(Fiscal year ended March, 2026)
July 31, 2025
Tokyo, Japan
Contents
- Business Overview
- Q1 FYE2026 Business performance
- FYE2026 Full-term Forecast Appendix
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 (including any oral briefing and any question-and-answer in connection with it) is not intended to, and does not constitute, represent or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, exchange, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction. No shares or other securities are being offered to the public by means of this presentation. This presentation is being given (together with any further information which may be provided to the recipient) on the condition that it is for use by the recipient) on the condition that it is for use be the recipient for information purposes only (and not for the evaluation of any investment, acquisition, disposal or any other transaction). Any failure to comply with these restriction may constitute a violation of applicable securities laws. The companies in which NSHD directly and indirectly owns investments are separate entities. In this presentation, "NSHD" is sometimes used for convenience where references are made to NSHD and its subsidiaries in general. Likewise, the words "the Company", "we", "us" and "our" are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.
Forward-Looking Statements
This presentation and any materials distributed in connection with this presentation may contain forward-looking statements, beliefs or opinions regarding NSHD's future business, future
position and results of operations, including estimates, forecasts, targets and plans for NSHD. Without limitation, forward-looking statements often include words such as "targets", "plans", "believes", "hopes", "continues", "expects", "aims", "intends", "ensures", "will", "may", "should", "would", "could", "anticipates", "estimates", "projects" or similar expressions or the negative thereof. These forward-looking statements are based on assumptions about many important factors, including the following, which could cause actual results to differ materially from those expressed or implied by the forward-looking statements: the economic circumstances surrounding NSHD's global business, including general economic conditions here and abroad; competitive pressures and developments; changes to applicable laws and regulations; the success of or failure of product development programs; decisions of regulatory authorities and the timing thereof; fluctuations in interest and currency exchanges rates; claims or concerns regarding the safety or efficacy of marketed products or product candidates; the impact of health crises, like the novel COVID-19 pandemic, on NSHD and its customers and suppliers, including foreign governments in countries in which NSHD operates, or on other facets of its business; the timing and impact of PMI (post-merger integration) efforts with acquired companies; the ability to divest assets that are not core to NSHD's operations and the timing of any such divestment(s); and other factors identified in NSHD's most recent annual Consolidated Financial Statements on Japanese Securities relevant acts and exchange commission, available on NSHD's website. NSHD dose not undertake to update any of the forward-looking statements contained in this presentation or any other forward-looking statements it may make, except as required by law or stock exchange rule. Past performance is not an indicator of future results and the results or statements of NSHD in this presentation may not be indicative of, and are not an estimate, forecast, guarantee or projection of NSHD's future results.
Certain Non-IFRS Financial Measures
This presentation and materials distributed in connection with this presentation include certain financial measures not presented in accordance with International Financial Reporting
Standards ("IFRS"), such as Core Operating Income, Debt, Net Debt, Adjusted net D/E ratio, Free Cash Flow and ROCE after Tax. NSHD's management and executive officers evaluates results and makes operating and investment decisions using both IFRS and non-IFRS measures included in this presentation. These non-IFRS measures exclude certain income, cost and cash flow items which are included in, or are calculated differently from, the most closely comparable measures presented in accordance with IFRS. By including these non-IFRS measures, management and executive officers intends to provide investors with additional information to further analyze NSHD's performance, core results and underlying trends. NSHD's non-IFRS measures are not prepared in accordance with IFRS and such non-IFRS measures should be considered a supplement to, and not a substitute for, measures prepared in accordance with IFRS. Investors are encouraged to review the reconciliation of non-IFRS financial measures to their most directly comparable IFRS measure, which are on the part of our slide deck.
Financial information
NSHD's financial statements are prepared in accordance with international Financial Reporting Standards ("IFRS").
NotesAnalysis 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 quarterly consolidated accounting period basis, as well as its recognition and analysis of the status of the business results of NSHD group from management's perspective. Please note that Segment Operating Income is based on Core Operating Income.
The following table shows Revenue, Operating income, and the effect of Forex rate changes on Revenue and Operating Income.
The impact of Forex rate fluctuation is calculated by applying the average rate for the period under review to the period under review (the current period and the previous period).
These disclosures are not in accordance with International Financial Reporting Standards (IFRS). However, we believe that these disclosures are useful analytical information for investors
to understand the business conditions of the Group.
＜Forex rates＞ Average Forex rates
Full-term Assumption （Apr.-Mar.） |
(Announced on May 12, 2025) 141.00 |
162.00 |
114.37 |
90.00 |
21.20 |
FYE2025
FYE2026
FYE2026
（Reference） Currency sensitivity as rough indication
Unit：JPY Q1 1st Half 9M | Full-term | Q1 | 1st Half 9M Full-term | Impact amount per 1 JPY Unit：¥ bn. (Full-term basis) | |||||||||||||||
Currency | （Apr.-Jun.） | （Apr.-Sep.） | （Apr.-Dec.） | （Apr.-Mar.） | （Apr.-Jun.） | （Apr.-Sep.） | （Apr.-Dec.） | （Apr.-Mar.） | Currency | Revenue | Core Operating Income | ||||||||
USD | 158.24 | 152.45 | 153.03 | 152.57 | 143.75 | USD | ±2.3 | ±0.40 | |||||||||||
EUR | 170.08 | 165.83 | 165.09 | 163.66 | 165.13 | EUR | ±2.0 | ±0.35 | |||||||||||
SGD | 116.65 | 114.37 | 114.58 | 113.98 | 111.40 | ||||||||||||||
AUD | 104.66 | 101.80 | 100.91 | 99.27 | 92.68 | ||||||||||||||
CNY | 21.76 | 21.20 | 21.25 | 21.12 | 19.94 | ||||||||||||||
1. Business Overview
1. Business Overview
Reviewof the first quarter
Business Overview
Overall volume trends have a slight decline
Maintain profit focus through price management and productivity improvement activities
Performance Highlights
In Japan, in addition to progress in construction of electronics-related equipment and installation, price management showing positive effect
Sales of products other than bulk and onsite are weak in the US
Investment Status
Carefully assess the impact of US tariff policies
Actively invest in growth while carefully examining risks
Topics
New management structure: 1 new director appointed
Coregas acquisition process completed on July 1st
Business Overview
Key CAPEX for our sustainable growth3%
1%
24%
35%
FYE2026(as of the end of Q1)
1%
Approx. 45%
with Sustainable Traits
3%
33%
Significant investment opportunities; diversified capital portfolio; aligned with our NS Vision 2026.
"Others" include projects which are not assignable because the facilities relate to a wide range of customers and no one specific market
(e.g.) ･ New or expanded production base for Bulk business
· Liquid CO2 and Dryice production related
"CAPEX with Sustainable Traits" includes projects that contribute to our group and the customers' efforts to become carbon neutrality.
(e.g.) ・Modernizing our plants to state-of-the-art
equipment
・Hydrogen production related
(including HyCO Plant)
Steel & MetalsAutomobiles & Other transportationElectronicsFood & BeverageHealthcareChemicals & EnergyOthersNote that the above is an aggregation of investments that have been approved by the Board of Directors of each our group company, but have not yet been placed in service. The size of each project is over approx. ¥500mn., $4mn. or €4mn.
2. Q1 FYE2026 Business performance
Q1 FYE2026 Business performance
Consolidated results・Revenue decreased by 4.4% year-on-year due to foreign exchange impact and lower volume, while core operating profit landed at -5.7% year-on-year..
・Core operating income increased in Japan and Thermos, while it decreased in the United States, Europe, Asia & Oceania.
・Efforts in price management and productivity improvement are continuing.
FYE2025 Q1
（Unit: ￥ bn.） (Apr. - Jun.)
Revenue 329.2
Core operating income 48.3
Core OI margin 14.7%
Non-recurring profit and loss -0.3
OI margin | 14.6% | 14.5% | |||||
EBITDA margin | 23.6% | 23.8% | |||||
Finance costs | -5.0 | -5.5 | -0.5 | ||||
Income before income taxes | 42.9 | 39.9 | -3.0 | -6.8% | |||
Income tax expenses | 13.2 | 10.7 | -2.5 | ||||
Net income | 29.6 | 29.2 | -0.4 | -1.3% |
Operating income（IFRS） 47.9
FYE2026 Q1
(Apr. - Jun.)
314.7
45.6
14.5%
-0.0
45.5
YoY
Difference ％ Change
-14.5 -4.4%
-2.7 -5.7%
+0.3
-2.4 -5.1%
％ Change
exc. FX
-0.1%
-1.0%
Revenue Growth
YoY
% Change
-4.4%
FX -4.3%
Price +2.1%
Pass-through & Surcharge -0.5%
Volume / Mix -2.5%
Others +0.8%
Price Management status: Solid
Pass-thru ＆ Surcharge: Flat
nt
Revenue Analysis
(Attribution of net income) Net income attributable to owners of the parent | 29.0 | 28.3 | -0.7 | -2.4% |
and installation projects in Japan and | ||||||
NI margin | 8.8% | 9.0% | business acquisitions in Europe and | ||||||||
Net income attributable to non-controlling interests | 0.5 | 0.8 | +0.3 | Australia, etc. | |||||||
2. Q1 FYE2026 Business performance
JapanBy Industry
Cumulative period basis
FYE2025
（Unit: ￥ bn.） Q1
(Apr. - Jun.)
Revenue 100.9
YoY
FYE2026 Q1
(Apr. - Jun.)
97.4
13.3
13.7%
18.6%
Segment OI margin 11.5%
EBITDA margin 15.9%
5%
4%
24%
Steel & Metals
Automobiles & Other
transportation Electronics
Food & Beverage Healthcare Chemicals & Energy
Others
32%
22%
2%
10%
% Change exc. FX |
-3.3% |
+15.9% |
Difference % Change
-3.5 -3.5%
Segment income 11.5
+1.8 +15.6%
By Product
Cumulative period basis
Industrial gas-related sales down from lower volumes despite price management
Equipment and installation sales increased from medium/large electronics projects, while industrial gas-related declined
Segment income increased due to price management and lower electricity costs
YoY Factors for increase/decrease in this quarterly period and other comment
41%
Gases
Equipment and installation, other
59%
2. Q1 FYE2026 Business performance
United StatesBy Industry
8%
10%
41%
Steel & Metals
Automobiles & Other
transportation Electronics
Food & Beverage
Healthcare
Chemicals & Energy 14%
Others
9%
13%
5%
Cumulative period basis
% Change exc. FX |
-0.2% |
-14.6% |
YoY | ||||||||
FYE2025 | FYE2026 | |||||||
（Unit: ￥ bn.） | Q1 | Q1 | Difference | % Change | ||||
Revenue | (Apr. - Jun.) 92.6 | (Apr. - Jun.) 83.9 | -8.7 | -9.3% | ||||
Segment income | 14.8 | 11.4 | -3.4 | -22.6% | ||||
Segment OI margin | 16.0% | 13.6% | ||||||
EBITDA margin | 28.2% | 26.6% | ||||||
By Product
22%
Gases
Equipment and installation, other
78%
Industrial gas-related sales increased mainly due to price management and higher bulk and onsite volumes
Equipment and installation sales declined in both industrial gas and electronics-related
Segment income decreased despite price management and productivity improvement initiatives, primarily due to FX impact and decreased hardgoods, package, and helium volumes
YoY Factors for increase/decrease in this quarterly period and other comment
Cumulative period basis
2. Q1 FYE2026 Business performance
EuropeBy Industry
15%
32%
Steel & Metals
Automobiles & Other
transportation Electronics
Food & Beverage Healthcare Chemicals & Energy
Others
1%
3%
18%
19%
13%
Cumulative period basis
% Change exc. FX |
-0.2% |
-0.7% |
YoY | |||||||||
FYE2025 | FYE2026 | ||||||||
（Unit: ￥ bn.） | Q1 | Q1 | Difference | % Change | |||||
Revenue | (Apr. - Jun.) 85.0 | (Apr. - Jun.) 82.4 | -2.6 | -3.1% | |||||
Segment income | 16.6 | 16.0 | -0.6 | -3.6% | |||||
Segment OI margin | 19.6% | 19.5% | |||||||
EBITDA margin 31.7% | 31.9% | ||||||||
By Product
13%
Gases
Equipment and installation, other
87%
Industrial gas-related sales declined due to lower volumes despite positive price management
Equipment and installation sales increased from the acquired Italian plant engineering company acquired in the previous fiscal year
Segment income decreased despite price management and productivity improvement initiatives, primarily due to FX impact and slightly lower volumes
YoY Factors for increase/decrease in this quarterly period and other comment
Cumulative period basis
2. Q1 FYE2026 Business performance
Asia & OceaniaBy Industry
Cumulative period basis
FYE2025
（Unit: ￥ bn.） Q1
(Apr. - Jun.)
Revenue 42.4
YoY
FYE2026 Q1
(Apr. - Jun.)
42.3
3.4
8.1%
15.2%
Segment OI margin 10.2%
EBITDA margin 16.9%
2%
3%
20%
Steel & Metals
Automobiles & Other
transportation Electronics
Food & Beverage
Healthcare Chemicals & Energy
39%
31%
Others
3% 2%
% Change exc. FX |
+7.6% |
-13.1% |
Difference % Change
-0.1 -0.3%
Segment income 4.3
-0.9 -20.4%
By Product
Cumulative period basis
Industrial gas-related sales declined due to FX impact and lower volumes despite the contribution from the Australian LP gas sales business acquired in the previous fiscal year and positive price management
Electronics-related sales increased as equipment and installation performed steadily
Segment income decreased primarily due to FX impact and lower volumes, and higher labor related costs
YoY Factors for increase/decrease in this quarterly period and other comment
13%
Gases
Equipment and installation, other
87%
2. Q1 FYE2026 Business performance
ThermosBy Region
13%
Japan
Asia
87%
% Change exc. FX |
+5.4% |
+38.4% |
YoY | ||||||||
FYE2025 | FYE2026 | |||||||
（Unit: ￥ bn.） | Q1 | Q1 | Difference | % Change | ||||
Revenue | (Apr. - Jun.) 8.2 | (Apr. - Jun.) 8.6 | +0.4 | +4.6% | ||||
Segment income | 1.2 | 1.7 | +0.5 | +38.6% | ||||
Segment OI margin | 15.0% | 19.9% | ||||||
EBITDA margin | 20.1% | 24.7% | ||||||
Cumulative period basis
"Percentages may not add up to 100% due to rounding."
Sales in Japan increased from new product launches, while sales in Korea sales declined
Segment income increased due to increased sales effects in Japan, cost reduction effects, and lower USD based production costs
YoY Factors for increase/decrease in this quarterly period and other comment
3. FYE2026 Full-term Forecast
FYE2026 Full-term Forecast
FYE2025 Full-term | FYE2026 Full-term forecast | YoY Difference ％ Change | |||
（Unit: ￥ bn.） Revenue | 1,308.0 | (Announced on May 12, 2025) 1,290.0 | -18.0 | -1.4% | |
Core operating income | 189.1 | 191.0 | +1.9 | +1.0% | |
Core OI margin | 14.5% | 14.8% | |||
Non-recurring profit and loss | -23.2 | 0.0 | +23.2 | ||
Operating income（IFRS） | 165.9 | 191.0 | +25.1 | +15.1% | |
OI margin | 12.7% | 14.8% | |||
EBITDA margin | 23.3% | 24.1% | |||
Finance costs | -20.6 | -22.5 | -1.9 | ||
Income before income taxes | 145.2 | 168.5 | +23.3 | +16.0% | |
Income tax expenses | 43.3 | 49.0 | +5.7 | ||
Net income | 101.9 | 119.5 | +17.6 | +17.2% | |
(Attribution of net income) Net income attributable to owners of the parent | 98.7 | 116.0 | +17.3 | +17.4% | |
NI margin | 7.6% | 9.0% | |||
Net income attributable to non-controlling interests | 3.1 | 3.5 | +0.4 | ||
Forex （Unit: JPY） | USD | 152.57 | 141.00 | ||
(average rate during the period) | EUR | 163.66 | 162.00 | ||
AUD | 99.27 | 90.00 | |||
FYE2026 | |
Full-term forecast | ％ Change |
(exc. FX) 1,328.8 | +1.6% |
197.2 | +4.3% |
14.8% | |
0.0 | |
197.2 | +18.9% |
14.8% | |
24.1% | |
-23.0 | |
174.2 | +20.0% |
50.5 | |
123.7 | +21.4% |
120.2 | +21.7% |
9.0% | |
3.5 | |
152.57 | |
163.66 | |
99.27 |
Appendix
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
Founded October 30, 1910
Headquarters 1-3-26 Koyama Shinagawa-ku, Tokyo 142-0062, Japan
TEL 81-3-5788-8500
President CEO
Representative Toshihiko Hamada
Common stock 37.3 billion yen
Group Philosophy
Group Vision
Proactive. Innovative. Collaborative.
Making life better through gas technology.
Number of shares 433,092,837 Number of shareholders 12,904
Listed stock exchanges Tokyo Stock Exchange Prime Market Ticker 4091.T
Distribution by share holders (%)
We aim to create social value through innovative gas solutions that increase industrial productivity, enhance human well-being and contribute to a more sustainable future.
Main Core business
Stock information （As of March 31, 2025）
Industrial Gas business Electronics business Thermos business
Other Japanese Corporations Foreign Institutions and Individuals
8.6%
21.6%
14.6%
4.6%
50.6%
Mitsubishi Chemical Group
Japanese Financial Institutions
Japanese Individuals and others
Revenue / Employee personnel by Segment （As of Match 31, 2025）
3%
13%
31%
¥1,308.0bn.
25%
28%
7%
1%
22%
30%
FYE2026 Financial Forecast（IFRS)
Net income attributable to
19,754
people
Revenue ¥1,290.0 bn.
Operating income ¥191.0 bn.
owners of the parent ¥116.0 bn.
EPS ¥267.99
17%
23%
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
Slogan Enabling the Future
Period 4 years from April 2022 to March 2026
Released date May 11, 2022
Cash-in (the total for 4 years)
［Operating Cash flow] 730.0 bn.
Cash-out 433.0 bn.
Financial target
（Final fiscal year in the plan: FYE2026）
Composition ratio by Business
［Investment as a whole]
Revenue 975.0-1,000.0 bn.
Core Operating Income 125.0-135.0 bn.
EBITDA margin Group: ≥24 %
Japan, the U.S., EU, A&O, Thermos: ≥17-33%
Adjusted net D/E ratio ≤0.7 times
ROCE after Tax ≥6 %
（Note）Forex rate (Assumption) : USD 115 EUR 125
24%
27%
24%
14%
2% 9%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Composition ratio by Initiative
45%
37%
12%
6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Non-Financial target | |
＜Environment＞ | Focused fields |
Reduction rate of GHG emissions | FYE2026: | 18 % |
(Base year: FYE2019) | FYE2031: | 32 % |
GHG reduced emissions through environmental product offer
FYE2026:Lower GHG emissions through environmental product offerings and applications
＞NSHD Group GHG emission
＜Safety Management＞ | ||
Lost Time Injury Rate | FYE2026: | ≤1.6 |
＜Compliance＞ | ||
Rate of receiving compliance training | FYE2026: | 100 % |
＜HR＞ | ||
Rate of female employees | FYE2026: | ≥22 % |
FYE2031: | 25 % | |
Rate of female management posts | FYE2026: | ≥18 % |
FYE2031: | 22 % | |
20 July 31, 2025 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q1 results | ||
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 is calculated as operating income excluding certain gains and expenses attributable to non-recurring items in the Company.
FYE2026 Q1 45.6 | YoY Difference -2.7 |
-0.0 | +0.3 |
45.5 | -2.4 |
FYE2025
Q1
（Unit: ￥ bn.）
Core operating income 48.3
Non-recurring profit and loss -0.3
Operating income（IFRS） 47.9
Items（Unit：￥ bn.）
FYE2025 Q1 result
FYE2026 Q1 result
Item Amount Item Amount
Loss associated with liquidation of business -0.3 Loss associated with liquidation of business, others -0.0
Total -0.3 Total -0.0
FYE2026 Q1 |
65.60 |
67.3 |
ー |
ー |
ー |
ー |
ー |
25.7 |
29.2 |
22.0 |
0.68 |
926.4 |
756.8 |
Item | Unit | FYE2025 Q1 | FYE2025 Full-term | |||||
Basic earnings per share | JPY | 67.19 | 228.20 | |||||
Overseas sales ratio | ％ | 67.9 | 67.2 | |||||
ROE | ％ | ー | 10.4 | |||||
ROCE | ％ | ー | 10.1 | |||||
ROCE after Tax | ％ | ー | 7.2 | |||||
Annual dividends per share | JPY | ー | 51 | |||||
Dividend payout ratio | ％ | ー | 22.3 | |||||
CAPEX(fund basis) & Investments and loans | bn. | 46.7 | 153.3 | |||||
Depreciation and amortization | bn. | 29.4 | 116.1 | |||||
Free cash flow | bn. | -12.0 | 92.2 | |||||
Adjusted net D/E ratio | Times | 0.73 | 0.71 | |||||
Interest-bearing liabilities | bn. | 981.6 | 902.6 | |||||
Net interest-bearing liabilities | bn. | 860.0 | 758.1 | |||||
(Reference) Preconditions, Definition & Calculations of our KPIs
Glossary Preconditions and Definitions in this Presentation
Core operating income
Core operating income is calculated as operating income excluding certain gains and expenses attributable to non-recurring factors (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).
Interest-bearing debt Bonds and borrowings as presented in the statement of financial position, plus lease liabilities included in other financial liabilities.
*Includes Hybrid finance.
Hybrid finance
A form of debt financing that has features resembling equity, such as voluntary deferral of interest, extremely long-term redemption periods and subordination during liquidation or bankruptcy procedures.
This kind of financing does not cause stock dilution, and a certain ratio of the funds procured in this way can be recognized as equity credit by rating agencies provided that certain conditions are met.
Equity-type debt The amount of debt procured by hybrid finance that has been recognize as equity credit by rating agencies.
In this fund procurement, rating agencies have recognized equity credit for 50% of the procured amount.
Indicator Calculations used in this presentation
EBITDA margin （Core operating income＋Depreciation and amortization）／Revenue
ROE Profit attributable to ownwers of parent／Total equity attributablle to ownwers of parent*
ROCE Core operating income／（Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed]
ROCE after Tax
Core operating income after Tax（+Dividend received）［NOPAT] ((Core operating－Investment income/loss from Equity in earnings (losses) of affiliated companies included in Core operating income)×(1－effective tax rate)＋Investment income/loss from Equity in earnings (losses) of affiliated companies included in Core operating income＋Dividend received))／（Interest-bearing debt＋Total equity attributablle to ownwers of parent）* [Capital employed]
Adjusted net D/E ratio ((Interest-bearing debt - equity-type debt) - cash and cash equivalents)／(equity attributable to owners of the parent + equity-type debt)*
* The average of the amounts at the end of the comparative fiscal years of the previous and current fiscal years is used.
Condensed consolidated statements of Cash flows
FYE2026 Q1 | YoY Difference | |
39.9 | -3.0 | |
29.2 | -0.2 | |
-5.7 | -3.5 | |
-21.8 | +14.1 | |
41.6 | +7.5 | |
-25.0 | +21.7 | |
-0.6 | -0.6 | |
6.1 | +5.6 | |
-19.5 | +26.7 | |
22.0 | +34.0 | |
-0.5 | -2.0 | |
FYE2025
（Unit：￥ bn.） Q1
Income before income taxes 42.9
Depreciation and amortization 29.4
Changes in working capital -2.2
Others -35.9
Cash flows from operating activities
34.1
Capital expenditures -46.7
Investments and loans -0.0
Others (asset sales, etc.) 0.5
Cash flows from investing activities
-46.2
Free cash flow
-12.0
Cash flows from financing activities
1.5
% Change
-6.8%
+22.1%
ー
-57.6%
ー
Condensed consolidated statements of Financial position
FYE2026 Q1 | YoY Difference |
124.3 | -9.5 |
926.4 | +23.8 |
348.3 | -12.4 |
1,399.1 | +1.9 |
806.6 | +20.7 |
206.4 | +12.0 |
1,013.0 | +32.6 |
40.4 | +0.0 |
1,053.5 | +32.6 |
2,452.7 | +34.6 |
FYE2026 Q1 | YoY Difference |
169.5 | +25.0 |
256.0 | -7.0 |
103.4 | +3.9 |
56.1 | -2.5 |
585.1 | +19.4 |
900.6 | +1.3 |
588.7 | +13.5 |
245.1 | +4.2 |
133.0 | -3.8 |
1,867.5 | +15.1 |
2,452.7 | +34.6 |
（Unit：￥ bn.） | FYE2025 Q4 | |
Cash and cash equivalents | 144.5 | |
Trade receivables | 263.0 | |
Inventories | 99.5 | |
Others | 58.6 | |
Total current assets | 565.7 | |
Property, plant and equipment | 899.3 | |
Goodwill | 575.2 | |
Intangible assets | 240.9 | |
Others | 136.8 |
FYE2025 Q4
Trade payables | 133.8 | |
Interest-bearing liabilities | 902.6 | |
Others | 360.7 |
Total non-current assets 1,852.4
Total assets 2,418.1
Total liabilities 1,397.2
Share capital and capital surplus, etc 785.9
Other components of equity 194.4
Equity attributable to
owners of parent 980.4
Non-controlling interests 40.4
Total equity 1,020.9
Total liabilities and equity 2,418.1
Note that foreign exchange rates resulted in an decrease in both total assets and total liabilities and equity of approximate ly ¥27.6 billion. This mainly reflected foreign exchange rate changes,
such as the JPY appreciation of ¥4.71 against the USD and the JPY depreciation of ¥7.58 against the EUR as of June 30, 2025, compared with the rates as of March 31, 2025.
FYE2026 Q1 | Composition ratio | YoY Difference % Change | |
(Apr.- Jun.) 97.4 | 30.9% | -3.5 | -3.5% |
13.3 | 29.3% | +1.8 | +15.6% |
13.7% 83.9 | 26.7% | -8.7 | -9.3% |
11.4 | 25.1% | -3.4 | -22.6% |
13.6% 82.4 | 26.2% | -2.6 | -3.1% |
16.0 | 35.2% | -0.6 | -3.6% |
19.5% 42.3 | 13.4% | -0.1 | -0.3% |
3.4 | 7.5% | -0.9 | -20.4% |
8.1% 8.6 | 2.7% | +0.4 | +4.6% |
1.7 | 3.8% | +0.5 | +38.6% |
19.9% 0.0 | 0.0% | -0.0 | - |
-0.4 | -0.9% | -0.2 | - |
314.7 | 100.0% | -14.5 | -4.4% |
45.6 | 100.0% | -2.7 | -5.7% |
14.5% | |||
FYE2025 Q1 （Unit: ￥ bn.） (Apr.- Jun.) Revenue 100.9 | Forex impact % Change exc. FX -0.1 -3.3% | ||||||
Japan Segment OI | 11.5 | -0.0 | +15.9% | ||||
Segment OI margin | 11.5% | ||||||
Revenue | 92.6 | -8.4 | -0.2% | ||||
United States Segment OI | 14.8 | -1.3 | -14.6% | ||||
Segment OI margin | 16.0% | ||||||
Revenue | 85.0 | -2.4 | -0.2% | ||||
Europe Segment OI | 16.6 | -0.4 | -0.7% | ||||
Segment OI margin | 19.6% | ||||||
Revenue | 42.4 | -3.1 | +7.6% | ||||
Asia & Oceania Segment OI | 4.3 | -0.3 | -13.1% | ||||
Segment OI margin | 10.2% | ||||||
Revenue | 8.2 | -0.0 | +5.4% | ||||
Thermos Segment OI | 1.2 | +0.0 | +38.4% | ||||
Segment OI margin | 15.0% | ||||||
Revenue | 0.0 | - | |||||
Adjustment Segment OI | -0.2 | - | |||||
Revenue | 329.2 | -14.2 | -0.1% | ||||
Consolidated total Core OI | 48.3 | -2.2 | -1.0% | ||||
Core OI margin | 14.7% | ||||||
Revenue composition By Segment By Industry
3%
13%
31%
Q1 FYE2026
26%
¥ 314.7bn.27%
8%
5%
30%
Q1 FYE2026
¥ 306.1bn.(exc. Thermos business)
18%
10%
20%
9%
Japan U.S. Europe Asia & Oceania Thermos
Automobiles & Other transportation
Food & Beverage
Quarterly Revenue and Core Operating Income Trends
Revenue (¥ bn.) | FYE2025 | FYE2026 | ||||||||
1Q | 2Q | 3Q | 4Q | Full-term | 1Q | 2Q | 3Q | 4Q | Total | |
Japan | 100.9 | 93.9 | 100.8 | 114.2 | 410.0 | 97.4 | 97.4 | |||
United States | 92.6 | 86.9 | 90.5 | 90.0 | 360.2 | 83.9 | 83.9 | |||
Europe | 85.0 | 80.4 | 83.3 | 79.7 | 328.6 | 82.4 | 82.4 | |||
Asia & Oceania | 42.4 | 44.1 | 45.2 | 44.7 | 176.5 | 42.3 | 42.3 | |||
Thermos | 8.2 | 8.1 | 8.0 | 8.0 | 32.5 | 8.6 | 8.6 | |||
Consolidated total* | 329.2 | 313.7 | 328.2 | 336.7 | 1308.0 | 314.7 | 314.7 | |||
Core operating Income (¥ bn.) | FYE2025 | FYE2026 | ||||||||
1Q | 2Q | 3Q | 4Q | Full-term | 1Q | 2Q | 3Q | 4Q | Total | |
Japan | 11.5 | 10.4 | 12.2 | 12.8 | 47.0 | 13.3 | 13.3 | |||
United States | 14.8 | 13.7 | 13.5 | 17.5 | 59.7 | 11.4 | 11.4 | |||
Europe | 16.6 | 15.2 | 15.4 | 15.1 | 62.4 | 16.0 | 16.0 | |||
Asia & Oceania | 4.3 | 4.5 | 4.0 | 2.1 | 15.0 | 3.4 | 3.4 | |||
Thermos | 1.2 | 1.4 | 1.6 | 1.9 | 6.2 | 1.7 | 1.7 | |||
Consolidated total* | 48.3 | 45.1 | 46.2 | 49.3 | 189.1 | 45.6 | 45.6 | |||
*Including adjustment
Percentage of Revenue by Business Percentage of revenue by business
14%
23%
27%
Japan
¥ 97.4 bn.
14%
7%
14%
6%
19%
30%
Q1
FYE2026
8%
¥ 306.1 bn.(exc. Thermos business)
12%
25%
2%
20%
32%
4%
United States
¥ 83.9 bn.
11%
32%
13%
0%
2%
Europe
¥ 82.4 bn.
39%
30%
15%
"Percentages may not add up to 100% due to rounding."
4%
8%
26%
27%
Asia & Oceania
¥ 42.3 bn.
29%
5%
Business performance over the past five years
Revenue （¥ bn.） Operating income（IFRS） （¥ bn.）
Profit attributable
to owners of the parent （¥ bn.）
1,186.6
957.1
818.2
1,255.0 1,308.0
OI margin
10.9%
10.6%
10.1%
NI margin
6.7%
8.4%
7.6%
6.7%
6.2%
13.7% 12.7%
119.5
88.8
101.1
55.2
64.1
73.0
172.0 165.9
105.9 98.7
2021.3 2022.3 2023.3 2024.3 2025.3
2021.3 2022.3 2023.3 2024.3 2025.3
2021.3 2022.3 2023.3 2024.3 2025.3
Net interest-bearing debts （¥ bn.）
Capital expenditures （¥ bn.）
CAPEX % Sales
9.4%
7.3%
7.8%
7.7%
146.8
118.3
91.8
74.4
60.0
11.2%
Depreciation
and amortization （¥ bn.）
1.15
0.94
0.81
0.74
0.71
Adjusted net D/E ratio*
105.7
86.3
92.4
112.4 116.1
150.0
250.0
250.0
250.0
683.1
75.0
660.8
559.5
585.5
608.1
2021.3 2022.3 2023.3 2024.3 2025.3
2021.3 2022.3 2023.3 2024.3 2025.3
2021.3 2022.3 2023.3 2024.3 2025.3
*Adjusted Net D/E Ratio: an indicator of safety (financial soundness) calculated in consideration of this part due to 50% of the amount raised by HBF is permitted as "Equity" by rating agencies.
*It's recorded on a cash basis.