ASANUMA CORPORATION

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

Earnings Summary 2026.09.06
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.

目次

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 ResultsFY2025 Initial planFY2025 Revised planFY2025 ResultsYoY (%)
Orders received180,624151,500197,500217,155+20.2
Net sales167,005170,300174,600175,294+5.0
Gross profit17,99118,32019,94019,592+8.9
Gross profit margin10.8%10.8%11.4%11.2%+0.4pp
SG&A expenses11,12411,29012,39012,380+11.3
Operating profit6,8677,0307,5507,211+5.0
Operating profit margin4.1%4.1%4.3%4.1%0.0pp
Ordinary profit6,5456,8207,3707,048+7.7
Profit attributable to owners of parent4,6924,7705,0005,181+10.4
Net assets (excl. non-controlling interests)45,70847,00048,20049,759+8.9
Backlog of orders199,833––245,891+23.0
ROE10.1%10.3%10.6%10.9%+0.8pp
ROIC7.1%7.2%7.6%7.8%+0.7pp
Annual dividend per share41.0yen41.5yen43.5yen45.0yen+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.

Asanuma Corporation FY2025 consolidated performance highlights table
Source: FY2025 (Fiscal Year Ended March 2026) Financial Results Presentation P.4

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)MetricFY2024 ResultsFY2025 ResultsYoY %
Building constructionNet sales of completed construction contracts134,318130,144-3.1
Building constructionGross profit on completed construction contracts12,91613,650+5.7
Building constructionProfit margin9.6%10.5%+0.9pp
Building constructionOrders received143,828172,786+20.1
Building constructionBacklog of orders153,185195,828+27.8
Civil engineeringNet sales of completed construction contracts20,95727,964+33.4
Civil engineeringGross profit on completed construction contracts2,5932,838+9.4
Civil engineeringProfit margin12.4%10.1%-2.3pp
Civil engineeringOrders received25,50635,410+38.8
Civil engineeringBacklog of orders37,32544,772+20.0
TotalNet sales of completed construction contracts155,275158,108+1.8
TotalGross profit on completed construction contracts15,51016,488+6.3
TotalProfit margin10.0%10.4%+0.4pp
TotalOrders received169,334208,197+23.0
TotalBacklog of orders190,511240,600+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)MetricFY2024 ResultsFY2025 ResultsYoY %
SINGAPORE PAINTS & CONTRACTORNet sales3,7582,896-22.9
SINGAPORE PAINTS & CONTRACTOROperating profit284167-41.3
SINGAPORE PAINTS & CONTRACTOROrdinary profit307165-46.3
SINGAPORE PAINTS & CONTRACTORNet profit255132-48.0
EVERGREEN ENGINEERING & CONSTRUCTIONNet sales6,70812,968+93.3
EVERGREEN ENGINEERING & CONSTRUCTIONOperating profit8951,467+63.8
EVERGREEN ENGINEERING & CONSTRUCTIONOrdinary profit1,0581,606+51.8
EVERGREEN ENGINEERING & CONSTRUCTIONNet profit8911,340+50.4
FY2025 results by major business segment, parent company and overseas subsidiaries
Source: FY2025 (Fiscal Year Ended March 2026) Financial Results Presentation P.8

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)MetricFY2024 ResultsFY2025 ResultsYoY
Domestic renovationOrders received17,28527,403+10,118
Domestic renovationNet sales24,19320,953-3,239
Domestic renovationGross profit on completed construction contracts3,7633,618-84
Domestic renovationProfit margin15.317.3+2.0pp
Domestic renovationOperating profit2,3112,265-46
Overseas renovation (two subsidiaries)Orders received11,2908,958-2,332
Overseas renovation (two subsidiaries)Net sales9,67911,559+1,879
Overseas renovation (two subsidiaries)Gross profit on completed construction contracts2,0202,439+418
Overseas renovation (two subsidiaries)Profit margin20.921.1+0.2
Overseas renovation (two subsidiaries)Operating profit (excluding goodwill)7981,285+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 ResultsFY2025 ResultsFY2026 Plan
Orders received180,624217,155165,400
Net sales167,005175,294175,500
Gross profit17,99119,59220,260
Gross profit margin10.8%11.2%11.5%
SG&A expenses11,12412,38012,480
Operating profit6,8677,2117,780
Operating profit margin4.1%4.1%4.4%
Ordinary profit6,5457,0487,530
Profit attributable to owners of parent4,6925,1815,180
Net assets45,70849,75951,200
ROE10.1%10.9%10.3%
ROIC7.1%7.8%8.0%
Dividend payout ratio70.4%70.0%70.1%
Annual dividend per share41.0yen45.0yen45.0yen

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).

Three-year medium-term plan performance and FY2026 plan
Source: FY2025 (Fiscal Year Ended March 2026) Financial Results Presentation P.10

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 ResultsFY2025 ScheduleFY2026 Plan
Annual dividend41.045.045.0
End of the 2nd quarter15.016.017.0
Year-end26.029.028.0
Total dividends (100 million yen)453437
Dividend per share and payout ratio trend
Source: FY2025 (Fiscal Year Ended March 2026) Financial Results Presentation P.12

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.

Articles

Shareholder Benefits

No articles yet.

For Investors & Listed Companies

目次