Shimizu (1803) investor relations material

Executive summary

• Consolidated net sales rose by ¥113.4 billion year-over-year to ¥2,057.8 billion, driven by strong domestic construction and M&A of overseas subsidiaries.

• Operating income increased by ¥47.6 billion to ¥118.6 billion, reflecting improved profitability in domestic and overseas construction.

• Net income attributable to shareholders surged by ¥60.6 billion to ¥126.6 billion, including ¥87.9 billion in gains from the sale of security holdings.

• Orders received (nonconsolidated) surged 35.2% to ¥1,898.2 billion, driven by strong domestic and overseas construction demand.

• FY2026 and FY2027 forecasts anticipate further growth in sales and operating income, with a moderate increase in net income.

Financial highlights

• FY2025 consolidated net sales: ¥2,057.8 billion (up ¥113.4 billion year-over-year).

• Operating income: ¥118.6 billion (up ¥47.6 billion year-over-year).

• Net income attributable to shareholders: ¥126.6 billion (up ¥60.6 billion year-over-year).

• Gross profit margin improved to 12.5% from 10.1% year-over-year; operating margin rose to 5.8% from 3.7%.

• Annual dividend per share: ¥72 (up ¥34 year-over-year).

Outlook and guidance

• FY2026/2027 consolidated net sales forecast: ¥2,310.0 billion (up ¥252.1 billion year-over-year).

• Operating income forecast: ¥153.0 billion (up ¥34.3 billion year-over-year).

• Net income forecast: ¥130.0 billion (up ¥3.3 billion year-over-year, as gains from security sales decrease).

• Dividend per share forecast: ¥77.

• Orders (nonconsolidated) projected to decrease 18.3% to ¥1,550.0 billion, reflecting normalization after a surge.