Nippon Sanso Holdings Corporation · TSE:4091

Nippon Sanso — Q3 2026 Earnings Presentation

43 slides from Nippon Sanso's earnings presentation, Feb 5, 2026

  1. Slide 1: Q3 FYE2026 Consolidated Financial Results

    Q3 FYE2026 Consolidated Financial Results Earnings Announcement (Fiscal year ended March, 2026) NIPPON SANSO Holdings February 4, 2026

  2. Slide 2: Contents

    1. Business overview Contents 2. Q3 FYE2026 Business performance -1. Q3 performance -2. Nine months performance 3. FYE2026 Full-term Forecast Appendix 2 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

  3. Slide 3: Important Notice

    Important Notice For the purpose of this notice, “presentation” means this document, any oral presentation, any question and answer session and any written or oral material discussed or distributed by NIPPON SANSO Holdings Corporation (“NSHD”) regarding this presentation. This presentation (includin

  4. Slide 4: Notes

    Notes ● Analysis of Operating Results (Reasons for change in Revenue and Segment Operating Income) In the supplementary materials to the financial statements of NSHD, starting from the fiscal year ending March 31, 2022, NSHD will describe the status of the business results of NSHD group on a quarter

  5. Slide 5: 1. Business Overview

    1. Business Overview 5 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

  6. Slide 6: Review of Q3

    1. Business Overview Review of Q3 Business Overview - Overall volumes declined slightly - Electronics market showing recovery, supported by rising semiconductor demand for generative AI and data-center applications - Continued strong profitability through disciplined pricing and productivity measure

  7. Slide 7: Key CAPEX for our sustainable growth FYE2026 ¥150.0 bn

    1. Business Overview Key CAPEX for our sustainable growth Significant investment opportunities; diversified capital portfolio; aligned with our NS Vision 2026. 3% 1% “Others" include projects which are not assignable because the facilities relate to a wide range of customers and no one specific mark

  8. Slide 8: 2. Q3 FYE2026 Business performance - Q3 performance

    2. Q3 FYE2026 Business performance -1. Q3 performance 8 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

  9. Slide 9: Consolidated results

    2. Q3 FYE2026 Business performance -1. Q3 performance Consolidated results ・Revenue increased 5.7% due to foreign currency, price management and acquisitions; core operating income increased 12.3% year-on-year ・Core operating income increased in all industrial gas segments despite soft volumes ・Effo

  10. Slide 10: Japan

    2. Q3 FYE2026 Business performance -1. Q3 performance Japan YoY FYE2025 FYE2026 % Change （Unit: ￥ bn.） Q3 Q3 Difference % Change exc. FX (Oct.- Dec.) (Oct.- Dec.) Revenue 100.8 100.6 -0.2 -0.2% -0.3% Segment income 12.2 12.6 +0.4 +3.4% +3.1% Segment OI margin 12.2% 12.6% EBITDA margin 16.7% 17.4% Yo

  11. Slide 11: United States

    2. Q3 FYE2026 Business performance -1. Q3 performance United States YoY FYE2025 FYE2026 % Change （Unit: ￥ bn.） Q3 Q3 Difference % Change exc. FX (Oct.- Dec.) (Oct.- Dec.) Revenue 90.5 92.6 +2.1 +2.3% +1.3% Segment income 13.5 13.9 +0.4 +2.6% +2.1% Segment OI margin 15.0% 15.1% EBITDA margin 27.2% 28

  12. Slide 12: Europe

    2. Q3 FYE2026 Business performance -1. Q3 performance Europe YoY FYE2025 FYE2026 % Change （Unit: ￥ bn.） Q3 Q3 Difference % Change exc. FX (Oct.- Dec.) (Oct.- Dec.) Revenue 83.3 90.2 +6.9 +8.3% -2.3% Segment income 15.4 18.5 +3.1 +20.4% +8.6% Segment OI margin 18.5% 20.6% EBITDA margin 30.7% 33.5% Yo

  13. Slide 13: Asia & Oceania

    2. Q3 FYE2026 Business performance -1. Q3 performance Asia & Oceania YoY FYE2025 FYE2026 % Change （Unit: ￥ bn.） Q3 Q3 Difference % Change exc. FX (Oct.- Dec.) (Oct.- Dec.) Revenue 45.2 55.5 +10.3 +22.7% +18.1% Segment income 4.0 5.9 +1.9 +47.2% +40.5% Segment OI margin 8.9% 10.7% EBITDA margin 15.5%

  14. Slide 14: Thermos

    2. Q3 FYE2026 Business performance -1. Q3 performance Thermos YoY FYE2025 FYE2026 % Change （Unit: ￥ bn.） Q3 Q3 Difference % Change exc. FX (Oct.- Dec.) (Oct.- Dec.) Revenue 8.0 7.6 -0.4 -5.1% -5.2% Segment income 1.6 1.3 -0.3 -17.6% -19.2% Segment OI margin 20.3% 17.6% EBITDA margin 25.6% 23.2% YoY

  15. Slide 15: 2. Q3 FYE2026 Business performance - Nine months performance

    2. Q3 FYE2026 Business performance -2. Nine months performance 15 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

  16. Slide 16: Consolidated results

    2. Q3 FYE2026 Business performance -2. Nine months performance Consolidated results ・Revenue increased 2.7% mainly due to price management and acquisitions; core operating income increased 4.6% year-on-year ・Core operating income increased in all regions except for the United States; focusing on pri

  17. Slide 17: Japan

    2. Q3 FYE2026 Business performance -2. Nine months performance Japan By Industry Cumulative period basis 5% 5% YoY 26% Steel & Metals FYE2025 FYE2026 % Change Automobiles & Other transportation （Unit: ￥ bn.） 9M 9M Difference % Change exc. FX Electronics (Apr. - Dec.) (Apr. - Dec.) Food & Beverage 30

  18. Slide 18: United States

    2. Q3 FYE2026 Business performance -2. Nine months performance United States By Industry Cumulative period basis 8% YoY 10% Steel & Metals FYE2025 FYE2026 % Change Automobiles & Other 5% 41% transportation （Unit: ￥ bn.） 9M 9M Difference % Change exc. FX Electronics (Apr. - Dec.) (Apr. - Dec.) Food &

  19. Slide 19: Europe

    2. Q3 FYE2026 Business performance -2. Nine months performance Europe By Industry Cumulative period basis 16% YoY 29% Steel & Metals 1% FYE2025 FYE2026 % Change Automobiles & Other 3% transportation （Unit: ￥ bn.） 9M 9M Difference % Change exc. FX Electronics (Apr. - Dec.) (Apr. - Dec.) Food & Bevera

  20. Slide 20: Asia & Oceania

    2. Q3 FYE2026 Business performance -2. Nine months performance Asia & Oceania By Industry Cumulative period basis 2% 2% 24% YoY Steel & Metals FYE2025 FYE2026 % Change Automobiles & Other transportation （Unit: ￥ bn.） 9M 9M Difference % Change exc. FX Electronics 38% (Apr. - Dec.) (Apr. - Dec.) Food

  21. Slide 21: Thermos

    2. Q3 FYE2026 Business performance -2. Nine months performance Thermos By Region Cumulative period basis 16% YoY FYE2025 FYE2026 % Change （Unit: ￥ bn.） 9M 9M Difference % Change exc. FX Japan (Apr. - Dec.) (Apr. - Dec.) Asia Revenue 24.5 24.7 +0.2 +0.9% +1.2% 84% Segment income 4.3 4.8 +0.5 +10.8% +

  22. Slide 22: 3. FYE2026 Full-term Forecast

    3. FYE2026 Full-term Forecast 22 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

  23. Slide 23: Consolidated forecast

    3. FYE2026 Full-term Forecast Consolidated forecast FYE2025 FYE2026 YoY FYE2026 ％ Change Full-term Full-term forecast Difference ％ Change exc. FX Full-term forecast (Announced on February 4, 2026) (Announced on May 12, 2025) （Unit: ￥ bn.） Revenue 1,308.0 1,330.0 +22.0 +1.7% +1.1% 1,290.0 Core operat

  24. Slide 24: February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

    24 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

  25. Slide 25: Appendix

    Appendix 25 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

  26. Slide 26: NIPPON SANSO Holdings Group Summary

    NIPPON SANSO Holdings Group Summary https://www.nipponsanso-hd.co.jp/en/ir/ Corporate Information （As of March 31, 2025） Corporate Philosophy Company Name Nippon Sanso Holdings Corporation Group Philosophy Founded October 30, 1910 Proactive. Innovative. Collaborative. Headquarters 1-3-26 Koyama Shin

  27. Slide 27: Our Medium-term management plan Summary

    Our Medium-term management plan Summary https://www.nipponsanso-hd.co.jp/en/ir/management/plan.html Overview Capital allocation Plan Name NS Vision 2026 Cash-in (the total for 4 years) Slogan Enabling the Future ［Operating Cash flow] \730.0 bn. Period 4 years from April 2022 to March 2026 Cash-out \

  28. Slide 28: Non-recurring items

    Non-recurring items Non-recurring items are costs of structural reform (cost for withdrawal or downsizing business operations and special retirement allowances), losses caused by disasters or serious accidents, and other gains and expenses (such as disposal of idling assets). Core operating income i

  29. Slide 29: Key performance indicators

    Key performance indicators FYE2025 FYE2026 FYE2025 Item Unit 9M 9M Full-term Basic earnings per share JPY 178.99 215.18 228.20 Overseas sales ratio ％ 68.0 68.9 67.2 ROE ％ ー ー 10.4 ROCE ％ ー ー 10.1 ROCE after Tax ％ ー ー 7.2 Annual dividends per share JPY ー ー 51 Dividend payout ratio ％ ー ー 22.3 CAPEX(fu

  30. Slide 30: (Reference) Preconditions, Definition & Calculations of our KPIs

    (Reference) Preconditions, Definition & Calculations of our KPIs Glossary Preconditions and Definitions in this Presentation Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring factors (non-recurring items*). Core operating incom

  31. Slide 31: Condensed consolidated statements of Cash flows

    Condensed consolidated statements of Cash flows FYE2025 FYE2026 YoY （Unit：￥ bn.） 9M 9M Difference % Change Income before income taxes 112.9 130.0 +17.1 +15.2% Depreciation and amortization 86.7 93.5 +6.8 Changes in working capital 3.2 -15.8 -19.0 Others -47.3 -26.3 +21.0 Cash flows from operating ac

  32. Slide 32: Condensed consolidated statements of Financial position

    Condensed consolidated statements of Financial position FYE2025 FYE2026 YoY FYE2025 FYE2026 YoY Q4 Q3 Difference （Unit：￥ bn.） Q4 Q3 Difference Trade payables 133.8 132.1 -1.7 Cash and cash equivalents 144.5 132.9 -11.6 Interest-bearing liabilities 902.6 939.3 +36.7 Trade receivables 263.0 279.9 +16.

  33. Slide 33: Results overview by Segment

    Results overview by Segment FYE2025 FYE2026 YoY % Change 9M 9M Composition Difference % Change Forex impact exc. FX ratio （Unit: ￥ bn.） (Apr.- Dec.) (Apr.- Dec.) Revenue 295.7 295.3 29.6% -0.4 -0.1% +0.0 -0.1% Japan Segment OI 34.2 39.1 26.8% +4.9 +14.1% +0.0 +14.1% Segment OI margin 11.6% 13.2% Rev

  34. Slide 34: Revenue composition

    Revenue composition By Segment By Industry 2% 8% 15% 5% 30% 31% Q3 Q3 17% FYE2026 FYE2026 ¥ 997.7bn. ¥ 972.9bn. 26% (exc. Thermos business) 10% 20% 27% 10% Steel & Metals Healthcare Automobiles & Other transportation Chemicals & Energy Japan U.S. Europe Asia & Oceania Thermos Electronics Others Food

  35. Slide 35: Quarterly Revenue and Core Operating Income Trends

    Quarterly Revenue and Core Operating Income Trends Revenue FYE2025 FYE2026 (¥ bn.) 1Q 2Q 3Q 4Q Full-term 1Q 2Q 3Q 4Q Total Japan 100.9 93.9 100.8 114.2 410.0 97.4 97.2 100.6 295.3 United States 92.6 86.9 90.5 90.0 360.2 83.9 88.6 92.6 265.2 Europe 85.0 80.4 83.3 79.7 328.6 82.4 85.5 90.2 258.2 Asia

  36. Slide 36: Percentage of Revenue by Business

    Percentage of Revenue by Business Percentage of revenue by business 2% 12% 23% 5% 21% 31% Japan United States 20% 30% 4% 29% ¥ 295.3 bn. ¥ 265.2 bn. 13% Q3 FYE2026 11% 32% 8% 14% 8% ¥ 972.9 bn. (exc. Thermos business) 0% 12% 6% 14% 8% 25% 2% 26% 39% Europe Asia & Oceania Bulk ¥ 258.2 bn. On-site 25%

  37. Slide 37: Business performance over the past five years

    Business performance over the past five years Profit attributable Revenue （¥ bn.） Operating income（IFRS） （¥ bn.） to owners of the parent （¥ bn.） OI margin 1,255.0 1,308.0 1,186.6 13.7% 12.7% 10.9% 10.6% NI margin 8.4% 957.1 10.1% 7.6% 818.2 6.7% 6.7% 6.2% 172.0 165.9 105.9 98.7 101.1 119.5 73.0 88.8

  38. Slide 38: Glossary: EBITDA margin／ROCE after Tax

    Glossary: EBITDA margin／ROCE after Tax EBITDA margin EBITDA and EBITDA （￥ bn.） EBITDA （Earnings Before Interest Taxes Depreciation and Amortization） margin 23.3% 22.2% 21.2% Indicator that shows profitability based on Cash Flow, excluding the 20.4% 19.3% impact of M&A and CAPEX. 278.4 305.3 This ind

  39. Slide 39: Industrial gas supply systems

    Industrial gas supply systems Air Separation Gases Other Gases Air Separation Unit On-site Air Major supply destination（Sector） Storage tank for liquid gases Steel Petrochemical Refinery Oxygen Nitrogen O2 N2 We’ve established production plants in the vicinity of the customer. A form of direct conne

  40. Slide 40: February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

    40 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 results

  41. Slide 41: For further information, please contact:

    For further information, please contact: Public Relations for media Investor Relations for investors Public Relations Investor Relations Tel：+81 (0)3-5788-8513 Tel: +81 (0)3-5788-8512 E-mail：Nshd.info@nipponsanso-hd.co.jp E-mail：Nshd.ir@nipponsanso-hd.co.jp Upcoming IR events IR Presentation: Upcomi

  42. Slide 42: Important Notice

    Important Notice – Trading of Nippon Sanso Holdings Corporation Common Stock, Disclaimer Regarding Unsponsored American Depository Receipts Nippon Sanso Holdings Corporation ("NSHD”) encourages anyone interested in buying or selling its common stock to do so on the Tokyo Stock Exchange, which is whe

  43. Slide 43: NIPPON SANSO Holdings Corporation All rights reserved

    Ⓒ NIPPON SANSO Holdings Corporation All rights reserved

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