OBAYASHI , Ordinary Profit Forecast for the Fiscal Year Revised Upward by 19%, Exceeded Record Profit Forecast, Dividend Revised Upward by 5 Yen

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Mon Feb 9, 2026 12:00 pm JST Earnings

1802 OBAYASHI CORPORATION 【J-GAAP】

Earnings Report

OBAYASHI CORPORATION <1802> [TSE Prime] announced its financial results at noon (12:00) on February 9th. The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) expanded 151 billion yen, an increase 42.8% compared to the same period last year.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 19.2%, from the previous forecast of 172 billion yen to 205 billion yen (compared to 152 billion yen in the previous period), increasing the growth rate from 13.0% to 34.7%. The company has further increased its previous forecast of record profits for the first time in seven years.

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 37.7%, from the previous forecast of 87.4 billion yen to 120 billion yen (compared to 103 billion yen in the same period of the previous year), turning to a 16.8% increase in the consolidated ordinary profit outlook.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 82 yen to 87 yen (compared to 81 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit grew 17.5% from the same period last year, reaching 67.0 billion yen. The operating profit margin improved from 7.8% in the same period last year to 9.3%.

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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	1,701,549	51,208	61,098	47,492	66.2	66.8	Feb 5, 2024	J-GAAP
Apr - Dec, 2024	1,900,381	97,603	106,198	95,964	133.8	69.8	Feb 10, 2025	J-GAAP
Apr - Dec, 2025	1,832,429	142,725	151,645	131,761	188.4	74.0	Feb 9, 2026	J-GAAP
YoY	-3.6%	+46.2%	+42.8%	+37.3%	+40.8%

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	1,408,713	84,923	87,453	71,033	103.3	41	Nov 5, 2025	J-GAAP
Oct - Mar, 2025 New	1,408,713	114,923	120,453	92,033	133.9	46	Feb 9, 2026	J-GAAP
Revision Rate	0.0%	+35.3%	+37.7%	+29.6%	+29.6%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	2,570,000	165,000	172,000	149,000	216.8	82	Nov 5, 2025	J-GAAP
Mar, 2026 New	2,570,000	195,000	205,000	170,000	247.3	87	Feb 9, 2026	J-GAAP
Revision Rate	0.0%	+18.2%	+19.2%	+14.1%	+14.1%

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	1,367,911	97,480	103,129	90,776	126.7	41	May 13, 2025	J-GAAP
Oct - Mar, 2025 Guidance	1,408,713	114,923	120,453	92,033	133.9	46	Feb 9, 2026	J-GAAP
YoY	+3.0%	+17.9%	+16.8%	+1.4%	+5.7%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	2,325,162	79,381	91,515	75,059	104.7	75	May 13, 2024	J-GAAP
Mar, 2025	2,590,765	142,469	152,236	145,355	202.9	81	May 13, 2025	J-GAAP
Mar, 2026 Guidance	2,570,000	195,000	205,000	170,000	247.3	87	Feb 9, 2026	J-GAAP
YoY	-0.8%	+36.9%	+34.7%	+17.0%	+21.9%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2024	677,527	52,614	57,091	41,385	57.7	7.8	Feb 10, 2025	J-GAAP
Jan - Mar, 2025	690,384	44,866	46,038	49,391	69.0	6.5	May 13, 2025	J-GAAP
Apr - Jun, 2025	523,763	15,798	18,396	18,070	25.6	3.0	Aug 8, 2025	J-GAAP
Jul - Sep, 2025	637,524	64,279	66,151	59,897	85.2	10.1	Nov 5, 2025	J-GAAP
Oct - Dec, 2025	671,142	62,648	67,098	53,794	76.9	9.3	Feb 9, 2026	J-GAAP
YoY	-0.9%	+19.1%	+17.5%	+30.0%	+33.2%