MODEC (6269) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue was $3,690MM, net income $306MM and adjusted EBITDA $394MM; revenue rose 10% and adjusted EBITDA 30% YoY.

• 9M 2026 revenue increased 10.1% YoY to $3.691bn, operating profit rose 27.8% to $390.2m, and profit attributable to owners rose 24.8% to $306.5m.

• FY26 earnings guidance was raised, while total backlog was $23.8B, down $3.1B or 12% from FYE2025 as projects progressed.

Financial highlights

• 3Q26 net income rose $61MM YoY to $306MM; adjusted EBITDA increased $90MM to $394MM.

• 3Q26 EPCI revenue was $2,239MM, up $253MM YoY; O&M revenue was $1,047MM, up $99MM, and service-fee revenue increased $2MM.

• 9M profit before tax was $416.3m, up 21.3% YoY; profit for the period rose 21.0% to $343.9m, with basic and diluted EPS of $4.49 versus $3.59.

• 9M gross profit was $469.9m versus $379.1m; share of profit from equity-method investments rose 15.3% to $119.8m.

• 9M operating cash flow rose to $566.8m from $192.7m; cash and cash equivalents were $1.695bn at period-end.

Outlook and guidance

• FY26 revenue guidance increased $300MM to $4,900MM; operating income rose $60MM to $520MM and EBT rose $60MM to $560MM.

• FY26 net income guidance increased $40MM to $410MM; EPS guidance rose $0.59, or 11%, to $6.00.

• FY26 dividend guidance remained ¥200 per share, versus ¥140 for FY25.