Shimizu (1803) Q3 2026 earnings summary

Executive summary

• Net sales for FY2025 3Q rose to ¥1,429.3B, up 7.6% year-over-year, with operating income up 108.6% to ¥74.5B and net income attributable to shareholders up 99.6% to ¥80.9B.

• Orders awarded in the construction business surged 49% year-over-year to ¥1,641.3B.

• Comprehensive income for the period was ¥81.9B, up from ¥11.4B in the prior year.

Financial highlights

• Gross profit margin improved to 11.9% from 9.2% year-over-year.

• Operating income margin increased to 5.6% from 3.1% year-over-year.

• Net income per share rose to ¥119.32 from ¥57.96 year-over-year.

• Significant gains from sales of investment securities and fixed assets, and reduced impairment losses, contributed to net income growth.

• Total assets increased to ¥2,574.4B, with net assets at ¥910.7B as of December 31, 2025.

Outlook and guidance

• FY2025 net sales forecast revised upward to ¥2,010.0B, operating income to ¥110.0B, and net income attributable to shareholders to ¥110.0B.

• Orders awarded for FY2025 expected to reach ¥2,050.0B, up ¥461.9B from the previous year.

• Year-end dividend forecast raised to ¥43.00 per share, total annual dividend expected at ¥65.00, with a payout ratio of 40.1%.

• Orders for the full year are forecast to rise 29.6% to ¥1,820.0B.