SHIMIZU, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 52%, Dividend Revised Upward by 21 Yen

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Thu Feb 5, 2026 1:00 pm JST Earnings

1803 SHIMIZU CORPORATION 【J-GAAP】

Earnings Report

SHIMIZU CORPORATION <1803> [TSE Prime] announced its financial results in the afternoon session on February 5th (13:00). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) expanded 80.5 billion yen, an increase 95.5% compared to the same period last year.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 52.1%, from the previous forecast of 73.0 billion yen to 111 billion yen (compared to 71.6 billion yen in the previous period), increasing the growth rate from 1.9% to 54.9%.

Based on the full-year plan announced by the company after the upward revision, our estimate of the consolidated ordinary profit for the October to March period (second half) is expected to increase 2.2 times, from the previous forecast of 32.8 billion yen to 70.8 billion yen (compared to 52.9 billion yen in the same period of the previous year), turning to a 33.8% increase in the consolidated ordinary profit outlook.

In light of the strong performance, the company has significantly increased its planned annual dividend for the current fiscal year from the original plan of 44 yen to 65 yen (compared to 38 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit increased 79.6% from the same period last year, reaching 40.4 billion yen. The operating profit margin significantly improved from 3.7% in the same period last year to 6.7%.

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Actual Results

Accumulated Results 3rd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Dec, 2023	1,448,513	-51,953	-46,997	-20,855	-28.5	ー	Feb 8, 2024	J-GAAP
Apr - Dec, 2024	1,327,922	35,726	41,204	40,569	58.0	57.5	Jan 31, 2025	J-GAAP
Apr - Dec, 2025	1,429,310	74,539	80,547	80,961	119.3	72.6	Feb 5, 2026	J-GAAP
YoY	+7.6%	+108.6%	+95.5%	+99.6%	+105.9%

Guidance Update

Second Half Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2025 Prev	1,012,992	39,080	32,888	28,845	42.6	22	Nov 7, 2025	J-GAAP
Oct - Mar, 2025 New	1,112,992	71,080	70,888	63,845	94.4	43	Feb 5, 2026	J-GAAP
Revision Rate	+9.9%	+81.9%	+115.5%	+121.3%	+121.3%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	1,910,000	78,000	73,000	75,000	110.9	44	May 14, 2025	J-GAAP
Mar, 2026 New	2,010,000	110,000	111,000	110,000	162.6	65	Feb 5, 2026	J-GAAP
Revision Rate	+5.2%	+41.0%	+52.1%	+46.7%	+46.7%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024	1,106,973	53,330	52,979	55,339	79.5	20.50	May 14, 2025	J-GAAP
Oct - Mar, 2025 Guidance	1,112,992	71,080	70,888	63,845	94.4	43	Feb 5, 2026	J-GAAP
YoY	+0.5%	+33.3%	+33.8%	+15.4%	+18.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	2,005,518	-24,685	-19,834	17,163	23.6	20	May 13, 2024	J-GAAP
Mar, 2025	1,944,360	71,030	71,664	66,015	94.8	38	May 14, 2025	J-GAAP
Mar, 2026 Guidance	2,010,000	110,000	111,000	110,000	162.6	65	Feb 5, 2026	J-GAAP
YoY	+3.4%	+54.9%	+54.9%	+66.6%	+71.5%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2024	490,535	18,026	22,519	29,893	42.7	3.7	Jan 31, 2025	J-GAAP
Jan - Mar, 2025	616,438	35,304	30,460	25,446	36.5	5.7	May 14, 2025	J-GAAP
Apr - Jun, 2025	441,799	17,250	18,496	11,128	16.3	3.9	Jul 29, 2025	J-GAAP
Jul - Sep, 2025	455,209	21,670	21,616	35,027	51.6	4.8	Nov 7, 2025	J-GAAP
Oct - Dec, 2025	532,302	35,619	40,435	34,806	51.3	6.7	Feb 5, 2026	J-GAAP
YoY	+8.5%	+97.6%	+79.6%	+16.4%	+20.1%