Summary of Financial Results for the second quarter 2026（319KB）

November 7, 2025

Company name: TSUKISHIMA HOLDINGS CO., LTD.

Listing: Tokyo Stock Exchange Securities code: 6332

URL: https://www.tsk-g.co.jp/

Representative: Jun Kawasaki President, Representative Director

Inquiries: Mitsumasa Sato Treasury Dept, Senior General Maneger Telephone: +81-3）5560－6521

Scheduled date to file semi-annual securities report: November 7, 2025 Scheduled date to commence dividend payments: December 1, 2025 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 six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
   1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Six months ended September 30, 2025 September 30, 2024	Millions of yen 56,639 53,269	% 6.3 39.1	Millions of yen 1,647 1,106	% 48.9 -	Millions of yen 2,397 1,928	% 24.3 168.8	Millions of yen 11,783 1,018	% - 10.6

      Note: Comprehensive income	For the six months ended September 30, 2025:	¥	13,205 million [	788.1%]
      	For the six months ended September 30, 2024:	¥	1,486 million [	(68.0) %]

      	Basic earnings per share	Diluted earnings per share
      Six months ended	Yen	Yen
      September 30, 2025	278.37	-
      September 30, 2024	23.73	-

   2. Consolidated financial position

   	Total assets	Net assets	Equity-to-asset ratio
   As of September 30, 2025 March 31, 2025	Millions of yen 186,515 192,248	Millions of yen 110,313 112,054	% 49.9 48.4

   Reference: Equity

   As of September 30, 2025:	¥	93,163 million
   As of March 31, 2025:	¥	93,061 million

2. Cash dividends

   	Annual dividends per share
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen
   Fiscal year ended March 31, 2025	-	26.00	-	52.00	78.00
   Fiscal year ending March 31, 2026	-	42.00
   Fiscal year ending March 31, 2026 (Forecast)			-	40.00	82.00

   Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)

(Percentages indicate year-on-year changes.)

Note: Revisions to the financial result forecast most recently announced: None

1. Significant changes in the scope of consolidation during the period: Yes

   Newly included:	１	companies( Tsubame・Yahiko Water Service CO., LTD.	)
   Excluded:	１	companies( TSK Engineering China Co., Ltd.	)

2. Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: Yes

3. 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

4. Number of issued shares (common shares)

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

      As of September 30, 2025	44,125,800 shares
      As of March 31, 2025	44,125,800 shares

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

      As of September 30, 2025	4,496,058 shares
      As of March 31, 2025	1,027,874 shares

   3. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

* Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.

Semi-annual Consolidated Financial Statements and Primary Notes Semi-annual Consolidated Balance Sheet

(Millions of yen)

As of March 31, 2025

As of September 30, 2025

Assets

Current assets

(Millions of yen)

As of March 31, 2025

As of September 30, 2025

Liabilities

Current liabilities

Semi-annual Consolidated Statements of Income and Comprehensive Income

Semi-annual Consolidated Statement of Income

Share of profit of entities accounted for using equity method

33

36

For the six months ended September 30, 2024

(Millions of yen)

For the six months ended September 30, 2025

Net sales 53,269 56,639

Cost of sales 42,601 45,063

Gross profit 10,668 11,576

Selling, general and administrative expenses

Estimate design cost 1,198 1,281

Provision of allowance for doubtful accounts 4 (323)

Directors' compensations,salaries,allowances,bonuses and welfare expenses

3,437 3,624

Share-based payment expenses 6 80

Provision for bonuses 559 645

Other 4,229 4,499

Retirement benefit expenses 124 120

Operating profit 1,106 1,647

Total selling, general and administrative expenses 9,561 9,929

Interest income 93 138

Non-operating income

Dividend income 491 495

Other 320 94

Gain on investments in silent partnerships 19 258

Non-operating expenses

Total non-operating income 960 1,023

Foreign exchange losses 1 77

Interest expenses 76 57

Other 60 36

Commission expenses - 102

Ordinary profit 1,928 2,397

Total non-operating expenses 137 273

Gain on sale of non-current assets 6 12,035

Extraordinary income

Total extraordinary income 8 15,088

Gain on sale of investment securities 2 3,052

Loss on sale and retirement of non-current assets 1 54

Extraordinary losses

Total extraordinary losses 1 219

Loss on disaster - 165

Income taxes 698 5,473

Profit before income taxes 1,935 17,266

Profit attributable to non-controlling interests 218 8

Profit 1,237 11,792

Profit attributable to owners of parent 1,018 11,783

Semi-annual Consolidated Statement of Comprehensive Income

(Millions of yen)

For the six months ended September 30, 2024

For the six months ended September 30, 2025

Profit 1,237 11,792

Other comprehensive income

Deferred gains or losses on hedges 16 22

Remeasurements of defined benefit plans, net of tax 29 (44)

Comprehensive income attributable to non-controlling interests

282 (40)

Semi-annual Consolidated Statement of Cash Flows

For the six months ended September 30, 2024

(Millions of yen)

Increase (decrease) in provision for loss on construction contracts

21

(66)

Proceeds from sale and redemption of short-term and long-term investment securities

48

4,527

For the six months ended September 30, 2025

Increase (decrease) in provision for retirement benefits for directors (and other officers)

Increase (decrease) in provision for warranties for completed construction

(4) 3

248 (53)

Loss (gain) on sale and retirement of property, plant and equipment

Decrease (increase) in accounts receivable - trade, and contract assets

(4) (11,980)

37,969 17,718

Increase (decrease) in contract liabilities 4,046 2,286

Decrease (increase) in inventories (3,822) (3,463)

Increase (decrease) in trade payables (14,748) (6,303)

Subtotal 21,595 13,976

Other, net (4,518) 1,480

Interest paid (70) (56)

Interest and dividends received 537 665

Net cash provided by (used in) operating activities 19,637 13,329

Income taxes paid (2,424) (1,256)

Decrease (increase) in time deposits 521 179

Cash flows from investing activities

Proceeds from sale of property, plant and equipment 6 21,825

Purchase of property, plant and equipment (618) (385)

Purchase of intangible assets (222) (247)

Proceeds from collection of loans receivable 5 6

Purchase of shares of subsidiaries (70) -

Other proceeds 44 408

Other payments (24) (92)

Net cash provided by (used in) investing activities (309) 26,222

(Millions of yen)

Effect of exchange rate change on cash and cash equivalents

263

(66)

Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation

-

(385)

For the six months ended September 30, 2024

For the six months ended September 30, 2025

Net increase (decrease) in short-term borrowings

(14,000)

-

Repayments of long-term borrowings

(2,039)

(2,882)

Purchase of treasury shares

(0)

(11,229)

Dividends paid

(916)

(2,262)

Net cash provided by (used in) financing activities

(17,112)

(17,948)

Net increase (decrease) in cash and cash equivalents

2,479

21,536

Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation

70

46

Cash and cash equivalents at beginning of period 27,601 27,465

Dividends paid to non-controlling interests (1,396) (1,778)

Proceeds from sale of treasury shares 286 349

Repayments of lease liabilities (111) (144)

Proceeds from long-term borrowings 1,065 -

Cash flows from financing activities

Cash and cash equivalents at end of period 30,150 48,663