# INFRONEER Holdings Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, IFRS
> Unit: JPY millions
> Sources: 有価証券報告書－第5期(2025/04/01－2026/03/31) (S100YCIP)
> Page: https://vizora.meequs.com/en/company/infroneer-holdings
> Retrieved: 2026-09-30T20:34:07.927Z

## Company

INFRONEER Holdings, founded in 2021, is a company in Electric Power & Gas listed on TSE Prime. It has 13,837 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | INFRONEER Holdings Inc. |
| Ticker | 5076 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/5076.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区富士見二丁目10番2号 |
| Representative (per filing) | 代表執行役社長 岐部 一誠 |
| Founded | Oct 2021 |
| Share capital | ¥20B |
| Employees (consolidated) | 13,837 |
| Average salary (parent only) | ¥11.9M |
| Fiscal year end | March |
| Website | www.infroneer.com (https://www.infroneer.com/) |
| Corporate number | 3010001221541 |
| EDINET | E36723 |
| Industries (Vizora) | Electric Power & Gas, General Contractors, Construction & Farm Machinery |

> Profile source: annual securities report (S100YCIP, filed 2026-06-16). As of filing

## Five-axis industry profile

Primary industry: General Contractors (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 92.3 | 84 |
| Profitability | 47.3 | 92 |
| Cash conversion | 92.9 | 91 |
| Efficiency | 12.5 | 92 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- About 44% of INFRONEER Holdings's sales come from Building, with Road paving and Civil engineering making up much of the rest.
- Out of every ¥100 of sales, about ¥7 is left as operating profit.
- Revenue changed +32.7% from the prior year, operating profit +60.8%.

## Company structure

- Segment revenue mix: Building 44.2%、Road paving 25.1%、Civil engineering 23.6%、Machinery 3.5%、Infrastructure management 3.3%
- Revenue → net income: ¥1124878000000 → ¥78193000000
- Net income → operating cash flow: ¥78193000000 → ¥186292000000（difference ¥108099000000）
- Main uses of operating cash flow: CapEx ¥42994000000 / dividends ¥17738000000 / buybacks ¥1000000
- Change in cash: ¥241479000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥1.12T |  |
| Operating income | ¥75.8B | Margin 6.7% |
| Net income | ¥76.6B | Margin 6.8% |
| Free cash flow | ¥143.3B |  |
| Largest business | Building | of segment revenue 44.2% |
| Employees (consolidated) | 13,837 |  |
| EPS | ¥295.46 |  |
| Diluted EPS | ¥258.09 |  |
| Book value per share | ¥1045.57 |  |
| Equity ratio | 30.2% | Derived from disclosed figures |
| Shares outstanding | 274,845,000 |  |
| Treasury shares | 13,447,700 |  |
| Shareholders | 67,491 |  |
| Average salary (parent only) | ¥11.9M | Filing company only |
| Cash ratio | 17.8% | Cash ÷ revenue 32.1% |
| Vs. industry median margin | -0.1 pp | General Contractors |
| ROE | 13.6% | Derived from disclosed figures |
| ROA | 4.4% | Derived from disclosed figures |

## Notable figures

- FY2026, operating cash flow is 2.4× net income
- FY2026, parent-company salary changed +21% over five years

## What changed in 4 years

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥682912000000 | ¥1124878000000 | +64.7% |
| Operating income | ¥37489000000 | ¥75805000000 | +102.2% |
| Operating margin | 5.5% | 6.7% | +1.2 pp |
| Employees | 7,149 people | 13,837 people | +93.6% |
| Cash and equivalents | ¥77911000000 | ¥360981000000 | +363.3% |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 建築事業 → 建築事業 | 31.6% |
| 土木事業 → 土木事業 | 20.9% |
| 舗装事業 → 舗装事業 | 25.1% |
| 舗装事業 → 事業再編・廃止 | 9.0% |
| 機械事業 → 機械事業 | 3.5% |
| 機械事業 → 事業再編・廃止 | 1.7% |
| インフラ運営事業 → インフラ運営事業 | 2.7% |
| その他 → その他 | 0.3% |
| その他 → 事業再編・廃止 | 5.2% |
| 新設・再編 → 建築事業 | 12.6% |
| 新設・再編 → 土木事業 | 2.7% |
| 新設・再編 → インフラ運営事業 | 0.6% |

Segment revenue source references: 12 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Building | 4 years | +23.2% | ¥497727000000 | — | 2 |
| Road paving | 4 years | +4.9% | ¥282240000000 | — | 2 |
| Civil engineering | 4 years | +16.7% | ¥264954000000 | — | 2 |
| Machinery | 4 years | +2.8% | ¥39501000000 | — | 2 |
| Infrastructure management | 4 years | +19.0% | ¥37417000000 | — | 2 |
| Other | 4 years | -46.6% | ¥3035000000 | — | 2 |

## Income statement（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 1,124,878 | 100.0% | S100YCIP |
| Cost of revenue | 960,912 | 85.4% | S100YCIP |
| Gross profit | 163,966 | 14.6% | S100YCIP |
| SG&A | 94,164 | 8.4% | S100YCIP |
| Operating income | 75,805 | 6.7% | S100YCIP |
| Pretax income | 107,245 | 9.5% | S100YCIP |
| Income tax | 29,052 | 2.6% | S100YCIP |
| Net income | 78,193 | 7.0% | S100YCIP |
| Net income attributable to owners | 76,573 | 6.8% | S100YCIP |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 85 |
| SG&A | 8 |
| Other operating | 0 |
| Operating income | 7 |
| (Ref.) Net income | 7 |

### Margin funnel

Gross margin 14.6% → Operating margin 6.7% → Net margin 6.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +32.7%; Core profit growth: +60.8%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.86×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 847,548 | 1,124,878 | 277,330 | +32.7% |
| Gross profit | 115,514 | 163,966 | 48,452 | +41.9% |
| Operating income | 47,148 | 75,805 | 28,657 | +60.8% |
| Net income attributable to owners | 32,416 | 76,573 | 44,157 | +136.2% |
| Operating cash flow | 39,604 | 186,292 | 146,688 | +370.4% |
| Free cash flow | 1,749 | 143,298 | 141,549 | +8093.1% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2022 | 682,912 | 37,489 | 5.5% | 26,689 | -16,333 | -38,031 | S100RHQ8 |
| FY ending Mar 2023 | 711,810 | 44,415 | 6.2% | 33,487 | 102,764 | 62,927 | S100TQDB |
| FY ending Mar 2024 | 793,264 | 51,060 | 6.4% | 32,571 | 38,916 | -3,846 | S100W181 |
| FY ending Mar 2025 | 847,548 | 47,148 | 5.6% | 32,416 | 39,604 | 1,749 | S100YCIP |
| FY ending Mar 2026 | 1,124,878 | 75,805 | 6.7% | 76,573 | 186,292 | 143,298 | S100YCIP |

## People and productivity（FY ending Mar 2026, consolidated, IFRS）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥81.3M |
| Operating income per employee (consolidated) | ¥5.5M |
| Net income per employee (consolidated) | ¥5.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 7,149 | 7,652 | 8,037 | 8,076 | 13,837 |
| Average salary (parent company) | ¥9.8M | ¥9.7M | ¥11M | ¥11.1M | ¥11.9M |
| Average age (parent company) | 39.6 years | 40.4 years | 41.9 years | 42.8 years | 43.2 years |
| Average tenure (parent company) | 15.1 years | 14.8 years | 14.8 years | 14.2 years | 13.4 years |

Year over year: Employees (consolidated) +71.3% · Revenue (consolidated) +32.7%

## Segments（FY ending Mar 2026, consolidated, IFRS、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Building | 497,727 | 44.2% | — | — |
| Civil engineering | 264,954 | 23.6% | — | — |
| Road paving | 282,240 | 25.1% | — | — |
| Machinery | 39,501 | 3.5% | — | — |
| Infrastructure management | 37,417 | 3.3% | — | — |
| Other | 3,035 | 0.3% | — | — |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Building | 44.2% |
| Civil engineering | 23.6% |
| Road paving | 25.1% |
| Machinery | 3.5% |
| Infrastructure management | 3.3% |
| Other | 0.3% |

Segment → industry: Infrastructure management → Electric Power & Gas / Road paving → General Contractors / Civil engineering → General Contractors / Building → General Contractors / Machinery → Construction & Farm Machinery

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, IFRS）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 186,292 | 16.6% | S100YCIP |
| Capital expenditure | 42,994 | 3.8% | S100YCIP |
| Free cash flow | 143,298 | 12.7% | 算出 |
| Investing cash flow | -32,767 | -2.9% | S100YCIP |
| Financing cash flow | 86,677 | 7.7% | S100YCIP |
| Dividends paid | 17,738 | 1.6% | S100YCIP |
| Share buyback | 1 | 0.0% | S100YCIP |
| Change in cash | 241,479 | 21.5% | S100YCIP |
| Cash and equivalents | 360,981 | 32.1% | S100YCIP |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 77,911 | 91,938 | 113,421 | 119,502 | 360,981 | S100TQDB, S100W181, S100YCIP |
| Total assets | 974,782 | 978,063 | 1,410,557 | 1,450,738 | 2,023,100 | S100TQDB, S100W181, S100YCIP |
| Net assets | 363,153 | 374,088 | 419,173 | 542,854 | 645,230 | S100TQDB, S100W181, S100YCIP |
| Share capital | 20,000 | 20,000 | 20,000 | 20,000 | 20,000 | S100TQDB, S100W181, S100YCIP |
| Property, plant and equipment | 156,281 | 173,314 | 217,564 | 222,507 | 278,771 | S100TQDB, S100W181, S100YCIP |
| Intangible assets excluding goodwill | 168,724 | 159,113 | — | — | — | S100RHQ8 |
| Goodwill | 19,891 | 19,891 | 159,046 | 158,642 | 176,277 | S100TQDB, S100W181, S100YCIP |
| Investment securities | 120,123 | 100,429 | — | — | — | S100RHQ8 |
| Current assets | 473,163 | 468,024 | 551,036 | 600,859 | 1,036,540 | S100TQDB, S100W181, S100YCIP |
| Current liabilities | 299,236 | 298,273 | — | — | — | S100RHQ8 |
| Short-term borrowings | 84,492 | 36,688 | — | — | — | S100RHQ8 |
| Long-term borrowings | 52,851 | 54,886 | — | — | — | S100RHQ8 |
| Bonds | 45,000 | 48,000 | — | — | — | S100RHQ8 |
| Interest-bearing debt | 182,343 | 139,574 | — | — | — | 算出 |
| Total liabilities | 611,628 | 603,974 | 991,383 | 907,883 | 1,377,870 | S100TQDB, S100W181, S100YCIP |
| Non-controlling interests | 8,953 | 9,622 | — | — | — | S100RHQ8 |
| Equity attributable to owners of parent | 352,408 | 361,778 | 399,923 | 519,139 | 610,601 | S100TQDB, S100W181, S100YCIP |
| Retained earnings | 202,568 | 242,570 | 255,671 | 278,544 | 349,155 | S100TQDB, S100W181, S100YCIP |
| Treasury stock | -24,342 | -18,395 | -28,626 | -27,043 | -21,795 | S100TQDB, S100W181, S100YCIP |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 18% | S100YCIP |
| Property, plant and equipment | 14% | S100YCIP |
| Intangibles and goodwill | 9% | — |
| Other assets | 59% | S100YCIP |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 68% | S100YCIP |
| Equity | 32% | S100YCIP |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 974,782 | 978,063 | 1,410,557 | 1,450,738 | 2,023,100 |
| Equity | 363,153 | 374,088 | 419,173 | 542,854 | 645,230 |
| Interest-bearing debt | 182,343 | 139,574 | — | — | — |
| Cash | 77,911 | 91,938 | 113,421 | 119,502 | 360,981 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 24.8% | S100YCIP |
| Fixed assets ÷ total assets | 13.8% | S100YCIP |
| Goodwill ÷ parent equity | 28.9% | S100YCIP |

Goodwill over 4 years: 19,891 → 176,277 JPY; total investing cash flow: -384,144 JPY. This does not imply causation.

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 17.8% |
| Cash ÷ revenue | 32.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 245.8% |
| Cash vs. profit gap | 109,719 JPY mn (of net income 143.3%) |
| Shareholder returns / net income | 23.2% |
| Shareholder returns / FCF | 12.4% |
| Shareholder payments — dividends / net income | 23.2% |
| Shareholder payments — dividends / FCF | 12.4% |
| CapEx intensity (capex ÷ revenue) | 3.8% |
| Investing CF relative to operating CF | 17.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 3.9% | 0.70× | 2.7% | 2.77× | 7.6% | S100RHQ8, S100TQDB |
| 2023 | 4.7% | 0.73× | 3.4% | 2.73× | 9.4% | S100TQDB |
| 2024 | 4.1% | 0.66× | 2.7% | 3.14× | 8.6% | S100W181 |
| 2025 | 3.8% | 0.59× | 2.3% | 3.11× | 7.1% | S100YCIP |
| 2026 | 6.8% | 0.65× | 4.4% | 3.07× | 13.6% | S100YCIP |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 11.0% | 2026-03-31 |
| 光が丘興産株式会社 | Major shareholder | 9.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.6% | 2026-03-31 |
| インフロニア・ホールディングス社員持株会 | Major shareholder | 3.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（金銭信託課税口） | Major shareholder | 1.9% | 2026-03-31 |
| 住友不動産株式会社 | Major shareholder | 1.2% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴＢＡＮＫ ＡＮＤ ＴＲＵＳＴＣＯＭＰＡＮＹ ５０５２２３(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.2% | 2026-03-31 |
| 株式会社三井住友銀行 | Major shareholder | 1.1% | 2026-03-31 |
| 前田建設工業取引先持株会 | Major shareholder | 1.1% | 2026-03-31 |
| 共栄火災海上保険株式会社 | Major shareholder | 1.0% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 was ¥1.12T, up 32.7% from ¥847.5B.
- Profit grew much faster: operating income rose 60.8% to ¥75.8B and net income rose 136.2% to ¥76.6B.
- Operating cash flow jumped from ¥39.6B to ¥186.3B.

### Drivers

- Sumitomo Mitsui Construction became a subsidiary, so its results now count in the building and civil engineering segments.
- Large redevelopment projects progressed well in building, while civil engineering gained from approved design changes and shorter schedules.
- Selling its stake in affiliate Toyo Construction lifted profit in the other businesses.

### Risks

- If an acquired company underperforms, the group may have to write down goodwill.
- Higher interest rates or unstable markets could raise its funding costs.
- A lawsuit over a subsidiary's construction project is still pending, and the ruling could affect results.

Cited: Annual securities report: management discussion and analysis (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report: business risks (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第5期(2025/04/01－2026/03/31) | S100YCIP | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YCIP,, |
| 有価証券報告書－第4期(2024/04/01－2025/03/31) | S100W181 | 2025-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W181,, |
| 有価証券報告書－第3期(2023/04/01－2024/03/31) | S100TQDB | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQDB,, |
| 訂正有価証券報告書－第2期(2022/04/01－2023/03/31) | S100RHQ8 | 2023-07-31 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RHQ8,, |
| 有価証券報告書－第1期(令和3年10月1日－令和4年3月31日) | S100OBO5 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OBO5,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).