Takuma (6013): FY2025 Results Summary — Record Orders of ¥333.0 Billion and a Second Straight Record Profit

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Takuma Co., Ltd., an engineering group whose core businesses are EPC and after-sales services for municipal solid waste treatment plants and energy plants, reported orders received of ¥333.0 billion for FY2025 (ended 3/2026), significantly exceeding its initial target of 250 billion yen and setting a record high for the second consecutive period. Net sales rose 9.6% to ¥165.6 billion and operating profit rose 13.9% to ¥15.4 billion, reflecting progress on previously ordered plants and the consolidation of IHI Packaged Boiler Co., Ltd. as a subsidiary. Profit attributable to owners of parent increased 32.1% to ¥13.7 billion, a record high for the second consecutive period, helped by a gain on sale of investment securities. For FY2026 (ending 3/2027) the company forecasts net sales of 191,000 million yen, which it expects to be a record high since FY2001.

Consolidated Results (Full-Year Actual)

Orders received reached 333,026 million yen after the company won five reconstruction projects and two refurbishment projects for waste treatment plants, against an initial target of 250,000 million yen and a revised forecast of 330,000 million yen. Order backlog rose 29.0% to 745,158 million yen. Operating margin improved 0.3pt to 9.3%, and basic earnings per share rose 39.9% to 185.04 yen.

Item (Millions of yen)	FY2024 (FYE 3/2025) Results	FY2025 (FYE 3/2026) Results	YoY change
Orders received	246,301	333,026	+35.2%
Order backlog	577,752	745,158	+29.0%
Net sales	151,161	165,620	+9.6%
Operating profit	13,532	15,409	+13.9%
Operating margin	9.0%	9.3%	+0.3pt
Ordinary profit	14,095	16,279	+15.5%
Profit attributable to owners of parent	10,391	13,732	+32.1%
Basic earnings per share (yen)	132.24	185.04	+39.9%

Segment Results

The flagship Domestic Environment and Energy Business drove the increase, with orders received up 34.4% on five reconstruction projects (including four DBO projects) and two refurbishment projects for waste treatment plants, as well as four new energy plant construction projects. Package Boiler orders and net sales rose sharply on the consolidation of IHI Packaged Boiler Co., Ltd. Overseas Environment and Energy declined on the absence of orders for new plants and a fall in maintenance services, while Equipment and Systems saw lower net sales but higher operating profit on an improved operating margin in the building equipment business. Adjustments are omitted from the segment figures.

Metric (Millions of yen)	Segment	FY2024	FY2025	YoY change
Orders received	Total	246,301	333,026	+35.2%
Orders received	Domestic Environment and Energy	214,792	288,709	+34.4%
Orders received	Overseas Environment and Energy	2,347	1,561	(33.5%)
Orders received	Package Boiler	20,266	30,865	+52.3%
Orders received	Equipment and Systems	9,343	12,300	+31.7%
Net sales	Total	151,161	165,620	+9.6%
Net sales	Domestic Environment and Energy	113,650	126,935	+11.7%
Net sales	Overseas Environment and Energy	5,546	3,635	(34.5%)
Net sales	Package Boiler	19,845	26,846	+35.3%
Net sales	Equipment and Systems	12,557	8,524	(32.1%)
Operating profit	Total	13,532	15,409	+13.9%
Operating profit	Domestic Environment and Energy	13,081	15,624	+19.4%
Operating profit	Overseas Environment and Energy	1,069	102	(90.4%)
Operating profit	Package Boiler	1,394	1,844	+32.3%
Operating profit	Equipment and Systems	890	1,048	+17.7%

FY2026 Forecast

For FY2026 (ending 3/2027) the company expects orders received to decrease to 200,000 million yen as a reaction to the previous fiscal year, while remaining at a high level supported by solid demand. Net sales, operating profit, ordinary profit and profit attributable to owners of parent are all forecast to increase, with net sales expected to reach a record high since FY2001 and profit attributable to owners of parent a record high for the third consecutive period.

Item (Millions of yen)	FY2025 (FYE 3/2026) Results	FY2026 (FYE 3/2027) Initial Forecast	YoY Change
Orders received	333,026	200,000	(39.9%)
Order backlog	745,158	754,158	+1.2%
Net sales	165,620	191,000	+15.3%
Operating profit	15,409	17,800	+15.5%
Operating margin	9.3%	9.3%	+0.0pt
Ordinary profit	16,279	18,500	+13.6%
Profit attributable to owners of parent	13,732	15,400	+12.1%
Basic earnings per share (yen)	185.04	215.00	+16.2%

By segment, the company forecasts Domestic Environment and Energy net sales of 153,000 million yen (+20.5%) on progress of ordered projects mainly in waste treatment plants, Package Boiler net sales of 27,000 million yen (+0.6%), Equipment and Systems net sales of 10,000 million yen (+17.3%) and Overseas Environment and Energy net sales of 1,500 million yen (58.7%).

Shareholder Returns

Under the 14th Medium-Term Management Plan shareholder return policy, Takuma sets its target payout as whichever is higher of a dividend payout ratio of 50% or a dividend on equity (DOE) ratio of 4.0%, and plans share repurchases totaling approximately JPY 18 billion over three years to improve capital efficiency. The annual dividend per share for FY2025 is expected to be 93 yen, upwardly revised from the previous dividend forecast of 87 yen, for a payout ratio of 50.3%, and the FY2026 dividend is expected to be 108 yen, an increase of 15 yen and a record high.

At the Board of Directors meeting held on May 14, 2026, the company decided on a share repurchase of up to 2,000,000 shares for a maximum of 4 billion yen, to be conducted by market purchase from May 15, 2026 to September 7, 2026, with cancellation of the repurchased treasury shares scheduled for October 30, 2026. Over FY2024-FY2025 the company purchased approximately ¥14.1 billion of treasury stock and paid approximately ¥10.0 billion of dividends.

Medium-Term Plan and Capital Policy

FY2025 is the second year of the 14th Medium-Term Management Plan (FY2024-2026). On a three-year basis, the May 2026 initial forecast puts cumulative orders received at 779,327 million yen, net sales at 507,781 million yen and operating profit at 46,742 million yen, all above the May 2025 revised plan. ROE was 12.4% in FY2025, and the company targets ROE of at least 13.5% for FY3/2027, or at least 11.0% excluding the effect of gains from the sale of cross-shareholdings. Looking further out, Vision2030 targets ordinary profit of at least JPY 20.0 billion by FY3/2031, with recurring revenue model businesses positioned as the core driver of growth.

On cross-shareholdings, Takuma has set a policy to reduce them to less than 15% of consolidated net assets by the end of the fiscal year ending March 2027 and to less than 10% by the end of the fiscal year ending March 2029. During FY2025 it sold all shares of three listed stocks as well as part of the shares of six stocks, reducing holdings by 4.9 billion yen in total, with a gain of approximately 3.8 billion yen from the sale; the number of listed stocks held fell from 38 to 35.

On M&A, IHI Packaged Boiler Co., Ltd. was merged with Nippon Thermoener Co., Ltd. on April 1, 2026, and on the same date the Takuma group acquired shares of Kan-ei Maintenance Corporation, a company established in 1984 with 400 employees as of March 1, 2026 that operates and maintains approximately 30 facilities mainly in the Kanto region, making it a consolidated subsidiary.

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.