Worth reading
82Important
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
2035
Millions of yen (year-on-year increase in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFiscal year ending December 2026: third quarter12 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥26,324 million+8.4%
Operating profit¥1,954 million+12.3%
Ordinary income1,914 Million yen +9.1%ordinary profit, as the company does not use IFRS
Net income¥1,257 million+6.0%
Gross Profit Margin22.8%
Operating profit margin7.4%
Selling, general and administrative expenses¥4,045 million
Results for the three months of the current quarterThird-quarter revenue was ¥9,351 million and ordinary profit was ¥764 million. Revenue by business was ¥4,770 million for detached houses, ¥2,559 million for buildings, ¥326 million for waterproofing, ¥625 million for raw materials sales, and ¥1,069 million for ancillary materials, machinery and other businesses.
Full-year earnings forecastRevenue: ¥37,000 million; gross profit: ¥8,177 million; operating profit: ¥2,900 million; ordinary profit: ¥2,910 million; net income: ¥1,972 million. Revenue by business: ¥17,097 million for detached houses, ¥10,948 million for buildings, ¥2,096 million for waterproofing, ¥2,377 million for raw materials sales, and ¥4,480 million for ancillary materials, machinery and other businesses.
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。Revenue: 71.1%; gross profit: 73.4%; operating profit: 67.4%; ordinary profit: 65.8%; net income: 63.7%. Segment revenue: detached houses 75.4%, buildings 64.9%, waterproofing 42.4%, raw materials sales 79.7%, and ancillary materials, machinery and other 79.1%. Segment gross profit: detached houses 78.4%, buildings 63.8%, waterproofing 35.2%, raw materials sales 84.2%, and ancillary materials, machinery and other 83.1%.
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Revenue, gross profit, operating profit, ordinary profit and net income exceeded forecasts. The buildings business was broadly in line with the plan, while the waterproofing business fell short of plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Revenue: +¥2,035 million year on year and +¥1,197 million versus forecast. Detached houses: +¥1,595 million; buildings: -¥110 million; waterproofing: -¥221 million; raw materials sales: +¥474 million; ancillary materials, machinery and other: +¥296 million. Gross profit: +¥607 million year on year and +¥502 million versus forecast. SG&A expenses: +¥393 million year on year and +¥123 million versus forecast.
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Monthly average US dollar exchange rate and naphtha import CIF price; sensitivity to the US dollar was 0.906 and sensitivity to naphtha was 0.782. The 2026 forecasts assume an airtightness measurement service adoption rate of approximately 40% and an insulation grade 6 adoption rate of approximately 25%.New initiatives
Sales of the floor product in the U-MAX polyurethane insulation board line will begin in December 2026, with the wall product scheduled to launch around spring 2027. The company is developing the school gymnasium insulation and air-conditioning market through the industry-academia collaboration project Cool School Lab. It has obtained a new noncombustible certification for use in combination with Aqua Barrier II. The company is advancing the rollout of GX-ZEH, strengthening construction capacity, and standardising airtightness measurement and insulation grade 6.Key KPIsA metric the company considers important as a management benchmark.
Number of detached houses constructed: +3% year on year. Construction unit price for detached houses: +11% year on year. Adoption rate of airtightness measurement services: approximately 40% forecast for 2026. Adoption rate of insulation grade 6: approximately 25% forecast for 2026. Construction employees: 253; foreign specified skilled workers and technical interns: 180; certified contractors: 854 (September 2026).Unit price and quantity metricsThese figures show sales broken down by price and volume.
Detached-house volume effect: +3.1%; price effect: +11.0%. The number of detached houses constructed increased 3% year on year, while the construction unit price increased 11%.Segment results
Detached houses: revenue of ¥12,895 million, up 14.1% year on year, and gross profit of ¥3,102 million, up 25.1%. Buildings: revenue of ¥7,101 million, down 1.5%, and gross profit of ¥1,383 million, down 15.1%. Waterproofing: revenue of ¥889 million, down 19.9%, and gross profit of ¥146 million, down 1.7%. Raw materials sales: revenue of ¥1,894 million, up 33.4%, and gross profit of ¥428 million, up 52.2%. Ancillary materials, machinery and other: revenue of ¥3,542 million, up 9.1%, and gross profit of ¥939 million, up 10.3%.Financial targets
ROE target: 20%. Cost of shareholders' equity: approximately 5%; actual ROE for 2025: 17.1%.Market Size / Share
Domestic shipments of on-site foamed polyurethane in fiscal 2023 were valued at ¥31.14 billion. 日本アクア's market share was 44.4%. The greenhouse gas reduction target for fiscal 2030 is a 46% reduction from 2013 levels, equivalent to 62.4 million kL of crude oil.Number of stores and locations
45 nationwide sales network sites and 26 raw materials storage sites. Number of openings and closures during the period: Not disclosed.Number of employees
764 employees on a non-consolidated basis (end of September 2026). Construction employees: 253; foreign specified skilled workers and technical interns: 180. A plan to add 100 employees to strengthen construction capacity has been announced.Annual Dividend
Annual dividend per share: ¥35.0. Interim and year-end breakdown: Not disclosed.| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Fiscal year ending December 2026: third quarter |
| Net Sales | ¥26,324 million (YoY +8.4%) |
| Operating profit | ¥1,954 million (YoY +12.3%) |
| Ordinary income | 1,914 Million yen (ordinary profit, as the company does not use IFRS) (YoY +9.1%) |
| Net income | ¥1,257 million (YoY +6.0%) |
| Gross Profit Margin | 22.8% |
| Operating profit margin | 7.4% |
| Selling, general and administrative expenses | ¥4,045 million |
| Results for the three months of the current quarter | Third-quarter revenue was ¥9,351 million and ordinary profit was ¥764 million. Revenue by business was ¥4,770 million for detached houses, ¥2,559 million for buildings, ¥326 million for waterproofing, ¥625 million for raw materials sales, and ¥1,069 million for ancillary materials, machinery and other businesses. |
| Full-year earnings forecast | Revenue: ¥37,000 million; gross profit: ¥8,177 million; operating profit: ¥2,900 million; ordinary profit: ¥2,910 million; net income: ¥1,972 million. Revenue by business: ¥17,097 million for detached houses, ¥10,948 million for buildings, ¥2,096 million for waterproofing, ¥2,377 million for raw materials sales, and ¥4,480 million for ancillary materials, machinery and other businesses. |
| Progress against full-year forecast | Revenue: 71.1%; gross profit: 73.4%; operating profit: 67.4%; ordinary profit: 65.8%; net income: 63.7%. Segment revenue: detached houses 75.4%, buildings 64.9%, waterproofing 42.4%, raw materials sales 79.7%, and ancillary materials, machinery and other 79.1%. Segment gross profit: detached houses 78.4%, buildings 63.8%, waterproofing 35.2%, raw materials sales 84.2%, and ancillary materials, machinery and other 83.1%. |
| Self-assessment against the plan | Revenue, gross profit, operating profit, ordinary profit and net income exceeded forecasts. The buildings business was broadly in line with the plan, while the waterproofing business fell short of plan. |
| Segment results | Detached houses: revenue of ¥12,895 million, up 14.1% year on year, and gross profit of ¥3,102 million, up 25.1%. Buildings: revenue of ¥7,101 million, down 1.5%, and gross profit of ¥1,383 million, down 15.1%. Waterproofing: revenue of ¥889 million, down 19.9%, and gross profit of ¥146 million, down 1.7%. Raw materials sales: revenue of ¥1,894 million, up 33.4%, and gross profit of ¥428 million, up 52.2%. Ancillary materials, machinery and other: revenue of ¥3,542 million, up 9.1%, and gross profit of ¥939 million, up 10.3%. |
| Breakdown of Factors Affecting the Change | Revenue: +¥2,035 million year on year and +¥1,197 million versus forecast. Detached houses: +¥1,595 million; buildings: -¥110 million; waterproofing: -¥221 million; raw materials sales: +¥474 million; ancillary materials, machinery and other: +¥296 million. Gross profit: +¥607 million year on year and +¥502 million versus forecast. SG&A expenses: +¥393 million year on year and +¥123 million versus forecast. |
| Key KPIs | Number of detached houses constructed: +3% year on year. Construction unit price for detached houses: +11% year on year. Adoption rate of airtightness measurement services: approximately 40% forecast for 2026. Adoption rate of insulation grade 6: approximately 25% forecast for 2026. Construction employees: 253; foreign specified skilled workers and technical interns: 180; certified contractors: 854 (September 2026). |
| Unit price and quantity metrics | Detached-house volume effect: +3.1%; price effect: +11.0%. The number of detached houses constructed increased 3% year on year, while the construction unit price increased 11%. |
| Number of stores and locations | 45 nationwide sales network sites and 26 raw materials storage sites. Number of openings and closures during the period: Not disclosed. |
| Number of employees | 764 employees on a non-consolidated basis (end of September 2026). Construction employees: 253; foreign specified skilled workers and technical interns: 180. A plan to add 100 employees to strengthen construction capacity has been announced. |
| Assumptions Underlying the Business Outlook | Monthly average US dollar exchange rate and naphtha import CIF price; sensitivity to the US dollar was 0.906 and sensitivity to naphtha was 0.782. The 2026 forecasts assume an airtightness measurement service adoption rate of approximately 40% and an insulation grade 6 adoption rate of approximately 25%. |
| Financial targets | ROE target: 20%. Cost of shareholders' equity: approximately 5%; actual ROE for 2025: 17.1%. |
| Annual Dividend | Annual dividend per share: ¥35.0. Interim and year-end breakdown: Not disclosed. |
| Market Size / Share | Domestic shipments of on-site foamed polyurethane in fiscal 2023 were valued at ¥31.14 billion. 日本アクア's market share was 44.4%. The greenhouse gas reduction target for fiscal 2030 is a 46% reduction from 2013 levels, equivalent to 62.4 million kL of crude oil. |
| New initiatives | Sales of the floor product in the U-MAX polyurethane insulation board line will begin in December 2026, with the wall product scheduled to launch around spring 2027. The company is developing the school gymnasium insulation and air-conditioning market through the industry-academia collaboration project Cool School Lab. It has obtained a new noncombustible certification for use in combination with Aqua Barrier II. The company is advancing the rollout of GX-ZEH, strengthening construction capacity, and standardising airtightness measurement and insulation grade 6. |
Items this document does not state (7)
Risk 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-house business, orders increased from builders operating across multiple regions and major builders, use of airtightness measurement services expanded, construction unit prices rose following the price revision from June, and adoption of insulation grade 6 or higher increased. In raw materials sales, expanded distribution channels driven by special demand amid the situation in the Middle East contributed to results. In the waterproofing business, supply constraints and higher prices for related materials, as well as construction delays caused by rainfall, had an impact.
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