Asanuma Corporation (1852): FY2025 Results Summary — Orders Up 20.2% and Dividend Raised to ¥45.0

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Asanuma Corporation (TSE Prime Market, 1852) reported higher orders, net sales and profits for FY2025 (the fiscal year ended March 2026). Consolidated orders received rose 20.2% year on year to ¥217,155 million, net sales increased 5.0% to ¥175,294 million, operating profit rose 5.0% to ¥7,211 million and profit attributable to owners of parent rose 10.4% to ¥5,181 million. The company states that results came in slightly below the revised forecast disclosed on February 10, 2026, but that the initial plan was achieved. The annual dividend is planned at ¥45.0 per share, up ¥4.0 year on year and up ¥3.5 versus the initial plan of ¥41.5.

Consolidated Results (Full-Year Actual)

All profit lines increased year on year. Gross profit rose 8.9% to ¥19,592 million and the gross profit margin improved 0.4 percentage points to 11.2%, which the company attributes to a strengthened selective approach to order intake that factors in materials and labor costs and construction systems at the time of order acceptance. SG&A expenses rose 11.3% to ¥12,380 million, including a ¥894 million increase in salaries and a ¥282 million increase related to DX and human capital investment. Ordinary profit rose 7.7% to ¥7,048 million. ROE reached 10.9% and ROIC 7.8%, both above the company’s stated cost of equity of 5.1% and WACC of 4.5% as of March 31, 2026.

Item (million yen)	FY2024 Results	FY2025 Initial plan	FY2025 Revised plan	FY2025 Results	YoY (%)
Orders received	180,624	151,500	197,500	217,155	+20.2
Net sales	167,005	170,300	174,600	175,294	+5.0
Gross profit	17,991	18,320	19,940	19,592	+8.9
Gross profit margin	10.8%	10.8%	11.4%	11.2%	+0.4pp
SG&A expenses	11,124	11,290	12,390	12,380	+11.3
Operating profit	6,867	7,030	7,550	7,211	+5.0
Operating profit margin	4.1%	4.1%	4.3%	4.1%	0.0pp
Ordinary profit	6,545	6,820	7,370	7,048	+7.7
Profit attributable to owners of parent	4,692	4,770	5,000	5,181	+10.4
Net assets (excl. non-controlling interests)	45,708	47,000	48,200	49,759	+8.9
Backlog of orders	199,833	–	–	245,891	+23.0
ROE	10.1%	10.3%	10.6%	10.9%	+0.8pp
ROIC	7.1%	7.2%	7.6%	7.8%	+0.7pp
Annual dividend per share	41.0yen	41.5yen	43.5yen	45.0yen	+4.0yen

On the balance sheet, total assets rose to ¥118,176 million from ¥115,240 million, with cash and deposits up ¥7,057 million and notes and accounts receivable from completed construction contracts down ¥5,117 million. Short-term borrowings, the current portion of long-term borrowings and bonds fell ¥8,587 million, and the equity ratio improved from 39.7% to 42.1%. Operating cash flow was +¥18,414 million, investing cash flow -¥799 million and financing cash flow -¥11,016 million, leaving cash and cash equivalents at the end of the year of ¥23,647 million, a net increase of ¥6,814 million.

Segment Results

On a parent-company (non-consolidated) basis, building construction net sales of completed construction contracts declined 3.1% to ¥130,144 million on a reactionary decline following completion of large-scale projects in the prior fiscal year, while the profit margin improved 0.9 percentage points to 10.5%. Building construction orders received rose 20.1% to ¥172,786 million, driven by major projects such as new hotels and warehouses as well as office renovations. Civil engineering net sales rose 33.4% to ¥27,964 million and orders received rose 38.8% to ¥35,410 million on large-scale projects including power transmission lines, although the profit margin fell 2.3 percentage points to 10.1%. Parent-company backlog of orders reached ¥240,600 million, up 26.3%.

Parent company (million yen)	Metric	FY2024 Results	FY2025 Results	YoY %
Building construction	Net sales of completed construction contracts	134,318	130,144	-3.1
Building construction	Gross profit on completed construction contracts	12,916	13,650	+5.7
Building construction	Profit margin	9.6%	10.5%	+0.9pp
Building construction	Orders received	143,828	172,786	+20.1
Building construction	Backlog of orders	153,185	195,828	+27.8
Civil engineering	Net sales of completed construction contracts	20,957	27,964	+33.4
Civil engineering	Gross profit on completed construction contracts	2,593	2,838	+9.4
Civil engineering	Profit margin	12.4%	10.1%	-2.3pp
Civil engineering	Orders received	25,506	35,410	+38.8
Civil engineering	Backlog of orders	37,325	44,772	+20.0
Total	Net sales of completed construction contracts	155,275	158,108	+1.8
Total	Gross profit on completed construction contracts	15,510	16,488	+6.3
Total	Profit margin	10.0%	10.4%	+0.4pp
Total	Orders received	169,334	208,197	+23.0
Total	Backlog of orders	190,511	240,600	+26.3

Among the overseas consolidated subsidiaries, EVERGREEN ENGINEERING & CONSTRUCTION PTE. LTD. (facility construction and building maintenance, 100% owned) posted a 93.3% increase in net sales to ¥12,968 million and a 63.8% increase in operating profit to ¥1,467 million, helped by the smooth progress of large-scale projects secured in the previous fiscal year. SINGAPORE PAINTS & CONTRACTOR PTE. LTD. (building painting and repair work contracting, 80% owned) saw net sales fall 22.9% to ¥2,896 million and operating profit fall 41.3% to ¥167 million on weak order intake over the past two fiscal years; the company expects a further decline in both sales and profits for the next fiscal year.

Overseas subsidiary (million yen)	Metric	FY2024 Results	FY2025 Results	YoY %
SINGAPORE PAINTS & CONTRACTOR	Net sales	3,758	2,896	-22.9
SINGAPORE PAINTS & CONTRACTOR	Operating profit	284	167	-41.3
SINGAPORE PAINTS & CONTRACTOR	Ordinary profit	307	165	-46.3
SINGAPORE PAINTS & CONTRACTOR	Net profit	255	132	-48.0
EVERGREEN ENGINEERING & CONSTRUCTION	Net sales	6,708	12,968	+93.3
EVERGREEN ENGINEERING & CONSTRUCTION	Operating profit	895	1,467	+63.8
EVERGREEN ENGINEERING & CONSTRUCTION	Ordinary profit	1,058	1,606	+51.8
EVERGREEN ENGINEERING & CONSTRUCTION	Net profit	891	1,340	+50.4

Renovation Business

Strengthening the renovation business is one of the six themes of the three-year medium-term plan. In the domestic renovation business, orders received increased ¥10,118 million to ¥27,403 million, while net sales declined ¥3,239 million to ¥20,953 million; the profit margin on completed construction contracts rose 2.0 percentage points to 17.3% and operating profit was ¥2,265 million. For the two renovation-focused overseas subsidiaries, orders received fell ¥2,332 million to ¥8,958 million on the absence of Evergreen’s large-scale order from FY2024, while net sales rose ¥1,879 million to ¥11,559 million and operating profit (excluding goodwill) rose ¥486 million to ¥1,285 million. During the period the company also made T3 International Pte. Ltd., a Singapore-based painting specialist, a subsidiary as part of its initiative to strengthen the renovation business in the ASEAN region.

Renovation business (million yen)	Metric	FY2024 Results	FY2025 Results	YoY
Domestic renovation	Orders received	17,285	27,403	+10,118
Domestic renovation	Net sales	24,193	20,953	-3,239
Domestic renovation	Gross profit on completed construction contracts	3,763	3,618	-84
Domestic renovation	Profit margin	15.3	17.3	+2.0pp
Domestic renovation	Operating profit	2,311	2,265	-46
Overseas renovation (two subsidiaries)	Orders received	11,290	8,958	-2,332
Overseas renovation (two subsidiaries)	Net sales	9,679	11,559	+1,879
Overseas renovation (two subsidiaries)	Gross profit on completed construction contracts	2,020	2,439	+418
Overseas renovation (two subsidiaries)	Profit margin	20.9	21.1	+0.2
Overseas renovation (two subsidiaries)	Operating profit (excluding goodwill)	798	1,285	+486

FY2026 Plan (Fiscal Year Ending March 2027)

For FY2026, the final year of the three-year medium-term plan, the company plans orders received of ¥165,400 million, below FY2025, reflecting a further push on selective order intake, economic uncertainty and the absence of orders for large-scale building construction projects such as integrated resorts (IRs). Net sales are planned at ¥175,500 million, roughly flat, supported by steady progress on a substantial backlog. Gross profit is planned at ¥20,260 million with the margin rising 0.3 percentage points to 11.5%, and operating profit at ¥7,780 million with the margin rising to 4.4%. Profit attributable to owners of parent is planned at ¥5,180 million, roughly level with FY2025, as an increase in the tax rate offsets the benefit of deferred tax accounting.

Item (million yen)	FY2024 Results	FY2025 Results	FY2026 Plan
Orders received	180,624	217,155	165,400
Net sales	167,005	175,294	175,500
Gross profit	17,991	19,592	20,260
Gross profit margin	10.8%	11.2%	11.5%
SG&A expenses	11,124	12,380	12,480
Operating profit	6,867	7,211	7,780
Operating profit margin	4.1%	4.1%	4.4%
Ordinary profit	6,545	7,048	7,530
Profit attributable to owners of parent	4,692	5,181	5,180
Net assets	45,708	49,759	51,200
ROE	10.1%	10.9%	10.3%
ROIC	7.1%	7.8%	8.0%
Dividend payout ratio	70.4%	70.0%	70.1%
Annual dividend per share	41.0yen	45.0yen	45.0yen

On a non-consolidated basis, the FY2026 plan calls for orders received of ¥156,000 million (building construction ¥130,000 million, civil engineering ¥26,000 million) and net sales of completed construction contracts of ¥162,500 million (building construction ¥135,000 million, civil engineering ¥27,500 million).

Shareholder Returns

The shareholder returns policy under the current three-year medium-term plan is to maintain a dividend payout ratio of 70% or higher. For FY2025 the annual dividend is ¥45.0 per share, comprising an interim dividend of ¥16.0 and a year-end dividend of ¥29.0 (the year-end dividend to be formally determined by resolution at the 91st annual general meeting of shareholders on June 25, 2026), for a payout ratio of 70.0%. For FY2026 the company plans an annual dividend of ¥45.0 per share, comprising an interim dividend of ¥17.0 and a year-end dividend of ¥28.0, for a payout ratio of 70.1%. The company notes that dividend amounts are scheduled to increase versus the initial plan for nine consecutive fiscal years leading up to FY2026, resulting in a progressive dividend. A 5-for-1 stock split took effect on August 1, 2024, and an interim dividend system was introduced from FY2024.

Dividend per share (yen)	FY2024 Results	FY2025 Schedule	FY2026 Plan
Annual dividend	41.0	45.0	45.0
End of the 2nd quarter	15.0	16.0	17.0
Year-end	26.0	29.0	28.0
Total dividends (100 million yen)	45	34	37

Medium-Term Plan and Topics

Under the three-year medium-term plan covering FY2024 to FY2026, the company has set six themes: strengthening core businesses in Japan, strengthening the renovation business, acquiring, retaining and developing human resources, promotion of DX, strengthening governance, compliance and risk management, and environmental and social contribution. Cash of approximately ¥18–20 billion generated over the three years is to be allocated to investment and shareholder returns; the total three-year investment is now expected to be revised down to approximately ¥6.3 billion from an original ¥7.0 billion following finalization of the investment amount associated with the M&A disclosed on May 19, 2026, with shareholder returns of approximately ¥11.7 billion.

On KPI progress, the customer satisfaction score was 80.6pp (average of FY2024 and FY2025) against a target of 80pp or higher, the ratio of renovation business operating profit to consolidated operating profit was 49.2% against a target of 40% or higher, the engagement score was 72.8pp against a target of 70pp or higher, and gross profit per hour worked was 7,287 yen against a target of 6,000 yen or higher. Serious legal violations were 0 incidents, while fatal accidents were 1 incident against a target of 0; the company states it submitted a report on measures to prevent recurrence to the regulatory authority and reinforced safety training. FY2025 CO2 emissions figures are currently being calculated and are scheduled to be disclosed on the company website around June 2026. In topics, the Netherlands Pavilion that Asanuma constructed for Expo 2025 Osaka, Kansai is being relocated to Awaji Island following the event’s conclusion in October 2025, with the company participating as construction contractor.

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.