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Obayashi Corporation Presentation on Financial Results for FY2026 1st Quarter ( April 1 , 2026 to June 30 , 2026 ) August 7 , 2026 PRIME 1802 MAKE BEYOND TRANSCENDING THE ART AND SCIENCE OF MAKING OF THINGS Disclaimer Regarding the Appropriate Use of Financial Forecasts : The forward - looking statements in this document , including financial forecasts , are based on information currently available to the Company and certain assumptions that the Company has judged to be reasonable , and are not intended as a guarantee of their realization . Actual results may differ significantly from the forecasts due to various factors . Disclaimer Regarding the Translation : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail .
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2© OBAYASHI CORPORATION, All rights reserved. Overview of Each Business Segment FY2026 Full Year Forecasts 1 2 3 4 Acquisition of Multiplex (Disclosed on June 18, 2026) FY2026 1st Quarter Results INDEX
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FY2026 1st Quarter Results © OBAYASHI CORPORATION, All rights reserved. 1 3 The FY2026 full year forecasts are unchanged from the figures announced on May 13, 2026.
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432FY2026 1st Quarter Results1 131.0 26.0 2025.4-6 2026.4-6 FY2026 Forecasts 1,605.0 1,340.0 2025.4-6 2026.4-6 FY2026 Forecasts 1,680.0 1,420.0 2025.4-6 2026.4-6 FY2026 Forecasts Summary of FY2026 1st Quarter Results (P&L) 4© OBAYASHI CORPORATION, All rights reserved. Consolidated Orders Received 115.0 65.0 2025.4-6 2026.4-6 FY2026 Forecasts Increased YoY due to factors including steady progress with the substantial volume of projects in hand in domestic building, domestic civil engineering, and overseas civil engineering; the consolidation of GCON in overseas building; and property sales in the real estate business. Increased YoY due to factors including property sales in the real estate business; and the largely completed construction of most projects for which provision for loss on construction contracts had been recorded, and a greater contribution from highly profitable construction projects in hand within the domestic building portfolio. ¥577.5B ¥39.0B ¥32.7B ¥623.4B Consolidated 15.7 180.0 Consolidated 32.7 *All consolidated journal entries are included in the subsidiaries’ figures. Profit Attributable to Owners of Parent (Billions of yen)(Billions of yen)Consolidated Net Sales Consolidated Operating Profit (Billions of yen)(Billions of yen) Consolidated Operating Profit Consolidated Net Sales Consolidated Orders Received Profit Attributable to Owners of Parent Consolidated 622.0 3,100.0 Consolidated 577.5 YoY: +¥99.6B +19.0% Progress: 21.2% YoY: +¥16.9B +107.0% Progress: 18.2% YoY: +¥21.0B +116.3% Progress: 24.9% YoY: (¥44.5B) (7.2%) Progress: 18.6% Increased YoY due to an increase in operating profit and an increase in extraordinary income from the sale of cross-shareholdings. (The negative figures for subsidiaries reflect the temporary impact of consolidated journal entries associated with the revision of the subsidiaries’ dividend policy.) Decreased YoY due to comparison with the FY2025 result, which benefited from new orders for large projects in overseas building. Consolidated/ Non-Consolidated Ratio 1.57 Consolidated/ Non-Consolidated Ratio 1.85 Consolidated 523.7 2,945.0 Consolidated 623.4 Consolidated 18.0 157.0Consolidated 39.0 Consolidated/ Non-Consolidated Ratio 1.83 Consolidated/ Non-Consolidated Ratio 1.20 Non-Consolidated 303.9 Subsidiaries* 219.8 Non-Consolidated 357.1 Subsidiaries 266.2 Non-Consolidated 7.2 Subsidiaries* 8.5 Non-Consolidated 15.0 Subsidiaries 17.6 Non-Consolidated 232.4 Subsidiaries* 389.5 Non-Consolidated 358.5 Subsidiaries 218.9 Non-Consolidated 41.8 Subsidiaries* (23.7) Non-Consolidated 46.6 Subsidiaries (7.5)
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432FY2026 1st Quarter Results1 Income Statements 5© OBAYASHI CORPORATION, All rights reserved. Gross Profit on Completed Construction Contracts Building - - - - - - - - 9.5 20.9 11.4 29.5 +8.5 13.0 150.5 19.6 Civil - - - - - - - - 12.6 9.4 13.2 12.2 +2.8 17.9 74.0 16.6 Total 9.8 48.5 11.1 64.2 +15.7 12.1 337.0 19.1 10.3 30.3 11.9 41.7 +11.3 14.3 224.5 18.6 Gross Profit on Real Estate Business and Other 21.0 5.7 28.9 13.2 +7.5 23.6 39.0 34.0 16.2 1.5 14.4 0.8 (0.6) 17.2 5.5 15.7 Gross Profit 10.4 54.3 12.4 77.5 +23.2 12.8 376.0 20.6 10.5 31.9 11.9 42.6 +10.7 14.3 230.0 18.5 Selling, General, and Administrative Expenses 7.4 38.5 7.2 44.8 +6.3 6.7 196.0 22.9 8.1 24.6 7.7 27.5 +2.8 7.1 115.0 24.0 Operating Profit 3.0 15.7 5.2 32.7 +16.9 6.1 180.0 18.2 2.4 7.2 4.2 15.0 +7.8 7.2 115.0 13.1 Ordinary Profit 3.5 18.3 5.8 36.4 +18.0 6.2 183.0 19.9 12.9 39.2 10.6 37.7 (1.5) 8.5 137.0 27.5 Profit Attributable to Owners of Parent 3.5 18.0 6.3 39.0 +21.0 5.3 157.0 24.9 13.8 41.8 13.1 46.6 +4.7 8.2 131.0 35.6 Consolidated Non-Consolidated 2025.4 - 6 A 2026.4 - 6 B YoY B – A FY2026 Forecasts C Progress (%) B/C 2025.4 - 6 D 2026.4 - 6 E YoY E – D FY2026 Forecasts F Progress (%) E/F Net Sales of Completed Construction Contracts Building 342.1 394.9 +52.8 1,890.0 20.9 219.4 257.9 +38.5 1,160.0 22.2 Civil 154.2 182.4 +28.2 890.0 20.5 75.0 93.2 +18.2 413.0 22.6 Total 496.3 577.4 +81.0 2,780.0 20.8 294.4 351.1 +56.7 1,573.0 22.3 Net Sales in Real Estate Business and Other 27.3 45.9 +18.5 165.0 27.8 9.4 5.9 (3.4) 32.0 18.7 Net Sales 523.7 623.4 +99.6 2,945.0 21.2 303.9 357.1 +53.2 1,605.0 22.3 (Billions of yen) % % %% %% (Billions of yen)
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432FY2026 1st Quarter Results1 6© OBAYASHI CORPORATION, All rights reserved. Consolidated operating profit increased YoY due to factors including property sales in the real estate business; and the largely completed construction of most projects for which provision for loss on construction contracts had been recorded, and a greater contribution from highly profitable construction projects in hand within the domestic building portfolio. 2025.4 - 6 ¥15.7 B 2026.4 - 6 ¥32.7 B Higher personnel expenses, etc. (¥3.4B) FX impact: (¥0.3B) Subsidiaries’ SG&A Expenses (¥2.8B) Higher personnel expenses and DX investments, etc. Non-Consolidated SG&A Expenses Property sales, etc. Consolidated Real Estate Business and Other Steady progress with projects in hand in the overseas civil engineering subsidiaries, etc. +¥4.3B FX impact: +¥0.4B Subsidiaries’ Construction Business Design changes, etc. +¥0.5B +¥4.9B +¥2.2B +¥3.6B Gross profit on real estate business and other +¥7.5B +¥7.5B SG&A expenses (¥6.3B) Gross profit on completed construction contracts +¥15.7B Non-Consolidated Building Construction Business Non-Consolidated Civil Engineering Business Greater profit due to an increase in net sales of completed construction contracts Reduced impact of the provision for loss on construction contracts Greater contribution from highly profitable construction projects Greater profit due to an increase in net sales of completed construction contracts Change in Consolidated Operating Profit: Compared to the FY2025 1Q Result
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432FY2026 1st Quarter Results1 2025.4 - 6 2026.4 - 6 YoY Net Sales A Operating Profit B Operating Margin B/A Net Sales C Operating Profit D Operating Margin D/C Net Sales C–A Operating Profit D–B Construction Business Building Domestic 227.2 5.0 2.2% 264.3 13.2 5.0% +37.0 +8.2 Overseas 114.8 2.8 2.5% 130.6 1.3 1.0% +15.7 (1.5) Total 342.1 7.8 2.3% 394.9 14.5 3.7% +52.8 +6.6 Civil Domestic 90.3 3.0 3.4% 102.9 4.7 4.6% +12.5 +1.6 Overseas 63.9 2.2 3.6% 79.5 3.5 4.4% +15.6 +1.2 Total 154.2 5.3 3.5% 182.4 8.2 4.5% +28.2 +2.9 Total 496.3 13.2 2.7% 577.4 22.8 4.0% +81.0 +9.5 Real Estate Business and Other Real Estate Business 10.4 1.4 13.8% 30.4 9.5 31.3% +20.0 +8.0 Other 16.9 1.1 6.5% 15.4 0.3 2.0% (1.4) (0.7) Total 27.3 2.5 9.3% 45.9 9.8 21.4% +18.5 +7.3 Total 523.7 15.7 3.0% 623.4 32.7 5.2% +99.6 +16.9 Income Statements: By Reporting Segment 7© OBAYASHI CORPORATION, All rights reserved. (Billions of yen)(Billions of yen)(Billions of yen)
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432FY2026 1st Quarter Results1 Change in Consolidated Operating Profit: Compared to the FY2025 1Q Result by Reporting Segment 8© OBAYASHI CORPORATION, All rights reserved. By reporting segment, consolidated operating profit increased YoY ,despite comparison with the FY2025 result, which benefited from the completion of large projects in overseas building, due to factors including property sales in the real estate business; and the largely completed construction of most projects for which provision for loss on construction contracts had been recorded, and a greater contribution from highly profitable construction projects in hand within the domestic building portfolio. +¥8.2B +¥1.6B +¥1.2B (¥0.7B) (¥1.5B) +¥8.0B Building Construction Business Civil Engineering Business Domestic Building Overseas Building Domestic Civil Overseas Civil Real Estate Other 2025.4 - 6 ¥15.7 B 2026.4 - 6 ¥32.7 B
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432FY2026 1st Quarter Results1 Orders Received 9© OBAYASHI CORPORATION, All rights reserved. Consolidated Non - Consolidated 2025.4-6 A 2026.4-6 B YoY B – A 2025.4-6 C 2026.4-6 D YoY D – C Construction Business Building Domestic 175.1 306.8 +131.6 175.7 288.5 +112.7 Overseas 234.5 39.0 (195.4) 0.9 1.0 +0.0 Total 409.7 345.8 (63.8) 176.7 289.5 +112.8 Civil Domestic 65.0 79.9 +14.8 45.4 61.8 +16.4 Overseas 103.3 119.6 +16.3 0.8 1.1 +0.2 Total 168.4 199.6 +31.2 46.2 62.9 +16.6 Total Domestic 240.2 386.7 +146.5 221.1 350.4 +129.2 Overseas 337.8 158.7 (179.1) 1.8 2.1 +0.2 Total 578.1 545.5 (32.6) 223.0 352.5 +129.5 Real Estate Business and Other 43.9 32.0 (11.9) 9.4 5.9 (3.4) Total 622.0 577.5 (44.5) 232.4 358.5 +126.0 (Billions of yen) (Billions of yen)
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432FY2026 1st Quarter Results1 Consolidated Balance Sheets 10© OBAYASHI CORPORATION, All rights reserved. Current Assets 1,726.5 Non - Current Assets 1,336.5 Non-Current Liabilities 358.8 Capital (Net Assets) 1,299.7 Current Liabilities 1,404.4 Of which equity 1,244.4 (Billions of yen) Total Assets ¥3,143.4B Total Assets ¥3,063.0B (Billions of yen) Current Assets 1,778.5 Non - Current Assets 1,364.9 Current Liabilities 1,429.5 Non-Current Liabilities 397.4 Capital (Net Assets) 1,316.4 Of which equity 1,258.4 (Billions of yen) March 31, 2026 June 30, 2026 Changes Cash and deposits 430.8 457.5 +26.6 Cross-shareholdings 288.8 251.6 (37.1) Consolidated interest-bearing debt and nonrecourse loans 344.0 342.8 (1.2) Equity: Major Changes Assets and Liabilities: Major Balances and Changes Construction business balance (construction-related assets minus liabilities)* 167.6 125.3 (42.3) *Construction-related assets = Notes receivable, accounts receivable from completed construction contracts and other + Electronically recorded monetary claims - operating + Costs on construction contracts in progress + Inventories from PFI and other projects *Construction-related liabilities = Notes payable, accounts payable for construction contracts and other + Electronically recorded obligations - operating + Advances received on construction contracts in progress (Billions of yen) Balance of equity as of March 31, 2026 (end of previous fiscal year) 1,258.4 Profit attributable to owners of parent +39.0 Dividends paid (32.3) Purchase of treasury shares (0.0) Other comprehensive income: A) Increase (decrease) due to sales of cross-shareholdings (18.0) B) Increase (decrease) due to changes in the fair value of short-term investment securities, etc. (5.7) C) Foreign currency translation adjustment +0.9 Other +2.0 Balance of equity as of June 30, 2026 (end of current fiscal year’s 1Q) 1,244.4 March 31, 2026 June 30, 2026
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FY2026 Full Year Forecasts © OBAYASHI CORPORATION, All rights reserved. 11 2 The FY2026 full year forecasts are unchanged from the figures announced on May 13, 2026.
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431 FY2026 Full Year Forecasts2 Non-Consolidated 1,660.6 1,509.9 1,605.0 Subsidiaries*1 930.1 1,076.2 1,340.0 FY2024 Results FY2025 Results FY2026 Forecasts Non-Consolidated 2,044.4 1,641.6 1,680.0 Subsidiaries*1 1,272.2 1,367.4 1,420.0 FY2024 Results FY2025 Results FY2026 Forecasts Non-Consolidated 115.7 162.8 131.0 Subsidiaries*1 29.6 10.9 26.0 FY2024 Results FY2025 Results FY2026 Forecasts Non-Consolidated 89.4 129.9 115.0 Subsidiaries*1 53.0 64.7 65.0 FY2024 Results FY2025 Results FY2026 Forecasts ¥3,100.0B ¥157.0B ¥180.0B Summary of FY2026 Forecasts (P&L) 12© OBAYASHI CORPORATION, All rights reserved. ¥2,945.0B Consolidated 2,590.7 2,945.0 Consolidated 142.4 Consolidated 3,316.6 2,586.2 194.6 3,009.0 Decrease YoY due to a lower proportion of projects in the final stages of the construction period in domestic building, resulting in relatively limited profit improvement from additional claim approvals, change orders, and construction cost reductions, among other factors. Decrease YoY due to lower operating profit, primarily in domestic building, and other factors. Planned to remain at the same level YoY, as increases in domestic building and overseas civil engineering are expected to offset a decrease in overseas building compared to FY2025, which saw new orders for large projects. YoY: +¥358.7B +13.9% YoY: (¥14.6B) (7.5%) YoY: +¥90.9B +3.0% YoY: (¥16.7B) (9.6%) Consolidated 145.3 173.7 *1 All consolidated journal entries are included in the subsidiaries’ figures. Increase YoY due to progress with the substantial volume of projects in hand from orders received in past fiscal years in overseas building and civil engineering, among other factors. *2 FY2024 results reflect the retrospective application of the change in the foreign currency translation method. Consolidated Operating Profit Consolidated Net Sales Consolidated New Orders Profit Attributable to Owners of Parent (Billions of yen)(Billions of yen)Consolidated Net Sales Consolidated Operating Profit Consolidated New OrdersProfit Attributable to Owners of Parent (Billions of yen)(Billions of yen) Consolidated/ Non-Consolidated Ratio 1.83 Consolidated/ Non-Consolidated Ratio 1.20 Consolidated/ Non-Consolidated Ratio 1.57 Consolidated/ Non-Consolidated Ratio 1.85 3,100.0 180.0 157.0 *2 *2 *2 *2
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431 FY2026 Full Year Forecasts2 8.0 7.0 12.6 14.4 12.3 FY2022 FY2023 FY2024 FY2025 12.3 % 7.4 % ¥330.0B Summary of FY2026 Forecasts (Financial Position) 13© OBAYASHI CORPORATION, All rights reserved. Increase to ¥1,290.0B by the end of FY2026, even after dividend payments and other outflows, reflecting expected profit attributable to owners of parent of ¥157.0B for FY2026. Decrease due to progress in collections on outstanding construction receivables, with the completion of large projects, continuing from FY2025. Remain above the performance indicator target of 10% from FY2024 onward, despite lower forecasted profit attributable to owners of parent compared to FY2025 and a slight increase in equity . YoY: (210 bps) YoY: (100 bps) 337.9 323.8 362.7 344.0 330.0 FY2022 FY2023 FY2024 FY2025 997.1 1,151.6 1,158.2 1,258.4 1,290.0 FY2022 FY2023 FY2024 FY2025 Consolidated Interest-Bearing Debt and Nonrecourse Loans (Billions of yen)(Billions of yen) Medium-Term Business Plan 2022’s performance indicator target: 10% or more 4.9 3.8 6.4 8.4 7.4 FY2022 FY2023 FY2024 FY2025 Decrease from FY2025 due to lower operating profit, while remaining well above WACC. Medium-Term Business Plan 2022’s performance indicator target: 5% or more FY2026 Forecast* FY2026 Forecast FY2026 Forecast FY2026 Forecast *Calculated by adjusting the equity balance at the end of March 2026 by the following amounts: (1) forecasted profit attributable to owners of parent for FY2026, (2) amount of impact by the scheduled purchase of treasury shares, (3) decrease in retainedearnings due to dividend payments, and (4) adjustment amount of the valuation difference on available-for-sale securities due to the sale of cross-shareholdings. Return on Invested Capital (ROIC) Consolidated Interest-Bearing Debt and Nonrecourse Loans Return on Equity (ROE) ROEROIC (%)(%) Consolidated Equity Consolidated Equity YoY: +¥31.5B +2.5% YoY: (¥14.0B) (4.1%) ¥1,290.0B
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431 FY2026 Full Year Forecasts2 Income Statements (Forecasts) 14© OBAYASHI CORPORATION, All rights reserved. Gross Profit on Completed Construction Contracts Building - - - - - 14.8 163.6 13.0 150.5 (13.1) Civil - - - - - 17.5 64.5 17.9 74.0 +9.4 Total 13.6 328.7 12.1 337.0 +8.2 15.5 228.2 14.3 224.5 (3.7) Gross Profit on Real Estate Business and Other 20.3 35.9 23.6 39.0 +3.0 17.4 6.2 17.2 5.5 (0.7) Gross Profit 14.1 364.6 12.8 376.0 +11.3 15.5 234.4 14.3 230.0 (4.4) Selling, General, and Administrative Expenses 6.6 170.0 6.7 196.0 +25.9 6.9 104.5 7.1 115.0 +10.4 Operating Profit 7.5 194.6 6.1 180.0 (14.6) 8.6 129.9 7.2 115.0 (14.9) Ordinary Profit 7.9 204.1 6.2 183.0 (21.1) 11.6 174.6 8.5 137.0 (37.6) Profit Attributable to Owners of Parent 6.7 173.7 5.3 157.0 (16.7) 10.8 162.8 8.2 131.0 (31.8) Consolidated Non-Consolidated FY2025 Results A FY2026 Forecasts B YoY B – A FY2025 Results C FY2026 Forecasts D YoY D – C Net Sales of Completed Construction Contracts Building 1,646.7 1,890.0 +243.2 1,104.2 1,160.0 +55.7 Civil 762.6 890.0 +127.3 369.7 413.0 +43.2 Total 2,409.3 2,780.0 +370.6 1,474.0 1,573.0 +98.9 Net Sales in Real Estate Business and Other 176.8 165.0 (11.8) 35.9 32.0 (3.9) Net Sales 2,586.2 2,945.0 +358.7 1,509.9 1,605.0 +95.0 (Billions of yen) % %% % (Billions of yen)
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431 FY2026 Full Year Forecasts2 Forecasted Change in Consolidated Operating Profit: Compared to the FY2025 Result 15© OBAYASHI CORPORATION, All rights reserved. FY2026 consolidated operating profit is expected to be ¥180.0B, a YoY decrease of ¥14.6B, due to factors including a lower proportion of projects in the final stages of the construction period in domestic building, resulting in relatively limited profit improvement from additional claim approvals, change orders, and construction cost reductions. (¥15.4B) FX impact: (¥1.7B) (¥10.4B) +¥11.9B FX impact: +¥3.1B +¥1.8B (¥21.3B) +¥7.5B +¥8.2B +¥3.0B SG&A expenses (¥25.9B) Gross profit on completed construction contracts +¥8.2B Gross profit on real estate business and other +¥3.0B Higher personnel expenses, etc. Higher personnel expenses, advertising expenses, etc. Sale of developed properties, progress with leasing to tenants, etc. Steady progress with projects in hand in the overseas construction subsidiaries, etc. Improved profitability of projects in hand, etc. Limited profit improvement due to fewer projects in the final stages of the construction period, etc. Greater profit due to an increase in net sales of completed construction contracts Greater profit due to an increase in net sales of completed construction contracts Subsidiaries’ SG&A Expenses Non- Consolidated SG&A Expenses Consolidated Real Estate Business and Other Subsidiaries’ Construction Business Non-Consolidated Building Construction Business Non-Consolidated Civil Engineering Business FY2026 Forecast ¥180.0 B FY2025 Result ¥194.6 B
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431 FY2026 Full Year Forecasts2 Income Statements (Forecasts): By Reporting Segment 16© OBAYASHI CORPORATION, All rights reserved. (Billions of yen)(Billions of yen)(Billions of yen) FY2025 Results FY2026 Forecasts YoY Net Sales A Operating Profit B Operating Margin B/A Net Sales C Operating Profit D Operating Margin D/C Net Sales C–A Operating Profit D–B Construction Business Building Domestic 1,138.7 104.0 9.1% 1,200.0 82.0 6.8% +61.2 (22.0) Overseas 507.9 11.9 2.4% 690.0 12.5 1.8% +182.0 +0.5 Total 1,646.7 116.0 7.0% 1,890.0 94.5 5.0% +243.2 (21.5) Civil Domestic 426.6 40.9 9.6% 460.0 46.0 10.0% +33.3 +5.0 Overseas 336.0 14.7 4.4% 430.0 15.0 3.5% +93.9 +0.2 Total 762.6 55.6 7.3% 890.0 61.0 6.9% +127.3 +5.3 Total 2,409.3 171.7 7.1% 2,780.0 155.5 5.6% +370.6 (16.2) Real Estate Business and Other Real Estate Business 106.7 19.9 18.7% 85.0 22.5 26.5% (21.7) +2.5 Other 70.0 2.9 4.2% 80.0 2.0 2.5% +9.9 (0.9) Total 176.8 22.8 12.9% 165.0 24.5 14.8% (11.8) +1.6 Total 2,586.2 194.6 7.5% 2,945.0 180.0 6.1% +358.7 (14.6)
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431 FY2026 Full Year Forecasts2 17© OBAYASHI CORPORATION, All rights reserved. The forecasted YoY decline in consolidated operating profit, by reporting segment, reflects factors such as a lower proportion of projects in the final stages of the construction period in domestic building, resulting in relatively limited profit improvement from additional claim approvals, change orders, and construction cost reductions. (¥22.0B) +¥5.0B +¥0.2B+¥0.5B +¥2.5B (¥0.9B) Building Construction Business Civil Engineering Business Domestic Building Overseas Building Domestic Civil Overseas Civil Real Estate Other FY2026 Forecast ¥180.0 B FY2025 Result ¥194.6 B Forecasted Change in Consolidated Operating Profit: Compared to the FY2025 Result by Reporting Segment
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431 FY2026 Full Year Forecasts2 Order Environment for the Domestic Construction Business 18© OBAYASHI CORPORATION, All rights reserved. Domestic Building Construction FY2026 Forecasts (Non-Consolidated) ⚫ ¥1,240.0B forecasted for FY2026. ⚫ Continuing to receive new orders strategically in FY2026 in alignment with the current annual construction capacity of approx. ¥1,200.0B. 1,093.1 1,194.8 1,510.8 1,161.3 1,240.0 FY2022 Result FY2023 Result FY2024 Result FY2025 Result FY2026 Forecast Domestic Civil Engineering Market Landscape FY2026 Forecasts (Non-Consolidated) ⚫ Government works: Remain firm in areas such as disaster prevention/mitigation and national resilience projects. Also anticipating an increase in new orders for defense-related facility development projects in the future. ⚫ Private-sector construction: Expected to be firm due to the anticipated expansion of the market for renewable energy and decarbonization-related businesses, in addition to railroad construction in the Tokyo metropolitan area. ⚫ Competition will remain intense for government works, as contracts are awarded through bidding, in principle. ⚫ ¥350.0B forecasted for FY2026. ⚫ Continuing to receive new orders strategically in FY2026, while strengthening construction capacity in anticipation of medium- to long-term demand. 280.1 328.0 456.8 351.9 350.0 FY2022 Result FY2023 Result FY2024 Result FY2025 Result FY2026 Forecast Changes in Orders Received (Non-Consolidated Domestic Civil Engineering) Market Landscape Changes in Orders Received (Non-Consolidated Domestic Building) ⚫ Demand for construction in a wide range of fields (such as semiconductors, machine tools, general machinery, and electrical machinery) boosted by the return of production bases to Japan and the government’s designation of specified critical products. ⚫ Continued demand for large-scale urban redevelopments and data centers, despite some project cancellations and postponements. ⚫ Accumulating information on upcoming projects at a high level of over ¥3 trillion through FY2029 but carefully selecting projects in terms of construction capacity, securing of the supply chain, and other factors. Continuing to focus on profitability in receiving new orders. (Billions of yen) (Billions of yen)
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431 FY2026 Full Year Forecasts2 ⚫ North America: Projects ordered by private real estate developers and other customers, for which requests for estimates or commencement had been delayed, are showing signs of recovery due to an improved financing environment following interest rate cuts implemented in 2025. Meanwhile, expectations of a rate hike are mounting again amid concerns over inflation and other factors, and we are closely monitoring the impact. ⚫ Further growth is expected in the North American semiconductor and data center sectors, where GCON—acquired in FY2025—has strengths, as capital investment aimed at enhancing performance and ensuring stable operations continues, supported by expanding demand for AI and cloud services. ⚫ Asia: Construction investment across a wide range of fields—including manufacturing-related facilities, data center facilities, wellness- related facilities such as hospitals, offices, and residential properties—remains steady in various countries. Order Environment for the Overseas Construction Business 19© OBAYASHI CORPORATION, All rights reserved. Overseas Building Construction FY2026 Forecasts (Consolidated) ⚫ ¥575.0B forecasted for FY2026. ⚫ FY2026 new orders forecast was prepared factoring in new orders for large projects received in both North America and Asia in FY2025. Overseas Civil Engineering Market Landscape FY2026 Forecasts (Consolidated) ⚫ North America: Stable market growth expected for infrastructure and civil engineering. Continued strong demand for water treatment facility construction by MWH. ⚫ Asia: Expected to remain firm, especially regarding construction investments in the energy and transportation infrastructure sectors. ⚫ ¥630.0B forecasted for FY2026. ⚫ New orders are projected to continue to be stably secured in FY2026, supported by an expected increase in new orders for large projects and other factors. Market Landscape 488.5 520.3 477.0 788.1 575.0 FY2022 Result FY2023 Result FY2024 Result FY2025 Result FY2026 Forecast 133.8 174.5 596.8 416.5 630.0 FY2022 Result FY2023 Result FY2024 Result FY2025 Result FY2026 Forecast (Billions of yen) Changes in Orders Received (Consolidated Overseas Civil Engineering) (Billions of yen) Changes in Orders Received (Consolidated Overseas Building) *FY2024 results reflect the retrospective application of the change in the foreign currency translation method. *
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431 FY2026 Full Year Forecasts2 Consolidated Non - Consolidated FY2025 Results A FY2026 Forecasts B YoY B – A FY2025 Results C FY2026 Forecasts D YoY D – C Construction Business Building Domestic 1,200.9 1,315.0 +114.0 1,161.3 1,240.0 +78.6 Overseas 788.1 575.0 (213.1) 3.5 10.0 +6.4 Total 1,989.0 1,890.0 (99.0) 1,164.9 1,250.0 +85.0 Civil Domestic 444.2 440.0 (4.2) 351.9 350.0 (1.9) Overseas 416.5 630.0 +213.4 88.0 47.0 (41.0) Total 860.7 1,070.0 +209.2 439.9 397.0 (42.9) Total Domestic 1,645.1 1,755.0 +109.8 1,513.2 1,590.0 +76.7 Overseas 1,204.6 1,205.0 +0.3 91.6 57.0 (34.6) Total 2,849.8 2,960.0 +110.1 1,604.8 1,647.0 +42.1 Real Estate Business and Other 159.2 140.0 (19.2) 36.7 33.0 (3.7) Total 3,009.0 3,100.0 +90.9 1,641.6 1,680.0 +38.3 New Orders Forecasts 20© OBAYASHI CORPORATION, All rights reserved. (Billions of yen) (Billions of yen)
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Overview of Each Business Segment 21© OBAYASHI CORPORATION, All rights reserved. 3 The FY2026 full year forecasts are unchanged from the figures announced on May 13, 2026.
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42 Business Segment Overview31 FY2026 Forecast Consolidated Net Sales by Business Segment ¥2,945.0B Business Scale 22© OBAYASHI CORPORATION, All rights reserved. ■ Overseas Construction Business 38.0% ¥1,120.0B ■ Real Estate Business 2.9% ¥85.0B ■ Other Businesses 2.7% ¥80.0B ■ Domestic Building Construction Business 40.8% ¥1,200.0B FY2026 Forecast Consolidated Operating Profit by Business Segment ¥180.0B ■ Overseas Construction Business 15.3% ¥27.5B ■ Real Estate Business 12.5% ¥22.5B ■ Other Businesses 1.1% ¥2.0B ■ Domestic Building Construction Business 45.6% ¥82.0B ■ Domestic Civil Engineering Business 15.6% ¥460.0B ■ Domestic Civil Engineering Business 25.5% ¥46.0B Domestic Construction Business 71.1% ¥128.0B Domestic Construction Business 56.4% ¥1,660.0B
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42 Business Segment Overview31 Domestic Building Construction Business (Non-Consolidated) 23© OBAYASHI CORPORATION, All rights reserved. 175.7 288.5 1,240.0 2025.4-6 2026.4-6 FY2026 Forecast 217.5 254.2 1,150.0 2025.4-6 2026.4-6 FY2026 Forecast ▍FY2026 Forecasts▍FY2026 1Q Results • Net sales of completed construction contracts grew by ¥36.6B YoY due to steady progress with the substantial volume of projects in hand. • Gross profit on completed construction contracts grew by ¥8.9B YoY due to factors including the largely completed construction of most projects for which provision for loss on construction contracts had been recorded, and a greater contribution from highly profitable construction projects in hand within the portfolio. • Orders received grew by ¥112.7B YoY due to a new order for a large project. • Net sales of completed construction contracts are expected to grow by ¥55.2B YoY, reflecting progress with projects in hand in alignment with the current construction capacity. • Gross profit on completed construction contracts is expected to decrease by ¥12.9B YoY due to a lower proportion of projects in the final stages of the construction period, resulting in relatively limited profit improvement from additional claim approvals, change orders, and construction cost reductions, among other factors. However, the gross profit margin on completed construction contracts is projected at 13%, with gross profit of ¥150.0B. • New orders are expected to increase by ¥78.6B YoY, reflecting planned new orders for several large projects, while new orders will continue to be strategically received in alignment with the current construction capacity. 20.4 29.4 150.0 2025.4-6 2026.4-6 FY2026 Forecast 9.4% 11.6% 13.0% 2026.4-6 : +¥36.6B YoY [+16.9%] 22.1% 19.9% *Relative to the FY2025 full year result 2026.4-6 : +¥8.9B YoY [+43.6%] 2026.4-6 : +¥112.7B YoY [+64.2%] 19.6% 12.6% 23.3% 15.1% Net Sales of Completed Construction Contracts Gross Profit on Completed Construction Contracts / Margin Orders Received(Billions of yen) (Billions of yen)(Billions of yen) 2026.4-6 Progress 2025.4-6 Progress* 2026.4-6 Progress 2025.4-6 Progress 2026.4-6 Progress 2025.4-6 Progress
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42 Business Segment Overview31 Domestic Civil Engineering Business (Non-Consolidated) 24© OBAYASHI CORPORATION, All rights reserved. 45.4 61.8 350.0 2025.4-6 2026.4-6 FY2026 Forecast 71.0 84.3 370.0 2025.4-6 2026.4-6 FY2026 Forecast ▍FY2026 Forecasts▍FY2026 1Q Results • Net sales of completed construction contracts grew by ¥13.3B YoY due to steady progress with the substantial volume of projects in hand. • Gross profit on completed construction contracts grew by ¥2.6B YoY due to factors including higher net sales of completed construction contracts. • Orders received increased by ¥16.4B YoY due to new orders for large projects. • Net sales of completed construction contracts are expected to grow by ¥29.9B YoY due to steady progress with projects in hand. • Gross profit on completed construction contracts is expected to grow by ¥8.6B YoY, reflecting higher net sales of completed construction contracts as well as improved profitability of projects in hand due to new orders being received with a focus on profitability. • New orders are expected to remain at the same level as FY2025, with orders continuing to be strategically received in alignment with the current construction capacity. 8.8 11.5 70.0 2025.4-6 2026.4-6 FY2026 Forecast 12.5% 13.6% 18.9% 2026.4-6 : +¥2.6B YoY [+29.5%] 2026.4-6 : +¥16.4B YoY [+36.2%] 16.4% 14.5% 17.7% 12.9% Net Sales of Completed Construction Contracts Gross Profit on Completed Construction Contracts / Margin Orders Received 2026.4-6 : +¥13.3B YoY [+18.8%] *Relative to the FY2025 full year result 22.8% 20.9% 2026.4-6 Progress 2025.4-6 Progress* 2026.4-6 Progress 2025.4-6 Progress 2026.4-6 Progress 2025.4-6 Progress (Billions of yen) (Billions of yen)(Billions of yen)
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42 Business Segment Overview31 Overseas Building Construction Business (Consolidated) 25© OBAYASHI CORPORATION, All rights reserved. 114.8 130.6 690.0 2025.4-6 2026.4-6 FY2026 Forecast ▍FY2026 Forecasts▍FY2026 1Q Results • Net sales of completed construction contracts grew by ¥15.7B YoY due to factors including the consolidation of GCON, which was acquired in FY2025. • Operating profit decreased by ¥1.5B YoY due to factors including comparison with the FY2025 result, which benefited from the peak of construction of a large project at Obayashi Singapore. • Orders received decreased by ¥195.4B YoY, reflecting comparison with FY2025 1Q, which saw new orders for large projects in both North America and Asia. Although the 1Q progress toward the FY2026 full year forecast is low, new orders for large projects are expected in both North America and Asia from FY2026 2Q onward. • Net sales of completed construction contracts are expected to grow by ¥182.0B YoY due to factors including steady progress with projects in hand at Webcor. • Operating profit is expected to grow by ¥0.5B YoY due to factors including higher net sales of completed construction contracts. • New orders forecast: A decrease of ¥213.1B, reflecting comparison with FY2025, which saw new orders for large projects. 2026.4-6 : –¥1.5B YoY [–54.1%] 2026.4-6 : –¥195.4B YoY [–83.4%] 10.6% 24.1% 6.8% 29.8% 234.5 39.0 575.0 2025.4-6 2026.4-6 FY2026 Forecast 2.8 1.3 12.5 2025.4-6 2026.4-6 FY2026 Forecast Net Sales of Completed Construction Contracts Operating Profit Orders Received 2026.4-6 : +¥15.7B YoY [+13.7%] 18.9% 22.6% *Relative to the FY2025 full year result 2026.4-6 Progress 2025.4-6 Progress* 2026.4-6 Progress 2025.4-6 Progress 2026.4-6 Progress 2025.4-6 Progress (Billions of yen) (Billions of yen)(Billions of yen)
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42 Business Segment Overview31 Overseas Civil Engineering Business (Consolidated) 26© OBAYASHI CORPORATION, All rights reserved. 63.9 79.5 430.0 2025.4-6 2026.4-6 FY2026 Forecast ▍FY2026 Forecasts▍FY2026 1Q Results • Net sales of completed construction contracts grew by ¥15.6B YoY due to steady progress with the substantial volume of projects in hand. • Operating profit grew by ¥1.2B YoY due to higher net sales of completed construction contracts. • Orders received grew by ¥16.3B YoY due to new orders for large projects in North America, despite a decline compared to FY2025 1Q, which benefited from new orders for large projects in Asia. • Net sales of completed construction contracts are expected to grow by ¥93.9B YoY due to steady progress with the substantial volume of projects in hand in North America and Singapore. • Operating profit is expected to grow by ¥0.2B YoY due to factors including higher net sales of completed construction contracts, despite a decline compared to the FY2025 result, which benefited from the completion of highly profitable construction projects. • New orders forecast: An increase of ¥213.4B YoY, as new orders for large projects are planned to be received in the North American subsidiaries. 2026.4-6 : +¥1.2B YoY [+55.2%] 2026.4-6 : +¥16.3B YoY [+15.8%] 23.5% 15.4% 19.0% 24.8% 2.2 3.5 15.0 2025.4-6 2026.4-6 FY2026 Forecast 103.3 119.6 630.0 2025.4-6 2026.4-6 FY2026 Forecast Operating Profit Orders Received 2026.4-6 : +¥15.6B YoY [+24.5%] 18.5% 19.0% *Relative to the FY2025 full year result 2026.4-6 Progress 2025.4-6 Progress* 2026.4-6 Progress 2025.4-6 Progress 2026.4-6 Progress 2025.4-6 Progress (Billions of yen) (Billions of yen)(Billions of yen) Net Sales of Completed Construction Contracts
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42 Business Segment Overview31 Real Estate Business and Other (Consolidated) 27© OBAYASHI CORPORATION, All rights reserved. Net Sales Operating Profit ▍FY2026 Forecasts▍FY2026 1Q Results • Net sales grew by ¥18.5B YoY due to factors including property sales in the real estate business. • Operating profit grew by ¥7.3B YoY due to factors including property sales in the real estate business. • Net sales are expected to decrease by ¥11.8B YoY, despite progress with PPP projects, due to factors including a decline in property sales in the real estate business. • Operating profit is expected to grow by ¥1.6B YoY due to factors including higher contributions from the sale of properties and progress with leasing to tenants in the real estate business. 2026.4-6 : +¥18.5B YoY [+67.8%] 27.8% 15.5% *Relative to the FY2025 full year result 2026.4-6 : +¥7.3B YoY [+287.2%] 2026.4-6 : –¥11.9B YoY [–27.1%] 40.2% 11.1% 22.9% 27.6% 22.5 2.0 2025.4-6 2026.4-6 FY2026 Forecasts 85.0 80.0 2025.4-6 2026.4-6 FY2026 Forecasts Real Estate Business and Other 43.9 32.0 140.0 2025.4-6 2026.4-6 FY2026 Forecast (Breakdown of real estate business and other not disclosed)165.0 9.8 24.5 Orders Received 2026.4-6 Progress 2025.4-6 Progress* 2026.4-6 Progress 2025.4-6 Progress 2026.4-6 Progress 2025.4-6 Progress 2.527.3 45.9 Real Estate Business 10.4 Other 16.9 Real Estate Business 30.4 Other 15.4 Real Estate Business 1.4 Other 1.1 Real Estate Business 9.5 Other 0.3 (Billions of yen) (Billions of yen)(Billions of yen)
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Acquisition of Multiplex (Disclosed on June 18, 2026) © OBAYASHI CORPORATION, All rights reserved. 28 4
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3 Acquisition of Multiplex421 Acquisition of Multiplex: Overview 29© OBAYASHI CORPORATION, All rights reserved. ⚫ With an eye to future demand trends and changes in the business environment in the domestic construction market, the Obayashi Group has defined the direction of its sustainable growth strategy as establishing a Group- wide business structure centered on the domestic construction business, in which businesses other than domestic construction generate performance equal to or greater than that of the domestic construction business. ⚫ The Obayashi Group has positioned the overseas construction business as one of the new growth drivers for diversifying its earnings base. Following its expansion into North America and Southeast Asia, the Group has been exploring opportunities for full-scale entry into the Australian market, where stable growth is expected, supported by population growth and urban development demand. ⚫ Multiplex is one of Australia’s leading Tier 1 construction companies, with operations centered in Australia and extending to the UK and Canada. Supported by a strong business foundation developed over more than 60 years, it has an extensive track record in high value-added sectors, including high-rise buildings, hospitals, and data centers. 3,008 3,865 3,813 FY2023 FY2024 FY2025 Consolidated Net Sales*1 Location London, UK Description of Business Building construction business in Australia, the UK, and Canada Number of Employees Approx. 2,500 Establishment 2016* Western Sydney International Airport Terminal (Tourism & Leisure facility in Sydney) Overview of Multiplex Global Limited *Multiplex’s predecessor was established in 1962. (Millions of USD) Adjusted Consolidated EBITDA*1 *2(Millions of USD) 110 106 62 FY2023 FY2024 FY2025 Breakdown of Net Sales by Country (3-year average) We will acquire Multiplex Global Limited, one of the leading Tier 1 construction companies in Australia, as a wholly owned subsidiary. Through this acquisition, we aim to achieve full-scale business expansion into the Australian and UK construction markets, strengthen our presence in the Canadian construction market, and thereby further enhance our corporate value. ECU City Campus (Education & Research facility in Perth)*1 Includes some regions not subject to this acquisition *2 Multiplex saw a significant decline in consolidated ordinary profit and consolidated EBITDA for the financial years ended December 2023 and December 2024 due to factors including construction delays caused by the COVID-19 pandemic, which affected the construction industry across Australia, accelerating inflation, and adverse weather conditions. However, the Obayashi Group confirmed through due diligence that the impact of past events has already been resolved, and, as no matters giving rise to concerns regarding the occurrence of similar losses were identified at this stage, the figures excluding the impact of those losses are presented for reference. Australia Approx. 65% Canada Approx. 5% UK Approx. 30% For details, please refer to the information disclosed on June 18, 2026. https://ir.obayashi.co.jp/en/ir/ir- news/news202606181200en/main/0/link/news202606181200en.pdf
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3 Acquisition of Multiplex421 Australia (Operating since 1962) Acquisition of Multiplex: Market Environment in Australia, the UK, and Canada 30 ⚫ Supported by population growth and expanding infrastructure investment, demand remains firm across a wide range of sectors, including residential properties, social infrastructure, and data centers. ⚫ Given the creditworthiness and proven track record required, orders for large-scale projects and high value-added buildings are concentrated among leading Tier 1 companies, including Multiplex. In particular, Multiplex has an extensive track record in high-rise buildings, hospitals, and data centers. ⚫ More recently, market-wide performance temporarily weakened due to the COVID-19 pandemic and the subsequent hyper-escalation, but reviews of contract terms and stricter order-acceptance criteria have since shifted the order environment toward a greater focus on profitability. ⚫ In addition to its substantial size, the construction market is seeing strong growth across a diverse range of end-use sectors, including residential, commercial, healthcare, and education. ⚫ In London, integrated mixed-use developments are underway in multiple areas, particularly around the River Thames, underpinning construction demand in each segment. ⚫ Renewal demand for aging buildings and infrastructure is also anticipated, and stable demand is expected over the medium to long term. ⚫ In addition to residential demand driven by population growth and immigration, construction demand remains firm, supported by ongoing urban development. ⚫ Public and private investment in building construction and infrastructure continues, with further growth projected. ⚫ The Obayashi Group operates a civil engineering business through Kenaidan Group Ltd. With no market overlap, the two companies can generate synergies by leveraging each other’s customer networks and construction track records. 30 Grosvenor Square (Tourism & Leisure facility in London) Etobicoke Civic Centre Precinct (Justice, Civic & Community facility in Toronto) Quay Quarter Tower (Office in Sydney) UK (Operating since 1999) Canada (Operating since 2011) Construction markets in Australia, the UK, and Canada are expected to grow steadily at an annual rate of approximately 2%–3% in real terms over the medium to long term. © OBAYASHI CORPORATION, All rights reserved.
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3 Acquisition of Multiplex421 Acquisition of Multiplex: Expected Benefits, Construction Track Record, and Order Backlog 31© OBAYASHI CORPORATION, All rights reserved. Enhanced competitiveness for Multiplex, backed by the Obayashi Group’s networks, track record, and creditworthiness Enhanced construction business foundation through Multiplex’s established management platform and the acquisition of expertise and networks in Australia, the UK, and Canada. New investment opportunities in these markets, including those in construction-related and real estate development businesses. An established management platform for the Obayashi Group in new regions Profitability-focused order competitiveness is expected to strengthen, drawing on the Obayashi Group’s expertise and customer networks in data center projects, its track record in civil and building works for public infrastructure such as airports and railway stations, and its creditworthiness. Further gains in profitability in construction, supported by the Group’s operational and technical know-how. ▍Expected Acquisition Benefits Source: Multiplex, “Corporate Profile Q1 2026” (USD) ▍Construction Track Record (Since 1962) ▍Breakdown of Order Backlog by Sector (USD) Office Industrial & Infrastructure Education & Research $0.4bn Justice, Civic & Community Health, Aged Care & Pharmaceutical $2bn Data Centres $1.5bn Retail Defence Residential *Global and the total value of work under secured contracts as at [Q1 2026] including assumed contract value on Construction Management projects. Source: Multiplex, “Corporate Profile Q1 2026” $1.6bn $0.7bn $0.3bn $0.1bn $4bn $3.3bn $14bn 69 Projects
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32© OBAYASHI CORPORATION, All rights reserved. We make things. And in the process, we go beyond. Our experience and technology empower us to break new ground, to do what has never been done. With the Power of Vision we see beyond tomorrow. Through the Power of Creation we transform ideas into tangible innovations. But it is the Power of People that makes everything possible. Our shared history and collective expertise constitute our strengths, allowing us to go beyond construction and into new realms, for this is where our future lies. As the world becomes more unpredictable and complex, our unique approach to making things defines a new horizon, and we lay a foundation that will enrich lives and ensure sustainability. This is our mission, our truth. Now, we take the next step, and go beyond making, to the next Obayashi.