MATSUI CONSTRUCTION, Ordinary Profit Forecast for the Fiscal Year Revised Upward by 40%, Dividend Revised Upward by 22 Yen

Thu Feb 12, 2026 1:30 pm JST

MATSUI CONSTRUCTION CO., LTD. <1810> [TSE Std] announced its financial results in the afternoon session on February 12th (13:30). The consolidated ordinary profit for the cumulative third quarter of the fiscal year ending March 2026 (April to December) surged 2.4 times that of the same period last year, reaching 5.15 billion yen.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 39.5%, from the previous forecast of 4.30 billion yen to 6.00 billion yen (compared to 3.84 billion yen in the previous period), increasing the growth rate from 11.9% to 56.1%.

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) has been revised upward 2.2 times, from the previous forecast of 1.42 billion yen to 3.12 billion yen (compared to 3.18 billion yen in the same period of the previous year), and the declining rate is expected to decrease from 55.3% to 2.0%.

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 53 yen to 75 yen (compared to 48 yen in the previous period).

In the most recent three-month period, from October to December (3Q), the consolidated ordinary profit increased 49.1% from the same period last year, reaching 2.27 billion yen. The operating profit margin significantly improved from 4.9% in the same period last year to 8.0%.

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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	71,026	546	968	815	28.0	126.2	Feb 13, 2024	J-GAAP
Apr - Dec, 2024	73,695	1,776	2,182	1,594	55.1	56.8	Feb 13, 2025	J-GAAP
Apr - Dec, 2025	72,391	4,652	5,152	3,647	127.1	85.9	Feb 12, 2026	J-GAAP
YoY	-1.8%	+161.9%	+136.1%	+128.8%	+130.6%

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	50,707	1,424	1,424	1,036	36.3	27	Nov 13, 2025	J-GAAP
Oct - Mar, 2025 New	51,707	2,924	3,124	2,136	74.9	49	Feb 12, 2026	J-GAAP
Revision Rate	+2.0%	+105.3%	+119.4%	+106.2%	+106.1%

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	97,000	4,000	4,300	3,000	105.2	53	May 13, 2025	J-GAAP
Mar, 2026 New	98,000	5,500	6,000	4,100	143.8	75	Feb 12, 2026	J-GAAP
Revision Rate	+1.0%	+37.5%	+39.5%	+36.7%	+36.7%

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	53,443	2,979	3,188	2,190	75.8	33	May 13, 2025	J-GAAP
Oct - Mar, 2025 Guidance	51,707	2,924	3,124	2,136	74.9	49	Feb 12, 2026	J-GAAP
YoY	-3.2%	-1.8%	-2.0%	-2.5%	-1.2%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	96,969	264	767	1,161	39.9	26	May 14, 2024	J-GAAP
Mar, 2025	99,253	3,382	3,843	2,726	94.3	48	May 13, 2025	J-GAAP
Mar, 2026 Guidance	98,000	5,500	6,000	4,100	143.8	75	Feb 12, 2026	J-GAAP
YoY	-1.3%	+62.6%	+56.1%	+50.4%	+52.4%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Oct - Dec, 2024	27,885	1,373	1,527	1,058	36.6	4.9	Feb 13, 2025	J-GAAP
Jan - Mar, 2025	25,558	1,606	1,661	1,132	39.2	6.3	May 13, 2025	J-GAAP
Apr - Jun, 2025	22,563	1,145	1,354	939	32.7	5.1	Aug 8, 2025	J-GAAP
Jul - Sep, 2025	23,730	1,431	1,522	1,025	35.7	6.0	Nov 13, 2025	J-GAAP
Oct - Dec, 2025	26,098	2,076	2,276	1,683	58.7	8.0	Feb 12, 2026	J-GAAP
YoY	-6.4%	+51.2%	+49.1%	+59.1%	+60.3%