Taisei (1801) Q4 2025 earnings summary

Executive summary

• FY2024 net sales rose 22.0% to ¥2,154.2 billion and net income increased 207.9% to ¥123.8 billion, with strong growth in all segments.

• Operating income surged 354.9% to ¥120.1 billion, and ROE improved to 13.8% from 4.6% the previous year.

• FY2025 is forecasted to see decreases in net sales and profits, but gross profit is expected to remain stable due to improved profitability in Building Construction.

• The company is progressing on its Medium-Term Business Plan (2024-2026), focusing on profit growth and resilience.

• Orders received in FY2024 reached ¥2,437.6 billion, up 24.2% year-over-year.

Financial highlights

• FY2024 net sales: ¥2,154.2 billion (+22.0% YoY); FY2025 forecast: ¥1,960.0 billion (-9.0% YoY).

• FY2024 operating income: ¥120.1 billion (+354.9% YoY); FY2025 forecast: ¥101.0 billion.

• FY2024 net income: ¥123.8 billion (+207.9% YoY); FY2025 forecast: ¥80.0 billion.

• Gross profit increased 81.4% to ¥231.1 billion; gross profit margin improved to 10.7% in FY2024 and is forecasted at 11.6% in FY2025.

• ROE rose to 13.8% in FY2024; forecasted at 9.5% in FY2025.

Outlook and guidance

• FY2025 net sales and profits expected to decrease from FY2024, but gross profit to be maintained.

• Dividend payout ratio set at 30.8% for FY2024 and FY2025 (minimum ¥150/share for FY2025 and FY2026).

• Orders received expected at ¥2,060.0 billion for FY2025.

• Shareholder return policy under review, with focus on dividends once share count milestone is achieved.