Asahi Kogyosha Co., Ltd. · TSE:1975
Asahi Kogyosha — Q2 FY2026 Earnings Presentation
34 slides from Asahi Kogyosha's earnings presentation, Nov 28, 2025
Slide 1: Financial results briefing materials for the second quarter (first half) of the fiscal year ending March 2026
Financial results briefing materials for the second quarter (first half) of the fiscal year ending March 2026 November 28, 2025 TSE Prime Market (Securities Code: 1975) Asahi Kogyosha Writeup of Asahi Kogyosha Website Financial Results Briefing (logmi Finance)
Slide 2: Agenda
Agenda Overview of consolidated financial results for the second 1 P.3 quarter (first half) of the fiscal year ending March 2026 2 Performance forecast for the fiscal year ending March 2026 P.13 3 Capital policy and returns to shareholders P.17 4 Progress on the 18th Medium-term Management Plan P.21
Slide 3: 1. Overview of consolidated financial results for the second quarter (first half)
1. Overview of consolidated financial results for the second quarter (first half) of the fiscal year ending March 2026 © ASAHI KOGYOSHA CO.,LTD. 3
Slide 4: Overview of consolidated financial results for the second quarter (first half) of the fiscal year ending March 2026
Overview of consolidated financial results for the second quarter (first half) of the fiscal year ending March 2026 ▎ Orders grew significantly due to success in winning large-scale redevelopment projects in the Tokyo metropolitan area and construction work related to data centers. ▎ Net sales remai
Slide 5: Orders, net sales, and operating income by segment
Orders, net sales, and operating income by segment ▎ Orders for the Installation Work Division grew significantly, and net sales remained firm. Operating income grew significantly due to an improvement in gross margins. ▎ While both orders and net sales for the Equipment Division declined, they are
Slide 6: Trends in quarterly results (1)
Trends in quarterly results (1) ▎Orders and net sales remain on course to achieve the full-year target of 100.0 billion yen. ▎Profits at each stage remained firm. ▎Of selling, general, and administrative expenses, labor costs rose due to wage increases, including an increase in the basic wage rate a
Slide 7: Trends in quarterly results (2)
Trends in quarterly results (2) ▎ Net sales typically tend to increase steadily from the first quarter to the fourth quarter due to the large proportion of construction works completed toward the end of March and the significant progress typically made just before completion. Nevertheless, net sales
Slide 8: Actual results by segment: Orders
Actual results by segment Orders ▎Overall orders grew significantly from the same period of the previous year. ▎Overall orders for the Installation Work Division grew, with a significant increase in orders for distribution environment facilities. ▎Overall orders for the Equipment Division declined.
Slide 9: Actual results by segment: Net sales
Actual results by segment Net sales ▎ Overall sales rose from the same period of the previous year. ▎ Sales at the Installation Work Division to production environment, living/cultural environment, and distribution environment facilities declined, while sales to business environment, transportation/
Slide 10: Carryovers for the subsequent fiscal year
Carryovers for the subsequent fiscal year ▎ Overall carryovers for the subsequent fiscal year grew significantly from the same period of the previous year. ▎ Carryovers for production environment facilities grew significantly due to orders for large-scale data centers and other facilities. FY 3/24 C
Slide 11: Balance sheet
Balance sheet ▎Total assets saw growth in non-current assets and decline in accounts receivable from completed construction contracts. ▎Total liabilities saw a decline in notes payable, accounts payable for construction contracts, and other, and growth in long-term borrowings. ▎Net assets saw growth
Slide 12: Statement of cash flows
Statement of cash flows ▎ Cash flow from operating activities was positive by 5,038 million yen due primarily to the recording of profit before income taxes. ▎ Cash flow from investment activities was negative 974 million yen, due primarily to expenditures for the acquisition of non- current assets.
Slide 13: 2. Performance forecast for the fiscal year ending March 2026
2. Performance forecast for the fiscal year ending March 2026 © ASAHI KOGYOSHA CO.,LTD. 13
Slide 14: Forecast for the fiscal year ending March 2026
Forecast for the fiscal year ending March 2026 ▎ Orders and net sales are progressing smoothly toward achieving the 100 billion yen target. ▎ We aim for each stage of profit to exceed the record high achieved in the fiscal year ended March 2025. FY 3/24 FY 3/25 FY 3/26 (Unit: million yen) Rate of Ac
Slide 15: Outlook by segment
Outlook by segment ▎ Both orders and net sales for the Installation Work Division are expected to grow significantly due to firm capital investment. ▎ Orders for the Equipment Division are expected to decline in FY 3/26 due to the comparative decline from the major orders received in FY 3/25. Net sa
Slide 16: Long-term performance trends (past 10 years)
Long-term performance trends (past 10 years) ▎ Growth has continued despite changes in the external environment. We expect to achieve record profits for the third successive year. Trends in orders, net sales, and operating income (Million yen) (Million yen) 120,000 8,000 7,000 100,000 6,000 80,000 5
Slide 17: 3. Capital policy and returns to shareholders
3. Capital policy and returns to shareholders © ASAHI KOGYOSHA CO.,LTD. 17
Slide 18: Promoting management keenly aware of the cost of capital (past five years)
Promoting management keenly aware of the cost of capital (past five years) ▎ROE for the fiscal year ended March 2025 exceeded 15%, which is substantially higher than the Company’s perceived cost of shareholders’ equity. ▎We plan to reduce cross-shareholdings to 20% of net assets or less in the perio
Slide 19: Returns to shareholders (past five years)
Returns to shareholders (past five years) ▎With a target consolidated dividend payout ratio of 40% or higher, we paid dividends totaling 120 yen (consolidated dividend payout ratio of 49.6%) in FY 3/25, including the 100th anniversary dividend. ▎We plan to maintain the FY 3/25 level of dividends in
Slide 20: Share price and trading value
Share price and trading value ▎ Our stock price has risen significantly due to solid business performance and continuing IR measures. ▎ Our liquidity has improved due the stock splits in 2022 and 2024. Trends in share price and trading volumes Jan-Dec 2021 Jan-Dec 2022 Jan-Dec 2023 Jan-Dec 2024 Jan-
Slide 21: 4. Progress on the 18th Medium-term Management Plan (April 2023 to March 2026)
4. Progress on the 18th Medium-term Management Plan (April 2023 to March 2026) © ASAHI KOGYOSHA CO.,LTD. 21
Slide 22: Quantitative targets: status of achievement of numerical targets
Quantitative targets: status of achievement of numerical targets All items are expected to achieve their targets. Period covered by the 18th Medium-term Management Plan (April 2023 to March 2026) 19th Medium-term Management Plan FY 3/26 Medium-term (Unit: Million yen) FY 3/24 Actual FY 3/25 Actual P
Slide 23: Quantitative targets: capital efficiency, shareholder returns, strategic investments
Quantitative targets: improvement in capital efficiency and returns to shareholders, strategic investments for the future Progress exceeds targets. Target 8.0% ROE FY 3/25 15.4% (Actual) Actual FY 3/26 15.8% (Full year forecast) Dividend per share 80 yen per year Target Consolidated dividend payout
Slide 24: Business strategy: strengthening profitability and improving productivity
Business strategy: strengthening profitability and improving productivity Improving profitability and productivity through proposal- driven marketing, use of on-site DX, etc. Strengthening high value-added, proposal-driven marketing ▎ We are strengthening high value-added, proposal-driven marketing,
Slide 25: Human resource strategy: human capital-focused management
Human resource strategy: practicing human capital-focused management that maximizes the value of human resources Maximizing growth by accelerating human resource investments Expanding employee stock ownership Strengthening recruiting Improving engagement program (ESOP) Increased number of recruits
Slide 26: Innovation strategy: strengthening research and development
Innovation strategy: strengthening and promoting research and development and tackling the challenge of developing new businesses Developing and promoting the research and development infrastructure Investment in Tsukuba Technical Research Institute Total investment: Approximately 6.3 billion yen Da
Slide 27: Strengthening the sustainability foundations and DX platform
Strengthening the sustainability foundations and DX platform Initiatives for sustainability and DX supporting our growth platform Sustainability management ▎Our goal to reduce GHG emissions by FY2050 to net zero relative to FY2019 led to SBTi’s certification. ▎We are promoting reduced CO2 emissions
Slide 28: Summary of the 18th Medium-term Management Plan and vision for ASAHI-VISION 2050
Summary of the 18th Medium-term Management Plan and vision for ASAHI-VISION 2050 Accelerating growth towards ASAHI-VISION 2050 Summary of the 18th Medium-term Management Plan ▎ All items in the numerical targets appear set to be 28 achieved. ▎ We plan to aggressively promote capital efficiency impro
Slide 29: Appendix
Appendix © ASAHI KOGYOSHA CO.,LTD. 29
Slide 30: Business lines
Business lines Rare presence in the industry with its combination of engineering and manufacturing capabilities 5,835 million yen Equipment Division 6.3 % Independent development, design, manufacture, and sale of precision environmental control equipment, dryer systems, and other equipment for semic
Slide 31: Installation Work Division: business content and domains
Installation Work Division: business content and domains ▎ The Installation Work Division performs air-conditioning installation and sanitation installation work using air, water, and heat technologies and provides one-stop engineering for customer facilities, from planning and proposal to construct
Slide 32: Equipment Division
Equipment Division ▎ We develop, manufacture, and sell precision environmental control equipment to leading-edge industries, including manufacturing equipment for semiconductors, FPDs, and electronics. ▎ By supplying primarily on an OEM-basis, we have focused on development, design, and manufacturin
Slide 33: Improving construction management efficiency through the use of the ASAHI Workflow BIM
Improving construction management efficiency through the use of the ASAHI Workflow BIM ▎ Attribute data such as cost, materials and management information is added to 3D building models and used in the construction process from design to maintenance. ▎ Drawings previously created and managed individ
Slide 34: Asahi Kogyosha Co., Ltd. Inquiries
This document contains forward-looking statements regarding industry trends and the activities undertaken by Asahi Kogyosha based on current plans, estimates, expectations, and forecasts. Various risks and uncertainties are inherent in these forward-looking statements. Risks, uncertainties and other