Shobond Holdings Co., Ltd. (TSE: 1414), Japan's leading specialist in the repair and reinforcement of bridges, tunnels and other concrete infrastructure, reported nine-month FY6/2026 results (July 1, 2025–March 31, 2026) under Japanese GAAP. Cumulative revenue dipped 1.7% to ¥66.8 billion, but operating profit rose 1.8% to ¥16.6 billion, ordinary profit gained 2.8% to ¥17.0 billion and net profit attributable to owners increased 1.5% to ¥11.9 billion. EPS was ¥58.27 (adjusted for a 4-for-1 split effective January 1, 2026), up from ¥56.49.
A high-margin maintenance model
Shobond's specialised repair work commands unusually high margins — a nine-month operating margin near 25% — supported by Japan's structural need to maintain ageing infrastructure built during the high-growth era. Comprehensive income rose 13.0% to ¥12.8 billion. The balance sheet is fortress-like, with total assets of ¥124.9 billion, net assets of ¥105.4 billion and an equity ratio of 83.3%.
Dividend and stock split
Following a 4-for-1 stock split effective January 1, 2026, the company guides a post-split year-end dividend of ¥25.00 (equivalent to ¥100.00 before the split). It paid an ¥82.00 interim dividend during the year.
Full-year outlook
For full-year FY6/2026 Shobond guides revenue of ¥91.0 billion (+0.3%), operating profit of ¥21.0 billion (+1.0%), ordinary profit of ¥21.5 billion (+1.7%) and net profit of ¥15.3 billion (+1.6%), for EPS of ¥75.40 (¥301.60 before the split) — pointing to another record year.
| Metric | 9M FY6/26 | 9M FY6/25 | YoY |
|---|---|---|---|
| Revenue (¥bn) | 66.8 | 67.9 | −1.7% |
| Operating profit (¥bn) | 16.6 | 16.3 | +1.8% |
| Ordinary profit (¥bn) | 17.0 | 16.5 | +2.8% |
| Net profit attrib. (¥bn) | 11.9 | 11.7 | +1.5% |
| EPS (¥, split-adj.) | 58.27 | 56.49 | +3.2% |
| Equity ratio | 83.3% | 81.4% | +1.9pp |
| FY6/26 OP guidance (¥bn) | 21.0 | 20.8 | +1.0% |
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.