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Kajima (1812) investor relations material
Kajima Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 FY2027 revenue was ¥1,333.9bn, down 2.8% YoY; operating income was ¥101.8bn, ordinary income ¥101.1bn, and net income attributable to owners ¥71.3bn, down 7.7%.
Gross profit rose 3.9% to ¥194.2bn, while SG&A increased 18.1% to ¥92.4bn, contributing to lower operating income.
Financial highlights
Construction revenue fell 6.3% to ¥1,181.5bn, while real estate and other revenue rose 36.1% to ¥152.3bn.
Consolidated construction contract awards were ¥1,173.4bn, down 1.4% YoY; non-consolidated awards were ¥811.6bn, down 4.4%.
Operating cash flow was positive ¥26.6bn versus negative ¥6.2bn a year earlier; investing cash outflow narrowed to ¥11.7bn from ¥36.8bn.
Extraordinary income included a ¥9.9bn gain on sales of investment securities; comprehensive income was ¥68.0bn versus ¥84.4bn a year earlier.
Outlook and guidance
FY2027 forecast: revenue ¥2,900bn, operating income ¥234bn, ordinary income ¥225bn, net income attributable to owners ¥170bn, and basic EPS ¥368.75.
Operating and ordinary income forecasts rose from ¥200bn and ¥206bn, respectively; revenue and net income forecasts were unchanged.
Forecast consolidated contract awards are ¥2,670bn, down 18.2% YoY; domestic awards are ¥1,810bn and overseas awards ¥860bn.
Non-consolidated full-year construction gross margin forecasts rose to 23.4% for civil engineering and 13.5% for building construction; combined construction margin is 16.5%.
Overseas revenue forecast fell ¥50.0bn to ¥1,000.0bn and overseas net income forecast fell ¥11.0bn to ¥7.0bn, mainly due to revised property-sale plans.
- Net income rose on higher margins and real estate growth, but full-year revenue is forecast to decline.1812
Q1 2027 - Record FY2025 results with high ROE; FY2026 outlook signals profit decline but strong returns.1812
Q4 2026 - Record-high earnings and upward guidance driven by robust construction and margin gains.1812
Q3 2026 - Record-high profits and revenues, with net income up 120% and higher dividends forecast.1812
Q2 2026 - Q1 FY2025 saw record profit growth and margin gains, despite currency headwinds.1812
Q1 2026 - Revenue up 5.1%, profit down, and U.S. expansion via acquisition amid real estate-driven growth.1812
Q1 2025 - Net income forecast increased to ¥116B, but profits and contract awards are declining.1812
Q2 2025 - Record net income and margin gains drive growth, with further upside forecast.1812
Q4 2025 - Net income and dividend forecasts up, but Q3 profit, margins, and equity ratio fell.1812
Q3 2025
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