Interim report
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Note: 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. February 9, 2026 Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Under Japanese GAAP) Company name: TOTETSU KOGYO CO., LTD. Listing: Tokyo Stock Exchange Securities code: 1835 URL: https://www.totetsu.co.jp/english/ Representative: Katsumi Ise, President, Representative Director Inquiries: Masayuki Shioda, General Manager, Accounting Department, Finance & Corporate Planning Group Telephone: +81-3-5369-7687 Scheduled date to commence dividend payments: ― Preparation of supplementary material on financial results: None Holding of financial results briefing: None (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % December 31, 2025 106,449 3.0 11,565 25.1 12,185 25.5 8,265 19.7 December 31, 2024 103,352 11.9 9,241 36.7 9,710 36.7 6,906 41.7 Note: Comprehensive income For the nine months ended December 31, 2025: ¥12,234 million [77.7%] For the nine months ended December 31, 2024: ¥6,885 million [17.3%] Basic earnings per share Diluted earnings per share Nine months ended Yen Yen December 31, 2025 240.00 — December 31, 2024 200.59 —
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(2) Consolidated financial position Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % December 31, 2025 180,566 127,678 70.0 March 31, 2025 181,115 120,777 66.0 Reference: Equity As of December 31, 2025: ¥126,398 million As of March 31, 2025: ¥119,615 million 2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 — 50.00 — 85.00 135.00 Fiscal year ending March 31, 2026 — 70.00 — Fiscal year ending March 31, 2026 (Forecast) 70.00 140.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated financial result forecasts for the fiscal year ending March 31, 2026 (April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 165,000 3.1 16,000 3.1 16,500 2.9 12,000 3.8 348.52 Note: Revisions to the forecast of financial results most recently announced: None
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* Notes (1) Significant changes in the scope of consolidation during the period: None (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: None (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of December 31, 2025 36,100,000 shares As of March 31, 2025 36,100,000 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 1,658,198 shares As of March 31, 2025 1,666,989 shares (iii) Average number of shares outstanding during the period Nine months ended December 31, 2025 34,438,119 shares Nine months ended December 31, 2024 34,430,225 shares (Note) The Company has introduced a “Board Benefit Trust” (BBT) performance-linked stock-based compensation system, and the number of treasury shares at the end of the period includes the Company’s shares (84,900 shares as of December 31, 2025 and 93,800 shares as of March 31, 2025) held by the Trust Account E for the BBT. In addition, the Company’s shares held by the Trust Account E are included in the treasury stock excluded from the calculation of the average number of shares outstanding during the period (88,621 shares for the nine months ended December 31, 2025 and 96,643 shares for the nine months ended December 31, 2024).
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* Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: None * Proper use of earnings forecasts and other special matters The earnings forecasts and other forward-looking statements herein are based on currently available information and certain assumptions deemed reasonable, and the Company does not in any way guarantee the achievement of the forecasts. Actual results may differ significantly from these forecasts due to a wide range of factors. Please refer to “Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information” on page 2 of the Attachments for assumptions on financial results forecasts and notes on the use of such forecasts.
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1 Table of Contents - Attachments 1. Overview of Operating Results ................................................................................................................. 2 (1) Overview of Operating Results for the Period under Review ............................................................... 2 (2) Overview of Financial Position for the Period under Review ............................................................... 2 (3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information ..... 2 2. Quarterly Consolidated Financial Statements and Principal Notes ........................................................... 3 (1) Quarterly Consolidated Balance Sheets ................................................................................................ 3 (2) Quarterly Consolidated Statements of Income and Comprehensive Income ........................................ 5 (3) Notes to Quarterly Consolidated Financial Statements ......................................................................... 7 (Notes on going concern assumption) .............................................................................................. 7 (Notes in case of significant changes in shareholders’ equity) ......................................................... 7 (Notes on segment information, etc.) ............................................................................................... 8 (Notes on statements of cash flows) ................................................................................................. 9 3. Supplementary Information ..................................................................................................................... 10 Status of orders received, net sales and balance carried forward .............................................................. 10
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2 1. Overview of Operating Results (1) Overview of Operating Results for the Period under Review For the nine months ended December 31, 2025, the Company posted orders received of ¥97,530 million (down ¥7,062 million year on year), while net sales amounted to ¥106,449 million (up ¥3,097 million year on year). This was due to an increase in the number of railway construction works for the private sector, despite a decrease in the number of general construction works for the private sector. In terms of profit, gross profit came to ¥18,535 million (up ¥2,982 million year on year), operating profit was ¥11,565 million (up ¥2,323 million year on year), ordinary profit came to ¥12,185 million (up ¥2,474 million year on year), and profit attributable to owners of parent amounted to ¥8,265 million (up ¥1,358 million year on year). Operating results by segment are as follows. Net sales in each segment are presented as net sales to outside customers. (Civil Engineering Business) Orders received were ¥69,109 million (down 0.7% year on year), net sales were ¥72,550 million (up 11.1% year on year), and balance carried forward was ¥79,641 million. Segment profit totaled ¥7,619 million (up 33.3% year on year). (Architectural Business) Orders received were ¥28,420 million (down 18.8% year on year), net sales were ¥27,461 million (down 12.4% year on year), and balance carried forward was ¥34,483 million. Segment profit totaled ¥3,048 million (up 19.8% year on year). (Other Businesses) Net sales amounted to ¥6,438 million (down 4.1% year on year), the principal source of which is manufacturing and sales income of railway-related products. Segment profit totaled ¥898 million (down 6.9% year on year). (2) Overview of Financial Position for the Period under Review Total assets as of December 31, 2025 amounted to ¥180,566 million (a decrease of ¥548 million from the end of the previous fiscal year). Main factors included a decrease in notes receivable, accounts receivable from completed construction contracts and other. Total liabilities amounted to ¥52,888 million (a decrease of ¥7,449 million from the end of the previous fiscal year). Main factors included a decrease in notes payable, accounts payable for construction contracts and other. Total net assets amounted to ¥127,678 million (an increase of ¥6,900 million from the end of the previous fiscal year). (3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information At this point, the consolidated financial results forecast for the full fiscal year remains unchanged from the one announced on May 15, 2025, as a result of examining the financial results for the nine months ended December 31, 2025.
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3 2. Quarterly Consolidated Financial Statements and Principal Notes (1) Quarterly Consolidated Balance Sheets (Thousands of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 15,714,414 14,846,938 Notes receivable, accounts receivable from completed construction contracts and other 116,468,682 100,660,891 Costs on construction contracts in progress 4,088,130 11,067,227 Other 1,693,601 1,823,211 Allowance for doubtful accounts (9,905) (12,026) Total current assets 137,954,924 128,386,242 Non-current assets Property, plant and equipment 22,495,091 22,637,458 Intangible assets 651,020 891,148 Investments and other assets Investment securities 15,046,446 22,893,857 Other 5,014,318 5,804,041 Allowance for doubtful accounts (46,378) (46,278) Total investments and other assets 20,014,386 28,651,619 Total non-current assets 43,160,498 52,180,226 Total assets 181,115,422 180,566,469
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4 (Thousands of yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Notes payable, accounts payable for construction contracts and other 30,506,594 26,684,990 Short-term borrowings 10,000,000 10,000,000 Income taxes payable 2,999,820 954,057 Advances received on construction contracts in progress 881,616 1,206,145 Provision for warranties for completed construction 282,018 142,268 Provision for loss on construction contracts 85,319 42,792 Provision for bonuses 2,329,523 1,217,150 Asset retirement obligations － 135,401 Other 8,398,700 5,306,047 Total current liabilities 55,483,592 45,688,855 Non-current liabilities Provision for repairs 1,163,625 1,202,483 Retirement benefit liability 845,745 847,209 Provision for share awards for directors (and other officers) 93,987 109,611 Provision for retirement benefits for directors (and other officers) 17,070 22,369 Asset retirement obligations 138,547 117,494 Other 2,595,499 4,900,183 Total non-current liabilities 4,854,477 7,199,351 Total liabilities 60,338,069 52,888,207 Net assets Shareholders' equity Share capital 2,810,000 2,810,000 Capital surplus 3,166,700 3,166,700 Retained earnings 111,041,273 113,954,736 Treasury shares (3,879,539) (3,859,017) Total shareholders' equity 113,138,434 116,072,418 Accumulated other comprehensive income Valuation difference on available-for-sale securities 4,465,969 8,411,605 Remeasurements of defined benefit plans 2,010,687 1,914,587 Total accumulated other comprehensive income 6,476,657 10,326,192 Non-controlling interests 1,162,261 1,279,650 Total net assets 120,777,353 127,678,262 Total liabilities and net assets 181,115,422 180,566,469
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5 (2) Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statements of Income Nine Months Ended December 31 (Thousands of yen) For the nine months ended December 31, 2024 For the nine months ended December 31, 2025 Net sales Net sales of completed construction contracts 96,640,312 100,011,633 Net sales for incidental businesses 6,711,840 6,438,259 Total net sales 103,352,153 106,449,893 Cost of sales Cost of sales of completed construction contracts 82,723,759 83,126,701 Cost of sales on incidental businesses 5,075,662 4,788,073 Total cost of sales 87,799,421 87,914,774 Gross profit Gross profit on completed construction contracts 13,916,553 16,884,932 Gross profit on incidental businesses 1,636,178 1,650,186 Total gross profit 15,552,731 18,535,118 Selling, general and administrative expenses 6,311,079 6,969,992 Operating profit 9,241,652 11,565,126 Non-operating income Interest income 288 6,572 Dividend income 333,072 470,804 Share of profit of entities accounted for using equity method 94,493 101,286 Other 56,698 60,535 Total non-operating income 484,552 639,198 Non-operating expenses Interest expenses 14,361 18,980 Other 940 120 Total non-operating expenses 15,301 19,100 Ordinary profit 9,710,903 12,185,224 Extraordinary income Gain on sale of non-current assets 146 811 Gain on sale of investment securities 644,375 124,981 Other － 819 Total extraordinary income 644,521 126,612 Extraordinary losses Loss on retirement of non-current assets 61,981 28,511 Other － 1,915 Total extraordinary losses 61,981 30,427 Profit before income taxes 10,293,443 12,281,409 Income taxes - current 2,613,878 3,251,571 Income taxes - deferred 673,857 674,707 Total income taxes 3,287,736 3,926,278 Profit 7,005,707 8,355,130 Profit attributable to non-controlling interests 99,262 90,017 Profit attributable to owners of parent 6,906,444 8,265,112
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6 Quarterly Consolidated Statements of Comprehensive Income Nine Months Ended December 31 (Thousands of yen) For the nine months ended December 31, 2024 For the nine months ended December 31, 2025 Profit 7,005,707 8,355,130 Other comprehensive income Valuation difference on available-for-sale securities (41,806) 3,975,161 Remeasurements of defined benefit plans, net of tax (78,684) (96,100) Total other comprehensive income (120,490) 3,879,061 Comprehensive income 6,885,216 12,234,192 Comprehensive income attributable to Comprehensive income attributable to owners of parent 6,792,448 12,114,647 Comprehensive income attributable to non-controlling interests 92,767 119,544
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7 (3) Notes to Quarterly Consolidated Financial Statements (Notes on going concern assumption) Not applicable. (Notes in case of significant changes in shareholders’ equity) Not applicable.
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8 (Notes on segment information, etc.) I. For the nine months ended December 31, 2024 (from April 1, 2024 to December 31, 2024) 1. Information on net sales and profit (loss) and information on disaggregation of revenue by reportable segment (Thousands of yen) Reportable segment Others (Note 1) Total Adjustment (Note 2) Amount recorded in Quarterly Consolidated Statements of Income (Note 3) Civil Engineering Business Architectural Business Total Net sales Goods or services transferred at a point in time 17,448,491 3,210,599 20,659,091 6,382,178 27,041,270 － 27,041,270 Goods or services transferred over time 47,848,092 28,133,128 75,981,221 － 75,981,221 － 75,981,221 Revenue from contracts with customers 65,296,584 31,343,728 96,640,312 6,382,178 103,022,491 － 103,022,491 Revenue from other sources － － － 329,661 329,661 － 329,661 Net sales to outside customers 65,296,584 31,343,728 96,640,312 6,711,840 103,352,153 － 103,352,153 Inter-segment net sales or transfers － 204,768 204,768 546,481 751,250 (751,250) － Total 65,296,584 31,548,496 96,845,081 7,258,322 104,103,403 (751,250) 103,352,153 Segment profit 5,717,729 2,543,990 8,261,720 964,892 9,226,613 15,039 9,241,652 (Notes) 1. The “Others” category is a business segment not included in reportable segments, and includes manufacturing and sale of railway-related products, real estate leasing business and environmental business, etc. 2. Segment profit adjustment of ¥15,039 thousand consists of inter-segment elimination of ¥7,232 thousand and adjustment of unrealized gain (loss) on non-current assets of ¥7,806 thousand. 3. Segment profit is adjusted with operating profit in the Quarterly Consolidated Statements of Income. 2. Information on impairment loss on non-current assets and goodwill by reportable segment Not applicable.
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9 II. For the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) 1. Information on net sales and profit (loss) and information on disaggregation of revenue by reportable segment (Thousands of yen) Reportable segment Others (Note 1) Total Adjustment (Note 2) Amount recorded in Quarterly Consolidated Statements of Income (Note 3) Civil Engineering Business Architectural Business Total Net sales Goods or services transferred at a point in time 20,324,991 3,961,973 24,286,964 6,094,025 30,380,990 － 30,380,990 Goods or services transferred over time 52,225,553 23,499,115 75,724,668 － 75,724,668 － 75,724,668 Revenue from contracts with customers 72,550,544 27,461,089 100,011,633 6,094,025 106,105,659 － 106,105,659 Revenue from other sources － － － 344,233 344,233 － 344,233 Net sales to outside customers 72,550,544 27,461,089 100,011,633 6,438,259 106,449,893 － 106,449,893 Inter-segment net sales or transfers 1,850 418,607 420,457 662,508 1,082,965 (1,082,965) － Total 72,552,394 27,879,696 100,432,091 7,100,767 107,532,858 (1,082,965) 106,449,893 Segment profit 7,619,441 3,048,094 10,667,535 898,459 11,565,994 (868) 11,565,126 (Notes) 1. The “Others” category is a business segment not included in reportable segments, and includes manufacturing and sale of railway-related products, real estate leasing business and environmental business, etc. 2. Segment profit adjustment of ¥(868) thousand consists of inter-segment elimination of ¥7,512 thousand and adjustment of unrealized gain (loss) on non-current assets of ¥(8,380) thousand. 3. Segment profit is adjusted with operating profit in the Quarterly Consolidated Statements of Income. 2. Information on impairment loss on non-current assets and goodwill by reportable segment Not applicable. (Notes on statements of cash flows) The quarterly consolidated statements of cash flows for the nine months ended December 31, 2025 have not been prepared. Depreciation (including amortization of intangible assets) for the nine months ended December 31 is as follows. (Thousands of yen) For the nine months ended December 31, 2024 For the nine months ended December 31, 2025 Depreciation 2,036,134 2,126,408
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10 3. Supplementary Information Status of orders received, net sales and balance carried forward Comparison of orders received by consolidated division (Figures of less than one million yen are rounded down.) Category For the nine months ended December 31, 2024 Composition ratio For the nine months ended December 31, 2025 Composition ratio <Construction business> Millions of yen Millions of yen Civil Engineering 69,595 66.5% 69,109 70.9% Architectural 34,997 33.5% 28,420 29.1% Total 104,593 100.0% 97,530 100.0% Public sector 4,888 4.7% 5,226 5.4% Railway 1,339 1.3% Railway 1,340 1.4% General 3,549 3.4% General 3,885 4.0% Private sector 99,704 95.3% 92,303 94.6% Railway 82,649 79.0% Railway 81,671 83.7% General 17,054 16.3% General 10,632 10.9% Total 104,593 100.0% 97,530 100.0% Railway 83,988 80.3% Railway 83,011 85.1% General 20,604 19.7% General 14,518 14.9% Comparison of net sales by consolidated division (Figures of less than one million yen are rounded down.) Category For the nine months ended December 31, 2024 Composition ratio For the nine months ended December 31, 2025 Composition ratio <Construction business> Net sales of completed construction contracts Millions of yen Millions of yen Civil Engineering 65,296 67.6% 72,550 72.5% Architectural 31,343 32.4% 27,461 27.5% Total 96,640 100.0% 100,011 100.0% Public sector 8,769 9.1% 7,474 7.4% Railway 2,215 2.3% Railway 2,948 2.9% General 6,554 6.8% General 4,525 4.5% Private sector 87,870 90.9% 92,537 92.6% Railway 73,564 76.1% Railway 81,574 81.6% General 14,306 14.8% General 10,962 11.0% Total 96,640 100.0% 100,011 100.0% Railway 75,780 78.4% Railway 84,523 84.5% General 20,860 21.6% General 15,488 15.5% <Incidental businesses> Net sales 6,711 － 6,438 － Net sales total 103,352 － 106,449 －
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11 Comparison of balance carried forward by consolidated division (Figures of less than one million yen are rounded down.) Category For the nine months ended December 31, 2024 Composition ratio For the nine months ended December 31, 2025 Composition ratio <Construction business> Millions of yen Millions of yen Civil Engineering 87,714 69.8% 79,641 69.8% Architectural 37,905 30.2% 34,483 30.2% Total 125,619 100.0% 114,125 100.0% Public sector 9,701 7.8% 8,191 7.2% Railway 3,337 2.7% Railway 1,835 1.6% General 6,364 5.1% General 6,355 5.6% Private sector 115,918 92.2% 105,934 92.8% Railway 99,531 79.2% Railway 96,602 84.6% General 16,386 13.0% General 9,331 8.2% Total 125,619 100.0% 114,125 100.0% Railway 102,868 81.9% Railway 98,437 86.2% General 22,750 18.1% General 15,687 13.8%