Rinnai Corporation TSE:5947
Rinnai : Financial Results (1,185KB)
Source: MarketScreener
Financial Results for First Two Quarters (Interim) of Fiscal 2026, ending March 31, 2026
November 6, 2025
Progress on Recall of Bathroom Heater/Dryers
The recall of bathroom heater/dryers announced in April 2025 is ongoing
We are identifying affected products and conducting inspections (to improve the inspection completion rate), aiming to bring employee responses to an early conclusion
Overview of bathroom heater/dryer recall (Announced April 15, 2025)
Affected products: Bathroom heater/dryers
Number of affected units: 372,398 *Units still in market: Unknown
(Manufactured between August 2003 and August 2020)
Inspection details: Installation of a control board to prevent ignition
Work time per unit: Approx. 1 hour
受付件数と完了件数の推移
受付件数 完 了件数
Implementation period: From May 2025
*Allowance for product guarantee: ¥2,540 million
(recorded in fiscal year to March 2025)
Requests received
and inspections completed
Number of requests received
Number of inspections completed
完了 率
Wall-mounted
remote control
Installed image
25'5
25'6
25'7
25'8
25'9
July 2025
June 2025
Installed on the bathroom ceiling
Progress status (September 30, 2025)
Number of requests received: 185,456
Number of inspections completed: 134,923 (completion rate: 72.8%)
Personnel structure: Service shop inspectors
Rinnai employees: Up to 350
Plan to improve inspection completion rate and reduce employee involvement by December 31, 2025
Completion rate
72.8%
57.2%
45.8%
8.7%
27.5%
May
2025
August September
2025 2025
Results of First Two Quarters (Interim) of Fiscal 2026/ Fiscal 2026 Performance Forecasts
Business Outlook
Fiscal 2026 (First Two Quarters/ Interim): Consolidated Performance Overview
- Increase in sales of high-value-added products despite continued high inflation and interest rates in major countries
Ongoing increase in sales of high-value-added products driven by growing energy-saving awareness
Record-high level
Record-high level
Operating income: ¥22.7 billion (up 8.2% year on year, Operating income to net sales ratio: 10.5%)Higher operating income due to increase in revenue despite surging prices of raw materials, energy, and other items
Record-high level
Ordinary income: ¥25.2 billion (up 13.2% year on year, Ordinary income to net sales ratio: 11.7%)Increase in ordinary income thanks to higher operating income and foreign exchange gain
Record-high level
Net income attributable to owners of the parent company: ¥15.9 billion(up 30.0% year on year, Net income to net sales ratio: 7.4%)
Fiscal 2026 (First Two Quarters/ Interim): Consolidated Financial Results
Continued growth in sales of high-value-added products backed by rising energy-saving awareness each year, keeping overall sales on an upward trend
Continued profit improvement since supply-demand imbalance bottomed out in 2023
Net Sales
Operating Income
Attributable to owners of the parent company
Net Income
[Billions of Yen] [Billions of Yen] [Billions of Yen]
2,500
2,000
1,500
1,000
500
0
250
200
150
100
50
0
250
200
150
100
50
0
250
200
150
100
50
0
FY2022 FY2023 FY2024 FY2025 FY2026
2Q 2Q 2Q 2Q 2Q
Operating income to net sales ratio
11.2%
9.8%
9.9%
10.5%
5.3%
Net income to Net sales ratio
7.4% 6.9%
7.4%
4.1%
5.8%
25 25
20 20
15 15
10 10
'23
'25
5 5
0
'21
'22
'23
'24
'25
'21
FY2022
2Q
FY2023
'22
2Q
FY2024 2Q
'24
FY2025 2Q
FY2026
'25
2Q
0
'21
FY2022 2Q
'22
FY2023 2Q
'23
FY2024 2Q
'24
FY2025 2Q
FY2026 2Q
Fiscal 2026 (First Two Quarters/ Interim): Net Sales by Product
[Billions of yen] | Fiscal 2025 2Q | Fiscal 2026 2Q | YOY Change | |||
Amount | % of total | Amount | % of total | Amount | (%) | |
Water heaters | 126.74 | 59.8% | 128.24 | 59.3% | +1.49 | +1.2% |
Kitchen appliances | 46.26 | 21.8% | 44.68 | 20.6% | -1.57 | -3.4% |
Air conditioning appliances | 9.83 | 4.6% | 10.75 | 5.0% | +0.91 | +9.3% |
Commercial-use equipment | 5.70 | 2.7% | 5.12 | 2.4% | -0.58 | -10.2% |
Others | 23.56 | 11.1% | 27.60 | 12.8% | +4.03 | +17.1% |
Total | 212.12 | 100.0% | 216.41 | 100.0% | +4.29 | +2.0% |
Fiscal 2026 (First Two Quarters/ Interim): Consolidated Sales/Income Results
[Billions of yen] | Net Sales | YOY Change | Operating Income | YOY Change | Operating Margin | YOY Change |
Consolidated | 216.41 | +2.0% | 22.72 | +8.2% | 10.5% | +0.6pt |
[Billions of yen] | Net Sales | YOY Change | Operating Income | YOY Change | Operating Margin | YOY Change |
Japan | 93.65 | +2.7% | 10.75 | +13.4% | 11.5% | +1.1pt |
United States | 35.28 | +9.7% | 1.15 | +28.7% | 3.3% | +0.5pt |
Australia | 20.44 | +26.1% | 1.06 | +46.8% | 5.2% | +0.7pt |
China | 25.04 | -18.7% | 4.30 | -13.6% | 17.2% | +1.0pt |
South Korea | 16.60 | -0.3% | 0.79 | +41.5% | 4.8% | +1.4pt |
Indonesia | 9.06 | +3.8% | 1.94 | -2.4% | 21.4% | -1.4pt |
Others | 16.31 | -0.4% | 2.45 | -5.3% | 15.0% | -0.8pt |
Adjustments | - | - | 0.26 | - | - | - |
Fiscal 2026 (First Two Quarters/ Interim): Consolidated Operating Income Analysis
- Increase in operating income thanks to higher revenue and increased fixed costs in Japan despite partial materialization of tariff
impact in the United States
[Billions of Yen]
20.99Effect of domestic revenue increase
+2.75
Effect of local revenue increase at overseas subsidiaries
+0.09
[-2.18]
Increased fixed costs in Japan
-1.66
Increased fixed costs overseas
-1.83
Effect of raw materials
prices
+0.65
Cost-cutting
efforts, etc.
+1.73
YOY change
+¥1.73
billion
[+1.77] [-0.05]
Fiscal 2025
Forex effect -0.47
The applicable rates are listed on [Reference data, page 7]
*Overseas local procurement
Fiscal 2026
* From April to September, 2025
Japan Fiscal 2026 (First Two Quarters/ Interim) Results
Segment companies
Rinnai (non-consolidated basis), Domestic consolidated
subsidiaries (manufacture and sales of products)
Net sales by product, Fiscal 2026 (2Q) results
Commercial-use equipment 1.2%
Others
Non-consolidated results of major company
Rinnai (non-consolidated basis)
Recovery trend in demand for home renovations despite ongoing decline in new housing starts
Increase in sales owing to strong demand for key products and steady overall sales of water heaters
Higher income due to increase in sales backed by strong performance and cost controls
Rinnai (non-consolidated basis), Fiscal 2026 (2Q) Results
Gas clothes dryers
Built-in hobs (stovetops)
14.9%
Kitchen appliances 27.8%
Air-conditioning appliances 2.1%
Water heaters 54.1%
Progress on
quarterly operating income
5.18
3.96
1Q
2Q
Net sales ■ Operating income
─●─ Operating income sales ratio
[Billions of Yen]
[Billions of Yen]
107.50
113.08
94.17
7.6%
8.1%
4.3%
4.06
Fiscal 2024
8.16
9.15
Fiscal 2025
Fiscal 2026
Hybrid water heaters
Segment results
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
Net Sales
91.18
93.65
+2.7%
Operating Income
9.48
10.75
+13.4%
Operating income
to net sales ratio
10.4%
11.5%
+1.1pt
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
[Sales Volume in Japan]
YOY change
Water heater with heating systems
+7.6%
Net Sales
107.50
113.08
+5.2%
Hybrid water heaters
+13.1%
Operating Income
8.16
9.15
+12.1%
Built-in hobs (stovetops)
-1.1%
Operating income to net sales ratio
7.6%
8.1%
+0.5pt
Gas clothes dryers
+5.4%
Japan Topics Received award for technologies that help improve quality of life
Received award in health and resilience field by utilizing both new and existing technologies
We will further acquire and deepen technologies and explore their practical application and commercialization
Received CEATEC Award 2025 (Innovation Category)
Received Minister of State for Disaster Management Award and Grand Prize at New Integrated Disaster Information System Ideathon 2025
Use of in-bathtub ECG measurement module*
Identifies areas where water and gas services are suspended during disasters
Postal code registration
-Registers user's postal code in
the app (option)
-Identifies areas where the water heaters are installed
After disasters
Postal code 480-0142
Postal code 480-0147
Oguchi town-3
Postal code 480-0132
Water usage has drastically decreased in 1 and 2 areas.
Water outages in Oguchi area 1 and 2
Water usage drastically decreased
Water usage drastically decreased
Oguchi area-1
Oguchi area-2
*Device that enables non-contact measurement of weak electrical signals generated by
the bather's heart activity through the bathwater
Predicts physical and mental conditions (such as core body temperature, autonomic nervous activity, and circulatory function)
Supports recommendations for healthier lifestyles and preventive practices
Retrieves area-specific operating data on water heaters using registered postal codes
Uses narrowed-down water outage and gas service suspended areas to determine priority of recovery efforts
* From January to June, 2025
United States Fiscal 2026 (First Two Quarters/ Interim) Results
Segment company
Rinnai America
Net sales by product, Fiscal 2026 (2Q) results
Non-consolidated results of major company
Rinnai America
Continued weakness in consumer sentiment due to persistently high interest rates and ongoing
inflation caused by impact of tariffs
Sales of new condensing water heaters (launched early 2024) have remained strong
Commercial-use equipment 0.4%
Air-conditioning appliances 4.0%
Others 8.4%
- Increase in income thanks to price revisions and improved product mix despite partial materialization
of tariff impact
Rinnai America, Fiscal 2026 (2Q) Results
Non-Condensing water heaters
Water heaters 87.3%
Progress on
quarterly operating income
0.45
0.61
1Q
2Q
Net sales ■ Operating income
─●─ Operating income to net sales ratio [Billions of Yen]
[Billions of Yen]
32.15
35.28
25.82
2.4%
3.0%
-12.6%
-3.25
0.77
1.07
Fiscal 2026
Fiscal 2025
Fiscal 2024
Condensing water heaters (High efficiency models)
[Billions of Yen] | Fiscal 2025 | Fiscal 2026 | YOY change |
Net Sales | 32.15 | 35.28 | +9.7% |
Operating Income | 0.89 | 1.15 | +28.7% |
Operating income to net sales ratio | 2.8% | 3.3% | +0.5pt |
[Billions of Yen] | Fiscal 2025 | Fiscal 2026 | YOY change | [Sales Volume] | YOY change | |
Yen | Local currency | |||||
Tankless water heaters | +3.7% | |||||
Net Sales | 32.15 | 35.28 | +9.7% | +12.2% | ||
Operating Income | 0.77 | 1.07 | +38.0% | +41.0% | Condensing water heaters of total (High-efficiency models) | +14.9% |
Operating income to net sales ratio | 2.4% | 3.0% | +0.6pt | |||
Segment results
United States Topics Tariff Impact and Response Measures
- Additional tariff costs already passed on through price adjustments, thus maintaining competitiveness
Tariff
Price revision
1Q 2Q 3Q 4Q
Jan.-Mar. Apr.-Jun. Jul.-Sep. Oct.-Dec.
Steel and
aluminum
(KD Parts, etc.)
25%
50%
Copper
(Heat exchangers, etc.)
50%
Reciprocal tariffs
(Finished products, etc.)
10%
15%
Status of tariff impact and price adjustments
Current situation
Trade policy outlook remains uncertain
Tariffs passed through to prices in timely manner
Reaffirm importance of local production for local consumption
Promote increase in in-house production ratio at local factories
Increase local procurement ratio of parts
Enhance manufacturing capabilities with Japanese support
Direction
* From January to June, 2025
China Fiscal 2026 (First Two Quarters/ Interim) Results
Shanghai Rinnai, Guangzhou Rinnai, Rinnai Hong Kong
Segment company
Non-consolidated results of major company
Shanghai Rinnai
Note: PF is Shanghai Rinnai's main water heater model
Net sales by product, Fiscal 2026 (2Q) results
Consumer sentiment cooling further, with subsidy reductions occurring in some areas
Maintained certain level of price discipline despite aggressive discounting by competitors during
e-commerce events
Despite income decreases, exceeded our forecasts thanks to cost control and increase in PF2.0
Kitchen appliances 4.9%
Built-in hob
(stovetops)
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
Net Sales
30.79
25.04
-18.7%
Operating Income
4.97
4.30
-13.6%
Operating income to net sales ratio
16.2%
17.2%
+1.0pt
Segment results
Others 3.5%
Water heaters 91.6%
Water heaters
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
[Sales Volume]
YOY change
Yen
Local currency
Water heaters
-19.0%
Net Sales
29.89
24.41
-18.3%
-16.2%
Built-in hob
(stovetops)
-28.1%
Operating Income
4.80
3.87
-19.4%
-17.3%
Range hoods
-35.4%
Operating income to net sales ratio
16.1%
15.9%
-0.2pt
Boilers
-5.6%
Boilers
sales ratio
Shanghai Rinnai, Fiscal 2026 (2Q) Results
Progress on
quarterly operating income
2.93
1Q
2Q
Net sales ■ Operating income
─●─ Operating income to net sales ratio [Billions of Yen]
29.89
[Billions of Yen]
27.07
18.5%
16.1%
24.41
15.9%
4.99
4.80
3.87
Fiscal 2024
Fiscal 2025
Fiscal 2026
0.94
* From January to June, 2025
Australia Fiscal 2026 (First Two Quarters/ Interim) Results
Segment company
Rinnai Australia
Net sales by product, Fiscal 2026 (2Q) results
equipment 3.2%
Others
24.8% Water heaters 39.7%
Air-conditioning Appliances 32.3%
Commercial-use
Tankless water
heaters
Non-consolidated results of major company
Rinnai Australia
Continued recovery in new housing market but gas appliance market shrinking due to electrification initiatives
Solid performance of expanded lineup of heat pump water heaters, contributing to sales increase
Continued growth in income driven by higher revenue, as well as synergy from corporate acquisition
Progress on
quarterly operating income
1.00
1Q
2Q
Net sales ■ Operating income
─●─ Operating income to net sales ratio [Billions of Yen]
[Billions of Yen]
14.81
16.29
4.9%
4.4%
6.0%
0.72 0.71 1.23
Fiscal 2024 Fiscal 2025 Fiscal 2026
20.49
0.23
Rinnai Australia, Fiscal 2026 (2Q) Results
Duct-type air conditioning and heating systems
[Billions of Yen] | Fiscal 2025 | Fiscal 2026 | YOY change |
Net Sales | 16.21 | 20.44 | +26.1% |
Operating Income | 0.72 | 1.06 | +46.8% |
Operating income to net sales ratio | 4.5% | 5.2% | +0.7pt |
Segment results
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
[Sales Volume]
YOY change
Yen
Local currency
Net Sales
16.29
20.49
+25.8%
+34.3%
Tankless water heaters
-4.0%
Operating
Income
0.71
1.23
+73.4%
+85.2%
Electric tank-based water heaters
+1.7%
Operating income to net sales ratio
4.4%
6.0%
+1.6pt
Duct-type air-conditioning and heating
systems
+185.4%
Electric tank-based water heaters
* From January to June, 2025
South Korea Fiscal 2026 (First Two Quarters/ Interim) Results
Segment company
Rinnai Korea, RB Korea
Net sales by product, Fiscal 2026 (2Q) results
Non-consolidated results of major company
Rinnai Korea
Economic stagnation continues to dampen the new home market
Higher sales in local-currency terms despite intensifying competition from new entrants in kitchen appliance market
Growth in income driven by stable boiler sales and robust performance of new high-end appliances
Rinnai Korea, Fiscal 2026 (2Q) Results
Gas tabletop cookers
Others 16.2%
Progress on
quarterly operating income
0.38
0.27
1Q
2Q
Net sales ■ Operating income
─●─ Operating income to net sales ratio [Billions of Yen]
[Billions of Yen]
15.30 15.17
13.52
3.0%
4.4%
0.2%
0.03
Fiscal 2024
0.46
Fiscal 2025
0.66
Fiscal 2026
Water
Electric tabletop cookers
Commercial-use equipment 12.2%
Kitchen appliances 29.6%
heaters 42.0%
Environmentally friendly boilers
Segment results
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
Net Sales
16.66
16.60
-0.3%
Operating Income
0.56
0.79
+41.5%
Operating income to net sales ratio
3.4%
4.8%
+1.4pt
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
[Sales Volume]
YOY change
Yen
Local currency
Boilers
+26.6%
Net Sales
15.30
15.17
-0.8%
+7.3%
Gas tabletop cookers
-10.1%
Operating Income
0.46
0.66
+43.1%
+54.9%
Operating income to net sales ratio
3.0%
4.4%
+1.4pt
Electric tabletop
cookers
-3.4%
* From January to June, 2025
Indonesia Fiscal 2026 (First Two Quarters/ Interim) Results
Segment company
P.T. Rinnai Indonesia
Net sales by product, Fiscal 2026 (2Q) results
Non-consolidated results of major company
P.T. Rinnai Indonesia
Local economy remains sluggish due reduced public works investment and other factors
Rebound in sales of flagship tabletop stoves thanks to aggressive promotional activities
Higher sales and income in local-currency terms, but foreign exchange translation resulted in slight
Others3.4%
Commercial-use equipment 9.7%
Water heaters 1.3%
Tabletop cookers
income decrease (in yen terms)
P.T. Rinnai Indonesia, Fiscal 2026 (2Q) Results
Range hoods
Kitchen appliances 85.6%
Progress on
quarterly operating income
0.94 0.99
1Q
2Q
Net sales ■ Operating income
─●─ Operating income to net sales ratio [Billions of Yen]
[Billions of Yen]
9.10 9.31
8.02
21.9%
16.4%
20.9%
1.31
1.99
1.94
Fiscal 2024
Fiscal 2025
Fiscal 2026
Built-in hob (stovetops)
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
Net Sales
8.72
9.06
+3.8%
Operating Income
1.98
1.94
-2.4%
Operating income
to net sales ratio
22.8%
21.4%
-1.4pt
[Billions of Yen]
Fiscal 2025
Fiscal 2026
YOY change
[Sales Volume]
YOY change
Yen
Local currency
Net Sales
9.10
9.31
+2.3%
+7.5%
Tabletop cookers
+4.2%
Operating Income
1.99
1.94
-2.4%
+2.5%
Built-in hob
(stovetops)
+6.4%
Operating income to net sales ratio
21.9%
20.9%
-1.0pt
Range hoods
+7.0%
Segment results
Other Regions Acquisition of Peru-based housing appliance sales company
Rinnai Corporation has acquired a housing appliance sales company in Peru, where we anticipate an increase in households using natural gas
(proliferation of gas appliances).
MT Industrial (acquired company) has a strong sales network and high market share in Peru for water heaters and kitchen appliances.
MT Industrial
Water heaters
Instantaneous water heaters (gas/electric), Storage-type water heaters (gas/electric), Electric showers
About MT Industrial S.A.C (Announced October 31, 2025)
Name | MT Industrial S.A.C |
Established | October 2013 |
Net sales (2024) | ¥9.8 billion |
Main business | Sale of water heaters, kitchen appliances, and sanitary equipment Installation and maintenance services for sold products |
Acquisition date | October 31, 2025 |
Other
Water purifiers
Kitchen appliances
Built-in hobs (stovetops), ovens, range
hoods
*Inclusion in consolidation scope B/S: Fiscal 2026, ending March 31, 2026 (3Q)
P/L: Fiscal 2027, ending March 31, 2027 (1Q)
Both net sales and operating income ahead of first-half targets
Despite no change in outlook for second half, the full-year earnings forecast has been maintained in consideration of various risk factors
Progress of Consolidated Earnings Forecast
[Millions of Yen] | Net sales | Operating income | VS Net sales | Ordinary income | VS Net sales | Net income attributable to owners of the parent company | VS Net sales | |
Consolidated | Plan (A) | 216,400 | 21,300 | 9.8% | 22,800 | 10.5% | 14,000 | 6.5% |
Actual (B) | 216,415 | 22,725 | 10.5% | 25,272 | 11.7% | 15,918 | 7.4% | |
Financial | ||||||||
Results | ||||||||
[1st half] | ||||||||
B/A ratio | +0.0% | +6.7% | +10.8% | +13.7% | ||||
FY2026 (2Q) Applicated exchange rates | FY2026 (beginning) Assumed exchange rates | |
USD | 149.007 | 145.000 |
AUD | 94.230 | 95.658 |
CNY | 20.533 | 20.135 |
KRW | 0.1044 | 0.1066 |
IDR | 0.00913 | 0.00917 |
Consolidated Financial Results [Full year] | Plan | 470,000 | 50,000 | 10.6% | 53,500 | 11.4% | 33,000 | 7.0% |
Reference
Results of First Two Quarters (Interim) of Fiscal 2026/
Fiscal 2026 Performance Forecasts
Business Outlook
Direction of Growth In the Japanese Market
Fiscal 2022 Fiscal 2023 Fiscal 2024 Fiscal 2025 Fiscal 2026 2Q 2Q 2Q 2Q 2Q
6.1%
6.8%
8.1%
10.4%
12.4%
- Key products that help improve quality of life and benefit the global environment are expected to grow in the Japanese market
Domestic sales composition ratio of key products
Air Bubble products: Cumulative sales reached 150,000 units
(Announced on October 27, 2025, Japanese only)
売上台 数
累計売上 台数
Units sold Units sold (cumulative)
Cumulative sales
150,000 units
'20 '21 '22 '23 '24 '25上期
'21_2Q '22_2Q '23_2Q '24_2Q '25_2Q
Fiscal 2021
Fiscal 2022
Fiscal 2023
Fiscal 2024
Fiscal 2025
Fiscal 2026
1st half
Key products
Eco Jozu ratio and Air Bubble installation rate
Eco Jozu ratio
50.0%
Air Bubble installation ratio (Fiscal 2026 1st half)
16%
Hybrid water heaters with heating systems
Air Bubble products
Gas clothes dryers
Combines gas and
Fine bubbles enhance bathing comfort and make cleaning easier
Quick drying with powerful
electricity to achieve
highest efficiency in the industry
warm air generated by gas
40.0%
'20 '21 '22 '23 '24 '25上期
Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 2021 2022 2023 2024 2025 2026
1st half
30.0%
9pt.
84%
Increase in Air Bubble installation rate
Higher Eco Jozu rate
©Rinnai Corporation 21
- Market expected to change significantly during our next medium-term plan period due to Department of Energy's water heater
regulations
Direction of Growth in the U.S. Market
Projected market changes due to thermal efficiency regulations for water heaters aimed at carbon neutrality (scheduled for January 2030 enactment)
Sales restrictions on low-efficiency electric storage-type water heaters
Accelerating shift to high-efficiency heat pump water heaters that can utilize existing piping systems
[Water heater market] Rinnai's forecasts
Storage-type (electric) ■ Heat pump type ■ Gas tankless ■ Storage-type (gas)
Current
2030~
Electric
Gas
Our focus areas
Heat pump water heaters
Gas tankless water heaters Condensing water heaters (High efficiency models)
©Rinnai Corporation 22
South America Purpose of acquiring MT Industrial (Peru)
Peru expected to see population growth and continued stable economic growth
Households using natural gas on the rise: Peruvian government has announced plans to continue expanding the number of households using natural gas
250
200
150
100
50
0
(万)
[Million] 2.5
2.0
21%
1.5
1.0
0.5
0
2019
2020
2021
2022
2023
12%
Peruvian market overview ■ Households using natural gas on the rise
Population
34.4 million
Age distribution
Approx. 60% are young people aged 34 and under
GDP
US$289.2 billion (2024)
Per-capita GDP
US$8,452
天然ガス網がある世帯数
人口における割合
Number of households with natural gas demand
Percentage of population
Male
Female
Peru's population pyramid (2024)
©Rinnai Corporation 23
Sale Territory Expansion in the Americas
- Acquisition of MT Industrial: Aim to leverage synergies across the Americas and strengthen our sales capabilities in Latin America, a key focus area
2021
Acquisition of Industrias Mass (Mexico)
Business: Manufacture and sale of commercial water heaters
Rinnai Canada Holdings
Rinnai America
Industrias Mass
(Mexico)
ThermoSolutions (Costa Rica)
2024
Acquisition of ThermoSolutions (Costa Rica)
Business: Manufacture and sale of electric water heaters
2025
Acquisition of MT Industrial (Peru)
Business: Sale of kitchen appliances (gas) and water heaters
(electric and gas); sale of sanitary equipment
MT Industrial (Peru)
Rinnai Brazil Heating Technology
Our Policy in the Increasingly Challenging Chinese Market
- Aim to further strengthen our high-profit structure despite expectations of a persistently challenging market environment
Fengxian District,
Shanghai
(Since February 2017)
Location of Shanghai Rinnai (main Rinnai Group base in China)
Direction of Chinese market
Current status
Assume that economic factors causing sluggish consumption will continue for time being
Aim to maintain profit margins through management efforts despite challenging market conditions
China remains an important market for the Group
Office
Product development
Plant 1
Plant 2*
Direction
Maintain and promote high-quality Rinnai brand built on Japanese
technology
Centralize operations to facilitate prompt decision-making and strict control of fixed costs
Enhance management efficiency through efficient operation of Plant 2
*Full-scale operation since June 2024
Next Medium-Term Management Plan
- Our next medium-term management plan, to be announced in May 2026, will take the following perspectives into account.
Business environment |
- Transition to low-carbon society is advancing, with energy-saving and energy regulations being strengthened
- Lifestyles and household appliances changing as living habits and values diversify |
Business direction |
- In addition to acquiring electrification technologies, we aims to develop technologies related to various energy sources (hydrogen, renewable energy, e-methane, etc.)
- We see major business opportunities particularly in the United States, where significant market changes are expected |
Capital policy |
- In addition to sustaining and expanding earning power in existing businesses, we will execute growth investments and realize returns at an early stage
- Implement balance sheet management to appropriately control shareholders' equity |
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