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Overview

Construction

Kumagai Gumi Co.,Ltd.

Kumagai Gumi is a major Japanese general contractor engaged primarily in civil engineering and building construction, with roots dating back to 1898. The company operates through its core construction business alongside consolidated subsidiaries including Gaiart Co., Ltd. (road construction), Technos Co., Ltd. (construction materials manufacturing and sales), and Fatec Co., Ltd. (construction technology products). Supporting operations include insurance and administrative services provided by Technical Support Co., Ltd.

Activists: Oasis Management Company Ltd. 1.49%

Market Cap

¥206B

US$1.31B

¥151B

US$962M

Stock¥1,211▲+0.50%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

5.0

LTM EV/EBIT

5.4

LTM PER

10.1

LTM PBR

1.1

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-36.5%pt

Oct 23, 25 – Oct 23, 26StockTOPIX

1Nov 14, 25FY2025 interim earnings announcement

2Mar 4, 26FY2026 earnings release & guidance revision

3Mar 9, 26Post-earnings profit taking

4May 1, 26Oasis Management Company Ltd. changed stake (10.21%→1.49%)

5Aug 10, 26Q1 FY2027/03 earnings announced

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

76%

24%

EquityD/E 0.32xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 57.0%

as of 2026-03-31 · Source: Annual Securities Report

Sumitomo Forestry Co.,Ltd.

15.19%

The Master Trust Bank of Japan, Ltd. (Trust Account)

10.13%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

8.09%

Custody Bank of Japan, Ltd. (Trust Account)

8.06%

Kumagai Gumi Co.,Ltd. Business Partners' Stock Ownership Association

5.70%

NOMURA PB NOMINEES LIMITED OMNIBUS-MARGIN (CASHPB; Standing Proxy: Nomura Securities Co., Ltd.)

2.60%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

2.13%

BNP PARIBAS LONDON BRANCH FOR PRIME BROKERAGE CLEARANCE ACC FOR THIRD PARTY (Standing Proxy: The Hongkong and Shanghai Banking Corporation Limited)

1.93%

UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT (Standing Proxy: Citibank, N.A.)

1.84%

JPMSPLC CLIENT ASSETS CL JPY (Standing Proxy: Citibank, N.A.)

1.37%

Management

11 officers

Makoto UEDA

Director, Representative Director, President and Executive Officer

Apr 1984 Joined the Company Apr 2014 Executive Officer Apr 2014 Deputy Branch Manager, Metropolitan Area Branch Apr 2014 General Manager, Building Business Division, Metropolitan Area Branch Jun 2015 Head of Project Countermeasures Office Apr 2017 Managing Executive Officer Apr 2017 Branch Manager, Metropolitan Area Branch Apr 2020 Senior Managing Executive Officer Apr 2021 General Manager, Building Division Jun 2021 Director Apr 2024 Representative Director, President (current) Apr 2024 Executive Officer, President (current)

1961-12-23

Hiroyasu TANIGUCHI

Director, Senior Managing Executive Officer, General Manager of Administration Division, in charge of Compliance and Crisis Management

Apr 1986 Joined the Company Apr 2020 Deputy General Manager, Administration Division Apr 2020 General Manager, Human Resources and General Affairs Department, Administration Division Apr 2021 Executive Officer Apr 2023 Managing Executive Officer Apr 2023 General Manager, Administration Division (current) Apr 2024 Senior Managing Executive Officer (current) Apr 2024 In charge of Compliance (current) Apr 2024 In charge of Crisis Management (current) Jun 2024 Director (current)

1963-02-10

Tetsuo ONO

Director, Senior Managing Executive Officer, General Manager of Civil Engineering Division, in charge of Safety and Quality and Environment

Apr 1986 Joined the Company Apr 2020 Deputy General Manager, Civil Engineering Division Apr 2021 Executive Officer Apr 2023 Managing Executive Officer Apr 2023 Branch Manager, Nagoya Branch Apr 2024 Senior Managing Executive Officer (current) Apr 2024 General Manager, Civil Engineering Division (current) Jun 2024 Director (current) Apr 2026 In charge of Safety (current) Apr 2026 In charge of Quality and Environment (current)

1963-06-28

Taiji ITO

Director, Senior Managing Executive Officer, General Manager of Building Division, in charge of Collaboration with Sumitomo Forestry Co., Ltd.

Apr 1986 Joined the Company Apr 2021 Executive Officer Apr 2021 Deputy General Manager, Building Division Apr 2021 General Manager, Sales Division, Building Division Apr 2021 Chief General Manager, Sales Promotion Department, Sales Division, Building Division Apr 2023 Managing Executive Officer Apr 2023 Branch Manager, Chugoku-Shikoku Branch Apr 2024 Senior Managing Executive Officer (current) Apr 2024 General Manager, Building Division (current) Jun 2024 Director (current) Apr 2026 In charge of Collaboration with Sumitomo Forestry Co., Ltd. (current)

1964-02-04

Masaya NARA

Outside Director

Sep 1990 Joined Yasuda Trust & Banking Co., Ltd. (now Mizuho Trust & Banking Co., Ltd.) Apr 2009 Executive Officer, General Manager of Investment Planning Department, Mizuho Trust & Banking Co., Ltd. Jun 2011 Full-time Audit & Supervisory Board Member, Mizuho Trust & Banking Co., Ltd. Apr 2014 Senior Managing Director, Mizuho Real Estate Sales Co., Ltd. Jan 2017 Registered as attorney-at-law Jan 2017 Joined Torikai Sogo Law Office Mar 2019 Outside Audit & Supervisory Board Member, Tamron Co., Ltd. Jan 2020 Partner, Torikai Sogo Law Office (current) Jun 2021 Outside Audit & Supervisory Board Member, Riso Kagaku Corporation (current) Jun 2022 Outside Director, the Company (current) Mar 2024 Outside Director (Audit and Supervisory Committee Member), Tamron Co., Ltd.

1958-12-13

Kazunori SHIMADA

Director (Full-time Audit and Supervisory Committee Member)

Apr 1990 Joined the Company Apr 2020 General Manager, Administration Department, Metropolitan Area Branch Apr 2022 Deputy Manager, Metropolitan Area Branch Apr 2023 Deputy General Manager, Administration Division Apr 2023 General Manager, Accounting Department, Administration Division Jun 2026 Director (Full-time Audit and Supervisory Committee Member) (current)

1968-01-13

Miho UEDA

Outside Director (Audit and Supervisory Committee Member)

Apr 1999 Registered as attorney-at-law Apr 2005 Lecturer in Law, Graduate School of Law, Rikkyo University Apr 2017 Partner, Sunrise Law Office (current) Jun 2018 Outside Director, Traders Holdings Co., Ltd. Jun 2021 Outside Director, Legal Corporation Co., Ltd. Jun 2021 Director, Japan Handball Association (public interest incorporated foundation) Dec 2022 Outside Director (Audit and Supervisory Committee Member), Marion Co., Ltd. Jun 2023 Audit & Supervisory Board Member, the Company Jun 2024 Outside Audit & Supervisory Board Member, Jecos Corporation Jun 2025 Outside Director (Audit and Supervisory Committee Member), the Company (current) Jun 2026 Outside Director (Audit and Supervisory Committee Member), Jecos Corporation (current)

1972-01-19

Ken SATO

Director

Apr 1978 Joined Sumitomo Forestry Co., Ltd. Oct 2008 General Manager, Housing Management Department, Housing Business Division, Sumitomo Forestry Co., Ltd. Apr 2011 General Manager, Human Resources Department, Sumitomo Forestry Co., Ltd. Jun 2011 Executive Officer (Director of the Board of Officers), Sumitomo Forestry Co., Ltd. Apr 2012 General Manager, General Affairs Department, Sumitomo Forestry Co., Ltd. Jun 2012 Executive Officer, Sumitomo Forestry Co., Ltd. Apr 2013 Managing Executive Officer, Sumitomo Forestry Co., Ltd. Jun 2013 Director, Sumitomo Forestry Co., Ltd. Apr 2016 Senior Managing Executive Officer, Sumitomo Forestry Co., Ltd. Apr 2018 Representative Director, Sumitomo Forestry Co., Ltd. Apr 2018 Executive Vice President, Sumitomo Forestry Co., Ltd. Jun 2018 Audit & Supervisory Board Member, the Company Jun 2022 Director, the Company (current) Mar 2024 Special Adviser, Sumitomo Forestry Co., Ltd. (current)

1955-12-14

Kaoru INO

Outside Director

Apr 1981 Joined Dainippon Ink and Chemicals, Inc. (now DIC Corporation) Apr 2008 General Manager, Finance Department, DIC Corporation Apr 2011 General Manager, Materials and Logistics Department, DIC Corporation Apr 2012 Executive Officer, General Manager, Corporate Planning Department, DIC Corporation Jan 2014 Executive Officer, in charge of Corporate Strategy, General Manager, Corporate Planning Department, DIC Corporation Jan 2016 Managing Executive Officer, in charge of Corporate Strategy and DIC Kawamura Memorial Museum of Art, DIC Corporation Mar 2016 Director, Managing Executive Officer, in charge of Corporate Strategy and DIC Kawamura Memorial Museum of Art, DIC Corporation Jan 2018 President and Representative Executive Officer, DIC Corporation Jan 2024 Chairman and Representative Director, DIC Corporation Jan 2025 Chairman and Director, DIC Corporation Jan 2026 Director, DIC Corporation Mar 2026 Adviser, DIC Corporation (current) Jun 2026 Outside Director, the Company (current)

1957-09-15

Erisa WATANABE

Outside Director

Apr 1987 Joined Zeon Corporation Apr 2013 General Manager, Materials Purchasing Department, General Production Center, Zeon Corporation Jun 2018 Executive Officer, General Manager, CSR Division, Zeon Corporation Jun 2022 Director and Executive Officer, General Manager, Corporate Sustainability Promotion Division and Corporate Sustainability Division, Zeon Corporation Jun 2025 Adviser, Zeon Corporation (current) Apr 2026 Deputy Head, Zeon Academy Establishment Preparation Office, Human Resources Division, Zeon Corporation (current) Jun 2026 Outside Director, the Company (current)

1965-02-25

Hiroshi TAWARA

Outside Director (Audit and Supervisory Committee Member)

Apr 1988 Joined Nissan Motor Co., Ltd. Oct 1990 Joined Asahi Shinwa Certified Public Accountants (now Azsa LLC) Mar 1994 Registered as Certified Public Accountant May 2003 Partner, Azsa LLC Jul 2025 Established Tawara CPA Office (current) Jun 2026 Audit & Supervisory Board Member, Railway Technical Research Institute (public interest incorporated foundation) (current) Jun 2026 Outside Director (Audit and Supervisory Committee Member), the Company (current)

1963-06-24

Large Shareholding Reports

JPMorgan Securities Japan Co., Ltd.

2026-10-20

4.44%→2.07%

JPMorgan Securities Japan Co., Ltd.

2026-10-05

4.44%

Capital Research and Management Company

2026-09-25

6.22%→4.84%

Amova Asset Management Co., Ltd.

2026-09-24

6.80%→5.68%

Capital Research and Management Company

2026-09-07

8.22%→6.22%

Asset Management One Co., Ltd.

2026-08-07

6.34%→5.54%

Kumagai Gumi Business Partners Shareholding Association (Chairman: Naosuke NIIZUMA)

2026-07-01

5.09%→0.00%

Kumagai Gumi Business Partners Shareholding Association (Chairman: Atsushi KATAYAMA)

2026-07-01

5.61%

Capital Research and Management Company

2026-05-22

7.15%→8.22%

Oasis Management Company Ltd.

2026-05-01

10.21%→1.49%

Capital Research and Management Company

2026-03-23

5.29%→7.15%

Amova Asset Management Co., Ltd.

2026-03-05

7.33%→6.80%

Capital Research and Management Company

2026-02-20

5.29%

Asset Management One Co., Ltd.

2026-02-06

5.03%→6.34%

Sumitomo Forestry Co., Ltd.

2026-01-26

20.00%→15.86%

Annual report (as of 2026-03-31): 15.19%

Amova Asset Management Co., Ltd.

2025-09-19

7.25%→7.33%

Nikko Asset Management Co., Ltd.

2025-09-04

7.09%→7.25%

Oasis Management Company Ltd.

2024-03-18

7.07%→10.21%

Oasis Management Company Ltd.

2023-05-29

7.07%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-10-20

Large Shareholding Report

Kumagai Gumi Co.,Ltd.

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Kumagai Gumi Co.,Ltd.

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