beABLE Lifts Operating Profit 50% on Fukushima Daiichi Decommissioning Work and Guides a Further 40% Rise

Decommissioning work carried a 50% profit rise

beABLE Co., Ltd. (TSE: 604A), a contractor whose main business is decommissioning work at the Fukushima Daiichi nuclear power station, alongside plant construction and maintenance and renewable-energy work, published non-consolidated results for the fiscal year from August 1, 2025 to July 31, 2026 on September 14, 2026 under Japanese GAAP. Net sales rose 10.3% to ¥9,908 million, operating profit 50.4% to ¥1,009 million, ordinary profit 55.6% to ¥1,022 million and net profit 54.6% to ¥735 million.

The company listed on the Standard Market of the Tokyo Stock Exchange on July 29, 2026, two days before the year closed, so these are its first annual results as a listed company; the filing nonetheless prints full prior-year comparatives. Earnings per share were ¥97.99 against ¥65.83, both adjusted for a five-for-one stock split effective March 4, 2026, and return on equity rose to 11.6% from 9.8%.

A wider gross margin and flat overheads

Gross profit rose 15.4% to ¥2,466 million, faster than sales, taking the gross margin to 24.9% from 23.8%. Within it, gross profit on completed construction work rose 18.2% to ¥2,335 million, while gross profit on other sales fell 18.4% to ¥131 million. Selling, general and administrative expenses edged down 0.6% to ¥1,456 million, so operating profit rose by ¥338 million — slightly more than the ¥329 million gain in gross profit — and the operating margin reached 10.2% against 7.5%.

Below operating profit, non-operating income rose to ¥105 million from ¥48 million, including ¥30 million of insurance proceeds and a ¥17 million valuation gain on interest-rate swaps. Non-operating expenses rose to ¥93 million from ¥62 million, as interest expense climbed to ¥58 million from ¥34 million and ¥21 million of listing-related costs were booked. Extraordinary losses of ¥11 million, mostly on the disposal of fixed assets, left pre-tax profit at ¥1,010 million.

Construction supplied the growth; the other two segments lost money

The Construction segment, which covers decommissioning and other nuclear work as well as equipment installation at thermal power and other plants, grew revenue 9.8% to ¥8,619 million and segment profit 40.0% to ¥1,601 million, an 18.6% segment margin. The company cites steady progress on decommissioning work at Fukushima Daiichi and a run of large contracts for waste-treatment work tied to the decommissioning. It also won its first contract to repair treated-water tanks at the site, and outside Fukushima Daiichi it points to inspection and maintenance work for the first scheduled inspection of Unit 2 at the Shimane nuclear power station since its restart.

Renewable Energy revenue rose 7.3% to ¥998 million on growth in wind-power maintenance, but the segment swung to a loss of ¥14 million from a profit of ¥1 million: an electricity retail business launched this year had few customers at the start, and its running costs exceeded its revenue. Other — day-service, care-management and home-visit nursing services, plus a food and beverage business — grew revenue 45.0% to ¥291 million and narrowed its loss to ¥96 million from ¥98 million. Corporate costs not allocated to segments rose to ¥479 million from ¥374 million.

The listing and new borrowing funded a year of investment

Total assets rose 26.9% to ¥12,156 million and net assets 48.7% to ¥7,575 million, lifting the equity ratio to 62.3% from 53.2%. The listing was carried out largely through a public offering of treasury shares, which added ¥1,334 million to capital surplus and cut treasury stock by ¥406 million, while retained earnings rose by ¥720 million. On the asset side, construction in progress grew by ¥680 million to ¥1,466 million, land by ¥310 million and investments in affiliated companies by ¥457 million. The company attributes the capital spending to building an R&D centre, buying a site for a new factory in Futtsu, Chiba and adding specialised vehicles for decommissioning work, and the affiliate investment to a stake in a company set up to build a biomass power plant.

Operating cash flow turned positive at ¥946 million from an outflow of ¥305 million. Investing cash flow was −¥2,511 million, including ¥1,868 million spent on property, plant and equipment and ¥457 million paid into affiliates. Financing cash flow was +¥2,246 million, mainly ¥1,740 million from the disposal of treasury shares and ¥1,476 million of new long-term borrowing, less a ¥600 million net repayment that cleared short-term borrowings. Long-term borrowings rose by ¥1,118 million to ¥2,539 million, and cash ended the year at ¥1,879 million, up ¥682 million.

Another 40% profit rise guided, and a ¥20.00 dividend

For FY7/2027, beABLE forecasts net sales of ¥11,849 million (+19.6%), operating profit of ¥1,418 million (+40.5%), ordinary profit of ¥1,388 million (+35.8%) and net profit of ¥956 million (+30.0%). Forecast earnings per share of ¥92.23, below this year's ¥97.99, take into account new shares issued on August 31, 2026. The outlook section gives no drivers; elsewhere the filing says that under a decarbonisation partnership with the city of Iwaki the company will expand supply of electricity from biomass generation, aiming to bring the retail power business into profit early.

Those new shares were a third-party allotment to Mizuho Securities linked to the over-allotment in the listing: 491,600 shares at ¥644 each, ¥316 million in total, paid on August 31, 2026 and earmarked for the R&D centre in Futaba District, Fukushima, the Futtsu factory and debt repayment. For FY7/2026 the company pays a year-end dividend of ¥20.00 per share, against nothing for FY7/2025, a payout ratio of 20.4% and ¥197 million in total, and it plans ¥20.00 again for FY7/2027, a 21.7% payout ratio.

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.