[Obayashi] Global Network — North America Tops 20% of Revenue

Note: This article is a factual summary based on Obayashi Corporation’s published IR material (Investors’ Guide, June 2026 edition). It is not a recommendation to buy or sell any security. Figures are as of the publication of the source material. Investment decisions are your own responsibility.

Obayashi Corporation is usually thought of as a Japanese contractor, but roughly a third of its revenue now comes from outside Japan. For a company whose brand and history are so closely tied to Japan, that overseas footprint is easy to underestimate. This page of the Investors’ Guide 2026 maps where the group actually operates and breaks FY2025 consolidated net sales of ¥2,586.2bn down by region.

Net sales by region, FY2025

Region	% of net sales	Net sales (¥bn)
Japan	67.1%	1,736.3
North America	21.8%	564.7
Asia	10.5%	271.1
Other regions	0.6%	13.9
Total	100%	2,586.2

North America is more than double the size of Asia within the overseas mix, and together the two regions — plus a small pocket of other markets — bring overseas construction to close to a third of group net sales. That scale matters less for profit than for sales, though: as the company overview shows, overseas construction’s share of operating profit is smaller than its share of sales, since the segment runs on thinner margins than domestic construction. The regional split above is best read as a map of exposure and diversification, not of where profit is concentrated — the overseas construction page covers the profit side in full.

Group companies and offices by region

The guide’s network map lists Obayashi’s two regional headquarters and their main group companies, distinguishing between three kinds of overseas presence: branch offices, group companies, and representative offices.

Region	Regional hub	Group companies
North America	North American Regional Headquarters	Webcor, James E. Roberts-Obayashi, MWH, Kraemer, Kenaidan, E.W. Howell, GCON
Asia	Asia-Pacific Regional Headquarters (Obayashi Singapore)	Thai Obayashi, Jaya Obayashi, Taiwan Obayashi, Obayashi Vietnam
Europe	Branch office	Obayashi Properties UK

A branch office is a direct extension of Obayashi Corporation itself rather than a separately incorporated entity — the form used for both regional headquarters shown above, and for the group’s presence in the UK. A group company, by contrast, is a distinct legal entity with its own name and brand, such as Webcor in the United States or Thai Obayashi in Thailand. On that basis, Europe’s overseas presence is limited to a single UK branch, with no separate group company listed alongside it — a noticeably lighter footprint than North America or Asia. Beyond these named entities, the map also marks a wider scatter of representative offices across the regions, shown separately from branches and group companies in its legend.

Two decades of overseas growth

Both overseas regions have expanded substantially since the mid-2000s. North America net sales grew from ¥90.4bn in FY2005 to ¥564.7bn in FY2025 (p.17), while Asia grew from ¥92.8bn to ¥271.1bn over the same period (p.19). Neither region reached its current size the same way — see North America and Asia for how each expansion played out over those two decades.

This page sits right after the group’s introductory company overview in the guide, and the ordering is deliberate: before walking through individual businesses and financial policy, the guide first establishes where in the world Obayashi actually operates. Everything that follows on overseas construction, whether the North America deep dive, the Asia deep dive, or the profit-margin detail in the overseas construction overview, builds on the regional map laid out here.

This article is part of our complete breakdown of the Obayashi Investors’ Guide 2026. See the hub article for the full series.

Note: This article is a factual summary based on Obayashi Corporation’s published IR material (Investors’ Guide, June 2026 edition). It is not a recommendation to buy or sell any security. Figures are as of the publication of the source material. Investment decisions are your own responsibility.