Translation
Notice: This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy
between this translated document and the original Japanese document, the latter shall prevail.

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under IFRS)
May 15, 2024
Company name:

INFRONEER Holdings Inc.

Stock exchange listing: Tokyo
Stock code:
5076
Representative:

URL

https://www.infroneer.com

Representative Executive Officer andPresident

Kazunari Kibe

Inquiries:
General Manager of Financial Strategy
Scheduled date of ordinary general meeting of shareholders:

Kazutaka Deguchi
June 25, 2024

TEL

03-6380-8253

Scheduled date to file Securities Report:
Scheduled date to commence dividend payments:

June 25, 2024
June 26, 2024

Preparation of supplementary material on financial results:
Holding of financial results meeting:Yes
Yes (for institutional investors and analysts)(Amounts less than one million yen are rounded down)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated operating results (cumulative)
Percentages indicate year-on-year changes
Profit attributable
Total
Net sales
Business profit Operating profit Profit before tax
to owners ofcomprehensive
parentincomeMillions
Millions
Millions
Millions
Millions
Millions
%
%
%
%
%
%
of yenof yenof yenof yenof yenof yenFiscal year ended March 31,
793,26411.4 51,461
10.8 51,060
15.0 49,439
10.5 32,571(2.7) 68,198
114.1
2024
Fiscal year ended March 31,
711,810– 46,429– 44,415– 44,739– 33,487– 31,859–
2023
Basic earnings
per share

Diluted earnings
per share

Yen
130.51129.35

Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2023

Yen
130.17129.13Return on equity
Ratio of profit
attributable tobefore tax to total
owners of parent
assets
%
%
8.6
4.1
9.4
4.6

Ratio of businessprofit to revenue
%
6.5
6.5

(Reference) Share of profit (loss) of investments accounted for using equity method: Fiscal year ended March 31, 2024: ¥1,673 million
Fiscal year ended March 31, 2023: ¥1,029 million(Note) Business profit is a profit indicator that measures the performance of the Company’s recurring businesses, calculated by deducting cost of
sales and selling, general and administrative expenses from net sales, and adding share of profit (loss) of investments accounted for using
equity method.
(2) Consolidated financial position
Total assets

As of March 31, 2024
As of March 31, 2023

Millions of yen
1,410,557
978,063

Ratio of equity
Equity attributable toEquity attributable toattributable toTotal equity
owners of parent per
owners of parent
owners of parent tosharetotal assets
Millions of yen
Millions of yen%
Yen
419,173
399,92328.4
1,619.25
374,088361,77837.0
1,432.70(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended March 31, 2024
Fiscal year ended March 31, 2023

Cash flows frominvesting activities

Millions of yen
38,916
102,764

Millions of yen(279,254)(22,076)

1

Cash flows fromfinancing activities
Millions of yen
261,316(67,796)

Cash and cash
equivalents at end of
periodMillions of yen
113,42191,938

2. Cash dividends
Annual dividends per share

1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end

Total cash
dividends(Total)

Total

Yen

Yen

Yen

Yen

–
–

0.00
25.00

–
–

55.00
35.00

55.00
60.00

–

30.00

–

30.00

60.00

Fiscal year ended March 31, 2023
Fiscal year ended March 31, 2024
Fiscal year ending March 31, 2025
(Forecast)

Ratio ofdividends to
Dividend
equitypayout ratio attributable to(Consolidated) owners ofparent(Consolidated)

Yen Millions of yen

14,08815,406

%

%

42.5
46.0

4.0
3.9

39.0

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
Percentages indicate year-on-year changes
Net sales

Full year

Millions ofyen%

839,900

5.9

Profit attributableto owners of parent
Millions of%%yen

Business profit

Operating profit

Profit before tax

Millions ofyenMillions ofyenMillions ofyen%

59,000 14.6%

59,000 15.6

56,700 14.7

38,400 17.9

Basic earnings
per share
Yen
153.86* Notes(1) Changes in significant subsidiaries during the year ended March 31, 2024
(changes in specified subsidiaries resulting in the change in scope of consolidation):(2) Changes in accounting policies and changes in accounting estimates
1) Changes in accounting policies required by IFRS:
2) Changes in accounting policies due to other reasons:3) Changes in accounting estimates:

None

None
None
None

(3) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

274,845,024 shares As of March 31, 2023

274,845,024 shares

2) Number of treasury shares at the end of the period
As of March 31, 2024

27,863,941 shares As of March 31, 2023

22,329,791 shares

249,578,334 shares Fiscal year ended March 31, 2023

258,898,904 shares

3) Average number of shares during the period
Fiscal year ended March 31, 2024
(Note)The Company’s shares held by the Stock Benefit Trust are included in the number of treasury shares at the end of the period(7,919,000 shares at the end of the year ended March 31, 2024; 3,644,800 shares at the end of the fiscal year ended March 31,2023).

* These financial results are outside the scope of audit by certified public accountants or audit corporations.
* Explanation of the proper use of performance forecast and other notes The above forecasts are based on assumptions in light of information available as of the date of announcement of this material and factors of
uncertainty that may possibly impact the future results of operation. These statements do not indicate that the Company pledges to realize
these forecasts. Actual results may differ significantly from those presented herein as a result of numerous factors.
 The Group has voluntarily adopted International Financial Reporting Standards (IFRS) effective from the consolidated financial statements
for the fiscal year ended March 31, 2024. Financial figures for the previous fiscal year are also presented in accordance with IFRS.

2

○ Table of Contents

1. Overview of Financial Results, etc.............................................................................................................................. 4(1) Overview of Operating Results for the Fiscal Year under Review .......................................................................... 4(2) Overview of Financial Position for the Fiscal Year under Review .......................................................................... 5(3) Overview of Cash Flows for the Fiscal Year under Review .................................................................................... 5(4) Future Outlook ......................................................................................................................................................... 5(5) Basic Policy on Distribution of Profit and Dividends for Current and Next Fiscal Years ....................................... 6
2. Basic Approach to the Selection of Accounting Standards ......................................................................................... 6
3. Consolidated Financial Statements and Primary Notes ............................................................................................... 7(1) Consolidated Statement of Financial Position ........................................................................................................ 7(2) Consolidated Statement of Profit or Loss and Comprehensive Income .................................................................. 9(3) Consolidated Statement of Changes in Equity ...................................................................................................... 11(4) Consolidated Statement of Cash Flows................................................................................................................. 13(5) Notes to Consolidated Financial Statements ......................................................................................................... 15(Notes on going concern assumption) ............................................................................................................. 15(Segment information) .................................................................................................................................... 15(Per share information) .................................................................................................................................... 17(Significant subsequent event) ........................................................................................................................ 18
4. Others ........................................................................................................................................................................ 20(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog .. 20(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog ......... 20(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog ..................... 21(4) Summary of Forecast of Consolidated Financial Results ..................................................................................... 22(Reference) Maeda Corporation: Supplementary Information ................................................................................... 23

3

1. Overview of Financial Results, etc.
(1) Overview of Operating Results for the Fiscal Year under Review
During the fiscal year ended March 31, 2024, the outlook of Japanese economy remained uncertain amid persisting
concerns about monetary tightening across the globe, fluctuations in foreign exchange rates, a steep rise in raw material
and energy prices, rising commodity price and other factors putting downward pressure on the Japanese economy in theunstable international situation. However, the Japanese economy generally and moderately recovered in corporate earnings,
employment, and personal consumption, being supported by the materialization of pent-up demand following thereclassification of the novel coronavirus infection (COVID-19) to “Class 5” and other factors.
In the construction industry, while housing construction remained stagnant, a pickup of capital investment was
slowing down. Public investment remained firm due to the execution of the related government budgets.
Under these circumstances, with the objective of the entire group achieving sustained growth under the Company, theCompany has strived to be a “company trusted by all stakeholders” by determining to aim for the mid- to long-term stateof being an “integrated infrastructure service company” with one-stop style management from upstream to downstream of
infrastructure operations, establishing a “highly profitable and stable revenue base” without being influenced by external
factors, operating expeditiously and appropriately, such as by building an effective governance structure and promoting
digital transformation, and strengthening the ability to deal with social changes.
In addition, on January 31, 2024, the Company acquired shares of JWD Holdings3 K.K., which owned all shares ofJapan Wind Development Co., Ltd., making it the Company’s subsidiary. By complementing and mutually leveraging
knowhow, technologies, networks, and other capabilities and strengths in the wind power business that the Group andJapan Wind Development Co., Ltd. possess, we will focus on further growth of the infrastructure management business,
which is the core of the Group’s growth strategy.
The Group has voluntarily adopted International Financial Reporting Standards (IFRS) effective from theconsolidated financial statements for the fiscal year ended March 31, 2024, and figures for the previous fiscal year havealso been reclassified to IFRS basis for comparative analysis.
For the fiscal year ended March 31, 2024, net sales increased by ¥81.4 billion (11.4%) year on year to ¥793.2 billion.
Business profit increased by ¥5.0 billion (10.8%) year on year to ¥51.4 billion, profit before tax increased by ¥4.6 billion(10.5%) year on year to ¥49.4 billion, and profit attributable to owners of parent decreased by ¥0.9 billion (2.7%) year on
year to ¥32.5 billion.
*Business profit is a profit indicator that measures the performance of the Company’s recurring businesses, calculated by deducting costof sales and selling, general and administrative expenses from net sales, and adding share of profit (loss) of investments accounted forusing equity method.

Performance results by business segment are as stated below.
[Building Construction]
In the building construction business, which engages in construction work and related activities primarily for
multi-dwelling complexes, factories and logistics centers, net sales increased by ¥59.2 billion (27.7%) year on yearto ¥273.6 billion. This was primarily due to steady progress in work on hand, including large-scale projects, andgrowth in new construction orders awarded in domestic construction operations. Segment profit was ¥4.3 billion, a
year-on-year decrease of ¥3.7 billion (46.3%), mainly owing to the impact of soaring labor costs.
[Civil Engineering]
The civil engineering business is engaged in construction work, mainly bridges and tunnels, as well as related
businesses. Net sales increased by ¥10.3 billion (6.8%) year on year to ¥162.4 billion, mainly due to steady progressin large-scale projects on hand and acquisition of design changing projects at the beginning of the term in the domestic
civil engineering operations. Segment profit increased by ¥12.3 billion (73.7%) year on year to ¥29.1 billion, due toan improvement in profit, which arose from significant improvement in profit margin on large-scale projects on handat the beginning of the term and the acquisition of difficult design changing project completed this fiscal year, as wellas its improved construction efficiency and shortened construction period.
[Road Civil Engineering]
Road civil engineering mainly engages in pavement work and other construction business, and manufacture andsale of asphalt mixture. Net sales increased by ¥7.7 billion (3.2%) year on year to ¥251.7 billion as a result of steady4

sales. Segment profit increased by ¥4.0 billion (35.8%) year on year to ¥15.2 billion, as the profit margin upon order
receipt in the construction business improved and the increases in raw material costs were passed on in the asphalt
mixture sales.
[Machinery]
For machinery, which focuses on the manufacture and sale of construction machinery, net sales increased by¥2.4 billion (6.5%) year on year to ¥39.7 billion, while segment profit increased by ¥0.8 billion (68.8%) year on yearto ¥2.1 billion. This was due to robust sales of the Company’s in-house products, such as cranes.
[Infrastructure Management]
For infrastructure management, which is mainly engaged in renewable energy and concession business, net sales
decreased by ¥4.1 billion (18.6%) year on year to ¥18.3 billion, and segment loss amounted to ¥1.0 billion (segment
profit of ¥7.6 billion in the previous fiscal year). This was due to a revenue decline in reaction to the sale of the wind
power business recorded in the previous year and a postponement of the sale of some development projects, despite
the continued strong performance of Aichi Road Concession Co., Ltd. and other business companies.
[Others]
The others business segment ranges from the retail business to manufacturing and sale of construction materials,
building management, and real estate business, etc. Net sales increased by ¥5.8 billion (14.1%) year on year to¥47.2 billion, while segment profit decreased by ¥0.1 billion (4.6%) year on year to ¥2.1 billion.

(2) Overview of Financial Position for the Fiscal Year under Review
Total assets as of March 31, 2024 were ¥1,410.5 billion, an increase of ¥432.4 billion (44.2%) from the end of theprevious fiscal year, mainly due to increases in goodwill and intangible assets arising from the acquisition of shares ofJapan Wind Development Co., Ltd to make it a subsidiary. Liabilities stood at ¥991.3 billion, an increase of ¥387.4 billion(64.1%) from the end of the previous fiscal year, mainly due to an increase in short-term borrowings. Equity amounted to¥419.1 billion, an increase of ¥45.0 billion (12.1%) from the end of the previous fiscal year. As a result of the above, total
equity attributable to owners of parent amounted to ¥399.9 billion, and the ratio of equity attributable to owners of parent
to total assets fell from 37.0% of the previous fiscal year to 28.4%.

(3) Overview of Cash Flows for the Fiscal Year under Review
Net cash provided by operating activities in the current fiscal year was ¥38.9 billion (¥102.7 billion provided in theprevious fiscal year), mainly due to the recording of ¥49.4 billion in profit before tax. Net cash used in investing activities
amounted to ¥279.2 billion (¥22.0 billion used in the previous fiscal year), primarily due to ¥210.3 billion of payments foracquisition of subsidiaries and ¥42.7 billion of purchase of property, plant and equipment and intangible assets. Net cash
provided by financing activities amounted to ¥261.3 billion (¥67.7 billion used in the previous fiscal year), mainly due to
net increase in short-term borrowings, the dividends paid, and the purchase of treasury shares. As a result of the above, thebalance of cash and cash equivalents at the end of the current fiscal year amounted to ¥113.4 billion, an increase of¥21.4 billion from ¥91.9 billion at the end of the previous fiscal year.

(4) Future Outlook
Going forward, the Japanese economy is expected to recover generally and moderately, being supported by thematerialization of pent-up demand following the reclassification of the novel coronavirus infection (COVID-19) to “Class5” and other factors, although there are signs of slowdown in some areas.
However, amid the unstable international situation in Ukraine and the Middle East, it is necessary to continue to pay
close attention to the impact of the following factors on the Group’s business activities: monetary tightening across theglobe, fluctuations in foreign exchange rates, a steep rise in raw material and energy prices, and rising commodity price,among others.
In the business environment surrounding the Group, national and local governments’ finances are expected to become
increasingly severe due to declining tax revenues on account of a declining population and increasing social security costs
caused by the aging of society, while the constant deterioration of a vast amount of social infrastructure, which wasdeveloped during the period of high economic growth, will make it difficult to invest in new construction, let alone in the5maintenance and renewal of existing infrastructure. In addition, given increasingly critical labor shortages due to theshrinking working-age population caused by the falling birthrate and aging population, we also believe that atransformation to digitalization and responding to global environmental issues will be unavoidable, and that conventional
values in the construction industry will evolve, while the industrial structure will itself be transformed.
Under these circumstances, with the aim of solving these social issues and achieving sustainable growth for the entire
Group, the Company has strived to be a “company trusted by all stakeholders” by determining to aim for the mid- to longterm state of being an “integrated infrastructure service company” with one-stop style management from upstream todownstream of infrastructure operations.
We are committed to heightening synergies within the Group more than ever before, and to forge ahead in unison,further strengthening management by aggressively investing in human resource development, promoting greater use of IT,
digital transformation, and other digital tools, improving productivity, establishing new revenue bases and increasing
profitability, while bolstering and enhancing governance.
As for Japan Wind Development Co., Ltd., which we made a subsidiary on January 31, 2024, we will strive to conduct
an appropriate post-merger integration (PMI) process and build a governance structure so that its capabilities and strengths,
including its knowhow, technology, and network in the wind power business, will be fully utilized to generate the synergies
initially expected in the infrastructure management business of the Group.
1) Net sales
On a consolidated basis, we expect net sales of ¥839.9 billion for the next fiscal year. By segment, we project net
sales of ¥293.3 billion in building construction, ¥150.3 billion in civil engineering, ¥257.0 billion in road civilengineering, ¥40.9 billion in machinery, ¥40.9 billion in infrastructure management, and ¥57.5 billion in others.
2) Profit
For the next fiscal year, on a consolidated basis, we forecast ¥59.0 billion in business profit, ¥59.0 billion in
operating profit, ¥56.7 billion in profit before tax, and ¥38.4 billion in profit attributable to owners of parent.

(5) Basic Policy on Distribution of Profit and Dividends for Current and Next Fiscal Years
The Company regards the return of profits to shareholders as one of its most important management policies. Basedon the returns policy stated in the medium-term management plan “INFRONEER Medium-term Vision 2024,” in addition
to purchasing its treasury shares, the Company’s basic policy is to strive for a dividend payout ratio of 30% or more.
Under such a policy, the Company decided to pay an interim dividend of ¥25 per share with a commencement date ofdividend payment on December 11, 2023, and a year-end dividend of ¥35 per share, for a total dividend of ¥60 per sharefor the current fiscal year. Dividends in the following fiscal year are planned to be ¥60 per share (¥30 for the interim
dividend, and ¥30 for the year-end dividend).
In addition, in order to further return profits to shareholders and enhance share value through the execution of aflexible capital policy, the Company planned to buy back more than ¥40.0 billion of its own shares by FY2024, the final
fiscal year of the medium-term management plan. The cumulative amount of buybacks up to the end of the previous fiscal
year was ¥30.0 billion. The Company conducted a further buyback of ¥10.0 billion during the current fiscal year, thereby
achieving the buyback plan set forth in the medium-term management plan ahead of schedule by the end of the current
fiscal year.
Going forward, the Company will continue to strive for further profit returns based on the returns policy set forth in
the medium-term management plan.

2. Basic Approach to the Selection of Accounting Standards
The Group has voluntarily adopted the International Financial Reporting Standards (IFRS) for the consolidated
financial statements for the fiscal year ended March 31, 2024 onward, for the purpose of further streamlining and maintaining
the quality of the financial and management reporting system for Group business management, and to improve theinternational comparability of financial information in capital markets.

63. Consolidated Financial Statements and Primary Notes(1) Consolidated Statement of Financial Position(Millions of yen)
IFRS Transition Date
April 1, 2022

Previous fiscal year
As of March 31, 2023

Current fiscal year
As of March 31, 2024

Cash and cash equivalents

77,911

91,938113,421

Trade and other receivables

132,510

147,789

145,514

Contract assets

219,223

186,836

245,485

8,433

9,747

12,575

AssetsCurrent assets

Inventories
Other financial assets

2,221

3,662

4,447

Other current assets

25,97728,04829,592466,277

468,024

551,036

Assets held for sale

Subtotal

6,886

–

–

Total current assets
Non-current assets

473,163

468,024

551,036

Property, plant and equipment

156,281

173,314217,564

Right-of-use assets

17,545

18,612

18,107

Goodwill

19,891

19,891

159,046

Intangible assets

154,559

154,595

243,007

Investment property

28,06725,46926,752

17,073

17,581

22,470105,062852

85,425
1,296

149,603
955

1,844

–

–

Investments accounted for using equity
methodOther financial assets
Deferred tax assets
Retirement benefit asset
Other non-current assets

440

13,85322,013

Total non-current assets

501,619

510,039859,520

Total assets

974,782

978,063

1,410,557

7

(Millions of yen)
IFRS Transition Date
April 1, 2022

Previous fiscal year
As of March 31, 2023

Current fiscal year
As of March 31, 2024

Trade and other payables

247,265

272,121273,792

Contract liabilities
Bonds and borrowings

29,45932,20054,162

95,41757,419342,063

Lease liabilities

9,334

9,356

9,328

Income taxes payable

10,926

10,282

11,873

Other financial liabilities

5,729

5,619

5,428

Liabilities and equity
Liabilities
Current liabilities

Provisions

3,034

2,880

5,543

Other current liabilities

20,816

22,62927,102421,983

412,509729,294

5,825

–

–

427,808

412,509729,294

Bonds and borrowings

105,625

109,495

139,482

Lease liabilities

13,01013,63813,408Other financial liabilities

2,125

5,675

2,524

Retirement benefit liability

16,082

16,014

15,599Provisions

29,306

34,57936,355

Deferred tax liabilities

17,137

11,70554,344

Other non-current liabilities

532

358

375

Total non-current liabilities

183,819

191,465

262,089

611,628

603,974

991,383

Subtotal
Liabilities directly associated with assets held
for sale
Total current liabilities
Non-current liabilities

Total liabilities
EquityShare capital

20,00020,00020,000Capital surplus

134,500

106,542

111,467

Treasury shares(24,342)(18,395)(28,626)

Retained earnings

202,568

242,570

255,671

Other components of equity
Total equity attributable to owners of parent
Non-controlling interests

19,682352,408
10,745

11,061
361,778
12,31041,411
399,923
19,249Total equity

363,153

374,088419,173

974,782

978,063

1,410,557

Total liabilities and equity8(2) Consolidated Statement of Profit or Loss and Comprehensive Income
Consolidated Statement of Profit or Loss
(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Net sales

711,810793,264

Cost of sales(614,069)(681,379)

Gross profit

97,740111,885

Selling, general and administrative expenses(52,340)(62,097)

Share of profit of investments accounted for using equity method

1,029

1,673

Business profit

46,42951,461Other income
Other expenses

1,474(3,488)1,710(2,111)

Operating profit

44,41551,060Finance income
Finance costs

2,939(2,615)

3,045(4,665)

Profit before tax

44,73949,439

Income tax expense(10,441)(16,444)

Profit34,29732,99533,487809

32,571424

34,29732,995129.35129.13130.51130.17

Profit attributable to
Owners of parent
Non-controlling interests
ProfitEarnings per share
Basic earnings per share (Yen)
Diluted earnings per share (Yen)9Consolidated Statement of Comprehensive Income(Millions of yen)

ProfitFiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

34,29732,995(1,165)

(427)

(621)

28,421

100

263

Total of items that will not be reclassified to profit or loss
Items that may be reclassified to profit or loss

(1,686)28,257

Exchange differences on translation of foreign operations
Cash flow hedges

76
(828)

107
6,838

(0)

–

Other comprehensive income
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit plans
Financial assets measured at fair value through othercomprehensive income
Share of other comprehensive income of investments
accounted for using equity method

Share of other comprehensive income of investments
accounted for using equity method

(752)

6,945

Total other comprehensive income

Total of items that may be reclassified to profit or loss

(2,438)35,203Comprehensive income

31,85968,19831,54764,024Comprehensive income attributable to
Owners of parent
Non-controlling interests

311

4,174

Comprehensive income

31,85968,19810

(3) Consolidated Statement of Changes in Equity(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Financial assets
measured at fairvalue throughothercomprehensive
incomeCapital surplus

Treasury shares

Retained earnings

Remeasurementsof defined benefit
plans

20,000–134,500–(24,342)–

202,568
33,487––

19,804–

Other comprehensive income

–

–

–

–

(1,208)(494)

Comprehensive income

–

–

–

33,487(1,208)(494)

Purchase of treasury shares––(12,173)–––

Disposal of treasury shares
Cancellation of treasury
sharesDividends
Share-based paymenttransactions
Change in scope of
consolidation
Changes in ownership interestin subsidiaries
Change in treasury sharesarising from change in equity
in entities accounted for using
equity method
Transfer to retained earnings

–

(60)

1,200

–

–

–

–

(16,919)

16,919––––(10,721)

–

–

–

–

–

(210)

–

–

–

–

–

–

–

(167)

–

–

–

(44)

–

–

–

–

–

–

0

–

–

–

–

–

–

6,681

1,208

(7,889)Total transactions with owners–(27,957)

5,946

6,513

1,208

(7,889)20,000–106,542–(18,395)–

242,570
32,571––

11,420–

Other comprehensive income

–

–

–

–

(411)

28,459Comprehensive income

–

–

–

32,571(411)

28,459Purchase of treasury shares––(17,280)–––

Disposal of treasury shares

–

1,993

7,049

–

–

–

Cancellation of treasury
sharesDividends
Share-based paymenttransactions
Change in scope of
consolidation
Changes in ownership interestin subsidiaries
Change in treasury sharesarising from change in equity
in entities accounted for using
equity method
Transfer to retained earnings

–

–

–

–

–

–

–
–

–
2,872

–
–

(20,573)
–

–
–

–
–

–

–

–

–

–

–

–

58

–

–

–

–

–

–

–

–

–

–

–

–

–

1,103

411

(1,514)

Total transactions with owners

–

4,924

(10,230)(19,470)411(1,514)20,000111,467(28,626)

255,671–

38,365

Share capital

Balance at April 1, 2022
ProfitBalance at March 31, 2023
ProfitBalance at March 31, 2024

11

(Millions of yen)
Equity attributable to owners of parent
Other components of equity
Exchangedifferences ontranslation offoreign operations

Cash flow hedges

–
–

(121)
–

19,682–352,408
33,487

10,745809

363,153
34,297

Other comprehensive income

54

(292)

(1,940)(1,940)(498)(2,438)Comprehensive income

54

(292)

(1,940)31,547311

31,859Purchase of treasury shares

–

–

–

(12,173)–(12,173)

Disposal of treasury shares

–

–

–

1,139

–

1,139

Cancellation of treasury shares

–

–

–

–

–

–

Dividends
Share-based paymenttransactions
Change in scope of
consolidation
Changes in ownership interestin subsidiaries
Change in treasury sharesarising from change in equity
in entities accounted for using
equity method
Transfer to retained earnings
Total transactions with owners
Balance at March 31, 2023
Profit–––(10,721)(314)(11,036)

–

–

–

(210)

–

(210)

–

–

–

(167)

92

(75)

–

–

–

(44)

1,475

1,430

–

–

–

0

–

0

–
–
54
–

–
–
(413)
–

(6,681)(6,681)
11,061––(22,177)
361,778
32,571–
1,253
12,310424–(20,924)
374,088
32,995

Other comprehensive income

82

3,322

31,45331,453

3,749

35,203Comprehensive income

82

3,322

31,45364,024

4,174

68,198Purchase of treasury shares

–

–

–

(17,280)–(17,280)

Disposal of treasury shares

–

–

–

9,043

–

9,043

Cancellation of treasury
sharesDividends
Share-based paymenttransactions
Change in scope of
consolidation

–

–

–

–

–

–

–

–

–

(20,573)(168)(20,741)

–

–

–

2,872

–

2,872

–

–

–

–

2,631

2,631

–

–

–

58

301

360

–

–

–

–

–

–

–
–
137

–
–
2,908

(1,103)(1,103)
41,411–(25,879)
399,923–
2,765
19,249–(23,113)419,173

Balance at April 1, 2022
ProfitChanges in ownership interestin subsidiaries
Change in treasury sharesarising from change in equity
in entities accounted for using
equity method
Transfer to retained earnings
Total transactions with owners
Balance at March 31, 2024

Total

Total

12

Non-controllinginterests

Total equity

(4) Consolidated Statement of Cash Flows(Millions of yen)
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Cash flows from operating activities
Profit before tax

44,73949,439Depreciation and amortization

34,06233,549Impairment losses

1,756

372

(51)

1,788

(1,029)(1,673)

(598)

(991)

Decrease (increase) in inventories(1,258)(1,869)Decrease (increase) in trade and other receivables(15,445)

5,508

Decrease (increase) in contract assets

32,386(58,494)

Increase (decrease) in trade and other payables

25,074

2,456

Increase (decrease) in contract liabilities

2,521

21,750

Increase or decrease in retirement benefit asset or liability

1,742

(439)

Increase (decrease) in provisions

(607)

759

Finance income and finance costs
Share of loss (profit) of investments accounted for using equity
methodLoss (gain) on sale of property, plant and equipment

Other(4,744)

3,142

Subtotal

118,548

55,299Dividends received

2,619

2,432

Interest received

193

838

(2,540)(2,815)

Income taxes paid

(16,057)(16,839)

Net cash provided by (used in) operating activities

102,764

38,916(39,837)(42,762)

2,806

1,187

Purchase of investment property(696)(1,802)

Proceeds from sale of investment property

2,036

–

Purchase of rights to operate public facilities(4,277)(4,317)

Payments for replacement investment to operate public facilities(1,156)(8)

Interest paid

Cash flows from investing activities
Purchase of property, plant and equipment, and intangible assets
Proceeds from sale of property, plant and equipment, andintangible assets

Purchase of investments accounted for using equity method–(2,256)

Purchase of other financial assets(3,367)(22,603)

Proceeds from sale of other financial assets

21,963

3,652

Payments for acquisition of subsidiaries
Other
Net cash provided by (used in) investing activities

13–(210,320)

451

(23)

(22,076)(279,254)

(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

Cash flows from financing activities
Net increase (decrease) in short-term borrowings(51,172)

Proceeds from long-term borrowings

15,02049,878

Repayments of long-term borrowings(8,958)(12,101)

Decrease in non-recourse payable

(845)

(922)

Proceeds from issuance of bonds

12,914––(10,000)–(64)

Repayments of lease liabilities(11,475)(10,679)

Purchase of treasury shares(12,173)(10,003)

Dividends paid

(10,721)(20,573)

Dividends paid to non-controlling interests

(315)

(168)

Other

(66)

–

(67,796)

261,316

Redemption of bonds
Payments for acquisition of interests in subsidiaries from noncontrolling interests

Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents

275,951

100

503

Net increase (decrease) in cash and cash equivalents

12,991

21,482

Cash and cash equivalents at beginning of period

77,911

91,938

1,035–

91,938113,421

Net increase (decrease) in cash and cash equivalents included in
assets held for sale
Cash and cash equivalents at end of period14(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
Not applicable.
(Segment information, etc.)(1) Overview of reportable segments
The Group’s business segments are components of the group for which separate financial information is available andwhich are subject to periodic review by the Board of Directors to determine the allocation of management resources andevaluate their performance.
The Group consists of business and service segments based on consolidated subsidiaries, etc., and has five reportablesegments: building construction, civil engineering, road civil engineering, machinery, and infrastructure management.
There are no aggregated operating segments in determining the reportable segments.
An overview of each reportable segment is as follows.
Reportable segment
Major business lines
Building construction
Contracting of construction work and related business
Civil engineering
Contracting of civil engineering work and related businesses
Road civil engineering
Contracting for pavement construction, manufacture and sale of asphalt
mixture and other materials, and related businesses
Machinery
Manufacture and sale of construction equipment and secondary concrete
products and related businesses
Infrastructure management
Renewable energy business and concession business, and related
business15

(2) Information about reportable segments
Segment profit (business profit) represents net sales less cost of sales and selling, general and administrative expenses,
plus share of profit (loss) of investments accounted for using equity method.
Inter-segment sales and transactions are based on market prices.
Fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023)(Millions of yen)
Reportable Segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Others(Note 1)

Total

Adjustment(Note 2)

Amountrecorded inconsolidated
statement of
profit or loss

Net sales
Net sales to outside
customers
Inter-segment net
sales

214,411

152,074

244,061

37,34022,559670,447

41,363

711,810–

711,810

2,361

232

4,965

1,698

–

9,257

12,285

21,543(21,543)–

Total

216,772

152,306

249,026

39,03922,559679,704

53,649733,353(21,543)

711,810Segment profit[Business profit]

8,134

16,757

11,208

1,278

7,612

44,991

2,256

47,248(819)

46,429Other income
Other expenses
Operating profit
Finance income
Finance costs

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

1,474
(3,488)44,4152,939(2,615)

Profit before tax

–

–

–

–

–

–

–

–

–

44,739(6,641)(4,636)(11,425)(2,019)(7,749)(32,471)(1,591)(34,062)–(34,062)

(859)

(122)

(773)

(0)

–

(1,756)–(1,756)–(1,756)

–

–

–

–

(39)

(39)

1,068

1,029

–

1,029

(Other items)
Depreciation andamortization
Impairment losses
Share of profit (loss)of investments
accounted for using
equity method(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries.
2. The difference between the total amount of segment profit and the amount recorded in the consolidated
statements of profit or loss is due to the elimination of inter-segment transactions and the deduction of
unrealized profit.

16

Fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024)(Millions of yen)
Reportable Segment
Building
Civil
Road Civil
Machinery
Construction Engineering Engineering

InfrastructureManagement

Total

Others(Note 1)

Total

Adjustment(Note 2)

Amountrecorded inconsolidated
statement of
profit or loss

Net sales
Net sales to outside
customers
Inter-segment net
sales

273,698

162,425

251,782

39,77018,373746,050

47,214

793,264–

793,264

1,676

14

4,436

2,133

–

8,261

11,74920,010(20,010)–

Total

275,374

162,439

256,219

41,903

18,373754,31158,964

813,275(20,010)793,264

Segment profit (loss)[Business profit]
Other income
Other expenses
Operating profit
Finance income
Finance costs

4,367

29,102

15,2182,158(1,079)49,7672,153

51,920(459)

51,461

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

1,710
(2,111)51,060
3,045(4,665)

–

–

–

–

–

–

–

–

–

49,439(6,794)(3,966)(11,426)(1,739)(8,106)(32,034)(1,514)(33,549)–(33,549)

–

–

(339)

(0)

(33)

(372)

–

(372)

–

(372)

–

18

–

–

192

210

1,462

1,673

–

1,673

Profit before tax(Other items)
Depreciation andamortization
Impairment losses
Share of profit (loss)of investments
accounted for using
equity method(Notes) 1. “Others” is the segment which is not included in reportable segments, namely businesses operated by somesubsidiaries.
2. The difference between the total amount of segment profit and the amount recorded in the consolidated
statements of profit or loss is due to the elimination of inter-segment transactions and the deduction of
unrealized profit.

(Per share information)
Basic earnings per share, diluted earnings per share and the basis for the calculation thereof are as stated below.
Fiscal year ended
March 31, 2023

Fiscal year ended
March 31, 2024

Profit attributable to owners of parent(Millions of yen)

33,48732,571

Profit adjustments
Profit used to calculate diluted earnings per share(Millions of yen)
(Millions of yen)–
33,487–32,571

Average number of shares of common stock during
the period
Effect of potential shares of common stock withdilutive effect(Thousands ofshares)(Thousands ofshares)258,898

249,578

438

651(Thousands ofshares)259,337

250,230

Basic earnings per share(Yen)

129.35130.51

Diluted earnings per share(Yen)

129.13130.17

Stock Benefit Trust (BBT)
Weighted-average number of shares of common
stock after dilution(Notes)1. The Company’s shares held by trust account of the Stock Benefit Trust are included in the number of treasury
shares deducted in the calculation of weighted-average number of shares used to calculate basic earnings per
share. The average number of such treasury shares deducted to calculate basic earnings per share was 3,917
thousand shares for the previous fiscal year, and 6,375 thousand shares for the current fiscal year.
2. Of the shares granted based on the restricted stock compensation plan, those not satisfying the requirements
for the lifting of transfer restriction are excluded in the weighted-average number of shares used to calculate
basic earnings per share. The average number of such shares deducted to calculate basic earnings per share
was 298 thousand shares for the previous fiscal year, and 436 thousand shares for the current fiscal year.
17

(Significant subsequent event)(Issuance of bonds with stock acquisition rights)
The Company resolved to issue Zero Coupon Convertible Bonds (Green CBs) due 2029 (bonds with stock acquisitionrights) (hereinafter referred to as the “Bonds,” and the stock acquisition rights attached thereto are referred to as the “Stock
Acquisition Rights”) at its Board of Directors’ meeting held on March 21, 2024, and completed the payment on April 8,2024 (London time, the same shall apply hereinafter unless stated otherwise). The details are as described below.
(1) Total amount of issue: The aggregate of ¥60,000,000,000 plus an aggregate principal amount of the Bonds in respectof replacement Bond Certificates (bonds with stock acquisition rights that may be issued withappropriate evidence and compensation in case of loss, theft or destruction of any Bonds
certificate; the same shall apply hereinafter).
(2) Issue price:
100.0% of the principal amount of the Bonds (the denomination of ¥10,000,000 each)(3) Offer price:102.5% of the principal amount of the Bonds(4) Coupon rate:
No interest will accrue on the Bonds.
(5) Closing date:
April 8, 2024
(6) Date of maturity:
March 30, 2029
(7) Class, details, and number of shares to be acquired upon exercise of the Stock Acquisition Rights:
1) Class and details of shares:
Shares of common stock of the Company (number of shares constituting one unit: 100)2) Number of shares: The number of shares of common stock of the Company to be issued upon exercise of theStock Acquisition Rights shall be determined by dividing the aggregate issue price of theBonds pertaining to exercise claims by the conversion price set forth in (9) below. Any
fraction of a share upon exercise will be rounded off and no adjustment by cash payment will
be made thereof.
(8) Total number of Stock Acquisition Rights to be issued:
The aggregate of 6,000, plus the number obtained by dividing an aggregate principal amount of
the Bonds pertaining to replacement Bond Certificates by ¥10,000,000.
(9) Amount to be paid upon exercise of the Stock Acquisition Rights:
1) Upon exercise of each Stock Acquisition Right, the Bond pertaining to such Stock Acquisition Right shall becontributed, and the price of such Bonds shall be equal to the issue price thereof.
2) Conversion price shall be ¥1,853.5.
3) Subsequent to the issuance of the Bonds, if the Company issues new shares or dispose of the existing shares ofcommon stock of the Company held at a price less than the current market price of the share, the conversion priceshall be adjusted in accordance with the following formula. The “number of shares outstanding” in the formula
represents the total number of shares of common stock of the Company issued and outstanding (excluding theshares held by the Company).

Conversion
Conversion
price after = price before ×
adjustment
adjustment

Number ofsharesoutstanding+

Number of shares newly
Issue or disposal price per×
issued or disposed ofshare
Current market price per share

Number of shares outstanding + Number of shares newly issued or
disposed of

The conversion price shall also be appropriately adjusted in the case of a stock split or consolidation of the sharesof common stock of the Company, a certain amount of dividends of surplus, or an issue of stock acquisition rights(including stock acquisition rights attached to bonds with stock acquisition rights) to claim the issuance of thecommon stock of the Company at a price below the current market price per share, or due to certain other reasons
as set forth in the terms and conditions.
(10) Exercise period of the Stock Acquisition Rights:
On and after April 22, 2024, up to, and including, the close of business on March 16, 2029 (thelocal time at the place where exercise claims are received). Provided, however, certain
restrictions are set forth in the terms and conditions of the issuance.
18

(11) Conditions for the exercise of the Stock Acquisition Rights:
No Stock Acquisition Rights may be exercised in part only.
(12) Use of proceeds:
The net proceeds from the issuance of the Bonds are approximately ¥60 billion, and theCompany has applied all of the amount for a partial repayment of the loans from financial
institutions it incurred in connection with the acquisition of shares of Japan Wind
Development Co., Ltd. (“JWD”) (to make JWD a subsidiary of the Company), which amountto ¥218.4 billion, by the end of April 2024.

19

4. Others(1) (Building Construction Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)
Fiscal year ended
March 31, 2023
AmountFiscal year ended
March 31, 2024%

AmountYear-on-year change%

Amount%Public Works

57,04321.7

66,014

22.0

8,970

15.7

Private Works

204,62878.0

224,24274.8

19,614

9.6

Overseas

621

0.2

9,621

3.2

8,999

–

Total

262,293

100.0

299,878

100.0

37,58414.3

2. Net Sales(Millions of yen)
Fiscal year ended
March 31, 2023
AmountFiscal year ended
March 31, 2024%

AmountYear-on-year change%

Amount%Public Works

34,622

15.9

55,94420.4

21,321

61.6

Private Works

181,74583.7

215,618

78.6

33,873

18.6

Overseas

865

0.4

2,805

1.0

1,939

224.1

Total

217,233

100.0

274,368

100.0

57,13426.3

3. Backlog(Millions of yen)
Fiscal year ended
March 31, 2023
AmountFiscal year ended
March 31, 2024%

AmountYear-on-year change%

Amount%Public Works

101,66223.1

111,73124.0

10,0699.9

Private Works

338,18076.9

346,805

74.5

8,624

2.6

Overseas

115

0.0

6,932

1.5

6,816

–

Total

439,958

100.0

465,469

100.0

25,5105.8(Note) Net sales include inter-segment transactions.

(2) (Civil Engineering Segment) Classified by Public and Private: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)
Fiscal year ended
March 31, 2023
AmountFiscal year ended
March 31, 2024%

AmountYear-on-year change%

Amount%Public Works

67,071

63.0

90,25959.4

23,187

34.6

Private Works

39,37737.0

61,77040.6

22,392

56.9

Overseas

28

0.0

46

0.0

18

63.9

Total

106,477100.0

152,076

100.0

45,59842.8

2. Net Sales(Millions of yen)
Fiscal year ended
March 31, 2023
AmountFiscal year ended
March 31, 2024%

AmountYear-on-year change%

Amount%Public Works

79,211

52.3

85,388

52.9

6,176

7.8

Private Works

72,102

47.6

76,118

47.1

4,016

5.6

Overseas

102

0.1

(52)

(0.0)

(155)

–

Total

151,417100.0

161,454100.0

10,037

6.6

20

3. Backlog(Millions of yen)
Fiscal year ended
March 31, 2023
AmountFiscal year ended
March 31, 2024%

AmountYear-on-year change%

Amount%Public Works

133,51347.9

138,385

51.4

4,871

3.6

Private Works

144,53951.9

130,190

48.4(14,348)(9.9)

Overseas

486

0.2

585

0.2

99

20.4

Total

278,539100.0

269,161

100.0(9,378)(3.4)(Note) Net sales include inter-segment transactions.

(3) (Road Civil Engineering Segment) Classified by Type: Orders Received, Net Sales and Backlog
1. Orders Received(Millions of yen)
Fiscal year ended
March 31, 2023
AmountPavement
Construction
Civil Engineering
Works
Manufacturing/Sales
Other
Total

Fiscal year ended
March 31, 2024%

AmountYear-on-year change%

Amount%146,28857.9

152,077

57.2

5,789

4.0

28,783

11.4

34,107

12.8

5,323

18.5

77,09530.579,012

29.7

1,916

2.5

587

0.2

737

0.3

149

25.5

252,755

100.0

265,935

100.0

13,1795.2

2. Net Sales(Millions of yen)
Fiscal year ended
March 31, 2023
AmountPavement
Construction
Civil Engineering
Works
Manufacturing/Sales%

AmountYear-on-year change%

Amount%139,21156.0

146,533

57.2

7,322

5.3

31,767

12.8

29,747

11.6(2,020)(6.4)

77,09531.0

79,012

30.9

1,916

2.5

587

0.2

737

0.3

149

25.5

248,662100.0

256,031

100.0

7,368

3.0

Other
Total

Fiscal year ended
March 31, 2024

3. Backlog(Millions of yen)
Fiscal year ended

Fiscal year ended

March 31, 2023

March 31, 2024

AmountPavement%

AmountYear-on-year change%

Amount%53,231

84.3

58,900

79.7

5,668

10.6

9,916

15.7

14,969

20.3

5,053

51.0

Manufacturing/Sales

–

–

–

–

–

–

Other

–

–

–

–

–

–

63,147100.0

73,869100.0

10,721

17.0

Construction
Civil Engineering
Works

Total

(Note) Net sales include inter-segment transactions.

21

(4) Summary of Forecast of Consolidated Financial Results(Millions of yen)
Fiscal year ended March 31, 2024
Results for the Results for theprevious period current period
Net sales

Fiscal year ending March 31, 2025

YoY change

Full-year
forecast

YoY change

Rate of change

711,810793,264

81,454

839,900

46,635

5.9%

Building Construction

214,411

273,698

59,287

293,300

19,601

7.2%

Civil Engineering

152,074

162,425

10,351

150,300(12,125)(7.5) %

Road Civil Engineering

244,061

251,7827,720

257,000

5,217

2.1%

Machinery

37,34039,7702,429

40,900

1,129

2.8%

Infrastructure Management

22,55918,373(4,185)40,90022,526

122.6%

Others41,36347,214

5,851

57,50010,285

21.8%

97,740111,885

14,144125,100

13,214

13.7%

14.1%

0.4%

14.9%

0.8%

22,77022,447(323)

31,300

8,852

10.6%

8.2%

(2.4) %

10.7%

2.5%

28,37842,38014,00228,000(14,380)

18.7%

26.1%

7.4%

18.6%

(7.5) %

24,79731,0886,291

36,300

5,211

10.2%

12.3%

2.2%

14.1%

1.8%

7,634

8,495

861

9,300

804

20.4%

21.4%

0.9%

22.7%

1.4%

10,2393,470(6,768)15,50012,029

45.4%

18.9%

(26.5) %

37.9%

19.0%

3,920

4,001

80

4,700

698

9.5%

8.5%

(1.0) %

8.2%

(0.3) %

Selling, general and administrative expenses(52,340)(62,097)(9,756)(67,700)(5,602)

9.0%

Share of profit of investments accounted forusing equity method

1,029

1,673

643

1,600

(73)

(4.4) %

Business profit

46,42951,461

5,032

59,000

7,538

14.6%

Operating profit

44,41551,0606,644

59,000

7,939

15.6%

Profit before tax

44,73949,4394,699

56,700

7,260

14.7%

Profit33,48732,571(916)

38,400

5,828

17.9%

Gross profit

Building Construction

Civil Engineering

Road Civil Engineering

Machinery

Infrastructure Management

Others(Note) Percentages in the lower row of gross profit indicate profit margin.

22

11.8%

39.4%

(33.9) %

16.8%

9.5%

346.6%

17.5%

(Reference) Maeda Corporation: Supplementary Information
1) Summary of non-consolidated financial results forecast(Millions of yen)
Fiscal year ending
March 31, 2025

Fiscal year ended
March 31, 2024
Results for theprevious period

Results for thecurrent period

375,875

436,087

60,212

Construction Total

366,795

434,207

Building
Construction
Civil
Engineering
InfrastructureManagement

215,378

Full-year forecast
YoY change

Rate of change

458,400

22,312

5.1%

67,411

448,700

14,492

3.3%

272,752

57,373

298,400

25,6479.4%

151,417

161,454

10,037150,300(11,154)(6.9) %

7,224

264

(6,960)

8,100

7,835

–%

1,855

1,616

(239)

1,600

(16)

(1.0) %

58,911

65,566

6,655

68,100

2,533

15.7%

15.0%

(0.6) %

14.9%

(0.2) %

50,82464,62513,80059,250(5,375)

13.9%

14.9%

1.0%

13.2%

(1.7) %

22,90922,482(427)

31,250

8,767

10.6%

8.2%

(2.4) %

10.5%

2.2%

27,914

42,142

14,22828,000(14,142)

18.4%

26.1%

7.7%

18.6%

(7.5) %

7,185

253

(6,931)

8,100

7,846

99.5%

96.1%

(3.4) %

100.0%

3.9%

900

686

(214)

750

63

48.6%

42.5%

(6.1) %

46.9%

4.4%

Selling, general and administrative
expenses

29,001

33,826

4,825

35,800

1,973

5.8%

Operating profit

29,91031,7391,829

32,300560

1.8%Ordinary profit

32,27333,9691,696

33,900(69)(0.2) %

Profit30,20625,532(4,674)24,800(732)(2.9) %Net sales

Real Estate
Gross profit

Construction Total
Building
Construction
Civil
Engineering
InfrastructureManagement
Real Estate

YoY change(Note) The percentages in the lower row of Gross profit indicate the profit margin.
2) Non-consolidated forecast of orders received for the construction business(Millions of yen)
Fiscal year ending

Fiscal year ended

March 31, 2025

March 31, 2024

Full-year forecast

YoY change(%)

Results for thecurrent period

YoY change(%)

Building Construction

300,000

0.0

299,878

15.1

Civil Engineering

165,000

8.5

152,076

42.8

Total

465,000

2.9

451,955

23.2

23

3.9%

(8.3) %

39.0%

(33.6) %–%9.2%