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 . MCA TODA CORPORATION Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( Under Japanese GAAP ) Company name : TODA CORPORATION Listing : TSE Prime Market Securities code : 1860 URL : https://www.toda.co.jp/ Representative : Seisuke Otani , President and Representative Director Contact : Yoshiyuki Shiba , General Manager , Planning & IR Division Phone : 03-3535-1357 Scheduled date to commence dividend payments : - Preparation of supplementary material on financial results : None Holding of financial results briefing : None FASF August 7 , 2026 ( Yen amounts are rounded down to millions , unless otherwise noted . ) 1. Consolidated financial results for the three months ended June 30 , 2026 ( April 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated operating results ( cumulative ) ( Percentages indicate year - on - year changes . ) Profit attributable to Net sales Operating profit Ordinary profit owners of parent Three months ended June 30 , 2026 Millions of yen 155,359 % Millions of yen June 30 , 2025 131,339 18.3 17.5 7,425 4,059 % Millions of yen 82.9 10,810 6,196 % Millions of yen 74.5 11,795 152.4 3,541 % 233.0 ( 4.7 ) ( Note ) Comprehensive income For the three months ended June 30 , 2026 : For the three months ended June 30 , 2025 : ¥ 102,028 million [ - % ] Basic earnings per share Diluted earnings per ¥ 182 million [ ( 97.5 ) % ] share Three months ended June 30 , 2026 Yen Yen 39.84 11.80 June 30 , 2025 ( 2 ) Consolidated financial position As of Total assets Net assets Equity - to - asset ratio Millions of yen 1,104,397 998,399 Millions of yen % 493,663 43.6 403,161 39.1 As of June 30 , 2026 : As of March 31 , 2026 : ¥ 481,360 million ¥ 390,818 million June 30 , 2026 March 31 , 2026 Reference : Equity
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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 - 20.00 - 38.00 58.00 March 31, 2026 Fiscal year ending - March 31, 2027 Fiscal year ending March 31, 2027 (Forecast) 30.00 - 30.00 60.00 (Note) Revisions to the forecast of cash dividends most recently announced: None 3. Consolidated financial forecasts for the fiscal year ending March 31, 2027 (April 1, 2026 to March 31, 2027) (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 753,000 16.6 39,000 2.1 40,000 (9.1) 35,000 (5.4) 118.23 (Note) Revisions to the most recently announced financial forecasts: None * 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: Yes (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 June 30, 2026 318,005,696 shares As of March 31, 2026 318,005,696 shares (ii) Number of treasury shares at the end of the period As of June 30, 2026 21,965,903 shares As of March 31, 2026 21,965,656 shares (iii) Average number of shares outstanding during the period Three months ended June 30, 2026 296,039,943 shares Three months ended June 30, 2025 300,076,810 shares (Note) The number of treasury shares at the end of the period includes shares of the Company held by the BIP Trust for directors’ remuneration and the ESOP Trust for granting shares. * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes (voluntary) * Appropriate use of financial forecasts and other special matters Forward-looking statements, including financial forecasts, contained in this document are based on information currently available to the Company and certain assumptions deemed reasonable by the Company. Actual results and other outcomes may differ materially from these forecasts due to various factors. For the assumptions underlying the financial forecasts and cautions regarding their use, please refer to “Explanation of Forward-looking Information, Including Consolidated Financial Forecasts” on page 3 of the Attachments to the Quarterly Financial Results.
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(Reference) Non-consolidated financial forecasts for the fiscal year ending March 31, 2027 (April 1, 2026 to March 31, 2027) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 607,000 18.1 30,700 16.2 33,500 7.8 33,500 8.4 113.16 (Note) Revisions to the most recently announced financial forecasts: None * Appropriate use of non-consolidated financial forecasts and other special matters Forward-looking statements, including financial forecasts, contained in this document are based on information currently available to the Company and certain assumptions deemed reasonable by the Company. Actual results and other outcomes may differ materially from these forecasts due to various factors.
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Consolidated Financial Results for the Three Months Ended June 30, 2026
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 1 Table of Contents of Attachments 1. Qualitative Information on Financial Results for the Three Months Ended June 30, 2026 ........................... 2 (1) Overview of Operating Results for the Three Months Ended June 30, 2026 ............................................. 2 (2) Overview of Financial Position .................................................................................................................. 3 (3) Explanation of Forward-looking Information, Including Consolidated Financial Forecasts ..................... 3 2. Quarterly Consolidated Financial Statements and Notes ............................................................................... 4 (1) Quarterly Consolidated Balance Sheets ..................................................................................................... 4 (2) Quarterly Consolidated Statements of Income and Comprehensive Income ............................................. 6 (3) Notes to Quarterly Consolidated Financial Statements .............................................................................. 8 Notes on Accounting Treatment Specific to Preparation of Quarterly Consolidated Financial Statements .............................................................................................................................................. 8 Notes on Segment Information, etc. ...................................................................................................... 8 Notes on Significant Changes in Shareholders’ Equity ......................................................................... 9 Notes to Going Concern Assumption .................................................................................................... 9 Notes Regarding Quarterly Consolidated Statements of Cash Flows ................................................... 9 3. (Reference) Non-consolidated Financial Statements .................................................................................... 10 (1) (Reference) Quarterly Non-consolidated Balance Sheet .......................................................................... 10 (2) (Reference) Quarterly Non-consolidated Statements of Income .............................................................. 12 4. Supplementary Information .......................................................................................................................... 13 (1) Summary of Consolidated Results and Forecast ...................................................................................... 13 (2) Summary of Non-consolidated Results and Forecast ............................................................................... 14 (3) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated) ..................................... 15 Independent Auditor's Report on the Interim Review of Quarterly Consolidated Financial Statements ......... 16
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 2 1. Qualitative Information on Financial Results for the Three Months Ended June 30, 2026 (1) Overview of Operating Results for the Three Months Ended June 30, 2026 During the three months ended June 30, 2026, the domestic economy remained on a gradual recovery trend, supported by improvements in employment and income conditions. However, downside risks to the economic outlook increased, reflecting such factors as rising raw material prices resulting from the situation in the Middle East and increasing uncertainty over logistics. In the construction industry, orders for public-sector projects remained firm; however, orders for private- sector projects declined, resulting in an overall decrease from the same period of the previous year. In addition, construction material prices and labor costs continued to rise, requiring continued close attention to future trends. In May 2025, the Group announced the “Medium-Term Management Plan 2027,” under which it is pursuing higher profitability by promoting “Vertical Expansion,” aimed at increasing the value provided at sales offices and construction sites, and “Horizontal Expansion,” aimed at deepening collaboration between the construction business and strategic businesses. In addition, the Group has identified the SECC (Smart Energy Complex City) business, the Environment and Energy Business (offshore wind power generation business), and the Overseas Business as key management businesses, and is implementing a growth strategy of making growth investments in these businesses to further strengthen its business foundation. While promoting these growth investments, the Group is also working to strengthen its investment processes, including setting a target ROIC (return on invested capital) of 5% or higher, in order to secure an ROE (return on equity) of 10% or higher over the medium to long term. Under these circumstances, the Group’s results for the three months ended June 30, 2026 were as follows. Consolidated net sales increased 18.3% year on year to ¥155.3 billion, as net sales in the Architectural Construction Business and Civil Engineering Business increased due to the progress of large-scale construction projects on hand. Gross profit increased 20.4% year on year to ¥19.5 billion, mainly due to an increase in gross profit in the Architectural Construction Business. Selling, general and administrative expenses decreased 0.5% year on year to ¥12.1 billion. As a result, operating profit increased 82.9% year on year to ¥7.4 billion. Ordinary profit increased 74.5% year on year to ¥10.8 billion, as dividend income from investment securities held by the Company and other items were recorded as non-operating income. Profit attributable to owners of parent increased 233.0% year on year to ¥11.7 billion, due to an increase in gains on sales of investment securities. The results for each segment, including intersegment sales and transfers, were as follows. Architectural Construction Business Net sales amounted to ¥95.5 billion, an increase of 26.8% year on year, while segment profit (operating income) totaled ¥8.2 billion, representing an increase of 100.4% year on year. Orders received by the Company on a non-consolidated basis decreased by 66.4% year on year for domestic public-sector construction but increased by 27.3% for domestic private-sector construction, resulting in total orders of ¥82.7 billion, up 8.3% year on year. Civil Engineering Business Net sales amounted to ¥31.9 billion, an increase of 18.3% year on year, while segment profit (operating income) totaled ¥0.6 billion, representing an increase of 75.5% year on year. Orders received by the Company on a non-consolidated basis increased by 24.1% year on year for domestic public-sector construction but decreased by 66.8% for domestic private-sector construction, resulting in total orders of ¥24.5 billion, down 23.0% year on year. Domestic Investment and Development Business Net sales amounted to ¥3.0 billion, an increase of 22.2% year on year, while segment loss (operating loss) was ¥0.5 billion, compared with a segment loss of ¥79 million in the same period of the previous year.
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 3 Domestic Group Companies Business Net sales amounted to ¥14.8 billion, an increase of 16.3% year on year, while segment profit (operating income) was ¥0.4 billion, an increase of 138.1% year on year. Overseas Group Companies Business Net sales amounted to ¥12.8 billion, a decrease of 23.2% year on year, while segment loss (operating loss) was ¥0.3 billion, compared with segment profit (operating income) of ¥0.2 billion in the same period of the previous year. Environment and Energy Business Net sales amounted to ¥1.2 billion, an increase of 247.7% year on year, while segment loss (operating loss) was ¥0.4 billion, compared with a segment loss of ¥0.3 billion in the same period of the previous year. (2) Overview of Financial Position Status of Assets, Liabilities, and Net Assets Assets Total assets at the end of the first quarter of the consolidated fiscal year under review amounted to ¥1,104.3 billion, an increase of ¥105.9 billion, or 10.6%, compared with the end of the previous consolidated fiscal year. Although notes and accounts receivable - trade decreased by ¥22.6 billion, short-term investment securities decreased by ¥18.2 billion, and machinery, vehicles and tools, furniture and fixtures decreased by ¥1.6 billion, total assets increased due to increases of ¥129.3 billion in investment securities, ¥13.5 billion in real estate for sale, ¥3.9 billion in costs on uncompleted construction contracts, and ¥1.8 billion in construction in progress. Liabilities Total liabilities at the end of the first quarter of the consolidated fiscal year under review amounted to ¥610.7 billion, an increase of ¥15.4 billion, or 2.6%, compared with the end of the previous consolidated fiscal year. Although notes payable, accounts payable for construction contracts and other decreased by ¥13.5 billion, advances received on uncompleted construction contracts decreased by ¥8.7 billion, short-term loans payable decreased by ¥7.6 billion, and provision for bonuses decreased by ¥5.9 billion, total liabilities increased due to increases of ¥40.6 billion in deferred tax liabilities and ¥14.3 billion in deposits received. Net assets Total net assets at the end of the first quarter of the consolidated fiscal year under review amounted to ¥493.6 billion, an increase of ¥90.5 billion, or 22.4%, compared with the end of the previous consolidated fiscal year. This was mainly attributable to the recording of profit attributable to owners of parent of ¥11.7 billion and an increase of ¥88.8 billion in valuation difference on available-for-sale securities due to a rise in the market value of investment securities held, despite the payment of dividends of ¥11.3 billion. The equity ratio was 43.6%. (3) Explanation of Forward-looking Information, Including Consolidated Financial Forecasts There are no changes to the consolidated financial forecasts for the fiscal year ending March 31, 2027 announced on May 15, 2026 at this time.
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 4 2. Quarterly Consolidated Financial Statements and Notes (1) Quarterly Consolidated Balance Sheets (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 66,687 66,653 Notes receivable, accounts receivable from completed construction contracts and other 268,045 245,445 Securities 19,866 1,566 Real estate for sale 46,792 60,344 Costs on construction contracts in progress 24,422 28,375 Other inventories 14,298 8,299 Other 42,045 45,700 Allowance for doubtful accounts (2,807) (2,660) Total current assets 479,351 453,723 Non-current assets Property, plant and equipment Buildings and structures, net 116,216 118,198 Machinery, vehicles, tools, furniture and fixtures, net 48,651 46,968 Land 88,150 88,595 Lease assets, net 835 831 Construction in progress 8,303 10,168 Total property, plant and equipment 262,157 264,760 Intangible assets Goodwill 1,032 962 Other 10,898 10,785 Total intangible assets 11,930 11,748 Investments and other assets Investment securities 220,780 350,112 Long-term loans receivable 8,861 8,875 Retirement benefit asset 9,671 9,521 Deferred tax assets 856 887 Other 5,155 5,132 Allowance for doubtful accounts (365) (363) Total investments and other assets 244,960 374,165 Total non-current assets 519,047 650,674 Total assets 998,399 1,104,397
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 5 (Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Notes payable, accounts payable for construction contracts and other 104,298 90,715 Short-term borrowings 52,839 45,165 Current portion of bonds payable 10,050 － Income taxes payable 6,149 6,917 Advances received on construction contracts in progress 70,188 61,439 Provision for bonuses 10,234 4,284 Provision for warranties for completed construction 6,517 6,616 Provision for loss on construction contracts 2,981 2,291 Deposits received 64,672 79,056 Other 23,772 29,354 Total current liabilities 351,704 325,842 Non-current liabilities Bonds payable 53,000 53,000 Long-term borrowings 113,702 114,061 Deferred tax liabilities 36,766 77,379 Deferred tax liabilities for land revaluation 4,857 4,840 Provision for retirement benefits for directors (and other officers) 123 115 Provision for share awards for directors (and other officers) 1,281 1,389 Provision for loss on liquidation of subsidiaries and associates 13 11 Retirement benefit liability 21,170 21,499 Asset retirement obligations 4,237 4,087 Other 8,379 8,506 Total non-current liabilities 243,533 284,892 Total liabilities 595,237 610,734 Net assets Shareholders’ equity Share capital 23,001 23,001 Capital surplus 26,773 26,773 Retained earnings 243,469 243,914 Treasury shares (19,814) (19,814) Total shareholders’ equity 273,430 273,874 Accumulated other comprehensive income Valuation difference on available-for-sale securities 97,375 186,208 Deferred gains or losses on hedges 776 927 Revaluation reserve for land 7,760 7,723 Foreign currency translation adjustment 5,279 6,801 Remeasurements of defined benefit plans 6,195 5,825 Total accumulated other comprehensive income 117,388 207,485 Non-controlling interests 12,343 12,302 Total net assets 403,161 493,663 Total liabilities and net assets 998,399 1,104,397
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 6 (2) Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statements of Income Three Months Ended June 30, 2025 and 2026 (Millions of yen) Three Months Ended June 30, 2025 (April 1 through June 30, 2025) Three Months Ended June 30, 2026 (April 1 through June 30, 2026) Net sales Net sales of completed construction contracts 124,617 147,891 Net sales in investment development business and other 6,721 7,468 Total net sales 131,339 155,359 Cost of sales Cost of sales of completed construction contracts 109,420 128,637 Cost of sales in investment development business and other 5,661 7,155 Total cost of sales 115,081 135,792 Gross profit Gross profit on completed construction contracts 15,197 19,254 Gross profit on investment development business and other 1,060 312 Total gross profit 16,257 19,566 Selling, general and administrative expenses 12,198 12,141 Operating profit 4,059 7,425 Non-operating income Interest income 351 360 Dividend income 2,201 2,509 Foreign exchange gains 207 902 Other 156 353 Total non-operating income 2,917 4,125 Non-operating expenses Interest expenses 648 642 Commission expenses 43 41 Other 87 56 Total non-operating expenses 780 740 Ordinary profit 6,196 10,810 Extraordinary income Gain on sale of investment securities 427 7,754 Other 42 2 Total extraordinary income 469 7,757 Extraordinary losses Loss on abandonment of non-current assets 40 1 Other 8 8 Total extraordinary losses 48 9 Quarterly profit before income taxes 6,617 18,558 Total income taxes 2,749 6,710 Quarterly profit 3,868 11,848 Quarterly profit attributable to non-controlling interests 326 52 Quarterly profit attributable to owners of parent 3,541 11,795
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 7 Quarterly Consolidated Statements of Comprehensive Income Three Months Ended June 30, 2025 and 2026 (Millions of yen) Three Months Ended June 30, 2025 (April 1 through June 30, 2025) Three Months Ended June 30, 2026 (April 1 through June 30, 2026) Quarterly profit 3,868 11,848 Other comprehensive income Valuation difference on available-for-sale securities (316) 88,833 Deferred gains or losses on hedges (31) 80 Foreign currency translation adjustment (3,157) 1,566 Remeasurements of defined benefit plans (160) (369) Share of other comprehensive income of entities accounted for using equity method (18) 69 Total other comprehensive income (3,685) 90,180 Comprehensive income 182 102,028 Quarterly comprehensive income attributable to owners of parent 516 101,930 non-controlling interests (334) 98
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 8 (3) Notes to Quarterly Consolidated Financial Statements Notes on Accounting Treatment Specific to Preparation of Quarterly Consolidated Financial Statements Three Months Ended June 30, 2026 (April 1, 2026 through June 30, 2026) Calculation of Tax Expenses Tax expenses are calculated by reasonably estimating the effective tax rate after applying tax effect accounting to profit before income taxes for the consolidated fiscal year that includes the first quarter under review, and multiplying profit before income taxes for the first quarter by the estimated effective tax rate. Notes on Segment Information, etc. Segment information I. Previous First Quarter Consolidated Cumulative Period (April 1, 2025 through June 30, 2025) 1. Information on Net Sales and Income or Loss by Reportable Segments (Millions of yen) Reporting Segments Adjustment (Note 1) Amount recorded in quarterly consolidated statements of income (Note 2) Architectural Construction Civil Engineering Domestic Investment and Development Domestic Group Companies Overseas Group Companies Environment and Energy Total Net sales Net sales to external customers 75,076 25,331 1,960 11,881 16,741 347 131,339 － 131,339 Intersegment sales and transfers 288 1,645 536 932 － － 3,402 (3,402) － Total 75,364 26,976 2,497 12,813 16,741 347 134,742 (3,402) 131,339 Segment income or (loss) 4,121 347 (79) 205 226 (324) 4,496 (437) 4,059 Note 1. “Segment income or (loss)” adjustment of (¥437) million refers to the elimination of intersegment transactions. Note 2. “Segment income or (loss)” has been reconciled to operating income in the quarterly consolidated statements of income. 2. Information Regarding Impairment Losses on Fixed Assets or Goodwill, etc. by Reportable Segments There is no applicable information.
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 9 II. Current First Quarter Consolidated Cumulative Period (April 1, 2026 through June 30, 2026) 1. Information on Net Sales and Income or Loss by Reportable Segments (Millions of yen) Reporting Segments Adjustment (Note 1) Amount recorded in quarterly consolidated statements of income (Note 2) Architectural Construction Civil Engineering Domestic Investment and Development Domestic Group Companies Overseas Group Companies Environment and Energy Total Net sales Net sales to external customers 94,668 31,589 2,516 12,515 12,858 1,210 155,359 － 155,359 Intersegment sales and transfers 927 311 535 2,383 － － 4,157 (4,157) － Total 95,595 31,901 3,051 14,899 12,858 1,210 159,517 (4,157) 155,359 Segment income or (loss) 8,259 610 (595) 488 (329) (405) 8,027 (602) 7,425 Note 1. “Segment income or (loss)” adjustment of (¥602) million refers to the elimination of intersegment transactions. Note 2. “Segment income or (loss)” has been reconciled to operating income in the quarterly consolidated statements of income. 2. Information Regarding Impairment Losses on Fixed Assets or Goodwill, etc. by Reportable Segments There is no applicable information. Notes on Significant Changes in Shareholders’ Equity Not applicable. Notes to Going Concern Assumption Not applicable. Notes Regarding Quarterly Consolidated Statements of Cash Flows No quarterly consolidated statement of cash flows has been prepared for the current first quarter consolidated cumulative period. Depreciation (including amortization of intangible assets other than goodwill) and amortization of goodwill for the previous and current first quarter consolidated cumulative periods are as follows. Previous First Quarter Consolidated Cumulative Period Current First Quarter Consolidated Cumulative Period (April 1, 2025 through June 30, 2025) (April 1, 2026 through June 30, 2026) Depreciation ¥2,450 million ¥2,746 million Amortization of goodwill ¥202 million ¥81 million
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 10 3. (Reference) Non-consolidated Financial Statements (1) (Reference) Quarterly Non-consolidated Balance Sheet (Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 32,147 35,157 Notes receivable, accounts receivable from completed construction contracts and other 230,154 211,191 Securities 18,000 － Real estate for sale 37,023 50,588 Costs on construction contracts in progress 31,652 35,601 Other inventories 13,147 7,291 Other 36,248 39,115 Allowance for doubtful accounts (1,390) (1,230) Total current assets 396,982 377,714 Non-current assets Property, plant and equipment Buildings and structures, net 94,060 93,157 Machinery, vehicles, tools, furniture and fixtures, net 2,328 2,529 Land 72,898 73,205 Lease assets, net 657 649 Construction in progress 1,455 2,451 Total property, plant and equipment 171,399 171,994 Intangible assets 8,442 8,236 Investments and other assets Investment securities 261,116 390,813 Long-term loans receivable 32,220 31,835 Prepaid pension cost 4,261 4,441 Long-term non-operating lease investment assets 8,533 8,533 Other 4,109 4,043 Allowance for doubtful accounts (319) (316) Total investments and other assets 309,922 439,350 Total non-current assets 489,765 619,581 Total assets 886,748 997,296
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 11 (Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Notes payable, accounts payable for construction contracts and other 86,910 76,113 Short-term borrowings 45,778 38,190 Current portion of bonds payable 10,000 － Income taxes payable 4,684 5,948 Advances received on construction contracts in progress 70,555 62,867 Provision for bonuses 9,416 3,148 Provision for warranties for completed construction 5,966 6,082 Provision for loss on construction contracts 2,977 2,261 Deposits received 64,024 77,876 Other 19,573 25,501 Total current liabilities 319,886 297,990 Non-current liabilities Bonds payable 53,000 53,000 Long-term borrowings 105,800 106,234 Deferred tax liabilities 31,001 71,826 Deferred tax liabilities for land revaluation 4,857 4,840 Provision for retirement benefits 22,688 22,728 Provision for share awards for directors (and other officers) 1,281 1,389 Provision for loss on business of subsidiaries and associates 686 745 Asset retirement obligations 1,643 1,663 Other 7,053 7,162 Total non-current liabilities 228,013 269,589 Total liabilities 547,900 567,580 Net assets Shareholders’ equity Share capital 23,001 23,001 Capital surplus Legal capital surplus 25,573 25,573 Total capital surplus 25,573 25,573 Retained earnings Legal retained earnings 5,750 5,750 Other retained earnings General reserve 109,774 109,774 Retained earnings brought forward 89,274 91,403 Total retained earnings 204,800 206,928 Treasury shares (19,814) (19,814) Total shareholders’ equity 233,560 235,688 Valuation and translation adjustments Valuation difference on available-for-sale securities 96,821 185,519 Deferred gains or losses on hedges 705 785 Revaluation reserve for land 7,760 7,723 Total valuation and translation adjustments 105,287 194,027 Total net assets 338,847 429,716 Total liabilities and net assets 886,748 997,296
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 12 (2) (Reference) Quarterly Non-consolidated Statements of Income (Millions of yen) Three Months Ended June 30, 2025 (April 1 through June 30, 2025) Three Months Ended June 30, 2026 (April 1 through June 30, 2026) Net sales Net sales of completed construction contracts 100,384 126,256 Net sales in investment development business and other 2,051 2,606 Total net sales 102,435 128,862 Cost of sales Cost of sales of completed construction contracts 88,443 110,101 Cost of sales in investment development business and other 1,854 2,884 Total cost of sales 90,297 112,985 Gross profit Gross profit on completed construction contracts 11,940 16,155 Gross profit on investment development business and other 197 (278) Total gross profit 12,137 15,877 Selling, general and administrative expenses 9,218 9,175 Operating profit 2,918 6,701 Non-operating income 3,814 5,870 Non-operating expenses 612 698 Ordinary income 6,121 11,873 Extraordinary income 427 7,756 Extraordinary loss 79 67 Quarterly profit before income taxes 6,468 19,563 Income taxes 2,025 6,084 Quarterly profit 4,443 13,479
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 13 4. Supplementary Information (1) Summary of Consolidated Results and Forecast (Millions of yen) Full year FY2025 FY2026 Y -o-Y FY2025 FY2026 Y-o-Y Actual Actual Difference Rate of change (%) Actual Forecasts Difference Rate of change (%) Net sales 131,339 155,359 24,020 18. 3 645,737 753,000 107,262 16.6 Construction Business 100,407 126,258 25,850 25.7 482,400 567,000 84,599 17.5 Architectural Construction 75,076 94,668 19,592 26.1 360, 837 435,800 74,962 20.8 Civil Engineering 25,331 31,589 6,258 24.7 121,562 131,200 9,637 7.9 1,960 2,516 556 28.4 31,276 40,000 8,723 27.9 11,881 12,515 634 5.3 61,033 66,000 4,966 8.1 16,741 12,858 (3,882) (23.2) 67,699 73,000 5,300 7.8 347 1,210 862 247.7 3,327 7,000 3,672 110.4 Gross profit 16,257 19,566 3,309 20.4 92,221 93,000 778 0.8 Profit margin 12.4 % 12.6 % 14.3 % 12.4 % 12,198 12,141 (57) (0.5) 54,005 54,000 (5) (0.0) Operating profit 4,059 7,425 3,366 82.9 38,215 39,000 784 2.1 Non-operating income 2,137 3,385 1,247 58.4 5,768 1,000 (4,768) (82.7) Ordinary profit 6,196 10,810 4,614 74.5 43,984 40,000 (3,984) (9.1) Extraordinary income 420 7,747 7,326 - 6,290 15,000 8,709 138.5 6,617 18,558 11,940 180.4 50,274 55,000 4,725 9.4 Income taxes 2,749 6,710 3,960 144.1 12,747 19,400 6,652 52.2 3,868 11,848 7,979 206.3 37,527 35,600 (1,927) (5.1) 326 52 (273) (83.9) 545 600 54 9.9 3,541 11,795 8,253 233.0 36,981 35,000 (1,981) (5.4) Note: Net sales are based on business segment classifications, and internal transactions are eliminated. Profit before income taxes Three months ended June 30, 2026 Domestic Investment and Development Profit attributable to owners of parent Domestic Group Companies Environment and Energy SG&A expenses Profit attributable to non-controlling interests Overseas Group Companies Net profit
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 14 (2) Summary of Non-consolidated Results and Forecast (Millions of yen) Three months ended June 30, 2026 Full year FY2025 F Y2026 Y-o-Y FY2025 FY2026 Y-o-Y Actual Actual Difference Rate of change (%) Actual Forecasts Difference Rate of change (%) 110,323 109,846 (476) (0.4) 598, 058 720,000 121,941 20.4 108,272 107,240 (1,031) (1.0) 566,596 680,000 113,403 20.0 73,493 82,697 9,204 12.5 412,827 518,000 105,172 25.5 Domestic Civil Engineering 31,873 24,530 (7,342) (23.0) 149, 247 134,000 (15,247) (10.2) Overseas 2,905 12 (2,893) (99.6) 4,521 28,000 23,478 519.2 2,051 2,606 554 27.0 31,461 40,000 8,538 27.1 102,435 128,862 26,426 25.8 513,845 607,000 93,154 18.1 100,384 126,256 25,872 25.8 482,384 567,000 84,615 17.5 74,785 94,349 19,563 26.2 358,848 433,800 74,951 20.9 Domestic Civil Engineering 25,331 31,520 6,189 24.4 121, 473 128,300 6,826 5.6 Overseas 266 386 119 44.8 2,061 4,900 2,838 137.7 2,051 2,606 554 27.0 31,461 40,000 8,538 27.1 12,137 15,877 3,739 30.8 68,421 72,200 3,778 5.5 11.8 % 12.3 % 13.3 % 11.9 % 11,940 16,155 4,215 35.3 64,839 68,300 3,460 5.3 11.9% 12.8% 13.4% 12.0% 9,062 12,996 3,934 43.4 49,126 49,200 73 0.2 12.1% 13.8% 13.7% 11.3% 2,875 3,160 285 9.9 15,639 18,700 3,060 19.6 11.4% 10.0% 12.9% 14.6% 1 (2) (4) - 74 400 325 438.5 0.7% (0.6%) 3.6% 8.2% 197 (278) (475) - 3,581 3,900 318 8.9 9.6% (10.7%) 11.4% 9.8% 9,218 9,175 (43) (0.5) 41,999 41,500 (499) (1.2) 2,918 6,701 3,782 129.6 26,422 30,700 4,277 16.2 3,202 5,172 1,969 61.5 4,646 2,800 (1,846) (39.7) 6,121 11,873 5,752 94.0 31,068 33,500 2,431 7.8 347 7,689 7,341 - 7,747 14,900 7,152 92.3 6,468 19,563 13,094 202.4 38,815 48,400 9,584 24.7 2,025 6,084 4,059 200.4 7,919 14,900 6,980 88.1 4,443 13,479 9,035 203.3 30,896 33,500 2,603 8.4 - - - - 58.0 60.0 2.0 3.4 Non-operating income (expenses) Ordinary profit (loss) Extraordinary income (loss) Dividends per share (yen) Profit (loss) before income taxes Income taxes Net income Domestic Architectural Construction Selling, general and administrative expenses Operating profit (loss) Construction Business Domestic Architectural Construction Domestic Civil Engineering Overseas Investment and Development Note: The quarterly financial statements have been prepared in accordance with the Regulations Concerning Quarterly Financial Statements, etc., but are not subject to review in the statutory disclosure. Gross profit Gross profit margin Orders received Construction Business Investment and Development Net sales Construction Business Investment and Development Domestic Architectural Construction
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 15 (3) Orders Received, Net Sales and Balance Brought Forward (Non-consolidated) 1) Orders Received (Millions of yen) Three-month period Three-month period Previous fiscal year From April 1, 2025 From April 1, 2026 Change From April 1, 2025 to June 30, 2025 to June 30, 2026 to March 31, 2026 Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Domestic Public-Sector 11,563 10.5 3,885 3.5 (7,678) (66.4) 100,248 16.8 Domestic Private-Sector 61,929 56.1 78,812 71.7 16,883 27.3 312,578 52.3 Overseas 2,905 2.6 12 0.0 (2,893) (99.6) 3,139 0.5 Total 76,398 69.2 82,710 75.3 6,311 8.3 415,967 69.6 Domestic Public-Sector 15,341 13.9 19,041 17.3 3,700 24.1 96,020 16.1 Domestic Private-Sector 16,532 15.0 5,488 5.0 (11,043) (66.8) 53,226 8.9 Overseas - - - - - - 1,382 0.2 Total 31,873 28.9 24,530 22.3 (7,342) (23.0) 150,629 25.2 Domestic Public-Sector 26,905 24.4 22,926 20.9 (3,978) (14.8) 196,269 32.8 Domestic Private-Sector 78,461 71.1 84,301 76.7 5,839 7.4 365,804 61.2 Overseas 2,905 2.6 12 0.0 (2,893) (99.6) 4,521 0.8 Total 108,272 98.1 107,240 97.6 (1,031) (1.0) 566,596 94.7 2,030 1.8 2,543 2.3 513 25.3 31,352 5.2 20 0.0 62 0.1 41 197.8 108 0.0 110,323 100.0 109,846 100.0 (476) (0.4) 598,058 100.0 2) Net Sales (Millions of yen) Three-month period Three-month period Previous fiscal year From April 1, 2025 From April 1, 2026 Change From April 1, 2025 to June 30, 2025 to June 30, 2026 to March 31, 2026 Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Domestic Public-Sector 9,679 9.4 16,205 12.6 6,526 67.4 50,248 9.8 Domestic Private-Sector 65,106 63.6 78,144 60.6 13,037 20.0 308,600 60.1 Overseas 266 0.3 316 0.2 49 18.7 1,972 0.4 Total 75,052 73.3 94,666 73.5 19,613 26.1 360,821 70.2 Domestic Public-Sector 18,922 18.5 19,736 15.3 814 4.3 85,016 16.5 Domestic Private-Sector 6,408 6.3 11,784 9.1 5,375 83.9 36,456 7.1 Overseas - - 69 0.1 69 - 88 0.0 Total 25,331 24.7 31,589 24.5 6,258 24.7 121,562 23.7 Domestic Public-Sector 28,601 27.9 35,942 27.9 7,340 25.7 135,265 26.3 Domestic Private-Sector 71,515 69.8 89,928 69.8 18,412 25.7 345,057 67.2 Overseas 266 0.3 385 0.3 119 44.7 2,061 0.4 Total 100,384 98.0 126,256 98.0 25,872 25.8 482,384 93.9 2,030 2.0 2,543 2.0 513 25.3 31,352 6.1 20 0.0 62 0.0 41 197.8 108 0.0 102,435 100.0 128,862 100.0 26,426 25.8 513,845 100.0 3) Balance Brought Forward (Millions of yen) FY2025 Q1 FY2026 Q1 As of June 30, 2025 As of June 30, 2026 Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Amount Ratio (%) Domestic Public-Sector 121,766 12.2 157,561 14.9 35,795 29.4 169,882 15.8 Domestic Private-Sector 539,306 54.1 547,129 51.9 7,823 1.5 546,461 50.9 Overseas 3,745 0.4 1,970 0.2 (1,775) (47.4) 2,274 0.2 Total 664,818 66.7 706,661 67.0 41,843 6.3 718,618 66.9 Domestic Public-Sector 223,897 22.5 237,788 22.6 13,890 6.2 238,482 22.2 Domestic Private-Sector 108,336 10.9 108,687 10.3 350 0.3 114,982 10.7 Overseas - - 1,223 0.1 1,223 - 1,293 0.1 Total 332,233 33.3 347,699 33.0 15,465 4.7 354,758 33.1 Domestic Public-Sector 345,663 34.7 395,349 37.5 49,685 14.4 408,364 38.0 Domestic Private-Sector 647,642 65.0 655,817 62.2 8,174 1.3 661,443 61.6 Overseas 3,745 0.4 3,194 0.3 (551) (14.7) 3,568 0.3 Total 997,052 100.0 1,054,361 100.0 57,308 5.7 1,073,376 100.0 - - - - - - - - - - - - - - - - 997,052 100.0 1,054,361 100.0 57,308 5.7 1,073,376 100.0 As of March 31, 2026Change Architectural Construction Business segment/ Classification Total Environment and Energy Total Construction Business Environment and Energy Business segment/ Classification Total Business segment/ Classification Civil Engineering Architectural Construction Construction Business Domestic Investment and Development Total Civil Engineering Domestic Investment and Development Construction Business Domestic Investment and Development Environment and Energy Total Total Architectural Construction Civil Engineering
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 16 (TRANSLATION) Independent Auditor's Report on the Interim Review of Quarterly Consolidated Financial Statements August 7, 2026 The Board of Directors TODA CORPORATION Fujimi Audit Corporation Tokyo Office Takeshi Morinaga Designated Engagement Partner Certified Public Accountant Shinya Kawana Designated Engagement Partner Certified Public Accountant Auditor’s Conclusion We have reviewed the consolidated financial statements of TODA CORPORATION and its consolidated subsidiaries (the Group) included in the Attachments to the Quarterly Financial Results, namely, the quarterly consolidated balance sheet as of June 30, 2026, quarterly consolidated statement of income, quarterly consolidated statement of comprehensive income, and notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying quarterly consolidated financial statements are not prepared, in all material respects, in accordance with Article 4, Paragraph 1 of the Tokyo Stock Exchange, Inc.’s standards for the preparation of quarterly financial statements (the Standards) and accounting standards generally accepted in Japan applicable to interim consolidated financial statements, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards. Basis for Auditor’s Conclusion We conducted our review in accordance with review standards for interim financial statements generally accepted in Japan. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our review of the quarterly consolidated financial statements in Japan (including provisions applicable to the financial statement audits of public interest entities), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the evidence we have obtained provides a basis for our conclusion. Responsibilities of Management, the Corporate Auditor and the Board of Corporate Auditors for the Quarterly Consolidated Financial Statements Management is responsible for the preparation of these quarterly consolidated financial statements in accordance with Article 4, Paragraph 1 of the Standards and accounting standards generally accepted in Japan applicable to interim consolidated financial statements, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards, and for the internal controls as management determines are necessary to enable the preparation of quarterly consolidated financial statements that are free from material misstatement, whether due to fraud or error. In preparing the quarterly consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, including the disclosures related to matters of going concern as required by Article 4, Paragraph 1 of the Standards and accounting standards generally accepted in Japan applicable to interim consolidated financial statements, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards. The Corporate Auditor and the Board of Corporate Auditors are responsible for overseeing the execution of the Directors' duties in establishing and operating the Group’s financial reporting processes.
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TODA CORPORATION (1860) Consolidated Financial Results for the Three Months Ended June 30, 2026 17 Auditor’s Responsibilities for the Review of the Quarterly Consolidated Financial Statements Our responsibility is to express a conclusion on these quarterly consolidated financial statements based on our review. As part of a review in accordance with review standards for interim financial statements generally accepted in Japan, we exercise professional judgment and maintain professional skepticism throughout the review. We also: • Make inquiries, primarily of management and persons responsible for financial and accounting matters and apply analytical and other interim review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards generally accepted in Japan. • Conclude based on the evidence obtained whether anything has come to our attention that causes us to believe that the quarterly consolidated financial statements are not prepared in accordance with Article 4, Paragraph 1 of the Standards and accounting standards generally accepted in Japan applicable to interim consolidated financial statements, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards, should we determine that a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. Additionally, if we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s interim review report to the related disclosures in the quarterly consolidated financial statements or, if such disclosures are inadequate, to modify our conclusion. Our conclusions are based on the evidence obtained up to the date of our auditor’s interim review report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate whether anything has come to our attention that causes us to believe that the overall presentation and disclosure of the quarterly consolidated financial statements are not prepared in accordance with Article 4, Paragraph 1 of the Standards and accounting standards generally accepted in Japan applicable to interim consolidated financial statements, applying the provisions for reduced disclosures as set forth in Article 4, Paragraph 2 of the Standards. • Obtain evidence regarding the financial information of the entities or business activities within the Group to express a conclusion on the quarterly consolidated financial statements. We are responsible for the direction, supervision and review of the interim review. We remain solely responsible for our conclusion. We communicate with the Corporate Auditor and the Board of Corporate Auditors regarding the planned scope and timing of the review and significant review findings. We also provide the Corporate Auditor and the Board of Corporate Auditors with a statement that we have complied with the ethical requirements regarding independence that are relevant to our review of the quarterly consolidated financial statements in Japan, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied to reduce threats to an acceptable level. Interest Required to Be Disclosed by the Certified Public Accountants Act of Japan Our firm and its designated engagement partners do not have any interest in the Group which is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan. (Notes to the Readers of Independent Accountant’s Review Report) This is an English translation of the independent accountant’s review report as originally issued in Japanese for the convenience of readers.