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To Our Stockholders and Investors Masafumi Kiryu President and Representative Director Kajima Corporation

We will respond appropriately to changes in the business landscape while making steady progress on our Medium-Term Business Plan and further enhancing our corporate value and market valuation.

I would like to begin by expressing my sincere appreciation to all Kajima’s stockholders and investors. Thank you for your unwavering support.

The outlook for the global economy remains clouded by instability in international affairs and other factors. Meanwhile, the domestic construction market continues to see robust demand, supported by strong public- and private-sector capital investment. Nevertheless, we must continue to address structural challenges to the construction industry’s long-term viability, including skilled labor shortages and rising construction costs.

In response to these circumstances, the Kajima Group has been advancing the measures outlined in its Medium-Term Business Plan (FY2024–2026). At the same time, we have been strengthening risk management in our core domestic construction business and improving profitability in our real estate development and overseas businesses, which we have positioned as growth areas. In FY2025, the second year of the plan, we achieved record sales and profit for the fifth consecutive year. We also enhanced stockholder returns by increasing dividends for the sixth consecutive year and conducting 20 billion yen in share buybacks.

Having entered the final year of the plan in FY2026, we have updated our financial strategy in light of recent profit growth, aiming to further enhance our corporate value and market valuation. We will seek to achieve our financial targets while taking a long-term perspective on investments in technology development and human capital, as well as other initiatives such as building a robust supply chain.

A new Medium-Term Business Plan will be launched in FY2027. Through detailed discussions and deliberations, we will formulate a plan designed to secure sustainable growth for the Kajima Group and deliver value to stockholders and all other stakeholders.

We sincerely appreciate your continued understanding and support as we move forward with our strategic initiatives.

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