Worth reading
66In 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
10
Hundreds of millions of yenWording
Conditional
How definitive the wording is.Contents of this document
Presentation materials for financial resultsSecond quarter of the fiscal year ending December 202613 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥21,225 million+0.1%
Operating profit¥3,767 million+7.5%
Ordinary income¥3,868 million+7.4%
Net income¥2,675 million+7.9%
Selling, general and administrative expenses¥3,799 million, SG&A expenses as a percentage of revenue: 17.9%
Operating profit margin17.7%, up 1.2 percentage points year on year (from 16.5% to 17.7%)
Full-year earnings forecast
Net Sales¥44,000 million
Gross profit¥14,200 million
Selling, general and administrative expenses¥7,900 million
Operating profit¥6,300 million
Ordinary income¥6,500 million
Net income for the current fiscal year¥4,500 million
Orders received¥46,000 million
Order backlog¥38,136 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Second-quarter performance is progressing smoothly, with no change to the initial business plan.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Large order for land-based aquaculture equipment¥2.7 billion
- Increase in orders received in the manufacturer businessUp ¥3.437 billion year on year
- Decrease in orders received in the engineering businessDown ¥905 million year on year
- Decrease in revenue in the engineering businessDown ¥777 million year on year
- Increase in revenue in the trading company businessUp ¥458 million year on year
- Increase in SG&A expensesUp ¥122 million year on year
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
A high level of order backlog (up ¥2.3 billion from the previous fiscal year), firm market conditions in both the public and private sectors, and the expectation that favorable market conditions will continue.New initiatives
- Upward revision of the final-year target under the medium-term management plan EJ2027
- Change in the dividend payout ratio guideline from 35% to 40%
- Receipt of a large order for land-based aquaculture equipment
- Launch of Eba-Gates, a battery-powered sluice gate management system
Key KPIsA metric the company considers important as a management benchmark.
- Orders received¥21,952 millionYear on year against the same period last year+13.4%
- Order backlog¥36,862 millionYear on year against the same period last year+15.5%
Segment results
Manufacturer business
Orders received¥6,699 million (up 105.3% year on year)
Net Sales¥4,038 million (up 9.0%)
Gross profit¥1,770 million (up 9.2%)
Engineering Business
Orders received¥8,162 million (down 10.0%)
Net Sales¥11,210 million (down 6.5%)
Gross profit¥3,965 million (up 0.1%)
Trading Business
Orders received¥7,089 million (up 0.8%)
Net Sales¥5,976 million (up 8.3%)
Gross profit¥1,831 million (up 14.4%)
Medium-term management plan targets
Revised fiscal year ending December 2027Revenue of ¥46.0 billion, operating profit of ¥6.5 billion, operating margin of 14.1%, and ROE of at least 15.0%
Difference from the initial planRevenue: +¥1.0 billion, operating profit: +¥1.0 billion, gross profit: +¥700 million, SG&A expenses: -¥300 million
Financial targets
ROE17.1% actual for the fiscal year ended December 2025, at least 15.0% planned for the fiscal year ending December 2026, and at least 15.0% planned for the fiscal year ending December 2027
Long-term vision: fiscal year ending December 2030ROE of at least 15.0%
Orders received and order backlog
Orders received: ¥21,952 million; order backlog: ¥36,862 millionAnnual Dividend
¥75 per share (interim and year-end breakdown: not disclosed)Payout ratio
39.7% forecast for the fiscal year ending December 2026; 40% guideline from the fiscal year ending December 2026 onwardAcquisition of treasury shares
Total acquisition cost of ¥999,861,567, 402,900 shares, acquisition period from 10 February 2026 to 9 July 2026Gross profit
¥7,566 million, gross margin of 35.6%, up 1.8 percentage points year on year (from 33.8% to 35.6%)| Item | Details |
|---|---|
| Document type | Presentation materials for financial results |
| Fiscal Period Covered | Second quarter of the fiscal year ending December 2026 |
| Net Sales | ¥21,225 million (YoY +0.1%) |
| Operating profit | ¥3,767 million (YoY +7.5%) |
| Ordinary income | ¥3,868 million (YoY +7.4%) |
| Net income | ¥2,675 million (YoY +7.9%) |
| Gross profit | ¥7,566 million, gross margin of 35.6%, up 1.8 percentage points year on year (from 33.8% to 35.6%) |
| Operating profit margin | 17.7%, up 1.2 percentage points year on year (from 16.5% to 17.7%) |
| Selling, general and administrative expenses | ¥3,799 million, SG&A expenses as a percentage of revenue: 17.9% |
| Full-year earnings forecast | Net Sales ¥44,000 million / Gross profit ¥14,200 million / Selling, general and administrative expenses ¥7,900 million / Operating profit ¥6,300 million / Ordinary income ¥6,500 million / Net income for the current fiscal year ¥4,500 million / Orders received ¥46,000 million / Order backlog ¥38,136 million |
| Self-assessment against the plan | Second-quarter performance is progressing smoothly, with no change to the initial business plan. |
| Segment results | Manufacturer business Orders received ¥6,699 million (up 105.3% year on year) / Net Sales ¥4,038 million (up 9.0%) / Gross profit ¥1,770 million (up 9.2%) / Engineering Business Orders received ¥8,162 million (down 10.0%) / Net Sales ¥11,210 million (down 6.5%) / Gross profit ¥3,965 million (up 0.1%) / Trading Business Orders received ¥7,089 million (up 0.8%) / Net Sales ¥5,976 million (up 8.3%) / Gross profit ¥1,831 million (up 14.4%) |
| Breakdown of Factors Affecting the Change | Factors Large order for land-based aquaculture equipment / Amount ¥2.7 billion, Factors Increase in orders received in the manufacturer business / Amount Up ¥3.437 billion year on year, Factors Decrease in orders received in the engineering business / Amount Down ¥905 million year on year, Factors Decrease in revenue in the engineering business / Amount Down ¥777 million year on year, Factors Increase in revenue in the trading company business / Amount Up ¥458 million year on year, Factors Increase in SG&A expenses / Amount Up ¥122 million year on year |
| Key KPIs | Indicator name Orders received / Value ¥21,952 million / Year on year against the same period last year +13.4%, Indicator name Order backlog / Value ¥36,862 million / Year on year against the same period last year +15.5% |
| Assumptions Underlying the Business Outlook | A high level of order backlog (up ¥2.3 billion from the previous fiscal year), firm market conditions in both the public and private sectors, and the expectation that favorable market conditions will continue. |
| Medium-term management plan targets | Revised fiscal year ending December 2027 Revenue of ¥46.0 billion, operating profit of ¥6.5 billion, operating margin of 14.1%, and ROE of at least 15.0% / Difference from the initial plan Revenue: +¥1.0 billion, operating profit: +¥1.0 billion, gross profit: +¥700 million, SG&A expenses: -¥300 million |
| Financial targets | ROE 17.1% actual for the fiscal year ended December 2025, at least 15.0% planned for the fiscal year ending December 2026, and at least 15.0% planned for the fiscal year ending December 2027 / Long-term vision: fiscal year ending December 2030 ROE of at least 15.0% |
| Annual Dividend | ¥75 per share (interim and year-end breakdown: not disclosed) |
| Payout ratio | 39.7% forecast for the fiscal year ending December 2026; 40% guideline from the fiscal year ending December 2026 onward |
| Acquisition of treasury shares | Total acquisition cost of ¥999,861,567, 402,900 shares, acquisition period from 10 February 2026 to 9 July 2026 |
| Orders received and order backlog | Orders received: ¥21,952 million; order backlog: ¥36,862 million |
| New initiatives | Upward revision of the final-year target under the medium-term management plan EJ2027, Change in the dividend payout ratio guideline from 35% to 40%, Receipt of a large order for land-based aquaculture equipment, Launch of Eba-Gates, a battery-powered sluice gate management system |
Items this document does not state (9)
Results for the three months of the current quarterProgress against full-year forecastUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookCapital expendituresMarket 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.The reasons given for revising upward the final-year targets of the medium-term management plan were that the Company achieved operating profit of ¥6.121 billion in the fiscal year ended December 2025, ahead of the medium-term plan's final-year target of ¥5.5 billion; demand for disaster prevention and mitigation remained firm; the Company received a large order for land-based aquaculture equipment; and performance has grown as the Company's strategy has aligned with market conditions.
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