Board Change • May 20
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • May 13
Full year 2026 earnings released: EPS: JP¥236 (vs JP¥205 in FY 2025) Full year 2026 results: EPS: JP¥236 (up from JP¥205 in FY 2025). Revenue: JP¥97.0b (up 4.1% from FY 2025). Net income: JP¥5.97b (up 15% from FY 2025). Profit margin: 6.2% (up from 5.6% in FY 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Board Change • May 01
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥33.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 08 June 2026. Payout ratio is a comfortable 28% and the cash payout ratio is 90%. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.4%). Board Change • Feb 25
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Feb 05
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Board Change • Dec 25
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Announcement • Jun 04
Meiko Construction Co.,Ltd., Annual General Meeting, Jun 27, 2025 Meiko Construction Co.,Ltd., Annual General Meeting, Jun 27, 2025, at 10:00 Tokyo Standard Time. Location: 1-1-1 biwajima station east, aichi prefecture, meiko construction co.ltd., 5th floor conference room, kiyosu Japan Board Change • May 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • May 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 2.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.6% per year over the past 5 years. Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • May 09
Full year 2025 earnings released: EPS: JP¥205 (vs JP¥160 in FY 2024) Full year 2025 results: EPS: JP¥205 (up from JP¥160 in FY 2024). Revenue: JP¥93.2b (up 8.1% from FY 2024). Net income: JP¥5.18b (up 29% from FY 2024). Profit margin: 5.6% (up from 4.7% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Board Change • May 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 11% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Japanese dividend payers (3.7%). Lower than average of industry peers (3.3%). Board Change • Mar 06
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 19
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Outside Director Koichi Maekawa was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 01
Second quarter 2025 earnings released: EPS: JP¥62.75 (vs JP¥33.40 in 2Q 2024) Second quarter 2025 results: EPS: JP¥62.75 (up from JP¥33.40 in 2Q 2024). Revenue: JP¥21.9b (up 5.0% from 2Q 2024). Net income: JP¥1.58b (up 88% from 2Q 2024). Profit margin: 7.2% (up from 4.0% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥18.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 27 November 2024. Payout ratio is a comfortable 24% but the company is not cash flow positive. Trailing yield: 3.2%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (3.3%). Reported Earnings • Aug 03
First quarter 2025 earnings released: EPS: JP¥18.58 (vs JP¥28.21 in 1Q 2024) First quarter 2025 results: EPS: JP¥18.58 (down from JP¥28.21 in 1Q 2024). Revenue: JP¥18.4b (down 4.0% from 1Q 2024). Net income: JP¥469.0m (down 34% from 1Q 2024). Profit margin: 2.6% (down from 3.7% in 1Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Jun 13
Meiko Construction Co.,Ltd., Annual General Meeting, Jun 25, 2024 Meiko Construction Co.,Ltd., Annual General Meeting, Jun 25, 2024, at 10:00 Tokyo Standard Time. Location: 1-1 higashi 1-chome, hiwajima ekimae, aichi prefecture meiko construction co., ltd, 5th floor conference room, kiyosu Japan Reported Earnings • May 15
Full year 2024 earnings released: EPS: JP¥160 (vs JP¥184 in FY 2023) Full year 2024 results: EPS: JP¥160 (down from JP¥184 in FY 2023). Revenue: JP¥86.2b (up 2.4% from FY 2023). Net income: JP¥4.03b (down 14% from FY 2023). Profit margin: 4.7% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. 
