Slides
Page 1
in KAJIMA CORPORATION FY2026 1st quarter April 1st , 2026- June 30th , 2026 Financial Results KAJIMA CORPORATION August 5th , 2026 Yamakita Tenku Ohashi ( tentative name : Kouchigawa Bridge ) ( Kanagawa pref . )
Page 2
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. INDEX 2 1 2 3 4 P .03 P .04 P .07 P .15 Financial Overview Financial Highlights Segment Performance Financial Strategy and Topics
Page 3
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 1 Financial Overview FY 2026 Q1 ResultsKey Points 3 First-quarter income increased, driven mainly by higher margins in the nonconsolidated construction business and by property sales in the overseas real estate development business Even amid an unstable international environment, we will maintain rigorous risk management and aim to achieve the full-year forecast FY2026 Q1 Results • Consolidated revenues fell YoY , mainly due to lower revenues in the building construction business, where many projects are in the early stages of construction. • Gross profit margins in the nonconsolidated civil engineering and building construction businesses both rose YoY, contributing to higher income on both a consolidated and a nonconsolidated basis. • Three property sales were completed in the U.S. distribution warehouse development business, lifting both revenues and income at overseas subsidiaries and affiliates. • Despite rising construction costs and interest rates, construction demand remained steady both in Japan and overseas. We will continue to pursue contract awards that secure both profitability and adequate construction capacity. FY2026 Full-Year Forecast • In the construction business, we will work to improve the gross profit margin while closely monitoring trends in material and equipment prices. • In the real estate development business, we will respond flexibly to changes in interest rates and real estate market conditions, and advance property sales both in Japan and overseas. • The impact of the situation in the Middle East has been limited to date. Given the continued uncertainty in the outlook, however, the full-year consolidated forecast, which factors in a certain level of risk, remains unchanged.
Page 4
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Financial Highlights FY 2026 Q1 ResultsFY2026 Q1 Financial Results (April 1 – June 30, 2026) 4 FY2026 Q1 Results Highlights • Consolidated revenues decreased, mainly due to lower nonconsolidated revenues, but consolidated income increased, driven mainly by higher margins in the nonconsolidated construction business and by property sales in the overseas real estate development business. • The decrease in nonconsolidated revenues was mainly due to decline in the building construction business, where many projectsare in the early stages of construction. The impact of the situation in the Middle East was limited, and gross profit margins rose YoY by 4.4 percentage points in the civil engineering business and by 0.8 percentage points in the building construction business. • Income decreased at domestic subsidiaries and affiliates. At overseas subsidiaries and affiliates, however, the sale of multiple properties in the U.S. distribution warehouse development business contributed to both revenues and income. • Construction contract awards increased YoY, marking steady progress, supported by a consistent flow of large-scale orders, principally in Japan. Consolidated revenues fell YoY, but operating income and net income both increased Billions of yen FY2025 Q1 Result FY2026 Q1 Result YoY Change FY2025 Q1 Result FY2026 Q1 Result YoY Change FY2025 Q1 Result FY2026 Q1 Result YoY Change FY2025 Q1 Result FY2026 Q1 Result YoY Change Revenues 649.6 640.0 -9.5 369.5 343.6 -25.8 81.1 87.4 +6.3 228.8 240.5 +11.7 Operating Income 37.5 40.5 +2.9 26.7 28.0 +1.3 5.4 4.1 -1.2 5.8 8.5 +2.7 Ordinary Income 38.8 44.4 +5.5 35.2 39.7 +4.4 6.4 5.2 -1.1 3.6 8.9 +5.3 Net Income Attributable to Ow ners of the Parent 26.5 30.9 +4.4 26.3 31.9 +5.6 4.5 3.9 -0.6 2.0 4.5 +2.4 Construction Contract Awards 520.6 630.2 +109.6 331.0 452.5 +121.5 48.9 61.3 +12.4 164.4 142.9 -21.5 Exchange rate per US$= ¥149.52 ¥159.88 ¥149.52 ¥159.88 Rate as of : March 31, 2025 March 31, 2026 March 31, 2025 March 31, 2026 Nonconsolidated Domestic Subsidiaries and Affiliates Overseas Subsidiaries and AffiliatesConsolidated FY2025 FY2026 Q1 Result Q1 Result Civil Engineering 17.0% 21.4% Building Construction 10.5% 11.3% Construction total 12.2% 14.6% GP Margin Note: For overseas subsidiaries and affiliates, Q1 is from January 1 to March 31.
Page 5
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Financial Highlights FY 2026 Q1 ResultsFY2026 Forecast (April 1, 2026 – March 31, 2027) 5 Amid an unstable international environment, We will maintain rigorous risk management and achieve the full-year forecast • The full-year forecast announced on May 14, 2026, remains unchanged. • We will focus on further improving margins in the construction business while steadily advancing property sales in Japan and overseas in the real estate development business, aiming to achieve the full-year forecast. • The international situation remains unstable, and trends in material and equipment prices and in interest rates require closeattention. We continue to factor a certain level of risk into the full-year forecast for the domestic construction business and the overseas real estate development business. FY2026 FY2026 Q1 Result Forecast Civil Engineering 21.4% 20.4% Building Construction 11.3% 12.0% Construction total 14.6% 14.6% GP Margin Note: For overseas subsidiaries and affiliates, the fiscal year is from January 1 to December 31. FY2026 Forecasts Highlights Billions of yen FY2026 Q1 Result FY2026 Forecast Progress FY2026 Q1 Result FY2026 Forecast Progress FY2026 Q1 Result FY2026 Forecast Progress FY2026 Q1 Result FY2026 Forecast Progress Revenues 640.0 2,900.0 22.1% 343.6 1,630.0 21.1% 87.4 380.0 23.0% 240.5 1,050.0 22.9% Operating Income 40.5 200.0 20.3% 28.0 155.0 18.1% 4.1 23.0 18.2% 8.5 25.0 34.3% Ordinary Income 44.4 206.0 21.6% 39.7 165.0 24.1% 5.2 27.0 19.5% 8.9 26.0 34.4% 30.9 170.0 18.2% 31.9 142.0 22.5% 3.9 20.0 19.6% 4.5 18.0 25.2% Construction Contract Awards 630.2 2,670.0 23.6% 452.5 1,700.0 26.6% 61.3 210.0 29.2% 142.9 850.0 16.8% Exchange rate per US$= ¥159.88 ¥156.56 ¥159.88 ¥156.56 Rate as of : March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 Nonconsolidated Domestic Subsidiaries and Affiliates Overseas Subsidiaries and AffiliatesConsolidated Net Income Attributable to Owners of the Parent
Page 6
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 2 Financial Highlights FY 2026 Q1 Results FY2026 Forecast (comparison with FY2025 result) 6* No changes have been made to FY2026 Forecast released on May 14, 2026. billions of Yen Change % Change % Revenues 3,067.2 2,900.0 (167.2) (5.5%) Revenues 1,710.0 1,630.0 (80.0) (4.7%) Construction 2,678.6 2,480.0 (198.6) (7.4%) Construction 1,613.6 1,530.0 (83.6) (5.2%) Real estate and other 388.5 420.0 +31.4 8.1% Civil Engneering 430.7 480.0 +49.2 11.4% Gross profit 425.8 13.9% 394.0 13.6% (31.8) (7.5%) Bulding Construction 1,182.9 1,050.0 (132.9) (11.2%) Construction 347.2 13.0% 305.0 12.3% (42.2) (12.2%) Real Estate and other 96.4 100.0 +3.5 3.7% Real estate and other 78.5 20.2% 89.0 21.2% +10.4 13.2% Gross profit 267.5 15.6% 252.0 15.5% (15.5) (5.8%) Operating Income 240.7 7.8% 200.0 6.9% (40.7) (16.9%) Construction 245.3 15.2% 224.0 14.6% (21.3) (8.7%) Ordinary Income 240.4 7.8% 206.0 7.1% (34.4) (14.3%) Civil Engneering 105.8 24.6% 98.0 20.4% (7.8) (7.4%) Net Income Attributable to Owners of the Parent 177.3 5.8% 170.0 5.9% (7.3) (4.1%) Bulding Construction 139.5 11.8% 126.0 12.0% (13.5) (9.7%) Domestic Subsidiaries and Affiliates 29.5 7.1% 20.0 5.3% (9.5) (32.2%) Real Estate and other 22.2 23.1% 28.0 28.0% +5.7 26.0% Overseas Subsidiaries and Affiliates 9.9 0.9% 18.0 1.7% +8.0 80.3% Operating Income 177.6 10.4% 155.0 9.5% (22.6) (12.7%) Exchange rate per US$= ¥156.56 ¥156.56 Ordinary Income 190.0 11.1% 165.0 10.1% (25.0) (13.2%) Net Income Attributable to Owners of the Parent 146.9 8.6% 142.0 8.7% (4.9) (3.4%) Construction Contract Awards 3,263.9 2,670.0 (593.9) (18.2%) Construction Contract Awards 2,171.5 1,700.0 (471.5) (21.7%) Japan 2,290.8 1,810.0 (480.8) (21.0%) Civil Engneering 615.8 400.0 (215.8) (35.1%) Overseas 973.0 860.0 (113.0) (11.6%) Bulding Construction 1,555.6 1,300.0 (255.6) (16.4%) FY2025 Result FY2026 Forecast FY2025 Result FY2026 Forecast Consolidated Nonconsolidated
Page 7
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Segment Performance FY 2026 Q1 Results 7 • Contract awards exceeded the same period of the previous fiscal year, driven by orders for public -sector work, including defense-related projects and infrastructure renewal, and large-scale private-sector projects, marking a strong start to the year. • Revenues and gross profit both increased YoY . Large-scale projects in their peak construction phase continued to contribute to r evenues and income. Alongside the consistently robust earnings from construction projects on hand, the award of several additional contra ct amendments provided a further boost, lifting the gross profit margin to 21.4%, exceeding the same period of the previous fiscal year. • With revenues from certain large-scale projects expected to increase from the second quarter onward, and with the gross profit m argin running above forecast, we aim to deliver results that exceed the full -year forecast. Contract awards Revenues Gross profit Segment Performance | Civil Engineering (Kajima Corporation) 118.0 129.8 400.0 32.5% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 93.7 106.2 480.0 22.1% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 15.9 22.7 98.0 23.2% 17.0% 21.4% 20.4% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress Billions of yen
Page 8
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Segment Performance FY 2026 Q1 Results 8 • Contract awards exceeded the same period of the previous fiscal year, with a steady flow of large-scale orders from both the manufacturing and non-manufacturing sectors. Profitability on new contracts remained high. • Revenues and gross profit both decreased YoY , as many large-scale projects were still in the early stages of construction. The gross profit margin improved 0.8 percentage points YoY , and margins are expected to improve further as construction progresses toward the end of the fiscal year. • To date, the increase in construction costs associated with heightened tensions in the Middle East and surging crude oil prices has been limited. Given the continued uncertainty in the outlook, we will maintain rigorous cost management while further strengthening information sharing and coordination with clients. Contract awards Revenues Gross profit Segment Performance | Building Construction (Kajima Corporation) 212.9 322.6 1,300.0 24.8% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 266.6 226.1 1,050.0 21.5% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 28.0 25.6 126.0 20.4% 10.5% 11.3% 12.0% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress Billions of yen
Page 9
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Segment Performance FY 2026 Q1 Results 9 • There were no property sales in Q1, and the leasing business accounted for most of the segment’s earnings. Revenues and gross profit were in line with the same period of the previous fiscal year. • Going forward, we plan to sell several properties, including offices in the Tokyo metropolitan area. Sales contracts for someof these were signed in FY2025, and we expect the domestic real estate development business to achieve its full-year net income forecast of 18.0 billion yen. Revenues Gross profit Domestic real estate development business net income Segment Performance | Real Estate Development and Other (Kajima Corporation) 9.1 11.3 100.0 11.3% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 1.8 1.7 28.0 19.6% 15.5% 28.0% 6.3% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 1.1 0.4 18.0 2.2% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress * Business management figure obtained by combining net income of Kajima Corporation’s real estate development business and that of its real estate development-related domestic subsidiaries and affiliates Billions of yen
Page 10
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Segment Performance FY 2026 Q1 Results Segment Performance | Major Domestic Real Estate Development Projects 10 in FY2027 in FY2028 Scheduled for completion in FY2026Properties in operation in FY2029 and beyond Hotel *2 （Osaka） ■Operating Properties: 53 ■Occupancy Rate: Approximately 95% ■NOI Yield: Approximately 6% Retail, office, etc. (Tokyo) Construction start: November 2023 Completion: July 2026 *1 A development project by Eaton Real Estate Co. Ltd., a Kajima Group company *2 Source: Sakurajima Development G.K. Office, retail, etc. (Kanagawa) Construction start: May 2024 Completion: January 2027 Construction start: January 2026 Completion: March 2027 Logistics warehouse (Miyagi) Office (Tokyo) Construction start: July 2024 Completion: September 2027 Construction start: May 2025 Completion: January 2028 Hotel*1 (Kyoto) Office, retail (Tokyo) Construction start: August 2024 Completion: January 2029 Office, commercial facilities (Kanagawa) Construction start: FY2026 Completion: FY2030 Construction start: December 2025 Completion: January 2029 Sports facilities （Tokyo） Construction start: FY2025 Completion: FY2030 AKASAKA K-TOWER (Tokyo) YOKOHAMA GATE TOWER (Kanagawa) HANEDA INNOVATION CITY (Tokyo)
Page 11
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Segment Performance FY 2026 Q1 Results 11 Segment Performance | Domestic Subsidiaries and Affiliates Construction contract awards Revenues Net income • Construction contract awards increased YoY , with an increase in orders from clients outside the Group, and are progressing steadily toward the full-year forecast. • Revenues increased YoY , driven by steady construction progress in the construction business, together with higher sales of construction materials and equipment. • Net income fell below the same period of the previous fiscal year, when income at some construction-related subsidiaries and affiliates was particularly high, but there is no particular concern about achieving the full-year forecast. 48.9 61.3 210.0 29.2% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 81.1 87.4 380.0 23.0% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 4.5 3.9 20.0 19.6% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress Billions of yen
Page 12
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Segment Performance FY 2026 Q1 Results 12 Segment Performance | Overseas Subsidiaries and Affiliates Construction contract awards Revenues Net income • Construction contract awards increased in Southeast Asia and Oceania but declined in the U.S. and Europe. Overall, overseas contract awards decreased YoY . • Revenues and net income both increased YoY . In the U.S., three property sales were completed in the distribution warehouse development business, and the construction business also outperformed the same period of the previous fiscal year, driving results at overseas subsidiaries and affiliates. • With the international situation remaining unstable, we will respond flexibly to changes in interest rates and price levels and aim to achieve the full-year forecast. 164.4 142.9 850.0 16.8% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 228.8 240.5 1050.0 22.9% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress 2.0 4.5 18.0 25.2% FY2025 Q1 Results FY2026 Q1 Results FY2026 Forecast Progress Exchange rates:US $=￥149.52 ￥159.88 ￥156.56 ￥149.52 ￥159.88 ￥156.56 Billions of yen ￥149.52 ￥159.88 ￥156.56
Page 13
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Segment Performance FY 2026 Q1 Results 13 Segment Performance | Overseas Subsidiaries and Affiliates • In the construction and other businesses, revenues and income fell compared with the same period of the previous fiscal year,which had benefited from highly profitable large-scale projects. Even so, the gross profit margin held at 6.0%, and the business is progressing steadily against the full-year forecast. We will continue to steadily advance large-scale projects in Q2 and beyond, aiming to achieve the full-year forecast. • In the real estate development business, revenues and income increased YoY , supported by the sale of three properties in the U.S. distribution warehouse business. While monitoring interest rates and real estate market conditions, we will continue to advance sales of a diverse range of assets, including distribution warehouses, in Q2 and beyond. Billions of yen FY2025 FY2025 Q1 Result Q1 Result YoY change Forecast YoY change Q1 Result Q1 Result YoY change Forecast YoY change Revenues 216.8 200.6 (16.1) 850.0 (98.1) 12.1 39.9 27.7 200.0 56.8 14.2 11.9 (2.2) 49.5 (15.4) 3.8 12.0 8.2 41.8 13.2 6.6% 6.0% -0.6pp 5.8% -1.1pp 31.3% 30.2% -1.1pp 20.9% +0.9pp Operating Income 6.4 2.3 (4.1) 9.8 (13.2) (0.3) 6.5 6.8 17.8 8.8 Nonoperating Income 1.1 0.6 (0.4) 1.6 (2.6) (2.6) (0.3) 2.2 2.7 12.4 Ordinary Income 7.5 2.9 (4.5) 11.5 (15.8) (3.0) 6.1 9.1 20.5 21.3 Extraordinary Income 0.0 0.0 (0.0) 0.0 0.0 0.0 0.0 (0.0) 4.9 3.4 Net Income Attributable to Noncontrolling Interests 5.7 2.2 (3.5) 8.2 (11.5) (2.9) 2.6 5.5 15.1 19.7 Exchange rate per US$= ¥149.52 ¥159.88 ¥156.56 ¥149.52 ¥159.88 ¥156.56 Rate as of : March 31, 2025 March 31, 2026 December 31, 2025 March 31, 2025 March 31, 2026 December 31, 2025 Construction and Other Real Estate FY2026 Gross Profit FY2026 FY2026 FY2026 Results Highlights — Breakdown by construction and real estate development segments *Figures for each business segment are before inter-segment transaction adjustments
Page 14
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 3 Segment Performance FY 2026 Q1 ResultsSegment Performance | Overview of Overseas Real Estate Development Business by Region 14 Region/ Characteristics of business Core business (operating company, property name, etc.) Type of business* Items recorded as profit* Progress Distribution warehouse (Core5) Sales business On-balance sheet Gross profit Operating income • 47 projects in operation or under development. Q1: three sales, two new starts. • 10–15 sales planned for the full year. Market conditions show signs of recovery, with distribution warehouse transaction volume up more than 30% YoY. Sales contracts have been signed for several properties slated for sale in Q2 and beyond, and progress toward the target is steady. Multifamily development (Flournoy, BCDC) Sales business Off-balance sheet Non-operating income (Gain on investments in the real estate development business) • 54 projects in operation or under development. Q1: one sale, two new starts. • With new multifamily supply having peaked, rents and vacancy rates are on an improving trend, if only modestly. Occupancy at operating properties is holding at around 90%. We are working to raise NOI while pursuing sales timed to trends in interest rates and cap rates. Distribution warehouse (KPE) Sales business Off-balance sheet Non-operating income (Equity in earnings of affiliates) • 12 projects in operation or under development. Q1: one sale. • Although geopolitical risk and interest rate trends require close attention, demand for logistics facilities remains firm, and market conditions are expected to move into a gradual recovery. We continue to focus on leasing operating properties ahead of the planned sale of several of them. Renewable energy generation facility (PAD-RES, Poland) Sales business Off-balance sheet Non-operating income (Equity in earnings of affiliates) • Three projects in operation and 18 under development or planning, centered on solar power facilities. Combined generation capacity across the 21 projects is approximately 1,500 MW. • We aim to sell to operators and investors in Japan and overseas, broadening our options to include partial stake sales of completed properties and pre- construction sales of properties that have already obtained development permits. Complex facility management and operation (Senayan Square, Indonesia) Leasing business On-balance sheet Gross profit Operating income • Occupancy at hotels and retail facilities remained steady. • Office occupancy in Asia in Q1 FY2026 was generally above FY2025 levels. We continue to pursue leasing activity to strengthen earning power. Hotels, rental factories, etc. (Indochina Kajima Development, Vietnam) Sales business On-balance sheet Gross profit Operating income • 22 projects in operation, under development, or in planning in Vietnam. Occupancy at the three Core5-branded rental factories remains high. • Several property sales are planned for FY2026, including partial stake sales. * Depending on the project, the business structure differs, and profits may be recorded under different accounts. Mainly short - term turnover sales business Mainly short - term turnover sales business Mainly long -term holdings in the leasing business Strengthening sales business United States Europe Asia
Page 15
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 4 Financial Strategy and Spotlights FY 2026 Q1 Results Cash Allocation (FY 2024-FY2026) 15 Measures implemented to strengthen the supply chain over the medium- to long-term (Details on p.29) Interest-bearing debt ¥200.0 bil. Net income Stockholder returns Approx. ¥280.0 bil. Interest-bearing debt (no change) Sale of strategic shareholdings: Up ¥40.0 billion Sales amount increased to meet target of “less than 20% of consolidated net assets.” Dividends: approx. ¥190.0 bil. (Up ¥50.0 bil.) Share buybacks: approx. ¥90.0 bil. (Up ¥30.0 bil.) Cash In Cash Out Cash Allocation (figures show change vs. the time the Medium-Term Business Plan was formulated) Sale of strategic shareholdings Approx. ¥90.0 bil. Strengthening stockholder returns and invest in the supply chain, using profits exceeding the plan and proceeds from the sale of strategic shareholdings as the main funding sources Cash in Cash out ¥1.160.0 tril. (Down ¥40.0 bil.) Asset recoupment Growth investment ¥780.0 bil. (Down ¥20.0 bil.) Real estate develop- ment investment ¥890.0 bil. R&D and digital investments ¥120.0 bil. Strategic investment framework ¥80.0 bil. etc. More than ¥470.0 bil. Supply chain strengthening ¥ 100.0 bil. D/E ratio guideline of 0.7x maintained Note: Temporary increases in working capital and interest-bearing debt accompanying the larger scale and longer duration of construction projects are excluded from cash allocation. Net income: Up ¥120.0 billion Driven by the domestic construction and real estate development, profit growth is accelerating. We will maintain ROE above 10%. Note: Figures take into account human capital investment, such as wage increases. Wage increases have been implemented for five consecutive years. Net investment: Down ¥20.0 billion Investment focused on projects that contribute to corporate value, with recoupment targeted through well- timed sales of developed properties. Note: Net investment = growth investment − asset recoupment Supply chain strengthening: Up ¥100.0 billion Stockholder returns: Up ¥80.0 billion With dividends targeting a payout ratio of 40% and flexible share buybacks, we will enhance stockholder returns in line with profit growth. * No changes have been made since the original materials released on May 14, 2026.
Page 16
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 4 Financial Strategy and Spotlights FY 2026 Q1 ResultsReduction of Strategic Shareholdings 16 Steadily selling strategic shareholdings beginning Q1, toward the target of “less than 20% of consolidated net assets” balance Sales amount As of May 2024 (the time the Medium-Term Business Plan was formulated) As of May 2026 (the time the Financial strategy was updated) March 31, 2025 March 31, 2026 June 30, 2026 Balance sheet value 253.5 304.1 287.3 ratio to consolidated net assets 19.8% 21.2% 20.7% Number of stocks (listed stocks) 278 （100） 272 （97） 271 （95） Strategic shareholdings balance FY2024 FY2025 FY2026 (Q1 result) FY2026 (target) Amount of sales 20.3 21.0 6.0 Approx. 50.0 Number of stocks sold (including partial sales) 34 23 5 - Strategic shareholdings sales amount Reduce to less than 20% of consolidated net assets by the end of FY2026 and continue reducing thereafter. about 50 billion yen over the three years (FY2024-FY2026) about 90 billion yen over the three years (FY2024-FY2026)
Page 17
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 4 Financial Strategy and Spotlights FY 2026 Q1 ResultsExpanding Stockholder Returns 17 The full-year dividend for FY2026 is forecast at 146 yen, unchanged from FY2025. In FY2026, we carried out record share buybacks totaling 40.0 billion yen, and they have already been completed in full. Share buybacks have been undertaken for eight consecutive years since 2019, totaling approximately 150.0 billion yen. Dividend per share Share buybacks 50 50 54 58 70 90 104 146 146 2018 2019 2020 2021 2022 2023 2024 2025 2026（FY） 2023 2024 2025 2026 Acquisition of own shares (billions of yen) 10.0 30.0 20.0 40.0 （FY） 2018 2019 2020 2021 2022 2023 2024 2025 2026 Dividend payout ratio 23.6% 24.9% 28.0% 27.9% 30.7% 37.7% 39.0% 38.4% 39.7% Acquisition of own shares (billions of yen) - 10.0 10.0 20.0 10.0 10.0 30.0 20.0 40.0 Consolidated net income (billions of yen) 109.8 103.2 98.5 103.9 111.8 115.0 125.8 177.3 170.0 ROE 15.5% 13.4% 11.8% 11.4% 11.2% 10.2% 10.2% 13.3% A level above 10% （FY） The basic policy is to implement dividends with a target payout ratio of 40%, as well as to flexibly contribute to stockholder returns through purchases of treasury stock and other means, with consideration of business performance, financial condition, and business environment. Stockholder Return Policy
Page 18
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 4 Financial Strategy and Spotlights FY 2026 Q1 Results Noetra Corp. Advancing Initiatives to Raise Productivity and Strengthen Automated Construction Technology 18 Company name Enzan Koubou Co., Ltd. Established 2001 Capital 80 million yen Employees 149 (as of July 2026) Financial overview Revenues: Approx. 4.0 billion yen Net income: Approx. 0.4 billion yen Making Enzan Koubou, a company specializing in tunnel measurement and construction management systems, a wholly owned subsidiary Investment in Noetra, a Japanese AI developer • Noetra is developing foundation models for “physical AI” focused on the manufacturing sector. • Kajima is the only general contractor among the investors. • The investment is intended to provide access to the latest developments in AI technology and to advanced expertise, and to raise productivity and strengthen competitiveness by linking these with Kajima’s own technologies and data. • Enzan Koubou possesses an industry-leading technology base in measurement and construction management systems for mountain tunnels and shield tunnels, covering everything from system development to on-site implementation. • A track record of deployment at approximately 3,900 sites in Japan and overseas, with the leading market share in Japan for mountain tunnel surveying systems. • Enzan Koubou is scheduled to become a wholly owned subsidiary around the end of August 2026. • By combining the Kajima Group’s technological capabilities with Enzan Koubou’s strengths in system development and on-site implementation, we aim to advance construction DX (digital transformation) and strengthen automated construction technology. Domestic AI development Ministry of Economy, Trade and Industry 44 Japanese companies Investment Over 1.0 billion yen Of one trillion yen Support Leveraging the “manufacturing data” held by Japanese companies to strengthen the international competitiveness of “physical AI.”
Page 19
Copyright © 2026 KAJIMA CORPORATION All Rights Reserved. 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 August 5, 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 19