Interim report
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Note: This document has been translated from a part of 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. January 30, 2026 CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll RRRRReeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee NNNNNiiiiinnnnneeeee MMMMMooooonnnnnttttthhhhhsssss EEEEEnnnnndddddeeeeeddddd DDDDDeeeeeccccceeeeemmmmmbbbbbeeeeerrrrr 3333311111,,,,, 22222000002222255555 (((((UUUUUnnnnndddddeeeeerrrrr JJJJJaaaaapppppaaaaannnnneeeeessssseeeee GGGGGAAAAAAAAAAPPPPP))))) Company name: NIPPON DENSETSU KOGYO CO., LTD. Listing: Tokyo Stock Exchange Securities code: 1950 URL: https://www.densetsuko.co.jp/ Representative: Kazushige Yasuda , President and Representative Director Inquiries: Minoru Ito , General Manager of Finance Department Telephone: +81-3-3822-8811 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.) 11111..... CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll rrrrreeeeesssssuuuuullllltttttsssss fffffooooorrrrr ttttthhhhheeeee nnnnniiiiinnnnneeeee mmmmmooooonnnnnttttthhhhhsssss eeeeennnnndddddeeeeeddddd DDDDDeeeeeccccceeeeemmmmmbbbbbeeeeerrrrr 3333311111,,,,, 22222000002222255555 (((((fffffrrrrrooooommmmm AAAAAppppprrrrriiiiilllll 11111,,,,, 22222000002222255555 tttttooooo DDDDDeeeeeccccceeeeemmmmmbbbbbeeeeerrrrr 3333311111,,,,, 22222000002222255555))))) (((((11111))))) CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd ooooopppppeeeeerrrrraaaaatttttiiiiinnnnnggggg rrrrreeeeesssssuuuuullllltttttsssss (((((cccccuuuuummmmmuuuuulllllaaaaatttttiiiiivvvvveeeee))))) (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 135,291 8.2 9,865 166.0 11,281 128.0 7,928 174.3 December 31, 2024 125,013 6.4 3,709 17.3 4,947 18.6 2,890 14.8 Note: Comprehensive income For the nine months ended December 31, 2025: ¥ 15,606 million [ 511.6%] For the nine months ended December 31, 2024: ¥ 2,551 million [ (55.5) %] Basic earnings per share Diluted earnings per share Nine months ended Yen Yen December 31, 2025 135.74 - December 31, 2024 49.02 - (((((22222))))) CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll pppppooooosssssiiiiitttttiiiiiooooonnnnn Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % December 31, 2025 300,782 218,981 68.1 March 31, 2025 296,388 209,649 66.0 Reference: Equity As of December 31, 2025: ¥ 204,859 million As of March 31, 2025: ¥ 195,716 million
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22222..... CCCCCaaaaassssshhhhh dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss 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 - - - 90.00 90.00March 31, 2025 Fiscal year ending - - -March 31, 2026 Fiscal year ending March 31, 2026 (Forecast) 115.00 115.00 Note: Revisions to the forecast of cash dividends most recently announced: Yes Note: Breakdown of the third quarter dividend for the fiscal year ending March 31, 2026 : Commemorative dividend - yen Special dividend - yen 33333..... CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd fffffiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll rrrrreeeeesssssuuuuulllllttttt fffffooooorrrrreeeeecccccaaaaassssstttttsssss fffffooooorrrrr ttttthhhhheeeee fffffiiiiissssscccccaaaaalllll yyyyyeeeeeaaaaarrrrr eeeeennnnndddddiiiiinnnnnggggg MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222266666 (((((fffffrrrrrooooommmmm AAAAAppppprrrrriiiiilllll 11111,,,,, 22222000002222255555 tttttooooo MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222266666))))) (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 228,370 5.3 22,270 24.2 24,060 24.0 16,790 27.3 287.46 Note: Revisions to the financial result forecast most recently announced: Yes ***** NNNNNooooottttteeeeesssss (1) Significant changes in the scope of consolidation during the period: None Newly included: - companies( ) Excluded: - companies( ) (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 61,537,219 shares As of March 31, 2025 61,537,219 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 3,164,987 shares As of March 31, 2025 2,865,085 shares (iii) Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 58,408,163 shares Nine months ended December 31, 2024 58,971,913 shares * Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: Yes(voluntary) * Proper use of earnings forecasts, and other special matters
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1 Quarterly Consolidated Financial Statements and Primary Notes Quarterly Consolidated Balance Sheet (Millions of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 14,979 13,594 Notes receivable, accounts receivable from completed construction contracts and other 135,948 117,022 Electronically recorded monetary claims - operating 852 1,339 Securities 12,187 9,796 Costs on construction contracts in progress 4,517 12,885 Other 9,326 14,896 Allowance for doubtful accounts (9) (8) Total current assets 177,804 169,525 Non-current assets Property, plant and equipment Buildings and structures, net 25,993 25,352 Land 29,201 29,978 Other, net 6,396 7,365 Total property, plant and equipment 61,592 62,696 Intangible assets 6,254 5,226 Investments and other assets Investment securities 41,318 54,110 Deferred tax assets 3,049 2,424 Other 6,371 6,801 Allowance for doubtful accounts (1) (1) Total investments and other assets 50,737 63,334 Total non-current assets 118,584 131,257 Total assets 296,388 300,782 Liabilities Current liabilities Notes payable, accounts payable for construction contracts and other 35,564 23,471 Electronically recorded obligations - operating 6,718 7,030 Short-term borrowings 4,100 18,200 Income taxes payable 7,034 1,494 Advances received on construction contracts in progress 3,963 5,103 Provision for warranties for completed construction 51 51 Provision for loss on construction contracts 514 365 Provision for bonuses 8,607 2,629 Provision for bonuses for directors (and other officers) 104 20 Other 6,498 3,969 Total current liabilities 73,157 62,336 Non-current liabilities Provision for retirement benefits for directors (and other officers) 105 101 Retirement benefit liability 9,326 10,091 Provision for share awards 157 193 Other 3,991 9,078 Total non-current liabilities 13,581 19,464 Total liabilities 86,739 81,800
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2 (Millions of yen) As of March 31, 2025 As of December 31, 2025 Net assets Shareholders' equity Share capital 8,494 8,494 Capital surplus 7,595 7,595 Retained earnings 168,859 171,368 Treasury shares (5,689) (6,329) Total shareholders' equity 179,259 181,128 Accumulated other comprehensive income Valuation difference on available-for-sale securities 12,720 20,577 Remeasurements of defined benefit plans 3,736 3,153 Total accumulated other comprehensive income 16,457 23,731 Non-controlling interests 13,933 14,122 Total net assets 209,649 218,981 Total liabilities and net assets 296,388 300,782
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3 Quarterly Consolidated Statements of Income and Comprehensive Income Quarterly Consolidated Statement of Income For the nine months ended December 31,2025 (Millions of yen) For the nine months ended December 31, 2024 For the nine months ended December 31, 2025 Net sales of completed construction contracts 125,013 135,291 Cost of sales of completed construction contracts 110,150 113,766 Gross profit on completed construction contracts 14,863 21,525 Selling, general and administrative expenses 11,154 11,659 Operating profit 3,709 9,865 Non-operating income Interest income 52 153 Dividend income 987 1,178 Other 286 196 Total non-operating income 1,327 1,528 Non-operating expenses Interest expenses 1 28 Share of loss of entities accounted for using equity method 86 81 Other 0 0 Total non-operating expenses 88 111 Ordinary profit 4,947 11,281 Extraordinary income Gain on sale of non-current assets 0 1 Gain on sale of investment securities 410 750 Gain on liquidation of investment securities - 19 Total extraordinary income 410 771 Extraordinary losses Loss on sale and retirement of non-current assets 431 112 Total extraordinary losses 431 112 Profit before income taxes 4,926 11,941 Income taxes 1,685 3,678 Profit 3,241 8,262 Profit attributable to non-controlling interests 350 334 Profit attributable to owners of parent 2,890 7,928
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4 Quarterly Consolidated Statement of Comprehensive Income For the nine months ended December 31,2025 (Millions of yen) For the nine months ended December 31, 2024 For the nine months ended December 31, 2025 Profit 3,241 8,262 Other comprehensive income Valuation difference on available-for-sale securities (317) 7,882 Remeasurements of defined benefit plans, net of tax (359) (583) Share of other comprehensive income of entities accounted for using equity method (12) 43 Total other comprehensive income (689) 7,343 Comprehensive income 2,551 15,606 Comprehensive income attributable to Comprehensive income attributable to owners of parent 2,222 15,202 Comprehensive income attributable to non-controlling interests 329 404