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Obayashi (1802) investor relations material
Obayashi Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
FY2025 first half consolidated net sales were ¥1,161.2B, down 5.0% YoY, mainly due to a decline in domestic building construction and strategic order alignment.
Operating income surged 78.0% to ¥80.0B, and profit attributable to owners of parent increased 42.9% to ¥77.9B, driven by change orders, high-margin projects, and real estate sales.
Comprehensive income rose to ¥76.9B from ¥22.1B a year earlier.
Upward revision of full-year forecasts: consolidated operating income now expected at ¥165.0B (+15.8% YoY), profit attributable to owners of parent at ¥149.0B (+2.5% YoY), and net sales at ¥2,570.0B.
Strategic acquisition of GCON Inc. in the U.S. to strengthen North American business, especially in high-growth sectors like data centers and semiconductors.
Financial highlights
Gross profit increased 35.3% YoY to ¥158.8B, with gross margin improving from 9.6% to 13.7%.
First half operating income rose by ¥35.0B YoY to ¥80.0B, with a 48.5% progress rate toward the full-year forecast.
EPS for the period was ¥110.84, up from ¥76.12 YoY.
Equity increased to ¥1,174.7B (+1.4% from FY2024), while interest-bearing debt declined by 2.9% to ¥352.2B.
Net cash provided by operating activities was ¥20.5B, a turnaround from a ¥56.6B outflow a year earlier.
Outlook and guidance
Full-year consolidated operating income forecast revised upward by ¥43.0B to ¥165.0B, mainly due to improved profitability in domestic building and overseas subsidiaries.
Net sales forecast slightly reduced to ¥2,570.0B, reflecting strategic order intake and project timing.
Orders received for FY2025 expected to decrease 12.0% YoY to ¥2,920.0B, aligning with construction capacity.
Annual dividend forecast is ¥82.00 per share, with a payout ratio of 38.3%.
Continued focus on profitability and selective order intake in both domestic and overseas markets.
Explain the strategy behind lower sales, higher profit
Detail capital allocation from cross-shareholding sales
Explain domestic construction balance sheet improvement
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Q3 202610 Feb, 2026
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Frequently asked questions
Obayashi Corporation is a Japanese construction and engineering company providing a range of services, including civil engineering, building construction, and project management. The company is involved in large-scale infrastructure projects such as bridges, tunnels, dams, and urban development, as well as commercial and residential building construction. Obayashi also invests in renewable energy projects and engages in real estate development. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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