ORGANO CORPORATION Financial Results for First Half of Fiscal Year Ending March 31, 2026 Securities Code: 6368
November 4, 2025
First-Half Results for Fiscal Year Ending March 2026
Full-Year Forecast for Fiscal Year Ending March 2026
Company Overview and Business Profile
* Figures in these materials are rounded down to the nearest unit of indication. Percentages, year-on-year comparisons, comparisons with the plan, and other presentations are calculated using the units of indication. Percentages are rounded to one digit past the decimal point.
First-Half Results for Fiscal Year Ending March 2026
Full-Year Forecast for Fiscal Year Ending March 2026
Company Overview and Business Profile
* Figures in these materials are rounded down to the nearest unit of indication. Percentages, year-on-year comparisons, comparisons with the plan, and other presentations are calculated using the units of indication. Percentages are rounded to one digit past the decimal point.
First-Half Results for FY Ending 03/2026: Overview of Orders, Sales, and Operating Profit
2.6
1.6
3.9
4.3
0.2
-1.0
+5.9 billion YoY
+5.8 billion vs. Plan
09/2024 Actual
09/2025 Actual
Initial Plan
Increase in SG&A
Improvement in Profit Margin Expansion of Sales
Operating Profit Analysis
11.5
11.4
17.3
-1.7
-2.5
+7.5 billion YoY
100.2
Order Analysis
4.2
-0.1
General Industry
Electronics Industry
Electric Power/Water Supply and Sewage
Performance Products
Initial Plan
09/2025 Actual
09/2024 Actual
+3.2 billion vs. Plan
92.7
-0.8
11.3
0.3
97.0
Sales Analysis
(Billions of yen)
前期実 績
当期実 績
前期実 績
前期実 績
当期実 績
電子産業 一般産業 電力・上 下水 機能商品
期初計 画
売上拡大 利益率改善 販管費増
期初計 画
当期実 績
期初計 画
1.0
8.1
1.1
4.5
0.2
-0.6
-0.4
+8.4 billion YoY
+5.2 billion vs. Plan
09/2024 Actual
09/2025 Actual
Initial Plan
General Industry
Electronics Industry
Electric Power/Water Supply and Sewage
Performance Products
74.3
77.5
82.7
[Orders]
Year on year, large-scale orders for semiconductor-related projects overseas, such as in the United States and Europe, expanded, and Service Solutions also grew.
Compared to the plan, although orders for projects in China in the Electronics Industry were delayed beyond expectations, this was offset by projects in Taiwan.
[Sales]
Year on year, construction on Plant projects in Japan and Taiwan in the Electronics Industry progressed well, and Service Solutions across all areas were also strong. Compared to the plan, overseas Plant projects in the Electronics Industry grew. Performance Products fell slightly short of the plan, partly due to the impact of streamlining low-profit transactions in Food Products.
[Operating Profit]
Year on year, in addition to the effect of sales growth, the profit margin of Plant projects improved, mainly in the Electronics Industry. This offset the increase in SG&A expenses such as personnel expenses.
Compared to the plan, the profit margin for overseas large-scale Plant projects improved more than expected.
First-Half Results for FY Ending 03/2026: Consolidated Statement of Income
(Millions of yen) | 03/2025 1st Half Actual | 1st Half Plan | Previous Forecast (Aug 4,2025) | 1st Half Actual | Year-on-Year | Vs. | Initial Plan | Vs. Previous Forecast |
Orders Received | 92,755 | 97,000 | 101,500 | 100,281 | 7,526 8.1% | 3,281 3.4% | -1,219 -1.2% | |
Net Sales | 74,323 | 77,500 | 82,000 | 82,793 | 8,470 11.4% | 5,293 6.8% | 793 1.0% | |
Gross Profit | 23,143 | 24,500 | 27,800 | 30,125 | 6,982 30.2% | 5,625 23.0% | 2,325 8.4% | |
% | 31.1% | 31.6% | 33.9% | 36.4% | 5.3pt | 4.8pt | 2.5pt | |
SG&A | 11,663 | 13,000 | 13,000 | 12,747 | 1,084 9.3% | -253 -1.9% | -253 -1.9% | |
Operating Profit | 11,480 | 11,500 | 14,800 | 17,378 | 5,898 51.4% | 5,878 51.1% | 2,578 17.4% | |
% | 15.4% | 14.8% | 18.0% | 21.0% | 5.6pt | 6.2pt | 3.0pt | |
Profit Attributable to | 8,134 | 7,500 | 9,700 | 11,528 | 3,394 | 4,028 | 1,828 | |
Owners of Parent | 41.7% | 53.7% | 18.8% | |||||
FY Ended
FY Ending 03/2026
First-Half Results for FY Ending 03/2026: Results by Segment
FY Ending 03/2026
Previous
1st Half Plan Forecast
(Aug 4, 2025)
1st Half Actual | Year-on-Year | Vs. Initial Plan | Vs. Previous Forecast | |||||
Company | Orders Received | 92,755 | 97,000 | 101,500 | 100,281 | 7,526 | 3,281 | -1,219 |
8.1% | 3.4% | -1.2% | ||||||
Net Sales | 74,323 | 77,500 | 82,000 | 82,793 | 8,470 | 5,293 | 793 | |
11.4% | 6.8% | 1.0% | ||||||
Operating Profit | 11,480 | 11,500 | 14,800 | 17,378 | 5,898 | 5,878 | 2,578 | |
51.4% | 51.1% | 17.4% | ||||||
(%) | 15.4% | 14.8% | 18.0% | 21.0% | 5.6pt | 6.2pt | 3.0pt | |
Water Treatment Engineering | Orders Received | 80,166 | 84,100 | 88,600 | 87,294 | 7,128 | 3,194 | -1,306 |
8.9% | 3.8% | -1.5% | ||||||
Net Sales | 61,885 | 64,600 | 69,100 | 70,549 | 8,664 | 5,949 | 1,449 | |
14.0% | 9.2% | 2.1% | ||||||
Operating Profit | 9,802 | 9,550 | 12,850 | 15,771 | 5,969 | 6,221 | 2,921 | |
60.9% | 65.1% | 22.7% | ||||||
(%) | 15.8% | 14.8% | 18.6% | 22.4% | 6.6pt | 7.6pt | 3.8pt | |
Performance Products | Orders Received | 12,589 | 12,900 | 12,900 | 12,987 | 398 | 87 | 87 |
3.2% | 0.7% | 0.7% | ||||||
Net Sales | 12,437 | 12,900 | 12,900 | 12,243 | -194 | -657 | -657 | |
-1.6% | -5.1% | -5.1% | ||||||
Operating Profit | 1,677 | 1,950 | 1,950 | 1,607 | -70 | -343 | -343 | |
-4.2% | -17.6% | -17.6% | ||||||
(%) | 13.5% | 15.1% | 15.1% | 13.1% | -0.4pt | -2.0pt | -2.0pt | |
FY Ended
(Millions of yen)
03/2025
1st Half Actual
(Millions of yen)
Orders Received
Net Sales
Overseas Domestic Overseas Ratio
Overseas Domestic Overseas Ratio
97,000
92,755
77,500
74,323
30,110
40.5%
44,213
09/2024 Actual
09/2025 Plan (Initial)
09/2024 Actual
09/2025 Plan (Initial)
09/2025 Actual
53,000
51,861
31.6%
37.4%
24,500
30,930
82,793
09/2025 Actual
44.3%
54,000
55,194
40.3%
55,411
45.0%
37,344
43,000
45,086
100,281
Orders Received and Net Sales by Region
09/2024 Actual 09/2025 Actual 09/2025 Plan
(Initial)
09/2024 Actual 09/2025 Actual 09/2025 Plan
(Initial)
13,285
15,500
17,500
20,307
26,877
22,257
6,500
2,687
3,000
4,000
9,322
3,541
21,000
22,092
24,500
7,502
2,589
7,878
5,132
37,344
30,930
30,110
43,000
45,086
Orders Received Net Sales
SE Asia/US/EU China Taiwan SE Asia/US/EU China Taiwan
Orders Received and Net Sales by Overseas Region
09/2024 Actual
09/2025 Plan
09/2025 Actual
09/2024 Actual
09/2025 Plan
09/2025 Actual
09/2024 Actual
09/2025 Plan
09/2025 Actual
09/2024 Actual
09/2025 Plan
09/2025 Actual
Orders received increased year on year in the United States and Europe, and compared to the plan overseas in countries such as Taiwan. Domestically, there was a slight decrease year on year, but progress is slightly better compared to the plan.
Net sales received contribution from growth overseas, including strong progress in construction for large-scale projects both year on year and versus the plan. Domestically, Service Solutions performed strongly.
Orders received grew significantly with large-scale investment in cutting-edge semiconductors in Taiwan and the United States and large-scale semiconductor projects in Europe.
Net sales grew year on year and versus the plan mainly due to sales of Plant projects for which orders were received in Taiwan. Net sales decreased in China due to order timing being delayed beyond initial expectations.
(Millions of yen)
09/2025 Plan (Initial)
09/2025 Actual
09/2024 Actual
33,600
37,782
31,622
48.0%
46.4%
48.9%
31,000
30,263
32,767
64,600
Service Solutions Plant
Service Solutions Ratio
70,549
61,885
Water Treatment Engineering Unit: Sales by Department
09/2025 Plan
(Initial)
09/2025 Actual
09/2024 Actual
5,100
4,739
4,634
5,200
4,908
4,710
2,600
2,596
3,094
12,900
12,243
12,437
Food Products
Standard Equipment and Functional Materials Chemicals
Performance Products Business Unit: Sales by Department
24.9実績
25.9計画
25.9実績
24.9実績
25.9計画
25.9実績
Plant projects saw increased order received both in Japan and overseas, supported by strong orders received, while construction progressed smoothly and high sales levels were maintained.
In Service Solutions, factors contributing to sales included growth of facility-owned services and increases in maintenance and projects for modifications due to increased deliveries.
All areas, including Water Treatment Chemicals, Filters, and Functional Materials, performed well. Small-scale pure and ultrapure water production systems grew in the Equipment. In Food Products, sales decreased due to the impact of streamlining low-profit transactions.
First-Half Results for FY Ending 03/2026: Orders and Sales by Market (Water Treatment Engineering Unit)
(Millions of yen)
Electric Power/Water Supply and Sewage General Industry
Electronics Industry
80,166
7,382 17,337
87,294
5,655 14,806
84,100
6,500
15,000
55,448
66,833
62,600
09/2024 Actual
09/2025 Actual
09/2025 Plan
(Initial)
Orders by Market (Water Treatment Engineering Unit)
Electric Power/Water Supply and Sewage General Industry
Electronics Industry
61,885
3,243
14,248
70,549
4,254
13,762
64,600
4,000 12,600
44,395
52,533
48,000
09/2024 Actual
09/2025 Actual
09/2025 Plan (Initial)
Sales by Market (Water Treatment Engineering Unit)
09/2025 Plan
09/2025 Plan
The Electronics Industry expanded due to large-scale project orders in the United States and Taiwan. Domestically, Service Solutions such as facility-owned service contracts grew.
While General Industry orders received decreased due to the reactionary decline from large-scale project orders in the previous fiscal year, Service Solutions performed well.
The Electronics Industry saw progress on Plant projects both in Japan and overseas. Deliveries grew in Japan and overseas, and Service Solutions also grew.
In General Industry, areas associated with pharmaceuticals and electronics led the way, while in Electric Power/Water Supply and Sewage, solutions targeting nuclear power plants and others continued to show solid performance.
First-Half Results for Fiscal Year Ending March 2026
Full-Year Forecast for Fiscal Year Ending March 2026
Company Overview and Business Profile
* Figures in these materials are rounded down to the nearest unit of indication. Percentages, year-on-year comparisons, comparisons with the plan, and other presentations are calculated using the units of indication. Percentages are rounded to one digit past the decimal point.
Full-Year Forecast: Overview of Orders, Sales, and Operating Profit
0.6
1.9
+11.8 billion YoY
±0 billion vs. Plan
03/2025 Actual
03/2026 Forecast
Initial Plan
General Industry
Electronics Industry
Performance Products
Sales Analysis
163.2
175.0
175.0
9.5
5.0
+33.8 billion
YoY
+5.0 billion
vs. Plan
03/2025 Actual
03/2026 Forecast
Initial Plan
Electronics Industry
Performance Products
Order Analysis
151.2
180.0
185.0
0.8
33.2
Operating Profit Analysis
(Billions of yen)
31.1 | 3.9 36.0 3.8 4.5 -2.9 +4.9 billion +4.5 billion YoY vs. Plan | 31.5 Initial Plan |
03/2025 Actual | 03/2026 Forecast Increase in SG&A Improvement in Profit Margin Expansion of Sales | |
前期実 績
通期見 込
期初計 画
前期実 績
通期見 込
期初計 画
電子産業 機 能商品
電子産業 一般産業 機能商品
[Orders]
In Electronics Industry, orders are expected to continue to grow year on year for large-scale projects overseas, such as in Taiwan, the United States and Europe. Service Solutions remains to perform stronger than expected compared to the plan. General Industry, Electric Power/Water Supply and Sewage, and Performance Products remain strong.
[Sales]
Year on year, we expect sales to grow in Electronics Industry, mainly overseas. General Industry is also expected to contribute to sales growth through large-scale projects ordered in the previous year, and Electric Power/Water Supply and Sewage and Performance Products are expected to perform well.
[Operating Profit]
前期実 績
通期見 込
期初計 画
売上拡大 利益率改善 販管費増
Year on year, we anticipate the effect of the expansion of sales in the Electronics Industry and improvement of profit margin in Plant projects.
Compared to the plan, this reflects that the profit margin of Plant projects overseas has improved more than expected. We expect to keep SG&A expenses at the initial plan's level.
(Millions of yen) | FY Ended 03/2025 Full-year Actual | FY Ending 03/2026 | Year-on-Year | Vs. | Initial Plan | Vs. Previous Forecast | ||
Initial Plan | Forecast (Aug 4,2025) | Current Forecast | ||||||
Orders Received | 151,272 | 180,000 | 180,000 | 185,000 | 33,728 22.3% | 5,000 2.8% | 5,000 2.8% | |
Net Sales | 163,269 | 175,000 | 175,000 | 175,000 | 11,731 7.2% | - - | - - | |
Gross Profit | 55,182 | 58,500 | 61,000 | 63,000 | 7,818 14.2% | 4,500 7.7% | 2,000 3.3% | |
% | 33.8% | 33.4% | 34.9% | 36.0% | 2.2pt | 2.6pt | 1.1pt | |
SG&A | 24,061 | 27,000 | 27,000 | 27,000 | 2,939 12.2% | - - | - - | |
Operating Profit | 31,120 | 31,500 | 34,000 | 36,000 | 4,880 15.7% | 4,500 14.3% | 2,000 5.9% | |
% | 19.1% | 18.0% | 19.4% | 20.6% | 1.5pt | 2.6pt | 1.2pt | |
Profit Attributable to Owners of Parent | 24,150 | 24,200 | 26,100 | 27,000 | 2,850 11.8% | 2,800 11.6% | 900 3.4% | |
ROE (%) | 21.7% | 18.8% | ー | 20.7% | -1.0pt | 1.9pt | - | |
Full-Year Forecast: Consolidated Statement of Income
Previous
Full-Year Forecast: Results by Segment
(Millions of yen) FY Ended 03/2025 Full-year Actual | FY Ending 03/2026 | Year-on-Year | Vs. Initial Plan | Vs. Previous Forecast | |||
Initial Plan | Previous Forecast (Aug 4, 2025) | Current Forecast | |||||
Company | Orders Received 151,272 | 180,000 | 180,000 | 185,000 | 33,728 | 5,000 | 5,000 |
22.3% | 2.8% | 2.8% | |||||
Net Sales 163,269 | 175,000 | 175,000 | 175,000 | 11,731 | - | - | |
7.2% | - | - | |||||
Operating Profit 31,120 | 31,500 | 34,000 | 36,000 | 4,880 | 4,500 | 2,000 | |
15.7% | 14.3% | 5.9% | |||||
(%) 19.1% | 18.0% | 19.4% | 20.6% | 1.5pt | 2.6pt | 1.2pt | |
Water Treatment Engineering | Orders Received 126,327 | 154,200 | 154,200 | 159,200 | 32,873 | 5,000 | 5,000 |
26.0% | 3.2% | 3.2% | |||||
Net Sales 138,130 | 149,200 | 149,200 | 149,200 | 11,070 | - | - | |
8.0% | - | - | |||||
Operating Profit 27,382 | 27,630 | 30,130 | 32,130 | 4,748 | 4,500 | 2,000 | |
17.3% | 16.3% | 6.6% | |||||
(%) 19.8% | 18.5% | 20.2% | 21.5% | 1.7pt | 3.0pt | 1.3pt | |
Performance Products | Orders Received 24,944 | 25,800 | 25,800 | 25,800 | 856 | - | - |
3.4% | - | - | |||||
Net Sales 25,139 | 25,800 | 25,800 | 25,800 | 661 | - | - | |
2.6% | - | - | |||||
Operating Profit 3,738 | 3,870 | 3,870 | 3,870 | 132 | - | - | |
3.5% | - | - | |||||
(%) 14.9% | 15.0% | 15.0% | 15.0% | 0.1pt | - | - | |
Full-Year Forecast: Trends in Results and Forecasts (Quarterly, Annual)
受注 高
売上 高
受注残 高
営業利 益
105.7
94.5
86.4
67.8
59.3
61.8
31.1
36.0
22.5
6.5
9.9
9.5
10.8
15.2
03/2019 03/2020 03/2021 03/2022 03/2023 03/2024 03/2025 03/2026
(Forecast)
115.7
115.6
117.6
100.6
96.5
104.9
92.2
103.8
112.0
151.2
144.4
132.4
135.6
173.4 150.3
Operating Profit
175.0
163.2 185.0
Order Backlog
Net Sales
Orders Received
Trends in Annual Results
Trends in Quarterly Results
(Billions of yen)
Orders Net Order Operating Received Sales Backlog Profit | |||||||||||||||||||||
122.7 33.5 29.6 2.8 | 132.8 125.2 42.5 40.7 35.8 32.7 6.3 4.9 | 115.6 44.1 35.5 8.3 | 139.2 | 137.6 116.4 | 105.7 | 122.7 | 124.0 | ||||||||||||||
52.7 | 42.7 41.3 | 47.5 11.3 | 59.5 38.1 | 44.6 40.6 | |||||||||||||||||
31.6 | 40.0 8.2 | ||||||||||||||||||||
7.4 25.2 | 33.3 | 6.9 | 10.4 | ||||||||||||||||||
4.0 | |||||||||||||||||||||
1Q | 2Q 3Q | 4Q | 1Q | 2Q 3Q | 4Q | 1Q 2Q | |||||||||||||||
03/2024 | 03/2025 | 03/2026 | |||||||||||||||||||
19.3
20.3
21.3
22.3
23.3
24.3
25.3
26.3
[Trends in quarterly results]
The orders received are affected by the order timing of large projects. Sales are recorded according to the progress in construction, however, there are many projects with deadlines at the end of the fiscal year, and sales tend to gradually increase moving towards the end of March. Operating profit is affected by factors including the status of negotiations concerning additional payments resulting from correction of predicted costs, specification changes, and additional work in a project, however, operating profit tends to increase moving towards the end of the fiscal year.
[Trends in annual results]
Semiconductor investment continues to be strong in Taiwan and China and it is becoming highly active in Europe and North America as well. Also the amount of money invested per project is expanding. This caused the order backlog to remain at a high level. In addition to this favorable order environment, we are setting higher prices for orders to reflect the increases in raw materials and construction costs. This, and our growth in sales of service solutions and Performance Products due to deliveries to new Plant projects, is contributing to profitability improvements.
Full-Year Forecast: Orders Received and Net Sales by Region
13,000
03/2024 03/2025 03/2026 03/2026
Plan (Initial) Forecast
5,000
16,000
20,543
10,748
8,176
19,996
43,378
37,000
42,000
43,000
27,854
34,000
15,589
18,555
03/2024 03/2025 03/2026 03/2026
Plan (Initial) Forecast
34,513
7,000
15,260
6,885
9,319
14,645
28,000
16,000 16,000
53,811
25,000
59,582
66,000 66,000
63,043
75,000 75,000
SE Asia/US/EU China Taiwan
SE Asia/US/EU China Taiwan
Orders Received Net Sales
Orders Received and Net Sales by Overseas Region
Orders Received and Net Sales by Region
(Millions of yen)
Orders Received Net Sales
Overseas Domestic
Overseas Ratio
Overseas
Overseas Ratio
Domestic
180,000 185,000
163,269 175,000 175,000
144,468 151,272
150,356
75,000
75,000
66,000 66,000
34,513 59,582
53,811
63,043
39.4%
41.7%
40.5%
35.8%
38.6%
37.7% 37.7%
23.9%
91,688 105,000 110,000
96,544 100,225 109,000 109,000
109,955
03/2024
03/2025 03/2026 03/2026
Plan (Initial) Forecast
03/2024 03/2025 03/2026 03/2026
Plan (Initial)
Forecast
We expect orders received to expand, boosted by large-scale project orders overseas such as in Taiwan, Europe and the United States.
Domestically, large-scale project orders are scheduled in the second half, and orders for Service Solutions and Performance Products are also expected to be firm.
We expect net sales to grow at the initial plan's level, mainly due to an increase in sales in the Plant Division due to orders for large-scale projects and expansion of Service Solutions and Performance Products.
For orders received, we expect project orders to exceed the initial plan in Taiwan and the United States. Orders in China are expected to decline due to the impact of delays in the investment plan.
Net sales are expected to grow in Taiwan compared to the initial plan, underpinned by strong orders. In China, delayed project orders will also impact sales.
Full-Year Forecast: Sales by Business Segment and Department
Food Products
Standard Equipment and Functional Materials Chemicals
23,962
25,139
6,257
5,967
9,116
10,001
8,589
9,170
10,200
10,200
03/2024
03/2025
03/2026
Plan (Initial)
03/2026
Forecast
Performance Products Business Unit: Sales by Department
Service Solutions Plant
Service Solutions Ratio
138,130
126,393
68,931
57,644
149,200
149,200
73,000
78,000
45.6%
49.9%
48.9%
52.3%
Water Treatment Engineering Unit: Sales by Department
(Millions of yen)
25,800 | 25,800 | ||
5,200 | 5,200 | ||
10,400 | 10,400 |
68,749 | 69,199 | 76,200 | 71,200 | |||
03/2024 | 03/2025 | 03/2026 Plan (Initial) | 03/2026 Forecast |
Although Plant projects are expected to expand compared year on year, centered on large-scale overseas semiconductor projects, due to impacts such as delayed orders in China, a decrease is anticipated compared to the plan.
In Service Solutions, sales growth is expected for facility-owned services, and sales are expected to expand for maintenance and modification projects, supported by delivered facilities.
Sales of water treatment chemicals such as those for Electronics Industry, functional materials used in advanced separation and refinement of electronics materials, and small-scale pure water systems are expected to grow.
In Food Products, while sales are expected to decrease due to streamlining low-profit transactions, this will contribute to improved profitability.
Full-Year Forecast: Orders and Sales by Market (Water Treatment Engineering Unit)
(Millions of yen)
03/2026
Forecast
03/2026
Plan (Initial)
03/2025
03/2024
82,736
78,246
116,000
111,000
159,200
11,200 32,000
11,200
32,000
126,327
11,056
32,534
120,420
11,188 30,986
Electric Power/Water Supply and Sewage General Industry
Electronics Industry
154,200
Orders by Market (Water Treatment Engineering Unit)
03/2026
Forecast
03/2026
Plan (Initial)
03/2025
03/2024
106,200
106,200
96,652
88,292
149,200
11,000 32,000
11,000
32,000
11,396
30,083
126,394
10,633 27,469
Electric Power/Water Supply and Sewage General Industry
Electronics Industry
149,200
138,130
Sales by Market (Water Treatment Engineering Unit)
In Electronics Industry, we expect to receive orders for large-scale semiconductor projects overseas, such as in Taiwan, the United States, and Europe, and Service Solutions also are expected to perform strongly.
General Industry is expected to be firm, mainly in areas associated with pharmaceuticals and electronics. In Electric Power/Water Supply and Sewage, maintenance related to nuclear power is performing well.
In Electronics Industry, although affected by delayed project orders in China, this is expected to be offset with increased orders in other regions and strong Service Solutions.
For General Industry and Electric Power/Water Supply and Sewage, we anticipate progress in line with the initial plan, centered on Service Solutions.
Full-Year Forecast: Orders and Sales for the Electronics Industry
(Millions of yen)
03/2026
Forecast
03/2026
Plan (Initial)
03/2025
03/2024
46,000
41,000
54.7%
29,376
54.2%
48,819
62.7%
61.7%
53,360
29,427
82,736
78,246
70,000
70,000
Overseas Domestic
Ratio of electronics (to consolidated orders received)
111,000 116,000
Electronics Industry: Orders by Region
03/2026
Forecast
03/2026
Plan (Initial)
03/2025
03/2024
44,200
44,200
38,564
39,620
60.7%
60.7%
59.2%
58.7%
88,292 62,000 62,000
58,088
48,672
106,200
Overseas Domestic
Ratio of electronics (to consolidated net sales)
106,200
96,652
Electronics Industry: Sales by Region
Overseas, although affected by delayed orders in China, large-scale semiconductor projects in Europe and the United States, and Taiwan are performing well.
In Japan, in addition to Service Solutions progressing smoothly, there are plans to receive large-scale semiconductor project orders in the second half.
Overseas, although delayed project orders in China weighed on performance, construction of ordered projects in Taiwan, Europe and the United States is progressing smoothly, and we anticipate progress in line with the initial plan.
In Japan, in addition to the progress of Plant project construction, Service Solutions are also performing well, and we expect to achieve the initial plan.
Full-Year Forecast: Trends in Cash Flows
単年度投 資額
リース投資資産及び関連 仕掛高の残高
(Billions of yen)
Trends in Investment in Facility-owned Services
Single year investment
Balance of investment in leases and related work in progress
61.9
40.9
35.1
30.2
27.2
14.5 9.8 10.9
03/2023 03/2024 03/2025 03/2026
(Forecast)
Sales of Facitily-owned Services
17.0
13.1
9.6
6.6
03/2023 03/2024 03/2025 03/2026
(Forecast)
Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities
EBITDA (Operating profit + Depreciation)
44.3
03/2024
Reclassification of investment
38.4
of ¥9.8 billion in facility-owned 28.8
projects from Cash Flow from Operating Activities to Cash Flow from Investing Activities
03/2026
Reclassification of the planned investment of
¥27.2 billion
32.0 31.0
13.5
-0.6
-1.0
03/2025
-13.1
-20.8
Reclassification of
¥10.9 billion invested
03/2024 03/2025
03/2026
(Forecast)
Trends in Cash Flows (after reclassification)
-30.0
-11.2
On top of trends in business performance, our cash flow is significantly impacted by progress on the construction of large-scale projects and the collection of payments for them.
In the FY ending 03/2026, we are achieving improvements in Cash Flows from Operating Activities from the collection of payments for projects that were recorded as sales in the period up until the end of the FY ended 03/2025. Investments in facility-owned projects are also expanding.
Sales of facility-owned services grew steadily. When investing, profitability was
24.3
25.3
26.3(見込)
evaluated using ROIC, IRR, etc. A certain level of profitability was achieved.
Investments in facility-owned projects are recorded in Investments in leases (work in progress during construction) and depreciated over the contract period. Amounts of investment are included in current assets, so the statement of cash flow indicates the investment as Cash Flow from Operating Activities. In the graph on the left, investment in facility-owned services has been reclassified as Cash Flows from Investing Activities.
Full-Year Forecast: Key Indicators
Full-year Actual | Initial Plan | Forecast | |
Capital Expenditures | 2,803 | 3,500 | 3,500 |
R&D Expenses | 3,253 | 3,600 | 3,600 |
Depreciation | 1,925 | 2,000 | 2,000 |
Interest-bearing Debt | 22,557 | 35,000 | 30,000 |
No. of Employees | 2,660 | 2,860 | 2,860 |
(Millions of yen)
FY Ended 03/2025 FY Ending 03/2026
* Capital expenditures and depreciation do not include investments and depreciation associated with facility-owned services.
Dividend Trends
The dividend forecast for FY03/2026 has been revised upward due to the
improvement in the full-year earnings forecast.
The annual dividend forecast has been increased to ¥190 per share, maintaining the
originally planned payout ratio.
Targeting the continuation of a dividend payout ratio of 30% or more and continued dividend increases, we aim to balance and expand both shareholder return and growth investment. (Yen)
Dividend per share
Figures in ( ) indicate consolidated dividend payout ratio
160
(30.5%)
170
(32.3%)
190
(32.4%)
102
(27.1%)
28.5
(18.5%)
40
(19.9%)
62
(24.2%)
03/2021
03/2022
03/2023
03/2024
03/2025
* Dividends are listed on a post-share split basis, which went into effect as of October 1, 2022.
03/2026
(Initial Plan)
03/2026
(Forecast)
Topics
Index Inclusion Launch of ORCHASER VJPX Prime 150 Index
Selected for the first time as a constituent of the JPX Prime 150 Index in August 2025. Selected based on its position as a company representing Japan where value creation is anticipated, evaluated from both the perspectives of capital profitability and market valuation.
Sales of the automatic control device for chemical concentration used in cooling water systems, ORCHASER V, started from June 2025.
It achieves a reduction in environmental impact and cost savings on chemicals and maintenance by optimizing chemical
In addition, adoption is progressing into indices that emphasize ESG evaluations, carbon-related environmental indicators, information disclosure, etc.
JPX-Nikkei Index 400
Selected for the third consecutive year as a constituent of the JPX-Nikkei Index 400 in August 2025. Expected as a company highly attractive to investors that meets the requirements demanded by global investment standards
concentration.
In addition to office buildings and
commercial facilities, we will pursue deployment in expanding areas such as semiconductor factories and data centers.
Organo's Water Treatment Chemicals Business
Development
In addition to deploying chemicals used in delivered water treatment plants, such as wastewater treatment agents and RO membrane treatment agents, we provide energy-saving solutions such as chemicals with high bactericidal effects for cooling water treatment in office buildings, commercial facilities, data centers, various factories, and reduction in energy usage through automatic control and remote monitoring technologies.
First-Half Results for Fiscal Year Ending March 2026
Full-Year Forecast for Fiscal Year Ending March 2026
Company Overview and Business Profile
* Figures in these materials are rounded down to the nearest unit of indication. Percentages, year-on-year comparisons, comparisons with the plan, and other presentations are calculated using the units of indication. Percentages are rounded to one digit past the decimal point.
Company Overview: Management Philosophy and Vision
Management Philosophy
Organo serves as a valuable partner company by leveraging its leading-edge technologies cultivated through long experience with water treatment, by contributing to the industries that create the future, and by playing a key role in the development of societal infrastructure.
Long-term Management Vision
At Organo, we seek to expand our business through high value-added separation and refinement as well as analysis and manufacturing technologies, and by providing products and services that promote the creation of value and which resolve the challenges that confront industry and society. We proactively contribute to a better tomorrow by cultivating people today who will improve upon the way things were done yesterday, as a company where all employees are energetic and passionate about their work.
Sustainability Policy
Together with its stakeholders, Organo aims to realize a sustainable society for the future and improve our corporate value.
E
Leveraging its leading-edge technologies cultivated through long experience with water treatment*, Organo provides environmentally-friendly products and services that contribute to water environment conservation and prevention of global warming.
S
G
We will respect human rights, diverse values, and individuality while promoting the creation of a workplace where each and every employee can grow and flourish.
We will carry out our corporate activities with integrity and fairness,
emphasizing dialogue and cooperation with all stakeholders.
* Leveraging its leading-edge technologies cultivated through long experience with water treatment refers to our pursuit of water treatment-related separation and refinement, analysis, and engineering technologies, and our provision of optimal systems and services that meet the needs of society through a combination of these technologies.
Representative Director and President
Company Overview: Organo's History (Changes in Sales)
Development
Growth
Evolution
Expansion
Historical sales
1990's~
| Ultrapure water facilities for the electronics industry
2000's~
| Overseas development
| Strengthening of Service Solutions
2010's~
| Semiconductor market expansion Taiwan/China markets growth
1970's~
1980's~
| Water treatment facilities for power plants
■
Established a China
■
Established
a U.S. subsidiary (2021)
1960's~
| Water supply and sewage facilities
■
Established a Malaysia
subsidiary (2003)
■
Established a
| Large-scale pure
| Refining facilities for
subsidiary
Vietnam subsidiary
Founded 1946
water equipment for general industry
sugar solutions, other
(1986)
Entered the Taiwan market
■
Established
(2010)
| Athermal water
distillation equipment
(1990's~)
a Taiwan subsidiary
(2005)
1960 1970 1980 1990 2000 2010
2020
2024
Company Overview: Recent Performance Growth
Performance Trends (Sales)
Background of recent performance improvement
Overseas 24.9
38.9
49.6 53.8
150.3
132.4
88.2
（Billions of yen）
｜Expansion in the Service Solution
There has been steady growth in maintenance and an increase in facility-owned projects.
｜Expansion of overseas markets such as Taiwan and China
By region, the Taiwan and China markets have grown significantly. Investment is growing across various semiconductor areas, including foundries and memory.
｜Growth in the Electronics Industry
Our performance has improved against the backdrop of the growth of the semiconductor market since 2018.
Continued growth centered on the Electronics Industry in
Japan and overseas is expected.
63.0
163.2
96.6
100.6
47.6
43.3
112.0
58.2
45.6
73.8
50.0
57.6
68.9
03/2021 03/2022 03/2023 03/2024 03/2025
Company Overview: The Organo Group's Business Structure
Water Treatment Engineering Business Unit
|Plant Division
Performance Products Business Unit
Pure and ultrapure water facilities
Wastewater treatment and recovery facilities
Valuable material recovery facilities
Production processing-related facilities
|Service Solutions Division
Facilities maintenance Operational support services and comprehensive maintenance
Facility enhancements, renovation, and reconditioning Contract water treatment
¥138.1 billion
¥25.1 billion
|Water Treatment Chemicals Division
Treatment chemicals for wastewater, cooling water, cleaning and RO membranes, boiler waters, etc.
|Standard Equipment and Functional
Materials Division
Pure and ultrapure water
production systems Filters
Functional materials (separation and refinement materials)
|Food Products Division
¥69.1 billion
(50%)
¥68.9 billion
(50%)
|Sales by Segment
Food processing agents Food ingredients
[Service Solutions]
|Sales by Market
[Plant]
|Sales by Segment
(84.6%)
(15.4%)
Consolidated net sales
¥163.2 billion
(FY Ended 03/2025)
¥96.6 billion
(70%)
¥30.0 billion
(22%)
¥11.3 billion
(8%)
¥5.9 billion
(24%)
¥10.0 billion
(40%)
¥9.1 billion
(36%)
[Water Treatment Chemicals]
[Equipment and Functional Materials]
[Food Products]
[Electronics Industry] [General Industry] [Electric Power/Water Supply and Sewage]
* Amounts represent sales for FY ended 03/2025, percentages represent share of total sales.
Company Overview: Major Shareholders and Shareholder Composition
Shareholder Composition
Major Shareholders (top ten)
(As of September 30, 2025)
Name of Shareholder | Number of Shares Held (Thousands of shares) | Holding Ratio (%) |
Tosoh Corporation | 20,379 | 44.28 |
The Master Trust Bank of Japan, Ltd. (Trust Account) | 4,525 | 9.83 |
Custody Bank of Japan, Ltd. (Trust Account) | 1,534 | 3.33 |
KBC BANK NV - UCITS CLIENTS NON TREATY | 1,152 | 2.50 |
THE BANK OF NEW YORK MELLON 140044 | 686 | 1.49 |
STATE STREET BANK AND TRUST COMPANY 505001 | 581 | 1.26 |
Mizuho Bank, Ltd. | 464 | 1.01 |
STATE STREET BANK AND TRUST COMPANY 505103 | 440 | 0.96 |
STATE STREET BANK WEST CLIENT - TREATY 505234 | 370 | 0.80 |
JP MORGAN CHASE BANK 385781 | 368 | 0.80 |
Total number of authorized
Individuals 9.5%
Other
1.7%
shares: 101,568 thousand shares
Total number of issued shares:
Financial institutions
Composition of
Domestic
46,359 thousand shares
(including treasury shares of 339 thousand shares)
16.4%
corporations
shareholders 45.5% 09/30/2025
* The treasury shares (339 thousand shares) are excluded in the calculation of the holding ratio shown above.
Number of shareholders: 9,670
shareholders
Foreign
corporations, etc.
Relationship with parent company
We have maintained a relationship with our parent company Tosoh
Corporation since accepting capital participation in 1955.
The business relationship between Organo and Tosoh includes the purchase of some raw materials and sale of water treatment facilities, chemicals, and other products. However the level of dependence is negligible, and clear segregation is maintained in terms of the products sold by both companies and their business partners. Therefore Organo recognizes that as a listed company, it has secured a certain degree of management independence in its business activities and management decisions.
In addition, in order to monitor and supervise issues regarding conflicts of interest between the parent company group and minority shareholders, Organo has established a Special Committee composed only of Independent Outside Directors. Since the 78th Ordinary General Meeting of Shareholders held in June 2023, Independent Outside Directors have also composed a majority of the Board of Directors.
26.9%
Company Overview: Organo's Water Treatment Technologies that
Support Industry and Daily Life
water treatment systems
Manufacturing water and
Foods/beverages
Sewage treatment plants
Sewage treatment facilities
Thermal and nuclear power
plants
Water for power generation turbines, various water treatment systems
Convenience stores/restaurants Coffee machine and vending machine filters
Medical and research institutions
Analysis pure and ultrapure water systems
Chemicals/machinery Cleaning/boiler water and water treatment systems
Other Aquariums, fisheries facilities, Super-Kamiokande, etc.
Buildings and commercial facilities Cooling water treatment chemicals, etc.
Pharmaceuticals/ cosmetics
Manufacturing water and water treatment systems
Water purification plants
Water supply system
Electronics Industry
Cleaning water and water treatment closed systems
Food/beverages, nursing care, food/health food
Medical and research institutions, convenience stores/restaurants
Various manufacturing industries, buildings and commercial facilities
Thermal and nuclear power plants, water supply and sewage
Pharmaceuticals and cosmetics, foods and beverages, mechanical and chemical uses, etc.
Semiconductors, panels, electronic parts, etc.
Food Products
Standard Equipment and Filters
Water Treatment Chemicals
Social Infrastructure
General Industry
Electronics Industry
Performance Products Business Unit
Water Treatment Engineering Unit
Company Overview: Semiconductors and Water
Of the many processes required in the semiconductor manufacturing operations, the cleaning process is said to account for about 30%. Ultrapure water is used in the cleaning process, which is repeated before and after wafer fabrication, film deposition, etching, resist, etc.
Ultrapure water contributes to yield improvement.
What | How Much | Excellent Technology and Value |
Impurity Concentration | 1 ppt or less | The mass concentration is one trillionth of a trillionth. The amount of impurities dissolved in ultrapure water in an Olympic 50-m swimming pool (2,500 m3) is equivalent to a teaspoon (2.5 mg) of an earpick. |
Volume of Water Produced | 1000 ton/hour | Large-capacity high-performance pumps and large-diameter piping are used. Filled an Olympic 50-m swimming pool (2,500 m3) in 2.5 hours. |
Water Recovery Rate | 80% | Semiconductor plants use a large amount of water for cleaning and other purposes, but at cutting-edge plants, more than 80% of water is recovered and reused, utilizing technology that not only recycles water but also recovers valuables contained in wastewater. |
The circuit width (line width) of cutting-edge semiconductors is less than 5 nanometers (nm).
Silicon wafer
Organo provides ultrapure water supply facilities for cleaning wafers and chips, treatment facilities to render wastewater from cleaning and other manufacturing processes harmless and reduce waste, water recycling systems, and systems to recover and recycle fluorine, rare metals, and other valuable materials from wastewater.
Adhesion of fine particles to circuits deteriorates the yield (good product rate).
=> Ultrapure water is used for cleaning.