FY2025
3rd Quarter Results Presentation
KITZ CORPORATION
November 2025
The forecast data presented herein reflects assumed results based on conditions that are subject to change. KITZ Corporation does not make representations as to, or warrant, in whole or in part, the attainment or realization of any of the forecasted results presented in this document. Numerical figures presented herein are rounded down.
©KITZ CORPORATION All Rights Reserved
Contents
FY2025 Q1-Q3 Financial Results |
FY2025 Forecast |
Topics |
- Appendix - |
1
2
3
FY2025 Q1-Q3 Financial Results |
FY2025 Forecast |
Topics |
- Appendix - |
1
2
3
Summary of FY2025 Q1-Q3 Results
(Millions of Yen)
Sales | 130,816 |
YoY：+2.8% | Progress*：72.7% |
Increased by 10.4% YoY, boosted by higher sales volume and other factors. | |
Operating Profit | 11,865 |
YoY : +9.4% | Progress*：79.1% |
Decreased YoY as the impact of increased repair costs for planned furnace maintenance in Q1 remained. | |
Profit Attributable to Owners of the Parent | 8,789 |
YoY：-2.5% Progress*：78.5% | |
| |
*Progress rate against the full year plan
FY2025 Q1-Q3 Results
(Millions of Yen)
FY2024 | FY2025 | Progress Rate vs. Plan | |||
Q1-Q3 | Q1-Q3 | YoY Change | |||
Results | Results | ||||
Sales | 127,295 | 130,816 | 3,520 | 2.8% | 72.7% |
Valve Manufacturing | 103,555 | 104,709 | 1,153 | 1.1% | 71.1% |
Brass Bar Manufacturing | 21,780 | 24,056 | 2,275 | 10.4% | 80.2% |
Operating Profit | 10,842 | 11,865 | 1,022 | 9.4% | 79.1% |
% | 8.5% | 9.1% | |||
Valve Manufacturing | 13,068 | 14,600 | 1,531 | 11.7% | 77.7% |
Brass Bar Manufacturing | 763 | 452 | (310) | (40.7)% | 50.3% |
Ordinary Profit | 11,445 | 12,409 | 963 | 8.4% | 79.5% |
% | 9.0% | 9.5% | |||
Profit Attributable to Owners of the Parent | 9,014 | 8,789 | (225) | (2.5)% | 78.5% |
% | 7.1% | 6.7% | |||
Yen / US Dollar | 151.63 | 147.79 | |||
Yen / Euro | 164.63 | 165.55 | *Note : Tot include othe | al Sales and Op r segment and | erating Profit adjustment. |
Electrolytic Copper, Yen/ kg | 1,431 | 1,464 | ll ｜5 | ||
(Millions of Yen)
Sales/OP OP MarginOP(Right) Sales(Left)
FY2024 FY2025 FY2024 FY2025
(Millions of Yen)
FY2024 | FY2025 | ||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
Sales | 40,211 | 43,586 | 43,497 | 44,747 | 41,740 | 44,640 | 44,435 |
Operating Profit | 2,812 | 3,695 | 4,334 | 3,377 | 3,378 | 4,555 | 3,931 |
Ordinary Profit | 3,340 | 4,007 | 4,097 | 3,831 | 3,996 | 4,377 | 4,035 |
Profit Attributable to 2,507 Owners of the Parent | 2,912 | 3,594 | 2,810 | 2,890 | 3,078 | 2,820 | |
Quarterly Results (Consolidated)
Sales(Left)
OP(Right)
FY2024 | FY2025 | ||||||
Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | |
(Millions of Yen)
Sales/OP OP MarginFY2024 | FY2025 | FY2024 | FY2025 | (Millions of Yen) | |||
Sales | 33,138 | 35,376 | 35,040 | 36,000 | 33,260 | 35,832 | 35,616 |
Operating Profit | 3,800 | 4,194 | 5,074 | 4,350 | 4,386 | 5,428 | 4,785 |
Quarterly Results (Valve Manufacturing)
Valve Manufacturing Business Results
- by Market -
Building & Facilities: Performed steadily driven by data center demand primarily in North America and Japan.
Petrochemicals: Remained flat YoY although there were no large-scale projects like last year contributing to revenue.
Water Treatment: Increased YoY due to steady domestic demand.
Semiconductor Equipment: Decreased YoY due to short of the expected orders recovery. Semiconductor Materials: Increased YoY.
Fine Chemicals: Increased YoY due to revenue from sales in project orders and other factors.
Hydrogen & Clean Energy: Decreased YoY as the revenue from hydrogen projects is expected to be booked next year, while LNG projects sales showed strong performance.
FY2024
FY2025
YoY Change
Q1
Q2
Q3
Q1-Q3
Total
Q4
Q1
Q2
Q3
Q1-Q3
Total
C O R E
G R O W
Building & Facilities
7.5
7.6
8.3
23.4
8.8
7.9
8.3
7.6
23.7
0.3
1.4%
Petrochemicals
7.3
8.2
8.5
23.9
7.7
7.7
7.4
8.4
23.6
(0.3)
(1.3%)
Water Treatment
3.2
2.1
2.4
7.7
2.7
2.5
2.6
2.8
7.9
0.2
3.0%
Machinery & Equipment
2.4
2.5
2.6
7.5
2.8
2.5
2.4
2.4
7.3
(0.2)
(2.2%)
Core Total
20.5
20.2
21.7
62.5
21.9
20.6
20.7
21.2
62.5
0.1
0.1%
Semiconductor Equipment
5.3
6.1
6.0
17.4
6.1
4.8
5.7
5.6
16.1
(1.2)
(7.1%)
Semiconductor Materials (Filters)
1.1
1.2
1.2
3.5
1.3
1.3
1.3
1.3
3.9
0.4
10.7%
Fine Chemicals
0.7
1.1
0.7
2.6
0.8
0.9
1.1
0.9
2.9
0.3
13.5%
1.8
0.4
0.3
0.4
0.5
1.2
(0.6) (31.8%)
25.2
8.7
7.3
8.5
8.3
24.1
(1.1)
(4.3%)
15.9
5.4
5.4
6.6
6.1
18.0
2.1
13.5%
103.6
36.1
33.2
35.9
35.6
104.7
1.2
1.1%
(Billions of Yen)
H
T Hydrogen & Clean Energy 0.9 0.5 0.4
Growth Total
8.0 8.9 8.3
Other 4.6 6.2 5.1
Total
33.1 35.4 35.0
Valve Manufacturing Business Results
- by Area -
Domestic sales rose by 2.3% YoY, while overseas sales declined by 0.5% YoY as a result of currency fluctuations.
North Americas: Increased in commodity valves centered around data center demand as well as industrial valves.
ASEAN, Korea, Middle East, and others: Increased YoY on the back of increased revenue in group companies in Indonesia and Singapore.
China: Decreased YoY due to continued overall slowdown led by the real estate recession.
India: Increased YoY backed by strengthened sales activities by local subsidiary established in 2024.
(Billions of Yen)
FY2024
FY2025
YoY Change
Q1
Q2
Q3
Q1-Q3
Total
Q4
Q1
Q2
Q3
Q1-Q3
Total
Japan
18.5
20.5
20.1
59.2
21.2
19.5
21.1
20.0
60.6
1.4
2.3%
Overseas Total
14.5
14.9
14.9
44.3
14.8
13.7
14.7
15.7
44.1
(0.2)
(0.5)%
ASEAN, Korea,
Middle East, and others China
India
Asia Total
5.6
4.2
4.4
14.2
4.9
4.2
5.4
4.9
14.5
0.3
1.9%
2.7
4.0
4.0
10.8
3.4
2.6
2.7
3.3
8.7
(2.1)
(19.2)%
0.4
0.4
0.4
1.2
0.4
0.4
0.6
0.7
1.8
0.5
41.0%
8.8
8.7
8.7
26.3
8.7
7.2
8.8
9.0
25.0
(1.3)
(4.9)%
Americas
(North and South America)
4.4
4.8
5.0
14.2
4.6
5.0
4.7
5.6
15.3
1.1
8.1%
Europe, etc.
1.2
1.3
1.2
3.8
1.5
1.5
1.1
1.1
3.8
(0.1)
(2.2)%
Brass Bar Manufacturing Business
Sales: Increased by ¥2,275m YoY on the back of a higher sales volume and other factors.
Operating Profit: Decreased by ¥310m due to the absence of gains from rising copper prices seen as last year and the remained impact of increase in repair costs in Q1 for planned furnace maintenance.
(Millions of Yen)
FY2024 | FY2025 | YoY Change | Progress Rate vs. Plan | ||
Q1-Q3 | Q1-Q3 | ||||
Results | Results | ||||
Sales | 21,780 | 24,056 | 2,275 | 10.4% | 80.2% |
Operating Profit | 763 | 452 | (310) | (40.7)% | 50.3% |
Electrolytic Copper Yen / kg | 1,431 | 1,464 | |||
(kg/yen)
1,650
1,550
1,450
1,350
Manufacturing equipment
1,250
24/9 24/12 25/3 25/6 25/9
Electrolytic Copper price over the past year
Operating Profit Analysis by Factors
(Millions of Yen)
FY2024 | FY2025 | Progress Rate vs. Plan | |||
Q1-Q3 | Q1-Q3 | YoY Change | |||
Results | Results | ||||
Sales | 127,295 | 130,816 | 3,520 | 2.8% | 72.7% |
Operating Profit | 10,842 | 11,865 | 1,022 | 9.4% | 79.1% |
(Millions of Yen)
Sales
Volume Cost Product Mix Reduction
+2,940 +310
Material Cost
-10
Parts & Energy Cost
-600
SG&A
-680
Forex
-430
Brass Bar
10,842
Other Adjustment
-510
11,865
Valve Manufacturing Business OP Analysis
18,000
15,000
12,000
9,000
6,000
FY2024 Q1-Q3
FY2025 Q1-Q3
Major Management Indicators
(Millions of Yen)
Consolidated | ||
FY2024 Q1-Q3 | FY2025 Q1-Q3 | |
Results | Results | |
Sales | 127,295 | 130,816 |
Operating Profit | 10,842 | 11,865 |
Ordinary Profit | 11,445 | 12,409 |
Profit Attributable to Owners of the Parent | 9,014 | 8,789 |
Overseas Sales Ratio | 35.4% | 34.4% |
Overseas Sales Ratio in Valve Manufacturing Business | 42.8% | 42.1% |
Interest Bearing Debt | 38,199 | 35,273 |
Equity Ratio | 62.1% | 63.9% |
ROE | ー | ー |
BPS (Yen) | 1,179.15 | 1,288.99 |
EPS (Yen) | 100.50 | 101.08 |
(Millions of Yen)
FY2024 Q1-Q3 Results | FY2025 Q1-Q3 Results | YoY Change | Note | |
Operating Profit | 10,842 | 11,865 | 1,022 | |
Non-operating Income | 960 | 1,257 | 296 | Gain from insurance claims +263 (FY2024 145 → FY2025 409) Foreign exchange gains and losses -287 (FY2024 2 → FY2025 -285) |
Non-operating Expenses | 358 | 713 | 355 | |
Ordinary Profit | 11,445 | 12,409 | 963 | |
Extraordinary Income | 1,194 | 299 | (894) | Gain on sales of investment securities -877 (FY2024 1,164 → FY2025 287) |
Extraordinary Losses | 58 | 37 | (21) | |
Profit before Income Taxes | 12,580 | 12,671 | 90 | |
Income Taxes | 3,546 | 3,800 | 253 | |
Profit | 9,034 | 8,871 | (162) | |
Profit (Loss) Attributable to Non-controlling Interests | 19 | 82 | 62 | |
Profit Attributable to Owners of the Parent | 9,014 | 8,789 | (225) | |
Non-operating and Extraordinary Income and Losses
Balance Sheet
Total assets increased by ¥3,025m due to a decrease in current assets and an increase in non-current assets.
Current assets: Cash and deposits decreased by ¥5,817m. Inventories increased by ¥3,846m.
Non-current assets: Property, plant and equipment increased by ¥3,748m. Intangible assets increased by ¥291m.
Liabilities: Current portion of bond payable decreased by ¥10,000m. Long-term borrowings increased by ¥7,519m.
Interest bearing debts: decreased by ¥816m to ¥35,273m (Net interest-bearing debt increased by ¥5,000m to
¥10,361m）
Net assets: increased by ¥3,763m primarily due to the recording of profit attributable to owners of the parent, despite dividend payments and a decrease in foreign currency translation adjustments.
(Millions of Yen)
Assets | December 2024 | September 2025 | Change | Liabilities | December 2024 | September 2025 | Change | |
Current Assets | 106,377 | 105,446 | (930) | Current Liabilities | 35,419 | 26,873 | (8,546) | |
Non-current Assets | 66,029 | 69,985 | 3,956 | Non-current | 27,177 | 34,985 | 7,808 | |
PPE | 54,427 | 58,175 | 3,748 | Total Liabilities | 62,596 | 61,858 | (737) | |
Liabilities
1,698 | 1,990 | 291 | ||||
9,902 | 9,818 | (83) | Net Assets | 109,809 | 113,573 | 3,763 |
Intangible
Investments and Other
Total Assets 172,406 175,432 3,025
Total Liabilities 172,406 175,432 3,025
and Net Assets
FY2025 Q1-Q3 Financial Results |
FY2025 Forecast |
Topics |
- Appendix - |
1
2
3
FY2025 Forecast
(Millions of Yen)
FY2024 | FY2025 | ||||
Full Year Results | Q1-Q3 Results | Q4 Plan | Full Year Plan | YoY % | |
Sales | 172,042 | 130,816 | 49,183 | 180,000 | 4.6% |
Operating Profit | 14,220 | 11,865 | 3,134 | 15,000 | 5.5% |
% | 8.3% | 9.1% | 6.4% | 8.3% | |
Ordinary Profit % | 15,276 8.9% | 12,409 9.5% | 3,190 6.5% | 15,600 8.7% | 2.1% |
Profit Attributable to Owners of the Parent | 11,824 | 8,789 | 2,410 | 11,200 | (5.3)% |
% | 6.9% | 6.7% | 4.9% | 6.2% | |
ROE | 11.3% | ー | 10.2% | ー | |
BPS (Yen) | 1,246.16 | 1,288.99 | ー | 1,329.60 | 6.7% |
EPS (Yen) | 132.64 | 101.08 | ー | 128.77 | (2.9)% |
Yen/ US Dollar | 152.27 | 155 | |||
Yen/ Euro | 164.38 | 167 | |||
Electrolytic Copper Yen/ton | 1,436 | 1,470 | |||
FY2025 Forecast by Segment
(Millions of Yen)
Sales | FY2024 | FY2025 | |||
Full Year Results | Q1-Q3 Results | Q4 Plan | Full Year Plan | YoY % | |
Valve | 139,556 | 104,709 | 42,590 | 147,300 | 5.5% |
Brass Bar | 29,838 | 24,056 | 5,943 | 30,000 | 0.5% |
Other | 2,647 | 2,050 | 649 | 2,700 | 2.0% |
Total | 172,042 | 130,816 | 49,183 | 180,000 | 4.6% |
(Millions of Yen)
Operating Profit | FY2024 | FY2025 | |||
Full Year Results | Q1-Q3 Results | Q4 Plan | Full Year Plan | YoY % | |
Valve | 17,419 | 14,600 | 4,199 | 18,800 | 7.9% 1.5% (31.6)% |
% | 12.5% | 13.9% | 9.9% | 12.8% | |
Brass Bar | 886 | 452 | 447 | 900 | |
% | 3.0% | 1.9% | 7.5% | 3.0% | |
Other | 146 | 139 | (39) | 100 | |
Adjustment | (4,232) | (3,327) | (1,472) | (4,800) | - |
Total | 14,220 | 11,865 | 3,134 | 15,000 | 5.5% |
Shareholder return policy and Dividend |
Reflecting the profit growth in this interim period, we have raised the annual dividends to ensure timely returns to our shareholders. |
Shareholder Return
Shareholder return policy
◼
◼
Shareholder
return
Profit attributable to owners of the parent
Dividend results and forecastFY2024 ¥46 per share
(4-year consecutive growth, ¥19 in Q2 and
¥27 in Q4)
FY2025 plan increased to ¥48 per share
(5-year consecutive growth, ¥19⇒¥21 in Q2 and ¥27 in Q4)
Consider share buybacks depending
Initial plan announced46
37
on the investment environment and other conditions to achieve an optimal capital structure and target ROE
on Feb 13: ¥4648
Annual Dividend History and Plan (Yen)
（9 Month FY）
9
13
13
17
20
20
20
33
16/3 17/3 18/3 19/3 20/3 20/12 21/12 22/12 23/12 24/12 25/12 (plan)
DPR standard
25%
35%
FY2025 Q1-Q3 Financial Results |
FY2025 Forecast |
Topics |
- Appendix - |
1
2
3
Topic① Acquisition in India
【Overview of HPE】
Valves and fittings for fine chemical market
KITZ have entered into a 100% share purchase agreement with Horizon Polymer Engineering Pvt. Ltd. (India) on October 16, 2025, aimed at expanding in the fine chemicals market in India. By enhancing our product lineup and securing a base to promote business growth in the same Indian market, we expect to strengthen both our product portfolio and customer base.
Company Name | Horizon Polymer Engineering Private Limited |
Head Office | C-1 B 1605/ 1618 GIDC Chhatral, District - Gandhinagar 382729 Gujarat, India |
Business Description | Manufacturing and sales of fluoropolymer-lined pipes, fittings, valves, tanks and vessels |
Capital | INR 19,200,000 (approx. JPY 32 million) |
Established | 1981 |
Topic②
Constructed at Thai Plant
New Factory Building to be
KITZ has decided to invest in the Amata Plant of KITZ (Thailand) Ltd. to expand its business in the data center market. The construction of data centers has accelerated worldwide particularly in North America, leading to a rapid increase in demand for large sized butterfly valves. The investment will enable us to respond to the demand while also reducing costs through expanded in-house production.
Topic about growth strategy in H1 presentation
Data center market expansion
Warehouse expansion in the US
【Overview of the new building】
Company Name | KITZ (Thailand) Ltd. Amata Plant premises |
Location | Chon Buri, Thailand |
Product | Manufacturing and sales of butterfly valves |
Floor Area | Approx. 4,650 ㎡ |
Investment | Approx. THB 175 million (approx. JPY 800 million) including production equipment |
Start of Operations | 2nd half of 2026 |
©KITZ CORPORATION All Rights Reserved
｜21
Topic③ Formulation of Strong Will Sheet
KITZ has formulated Strong Will sheet which summarized our targets and KPIs for realizing the Group's materialities. With Strong Will towards achieving targets and KPIs, we will work to further promote sustainability management.
Refer KITZ HP for our materialities, targets and KPIs:
Themes for Sustainability Management | Comprehensive valve Manufacturer KITZ Corporation
©KITZ CORPORATION All Rights Reserved 22
Latest key measures to improve
share liquidity
Secondary offering of shares： Approx. JPY 5 billion
Share buyback： Approx. JPY 3 billion
(Period Sep. to Nov. 2024)
Individuals and
Others
Foreign Corporations and Individuals
Financial Institutions
Other Domestic Corporations
Breakdown of Shareholders
Topic➃ Enhancing Investor Relations
17.8%
25.5%
12.4%
33.4%
34.7%
34.0%
Securities Companies Treasury Share
2.1%
0.3%
Dec. 2023
Sep. 2025
For individual investors
・Mar. CEO interview with a financial influencer
・Apr. IR seminar
・Sep. IR seminar
0% 10% 20% 30% 40%
For institutional investors
・Mar. Foreign investors conference
・May IR non-deal road show in Europe
・Nov. IR non-deal road show in Asia (planned)
Number of IR MTG
We continue to engage in proactive dialogue with investors. Following the announcement of our H1 results, we also hold
123 85
meetings that include outside directors. 98
61
(as of H1)
FY2022 FY2023 FY2024 FY2025
©KITZ CORPORATION All Rights Reserved
｜23
FY2025 Q1-Q3 Financial Results |
FY2025 Forecast |
Topics |
- Appendix - |
1
2
3
| Net cash provided by operating activities was ¥7,998m. The inflows include profit before income taxes of ¥12,671m and depreciation of ¥5,065m. The outflows include income taxes paid of ¥4,492m and an increase in inventories of ¥3,982m. |
| Net cash used in investing activities was ¥7,251m. The outflows include purchase of property, plant and equipment of ¥7,318m. |
| Net cash used in financing activities was ¥5,876m. The inflows include proceeds from longterm borrowings of ¥10,466m. The outflows include redemption of bonds of ¥10,135m, dividends paid of ¥4,189m and repayments of long-term borrowings of ¥1,613m. |
Cash Flows
(Millions of Yen)
FY2024 Q1-Q3 | FY2025 Q1-Q3 | YoY Change | ||
Results | Results | |||
Operating Cash Flow | 12,780 | 7,998 | (4,782) | (37.4)% |
Investing Cash Flow | (4,963) | (7,251) | (2,287) | ー |
Free Cash Flow | 7,816 | 746 | (7,069) | (90.4)% |
Financing Cash Flow | (5,321) | (5,876) | (555) | ー |
Cash and Cash Equivalents at the End of the Period | 30,909 | 24,710 | (6,198) | (20.1)% |
Electrolytic Copper Market
(yen / kg)
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
800
700
600
500
400
21/1 21/4 21/7 21/10 22/1 22/4 22/7 22/10 23/1 23/4 23/7 23/10 24/1 24/4 24/7 24/10 25/1 25/4 25/7
LME Copper Market
（USD / ton）
12,000
11,000
10,000
9,000
8,000
7,000
6,000
5,000
4,000
Crude Oil Price
(USD / Barrel)
140
120
100
80
60
40
20
0