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FY2025 3rd Quarter Financial Results Kajima Corporation (April 1 – December 31, 2025) February 12, 2026 The GEAR (Singapore)
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. FY2025 Q1–Q3 ResultsKey Points 2 FY2025 Q1–Q3 Results • Consolidated revenues and income increased YoY. Improved gross profit margins in the domestic construction business contributed significantly. Revenues reached ¥2.146 trillion, operating income was ¥171.8 billion, and net income was ¥122.2 billion, all setting new record highs for the first three quarters. • Domestic construction demand continued to be high. Profitability on new contracts remained stable in civil engineering and continued to improve gradually in building construction. FY2025 Forecast • The consolidated earnings forecast was revised upward again, in anticipation of further improvement in the non- consolidated construction business’s profit margin. Consolidated construction contract awards and revenues are expected to exceed ¥3 trillion, with operating income of ¥228.0 billion and net income of ¥170.0 billion forecast. All are expected to reach record highs. • At overseas subsidiaries and affiliates, the number of properties whose sale has been rescheduled to the next fiscal year or later has increased, in anticipation of lower interest rates and improved real estate market conditions. • The favorable business environment is expected to continue, and earnings remain on a growth trajectory; however, factors that boosted the non-consolidated construction business’s performance this fiscal year may diminish in FY2026. • The Company is considering increasing returns in line with profit growth. It plans to announce this along with the FY2026 earnings forecast in May 2026.
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. INDEX 3 1 2 3 Financial Highlights P .04 Segment Performance P .07 P .15Stockholder Returns / Strategic Shareholdings
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 1 Financial Highlights FY2025 Q1–Q3 ResultsFY2025 Q1–Q3 Results 4 • Consolidated net income increased 64% YoY , primarily driven by improved profit margins in the domestic construction business. • On a non-consolidated basis, the construction business and the real estate development and other businesses generated higher rev enues and income. The increase in income was mainly attributable to improved profit margins in the civil engineering and building construction businesses, supplemented by income from property sales in the development business. The risk management system, from pre -contract through construction completion, has been operating effectively, leading to improved profitability in the construction business. • Domestic subsidiaries and affiliates reported higher revenues and income YoY , primarily driven by strong performance from construction-related affiliates. • At overseas subsidiaries and affiliates, ordinary income and net income declined YoY , primarily due to fewer property sales in the real estate development business. • Construction contract awards reached a record high for the first three quarters, driven by orders for multiple large-scale projects in Japan and overseas. Consolidated revenues, as well as operating, ordinary, and net income, reached record highs for the first three quarters. Billions of yen FY2024 Q3 Result FY2025 Q3 Result YoY Change FY2024 Q3 Result FY2025 Q3 Result YoY Change FY2024 Q3 Result FY2025 Q3 Result YoY Change FY2024 Q3 Result FY2025 Q3 Result YoY Change Revenues 2,026.3 2,146.0 +119.6 1,082.0 1,230.7 +148.6 256.4 281.2 +24.7 771.2 742.5 (28.7) Operating Income 94.6 171.8 +77.1 65.3 131.1 +65.7 11.5 20.3 +8.7 18.3 20.3 +2.0 Ordinary Income 101.2 167.1 +65.9 77.8 143.4 +65.6 15.0 23.9 +8.9 18.1 7.8 (10.2) Net Income Attributable to Ow ners of the Parent 74.5 122.2 +47.7 61.4 109.5 +48.0 11.1 17.5 +6.4 11.8 3.7 (8.1) Construction Contract Awards 1,930.9 2,181.2 +250.2 1,247.6 1,453.7 +206.0 161.3 171.4 +10.0 585.9 636.5 +50.6 Exchange rate per US$= ¥142.73 ¥148.88 ¥142.73 ¥148.88 Rate as of : September 30, 2024 September 30, 2025 September 30, 2024 September 30, 2025 Consolidated Non-Consolidated Domestic Subsidiaries and Affiliates Overseas Subsidiaries and Affiliates FY2024 FY2025 Q3 Result Q3 Result Civil Engineering 14.4% 24.6% Building Construction 9.4% 11.8% Construction total 10.8% 15.2% GP Margin FY2025 Q1-Q3 Results Highlights Note: For overseas subsidiaries and affiliates, the Q3 fiscal period is from January 1 to September 30.
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 1 Financial Highlights FY2025 Q1–Q3 ResultsFY2025 Forecast 5 Anticipating further improvement in the non-consolidated construction business’s profit margin, the consolidated earnings forecast was revised upward again. • Consolidated construction contract awards and revenues are expected to exceed ¥3 trillion, with consolidated net income forec ast at ¥170.0 billion. All are expected to reach record highs. • On a non-consolidated basis, performance is being boosted by additional contracts and design changes in the civil engineering bu siness, combined with a greater-than-usual improvement in profit margins on completed projects in the building construction business. • At overseas subsidiaries and affiliates, although profitability in the construction business is expected to improve, the numb er of properties whose sale has been rescheduled to the next fiscal year or later has increased in Europe, the U.S., and Southeast Asia, based on assessm ents of interest rate and cap rate trends. Profits are expected to fall short of the previous forecast. • While factors boosting FY2025 performance may diminish in FY2026, the favorable business environment is expected to continue, and earnings are expected to remain on a growth trajectory. Billions of yen FY2025 Previous Forecast FY2025 Updated Forecast Change from initial forecast FY2025 Previous Forecast FY2025 Updated Forecast Change from initial forecast FY2025 Previous Forecast FY2025 Updated Forecast Change from initial forecast FY2025 Previous Forecast FY2025 Updated Forecast Change from initial forecast Revenues 3,000.0 3,030.0 +30.0 1,660.0 1,690.0 +30.0 400.0 400.0 +0.0 1,070.0 1,070.0 +0.0 Operating Income 202.0 228.0 +26.0 142.0 166.0 +24.0 31.0 33.0 +2.0 30.0 29.0 (1.0) Ordinary Income 200.0 226.0 +26.0 154.0 178.0 +24.0 35.0 37.0 +2.0 21.0 19.0 (2.0) Net Income Attributable to Ow ners of the Parent 155.0 170.0 +15.0 125.0 142.0 +17.0 25.0 26.0 +1.0 15.0 10.0 (5.0) Construction Contract Awards 2,580.0 3,100.0 +520.0 1,700.0 2,020.0 +320.0 210.0 210.0 +0.0 760.0 960.0 +200.0 Exchange rate per US$= ¥145.00 ¥156.56 ¥145.00 ¥156.56 Rate as of : December 31, 2025 December 31, 2025 Consolidated Non-Consolidated Domestic Subsidiaries and Affiliates Overseas Subsidiaries and Affiliates FY2025 FY2025 Previous Forecast Updated Forecast Civil Engineering 21.4% 23.3% Building Construction 10.5% 11.6% Construction total 13.5% 14.7% GP Margin FY2025 Forecast Highlights Note: For overseas subsidiaries and affiliates, the fiscal year is from January 1 to December 31.
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 1 Financial Highlights FY2025 Q1–Q3 ResultsFY2025 Updated Forecast (Comparison with FY 2024 result) 6 biiilions of yen Change % Change % Revenues 2,911.8 3,030.0 +118.1 4.1% Revenues 1,560.0 1,690.0 +129.9 8.3% Construction 2,511.0 2,650.0 +138.9 5.5% Construction 1,457.6 1,590.0 +132.3 9.1% Real estate and other 400.8 380.0 (20.8) (5.2%) Civil Engneering 404.1 420.0 +15.8 3.9% Gross profit 323.1 11.1% 406.0 13.4% +82.8 25.6% Bulding Construction 1,053.4 1,170.0 +116.5 11.1% Construction 229.2 9.1% 331.0 12.5% +101.7 44.4% Real Estate and other 102.3 100.0 (2.3) (2.3%) Real estate and other 93.9 23.4% 75.0 19.7% (18.9) (20.1%) Gross profit 194.9 12.5% 255.0 15.1% +60.0 30.8% Operating Income 151.8 5.2% 228.0 7.5% +76.1 50.1% Construction 163.3 11.2% 234.0 14.7% +70.6 43.2% Ordinary Income 160.6 5.5% 226.0 7.5% +65.3 40.7% Civil Engneering 62.0 15.4% 98.0 23.3% +35.9 57.9% Net Income Attributable to Owners of the Parent 125.8 4.3% 170.0 5.6% +44.1 35.1% Bulding Construction 101.3 9.6% 136.0 11.6% +34.6 34.2% Domestic Subsidiaries and Affiliates 16.2 4.6% 26.0 6.5% +9.7 59.6% Real Estate and other 31.5 30.8% 21.0 21.0% (10.5) (33.4%) Overseas Subsidiaries and Affiliates 15.7 1.4% 10.0 0.9% (5.7) (36.3%) Operating Income 114.7 7.4% 166.0 9.8% +51.2 44.6% Ordinary Income 126.9 8.1% 178.0 10.5% +51.0 40.2% Net Income Attributable to Owners of the Parent 104.7 6.7% 142.0 8.4% +37.2 35.6% Construction Contract Awards 2,624.5 3,100.0 +475.4 18.1% Construction Contract Awards 1,773.5 2,020.0 +246.4 13.9% Japan 1,860.8 2,135.0 +274.1 14.7% Civil Engneering 438.8 520.0 +81.1 18.5% Overseas 763.7 965.0 +201.2 26.4% Bulding Construction 1,334.6 1,500.0 +165.3 12.4% FY2024 Result FY2025 Updated Forecast FY2024 Result FY2025 Updated Forecast Consolidated Non-consolidated Exchange rates:US $= ￥158.18 ￥156.56
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Segment Performance FY2025 Q1–Q3 ResultsSegment Performance | Civil Engineering (Kajima Corp.) 7 • Contract awards increased significantly YoY , driven by the steady accumulation of new large-scale projects, additional contracts, and design changes. • Regarding revenues, construction on multiple large-scale projects is progressing smoothly in their peak construction phase. • Profitability continued to improve in Q3, driven primarily by large-scale projects, with the gross profit margin remaining high at above 20%. • Contract awards are expected to significantly exceed the previous forecast at ¥520.0 billion, driven by orders for large-scale projects. Through rigorous pre-contract risk assessment, we ensure that our execution capabilities remain fully secured, even for large-scale projects. • Revenues remain unchanged from the previous forecast. • With profitability improving more than usual due to additional contracts and design changes, the gross profit margin is expected to rise further from the previous forecast to 23.3%. FY2025 Q1–Q3 Results FY2025 Updated Forecast Gross profitRevenuesContract awards Billions of yen 262.8 409.3 520.0 78.7% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 298.2 314.4 420.0 74.9% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 42.9 77.2 98.0 78.9%14.4% 24.6% 23.3% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress Previous forecast 400.0 Previous forecast 420.0 Previous forecast 90.0 Previous forecast 21.4% GP Margin
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Segment Performance FY2025 Q1–Q3 Results 8 • Contract awards increased YoY . Orders were received for large-scale projects, including accommodation facilities as well as priority areas such as production facilities and redevelopment projects. • Profitability on new contracts continues to improve gradually. • Many projects are being completed this fiscal year, contributing significantly to revenues and income. Both revenues and gross profit increased YoY , with the gross profit margin improving to 11.8%. • The contract awards forecast was revised upward to ¥1.5 trillion, anticipating orders for multiple large-scale projects, including production facilities, in Q4. • Based on the smooth progress of construction through Q3, the percentage of completion for each project was revised, increasing revenues by an additional ¥30.0 billion from the previous forecast. • Thorough risk management on each project is leading to improved profitability; a gross profit margin of 11.6% is expected, exceeding the previous forecast. Segment Performance | Building Construction (Kajima Corp.) FY2025 Q1–Q3 Results FY2025 Updated Forecast Gross profitRevenuesContract awards Billions of yen 984.8 1,044.3 1,500.0 69.6% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 748.7 866.8 1,170.0 74.1% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 70.4 102.6 136.075.5% 9.4% 11.8% 11.6% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress Previous forecast 1,300.0 Previous forecast 1,140.0 Previous forecast 120.0 Previous forecast 10.5% GP Margin
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Segment Performance FY2025 Q1–Q3 ResultsSegment Performance | Real Estate Development and Other (Kajima Corp.) 9 • One of the real estate development properties planned for sale this fiscal year was delivered, and both revenues and gross profit increased YoY . • In the real estate sales business, sales contracts have been concluded for all properties expected to be sold in Q4. • Domestic real estate development business net income, including profits from real estate development-related subsidiaries and affiliates, is expected to reach the ¥17.0 billion forecast at the start of the fiscal year. FY2025 Q1–Q3 Results FY2025 Updated Forecast Domestic real estate development business net income Gross profitRevenues Billions of yen • Figures are the total net income of Kajima Corporation’s development business and its development-related domestic subsidiaries and affiliates. 35.1 49.4 100.0 49.4% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 5.1 7.9 17.0 46.5% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 7.8 12.6 21.0 60.0% 22.3% 25.5% 21.0% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress Previous forecast 100.0 Previous forecast 21.0 Previous forecast 17.0 Previous forecast 21.0% GP Margin
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Segment Performance FY2025 Q1–Q3 ResultsSegment Performance | Domestic Subsidiaries and Affiliates 10 • Construction contract awards exceeded the same period of the previous fiscal year. • Revenues and net income increased YoY , primarily driven by steady progress and improved profit margins on construction projects on hand at construction-related affiliates. • Due to improved performance at construction-related subsidiaries and affiliates, the net income forecast has been revised upward by 1.0 billion yen from the previous forecast. • The sale of a property in the real estate development business is expected in Q4; the sales contract has already been signed. FY2025 Q1–Q3 Results FY2025 Updated Forecast Net incomeRevenuesConstruction contract awards Billions of yen 161.3 171.4 210.0 81.6% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 256.4 281.2 400.070.3% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 11.1 17.5 26.0 67.6% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress Previous forecast 210.0 Previous forecast 400.0 Previous forecast 25.0
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Segment Performance FY2025 Q1–Q3 ResultsSegment Performance | Overseas Subsidiaries and Affiliates 11 • Construction contract awards increased YoY , primarily due to orders for large-scale projects in Southeast Asia. • Revenues decreased YoY , primarily due to a decline in the number of property sales in the U.S. real estate development business. • Net income declined, primarily due to fewer sales of developed properties, despite YoY growth in the construction business. • The full-year forecast for construction contract awards was revised upward based on orders received for large-scale projects in Southeast Asia and the U.S. • While sales of multiple properties in the real estate development business are expected in Q4, net income is expected to fall short of the previous forecast due to an increase in properties in Europe, the U.S., and Southeast Asia whose sales have been rescheduled to the next fiscal year or later. FY2025 Q1–Q3 Results FY2025 Updated Forecast Net incomeRevenuesConstruction contract awards Billions of yen 585.9 636.5 960.0 66.3% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 771.2 742.5 1070.069.4% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress 11.8 3.7 10.0 37.1% FY2024 Q1-Q3 FY2025 Q1-Q3 FY2025 Updated Forecast Progress Exchange rates:US $=￥142.73 ￥148.88 ￥156.56 ￥142.73 ￥148.88 ￥156.56 ￥142.73 ￥148.88 ￥156.56 Previous forecast 760.0 Previous forecast 1,070.0 Previous forecast 15.0
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Segment Performance FY2025 Q1–Q3 Results Segment Performance | Overseas Subsidiaries and Affiliates 12 Results Highlights — Breakdown by construction and real estate development segments * Figures for each business segment are before inter-segment transaction adjustments • In the construction business and other segments, Q3 income grew significantly YoY, driven primarily by improved profitabilityin Europe and Southeast Asia. For the full year, both revenues and income are expected to exceed the previous forecast, reflecting steady construction progress and improved profit margins through Q3. • In the real estate development business, both revenues and income declined due to fewer sales of U.S. distribution warehouses and joint-venture projects with partners. Although increased income from property sales in the U.S. and Europe is anticipated in Q4 (Oct–Dec 2025), the full-year forecast has been revised downward due to an increase in properties whose sale has been rescheduled to the next fiscal year or later. As 2026 begins, two U.S. distribution warehouse sales have been completed, showing signs of revitalization in the market. Billions of yen FY2024 Resuls FY2025 Result FY2024 Result FY2025 Updated Forecast Change from Previous forecast FY2024 Resuls FY2025 Result FY2024 Result FY2025 Updated Forecast Change from Previous forecast Revenues 655.4 677.1 949.1 942.2 +86.3 121.4 64.8 172.1 143.4 (77.4) 26.7 44.4 40.1 62.2 +11.2 32.7 14.6 44.4 29.3 (10.3) 4.1% 6.6% 4.2% 6.6% +0.6pp 26.9% 22.7% 25.8% 20.4% +2.4pp Operating Income 1.5 18.7 2.3 22.9 +7.6 17.7 2.0 22.1 9.5 (8.7) Nonoperating Income 2.9 2.7 4.6 3.3 +0.9 (2.1) (12.6) 0.8 (9.3) (1.2) Ordinary Income 4.5 21.5 7.0 26.3 +8.6 15.6 (10.6) 23.0 0.1 (9.9) Extraordinary Income 0.1 0.1 0.2 0.1 +0.2 1.3 0.0 3.1 1.4 +0.1 Net Income Attributable to Noncontrolling Interests 3.2 16.9 6.2 21.3 +7.8 10.2 (10.1) 14.7 (2.9) (8.5) Exchange rate per US$= ¥142.73 ¥148.88 ¥158.18 ¥156.56 ¥142.73 ¥148.88 ¥158.18 ¥156.56 Rate as of : June 30, 2024 June 30, 2025 December 31, 2024 December 31, 2025 June 30, 2024 June 30, 2025 December 31, 2024 December 31, 2025 Q1-Q3 Full year Gross Profit Real EstateConstruction and Other Q1-Q3 Full year
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Segment Performance FY2025 Q1–Q3 Results 13 Region Characteristics of business Core business (operating company, property name, etc.) Type of business* Items recorded as profit* Current status United States Distribution warehouse (Core5) Sales business On-balance sheet Gross profit Operating income • 51 properties are in operation or development. Q3 cumulative results: 3 properties sold and 11 new projects started. • Full-year plan: 9 property sales and 1 capital recovery through joint venture conversion. • The wait-and-see stance among tenants and investors, driven by tariff impacts, has prolonged. Going forward, business conditions are expected to improve as vacancy rates and interest rates decline. Apartment development (Flournoy, BCDC) Sales business Off-balance sheet Non-operating income (Gain on investments in the real estate development business) • 52 properties are in operation or development. Q3 cumulative results: 2 properties sold. • Full-year plan: 2 property sales and 2 joint venture conversions. Although occupancy rates remain solid, the sale of multiple properties has been rescheduled to FY2026 or later, when higher rental income is expected to improve NOI. Europe Distribution warehouse (KPE) Sales business Off-balance sheet Non-operating income (Equity in earnings of affiliates) • 14 properties are in operation or development. Full-year plan: 1 property sale (planned for Q4). Sales of some properties have been rescheduled to FY2026 because more time is needed for the sales process. • Real estate market conditions are recovering amid stabilizing inflation and interest rates. Poland: Renewable energy generation facility (PAD-RES) Sales business Off-balance sheet Non-operating income (Equity in earnings of affiliates) • Mostly consisting of solar power generation facilities, 2 properties are in operation, and 16 are in development or planning. The total power generation capacity of the 18 facilities is approx. 1,300 MW. • Full-year: 2 property sales expected. Sales of some properties are rescheduled to FY2026 or later. Asia Indonesia: Complex facility management and operation (Senayan Square, Jakarta) Leasing business On-balance sheet Gross profit Operating income • Hotel occupancy rates have recovered to pre-COVID-19 levels, and performance is solid. Office occupancy rates are also steadily improving, and we continue to focus on leasing. Vietnam: Hotels, warehouses, etc. (Indochina Kajima Development) Sales business On-balance sheet Gross profit Operating income • 18 properties are in operation, development, or planning in Vietnam. 3 Core5-branded rental factories are in operation. Occupancy rates after opening remain high. • Full-year: Partial stake sales of 2 properties (1 office, 1 rental factory) completed. Overview of Real Estate Development Business by Region Segment Performance | Overseas Subsidiaries and Affiliates Mainly short - term turnover sales business Mainly short - term turnover sales business Mainly long - term holdings in the leasing business Strengthening sales business * Depending on the project, the business structure differs, and profits may be recorded under different accounts.
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Segment Performance FY2025 Q1–Q3 Results Segment Performance | Overseas Subsidiaries and Affiliates 14 Rental Market • Vacancy rates rose and rents declined in 1H 2025 due to the large supply of new warehouses built through 2023 and stagnant tenant demand amid tariff-related uncertainty. • Meanwhile, the newly supplied floor area has continued to decline since 2024. Current Status and Outlook for the U.S. Distribution Warehouse Development Market [Operating Company: Core5] 2025 Market Conditions 2026 Outlook Sources: *1: Calculated by the Company based on CBRE U.S. Industrial Q4 2025; *2: Jones Lang LaSalle, Industrial Market Dynamics United States Q4 2025 • Real estate transactions stagnated in 1H 2025 due to persistently high interest rates and heightened economic uncertainty. • Following policy rate cuts starting in September, the market showed signs of recovery. Annual real estate transaction volume increased slightly YoY , and cap rates showed signs of declining. 2025 newly supplied floor area : down 34% YoY*1 • Progress in leasing and reduced uncertainty in tariff policy are expected to revitalize real estate transactions. • Further improvement in cap rates is expected as long-term interest rates decline. • Tenant demand began to recover in 2H 2025. • As the newly supplied floor area remains constrained, vacancy rates are expected to decline, while rents are expected to rise. Progress in leasing of developed properties expected • Negotiations for the sale of office buildings in Southeast Asia are progressing, with sales expected during FY2026. • In Europe, a fully occupied distribution warehouse is planned for sale. Multiple purchase offers have already been received. Asian and European Real Estate Development Business Sales Market Transaction volume (value basis): up 3% YoY*2 Sales contracts already concluded for 2 large properties
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Stockholder Returns / Strategic Shareholdings FY2025 Q1–Q3 Results Financial Results and Shareholder Return Trends 15 50 50 54 58 70 90 104 132 2018 2019 2020 2021 2022 2023 2024 2025 2026 109.8 103.2 98.5 103.9 111.8 115.0 125.8 170.0 2018 2019 2020 2021 2022 2023 2024 2025 Net income attributable to owners of the parent Dividend per share Five consecutive years of revenue and income growth 2018 2019 2020 2021 2022 2023 2024 2025 2026 ROE (%) 15.5 13.4 11.8 11.4 11.2 10.2 10.2 A level above 10% Dividend payout ratio (%) 23.6 24.9 28.0 27.9 30.7 37.7 39.0 36.3 Acquisition of own shares (billions of yen) 10 10 20 10 10 30 20 Implement flexibly Strategic shareholdings sales results (billions of yen) 28.4 20.3 Approx. 50 *1 (Two-year cumulative total) Six consecutive years of dividend increases （FY） （FY） （FY） Policy on Stockholder Returns The basic policy is to pay dividends with a target payout ratio of 40%, as well as to flexibly contribute to stockholder returns by acquiring own shares and other means, with consideration of business performance, financial condition and business environment. In light of the upward revision to the earnings forecast, increasing returns in line with profit growth is under consideration. Amounts for the acquisition of our own shares will be based on proceeds from the sale of strategic shareholdings, while decisions will be made flexibly, taking into account accelerated profit growth. The annual dividend for FY2026 is planned to be set at a level no lower than the FY2025 actual dividend. (billions of yen) (yen) *1: This includes 18.4 billion yen that has already been sold.
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Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Stockholder Returns / Strategic Shareholdings FY2025 Q1–Q3 Results balance Sales amount Target Current Status Reduction of Strategic Shareholdings 16 Increased amount: 48.1 billion yen Breakdown: Decrease from stock sales: 18.4 billion yen Increase from rising stock prices, etc.: Approx. 66.6 billion yen We Sold 20 strategic shareholdings totaling ¥18.4 billion by the end of Q3 FY 2023 end FY 2024 end FY 2025 Q1-Q3 Balance sheet value 316.1 253.5 301.7 ratio to consolidated net assets 25.8% 19.8% 22.3% Number of stocks (listed stocks) 291 （113） 278 （100） 272 （97） Strategic shareholdings balance FY2021 FY2022 FY2023 FY2024 FY2025 Q1-Q3 Amount of sales 14.8 10.0 28.4 20.3 18.4 Number of stocks sold (including partial sales) 17 17 27 34 20 Strategic shareholdings sales amount We aim to sell approximately 50 billion yen worth of shares over the two years of FY2025 and FY2026, of which 18.4 billion yen has already been sold.◼ Factors of changes from the FY2024 year-end balance “Less than 20% of consolidated net assets by the end of fiscal 2026” The net asset ratio increased due to stock price fluctuations, exceeding 20%. We aim to achieve its target early by continuing to reduce these holdings. We expect to sell about 70 billion yen over the three years (FY2024-FY2026) and will keep reducing holdings even after reaching the target. By the end of the Q3 of FY2025, we sold 20 stocks worth 18.4 billion yen.
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Copyright © 2025 KAJIMA CORPORATION All Rights Reserved. 17 Corporate Communication Group, Corporate Planning Department E-Mail ： ir@ml.kajima.com Disclaimer: All financial information has been prepared in accordance with generally accepted accounting principles in Japan. While every attempt has been made to ensure the accuracy of information, forecasts contained in this slides are based on the judgments made with information available as at February 12, 2026, and are subject to risks and uncertainties that may cause the actual results to vary. 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. Inquiries