Worth reading
86Important
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
14.6
¥ billion (year-on-year increase in core operating profit for the first half)Wording
Conditional
How definitive the wording is.Contents of this document
Supplementary materials to the earnings reportSecond quarter of the fiscal year ending March 202712 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥737.1 billion+13.3%
Operating profit¥119.2 billion+26.6%
Ordinary income¥107.7 billion +29.4%profit before tax for the interim period
Net income¥79.5 billion +38.6%interim profit attributable to owners of the parent
Operating profit margin16.2 %
Results for the three months of the current quarter
Revenue
¥375.3 billion+11.7%
Core operating profit
¥54.2 billion+11.5%
Operating profit
¥54.5 billion+12.1%
Profit before tax for the quarter
¥48.3 billion+11.7%
Quarterly profit
¥36.9 billion+23.4%
Quarterly profit attributable to owners of the parent
¥35.8 billion+23.6%
Full-year earnings forecast
Revenue
¥1,380 billion
Core operating profit
¥208 billion
Operating profit
¥215 billion
Pretax profit
¥191 billion
Profit for the period
¥134.5 billion
Profit for the period attributable to owners of the parent
¥131 billion
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。
Revenue53.4 %
Core operating profit52.3 %
Operating profit55.5 %
Profit for the period attributable to owners of the parent60.8 %
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
RevenueForeign exchange translation +7.0%, price +2.2%, pass-through surcharge +0.4%, volume and sales mix +1.4%, other +2.1%
Core operating profitForeign exchange impact +¥7.0 billion, year-on-year excluding foreign exchange impact +7.5%
Non-recurring items
Gain on sale of head office land12.4
Impairment loss on head office building-1.8
Brand-rebuilding costs-0.9
Other0.6
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
USD
¥150
EUR
¥175
AUD
¥100
New initiatives
- Establishing a semiconductor materials gas production facility in South Korea, with operations scheduled to begin in September 2026
- Decided to replace the existing equipment with an all-electric air separation unit to strengthen liquid gas production capacity in the Chubu region
- Announced price revisions for helium products
- Building new air separation units in Las Vegas and Norway
- Launch of new Thermos products
Key KPIsA metric the company considers important as a management benchmark.
Overseas revenue ratio
72.1 %+3.6%
EBITDA margin
24.4 %
Basic earnings per share
¥183.88
Free cash flow
¥66.3 billion
yoy_change63.8
Adjusted net debt-to-equity ratio
0.54 times
Net debt to EBITDA
2.05 times
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Shipment volume, price management effects, and volume and sales mix are disclosed. The metric breaking out volume and unit price separately is Not disclosedSegment results
Japan
Revenue
¥197.5 billion+1.5%
Segment profit
¥25 billion-5.4%
United States
Revenue
¥199.7 billion+15.8%
Segment profit
¥28.4 billion+23.2%
Europe
Revenue
¥199.4 billion+18.8%
Segment profit
¥38 billion+16.3%
Asia-Oceania
Revenue
¥123.5 billion+25.4%
Segment profit
¥15.2 billion+70.7%
Thermos
Revenue
¥16.7 billion-1.9%
Segment profit
¥2.7 billion-21.4%
Medium-term management plan targets
Plan nameNext Innovation 2030
Target fiscal yearFiscal year ending March 2030
Revenue¥1.5–1.575 trillion
Core operating profit¥250–275 billion
Core operating margin17.0% or higher
EBITDA¥400–440 billion
ROCE after TaxAt least 8.0%
Financial targets
Net debt to EBITDANet debt/EBITDA of 1.5x or lower
ROCE after TaxAt least 8.0%
Actual_Adjusted Net D/E Ratio0.54x
Number of employees
20,411 people
as_of31 March 2026
Capital expenditures
¥64 billion cumulative through the second quarter
Annual Dividend
Annual dividend amount
¥62
Payout ratio
21.7 %
| Item | Details |
|---|---|
| Document type | Supplementary materials to the earnings report |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥737.1 billion (YoY +13.3%) |
| Operating profit | ¥119.2 billion (YoY +26.6%) |
| Ordinary income | ¥107.7 billion (profit before tax for the interim period) (YoY +29.4%) |
| Net income | ¥79.5 billion (interim profit attributable to owners of the parent) (YoY +38.6%) |
| Operating profit margin | 16.2 % |
| Results for the three months of the current quarter | Revenue ¥375.3 billion (YoY +11.7%) / Core operating profit ¥54.2 billion (YoY +11.5%) / Operating profit ¥54.5 billion (YoY +12.1%) / Profit before tax for the quarter ¥48.3 billion (YoY +11.7%) / Quarterly profit ¥36.9 billion (YoY +23.4%) / Quarterly profit attributable to owners of the parent ¥35.8 billion (YoY +23.6%) |
| Full-year earnings forecast | Revenue ¥1,380 billion / Core operating profit ¥208 billion / Operating profit ¥215 billion / Pretax profit ¥191 billion / Profit for the period ¥134.5 billion / Profit for the period attributable to owners of the parent ¥131 billion |
| Progress against full-year forecast | Revenue 53.4 % / Core operating profit 52.3 % / Operating profit 55.5 % / Profit for the period attributable to owners of the parent 60.8 % |
| Segment results | Japan Revenue ¥197.5 billion (YoY +1.5%) / Segment profit ¥25 billion (YoY -5.4%) / United States Revenue ¥199.7 billion (YoY +15.8%) / Segment profit ¥28.4 billion (YoY +23.2%) / Europe Revenue ¥199.4 billion (YoY +18.8%) / Segment profit ¥38 billion (YoY +16.3%) / Asia-Oceania Revenue ¥123.5 billion (YoY +25.4%) / Segment profit ¥15.2 billion (YoY +70.7%) / Thermos Revenue ¥16.7 billion (YoY -1.9%) / Segment profit ¥2.7 billion (YoY -21.4%) |
| Breakdown of Factors Affecting the Change | Revenue Foreign exchange translation +7.0%, price +2.2%, pass-through surcharge +0.4%, volume and sales mix +1.4%, other +2.1% / Core operating profit Foreign exchange impact +¥7.0 billion, year-on-year excluding foreign exchange impact +7.5% / Non-recurring items Gain on sale of head office land 12.4 / Impairment loss on head office building -1.8 / Brand-rebuilding costs -0.9 / Other 0.6 |
| Key KPIs | Overseas revenue ratio 72.1 % (YoY +3.6%) / EBITDA margin 24.4 % / Basic earnings per share ¥183.88 / Free cash flow ¥66.3 billion / Adjusted net debt-to-equity ratio 0.54 times / Net debt to EBITDA 2.05 times |
| Unit price and quantity metrics | Shipment volume, price management effects, and volume and sales mix are disclosed. The metric breaking out volume and unit price separately is Not disclosed |
| Number of employees | 20,411 people |
| Assumptions Underlying the Business Outlook | USD ¥150 / EUR ¥175 / AUD ¥100 |
| Medium-term management plan targets | Plan name Next Innovation 2030 / Target fiscal year Fiscal year ending March 2030 / Revenue ¥1.5–1.575 trillion / Core operating profit ¥250–275 billion / Core operating margin 17.0% or higher / EBITDA ¥400–440 billion / ROCE after Tax At least 8.0% |
| Financial targets | Net debt to EBITDA Net debt/EBITDA of 1.5x or lower / ROCE after Tax At least 8.0% / Actual_Adjusted Net D/E Ratio 0.54x / Actual_ROCE after Tax Not disclosed |
| Annual Dividend | Annual dividend amount ¥62 / Interim Not disclosed / End of period Not disclosed |
| Payout ratio | 21.7 % |
| Capital expenditures | ¥64 billion (cumulative through the second quarter) |
| New initiatives | Establishing a semiconductor materials gas production facility in South Korea, with operations scheduled to begin in September 2026, Decided to replace the existing equipment with an all-electric air separation unit to strengthen liquid gas production capacity in the Chubu region, Announced price revisions for helium products, Building new air separation units in Las Vegas and Norway, Launch of new Thermos products |
Items this document does not state (9)
Gross Profit MarginSelling, general and administrative expensesSelf-assessment against the planNumber of stores and locationsRisk amount incorporated into the outlookAcquisition of treasury sharesOrders received and order backlogMarket Size / ShareKey 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.Increased revenue and profit were attributed to foreign exchange translation, price management, pass-through surcharges, volume and sales mix, and contributions from business acquisitions in Europe, Australia and elsewhere. Rising costs, including electricity and logistics costs, were addressed through price management and productivity improvements.
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.