Worth reading
80Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
208
¥ million (year-on-year change in net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Earnings presentationFirst quarter of the fiscal year ending December 202614 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales7,710 million yen+2.8%
Operating profit543 million yen+3.3%
Ordinary income521 million yen-1.6%
Net income341 million yen-4.9%
Selling, general and administrative expenses¥1,252 million; SG&A ratio to net sales not stated in the materials
Operating profit margin7.0% (operating income of ¥543 million ÷ net sales of ¥7,710 million; operating margin not explicitly stated in the materials)
Results for the three months of the current quarterNet sales of ¥7,710 million, gross profit of ¥1,795 million, operating income of ¥543 million, ordinary income of ¥521 million, and net income of ¥341 million
Full-year earnings forecastNet sales of ¥37,000 million, operating income of ¥2,900 million, ordinary income of ¥2,910 million, net income of ¥1,972 million, and gross profit of ¥8,177 million
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。Net sales 20.8% and ordinary income 17.9%. Against the first-half forecasts, net sales were ¥7,710 million (20.8%) and ordinary income was ¥521 million (17.9%)
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Overall, results came in above forecastBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Detached housing net sales: volume effect +3.0%, price effect +3.5%; buildings net sales: volume effect -7.2%, price effect -0.8%. Other factors included increased orders from nationwide and major homebuilders, growth in airtightness measurement services, and additional work recorded for completed projects
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Monthly average U.S. dollar exchange rate of ¥141.7 (March 2026), naphtha import CIF price of ¥66,069/kl (preliminary March 2026 figure), U.S. dollar sensitivity of 0.895, and naphtha sensitivity of 0.764New initiatives
Winning orders transferred from construction companies of other companies by capitalizing on supply constraints, capturing substitution demand from board insulation materials, standardizing airtightness measurement, standardizing insulation grade 6, and expanding the construction workforce by approximately 100 people annuallyKey KPIsA metric the company considers important as a management benchmark.
Detached housing construction units up 3% year on year and construction unit price up 3%; buildings construction area down 7% and construction unit price down 1%; detached housing insulation grade 6 ratio forecast at approximately 25% in 2026, airtightness measurement services ratio forecast at 40% in 2026; orders from nationwide homebuilders at a record highUnit price and quantity metricsThese figures show sales broken down by price and volume.
Detached housing construction units up 3% year on year and construction unit price up 3%; buildings construction area down 7% year on year and construction unit price down 1%Segment results
Detached housing: net sales of ¥3,907 million (up 6.5% year on year) and gross profit of ¥920 million (up 14.7%); buildings: ¥2,171 million (down 8.1%) and ¥466 million (down 10.4%); waterproofing: ¥212 million (up 33.4%) and ¥40 million (up 221.5%); raw materials sales: ¥489 million (up 24.0%) and ¥104 million (up 33.7%); ancillary materials, machinery and other: ¥929 million (up 1.4%) and ¥263 million (up 20.1%)Financial targets
ROE target of 20%. ROE was 17.1% in 2025, and the cost of shareholders' equity was approximately 5%Market Size / Share
Domestic shipments of spray-applied urethane foam were ¥31.14 billion in fiscal 2023. 日本アクア's handling ratio was approximately half, with a share of 44.4% as shown in the materialsOrders received and order backlog
Order intake and order backlog amounts: not disclosedNumber of stores and locations
45 locations in the nationwide sales network and 26 raw material storage locations. Openings and closures during the period: not disclosedNumber of employees
705 employees on a non-consolidated basis (as of the end of March 2026). The total construction workforce was 1,256, including 262 construction employees and 139 foreign specified skilled workers and technical interns. Since 2023, the company has continued to increase headcount by approximately 100 employees annuallyAnnual Dividend
Annual dividend of ¥35.0 per share. Interim and year-end breakdown: not disclosedGross profit
¥1,795 million; gross margin 23.3%, up 1.5 percentage points year on year| Item | Details |
|---|---|
| Document type | Earnings presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | 7,710 million yen (YoY +2.8%) |
| Operating profit | 543 million yen (YoY +3.3%) |
| Ordinary income | 521 million yen (YoY -1.6%) |
| Net income | 341 million yen (YoY -4.9%) |
| Gross profit | ¥1,795 million; gross margin 23.3%, up 1.5 percentage points year on year |
| Operating profit margin | 7.0% (operating income of ¥543 million ÷ net sales of ¥7,710 million; operating margin not explicitly stated in the materials) |
| Selling, general and administrative expenses | ¥1,252 million; SG&A ratio to net sales not stated in the materials |
| Results for the three months of the current quarter | Net sales of ¥7,710 million, gross profit of ¥1,795 million, operating income of ¥543 million, ordinary income of ¥521 million, and net income of ¥341 million |
| Full-year earnings forecast | Net sales of ¥37,000 million, operating income of ¥2,900 million, ordinary income of ¥2,910 million, net income of ¥1,972 million, and gross profit of ¥8,177 million |
| Progress against full-year forecast | Net sales 20.8% and ordinary income 17.9%. Against the first-half forecasts, net sales were ¥7,710 million (20.8%) and ordinary income was ¥521 million (17.9%) |
| Self-assessment against the plan | Overall, results came in above forecast |
| Segment results | Detached housing: net sales of ¥3,907 million (up 6.5% year on year) and gross profit of ¥920 million (up 14.7%); buildings: ¥2,171 million (down 8.1%) and ¥466 million (down 10.4%); waterproofing: ¥212 million (up 33.4%) and ¥40 million (up 221.5%); raw materials sales: ¥489 million (up 24.0%) and ¥104 million (up 33.7%); ancillary materials, machinery and other: ¥929 million (up 1.4%) and ¥263 million (up 20.1%) |
| Breakdown of Factors Affecting the Change | Detached housing net sales: volume effect +3.0%, price effect +3.5%; buildings net sales: volume effect -7.2%, price effect -0.8%. Other factors included increased orders from nationwide and major homebuilders, growth in airtightness measurement services, and additional work recorded for completed projects |
| Key KPIs | Detached housing construction units up 3% year on year and construction unit price up 3%; buildings construction area down 7% and construction unit price down 1%; detached housing insulation grade 6 ratio forecast at approximately 25% in 2026, airtightness measurement services ratio forecast at 40% in 2026; orders from nationwide homebuilders at a record high |
| Unit price and quantity metrics | Detached housing construction units up 3% year on year and construction unit price up 3%; buildings construction area down 7% year on year and construction unit price down 1% |
| Number of stores and locations | 45 locations in the nationwide sales network and 26 raw material storage locations. Openings and closures during the period: not disclosed |
| Number of employees | 705 employees on a non-consolidated basis (as of the end of March 2026). The total construction workforce was 1,256, including 262 construction employees and 139 foreign specified skilled workers and technical interns. Since 2023, the company has continued to increase headcount by approximately 100 employees annually |
| Assumptions Underlying the Business Outlook | Monthly average U.S. dollar exchange rate of ¥141.7 (March 2026), naphtha import CIF price of ¥66,069/kl (preliminary March 2026 figure), U.S. dollar sensitivity of 0.895, and naphtha sensitivity of 0.764 |
| Financial targets | ROE target of 20%. ROE was 17.1% in 2025, and the cost of shareholders' equity was approximately 5% |
| Annual Dividend | Annual dividend of ¥35.0 per share. Interim and year-end breakdown: not disclosed |
| Orders received and order backlog | Order intake and order backlog amounts: not disclosed |
| Market Size / Share | Domestic shipments of spray-applied urethane foam were ¥31.14 billion in fiscal 2023. 日本アクア's handling ratio was approximately half, with a share of 44.4% as shown in the materials |
| New initiatives | Winning orders transferred from construction companies of other companies by capitalizing on supply constraints, capturing substitution demand from board insulation materials, standardizing airtightness measurement, standardizing insulation grade 6, and expanding the construction workforce by approximately 100 people annually |
Items this document does not state (6)
Risk amount incorporated into the outlookMedium-term management plan targetsPayout ratioAcquisition of treasury sharesCapital expendituresKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.In the detached housing segment, orders from nationwide and major homebuilders increased, while growth in airtightness measurement services raised the average unit price. The buildings segment exceeded forecasts due to additional work recorded for completed projects, while the waterproofing and other segments were generally steady. In contrast, the buildings segment's revenue declined because of lower construction volumes and a lower average unit price resulting from the reduced mix of Aqua Moen NEO projects.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.