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Takamatsu Construction Group Co.,Ltd. Securities Code：1762 Translated version Analysis Material for 2Q, FY ending March 2026 November 12, 2025
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 1 Table of contents 1. Financial results for 2Q, FY ending March 2026 ・・・・・・ 2. Earnings Forecast ＆ Dividend Forecast for FY ending March 2026 ・・・・・・・・・・・・・・・・ 3. Topics ・・・・・・・・・・・・・・・・・・・・・・・・・・ 2 26 22
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Financial results for 2Q, FY ending March 2026
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. Situation of Corporate Group 3 Civil Engineering Architecture Real Estate Main sales areas Tokyo・Osaka・Nagoya Osaka・Tokyo Osaka・Tokyo Japan(nationwide) Osaka・Tokyo Nagoya Tokyo・Kanagawa Osaka Japan(nationwide) Japan(nationwide) Japan(nationwide) Japan(nationwide) Metropolitan area Japan(nationwide) Tokyo・Kanagawa・Saitama Tokyo・Kanagawa Osaka・Hyogo Tokyo・Osaka USA Takamatsu Construction Group（Pure Holding Company） Takamatsu Corporation Takamatsu Estate Suminoe Kogei Kongo Gumi Nakamura Shaji Asunaro Aoki Construction Toko Geotech Aoki Marine M's Shimada Gumi Mirai Construction Takamatsu Development Takamatsu House Takamatsu House Fudosan Taisho Kogyo Corporation Takamatsu Techno Service Takamatsu Build Takamatsu House Kansai TCG USA
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 4 Item 2Q FY ended March 2023 2Q FY ended March 2024 2Q FY ended March 2025 2Q FY ending March 2026 ＋/－ Orders received 1,778 1,635 1,927 1,891 (1.9%) Net sales 1,288 1,432 1,621 1,709 +5.4％ Gross profit 176 192 191 257 +35.0％ Gross profit % 13.7% 13.4% 11.8％ 15.1％ +3.3pt Operating profit 28 33 25 78 +204.4％ Operating profit % 2.2% 2.3% 1.6％ 4.6％ +3.0pt Ordinary profit 29 34 21 77 +262.3％ Ordinary profit % 2.3% 2.4% 1.3％ 4.5％ +3.2pt Quarterly profit attributable to owners of parent 13 11 5 44 +746.0％ Quarterly profit attributable to owners of parent % 1.1% 0.8% 0.3％ 2.6％ +2.3pt （100 million yen） Performance for 2Q, FY ending March 2026
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 5 Points of Earnings Forecast for 2Q and Full-Year Results for FY ending March 2026 Orders received ・Consolidated total orders received was (1.9%) YoY , progressing largely as planned. ・Takamatsu Corporation significantly increased by +16.2% YoY. However, this order received includes approx.20 billion yen in intra-group transactions resulting from the transfer of the development condominium business to Takamatsu Development, which was established in July this year. This amount will be eliminated upon consolidation. While orders received excluding intercompany eliminations appear somewhat sluggish, this reflects our strengthened selective orders strategy. With projects scheduled for the second half, we expect no issues in achieving their full-year plan. ・Asunaro Aoki Construction’s orders received showed architecture projects progressing as planned, while civil engineering projects were below plan. As some projects scheduled for the second half are primarily architecture-related, achieving the full-year plan is not an issue. ・Mirai Construction’s orders progress exceeded their plan. ・Toko Geotech fell short of their targets. It aims to make up for it in the second half. ・Takamatsu House’s orders progress exceeded their plan. Net sales ・Consolidated total net sales was +5.4% YoY. ・Takamatsu Corporation significantly increased by +26.9% YoY and progress exceeded their plan. Compared to previous years, the number of construction sites started at the beginning of the previous period was low, but this period saw a steady start from the outset. ・Asunaro Aoki Construction saw a slight decrease YoY , but progress exceeded their plan. ・Mirai Construction decreased YoY and was not achieved their plan due to delays in starting large- scale projects and slow construction progress. However, construction progress has improved recently, and several projects secured in the first half of this fiscal year will contribute to net sales this period, ensuring no issues in achieving the full-year plan. ・Toko Geotech’s net sales fell short of both YoY and their plan due to insufficient orders for the first half. And they revised their full-year sales forecast downward, lowering it from 26.3 billion yen to 24 billion yen. ・Takamatsu House increased +12.9% YoY because of their sales were strong. And the progress exceeded their plan.
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 6 Points of Earnings Forecast for 2Q and Full-Year Results for FY ending March 2026 Operating profit ・Consolidated total operating profit was approx.3 times that of YoY. ・Takamatsu Corporation significantly increased to approx.4.8 times YoY , driven by higher net sales and an improved gross profit margin. Furthermore, the first half of the fiscal year saw progress exceeding the initial plan due to lower-than-planned SG&A expenses. And the full-year operating profit forecast has been revised upward from 6.1 billion yen to 7.3 billion yen. ・Asunaro Aoki Construction posted an operating profit of approx.2.1 billion yen. This represents an improvement from the operating loss recorded in YoY , which was impacted by unprofitable construction projects. There are no issues with achieving the full-year plan. ・Mirai Construction’s performance exceeded their plan with a slight increase YoY . ・Toko Geotech’s operating profit reported decline YoY and fell short of their plan. Due to weak orders causing insufficient net sales, they revised their full-year plan from 2.1 billion yen to 1.5 billion yen. ・Takamatsu House’s performance exceeded their plan and increased YoY . This was because of progress in clearing backlogged stock and strong sales of new stock. Profitability improvements are advancing, and their plan is expected to be achieved.
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 555 470 638 742 535 480 536 491 161 156 139 163123 125 88 101107 117 194 205294 285 328 187 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Orders Received by core operating companies Takamatsu Corporation increased by +16.2% YoY. Before consolidation adjustment and details are provided on the next page. Asunaro Aoki Construction was (8.6%) YoY. Mirai Construction was +16.5% YoY, due to the accumulation from 1Q and the receipt of multiple large-scale orders. Toko Geotech was +15.2% YoY. Takamatsu House was +5.7% YoY. For group companies other than the core companies’ order volume decreased by (42.9%) YoY, primarily due to an increase in consolidated adjustment amounts resulting from the transfer of the condominium development business from Takamatsu Corporation to Takamatsu Development. 7 By Operating Companies 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Takamatsu Corporation (non-consolidated) 55,580 47,017 63,838 74,200 Asunaro Aoki Construction (non-consolidated) 53,564 48,079 53,697 49,104 Mirai Construction (non-consolidated) 16,113 15,669 13,995 16,303 Toko Geotech (non-consolidated) 12,379 12,566 8,809 10,150 Takamatsu House (non-consolidated) 10,769 11,724 19,477 20,593 Others (Including Consolidation Adjustment) 29,432 28,535 32,898 18,797 Group Total (Consolidated) 177,837 163,590 192,714 189,147 （million yen） （100 million yen） ※Figures for individual companies include transactions between group companies. Toko Geotech Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Takamatsu House Others1,778 1,635 1,927 1,891
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. Takamatsu Corporation : Orders by segments Orders received for residential complex increased approx.6 billion yen in Osaka and increased approx.5.1 billion yen in Tokyo YoY. Overall orders received by Takamatsu Corporation increased by approx.11.2 billion yen YoY. However, from 2Q onward, this order volume includes approx.20 billion yen in condominium development business orders, approx.6.9 billion yen in Osaka and approx.13.1 billion in Tokyo, reflecting orders following the transfer of operations from Takamatsu Corporation to Takamatsu Development established in July. Since these orders are transactions between group companies, the consolidated total order volume is eliminated through consolidation adjustment. Going forward, these transferred projects will be recorded as Takamatsu Development’s order and the group’s consolidated order upon completion of the sale of the condominiums. Orders received for non-residentials increased approx.5.6 billion yen in Tokyo but decreased approx.7.6 billion yen in Osaka YoY . Overall orders received by Takamatsu Corporation decreased by approx.1.9 billion yen YoY . Real estate increased approx.1 billion yen YoY . 8 （million yen） ※Figures including transactions between group companies. ※Percentages are rounded off to two decimal places. ArchitectureResidential Complex 4,669 19.2％ 10,753 44.8％ 23,627 59.7％ 28,763 57.3％ non- Residentials 18,270 75.2％ 10,643 44.3％ 14,654 37.0％ 20,341 40.5％ Real Estate 1,345 5.5％ 2,602 10.8％ 1,273 3.2％ 1,098 2.2％ Total 24,284 100％ 23,998 100％ 39,554 100% 50,202 100％ Osaka Tokyo ％ ％％ ％ 2025/3 2Q 2026/3 2Q 2025/3 2Q 2026/3 2Q
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. Orders received by segments Architecture significantly decreased by (16.4%) YoY , due to a decrease in orders received by Takamatsu Corporation, after consolidation adjustment, and Asunaro Aoki Construction. Civil engineering significantly increased by +27.7% YoY , mainly due to an increase in orders received by AsunaroAoki Construction and Mirai Construction. Real estate significantly increased by +13.7% YoY , due to an increase in orders received by Takamatsu Corporation, Takamatsu House, Takamatsu Estate and Takamatsu House Kansai. 9 By Segments 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Architecture 99,476 82,643 116,726 97,548 Civil Engineering 53,912 53,594 37,107 47,376 Real Estate 24,449 27,352 38,880 44,221 Group Total (Consolidated) 177,837 163,590 192,714 189,147 (million yen) (100 million yen) 994 826 1,167 975 539 535 371 473 244 273 388 442 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Civil Engineering Architecture Real Estate 1,778 1,635 1,927 1,891
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. Carried forward to the next quarter by core operating companies 10 （million yen） By Operating Companies 2025/3 2Q 2026/3 2Q Increase/Decrease Increase/Decrease % Takamatsu Corporation (non-consolidated) 229,970 250,381 20,411 +8.9% Asunaro Aoki Construction (non-consolidated) Architecture 107,266 125,563 18,296 +17.1% Civil Engineering 59,900 55,055 (4,844) (8.1%) Sub total 167,166 180,618 13,452 +8.0% Mirai Construction (non-consolidated) 32,705 42,441 9,736 +29.8％ Toko Geotech (non-consolidated） 11,627 13,661 2,034 +17.5% Takamatsu House (non-consolidated) 5,341 5,352 11 +0.2％ Others (Including Consolidation Adjustment) 20,157 6,859 (13,298) (66.0％) Group Total (Consolidated) 466,966 499,312 32,346 +6.9％ Takamatsu Corporation was +8.9% YoY due to the significant increase in orders received and net sales. Asunaro Aoki Construction was +8.0% YoY, as the amount carried forward for architecture increased. Mirai Construction increased significantly by +29.8% YoY due to an increase in orders received and a decrease in net sales. Toko Geotech increased by +17.5% YoY due to an increase in orders received and a decrease in net sales. Takamatsu House was +0.2% YoY. Following the establishment of Takamatsu Development primarily due to an increase in consolidated adjustment for orders received, “Others (including consolidated adjustment)” decreased by (66.0%) YoY. It was +6.9% YoY in consolidated total. ※Figures for individual companies include transactions between group companies.
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. Quarterly Orders by the 5 core companies and Group Total (Consolidated) 11 Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Toko Geotech (※ Figures are quarterly amounts, not cumulative.) （100 million yen） Takamatsu House Group Total（consolidated） ※Figures for individual companies include transactions between group companies. 25/3 26/3 25/3 26/3 25/3 26/3 25/3 26/3 25/3 26/3 25/3 26/3 841 1,085 1,139 751 0 200 400 600 800 1,000 1,200 １Ｑ ２Ｑ 96 97 103 102 0 20 40 60 80 100 120 １Ｑ ２Ｑ 40 47 51 49 0 10 20 30 40 50 60 １Ｑ ２Ｑ 62 77 90 72 0 10 20 30 40 50 60 70 80 90 100 １Ｑ ２Ｑ 223 313304 186 0 50 100 150 200 250 300 350 １Ｑ ２Ｑ 253 385384 357 0 50 100 150 200 250 300 350 400 450 １Ｑ ２Ｑ 25/3 26/3 25/3 26/3 25/3 26/3 25/3 26/3 25/3 26/3 25/3 26/3
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 380 419 416 528 384 387 478 461 118 165 145 136 107 96 103 94 90 111 166 187 206 252 310 300 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Net sales by core operating companies Takamatsu Corporation significantly increased by +26.9% YoY as the carry-over construction proceeded smoothly. Asunaro Aoki Construction was (3.5%) YoY . Mirai Construction was (6.6%) YoY . Toko Geotech was (8.9%) YoY . Takamatsu House’s net sales revenue was +12.9% YoY due to strong sales. For group companies other than the core companies decreased (3.3%) YoY . 12 By Operating Companies 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Takamatsu Corporation (non-consolidated) 38,048 41,928 41,654 52,870 Asunaro Aoki Construction (non-consolidated) 38,457 38,780 47,856 46,196 Mirai Construction (non-consolidated) 11,822 16,559 14,580 13,619 Toko Geotech (non-consolidated) 10,786 9,628 10,365 9,444 Takamatsu House (non-consolidated) 9,083 11,193 16,633 18,773 Others (Including Consolidation Adjustment) 20,611 25,210 31,045 30,010 Group Total (Consolidated) 128,807 143,298 162,133 170,912 (million yen) (100 million yen) ※Figures for individual companies include transactions between group companies. Toko Geotech Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Takamatsu House Others 1,288 1,432 1,621 1,709
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 610 684 771 806 449 485 485 489 227 263 364 412 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Net sales by segments Architecture was +4.7% YoY. Civil engineering was +0.8% YoY. Real estate was +13.2% YoY mainly due to increase in Takamatsu House. 13 (million yen) (100 million yen) By Segments 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Architecture 61,044 68,486 77,105 80,691 Civil Engineering 44,999 48,505 48,533 48,922 Real Estate 22,763 26,307 36,493 41,298 Group Total (Consolidated) 128,807 143,298 162,133 170,912 Civil Engineering Architecture Real Estate 1,288 1,432 1,621 1,709
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 66 75 70 105 39 35 24 57 10 12 13 14 18 14 16 13 11 15 16 20 29 39 50 47 0 20 40 60 80 100 120 140 160 180 200 220 240 260 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Gross profit by core operating companies Takamatsu Corporation significantly increased by +49.4% YoY due to increased net sales and higher gross profit margin. Asunaro Aoki Construction’s gross profit increased significantly approx.2.3 times YoY despite a decrease in net sales. This was due to a rebound effect from unprofitable construction projects in the same period last year and the presence of highly profitable civil engineering projects. Mirai Construction’s gross profit increased by +8.2% YoY despite a decrease in net sales, due to projects that improved profitability upon completion. Toko Geotech’s gross profit significantly decreased by (17.8%) YoY due to a decline in net sales and multiple projects experiencing deteriorating profitability. Takamatsu House significantly increased by +24.6% YoY due to increased net sales. For group companies other than the core companies decreased (6.0%) YoY. 14 By Operating Companies 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Takamatsu Corporation (non-consolidated) 6,673 7,508 7,029 10,500 Asunaro Aoki Construction (non-consolidated) 3,943 3,521 2,424 5,706 Mirai Construction (non-consolidated) 1,051 1,258 1,368 1,481 Toko Geotech (non-consolidated) 1,882 1,478 1,606 1,319 Takamatsu House (non-consolidated) 1,167 1,505 1,663 2,073 Others (Including Consolidation Adjustment) 2,935 3,964 5,010 4,707 Group Total (Consolidated) 17,651 19,234 19,100 25,786 (million yen) (100 million yen) ※Figures for individual companies include transactions between group companies. Toko Geotech Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Takamatsu House Others 176 192 191 257
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 90 96 87 140 54 56 51 64 31 39 52 52 0 20 40 60 80 100 120 140 160 180 200 220 240 260 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Gross profit by segments Architecture significantly increased by +60.8% YoY because of the increase in Takamatsu Corporation and Asunaro Aoki Construction. Civil engineering significantly increased by +26.3% YoY mainly because of the increase in Asunaro Aoki Construction. Real estate was +0.7% YoY. 15 (million yen) (100 million yen) By Segments 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Architecture 9,079 9,657 8,719 14,019 Civil Engineering 5,439 5,644 5,135 6,485 Real Estate 3,132 3,931 5,245 5,280 Group Total (Consolidated) 17,651 19,234 19,100 25,786 Civil Engineering Architecture Real Estate 176 192 191 257
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 13.4% 11.8% 15.1% 17.9% 16.9% 19.9% 9.1% 5.1% 12.4% 7.6% 9.4% 10.9% 15.4% 15.5% 14.0%13.5% 10.0% 11.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% Gross profit ratio by Group Total (Consolidated) and the 5 core companies 16 Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Toko Geotech Group Total (Consolidated) Takamatsu Corporation’s gross profit margin significantly rose by +3.0pt YoY because of increasing net sales and gross profit amount. Asunaro Aoki Construction’s gross profit margin significantly rose by +7.3pt YoY since decreased in net sales but increased in gross profit amount. Mirai Construction’s gross profit margin rose +1.5pt YoY since decreased in net sales but increased in gross profit amount. Toko Geotech’s gross profit margin fell (1.5pt) YoY due to decreased net sales and gross profit amount. Takamatsu House’s gross profit margin rose +1.0pt YoY because of increasing net sales and gross profit amount. It rose significantly by +3.3pt YoY in consolidated total. Takamatsu House ※Figures for individual companies include transactions between group companies. 2024/3 2Q 2025/3 2Q 2026/3 2Q
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 0 10 20 30 40 50 60 70 80 90 100 増加 減少 合計 +34 +0 (4) (9)+28 +3 78 Takamatsu Corporation increased approx.4.8 times YoY because of increasing net sales and gross profit amount, and higher gross profit margin. Asunaro Aoki Construction became profitable at approx.2.1 billion yen from an operating loss the previous year, as gross profit increased despite a decline in net sales. Mirai Construction increased +3.8% YoY as gross profit amount increased despite a decline in net sales. Toko Geotech significantly decreased by (82.6%) YoY due to decreased net sales and gross profit amount and fell gross profit margin. Takamatsu House significantly increased by +56.6% YoY because of increasing net sales and gross profit amount. For group companies other than the core companies significantly decreased by (89.0%) YoY . By Operating Companies 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Takamatsu Corporation (non-consolidated) 1,110 1,642 903 4,338 Asunaro Aoki Construction (non-consolidated) 1,051 418 (692) 2,171 Mirai Construction (non-consolidated) 48 220 261 271 Toko Geotech (non-consolidated) 922 491 491 85 Takamatsu House (non-consolidated) 478 596 573 898 Others (Including Consolidation Adjustment) (779) (28) 1,052 116 Group Total (Consolidated) 2,830 3,339 2,588 7,879 17 2025/3 2Q Operating profit 2026/3 2Q Operating profit Asunaro Aoki Construction Takamatsu Corporation Mirai Construction Toko Geotech Takamatsu House Operating profit by core operating companies (million yen) (100 million yen) ※Figures for individual companies include transactions between group companies. Others (Including Consolidation Adjustment) Increase Decrease Total 25
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 0 10 20 30 40 50 60 70 80 90 100 増加 減少 合計 Operating profit by segments Architecture significantly increased approx.40.4 times YoY because of significant increase in Takamatsu Corporation and Asunaro Aoki Construction. Civil engineering significantly increased +54.6% YoY because of increasing in Asunaro Aoki Construction. Real estate decreased (11.1%) YoY. 18 （million yen） By Segments 2023/3 2Q 2024/3 2Q 2025/3 2Q 2026/3 2Q Architecture 1,159 1,330 124 5,040 Civil Engineering 2,529 2,667 2,060 3,185 Real Estate 1,499 1,815 3,060 2,721 Consolidation Adjustment (2,357) (2,474) (2,657) (3,067) Group Total (Consolidated) 2,830 3,339 2,588 7,879 (100 million yen) Consolidation AdjustmentCivil Engineering Architecture Real Estate 2026/3 2Q Operating profit 2025/3 2Q Operating profit ※Figures for individual companies include transactions between group companies. Increase Decrease Total 25 +49 +11 (3) (4) 78
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. Gross profit, SG&A expenses, Analysis of Changes in Operating Profit Gross profit significantly increased by approx.6.6 billion yen YoY , driven by a substantial increase in Takamatsu Corporation and Asunaro Aoki Construction despite a decrease mainly in Toko Geotech. SG&A expenses increased approx.1.3 billion yen YoY , increased primarily at Asunaro Aoki Construction and among the group companies other than the core companies, mainly at our company Takamatsu Construction Group. Overall operating profit increased approx.5.2 billion yen YoY. 19 5 core companies +69 Others (3) Gross profit +66 SG & A expenses (13) 5 core companies (7) Others (6) 2026/3 2Q Operating Profit 2025/3 2Q Operating Profit ※Figures for individual companies include transactions between group companies. 営業利益増減分析 増加 減少 合計 25 +34 +32 +1 (2) (0) (4) (1) (6)(1) +4 (3) (0) 78 Gross profit Increase （100 million yen） Takamatsu Corporation Asunaro Aoki Construction Gross profit Decrease Mirai Construction Toko Geotech Takamatsu House Others (Including Consolidation Adjustment) Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Toko Geotech Takamatsu House Gross profit Increase Gross profit Decrease SG&A expenses Increase Others (Including Consolidation Adjustment) Analysis of Changes in Operating Profit Increase Decrease Total 20 40 60 80 0 120 100
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. Operating profit ratio by Group Total (Consolidated) and the 5 core companies 20 Takamatsu Corporation’s operating profit margin significantly rose by +6.0pt YoY because of rosing gross profit margin. Asunaro Aoki Construction’s operating profit margin recovered from the previous year’s operating loss and significantly rose by +6.1pt YoY. Mirai Construction was +0.2pt YoY. Toko Geotech’s operating profit margin sharply fell by (3.8pt) YoY due to fell gross profit margin. Takamatsu House was +1.4pt YoY because of rosing gross profit margin. It significantly rose by +3.0pt YoY in consolidated total. ※Figures for individual companies include transactions between group companies. 2.3% 1.6% 4.6%3.9% 2.2% 8.2% 1.1% -1.4% 4.7% 1.3% 1.8% 2.0% 5.1% 4.7% 0.9% 5.3% 3.4% 4.8% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Toko Geotech Group Total (Consolidated) Takamatsu House 2024/3 2Q 2025/3 2Q 2026/3 2Q (1.4％) (2.0％) (1.0％)
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 97.7% 98.2% 98.1% 98.1% 97.7% 98.1% 97.6% 98.2% 97.9% 98.2% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0% 99.0% 100.0% 1Q 2Q 3Q 4Q FY ending March 2026 FY ended March 2025 FY ended March 2024 98.4% 98.2% 97.9% 98.1% 98.2% 98.6% 97.6% 97.9% 98.0% 98.3% 90.0% 91.0% 92.0% 93.0% 94.0% 95.0% 96.0% 97.0% 98.0% 99.0% 100.0% 1Q 2Q 3Q 4Q FY ending March 2026 FY ended March 2025 FY ended March 2024 Occupancy Rate of Properties Constructed by Takamatsu Corporation at Takamatsu Estate Occupancy rates of 95% or higher have been maintained for 2Q FY ending March 2026. 21 TokyoOsaka / Nagoya Definitions “Osaka/Nagoya”： Osaka, Kyoto, Hyogo, and Nagoya “Tokyo”： Tokyo, Kanagawa, Saitama, and Chiba “Occupancy rate”：Number of properties constructed by Takamatsu Corporation managed by Takamatsu Estate that are occupied at the end of each quarter ÷ total number of properties constructed by Takamatsu Corporation managed by Takamatsu Estate at the end of each quarter
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Earnings Forecast ＆ Dividend Forecast for FY ending March 2026
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 120 120 150 116 150 114 150 0 50 100 150 200 23/3 23/3 24/3 24/3 25/3 25/3 26/3 Operating profit 68 75 80 91 80 64 78 0 20 40 60 80 100 23/3 23/3 24/3 24/3 25/3 25/3 26/3 Profit attributable to owners of parent 3,000 2,824 3,400 3,126 3,500 3,466 3,700 0 1,000 2,000 3,000 4,000 23/3 23/3 24/3 24/3 25/3 25/3 26/3 Net sales 3,600 3,376 3,900 3,259 3,900 3,913 4,200 0 1,000 2,000 3,000 4,000 5,000 23/3 23/3 24/3 24/3 25/3 25/3 26/3 Orders received Earnings Forecast for FY ending March 2026 23 (100 million yen) (100 million yen) (100 million yen) (100 million yen) ActualPlan ActualPlan ActualPlan PlanActualPlan ActualPlan ActualPlan Plan ※25/3 Revised announcement value : The revised announcement value announced on November 13, 2024 ActualPlan ActualPlan ActualPlan PlanActualPlan ActualPlan ActualPlan Plan
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 63 (18) 11 11 16 61 32 13 21 16 73 15 -40 -20 0 20 40 60 80 180 43 32 34 38 191 94 36 46 42 203 40 0 50 100 150 200 250 髙松建設 青木あすなろ建設 みらい建設工業 東興ジオテック タカマツハウス 990 924 318 211 353 1,021 995 340 263 390 240 0 200 400 600 800 1,000 1,200 髙松建設 青木あすなろ建設 みらい建設工業 東興ジオテック タカマツハウス 1,203 1,088 382 208 363 1,252 1,110 372 274 420 0 200 400 600 800 1,000 1,200 1,400 髙松建設 青木あすなろ建設 みらい建設工業 東興ジオテック タカマツハウス FY2025 results and annual management plan for FY2026 by core operating companies 24 Orders received Net sales Gross profit Operating profit ※Figures for individual companies include transactions between group companies. (100 million yen) (100 million yen) Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Toko Geotech Takamatsu House Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Toko Geotech Takamatsu House Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Takamatsu House Toko Geotech Takamatsu Corporation Asunaro Aoki Construction Mirai Construction Toko Geotech Takamatsu House ■2025/3 Actual ■2026/3 Plan 2026/3 Revised forecast (20) (40) It has partially revised operating companies outlook for the management plan for FY ending March 2026.Takamatsu Corporation revised its initial plan of gross profit +1.1 billion yen and operating profit +1.1 billion yen, and Toko Geotech revised its initial plan of net sales (2.2 billion yen), gross profit (0.6 billion yen), and operating profit (0.6 billion yen). The consolidated total planned figures were maintained unchanged, considering the performance of group companies other than the core companies, such as Takamatsu Development’s establishment.
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 25 The basic policy is to pay progressive dividends during the target years of the new medium-term management plan (FY ending March 2026 to FY ending March 2028). The minimum annual dividend per share is set at 90 yen. The dividend payout ratio is targeted guideline at 40%. Profit returns will be linked to business performance. We plan to pay a dividend of 90 yen per share for the FY ending March 2026, with a payout ratio of 40.2%. Dividends Forecast for FY ending March 2026 (dividend amount and payout ratio) 27 34 43 56 60 63 63 63 70 82 82 90 15.3 21.1 23.5 25.1 29.7 25.2 29.4 32.6 32.4 31.1 44.2 0 10 20 30 40 50 0 20 40 60 80 100 120 140 160 15/3 16/3 17/3 18/3 19/3 20/3 21/3 22/3 23/3 24/3 25/3 26/3 27/3 28/3 Previous Mid-Term Business Plan Current Mid-Term Business Plan ・Lower limit 90 yen ・Progressive dividends ・Dividend payout ratio guideline at 40% Previous Shareholder return policy Current shareholder return policy （％）（Yen） ・Lower limit 70 yen ・Progressive dividends
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Topics
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 27 ○We have established our group purpose We established a new group purpose and tag line in October. The purpose, “Connecting hearts, Creating value like no other.” expresses three key points. First, “Connecting” represents the various bonds we cherish—within our group, with our customers, our local communities, and our history and traditions. “Connecting hearts” signifies creating synergistic effects through these connections. And “value like no other” expresses the unique value that only our group can create. Leveraging the broad strengths of our group as a specialized construction enterprise, we will grow into a dynamic group that pioneers a future where we design the very mechanisms of cities, envision new urban values ourselves, and implement them. Takamatsu Construction Group Topics 1 Purpose Tag line Connecting hearts, Creating value like no other.
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©2025 TAKAMATSU CONSTRUCTION GROUP CO., LTD. 28 Topics 2 ○Advertisement displayed during the Major League Baseball game against the LA Dodgers As part of our group's brand awareness initiatives, we displayed corporate name advertisements for our group and operating companies during Los Angeles Dodgers games featuring players such as Shohei Ohtani, Yoshinobu Yamamoto and Roki Sasaki. Going forward, we will continue our advertising and public relations activities to effectively communicate our group's appeal to stakeholders both within and outside us. This aims to enhance corporate value and ultimately contribute to business activities such as recruitment and sales. Takamatsu Construction Group PNC Park Chase Field
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Disclaimer: All financial information has been prepared in accordance with generally accepted accounting principles in Japan. This document is a partial English translation of the Japanese Financial Statements which were filed with Stock Exchanges in Japan on November 12, 2025. The Company provides this translation for your reference and convenience only without any warranty as to its accuracy. In case of any discrepancy between the translation and the Japanese original, the latter shall prevail. Additionally, these materials were created with the intention of providing reference information to be used by investors for their investment decisions, and do not constitute any sort of effort to solicit the purchase or sale of Takamatsu Construction Group stock.