INFRONEER Holdings (5076) Q4 2025 earnings summary

Executive summary

• FY2025 net sales reached a record ¥847.5bn, up 6.8% YoY; business profit was ¥48.5bn, EBITDA ¥83.9bn and profit attributable to owners of parent ¥32.4bn.

• FY2026 guidance: net sales ¥896.3bn, business profit ¥54.5bn, EBITDA ¥93.0bn and profit attributable to owners of parent ¥33.4bn.

Financial highlights

• FY2025 sales rose ¥54.2bn YoY and exceeded the revised 3Q plan of ¥843.2bn; business profit of ¥48.5bn also exceeded the ¥47.9bn plan.

• Operating profit was ¥47.1bn, down 7.7%; pretax profit rose 0.6% to ¥49.8bn, while basic EPS fell to ¥124.15 from ¥130.51.

• Operating cash flow was ¥39.6bn; investing and financing cash outflows were ¥27.5bn and ¥4.9bn, respectively; year-end cash was ¥119.5bn.

• Total assets rose 2.8% to ¥1,450.7bn; total equity was ¥542.9bn and the parent equity ratio increased to 35.8% from 28.4%.

Outlook and guidance

• FY2026 forecasts: sales ¥896.3bn (+5.8%), business profit ¥54.5bn (+12.3%), operating profit ¥54.9bn (+16.4%), pretax profit ¥51.4bn (+3.3%) and parent profit ¥33.4bn (+3.0%).

• Building Construction expects sales growth from high-margin backlog; Civil Engineering cites a strong backlog and design-change projects.

• Infrastructure Management EBITDA is planned to grow ~20% YoY, supported by consolidated SPC profits and project sales; JWD expects growth from postponed project sales.

• FY2027 targets: business profit ¥70bn, EBITDA ¥110bn, net profit ¥43bn and added value ¥225bn; the three-year plan prioritizes investment in infrastructure and renewable energy.