Kajima (1812) Q4 2026 earnings summary

Executive summary

• Consolidated revenues reached ¥3.0673 trillion and net income ¥177.3 billion for FY2025, with ROE at 13.3% and operating income up 58.5% to ¥240.8 billion.

• Annual dividend increased to ¥146 per share, with share buybacks of ¥40.0 billion planned for FY2026 and treasury stock to be reduced to about 5% of shares outstanding.

• FY2026 net income is forecast at ¥170.0 billion, above Medium-Term Business Plan targets, despite expected declines in revenues and income due to an unstable international environment.

• Comprehensive income surged 81.9% year-over-year to ¥230.7 billion.

• Nonconsolidated revenues increased 9.6% year-over-year to ¥1,710.1 billion, with net income up 40.3% to ¥146.9 billion.

Financial highlights

• Consolidated revenues rose 5.3% year-over-year, and net income increased 40.9% year-over-year in FY2025.

• Operating income reached ¥240.8 billion, up 58.5% year-over-year.

• Construction contract awards surpassed ¥3 trillion, setting a new record.

• Gross profit margin improved to 13.9% from 11.1% year-over-year.

• FY2026 forecasts a decrease in revenues to ¥2.9 trillion and net income to ¥170.0 billion, but still above plan targets.

Outlook and guidance

• FY2026 consolidated revenues are forecast to decline 5.5% to ¥2,900.0 billion, with net income projected at ¥170.0 billion, exceeding the Medium-Term Business Plan target of ¥130.0 billion.

• Operating income expected to fall 16.9% to ¥200.0 billion in FY2026.

• Revenues and income are expected to decline from FY2025 highs, but profitability will be supported by risk management and digital productivity gains.

• Construction contract awards are forecast to drop 18.2% year-over-year but remain robust.

• Overseas subsidiaries anticipate a recovery in real estate development net income.