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OBAYASHI , Ordinary Profit Forecast for the Fiscal Year Revised Upward to an Unexpected 13% Increase, Highest in Seven Terms

Wed Nov 5, 2025 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 November 5th. The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) expanded 84.5 billion yen, an increase 72.2% compared to the same period last year.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 36.5%, from the previous forecast of 126 billion yen to 172 billion yen (compared to 152 billion yen in the previous period), reaches new record high for the first time in seven terms, turning to a 13.0% increase in the consolidated ordinary profit outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease 16.1% from the same period last year to 87.4 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit surged 2.3 times that of the same period last year, reaching 66.1 billion yen. The operating profit margin drastically improved from 4.6% in the same period last year to 10.1%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 1,081,360 30,843 38,009 29,741 41.5 41.5 Nov 6, 2023 J-GAAP
Apr - Sep, 2024 1,222,854 44,989 49,107 54,579 76.1 32.3 Nov 11, 2024 J-GAAP
Apr - Sep, 2025 1,161,287 80,077 84,547 77,967 110.8 49.2 Nov 5, 2025 J-GAAP
YoY -5.0% +78.0% +72.2% +42.9% +45.6%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance ー ー ー ー － 41 May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 1,161,287 80,077 84,547 77,967 110.8 41 Nov 5, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 2,560,000 122,000 126,000 100,000 145.0 82 May 13, 2025 J-GAAP
Mar, 2026 New 2,570,000 165,000 172,000 149,000 216.0 82 Nov 5, 2025 J-GAAP
Revision Rate +0.4% +35.2% +36.5% +49.0% +49.0%

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 84,923 87,453 71,033 103.0 41 Nov 5, 2025 J-GAAP
YoY +3.0% -12.9% -15.2% -21.7% -18.7%

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 2,570,000 165,000 172,000 149,000 216.0 82 Nov 5, 2025 J-GAAP
YoY -0.8% +15.8% +13.0% +2.5% +6.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 651,063 29,662 28,871 28,779 40.1 4.6 Nov 11, 2024 J-GAAP
Oct - Dec, 2024 658,307 52,183 56,577 40,972 57.2 7.9 Feb 10, 2025 J-GAAP
Jan - Mar, 2025 709,604 45,297 46,552 49,804 69.5 6.4 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
YoY -2.1% +116.7% +129.1% +108.1% +112.1%

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