Worth reading
69In focus
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
2784
¥ million (year-on-year change in net sales)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending December 202615 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥9,619 million+40.7%
Operating profit¥1,533 million+21.8%
Ordinary income¥1,604 million+31.3%
Net income¥1,443 million+56.2%
Selling, general and administrative expenses¥1,682 million
Gross Profit Margin
Rate33.4%
Year-on-year change (points)Down 7.3 percentage points from 40.7% in the same period of the previous year
Operating profit margin
Rate15.9%
Year-on-year change (points)Down 2.5 percentage points from 18.4% in the same period of the previous year
Results for the three months of the current quarterRevenue: ¥9,619 million; gross profit: ¥3,215 million; operating profit: ¥1,533 million; ordinary profit: ¥1,604 million; net profit attributable to owners of the parent: ¥1,443 million; EBITDA: ¥1,795 million
Full-year earnings forecast
Net Sales¥36,050 million
Gross profit¥11,820 million
Selling, general and administrative expenses¥7,790 million
Operating profit¥4,030 million
Ordinary income¥4,460 million
Profit attributable to owners of the parent¥3,870 million
EBITDA¥5,260 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
In line with expectationsBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Impact of higher revenue2,532
Increase in manufacturing costs-2,252
Increase in SG&A expenses-94
Foreign Exchange Effects87
New initiatives
Participation by 9 BASC member companies in Swiftfab, a battery manufacturing equipment project. SwiftfabEnergySystems株式会社 will be established in April 2026 to develop, design, sell and provide operational support for battery manufacturing lines. Other initiatives include establishing a battery laboratory and an architectural design firm, investing in AI-related initiatives, and advancing the development of CO2 reduction technologiesKey KPIsA metric the company considers important as a management benchmark.
EBITDA¥1,795 million (120.8% year on year)
EBITDA margin18.7%
Orders received¥7,294 million (115.0% year on year)
Order backlog¥14,276 million (86.3% of the previous fiscal year-end level)
Number of VOC concentrator rotor replacements111.3% year on year
Segment results
By product
Desiccant dehumidifiers¥7,066 million (203.2% year on year)
VOC concentrators¥1,266 million (54.0% year on year)
Other¥1,286 million (127.2% year on year)
By business
Core business (equipment and systems)¥4,545 million (90.8% year on year)
Growth business (total engineering)¥5,074 million (277.6% year on year)
Medium-term management plan targets
2026 targets: revenue of ¥36,000 million, operating margin of 12%, EBITDA margin of 15%, and ROE of 13%. 2026 outlook: revenue of ¥36,050 million, operating margin of 11.2%, EBITDA margin of 14.6%, and ROE of 11.8%Financial targets
Mid-term plan 2026 targets: operating margin of 12%, EBITDA margin of 15%, and ROE of 13%. 2026 outlook: operating margin of 11.2%, EBITDA margin of 14.6%, and ROE of 11.8%Market Size / Share
The company views desiccant dehumidifiers as having the second-largest share of the global market, VOC concentrators as having the leading share of the global market, and total heat exchangers as having the leading share of the domestic marketOrders received and order backlog
Orders received: ¥7,294 million; order backlog: ¥14,276 millionNumber of stores and locations
4 domestic manufacturing sites and 6 overseas manufacturing sites. Openings and closures during the period: Not disclosedNumber of employees
785 on a consolidated basis and 415 on a non-consolidated basis (as of 31 December 2025). Changes in headcount during the period and hiring plans: Not disclosedCapital expenditures
¥5,150 million FY2026 full-year outlook
Annual Dividend
Annual dividend of ¥70 (including a year-end dividend of ¥70) is plannedPayout ratio
Targeting a consolidated payout ratio of at least 40%Acquisition of treasury shares
Acquisition amount: approximately ¥1.0 billion; number of shares: approximately 425,000. Period: Not disclosed| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending December 2026 |
| Net Sales | ¥9,619 million (YoY +40.7%) |
| Operating profit | ¥1,533 million (YoY +21.8%) |
| Ordinary income | ¥1,604 million (YoY +31.3%) |
| Net income | ¥1,443 million (YoY +56.2%) |
| Gross Profit Margin | Rate 33.4% / Year-on-year change (points) Down 7.3 percentage points from 40.7% in the same period of the previous year |
| Operating profit margin | Rate 15.9% / Year-on-year change (points) Down 2.5 percentage points from 18.4% in the same period of the previous year |
| Selling, general and administrative expenses | ¥1,682 million |
| Results for the three months of the current quarter | Revenue: ¥9,619 million; gross profit: ¥3,215 million; operating profit: ¥1,533 million; ordinary profit: ¥1,604 million; net profit attributable to owners of the parent: ¥1,443 million; EBITDA: ¥1,795 million |
| Full-year earnings forecast | Net Sales ¥36,050 million / Gross profit ¥11,820 million / Selling, general and administrative expenses ¥7,790 million / Operating profit ¥4,030 million / Ordinary income ¥4,460 million / Profit attributable to owners of the parent ¥3,870 million / EBITDA ¥5,260 million |
| Self-assessment against the plan | In line with expectations |
| Segment results | By product Desiccant dehumidifiers ¥7,066 million (203.2% year on year) / VOC concentrators ¥1,266 million (54.0% year on year) / Other ¥1,286 million (127.2% year on year) / By business Core business (equipment and systems) ¥4,545 million (90.8% year on year) / Growth business (total engineering) ¥5,074 million (277.6% year on year) |
| Breakdown of Factors Affecting the Change | Impact of higher revenue 2,532 / Increase in manufacturing costs -2,252 / Increase in SG&A expenses -94 / Foreign Exchange Effects 87 |
| Key KPIs | EBITDA ¥1,795 million (120.8% year on year) / EBITDA margin 18.7% / Orders received ¥7,294 million (115.0% year on year) / Order backlog ¥14,276 million (86.3% of the previous fiscal year-end level) / Number of VOC concentrator rotor replacements 111.3% year on year |
| Number of stores and locations | 4 domestic manufacturing sites and 6 overseas manufacturing sites. Openings and closures during the period: Not disclosed |
| Number of employees | 785 on a consolidated basis and 415 on a non-consolidated basis (as of 31 December 2025). Changes in headcount during the period and hiring plans: Not disclosed |
| Medium-term management plan targets | 2026 targets: revenue of ¥36,000 million, operating margin of 12%, EBITDA margin of 15%, and ROE of 13%. 2026 outlook: revenue of ¥36,050 million, operating margin of 11.2%, EBITDA margin of 14.6%, and ROE of 11.8% |
| Financial targets | Mid-term plan 2026 targets: operating margin of 12%, EBITDA margin of 15%, and ROE of 13%. 2026 outlook: operating margin of 11.2%, EBITDA margin of 14.6%, and ROE of 11.8% |
| Annual Dividend | Annual dividend of ¥70 (including a year-end dividend of ¥70) is planned |
| Payout ratio | Targeting a consolidated payout ratio of at least 40% |
| Acquisition of treasury shares | Acquisition amount: approximately ¥1.0 billion; number of shares: approximately 425,000. Period: Not disclosed |
| Capital expenditures | ¥5,150 million (FY2026 full-year outlook) |
| Orders received and order backlog | Orders received: ¥7,294 million; order backlog: ¥14,276 million |
| Market Size / Share | The company views desiccant dehumidifiers as having the second-largest share of the global market, VOC concentrators as having the leading share of the global market, and total heat exchangers as having the leading share of the domestic market |
| New initiatives | Participation by 9 BASC member companies in Swiftfab, a battery manufacturing equipment project. SwiftfabEnergySystems株式会社 will be established in April 2026 to develop, design, sell and provide operational support for battery manufacturing lines. Other initiatives include establishing a battery laboratory and an architectural design firm, investing in AI-related initiatives, and advancing the development of CO2 reduction technologies |
Items this document does not state (5)
Progress against full-year forecastUnit price and quantity metricsAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookKey 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.Revenue was driven by a large total engineering project in Japan that was secured in the previous fiscal year. The increase in gross profit resulting from higher revenue more than offset the impact of the decline in gross margin and the increase in SG&A expenses, resulting in higher operating profit. SG&A expenses increased due to higher personnel and computer-related costs.
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