14th May 2025 TORISHIMA PUMP MFG.CO.,LTD.
1
【1】FY2024 Financial Results
【2】Medium-term Business Plan and FY2025 Outlook
【3】Policy on Shareholder
【4】Topics
【1】FY2024 Financial Results
【2】Medium-term Business Plan and FY2025 Outlook
【3】Policy on Shareholder
【4】Topics
FY2024 HighlightOrders received reached a record high of 95.6 billion yen.
Net sales totaled 86.5 billion yen, marking a record high for the fifth consecutive year.
Operating profit declined to 5.4 billion yen year on year, however, clear actions to improve margin performance are in place.
Compared to the plan, orders received and sales were generally in line with the plan, but profit fell short.
The annual dividend per share for FY2024 is set at 60 yen, as planned.
FY2024 Consolidated Financial Results
Orders received ： Orders received: Flat in public, up 4.0% in private, and up 13.9% overseas, totaling 95.6 billion yen, an 8.7% increase year on year. Sales: Up 13.2% in public, down 8.1% in private, and up 7.6% overseas, totaling 86.5 billion yen, a 6.7% increase year on year..
Income： Decreased due to a decline in gross profit margin and an increase in SG&A expenses.
*The increase and decrease are YoY
Billions of yen
FY2023 | FY2024 | YOY | Plan 14th Nov. | VS plan | ||||
Orders Received | 88.0 | 95.6 | +7.6 | +8.6% | 91.0 | +4.6 | +5.1% | |
Sales | 81.1 | 86.5 | +5.4 | +6.7% | 88.0 | -1.5 | -1.7% | |
Gross Profit (Gross profit margin) | 23.1 (28.5%) | 23.5 +0.4 (27.2%) (-1.4pt) | +1.7% | |||||
SG&A expense | 16.3 | 18.1 | +1.8 | +11.0% | ||||
Operating Profit (Operating profit margin) | 6.8 (8.4%) | 5.4 (6.2%) | -1.4 (-2.2pt) | -20.6% | 6.2 | -0.8 | -12.9% | |
Non-operating Profit or loss | -0.5 | -0.9 | -0.4 | — | ||||
Ordinary Profit | 6.3 | 4.5 | -1.8 | -28.6% | 5.5 | -1.0 | -18.2% | |
Extraordinary profit or loss | 2.2 | 1.4 | -0.8 | -36.4% | ||||
Net Profit | 6.2 | 4.1 | -2.1 | -33.9% | 4.8 | -0.7 | -14.6% | |
*Foreign exchange rate（1USD) ¥151.41
¥149.52
FY2024 Financial Results of the Parent Company
Billions of yen
Sales
Gross Profit
(Gro gin)
ss profit mar
FY2023
62.9
14.2
(22.6%)
9.9
4.3
(6.8%)
FY2024
64.2
12.9
(20.1%)
10.5
2.4
(3.7%)
YOY
+1.3
Plan
68.0
vs. Plan
-3.8
-1.3
(-
2.5pt)
+2.1%
-9.2%
+6.1%
-44.2%
-5.6%
—
—
SG&A expense
Operating Profit
(Op gin)
erating profit mar
+0.6
-1.9
(-3.1pt)
—
3.5
(5.1%)
—
-1.1 (-1.4pt)
-31.4%
YOY
Despite higher sales, operating income declined by 1.9 billion yen due to a lower gross profit margin and increased SG&A expenses (in line with the plan).
Vs.Plan
Sales fell short of the plan due to a timing shift in some public and overseas projects.
The gross profit margin for the second half was 22.1%, almost in line with the planned 22.5%, but slightly below target.
Due to the impact of the sales shortfall (-800 million yen) and lower-than-planned margin (-300 million yen), operating income was 2.4 billion yen, below the planned 3.5 billion yen.
FY2024 Financial Results of the Parent Company (First-half/Second-Half)
While profits declined year-on-year in the first half of FY2024, they recovered in the second half, largely in line with the plan.
FY2023 first-half （1-2Q) | FY2024 first-half （1-2Q) | FY2023 second-half （3-4Q） | FY2024 Second-half （3-4Q） | ||
Sales | 26.3 | 26.6 | 36.6 | 37.6 | |
Gross Profit | 6.4 | 4.6 | 7.8 | 8.3 | |
(Gross profit margin) | (24.3%) | ||||
(17.3%) | (21.3%) | (22.1%) | |||
SG&A expense | 4.8 | 5.3 | 5.1 | 5.2 | |
Operating Profit (Operating profit margin) | 1.6 (6.1%) | -0.8 (-3.0%) | 2.7 (7.4%) | 3.2 (8.5%) |
Trends in gross profit margin (first half, second half, full year) and full year gross profit
In the first half of FY2024, the profit margin fell due to an increase in production costs
FY2024 First-half material
In the second half, the profit margin recovered, although it was slightly below the planned figure.
23.2%
15.3%
24.4%
20.4%
15.6%
25.2%
21.4%
19.4%
Gross profit margin (first half, second half, full year)
24.1%
24.3%
22.5%
Result
22.8%
21.5%
23.1%
21.3%
22.6%
forecast 22.1%
17.3%
20.5%
forecast
Result
142
118
97
87
77
129
20.1%
上期
46
Gross profit income（billions of yen）
FY2024 Financial Results of the Pre-consolidation subsidiaries
Billions of yen
FY2023 | FY2024 | YOY | Plan | vs.Plan | ||||
Sales | 27.3 | 32.0 | +4.7 | +17.2% | 28.0 | +4.0 | +14.3% | |
Gross Profit (Gross profit margin) | 9.7 (35.5%) | 11.5 (35.9%) | +1.8 (+0.4pt) | +18.6% | — | — | — | |
SG&A expense | 6.9 | 8.2 | +1.3 | +18.8% | — | — | — | |
Operating Profit (Operating profit margin) | 2.8 (10.3%) | 3.3 (10.3%) | +0.5 (±0pt) | +17.9% | 2.9 (10.4%) | +0.4 (▲0.1pt) | +13.8% | |
Subsidiaries generally maintained strong performance, exceeding both the previous year’s figures and the plan.
Revenue and profit increased across all sectors: manufacturing (5 companies), projects (1 company), and services (15 companies).
【1】FY2024 Financial Results
【2】Medium-term Business Plan and FY2025 Outlook
【3】Policy on Shareholder
【4】Topics
2050 Torishima's long-term vision for a decarbonised society.
Phase1
（2021-2024）
Phase2
（2025-2029）
Phase3
（2030-2049）
Medium-term management plan Beyond 110 (formulated in May 2021).
Carbon neutrality
2050
2049
2019 2020
2024
2029
110th anniversary
120th anniversary
100th anniversary
Torishima's aspirations for what it wants to be
‘A company indispensable to society’
Results in the Phase1 and Target for the Phase2
During the Phase1, sales expanded at a pace exceeding expectations.
During the Phase2, we will focus on improving profitability, aiming to achieve the targets for the final year (FY2029).
Phase1（FY2021-2024)
Phase2 (FY2025-2029)
FY2021 Results | FY2024 Results | FY2029 Target | ||
Sales | 52.2 | 86.5 | 100-billion-yen level | |
Operating Profit (Operating profit margin) | 4.5 (8.6%) | 5.4 (6.2%) | more than 10％ | |
ROE *One-time incr | 12.8%* ease due to a gain on the | 7.5% sale of owned shares | more than 10％ |
Sales
1,000
522
647
811
865
level
OP/OP margin
more than
ROE
FY2021 FY2022 FY2023 FY2024 FY2029
12.8%
9.3%
10.2%
more than
10.0%
8.5%
9.2%
10.0%
8.4%
6.2%
44
54
59
68
FY2021 FY2022 FY2023 FY2024 FY2029
7.5%
FY2021 FY2022 FY2023 FY2024 FY2029 12
Strategic Focus Areas for the Phase 2
- Strengthen manufacturing capabilities
Enhance profitability by increasing in-house production through both “Front-loading” and “Production capacity expansion”.
- Strengthen service business
Further grow the high-margin service business to raise overall profitability.
Strategic Focus Areas for the Phase 2
- Strengthen manufacturing capabilities
Enhance profitability by increasing in-house production through both “Front-loading” and “Production capacity expansion”.
Strengthen service business
Further grow the high-margin service business to raise overall profitability.
1-1. Strengthen manufacturing capabilities: Front-loading
作業負荷（コスト・工数）
Information sharing with customers
Eliminating rework and other inefficiencies.
Reduce overall workload
Front-loading
Aimed workload
Current workload
Orders receive
Engineering
Procurement / Manufacturing
100％
0％
Flexibility in design changes
Certainty of quality and cost
Quality and cost are nearly fixed, leaving limited options.
出典：
実践 エンジニアリング・
チェーン・マネジメント-IoTで設計開発革新
日野 三十四 (著)日刊工業新聞社
1-1. Strengthen manufacturing capabilities: Production capacity expansion
Utilization of subsidiaries
Establish a machining factory at the India service base to enhance the group's machining capacity.
Transfer part of the production of boiler feed pumps, one of the core products, to Kyushu Torishima, and shift production capacity at the head office to other areas.
India Service base（TPIPL） Kyushu Torishima
Strengthening machining capacity through M&A
Through the acquisition of machining companies, we aim to bring back profits that were previously outsourced.
Strategic Focus Areas for the Phase 2
Strengthen manufacturing capabilities
Enhance profitability by increasing in-house production through both “Front-loading” and “Production capacity expansion”.
- Strengthen service business
Further grow the high-margin service business to raise overall profitability.
2. Strengthen the service business
By increasing our high-tech pumps business and establishing service bases close to end users, this expansion of the service business will continue to improve the overall profit margin.
Target of Service ratio
Consolidated sales（billions of yen）
High-tech Pumps
Domestic Service
Oversees Service
36.5
25.4
35.0
35%
9.2
9.2
8.7
11.1
14.8
5.7
5.9
5.3
6.1
7.5
13.2
14.1
17.6
24.6
0
FY2020 FY2021 FY2022 FY2023 FY2024 FY2029
2. Strengthen the service business
Strengthen customer support tailored to local needs at 16 locations worldwide and promote the expansion of the service business.
Torishima Service Solutions Europe Cryo Pump Repairs
Torishima Pumps (India) Service Division
Full-scale operation in FY2025
Torishima Service Solutions Egypt
Head Office Factory
Torishima Service Solutions of Michigan
Torishima Service Solutions (Saudi Arabia) Ltd.
Torishima Service Solutions Qatar
Torishima Service Solutions Formosa
Torishima Service Solutions Asia Pte. Ltd. Philippines Torishima Service Solutions (Thailand)
Torishima Service Solutions (Abu Dhabi)
P.T. Torishima Guna Engineering
Torishima Service Solutions FZCO (Dubai)
Australian Fluid Handling
Torishima Service Solutions Malaysia
Torishima Service Solutions Asia
Consolidated Outlook of FY2025
Expect a sixth consecutive year of increased sales, driven by a strong order backlog.
Expect increased profits, supported by improved profitability and efforts to contain SG&A expenses.
FY2024
Results
FY2025
Outlook
YOY
Orders Received
95.6
90.0
-5.6
-5.9%
Sales
86.5
89.0
+2.5
+2.9%
Gross Profit
(Gross profit margin)
23.5
(27.2%)
24.5
(27.5%)
+1.0
(+0.3pt)
+4.3%
SG&A expense
18.1
17.8
-0.3
-1.7%
Operating Profit
(Operating profit margin)
5.4
(6.2%)
6.7
(7.5%)
+1.3
(+1.3pt)
+24.1%
Ordinary Profit
4.5
5.8
+1.3
+28.9%
Net Profit
4.1
4.3
+0.2
+4.9%
Foreign exchange rate（1USD)
¥149.52
31st Mar 2025
Assumption ¥145
Outlook of FY2025（Parent-company and pre-consolidation subsidiaries）
Parent company ■Subsidiaries
FY2024 Results | FY2025 Outlook | YOY | FY2024 Results | FY2025 Outlook | YOY | ||||
Sales | 64.2 | 65.0 | +0.8 | +1.2% | 32.0 | 33.9 | +1.9 | +5.9% | |
Gross Profit (Gross profit margin) | 12.9 (20.1%) | 13.5 (20.8%) | +0.6 (+0.7pt) | +4.7% | 11.5 (35.9%) | 11.8 (34.8%) | +0.3 (-1.1pt) | +2.6% | |
SG&A expense | 10.5 | 9.9 | -0.6 | -5.7% | 8.2 | 8.5 | +0.3 | +3.7% | |
Operating Profit (Operating profit margin) | 2.4 (3.7%) | 3.6 (5.5%) | +1.2 (+1.8pt) | +50.0% | 3.3 (10.3%) | 3.3 (9.7%) | ±0 (-0.6pt) | ±0 | |
Foreign exchange rate （1USD) | ¥149.52 31st Mar 2025 | Assumption ¥145 | |||||||
【1】FY2024 Financial Results
【2】Medium-term Business Plan and FY2025 Outlook
【3】Policy on Shareholder
【4】Topics
Shareholder Returns
Annual dividend
After prioritizing investments necessary for long-term value creation, we aim for progressive dividends with a target DOE of 3.0% and a payout ratio of around 35%.
Acquisition of treasury shares
To be implemented flexibly, taking into consideration the necessary level of retained earnings, changes in the capital situation and the business environment, and trends in the Company's stock price,
FY2023
FY2024
FY2025
plan
Annual dividend
（JPY）
58
60
62
Dividend on Equity (%)
3.2%
3.0%
2.9%
Payout Ratio (%)
24.7%
39.3%
38.6%
Total acquisition value
Up to 1.0 billion yen
Total Number of Acquired Shares
Up to 600,000 shares (to be cancelled)
Equivalent to 2.25% of total outstanding shares
Acquisition Period
15th Apr. 2025-31th Mar.2026
Torishima’s Contribution to Society
We will continue to contribute to solving social issues, aiming to be an indispensable company for society.
Global Social Issues
Global warming Energy crisis
Abnormal weather Flood disaster
Aging infrastructure
in developed countries
Population growth, increasing demand for infrastructure
in emerging countries
Torishima’s Contributions
Key issues for Creating Shared Value
Addressing energy issues toward carbon neutrality
Providing Safety and Reliability
Establishing new manufacturing and services with the data and AI
Products and Services
To be Indispensable to Society
◎
1. Boost Energy-efficiency Initiative with the Super-Eco Pumps
◎2. Provide pumps for clean energy market
◎
3. Provide pumps for water shortage and food crisis
◎
4. Enhance Technology for Specially Designed Pumps to Mitigate Heavy Flooding
◎5. Promote Smart Solutions based on Data
Water shortage Food crisis
Population decline, difficulty in passing on technology
in developed countries
Essential foundation
Maximize Employees’ Energy
Corporate Governance
Improving Torishima quality
Human resource development and DE&I
Compliance management
Strengthen risk management
Promote environmental management
24
1.Boost Energy-efficiency Initiative with the Super-Eco Pumps
Super Eco Pump received highest honor
Minister of Economy, Trade and Industry Award
Japan’s annual electricity consumption is about
1 trillion kWh, 31% of which is
45％
55％
27％ Pumps
under 160kW
Accelerate contribution to a sustainable society by reducing power consumption through high-efficiency design!
Combining decarbonization & Energy optimization
other 4％
Consumed by Pumps
Motors
15％
Pumps
above160kW
to drive technological innovation
9％ Compressors
Targeting large factories and proposing energy-saving
Energy-saving simulation of pumps
Other Machines
solutions. Focusing on proposal activities for AI data centers in the future.
・Annual energy consumption of pumps: 312.2 billion kWh
・Electricity unit price: 25 yen/kWh
・Co2 conversion emission factor: 0.000429t-Co2/kWh
Calculation based on 20% energy savings for all pumps
| Reduction of approx. 26.8 million tons |
| Reduction of approx. 62.4 billion kWh |
Reduction of approx. 1,560 billion yen |
Approximately 6.2% of total power consumption and 13.3% of industrial sector power consumption
2. Provide pumps for clean energy market
Ammonia pumping system in commercial size- Real-liquid testing was successful-February - March
Conducting tests using actual solutions of ammonia @ Indonesia
Result: confirmed performance as expected
→ Demonstrated product performance and safety
From now on
All projects that are expected to materialize will be targeted for award.
The next pillar to support the transition to a decarbonized society. Supporting the transition of social infrastructure with reliable technology.
26
3. Providing pumps to solve water and food power shortages
Over the past 10 years, we have received orders for more than 2,200 pumps for seawater desalination plants worldwide. With the ongoing global water shortage, we expect steady orders to continue as the market expands
total
2,231 units
Seawater Desalination Pumps Orders Received
Global Desalination Pump Market
Millions of U.S. dollars
651
616
580
540
508
－Growth rate
7.3%
7.3% 6.4%
6.8%
6.2%
6.2% 5.8% 6.1%
843
691
741
789
2023 2024 2025 2026 2027 2028 2029 2030 2031
Resorce：Section Global Seawater Desalination Pump Industry Market Research Report
（ Projected value as of 2023 ）
FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
27
4. Enhance Technology for Specially Designed Pumps to Mitigate Heavy Flooding
total
129 units
Immiscible motor pumps
Vortex preventing ring & Double-suction bellmouth
Orders for Specially Designed Pumps to Mitigate Heavy Flooding
In response to the increasingly severe flood damage each year, we have developed disaster mitigation products utilizing our unique technology, steadily expanding our orders.
Torishima Immiscible motor pump has been selected for the Ministry of Land, Infrastructure, Transport and Tourism's (MLIT) overseas demonstration project "WOW TO JAPAN." Our technological expertise is being recognized internationally.
Immerscible motor
Impeller
Immiscible motor pump
Delivered the pump to Wastewater Treatment Plant in Pakistan
（March 2025）28
5. Promote Smart Solutions based on Data
Rotating Equipment Monitoring System「TR-COM」
Cumulative Sales Exceed 20,000 Units!
Following the successful expansion,
the next phase will focus on enhancing profitability.
The subscription system will be launched starting with new sales in FY2026.
Aiming to increase the demand for maintenance services of rotating machinery.
Through delivering high-quality support and services,
we will continuously provide the value of the IoT vibration monitoring solution, moving to a new usage model.
Very Early Detection by measuring up to 10,000Hz
TR-COM can detect the small
damage at early stage.
Other probes detect the damage
at serious stage.
more damage
5. Promote Smart Solutions based on Data
Provide Smart Solutions
We aim to enhance productivity and competitiveness
by improving operational efficiency and increasing added value. Metal 3D Printer
Accelerating Prototyping and Enhancing Product Performance through the Use of Metal 3D Printing.
Prototyping impellers and inducers for R&D pumps using metal 3D printing.
This enhances the digitalization of development and increases the flexibility for trial and error.
Optimal Impeller Design Using AI (Super Eco Pump)
Incorporating past CFD data into AI, reduced development time for high-efficiency 3D impellers compared to conventional models. This optimizes the flow of water smoothly.
30