Shimizu (1803) Q4 2025 earnings summary

Executive summary

• FY2024 consolidated net sales reached ¥1,944.3B, with operating income of ¥71.0B and net income attributable to shareholders at ¥66.0B, showing a strong recovery from the previous year.

• FY2025 forecasts indicate net sales of ¥1,910.0B, operating income of ¥78.0B, and net income attributable to shareholders of ¥75.0B, reflecting continued growth expectations.

• Nonconsolidated net sales dropped 4.8% to ¥1,501.5B, but net income rose sharply to ¥62.1B.

• Operating income decreased 24.7% to ¥71.0B, while ordinary income fell 21.7% to ¥71.7B compared to the previous year.

Financial highlights

• FY2024 consolidated gross profit margin improved to 10.1% from 8.8% in FY2023; operating income margin rose to 3.7%.

• Net assets at FY2024 year-end were ¥948.0B, with total assets at ¥2,538.7B.

• Return on equity increased to 7.6% in FY2024, with net income per share at ¥94.80.

• Cash and cash equivalents at year-end were ¥438.1B, up from ¥339.2B.

• Interest-bearing debt decreased to ¥591.3B, with a debt-equity ratio of 0.69.

Outlook and guidance

• FY2025 guidance projects net sales of ¥1,910.0B, operating income of ¥78.0B, and net income attributable to shareholders of ¥75.0B.

• Construction business orders awarded are forecast at ¥1,690.0B for FY2025.

• Gross profit margin is expected to rise to 11.1% in FY2025.

• Net income attributable to shareholders expected to increase 13.6% to ¥75.0B; EPS forecast at ¥109.92.

• Nonconsolidated net sales expected to decline 2.1% to ¥1,470.0B, with net income up 17.5% to ¥73.0B.