[Obayashi] Company Overview & Business Portfolio — Breaking Down ¥2.58tn in 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 (TSE Prime: 1802) is one of Japan’s five largest general contractors. This first page of the Investors’ Guide 2026 condenses the whole group into two things every investor wants first: a company profile, and a portfolio view of where revenue and profit actually come from. Below we break both down.

Company profile at a glance

As of March 31, 2026, the group’s headline figures are as follows.

Item	Detail
Founded	January 1892 (Osaka)
Listing	Tokyo Stock Exchange, Prime Market (code 1802)
Share capital	¥57,752m
FY2025 consolidated net sales	¥2,586.2bn
Employees	18,031 consolidated / 9,472 non-consolidated
Group companies	130 subsidiaries, 26 affiliated companies
Offices	17 countries and regions
Rin-yu-kai member companies	approx. 1,250 (Obayashi-gumi Rin-yu-kai partner-company organization)

Business portfolio: where sales and profit come from

Obayashi runs five business areas: domestic construction (building and civil engineering), overseas construction, real estate development, green energy, and new business domains. The FY2025 breakdown of consolidated net sales (¥2,586.2bn) and operating profit (¥194.6bn) by segment is shown below.

Segment	Net sales (¥bn)	% of sales	Operating profit (¥bn)	% of profit	Margin
Domestic building construction	1,138.7	44.0%	104.0	53.5%	9.1%
Domestic civil engineering	426.6	16.5%	40.9	21.0%	9.6%
Domestic construction (subtotal)	1,565.3	60.5%	145.0	74.5%	—
Overseas construction	843.9	32.7%	26.7	13.7%	3.2%
Real estate development	106.7	4.1%	19.9	10.3%	18.7%
Other businesses (green energy, new domains)	70.0	2.7%	2.9	1.5%	—
Total	2,586.2	100%	194.6	100%	—

The single most useful takeaway is the contrast between the sales mix and the profit mix. Overseas construction generates about a third of sales (32.7%) but only 13.7% of operating profit, reflecting its thinner 3.2% margin. Domestic construction does the reverse — 60.5% of sales but 74.5% of profit. And real estate development punches well above its weight: just 4.1% of sales but 10.3% of profit, on an 18.7% margin.

Each of these segments is covered in more depth elsewhere in this guide: domestic building construction (p.10), domestic civil engineering (p.11), overseas construction (p.15), real estate development (p.20), the green energy business (p.21), and new business domains (p.22).

Regional composition of sales

The guide also breaks FY2025 consolidated net sales (¥2,586.2bn) down by region (p.5). Japan accounted for 67.1% of the total (¥1,736.3bn), followed by North America at 21.8% (¥564.7bn), Asia at 10.5% (¥271.1bn), and other regions at 0.6% (¥13.9bn). North America is by far the largest single overseas market, more than double Asia’s share, and together Japan and North America account for close to 89% of group sales. Both this regional table and the segment table above sum to the same ¥2,586.2bn of consolidated net sales — the segment table groups revenue by business line, while this table groups the identical total by where it was earned. For a country-by-country look at where the group’s overseas subsidiaries and offices are located, see our Global Network article.

What this means for investors

Read the rest of the guide with this structure in mind. The profit engine is domestic construction — domestic building (9.1% margin) and domestic civil engineering (9.6%). Overseas construction adds scale and diversification but drags the blended margin down, while real estate development is the high-margin contributor. The company states its long-term direction (p.7) as building ‘a diversified global business portfolio centered on domestic construction,’ in which businesses other than the domestic construction business generate performance equal to or greater than that of the domestic construction business — so the share of profit coming from overseas, real estate, and green energy is the number to track over time.

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.