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Earnings presentation1429Nippon Aqua Co.,Ltd.Construction and Materials

Materials for the Second-Quarter (Interim) Results Briefing for the Fiscal Year Ending December 2026

For the interim period of the fiscal year ending December 2026, net sales, operating income, ordinary income and net income all exceeded the year-earlier period, and results also exceeded the company's interim forecasts overall. Sales grew in detached housing, raw material sales, and auxiliary materials, machinery and other products, while waterproofing fell short of forecast due to supply constraints.

Worth reading
73In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
989
¥ million (year-on-year increase in revenue)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationInterim period (second quarter) of the fiscal year ending December 202612 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥16,972 million+6.2%
Operating profit¥1,179 million+8.0%
Ordinary income¥1,150 million+4.4%
Net income¥755 million+1.1%
Gross Profit Margin22.6 %
Selling, general and administrative expenses¥2,659 million
Results for the three months of the current quarter
Net Sales
Q1¥7,710 million
Q2¥9,262 million
Gross profit
Q1¥1,795 million
Q2¥2,042 million
Selling, general and administrative expenses
Q1¥1,252 million
Q2¥1,407 million
Ordinary income
Q1¥521 million
Q2¥628 million
Full-year earnings forecast
Net Sales
¥37,000 million
Gross profit
¥8,177 million
Operating profit
¥2,900 million
Ordinary income
¥2,910 million
Net income
¥1,972 million
Net sales from detached housing
¥17,097 million
Net sales from buildings
¥10,948 million
Net sales from waterproofing
¥2,096 million
Net sales of raw material sales
¥2,377 million
Net sales of auxiliary materials, machinery and other products
¥4,480 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 Sales45.9
Gross profit46.9
Operating profit40.7
Ordinary income39.5
Net income38.3
Net sales from detached housing47.5
Net sales from buildings41.5
Net sales from waterproofing26.9
Net sales of raw material sales53.4
Net sales of auxiliary materials, machinery and other products55.2
Gross profit from detached housing45.6
Gross profit from buildings46
Gross profit from waterproofing19.8
Gross profit from raw material sales51.4
Gross profit from auxiliary materials, machinery and other products61.2
Selling, general and administrative expenses50.4
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Overall, results are expected to exceed both the previous year and the plan. The buildings segment exceeded plan, while the waterproofing segment fell short.
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Detached houses
    Volume effect_pct1.8
    Price effect_pct5.8
  • Buildings
    Volume effect_pct-6.6
    Price effect_pct0.9
  • Detached housing—number of projects under construction
    Year-on-year (%)2
  • Detached housing—unit price
    Year-on-year (%)6
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Raw Material PricesClosely monitoring supply concerns arising from the situation in the Middle East and other factors
New initiatives
  • Launch of in-house production and sales of the U-MAX polyurethane insulation board
  • Business alliance with the Toray Group (一村産業株式会社)
  • Development of a U-MAX manufacturing and supply system, including partner plants in South Korea and a Kyushu manufacturing base
  • Price revisions from June 2026
  • Standardization of airtightness measurement
  • Standardization of insulation grade 6
  • Launch of GX ZEH applications
Key KPIsA metric the company considers important as a management benchmark.
  • Orders from nationwide buildersRecord high
  • Percentage meeting insulation grade 6 or higher15 % 2025 actual
  • Airtightness measurement service ratio24 % 2025 actual
  • Construction workforce1,256 People June 2026
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Number of detached housing projects under construction
    Year-on-year (%)2
  • Detached housing unit price
    Year-on-year (%)6
  • Detached housing volume effect1.8 %
  • Detached housing price effect5.8 %
  • Buildings volume effect-6.6 %
  • Buildings price effect0.9 %
Segment results
  • Detached houses
    Net Sales8,125
    Revenue unit¥ million
    Revenue year-on-year_pct7.6
    Gross profit1,805
    Gross profit unit¥ million
    Gross profit year on year_pct9
  • Buildings
    Net Sales4,542
    Revenue unit¥ million
    Revenue year-on-year_pct-5.7
    Gross profit997
    Gross profit unit¥ million
    Gross profit year on year_pct-6.8
  • Water resistance
    Net Sales563
    Revenue unit¥ million
    Revenue year-on-year_pct-10
    Gross profit82
    Gross profit unit¥ million
  • Raw material sales
    Net Sales1,269
    Revenue unit¥ million
    Revenue year-on-year_pct43.4
    Gross profit261
    Gross profit unit¥ million
    Gross profit year on year_pct51.8
  • Auxiliary materials, machinery and other products
    Net Sales2,473
    Revenue unit¥ million
    Revenue year-on-year_pct17.3
    Gross profit692
    Gross profit unit¥ million
    Gross profit year on year_pct29.2
Financial targets
ROE target20
ROE target unit%
Actual ROE17.1
Actual ROE unit% (2025)
Cost of shareholders’ equityApproximately 5%
Market Size / Share
Site-applied foamed polyurethane market size220
Site-applied foamed polyurethane market size unit¥ hundred million
Domestic shipment value of site-applied foamed polyurethane311.4
Domestic shipment value of site-applied foamed polyurethane unit¥ hundred millions (fiscal 2023)
Site-applied foamed polyurethane market shareHandles approximately half of the market
Residential insulation materials market size1,900
Residential insulation materials market size unit¥ hundred million
Sprayed polyurethane installation plus insulation board market size720
Sprayed polyurethane installation plus insulation board market size unit¥ hundred million
Number of stores and locations
Nationwide sales network45
Raw material storage bases26
Recycling plants4
Number of employees
Standalone employees765 People at end-June 2026
Construction staff265 People at end-June 2026
Specified skilled workers and technical intern trainees from overseas166 People at end-June 2026
Hiring planContinue increasing headcount by approximately 100 people annually
Annual Dividend
Annual Dividend¥35 per share
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredInterim period (second quarter) of the fiscal year ending December 2026
Net Sales¥16,972 million (YoY +6.2%)
Operating profit¥1,179 million (YoY +8.0%)
Ordinary income¥1,150 million (YoY +4.4%)
Net income¥755 million (YoY +1.1%)
Gross Profit Margin22.6 %
Selling, general and administrative expenses¥2,659 million
Results for the three months of the current quarterNet Sales Q1 ¥7,710 million / Q2 ¥9,262 million / Gross profit Q1 ¥1,795 million / Q2 ¥2,042 million / Selling, general and administrative expenses Q1 ¥1,252 million / Q2 ¥1,407 million / Operating profit Not disclosed / Ordinary income Q1 ¥521 million / Q2 ¥628 million
Full-year earnings forecastNet Sales ¥37,000 million / Gross profit ¥8,177 million / Operating profit ¥2,900 million / Ordinary income ¥2,910 million / Net income ¥1,972 million / Net sales from detached housing ¥17,097 million / Net sales from buildings ¥10,948 million / Net sales from waterproofing ¥2,096 million / Net sales of raw material sales ¥2,377 million / Net sales of auxiliary materials, machinery and other products ¥4,480 million
Progress against full-year forecastNet Sales 45.9 / Gross profit 46.9 / Operating profit 40.7 / Ordinary income 39.5 / Net income 38.3 / Net sales from detached housing 47.5 / Net sales from buildings 41.5 / Net sales from waterproofing 26.9 / Net sales of raw material sales 53.4 / Net sales of auxiliary materials, machinery and other products 55.2 / Gross profit from detached housing 45.6 / Gross profit from buildings 46 / Gross profit from waterproofing 19.8 / Gross profit from raw material sales 51.4 / Gross profit from auxiliary materials, machinery and other products 61.2 / Selling, general and administrative expenses 50.4
Self-assessment against the planOverall, results are expected to exceed both the previous year and the plan. The buildings segment exceeded plan, while the waterproofing segment fell short.
Segment resultsSegment Detached houses / Net Sales 8,125 / Revenue unit ¥ million / Revenue year-on-year_pct 7.6 / Gross profit 1,805 / Gross profit unit ¥ million / Gross profit year on year_pct 9, Segment Buildings / Net Sales 4,542 / Revenue unit ¥ million / Revenue year-on-year_pct -5.7 / Gross profit 997 / Gross profit unit ¥ million / Gross profit year on year_pct -6.8, Segment Water resistance / Net Sales 563 / Revenue unit ¥ million / Revenue year-on-year_pct -10 / Gross profit 82 / Gross profit unit ¥ million / Gross profit year on year Not disclosed, Segment Raw material sales / Net Sales 1,269 / Revenue unit ¥ million / Revenue year-on-year_pct 43.4 / Gross profit 261 / Gross profit unit ¥ million / Gross profit year on year_pct 51.8, Segment Auxiliary materials, machinery and other products / Net Sales 2,473 / Revenue unit ¥ million / Revenue year-on-year_pct 17.3 / Gross profit 692 / Gross profit unit ¥ million / Gross profit year on year_pct 29.2
Breakdown of Factors Affecting the ChangeDivision Detached houses / Volume effect_pct 1.8 / Price effect_pct 5.8, Division Buildings / Volume effect_pct -6.6 / Price effect_pct 0.9, Division Detached housing—number of projects under construction / Year-on-year (%) 2, Division Detached housing—unit price / Year-on-year (%) 6
Key KPIsIndicator Orders from nationwide builders / Value Record high / Year on year against the same period last year Not disclosed, Indicator Percentage meeting insulation grade 6 or higher / Value 15 % (2025 actual) / Year on year against the same period last year Not disclosed, Indicator Airtightness measurement service ratio / Value 24 % (2025 actual) / Year on year against the same period last year Not disclosed, Indicator Construction workforce / Value 1,256 People (June 2026) / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator Number of detached housing projects under construction / Year-on-year (%) 2, Indicator Detached housing unit price / Year-on-year (%) 6, 1.8 %, 5.8 %, -6.6 %, 0.9 %
Number of stores and locationsNationwide sales network 45 / Raw material storage bases 26 / Recycling plants 4 / Number of store openings and closures during the period Not disclosed
Number of employeesStandalone employees 765 People (at end-June 2026) / Construction staff 265 People (at end-June 2026) / Specified skilled workers and technical intern trainees from overseas 166 People (at end-June 2026) / Change during the period Not disclosed / Hiring plan Continue increasing headcount by approximately 100 people annually
Assumptions Underlying the Business OutlookExchange rate Not disclosed / Naphtha prices Not disclosed / Raw Material Prices Closely monitoring supply concerns arising from the situation in the Middle East and other factors / Number of versions Not disclosed
Financial targetsROE target 20 / ROE target unit % / Actual ROE 17.1 / Actual ROE unit % (2025) / Cost of shareholders’ equity Approximately 5%
Annual DividendAnnual Dividend ¥35 per share / Interim Dividend Not disclosed / Year-end dividend Not disclosed
Market Size / ShareSite-applied foamed polyurethane market size 220 / Site-applied foamed polyurethane market size unit ¥ hundred million / Domestic shipment value of site-applied foamed polyurethane 311.4 / Domestic shipment value of site-applied foamed polyurethane unit ¥ hundred millions (fiscal 2023) / Site-applied foamed polyurethane market share Handles approximately half of the market / Residential insulation materials market size 1,900 / Residential insulation materials market size unit ¥ hundred million / Sprayed polyurethane installation plus insulation board market size 720 / Sprayed polyurethane installation plus insulation board market size unit ¥ hundred million
New initiativesLaunch of in-house production and sales of the U-MAX polyurethane insulation board, Business alliance with the Toray Group (一村産業株式会社), Development of a U-MAX manufacturing and supply system, including partner plants in South Korea and a Kyushu manufacturing base, Price revisions from June 2026, Standardization of airtightness measurement, Standardization of insulation grade 6, Launch of GX ZEH applications
Items this document does not state (8)
Operating profit marginRisk amount incorporated into the outlookMedium-term management plan targetsPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey 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 builders and major builders remained firm, while growth in airtightness measurement services also contributed to higher unit prices. In the buildings segment, orders received were steadily completed, while raw material sales expanded in terms of both customers and volume against a backdrop of procurement advantages. Auxiliary materials, machinery and other products benefited from the increase in the number of detached housing projects under construction and higher sales of auxiliary materials affected by procurement difficulties. In contrast, the waterproofing segment experienced delays in construction starts due to supply constraints for related materials amid the situation in the Middle East.

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Materials for the Second-Quarter (Interim) Results Briefing for the Fiscal Year Ending December 2026 | Nippon Aqua Co.,Ltd. (1429) timely disclosure | Komori