Kajima (1812) Q1 2025 earnings summary

Executive summary

• Q1 FY2024 consolidated revenues rose 5.1% year-over-year to ¥613.2 billion, with operating income up 1.5% to ¥25.3 billion and net income attributable to owners down 10.0% to ¥17.4 billion.

• Real estate segment drove revenue growth, while construction segment remained flat; comprehensive income fell 40.9% year-over-year.

Financial highlights

• Gross profit increased 7.6% year-over-year to ¥61.7 billion, with gross margin improving to 10.1%.

• Operating income margin was 4.1%, slightly down from 4.3% a year ago.

• Ordinary income declined 11.0% year-over-year to ¥25.9 billion.

• Basic EPS for Q1 FY2024 was ¥36.60, down from ¥40.03 in Q1 FY2023.

• Interest-bearing debt increased 14.2% from March 2024 to ¥699.4 billion.

Outlook and guidance

• FY2024 consolidated revenue forecast is ¥2,780 billion (+4.3% year-over-year), with operating income of ¥132 billion (−3.1%) and net income attributable to owners of ¥105 billion (−8.7%).

• Full-year basic EPS forecast is ¥222.47; dividend forecast unchanged at ¥90 per share.

• Construction contract awards expected to decline 25.5% year-over-year to ¥2,180 billion.