Daikin Industries, Ltd. · TSE:6367
Daikin Industries — FY2024 Earnings Presentation
26 slides from Daikin Industries's earnings presentation, Mar 17, 2026
Slide 1: Presentation of Financial Results for FY2024
Presentation of Financial Results for FY2024 May 8, 2025
Slide 2: Table of Contents
Table of Contents Ⅰ. FY2024 Financial Results ・・・・・・・・・・・・・・・・・・・・・・ p. 3 Ⅱ. FY2025 Business Forecast ・・・・・・・・・・・・・・・・・・・・ p. 8 Ⅲ. Business and Regional Overview ・・・・・・・・・・・・ p. 15 Ⅳ. Shareholder Return ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ p. 23 ≪Reference≫ 2
Slide 3: FY2024 Financial Results
Ⅰ. FY2024 Financial Results Both net sales and operating profit exceeded the previous fiscal year, achieving new record highs. Facing a challenging business environment, Daikin expanded sales in regions and businesses with robust demand, bolstered product and service proposals from the perspective o
Slide 4: Financial Results by Segment
Financial Results by Segment FY2023 FY2024 (billion yen) Results Forecast Results YoY Net sales 4,395.3 4,770.0 4,752.3 108% Total Operating Profit 392.1 428.0 401.7 102% (%) (8.9%) (9.0%) (8.5%) Net sales 4,028.8 4,392.0 4,384.5 109% Air Conditioning Operating Profit 333.3 371.0 351.0 105% (%) (8.3
Slide 5: Profit and Loss Statement
Profit and Loss Statement FY2023 FY2024 vs PY (billion yen) *1 Changes in selling, general and 110 108 administrative expense Net sales 4,395.3 4,752.3 +357.0 R&D expense -11.9 Cost of sales 2,885.6 3,125.6 -240.0 (65.7%) (65.8%) Sales promotion / -5.4 advertising expenses Gross profit 1,509.7 1,626
Slide 6: Balance Sheet
Balance Sheet (billion yen) 2024/3E 2025/3E vs PY 2024/3E 2025/3E vs PY Notes and accounts payable Cash and deposits 738.0 802.7 +64.7 326.0 362.2 +36.1 – trade Notes and accounts receivable – trade, and 68 days 815.3 66 days 856.5 +41.2 Interest bearing debt* 968.2 986.9 +18.7 contract assets Inven
Slide 7: Analysis of Changes in Operating Profit - YoY
Analysis of Changes in Operating Profit - YoY *Air-Conditioning business includes filter, refrigerator and freezer businesses. (billion yen) 4,100 410 3,600 360 3,100 310 2,600 260 2,100 210 1,600 160 1,100 110 600 60 FY2023 Foreign Raw Materials Fixed Costs, Sales Selling Price Cost FY2024 Results
Slide 8: FY2025 Business Forecast
Ⅱ. FY2025 Business Forecast Despite the lingering severity in the business environment, including the sluggish U.S. housing market, slow recovery in Heat Pump Heating demand in Europe, and protracted slump in the Chinese real estate market, Daikin will maintain its upward trajectory toward increased
Slide 9: Business Forecast by Segments
Business Forecast by Segments FY2024 FY2025 (billion yen) Results Forecast YoY Net sales 4,752.3 4,840.0 102% Total Operating Profit 401.7 435.0 108% (%) (8.5%) (9.0%) Net sales 4,384.5 4,455.0 102% Air Conditioning Operating Profit 351.0 383.0 109% (%) (8.0%) (8.6%) Net sales 263.0 280.0 106% Chemi
Slide 10: Effect of U.S. Tariff Measures ① Direct Impact
Effect of U.S. Tariff Measures ① Direct Impact Regarding the effect of tariffs on our financial results for the fiscal year ending March 2026, we anticipate the impact on operating profit to be approximately 47 billion yen*. This impact will be absorbed by utilizing pass-through pricing and cost red
Slide 11: Effect of U.S. Tariff Measures ② Indirect Impact
Effect of U.S. Tariff Measures ➁ Indirect Impact Because the risk of an economic slowdown from the indirect impact of tariff measures is difficult to predict, it has not been incorporated into in the plan. Preparations are being made for multiple scenarios for taking quick action in response to chan
Slide 12: Analysis of Changes in Operating Profit - Forecast
Analysis of Changes in Operating Profit - Forecast (billion yen) 4,900 490 4,400 440 3,900 390 3,400 340 2,900 290 2,400 240 1,900 190 1,400 140 900 90 FY2024 Foreign Raw Fixed Costs, Sales Selling Price Cost FY2025 Results Exchange Materials* etc. Expansion Reductions Forecast Total 401.7 -37.0 -98
Slide 13: Sales by Region - AC Business
Sales by Region - AC Business *Percentage expresses year on year comparison *Includes refrigerator, freezer and filter businesses FY2025 FY2020 FY2021 FY2022 FY2023 FY2024 Forecast (billion yen) Japan 100% 496.0 106% 523.9 106% 553.0 106% 588.7 110% 646.5 102% 660.0 Europe 104% 394.5 131% 518.7 127%
Slide 14: Sales by Region - Chemicals Business
Sales by Region - Chemicals Business *Percentage expresses year on year comparison *Others: Oceania, Middle East, Africa etc. FY2025 FY2020 FY2021 FY2022 FY2023 FY2024 (billion yen) Forecast Japan 84% 42.3 138% 58.4 120% 70.1 104% 72.6 99% 71.8 99% 71.0 Americas 81% 35.6 116% 41.2 144% 59.3 82% 48.4
Slide 15: Business and Regional Overview: AC Business - Japan
Ⅲ. Business and Regional Overview AC Business - Japan FY2024 Results Industry demand for Residential grew year-on-year because of higher-than-average temperatures nationwide and an upturn in consumer confidence due to higher wages. Industry demand for Commercial also exceeded the previous year due t
Slide 16: AC Business - Americas
AC Business - Americas FY2024 Results With product changeovers due to changes in refrigerant GWP regulations, a strong trend was seen for ensuring sufficient inventory of the current refrigerant models (R410A models), and industry demand for Residential sharply increased. Because we had been prepari
Slide 17: AC Business - China
AC Business - China FY2024 Results As the business environment continues to be severe with a worsening real estate market and lower consumer spending, net sales fell below the previous fiscal year. To contend with this, Daikin concentrated its resources on direct sales to users, such as in the suppo
Slide 18: AC Business - Europe, Middle East, and Africa
AC Business - Europe, Middle East, and Africa FY2024 Results Net sales for the region overall exceeded the previous fiscal year. In Europe, recovery in demand for heat pump heating continued to lag, but net sales improved year on year from a focus on Residential and Commercial sales. In the Middle E
Slide 19: AC Business - Asia and Oceania
AC Business - Asia and Oceania FY2024 Results Unrelentingly high inflation led to sluggish demand and a challenging business environment. Nevertheless, strong sales continued in India as we made efforts to develop and support dealers, leading to net sales for the overall region that significantly ex
Slide 20: Chemicals Business
Chemicals Business FY2024 Results Sales were impacted by the slow recovery in demand for semiconductor manufacturing processes and the automotive sector along with subsequent adjustments in distribution inventory. Nevertheless, the effect of foreign exchange rates kept sales on par with the previous
Slide 21: Filter Business
Filter Business FY2024 Results Although a slow recovery in the semiconductor sector had an impact, overall demand remained strong, and the effect of foreign exchange resulted in net sales exceeding the previous fiscal year. However, profitability deteriorated from stagnant sales in the United States
Slide 22: Other Businesses
Other Businesses FY2024 Results Oil Hydraulics: Construction and industry machinery experienced stagnant demand, and sales of construction machinery and vehicles for Japan and the United States fell. Sales for industrial machinery to Japan and Europe also decreased, leading to a decline in net sales
Slide 23: Shareholder Return
Ⅳ. Shareholder Return ✓ The year-end dividend is planned to be increased by 10 yen to 145 yen, due to record highs in net sales and operating profit. Combined with the interim dividend of 185 yen (including the 50 yen commemorative dividend for our 100th anniversary), the total annual dividend is ex
Slide 24: Reference: Foreign Exchange
≪Reference≫Foreign Exchange Exchange Rate FY2023 Results FY2024 Results FY2025 H1 H2 Total H1 H2 Total Forecast USD ¥141 ¥148 ¥145 ¥153 ¥152 ¥153 ¥140 EUR ¥153 ¥161 ¥157 ¥166 ¥162 ¥164 ¥160 RMB ¥19.8 ¥20.5 ¥20.1 ¥21.2 ¥21.1 ¥21.1 ¥19.5 THB ¥4.1 ¥4.2 ¥4.1 ¥4.3 ¥4.5 ¥4.4 ¥4.2 AUD ¥93 ¥97 ¥95 ¥101 ¥98
Slide 25: Capex, Depreciation and R&D Cost
Capex, Depreciation and R&D Cost Capex and Depreciation R&D Cost (billion yen) (billion yen) 340 Capex Depreciation 324.6 R&D Cost 311.5 160 310 150.0 290.0 280 140 135.7 250.3 250 122.5 225.0 120 220 197.4 102.2 190 170.0 100 160 156.3 137.0 142.7 81.5 130 80 115.3 71.7 103.5 100 60 70 40 40 '20 '2
Slide 26: Notes on forecast
Notes on forecast This data is compiled for informational proposes and is not to be construed as a solicitation of any action. This data (includes management plan) was compiled by Daikin Industries, Ltd. (the Company) based on reliable information available at the time of compilation. It may include