(Fiscal year ended March, 2026)
NIPPON SANSO Holdings February 4, 2026
Contents
- Business overview
-
Q3 FYE2026 Business performance
-1. Q3 performance
-2. Nine months 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
Unit：JPY
Currency
USD EUR SGD AUD CNY
Q1 1st Half 9M Full-term
（Apr.-Jun.） （Apr.-Sep.） （Apr.-Dec.） （Apr.-Mar.）
158.24
170.08
116.65
104.66
21.76
152.45
165.83
114.37
101.80
21.20
153.03
165.09
114.58
100.91
21.25
152.57
163.66
113.98
99.27
21.12
FYE2025
FYE2026
FYE2026
Q1
（Apr.-Jun.）
1st Half
（Apr.-Sep.）
9M
Full-term
（Apr.-Dec.） （Apr.-Mar.）
143.75
165.13
111.40
92.68
19.94
146.07
168.68
113.23
94.69
20.34
149.30
172.93
115.61
97.38
20.91
(Updated)
FYE2026
Full-term Assumption （Apr.-Mar.） |
(Announced on Feb 4, 2026) 150.00 |
170.00 |
115.61 |
100.00 |
20.91 |
(Previous) Full-term Assumption
（Apr.-Mar.）
(Announced on May 12, 2025)
141.00
162.00
114.37
90.00
21.20
（Reference） Currency sensitivity as rough indication
Impact amount per 1 JPY
Unit：¥ bn. (Full-term basis)
Currency Revenue Core Operating Income
USD ±2.3 ±0.40
EUR ±2.0 ±0.35
1. Business OverviewBusiness Overview
Review of Q3Business 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 measures
Performance Highlights
U.S.: Signs of volume recovery, disciplined pricing and cost controls lifted core operating income margin to 15.1%, an improvement from the previous quarter
In Q3, all segments met the medium-term management plan target (segment EBITDA margin ≧ 17%) for the first time
Investment Status
Capital expenditures through Q3 totaled ¥78.4 billion, while investments and loans amounted to ¥77.6 billion, primarily related to the Australian acquisition
Topics
"Advanced Electronics Materials Development Building" to be constructed at Tsukuba Laboratory (completion in 2027)
New medium-term management plan presentation to be held March 30 (hybrid format: physical + online)
Business Overview
Key CAPEX for our sustainable growthSignificant investment opportunities; diversified capital portfolio; aligned with our NS Vision 2026.
3%
1%
26%
23%
FYE2026(as of the end of Q3)
Approx. ¥150.0bn
~ 38%
with Sustainable Traits
6%
10%
32%
"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
Steel & Metals
Automobiles & Other transportation ElectronicsFood & Beverage
Healthcare
Chemicals & Energy Others"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)
*Note 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. Q3 FYE2026 Business performance -1. Q3 performanceQ3 FYE2026 Business performance -1. Q3 performance
％ Change
exc. FX
+2.0%
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
・Efforts remain in price management and productivity initiatives
FYE2025 Q3
（Unit: ￥ bn.） (Oct. - Dec.)
Revenue 328.2
YoY
FYE2026
Q3
(Oct. - Dec.)
346.8
10.0
36.7
35.7
10.3%
1.0
Difference ％ Change
+18.6 +5.7%
Revenue Analysis
Core operating income | 46.2 | 51.9 | +5.7 | +12.3% | +7.6% | YoY | ||||
Core OI margin | 14.1% | 15.0% | % Change | |||||||
Non-recurring profit and loss | -0.0 | -0.0 | -0.0 | Revenue Growth | +5.7% | |||||
Operating income（IFRS） | 46.2 | 51.9 | +5.7 | +12.2% | FX | +3.7% | ||||
OI margin | 14.1% | 15.0% | Price | +1.8% | ||||||
EBITDA margin | 23.0% | 24.5% | ||||||||
Finance costs | -5.1 | -5.1 | -0.0 | ||
Income before income taxes | 41.1 | 46.7 | +5.6 | +13.7% |
Income tax expenses 12.1
Net income 28.9
(Attribution of net income)
Net income attributable to owners of the parent 28.2
NI margin 8.6%
Net income attributable to non-controlling interests 0.7
-2.1
Pass-through & Surcharge -1.0%
Volume / Mix -1.8%
Others +2.9%
Price Management status: Increase
Pass-thru ＆ Surcharge: Slight decrease
with lower power costs
Volume / Mix: Decrease
Others: Equipment and installation projects in Japan; business acquisitions in Europe and Australia, etc.
+7.8 +26.7%
+7.5 +26.3%
+0.3
2. Q3 FYE2026 Business performance -1. Q3 performance
JapanYoY | ||||||
FYE2025 | FYE2026 | |||||
（Unit: ￥ bn.） | Q3 | Q3 | Difference | % Change | ||
Revenue | (Oct.- Dec.) 100.8 | (Oct.- Dec.) 100.6 | -0.2 | -0.2% | ||
Segment income | 12.2 | 12.6 | +0.4 | +3.4% | ||
Segment OI margin | 12.2% | 12.6% | ||||
EBITDA margin | 16.7% | 17.4% | ||||
% Change exc. FX |
-0.3% |
+3.1% |
YoY Factors for increase/decrease in this quarterly period and other comment |
|
2. Q3 FYE2026 Business performance -1. Q3 performance
United StatesYoY | ||||||
FYE2025 | FYE2026 | |||||
（Unit: ￥ bn.） | Q3 | Q3 | Difference | % Change | ||
Revenue | (Oct.- Dec.) 90.5 | (Oct.- Dec.) 92.6 | +2.1 | +2.3% | ||
Segment income | 13.5 | 13.9 | +0.4 | +2.6% | ||
Segment OI margin | 15.0% | 15.1% | ||||
EBITDA margin | 27.2% | 28.0% | ||||
% Change exc. FX |
+1.3% |
+2.1% |
YoY Factors for increase/decrease in this quarterly period and other comment |
|
2. Q3 FYE2026 Business performance -1. Q3 performance
EuropeYoY | ||||||
FYE2025 | FYE2026 | |||||
（Unit: ￥ bn.） | Q3 | Q3 | Difference | % Change | ||
Revenue | (Oct.- Dec.) 83.3 | (Oct.- Dec.) 90.2 | +6.9 | +8.3% | ||
Segment income | 15.4 | 18.5 | +3.1 | +20.4% | ||
Segment OI margin | 18.5% | 20.6% | ||||
EBITDA margin | 30.7% | 33.5% | ||||
% Change exc. FX |
-2.3% |
+8.6% |
YoY Factors for increase/decrease in this quarterly period and other comment |
|
2. Q3 FYE2026 Business performance -1. Q3 performance
Asia & OceaniaYoY | ||||||
FYE2025 | FYE2026 | |||||
（Unit: ￥ bn.） | Q3 | Q3 | Difference | % Change | ||
Revenue | (Oct.- Dec.) 45.2 | (Oct.- Dec.) 55.5 | +10.3 | +22.7% | ||
Segment income | 4.0 | 5.9 | +1.9 | +47.2% | ||
Segment OI margin | 8.9% | 10.7% | ||||
EBITDA margin | 15.5% | 17.9% | ||||
% Change exc. FX |
+18.1% |
+40.5% |
YoY Factors for increase/decrease in this quarterly period and other comment |
|
2. Q3 FYE2026 Business performance -1. Q3 performance
ThermosYoY | ||||||
FYE2025 | FYE2026 | |||||
（Unit: ￥ bn.） | Q3 | Q3 | Difference | % Change | ||
Revenue | (Oct.- Dec.) 8.0 | (Oct.- Dec.) 7.6 | -0.4 | -5.1% | ||
Segment income | 1.6 | 1.3 | -0.3 | -17.6% | ||
Segment OI margin | 20.3% | 17.6% | ||||
EBITDA margin | 25.6% | 23.2% | ||||
% Change exc. FX |
-5.2% |
-19.2% |
YoY Factors for increase/decrease in this quarterly period and other comment |
|
2. Q3 FYE2026 Business performance -2. Nine months performance
2. Q3 FYE2026 Business performance -2. Nine months performance
％ Change
exc. FX
+2.3%
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 price management, productivity, and cost reduction efforts
・Efforts remain in price management and productivity initiatives
FYE2025 9M
（Unit: ￥ bn.） (Apr. - Dec.)
Revenue 971.2
YoY
FYE2026
9M
(Apr. - Dec.)
997.7
34.0
95.9
93.1
9.3%
2.8
Difference ％ Change
+26.5 +2.7%
Revenue Analysis
Core operating income | 139.7 | 146.2 | +6.5 | +4.6% | +3.8% | YoY | ||||
Core OI margin | 14.4% | 14.7% | % Change | |||||||
Non-recurring profit and loss | -11.0 | -0.1 | +10.9 | Revenue Growth | +2.7% | |||||
Operating income（IFRS） | 128.7 | 146.1 | +17.4 | +13.5% | FX | +0.4% | ||||
OI margin | 13.3% | 14.6% | Price | +1.9% | ||||||
EBITDA margin | 23.3% | 24.0% | ||||||||
Finance costs | -15.8 | -16.0 | -0.2 | ||
Income before income taxes | 112.9 | 130.0 | +17.1 | +15.2% |
Income tax expenses 33.1
Net income 79.7
(Attribution of net income)
Net income attributable to owners of the parent 77.4
NI margin 8.0%
Net income attributable to non-controlling interests 2.2
+0.9
Pass-through & Surcharge -0.9%
Volume / Mix -1.5%
Others +2.9%
Price Management status: Increase
Pass-thru ＆ Surcharge: Slight decrease
with lower power costs
Volume / Mix: Decrease
Others: Equipment and installation projects in Japan; business acquisitions in Europe and Australia, etc.
+16.2 +20.4%
+15.7 +20.2%
+0.6
2. Q3 FYE2026 Business performance -2. Nine months performance
JapanBy Industry
Cumulative period basis
FYE2025
（Unit: ￥ bn.） 9M
(Apr. - Dec.)
Revenue 295.7
YoY
FYE2026 9M
(Apr. - Dec.)
295.3
39.1
13.2%
18.1%
Segment OI margin 11.6%
EBITDA margin 16.2%
2%
10%
5%
5%
Steel & Metals
Automobiles & Other
transportation
Electronics
Food & Beverage Healthcare Chemicals & Energy
Others
26%
22%
30%
% Change exc. FX |
-0.1% |
+14.1% |
Difference % Change
-0.4 -0.1%
Segment income 34.2
+4.9 +14.1%
By Product
Cumulative period basis
41%
Gases
Equipment and installation, other
59%
Topics |
|
2. Q3 FYE2026 Business performance -2. Nine months performance
United StatesBy Industry
10%
8%
Steel & Metals
Automobiles & Other
transportation
Electronics
Food & Beverage Healthcare Chemicals & Energy
Others
41%
14%
5%
13%
9%
Cumulative period basis
% Change exc. FX |
+0.6% |
-9.8% |
YoY | ||||||
FYE2025 | FYE2026 | |||||
（Unit: ￥ bn.） | 9M | 9M | Difference | % Change | ||
Revenue | (Apr. - Dec.) 270.1 | (Apr. - Dec.) 265.2 | -4.9 | -1.8% | ||
Segment income | 42.1 | 37.0 | -5.1 | -12.1% | ||
Segment OI margin | 15.6% | 14.0% | ||||
EBITDA margin | 27.7% | 26.9% | ||||
By Product
22%
Gases
Equipment and installation, other
78%
Cumulative period basis
Topics |
|
2. Q3 FYE2026 Business performance -2. Nine months performance
EuropeBy Industry
Cumulative period basis
FYE2025
（Unit: ￥ bn.） 9M
(Apr. - Dec.)
Revenue 248.8
YoY
FYE2026 9M
(Apr. - Dec.)
258.2
51.2
19.9%
32.6%
Segment OI margin 19.0%
EBITDA margin 31.2%
18%
19%
14%
29%
16%
1%
3%
Steel & Metals
Automobiles & Other
transportation
Electronics
Food & Beverage Healthcare Chemicals & Energy
Others
% Change exc. FX |
-1.0% |
+3.4% |
Difference % Change
+9.4 +3.8%
Segment income 47.2
+4.0 +8.4%
By Product
Cumulative period basis
14%
Gases
Equipment and installation, other
86%
Topics |
|
2. Q3 FYE2026 Business performance -2. Nine months performance
Asia & OceaniaBy Industry
Cumulative period basis
FYE2025
（Unit: ￥ bn.） 9M
(Apr. - Dec.)
Revenue 131.8
YoY
FYE2026 9M
(Apr. - Dec.)
154.0
14.8
9.7%
16.6%
Segment OI margin 9.8%
EBITDA margin 16.4%
2%
2%
24%
Steel & Metals
Automobiles & Other
transportation
Electronics 38%
Food & Beverage Healthcare Chemicals & Energy
Others
28%
4% 2%
% Change exc. FX |
+18.1% |
+17.0% |
Difference % Change
+22.2 +16.9%
Segment income 12.8
+2.0 +15.7%
By Product
Cumulative period basis
14%
Gases
Equipment and installation, other
86%
Topics |
|
2. Q3 FYE2026 Business performance -2. Nine months performance
ThermosBy Region
16%
Japan
Asia
84%
Cumulative period basis
% Change exc. FX |
+1.2% |
+11.4% |
YoY | ||||||
FYE2025 | FYE2026 | |||||
（Unit: ￥ bn.） | 9M | 9M | Difference | % Change | ||
Revenue | (Apr. - Dec.) 24.5 | (Apr. - Dec.) 24.7 | +0.2 | +0.9% | ||
Segment income | 4.3 | 4.8 | +0.5 | +10.8% | ||
Segment OI margin | 17.8% | 19.6% | ||||
EBITDA margin | 23.0% | 24.6% | ||||
"Percentages may not add up to 100% due
to rounding."
Topics |
|
3. FYE2026 Full-term Forecast
ConsolidatedDifference
YoY
FYE2026
Full-term forecast
(Announced on February 4, 2026)
FYE2025
Full-term
forecast
（Unit: ￥ bn.）
％ Change
FYE2026
％ Change
exc. FX
Full-term forecast
(Announced on May 12, 2025)
Revenue | 1,308.0 | 1,330.0 | +22.0 | +1.7% | +1.1% | 1,290.0 |
Core operating income | 189.1 | 196.0 | +6.9 | +3.6% | +2.7% | 191.0 |
Core OI margin | 14.5% | 14.7% | 14.8% | |||
Non-recurring profit and loss | -23.2 | -1.7 | +21.5 | 0.0 | ||
Operating income（IFRS） | 165.9 | 194.3 | +28.4 | +17.1% | 191.0 | |
OI margin | 12.7% | 14.6% | 14.8% | |||
EBITDA margin | 23.3% | 24.2% | 24.1% | |||
Finance costs | -20.6 | -21.8 | -1.2 | -22.5 | ||
Income before income taxes | 145.2 | 172.5 | +27.3 | +18.7% | 168.5 | |
Income tax expenses | 43.3 | 45.5 | +2.2 | 49.0 | ||
Net income | 101.9 | 127.0 | +25.1 | +24.6% | 119.5 | |
(Attribution of net income) Net income attributable to owners of the parent | 98.7 | 123.5 | +24.8 | +25.0% | 116.0 | |
NI margin | 7.6% | 9.3% | 9.0% | |||
Net income attributable to non-controlling interests | 3.1 | 3.5 | +0.4 | 3.5 | ||
Forex （Unit: JPY） USD | 152.57 | 150.00 | 141.00 | |||
(average rate during the period) EUR | 163.66 | 170.00 | 162.00 | |||
AUD | 99.27 | 100.00 | 90.00 |
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 ¥1,330.0 bn.
Operating income ¥194.3 bn.
owners of the parent ¥123.5 bn.
EPS ¥285.31
17%
23%
Japan US Europe Asia & Oceania Thermos CorporateOur 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.
［Investment as a whole]
Composition ratio by Business
Financial target
（Final fiscal year in the plan: FYE2026）
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%
Japan US Europe Asia & Oceania Thermos Strategic (beyond regions)Composition ratio by Initiative
45%
37%
12%
6%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Base/Underlying Growth initiatives Strategic initiatives M&ANon-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 % | |
27 February 4, 2026 | NIPPON SANSO Holdings Supplementary Materials FYE2026 Q3 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 9M 146.2 | YoY Difference +6.5 |
-0.1 | +10.9 |
146.1 | +17.4 |
FYE2025
9M
（Unit: ￥ bn.）
Core operating income 139.7
Non-recurring profit and loss -11.0
Operating income（IFRS） 128.7
FYE2026 9M result
Items（Unit：￥ bn.）
FYE2025 9M result
Item Amount Item Amount
Impairment loss related to non-recoverable portion of a Others hydrogen construction project (US) -10.8
Loss associated with liquidation of business (Asia & Oceania) -0.2 Others -0.0
-0.1
Total -11.0 Total -0.1
FYE2026 9M |
215.18 |
68.9 |
ー |
ー |
ー |
ー |
ー |
156.1 |
93.5 |
31.2 |
0.64 |
939.3 |
806.4 |
Item | Unit | FYE2025 9M | FYE2025 Full-term | |||
Basic earnings per share | JPY | 178.99 | 228.20 | |||
Overseas sales ratio | ％ | 68.0 | 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. | 122.9 | 153.3 | |||
Depreciation and amortization | bn. | 86.7 | 116.1 | |||
Free cash flow | bn. | 32.6 | 92.2 | |||
Adjusted net D/E ratio | Times | 0.76 | 0.71 | |||
Interest-bearing liabilities | bn. | 946.7 | 902.6 | |||
Net interest-bearing liabilities | bn. | 823.0 | 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.