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Taisei (1801) investor relations material

Taisei Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary6 Feb, 2026

Executive summary

  • Achieved record-high profit at all profit stages in Q3, despite a 6.5% year-over-year decrease in net sales, with steady progress toward full-year targets at 74.9% of forecast.

  • Gross profit margin remained strong: 21.9% for Civil Engineering and 10.9% for Building Construction.

  • Toyo Construction Co., Ltd. was consolidated from Q3, with limited impact on results; provisional goodwill from the acquisition was ¥58.9 billion, to be amortized over seven years.

  • Comprehensive income surged to ¥121.8 billion from ¥24.8 billion in the prior year period.

Financial highlights

  • Q3 consolidated net sales: ¥1,427.7 billion (down 6.5% YoY); net income: ¥102.5 billion (up 22.3% YoY); operating income: ¥122.3 billion (up 53.0% YoY); ordinary income: ¥130.5 billion (up 41.0% YoY).

  • Gross profit for Q3 rose 39.0% YoY to ¥217.9 billion, driven by cost reductions and improved profitability in new orders.

  • Net income per share for Q3: ¥615.38 (up from ¥457.17 YoY).

  • ROE reached 15.8%.

  • Equity ratio at 33.0% as of December 31, 2025, down from 35.7% at the previous fiscal year-end.

Outlook and guidance

  • Full-year net sales forecast: ¥2,090.0 billion; net income forecast: ¥137.0 billion; operating income forecast: ¥148.0 billion.

  • Operating income for the full year expected to increase by ¥27.8 billion YoY, mainly from improved profit ratio in Domestic Building Construction.

  • Dividend forecast for FY2025: ¥250 per share (up from ¥210 in FY2024).

  • No changes to the previously announced full-year forecast.

  • Targeting reduction of cross-shareholdings to below 20% of consolidated net assets by end of FY2026; current ratio is 32.8%.

Toyo Construction acquisition: expected margin impact?
Cross-shareholding reduction: capital allocation plans?
Is current profit margin improvement sustainable?
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