Consolidated Financial Statements 14

      Notes on Changes in Accounting Policies 14

      Notes on Changes in Accounting Estimates 14

      Notes to Consolidated Statements of Income 14

      Notes on Segment Information, etc. 16

      Per Share Information 19

4. Non-consolidated Financial Statements 20

   1. Non-consolidated Balance Sheets 20

   2. Non-consolidated Statements of Income 23

   3. Non-consolidated Statements of Changes in Net Assets 24

5. Other Matters 26

   1. Changes in Officers (Scheduled for June 26, 2025) 26

   2. Summary of Consolidated Results and Forecasts 27

   3. Summary of Non-consolidated Results and Forecasts 28

   4. Orders Received, Net Sales and Balance Brought Forward (Non-consolidated) 29

   5. Major Orders Received, Completed, and Work Carried Over for the Period under Review 30

1. ‌Overview of Operating Results
   1. ‌Overview of Operating Results for the Fiscal Year ended March 31, 2026

      During the consolidated fiscal year, the domestic economy showed signs of a gradual recovery, supported by improvements in employment and income conditions and the effects of various government policies.

      However, downside risks to the economic outlook became more pronounced, reflecting such factors as U.S. trade policies, rising energy prices resulting from the situation in the Middle East, and increasing uncertainty over logistics.

      In the construction industry, rising construction material prices and tight labor supply-demand conditions, together with continued upward pressure on costs resulting from changes in the labor environment following the so-called "2024 problem," continued to weigh on the business environment. In addition, continued close attention is required with respect to rising prices and supply delays for petroleum-derived construction materials in Japan resulting from the situation in the Middle East.

      In May 2025, the Group announced the "Medium-Term Management Plan 2027," under which it is working to enhance profitability by promoting "Vertical Expansion," aimed at increasing the value provided at sales offices and construction sites, and "Horizontal Expansion," aimed at deepening collaboration between the construction business and strategic businesses. In addition, the Group has identified the SECC (Smart Energy Complex City) business, the Environment and Energy Business (offshore wind power generation business), and the Overseas Business as key management businesses, and is implementing a growth strategy of making growth investments in these businesses to further strengthen its business foundation. While promoting these growth investments, the Group is also working to strengthen its investment processes, including setting a target ROIC (return on invested capital) of 5% or higher, in order to secure an ROE (return on equity) of 10% or higher over the medium to long term.

      Under these circumstances, the Group thoroughly implemented a strategic order-taking policy in its construction business and focused on eliminating inefficiencies and reducing costs through front-loading in the design and construction planning stages, while working to improve productivity. As a result of these initiatives, both net sales and gross profit increased significantly year on year, and the strengthening of the Group's earnings structure progressed steadily. The Group's consolidated results for the fiscal year were as follows.

      Consolidated net sales increased to ¥645.7 billion, up 10.1% year on year, mainly due to higher sales in the Company's Architectural Construction Business and Domestic Group Companies Business reflecting the progress of large-scale construction projects, as well as increased sales resulting from the sale of real estate for sale by an overseas group company.

      Gross profit increased to ¥92.2 billion, up 21.6% year on year, mainly due to improved profitability in the Company's Architectural Construction Business and an increase in gross profit on sales of real estate for sale by an overseas group company.

      Ordinary income increased to ¥43.9 billion, up 51.2% year on year, as dividend income from investment securities held by the Company and other items were recorded as non-operating income.

      Profit attributable to owners of parent increased to ¥36.9 billion, up 46.8% year on year. Although impairment losses were recorded in the Domestic Investment and Development Business and other businesses, gains on the sale of investment securities were recorded as the Company proceeded with the sale of cross-shareholdings.

      The results for each segment, including intersegment sales and transfers, were as follows.

      Please note that the Group has changed the method of measuring segment profit or loss effective from the current consolidated fiscal year. For details, please refer to "3. Consolidated Financial Statements and Major Notes, (5) Notes to Consolidated Financial Statements (Notes to Segment Information, etc.), (3) Matters Related to Changes in Reportable Segments."

      Architectural Construction Business

      Net sales amounted to ¥362.5 billion, an increase of 1.2% year on year, while segment profit (operating income) totaled ¥26.9 billion, representing an increase of 62.8% compared with the previous consolidated fiscal year. The increase in segment profit was mainly attributable to improved profitability of construction projects.

      Orders received by the Company on a non-consolidated basis increased by 23.2% year on year for domestic public-sector construction but decreased by 14.2% for domestic private-sector construction, resulting in total orders of ¥415.9 billion, down 6.7% year on year.

      Civil Engineering Business

      Net sales amounted to ¥127.8 billion, an increase of 0.5% year on year, while segment profit (operating income) totaled ¥4.6 billion, representing a decline of 42.9% year on year. The decrease in segment profit was attributable to lower profitability on certain large-scale private-sector construction projects.

      Orders received by the Company on a non-consolidated basis increased by 149.9% year on year for domestic private-sector construction but decreased by 27.1% for domestic public-sector construction, resulting in total orders of ¥150.6 billion, down 1.6% year on year.

      Domestic Investment and Development Business

      Net sales amounted to ¥33.4 billion, a decrease of 30.0% year on year, while segment profit (operating income) totaled ¥2.0 billion, representing a decline of 63.0% compared with the previous consolidated fiscal year. The decreases in both net sales and segment profit were attributable to a reduction in sales of real estate held for sale.

      Domestic Group Companies Business

      Net sales were ¥67.8 billion, up 16.6% year on year, while segment profit (operating income) was ¥2.7 billion, down 8.8% year on year. The increase in net sales was attributable to the progress of large-scale construction projects at domestic construction subsidiaries.

      Overseas Group Companies Business

      Net sales were ¥67.6 billion, up 18.7% year on year, and segment profit (operating income) was ¥5.6 billion, representing an increase of 449.0% year on year. The increases in net sales and segment profit were attributable to sales of real estate held for sale by a U.S. subsidiary and the consolidation of Aqua Nishihara Corporation Ltd. as a consolidated subsidiary during the current fiscal year.

      Environment and Energy Business

      Net sales were ¥3.3 billion, up 261.5% year on year, while segment loss (operating loss) totaled ¥1.2 billion, compared with a segment loss of ¥1.1 billion in the previous consolidated fiscal year. The increase in net sales was attributable to the commencement of operations of the Floating Wind Power Generation Project off the Coast of Goto City and the onshore wind power generation business in the Federative Republic of Brazil.

   2. ‌Overview of Financial Position for the Fiscal Year ended March 31, 2026

      The status of assets, liabilities and net assets was as follows:

      Assets

      Total assets at the end of the current consolidated fiscal year amounted to ¥998.3 billion, an increase of

      ¥74.8 billion, or 8.1%, compared with the end of the previous consolidated fiscal year. Although cash and deposits decreased by ¥16.2 billion and real estate for sale decreased by ¥12.5 billion, total assets increased due to rises of ¥13.6 billion in securities, ¥10.3 billion in costs on uncompleted construction contracts, ¥9.2 billion in expenditures related to real estate business for investment and development, ¥35.3 billion in machinery, vehicles and tools, furniture and fixtures, and ¥35.0 billion in investment securities reflecting an increase in the fair value of cross-shareholdings. The increase in machinery, vehicles and tools, furniture and fixtures was attributable to the completion of floating offshore wind power generation facilities, as well as onshore wind power generation facilities in the Federative Republic of Brazil.

      Liabilities

      Total liabilities at the end of the current consolidated fiscal year amounted to ¥595.2 billion, an increase of

      ¥24.8 billion (up 4.4%) compared with the end of the previous consolidated fiscal year. Although interest-bearing debt decreased by ¥25.8 billion, total liabilities increased due to rises of ¥11.1 billion in notes payable,

      accounts payable for construction contracts and other, ¥11.4 billion in advances received on uncompleted construction contracts, ¥15.8 billion in deposits received, and ¥12.9 billion in deferred tax liabilities.

      Net assets

      Total net assets at the end of the consolidated fiscal year under review amounted to ¥403.1 billion, an increase of ¥49.9 billion, or 14.1%, compared with the end of the previous consolidated fiscal year. This was mainly attributable to the recording of profit attributable to owners of parent of ¥36.9 billion and an increase of ¥24.0 billion in valuation difference on available-for-sale securities due to a rise in the market value of investment securities held, despite the payment of dividends of ¥10.7 billion and the recording of ¥2.5 billion in connection with the acquisition, disposal and cancellation of treasury stock. As a result, the equity ratio stood at 39.1%.

   3. ‌Overview of Cash Flows for the Fiscal Year

      Cash and cash equivalents (hereinafter referred to as "funds") at the end of the consolidated fiscal year under review decreased by ¥1.5 billion compared with the end of the previous consolidated fiscal year, to

      ¥84.6 billion.

      Cash Flows from Operating Activities

      Net cash provided by operating activities amounted to ¥62.4 billion, compared with net cash provided by operating activities of ¥26.4 billion in the previous consolidated fiscal year. Although funds decreased by

      ¥10.5 billion due to an increase in costs on uncompleted construction contracts associated with the progress of large-scale construction projects and by ¥9.3 billion due to an increase in costs on real estate business associated with the progress of real estate development projects, funds increased mainly due to profit before income taxes of ¥50.2 billion, depreciation expense of ¥10.4 billion, an increase in trade payables of ¥11.9 billion, and an increase in advances received on uncompleted construction contracts of ¥11.8 billion.

      Cash Flows from Investing Activities

      Net cash used in investing activities amounted to ¥20.5 billion, compared with net cash used in investing activities of ¥61.1 billion in the previous consolidated fiscal year. Although funds increased by ¥13.8 billion mainly due to the sale of cross-shareholdings, funds decreased mainly by ¥27.2 billion due to the acquisition of property, plant and equipment associated with the floating offshore wind power generation business and other factors, and by ¥6.8 billion due to the acquisition of investment securities.

      Cash Flows from Financing Activities

      Net cash used in financing activities amounted to ¥43.8 billion, compared with net cash provided by financing activities of ¥7.3 billion in the previous consolidated fiscal year. Funds decreased mainly by ¥10.7 billion due to dividend payments, by ¥7.0 billion due to the acquisition of treasury stock, and by ¥26.4 billion because repayments of borrowings exceeded funds raised.

      Trend of Cash Flow-Related Indicators

      Fiscal year ended March 31	2022	2023	2024	2025	2026
      Equity Ratio	41.6%	38.9%	40.0%	37.1%	39.1%
      Equity Ratio at Market Value Basis	30.0%	26.3%	35.7%	28.7%	42.9%
      Debt Repayment Period (years)	6.6	-	3.6	9.7	3.7
      Interest Coverage Ratio (times)	32.0	-	47.8	12.7	24.8

      Notes:

      • Equity Ratio = Equity ÷ Total Assets

      • Equity Ratio at Market Value Basis = Market Capitalization ÷ Total Assets

      • Debt Repayment Period = Interest-bearing Debt ÷ Cash Flow

      • Interest Coverage Ratio = Cash Flow ÷ Interest Expense

      • All indicators are calculated based on consolidated financial figures.

      • Market capitalization is calculated as the closing share price at the fiscal year-end multiplied by the number of shares outstanding at the fiscal year-end (excluding treasury stock).

      • Cash flow refers to cash flows from operating activities.

      • Interest-bearing debt includes all liabilities recorded on the consolidated balance sheet on which interest is paid.

   4. ‌Future Outlook

      The economy is expected to continue on a gradual recovery path; however, the outlook is expected to remain uncertain due to such factors as prolonged geopolitical risks and fluctuations in foreign exchange rates.

      In the construction industry, public sector projects are expected to remain resilient, and private sector projects are also anticipated to continue on a steady trend. Nevertheless, continued monitoring of construction material prices and labor supply and demand conditions will be essential.

      Under the "Medium-Term Management Plan 2027," the Group will undertake a fundamental transformation of its production processes through accelerated digitalization and front-loading. Through these initiatives, the Group will seek to realize the TODA Group's distinctive value, meet the expectations of stakeholders, and further strengthen its management foundation.

      Based on this outlook, the Group's consolidated and the Company's non-consolidated earnings forecasts for the fiscal year ending March 31, 2027, are as follows.

      On a consolidated basis, the Group expects net sales of ¥753.0 billion (up 16.6% year on year), operating income of ¥39.0 billion (up 2.1% year on year), ordinary income of ¥40.0 billion (down 9.1% year on year), and profit attributable to owners of parent of ¥35.0 billion (down 5.4% year on year).

      On a non-consolidated basis, the Company expects orders received to total ¥720.0 billion (up 20.4% year on year), net sales of ¥607.0 billion (up 18.1% year on year), operating income of ¥30.7 billion (up 16.2% year on year), ordinary income of ¥33.5 billion (up 7.8% year on year), and net income of ¥33.5 billion (up 8.4% year on year).

   5. ‌Basic Policy on Profit Distribution and Dividends for the Current and Next Fiscal Years

   The Company's basic policy is to return profits to valued shareholders in accordance with business performance and the business environment, taking into consideration the implementation of continuous and stable dividends to shareholders and the securing of internal reserves essential for strengthening the Company's competitiveness and financial position. With the aim of enhancing shareholder returns through medium- to longterm share price appreciation, the Company targets a dividend on equity (DOE) of 3.5% or more and a total payout ratio of approximately 70%.

   In line with this basic policy, the Company plans to pay a year-end dividend of ¥38 per share. As a result, the total dividend for the fiscal year under review, including the interim dividend, will be ¥58 per share.

   For the next fiscal year, the Company plans to pay an annual dividend of ¥60 per share, including an interim dividend of ¥30 per share.

2. ‌Basic Policy on the Selection of Accounting Standards

   The Group has adopted Japanese accounting standards for the preparation of its consolidated financial statements for the time being, taking into consideration the comparability of consolidated financial statements over reporting periods and comparability with other companies.

   With regard to the application of International Financial Reporting Standards (IFRS), the Group intends to respond appropriately after taking into account domestic and international circumstances.

3. ‌Consolidated Financial Statements and Major Notes
   1. ‌Consolidated Balance Sheets

      (Millions of yen)

      As of March 31, 2025 As of March 31, 2026

      Assets

      Current assets

      Cash and deposits	82,964	66,687
      Notes and accounts receivable - trade	271,023	268,045
      Short-term investment securities	6,201	19,866
      Real estate for sale	59,389	46,792
      Costs on uncompleted construction contracts	14,113	24,422
      Other inventories	5,095	14,298
      Other	22,309	42,045
      Allowance for doubtful accounts	(2,716)	(2,807)
      Total current assets	458,380	479,351

      Noncurrent assets

      Property, plant and equipment

Buildings and structures, net 120,182 116,216 fixtures, net

(Millions of yen) As of March 31, 2025 As of March 31, 2026

Liabilities

Current liabilities contracts and other

and affiliates business

securities

1. ‌Consolidated Statements of Income and Comprehensive Income

   Consolidated Statements of Income (Millions of yen)

   Fiscal Year ended	March 31, 2025 (April 1, 2024 through March 31, 2025)	March 31, 2026 (April 1, 2025 through March 31, 2026)
   Net sales
   Net sales of construction contracts	526,025	587,231
   Net sales of investment development business and other	60,635	58,505
   Total net sales	586,661	645,737
   Cost of sales
   Cost of sales of construction contracts	462,115	507,351
   Cost of sales of investment development business and other	48,676	46,164
   Total cost of sales	510,791	553,516
   Gross profit
   Gross profit on construction contracts	63,910	79,879
   Gross profit on investment development business and other	11,959	12,341
   Total gross profit	75,869	92,221
   Selling, general and administrative expenses	49,230	54,005
   Operating income	26,638	38,215
   Non-operating income
   Interest income	1,424	1,184
   Dividend income	4,477	4,510
   Dividend income of insurance	282	286
   Foreign exchange gain	-	1,592
   Other	851	1,367
   Total non-operating income	7,036	8,942
   Non-operating expenses
   Interest expenses	2,088	2,594
   Foreign exchange losses	1,636	-
   Commission fee	451	222
   Other	410	356
   Total non-operating expenses	4,587	3,173
   Ordinary income	29,088	43,984
   Extraordinary income
   Gain on sales of investment securities	11,556	9,468
   Other	101	738
   Total extraordinary income	11,657	10,206
   Extraordinary loss
   Loss on abandonment of noncurrent assets	436	396
   Impairment loss	1,023	2,744
   Loss on valuation of investment securities	413	600
   Provision for loss on environment and energy business	1,474	-
   Other	48	174
   Total extraordinary losses	3,396	3,915
   Income before income taxes	37,349	50,274
   Income taxes-current	13,356	12,992
   Income taxes-deferred	(2,215)	(245)
   Total income taxes	11,141	12,747
   Net income	26,208	37,527
   Profit attributable to non-controlling interests	1,022	545
   Profit attributable to owners of parent	25,185	36,981

   Consolidated Statements of Comprehensive Income (Millions of yen)

   Fiscal Year ended	March 31, 2025 (April 1, 2024 through March 31, 2025)	March 31, 2026 (April 1, 2025 through March 31, 2026)
   Net income	26,208	37,527
   Other comprehensive income
   Valuation difference on available-for-sale securities	(19,482)	24,052
   Deferred gains or losses on hedges	23	297
   Revaluation reserve for land	(138)	-
   Foreign currency translation adjustment	1,531	185
   Remeasurements of defined benefit plans	(979)	3,726
   Share of other comprehensive income of associates accounted for using equity method	30	0
   Total other comprehensive income	(19,014)	28,261
   Comprehensive income	7,193	65,788
   Comprehensive income attributable to
   Owners of the parent	6,583	65,332
   Non-controlling interests	609	455

2. ‌Consolidated Statements of Changes in Net Assets

Year ended March 31, 2025 (April 1, 2024 through March 31, 2025)

‌Year ended March 31, 2026 (April 1, 2025 through March 31, 2026)

(Millions of yen)

Increase (decrease) in allowance for doubtful accounts

453 (10)

Increase (decrease) in provision for loss on

liquidation of subsidiaries and affiliates

3

(4)

Increase (decrease) in net defined benefit

liability

377 548

Decrease (increase) in net defined benefit asset (800) (1,094)

Increase (decrease) in other provision 1,376 3,533

Loss (gain) on valuation of investment securities

413

600

Loss (gain) on sales of property, plant and equipment

(47)

(244)

Loss (gain) on sales of investment securities (11,551) (9,468)

Loss on abandonment of noncurrent assets 436 396

Decrease (increase) in notes and accounts receivable-trade

(46,361) 2,507

Decrease (increase) in costs on uncompleted construction contracts

(374)

(10,522)

Decrease (increase) in real estate for sale 86 13,339

Decrease (increase) in costs on real estate

business

7,539

(9,300)

Increase (decrease) in notes and accounts payable-trade

(6,122)

11,977

Decrease (increase) in other current assets 4,003 (16,955)

Year ended March 31, 2025

(April 1, 2024 through

March 31, 2025)

(Millions of yen)

Year ended March 31, 2026

(April 1, 2025 through

March 31, 2026)

Net cash provided by (used in) investing activities

Payments into time deposits (67) (1,657)

Proceeds from sales and redemption of securities 500 1,704

Proceeds from sales of property, plant and equipment 122 677

Net increase (decrease) in cash and cash equivalents (26,982) (1,501)

Effects of exchange rate change on cash and cash equivalents

Cash and cash equivalents at the beginning of the period

430 348

113,113 86,131

Cash and cash equivalents at the end of the period 86,131 84,629

Not applicable.

With the exception of the matters described below, there have been no material changes to the significant matters forming the basis for the preparation of the consolidated financial statements from those presented in the most recent Annual Securities Report submitted on June 25, 2025. Accordingly, disclosure has been omitted.

During the consolidated fiscal year, Toda Solar Sharing G.K., which was newly established, and Aqua Nishihara Corporation Ltd., which became a subsidiary through the acquisition of its shares, were included in the scope of consolidation. In addition, TODA Energia 2 Ltda., which had been a consolidated subsidiary, was excluded from the scope of consolidation as it was absorbed in a merger with TODA Investimentos do Brasil Ltda.

Not applicable.

Not applicable.

1. Provision for Losses on Construction Contracts Included in Cost of Construction (amount in parentheses represents reversal)

   Year ended March 31, 2025 March 31, 2026

   (April 1, 2024 through

   March 31, 2025)

   (April 1, 2025 through

   March 31, 2026)

   Provision for losses on construction contracts included in cost of construction

   ¥67 million ¥(1,145) million

2. Major Items and Amounts Included in Selling, General and Administrative Expenses

   Year ended March 31, 2025 March 31, 2026

   (April 1, 2024 through

   March 31, 2025)

   (April 1, 2025 through

   March 31, 2026)

   Salaries and allowances ¥16,003 million ¥17,995 million

   Provision for bonuses ¥4,788 million ¥5,977 million

   Retirement benefit expenses ¥535 million ¥713 million

   Provision for share-based remuneration for directors

   ¥202 million ¥540 million

   Provision for allowance for doubtful accounts ¥497 million ¥31 million

3. Total Amount of Research and Development Expenses Included in General and Administrative Expenses and Current Manufacturing Costs

   Year ended March 31, 2025 March 31, 2026

   (April 1, 2024 through

   March 31, 2025)

   (April 1, 2025 through

   March 31, 2026)

   Research and development expenses included in general and administrative expenses and current manufacturing costs

   ¥3,033 million ¥5,133 million

4. Impairment Losses

The Group recorded impairment losses on the following assets or groups of assets.

Previous Consolidated Fiscal Year (From April 1, 2024 to March 31, 2025)

(Note) The impairment losses were recognized by the Company's consolidated subsidiaries. Method of Asset Grouping

The Group groups operating assets used by the Company by each business location based on classifications used for internal management accounting purposes. Rental assets, idle assets and similar assets are grouped by individual property.

Circumstances Leading to the Recognition of Impairment Loss

The Group reviews the recoverability of its assets by taking into account decisions regarding the effective utilization of assets, the disposal of assets associated with relocation of business sites, and future projections of income and expenditures. As a result, the carrying amounts of the above assets or asset groups were reduced to their recoverable amounts, and the corresponding decreases were recognized as impairment losses and recorded as extraordinary losses.

Method for Calculating Recoverable Amounts

For assets to be discontinued as a result of decisions related to the effective utilization of assets or the relocation of business sites, the recoverable amount is measured at zero or net selling price. Net selling price is calculated by deducting estimated disposal costs from the expected selling price. For assets for which a decline in profitability is anticipated based on future income and expenditure projections, the recoverable amount is calculated by discounting to present value the estimated future cash flows expected to arise from the continued use and subsequent disposal of the assets, taking into consideration the profitability of investments in the asset group, using discount rates of 2.250% for the Company and 3.8% for consolidated subsidiaries.

Current Consolidated Fiscal Year (From April 1, 2025 to March 31, 2026)

(Note) The impairment losses were recognized by the Company's consolidated subsidiaries.

Method of Asset Grouping

The Group groups operating assets used by the Company by each business location based on classifications used for internal management accounting purposes. Rental assets, idle assets and similar assets are grouped by individual property.

Circumstances Leading to the Recognition of Impairment Loss

The Group reviews the recoverability of its assets by taking into account decisions to revise business plans, declines in profitability resulting from changes in the business environment, and future projections of income and expenditures. As a result, the carrying amounts of the above assets or asset groups were reduced to their recoverable amounts, and the corresponding decreases were recognized as impairment losses and recorded as extraordinary losses. In addition, at a U.S. subsidiary, due to intensified competition and a decline in market demand, it became difficult to secure the profitability initially anticipated, and the entire carrying amount was recognized as an impairment loss and recorded as an extraordinary loss.

Method for Calculating Recoverable Amounts

For assets associated with decisions to discontinue or downsize businesses, the recoverable amount is measured at zero or net selling price. Net selling price is calculated by deducting estimated disposal costs from the expected selling price. For assets for which profitability is expected to decline due to changes in the business environment or based on future income and expenditure projections, the recoverable amount is calculated by discounting to present value the estimated future cash flows expected to arise from the continued use and subsequent disposal of the assets, taking into consideration the profitability of investments in the asset group, using a discount rate of 4.00% for the Company.

Segment Information:

1. Overview of Reportable Segments

   The Group's reportable segments are components of the Company and its Group companies for which separate financial information is available and which are subject to periodic review by the Board of Directors for the purpose of determining the allocation of management resources and evaluating performance.

   Within the Company, the Group has established the Building Construction Business Group, the Civil Engineering Business Group, and the Strategic Business Promotion Group. The Building Construction Business Group and the Civil Engineering Business Group are responsible for formulating comprehensive strategies for the architectural construction business and the civil engineering business, respectively, including overseas activities, and for conducting related business operations.

   The Strategic Business Promotion Group is responsible for comprehensive strategic planning and business activities related to domestic investment and development, domestic Group companies, overseas Group companies, and the environment and energy businesses.

   An overview of each reportable segment is as follows:

   Architectural Construction	Contracting of building construction work and related businesses undertaken by the Company.
   Civil Engineering	Contracting of civil engineering work and related businesses undertaken by the Company.
   Domestic Investment and Development	Businesses related to the Company's self-development of properties and the purchase, sale, and leasing of real estate in Japan.
   Domestic Group Companies	Businesses conducted by consolidated domestic subsidiaries, including architectural construction, civil engineering, real estate operations primarily related to building management, hotel operations, temporary staffing services mainly within Group companies, and finance and leasing services.
   Overseas Group Companies	Businesses conducted by consolidated overseas subsidiaries, including overseas construction contracting and related businesses, businesses related to the self-development, sale and leasing of real estate, and hotel operations.
   Environment and Energy	Businesses related to power generation and the sale of electricity conducted by the Group.

2. Calculations of Net Sales, Income or Loss, Assets, Liabilities and Other Items by Reportable Segments The accounting methods applied to the reportable business segments are generally the same as those

   described in "Basis of Preparation of Consolidated Financial Statements," and the results of the reportable segments are measured on an operating income basis. Intersegment revenues and transfers are based on prevailing market prices. Segment assets are not disclosed because they are not allocated to individual business segments.

3. Matters Related to Changes in Reportable Segments

   Changes in the Measurement Method of Segment Income or Loss:

   From the current consolidated fiscal year, the allocation method of administrative expenses and other costs has been changed in order to more appropriately evaluate segment performance.

   Accordingly, the segment information for the previous consolidated fiscal year has been prepared using the revised measurement method for income or loss.

4. Information on Net Sales, Income or Loss, Assets, Liabilities and Other Items by Reportable Segments Previous Consolidated Fiscal Year (April 1, 2024 through March 31, 2025) (Millions of yen)

Note 1. "Segment income or (loss)" adjustment of (¥6,537) million refers to the elimination of intersegment transactions.

Note 2. "Segment income or (loss)" has been reconciled to operating income in the consolidated financial statements.

Consolidated Fiscal Year Under Review (April 1, 2025 through March 31, 2026) (Millions of yen)

Note 1. "Segment income or (loss)" adjustment of (¥2,558) million refers to the elimination of intersegment transactions.

Note 2. "Segment income or (loss)" has been reconciled to operating income in the consolidated financial statements.

Information regarding impairment losses on fixed assets by reportable segments

Previous Consolidated Fiscal Year (April 1, 2024 through March 31, 2025) (Millions of yen)

Consolidated Fiscal Year Under Review (April 1, 2025 through March 31, 2026) (Millions of yen)

Note 1. Diluted earnings per share for the current period is not presented as there are no outstanding potential shares.

Note 2. The basis for calculating earnings per share is as follows:

⯎ The Company's shares held in the BIP trust for the Directors' remuneration and the ESOP trust for granting shares are included in treasury stock, which is deducted from the total number of shares issued and outstanding at the end of the fiscal year (2,516,514 shares for the previous consolidated fiscal year and 3,197,642 shares for the consolidated fiscal year under review).

Note 3. The basis for calculation of net assets per share is as follows:

⯎ The Company's shares held in the BIP trust for the Directors' remuneration and the ESOP trust for granting shares are included in treasury stock, which is deducted from the total number of shares issued and outstanding at the end of the fiscal year (2,485,396 shares for the previous consolidated fiscal year and 3,634,757 shares for the consolidated fiscal year under review).

1. ‌Non-consolidated Financial Statements
   1. ‌Non-consolidated Balance Sheets

      Previous fiscal year As of March 31, 2025

      (Millions of yen)

      Fiscal year under review As of March 31, 2026

      Assets

      Current assets

      Cash and deposits	43,549	32,147
      Notes receivable-trade	327	1,244
      Electronically recorded monetary claims - 3,765 6,553 operating
      Accounts receivable from completed construction contracts	230,121	222,355
      Marketable securities	5,000	18,000
      Real estate for sale	49,045	37,023
      Costs on uncompleted construction contracts	19,878	31,652
      Costs on real estate business	2,637	12,153
      Raw materials and supplies	1,158	993
      Accounts receivable-other	1,203	1,715
      Advanced paid	12,205	24,641
      Non-operating lease investment assets	-	364
      Other	5,919	9,526
      Allowance for doubtful accounts	(1,368)	(1,390)
      Total current assets	373,445	396,982
      Noncurrent assets
      Property, plant and equipment
      Buildings	106,414	105,671
      Accumulated depreciation	(9,839)	(13,320)
      Buildings, net	96,574	92,351
      Structures	3,257	3,057
      Accumulated depreciation	(1,108)	(1,348)
      Structures, net	2,149	1,709
      Machinery and equipment	6,319	6,267
      Accumulated depreciation	(5,008)	(5,286)
      Machinery and equipment, net	1,310	980
      Vehicles	71	64
      Accumulated depreciation	(68)	(63)
      Vehicles, net	2	0
      Tools, furniture and fixtures	3,800	3,662
      Accumulated depreciation	(1,854)	(2,314)
      Tools, furniture and fixtures, net	1,946	1,347
      Land	60,001	72,898
      Lease assets	565	791
      Accumulated depreciation	(80)	(134)
      Lease assets, net	484	657
      Construction in progress	8,839	1,455
      Total property, plant and equipment	171,309	171,399
      Intangible assets
      Leasehold right	4,911	4,911
      Software	3,763	2,955
      Goodwill	173	-
      Other	423	575
      Total intangible assets	9,273	8,442

      	Previous fiscal year	Fiscal year under review
      	As of March 31, 2025	As of March 31, 2026
      Investments and other assets
      Investment securities	175,386	211,166
      Stocks of subsidiaries and affiliates	47,152	49,587

      Investments in capital 2 2

Investments in other securities of subsidiaries and affiliates

544 362

Long-term loans receivable from employees

0

0

Long-term loans receivable 3 104

Long-term loans receivable from subsidiaries and affiliates

Long-term non-operating accounts receivable

30,626 32,116

20 1,105

Liabilities

Electronically recorded obligations -operating

22,099

27,290

Notes payable-trade 453 216

Short-term loans payable 54,920 45,778

Accounts payable for construction contracts 51,605 59,403

Current portion of bonds payable 10,000 10,000

Commercial paper 5,000 －

Accounts payable-other 6,039 4,507

Lease obligations 52 106

Advances received on uncompleted

construction contracts

55,973

70,555

Income taxes payable 7,536 4,684

Provision for bonuses 6,883 9,416

Deposits received 48,718 64,024

Provision for loss on construction contracts 4,115 2,977

Provision for warranties for completed construction

3,059 5,966

Other 1,462 3,925

Deposits received from employees 11,200 11,034

Total current liabilities 289,120 319,886

business

1. ‌Non-consolidated Statements of Income

   Previous fiscal year

   (April 1, 2024 through

   March 31, 2025)

   (Millions of yen)

   Fiscal year under review

   (April 1, 2025 through

   March 31, 2026)

   Net sales

   Net sales of investment development business and other

   46,565

   31,461

   Net sales of construction contracts 428,802 482,384

   Total net sales 475,368 513,845

   Cost of sales

   Cost of sales of investment development business and other

   37,325

   27,880

   Cost of sales of construction contracts 378,079 417,544

   Total cost of sales 415,404 445,424

   Gross profit

   Gross profit on construction contracts 50,723 64,839

   Provision for loss on environment and energy business

   2,402

   -

   Gross profit on investment development business and other	9,240	3,581
   Total gross profit	59,964	68,421
   Selling, general and administrative expenses	38,717	41,999
   Operating income	21,246	26,422
   Non-operating income
   Interest income	473	693
   Dividend income	5,304	6,010
   Dividend income of insurance	281	285
   Foreign exchange gain	76	-
   Miscellaneous income	350	405
   Total non-operating income	6,487	7,394
   Non-operating expenses
   Interest expenses	1,427	1,916
   Interest on bonds	318	454
   Foreign exchange losses	-	58
   Commission fee	442	208
   Miscellaneous expenses	180	109
   Total non-operating expenses	2,369	2,747
   Ordinary income	25,364	31,068
   Extraordinary income
   Gain on sales of noncurrent assets	40	1
   Gain on sales of investment securities	11,553	9,444
   Other	41	1,557
   Total extraordinary income	11,635	11,003
   Extraordinary loss
   Loss on abandonment of noncurrent assets	422	248
   Impairment loss	137	2,246
   Loss on valuation of investment securities	412	350
   Loss on valuation of stocks of subsidiaries and 1,107 129 affiliates

   Provision for loss on business of subsidiaries and affiliates

   460 213

   Total extraordinary losses 4,955 3,256

   Other 10 67

   Profit before income taxes and non-controlling interests	32,044	38,815
   Income taxes-current	9,276	7,897
   Income taxes-deferred	(1,616)	21
   Total income taxes	7,660	7,919
   Net income	24,383	30,896

2. ‌Non-consolidated Statements of Changes in Net Assets

Year ended March 31, 2025 (April 1, 2024 through March 31, 2025) (Millions of yen)

Year ended March 31, 2026 (April 1, 2025 through March 31, 2026) (Millions of yen)

1. ‌Other Matters

1. ‌Changes in Officers (Scheduled for June 26, 2026

   Candidate for Newly Appointed Audit & Supervisory Board Member Takanobu Tateno, Audit & Supervisory Board Member

   (Advisor)

   Audit & Supervisory Board Member Scheduled to Retire Hidemi Wakabayashi, Audit & Supervisory Board Member

2. ‌Summary of Consolidated Results and Forecasts

   (Millions of yen)

   			Full year
   			FY2024	FY2025	FY2025	Y-o-Y		FY2026	Y-o-Y
   			Actual	Revised forecasts Feb 13, 2026	Actual	Difference	Rate of change (%)	Forecasts	Difference	Rate of change (%)
   Net sales			586,661	630,000	645,737	59,076	10.1	753,000	107,262	16.6
   	Construction Business		428,842	468,000	482,400	53,557	12.5	567,000	84,599	17.5
   		Architectural Construction	311,698	352,000	360,837	49,139	15.8	435,800	74,962	20.8
   		Civil Engineering	117,144	116,000	121,562	4,418	3.8	131,200	9,637	7.9
   	Domestic Investment and Development		46,320	31,000	31,276	(15,043)	(32.5)	40,000	8,723	27.9
   	Domestic Group Companies		53,559	55,000	61,033	7,473	14.0	66,000	4,966	8.1
   	Overseas Group Companies		57,031	73,000	67,699	10,668	18.7	73,000	5,300	7.8
   	Environment and Energy		907	3,000	3,327	2,420	266.8	7,000	3,672	110.4

   Gross profit Profit margin	75,869 12.9 %	87,000 13.8 %	92,221 14.3 %	16,351	21.6	93,000 12.4 %	778	0.8
   SG&A expenses	49,230	55,500	54,005	4,774	9.7	54,000	(5)	(0.0)
   Operating profit (loss)	26,638	31,500	38,215	11,576	43.5	39,000	784	2.1
   Non-operating income (expenses)	2,449	4,200	5,768	3,318	135.5	1,000	(4,768)	(82.7)
   Ordinary profit (loss)	29,088	35,700	43,984	14,895	51.2	40,000	(3,984)	(9.1)
   Extraordinary income (loss)	8,261	10,000	6,290	(1,971)	(23.9)	15,000	8,709	138.5
   Profit (loss) before income taxes	37,349	45,700	50,274	12,924	34.6	55,000	4,725	9.4
   Income taxes	11,141	16,300	12,747	1,605	14.4	19,400	6,652	52.2
   &Profit for the period	26,208	29,400	37,527	11,319	43.2	35,600	(1,927)	(5.1)
   Profit (loss) attributable to non-controlling interests	1,022	400	545	(476)	(46.6)	600	54	9.9
   Profit (loss) attributable to owners of parent	25,185	29,000	36,981	11,796	46.8	35,000	(1,981)	(5.4)

   Note: Net sales are presented based on business segment classifications and are stated after elimination of intersegment sales and transfers.

3. ‌Summary of Non-consolidated Results and Forecasts

   (Millions of yen)

   Orders received
   	Construction Business
   		Domestic Architectural Construction
   		Domestic Civil Engineering
   		Overseas
   	Investment and Development

   Full year
   FY2024	FY2025	FY2025	Y-o-Y		FY2026	Y-o-Y
   Actual	Revised forecasts Feb 13, 2026	Actual	Difference	Rate of change (%)	Forecasts	Difference	Rate of change (%)
   645,598	554,500	598,058	(47,539)	(7.4)	720,000	121,941	20.4
   599,032	523,500	566,596	(32,435)	(5.4)	680,000	113,403	20.0
   445,743	397,000	412,827	(32,916)	(7.4)	518,000	105,172	25.5
   153,020	122,000	149,247	(3,773)	(2.5)	134,000	(15,247)	(10.2)
   268	4,500	4,521	4,253	-	28,000	23,478	519.2
   46,565	31,000	31,461	(15,103)	(32.4)	40,000	8,538	27.1

   Net sales
   	Construction Business
   		Domestic Architectural Construction
   		Domestic Civil Engineering
   		Overseas
   	Investment and Development

   475,368	499,000	513,845	38,477	8.1	607,000	93,154	18.1
   428,802	468,000	482,384	53,581	12.5	567,000	84,615	17.5
   310,880	350,000	358,848	47,968	15.4	433,800	74,951	20.9
   117,047	115,700	121,473	4,426	3.8	128,300	6,826	5.6
   874	2,300	2,061	1,186	135.6	4,900	2,838	137.7
   46,565	31,000	31,461	(15,103)	(32.4)	40,000	8,538	27.1

   Gross profit Gross profit margin
   	Construction Business
   		Domestic Architectural Construction
   		Domestic Civil Engineering
   		Overseas
   	Investment and Development
   Selling, general and administrative expenses
   Operating profit (loss)
   Non-operating income (expenses)
   Ordinary profit (loss)
   Extraordinary income (loss)
   Profit (loss) before income taxes
   Income taxes
   Net income
   Dividends per share (yen)

   59,964 12.6 %	63,000 12.6 %	68,421 13.3 %	8,457	14.1	72,200 11.9 %	3,778	5.5
   50,723 11.8 %	60,300 12.9 %	64,839 13.4 %	14,116	27.8	68,300 12.0 %	3,460	5.3
   33,147 10.7 %	46,380 13.3 %	49,126 13.7 %	15,978	48.2	49,200 11.3 %	73	0.2
   17,485 14.9 %	13,780 11.9 %	15,639 12.9 %	(1,845)	(10.6)	18,700 14.6 %	3,060	19.6
   90 10.3 %	140 6.1 %	74 3.6 %	(16)	(17.9)	400 8.2 %	325	438.5
   9,240 19.8 %	2,700 8.7 %	3,581 11.4 %	(5,658)	(61.2)	3,900 9.8 %	318	8.9
   38,717	42,000	41,999	3,281	8.5	41,500	(499)	(1.2)
   21,246	21,000	26,422	5,175	24.4	30,700	4,277	16.2
   4,117	4,500	4,646	528	12.8	2,800	(1,846)	(39.7)
   25,364	25,500	31,068	5,704	22.5	33,500	2,431	7.8
   6,679	12,000	7,747	1,067	16.0	14,900	7,152	92.3
   32,044	37,500	38,815	6,771	21.1	48,400	9,584	24.7
   7,660	11,000	7,919	259	3.4	14,900	6,980	88.1
   24,383	26,500	30,896	6,512	26.7	33,500	2,603	8.4
   30.0	45.0	58.0	28.0	93.3	60	2.0	3.4

4. ‌Orders Received, Net Sales and Balance Brought Forward (Non-consolidated)

   1. Orders Received (Millions of yen)

      Business segment/ Classification			FY2024 From April 1, 2024 to March 31, 2025		FY2025 From April 1, 2025 to March 31, 2026		Amount change
      			Amount	Ratio (%)	Amount	Ratio (%)	Amount	Ratio (%)
      Construction Business	Architectural Construction	Domestic Public-Sector Domestic Private-Sector Overseas	81,347 364,396 170	12.6 56.4 0.0	100,248 312,578 3,139	16.8 52.3 0.5	18,901 (51,818) 2,968	23.2 (14.2) 1,736.6
      		Total	445,914	69.1	415,967	69.6	(29,947)	(6.7)
      	Civil Engineering	Domestic Public-Sector Domestic Private-Sector Overseas	131,721 21,298 97	20.4 3.3 0.0	96,020 53,226 1,382	16.1 8.9 0.2	(35,700) 31,927 1,284	(27.1) 149.9 1,320.5
      		Total	153,117	23.7	150,629	25.2	(2,488)	(1.6)
      	Total	Domestic Public-Sector Domestic Private-Sector Overseas	213,068 385,695 268	33.0 59.7 0.0	196,269 365,804 4,521	32.8 61.2 0.8	(16,799) (19,890) 4,253	(7.9) (5.2) 1,585.7
      		Total	599,032	92.8	566,596	94.7	(32,435)	(5.4)
      Domestic Investment and Development			46,502	7.2	31,352	5.2	(15,150)	(32.6)
      Environment and Energy			62	0.0	108	0.0	46	73.8
      Total			645,598	100.0	598,058	100.0	(47,539)	(7.4)

   2. Net Sales (Millions of yen)

      Business segment/ Classification			FY2024 From April 1, 2024 to March 31, 2025		FY2025 From April 1, 2025 to March 31, 2026		Amount change
      			Amount	Ratio (%)	Amount	Ratio (%)	Amount	Ratio (%)
      Construction Business	Architectural Construction	Domestic Public-Sector	50,144	10.5	50,248	9.8	103	0.2
      		Domestic Private-Sector	260,736	54.8	308,600	60.1	47,864	18.4
      		Overseas	777	0.2	1,972	0.4	1,194	153.7
      		Total	311,658	65.6	360,821	70.2	49,163	15.8
      	Civil Engineering	Domestic Public-Sector	91,279	19.2	85,016	16.5	(6,262)	(6.9)
      		Domestic Private-Sector	25,767	5.4	36,456	7.1	10,689	41.5
      		Overseas	97	0.0	88	0.0	(8)	(8.8)
      		Total	117,144	24.6	121,562	23.7	4,418	3.8
      	Total	Domestic Public-Sector	141,424	29.8	135,265	26.3	(6,159)	(4.4)
      		Domestic Private-Sector	286,503	60.3	345,057	67.2	58,554	20.4
      		Overseas	874	0.2	2,061	0.4	1,186	135.6
      		Total	428,802	90.2	482,384	93.9	53,581	12.5
      Domestic Investment and Development			46,502	9.8	31,352	6.1	(15,150)	(32.6)
      Environment and Energy			62	0.0	108	0.0	46	73.8
      Total			475,368	100.0	513,845	100.0	38,477	8.1

   3. Balance Brought Forward (Millions of yen)

   Business segment/ Classification			FY2024 As of March 31, 2025		FY2025 As of March 31, 2026		Amount change
   			Amount	Ratio (%)	Amount	Ratio (%)	Amount	Ratio (%)
   Construction Business	Architectural Construction	Domestic Public-Sector Domestic Private-Sector Overseas	119,881 542,483 1,107	12.1 54.8 0.1	169,882 546,461 2,274	15.8 50.9 0.2	50,000 3,977 1,167	41.7 0.7 105.4
   		Total	663,472	67.1	718,618	66.9	55,145	8.3
   	Civil Engineering	Domestic Public-Sector Domestic Private-Sector Overseas	227,478 98,212 -	23.0 9.9 -	238,482 114,982 1,293	22.2 10.7 0.1	11,003 16,769 1,293	4.8 17.1 -
   		Total	325,691	32.9	354,758	33.1	29,066	8.9
   	Total	Domestic Public-Sector Domestic Private-Sector Overseas	347,360 640,696 1,107	35.1 64.8 0.1	408,364 661,443 3,568	38.0 61.6 0.3	61,004 20,747 2,460	17.6 3.2 222.2
   		Total	989,164	100.0	1,073,376	100.0	84,212	8.5
   Domestic Investment and Development			-	-	-	-	-	-
   Environment and Energy			-	-	-	-	-	-
   Total			989,164	100.0	1,073,376	100.0	84,212	8.5

5. ‌Major Orders Received, Completed, and Work Carried Over for the Period under Review

1. Orders Received

   Ordering Parties	Name of Project
   Meiji Seika Pharma Co., Ltd.	Ashigara Dual-Use Project
   Chuo City, Tokyo	Reconstruction of Chuo City Nihonbashi Junior High School and Development of Chuo City Chiyoda Park (Architectural Work)
   LamMaster 2 LLC	(Tentative name) ESR Nanko Data Center Fit-out Phase 2 Construction
   Fukuoka International Airport Co., Ltd.	Development of the South-side Concourse of the International Terminal Building, Fukuoka Airport
   Habikino City	Detailed Design and Construction Work for Reconstruction of Habikino City Main Government Building
   Suzuki Motor Corporation	New Construction of Head Office EM / EPT Building
   Metropolitan Expressway Company Limited	(Repair) Metropolitan Inner Circular Route (Tsukijigawa Section), Construction of Retaining Walls and Related Works in Ginza and Shintomi Areas
   Daiei Real Estate Co., Ltd.	Land Development Work for Sakado Interchange District Land Readjustment Project
   Waterworks and Sewerage Bureau, Nishinomiya City	Construction of New Public Sewer System (Combined Sewer Storage Pipe Development, Phase 6)
   Kinki-Chubu Defense Bureau, Ministry of Defense	Hosono (7) Ammunition Magazine New Construction and Other Civil Engineering Works (Part 1) and (Part 2)

2. Completed Construction

   Ordering Parties	Name of Project
   Izumo Murata Manufacturing Co., Ltd.	Construction of New Production Building and Infrastructure/Logistics Building for Izumo Murata Manufacturing Co., Ltd.
   SENKO Group Holdings Co., Ltd.	(Tentative name) SENKO Group Holdings Co., Ltd. Urawa Daimon Logistics Center New Construction
   Digital Tokyo 2 SPC	(Tentative name) NRT14 New Construction Project
   Former Nara Prison Preservation and Utilization Co., Ltd.	Former Nara Prison Preservation and Utilization Project
   Fukuoka City	Fukuoka City Base Cultural Facility Development and Susaki Park Redevelopment Project
   Shimonoseki Hotel Management Co., Ltd.	(Tentative name) New Construction Work for the Shimonoseki Hotel Project
   Tokyo Metropolitan Government	Johoku Chuo Park Detention Pond (Phase I) Project, Part 2
   Ministry of Land, Infrastructure, Transport and Tourism, Kinki Regional Development Bureau	Susami-Kushimoto Road Higashiji Tunnel and Related Works
   Tokorozawa City Kita-Akitsu / Kami-Yasumatsu Land Readjustment Association	Kita-Akitsu / Kami-Yasumatsu Land Readjustment Project
   Hiroshima Waterworks Office, Hiroshima Water Supply Authority	Phase II Tunnel Development Project (Yano-Nikawa Section)

3. Work Carried Over

Completed construction and carried over works are presented on a delivery basis.