Kajima (1812) Q3 2026 earnings summary

Executive summary

• Consolidated revenues, operating income, and net income for FY2025 Q1–Q3 reached record highs, with revenues at JPY 2,146.1 billion (+5.9% YoY), operating income at JPY 171.8 billion (+81.6% YoY), and net income at JPY 122.2 billion (+64.0% YoY), driven by improved gross profit margins in domestic construction and strong demand.

• Comprehensive income surged 195.4% year-over-year to JPY 145.9 billion, reflecting strong operational and investment performance.

• Profitability on new contracts remained stable in civil engineering and improved in building construction.

• Overseas subsidiaries saw increased contract awards but lower income due to rescheduled property sales and operational headwinds.

Financial highlights

• FY2025 Q1–Q3 consolidated revenues: JPY 2,146.1 billion (+119.6B YoY), operating income: JPY 171.8B (+77.1B YoY), net income: JPY 122.2B (+47.7B YoY); gross profit margin improved to 13.7% (from 10.4% YoY).

• Operating income margin increased to 8.0% from 4.7% YoY.

• FY2025 full-year forecast: revenues JPY 3,030.0 billion (+4.1% YoY), operating income JPY 228.0 billion (+50.1%), net income JPY 170.0 billion (+35.1%)—all record highs.

• Construction contract awards expected to reach JPY 3,100.0 billion (+18.1% YoY).

• Interest-bearing debt rose 19.4% from March 2025 to JPY 945.9 billion as of December 2025.

Outlook and guidance

• Upward revision of consolidated earnings forecast due to further improvement in non-consolidated construction profit margin.

• Dividend per share forecast for FY2025 is JPY 132.00, up from JPY 104.00 in FY2024.

• Favorable business environment expected to continue, but FY2026 may see diminished extraordinary factors.

• Overseas property sales rescheduled to next fiscal year, anticipating improved market conditions.