Kajima (1812) Q2 2026 earnings summary

Executive summary

• Achieved record-high first-half revenues and profits, with Q2/FY2025 revenue up 3.9% YoY to ¥1.3729 trillion and net income up 120% to ¥77.3B, driven by improved profitability in domestic and overseas construction businesses.

• Gross profit margin improved to 13.6% from 9.6% YoY, led by strong construction segment performance.

• Upward revision of full-year forecasts, with all major profit metrics expected to reach new highs.

• Growth strategies focus on risk management, innovation, and sustainability, with proactive investments in human capital and circular economy initiatives.

• Comprehensive income increased 48.5% YoY to ¥84.4B.

Financial highlights

• 1H FY2025 consolidated revenue: ¥1.3729 trillion (+¥51.2B YoY); operating profit: ¥108.7B (+126.0% YoY); net profit: ¥77.3B (+120.0% YoY).

• Gross profit margin improved to 13.6% (from 9.6% YoY); civil engineering GP margin rose to 24.6%.

• Ordinary income rose 115.2% to ¥105.4B; basic EPS increased to ¥165.29 from ¥74.23.

• Owners' equity ratio improved to 38.6% from 36.4% at the previous fiscal year-end.

• Interest-bearing debt increased to ¥813.6B, up 2.7% from March 31, 2025.

Outlook and guidance

• FY2025 full-year forecast: revenue ¥3T (+3.0% YoY), operating income ¥202B (+33.0%), net income ¥155B (+23.2%)—all record highs.

• Dividend per share raised to ¥132 (from ¥112); minimum ¥132 planned for FY2026.

• Nonconsolidated revenue forecast for FY2025 is ¥1.66T (+6.4%), with net income expected at ¥125B (+19.3%).

• Favorable business conditions expected to continue, but some FY2025 performance drivers may diminish in FY2026.