Worth reading
80Important
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
442
JPY million (year-on-year decrease in operating profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFull fiscal year ended March 2026 (FY2025), including FY2026 earnings forecasts and revisions to the medium-term management plan17 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥70,034 million+4.1%
Operating profit¥7,084 million-5.9%
Ordinary income¥7,473 million-4.1%
Net income¥5,879 million -2.1%net income attributable to owners of the parent
Operating profit margin10.1 %-1.1%
Selling, general and administrative expenses¥17,210 million, SG&A-to-sales ratio of 24.6%+4.6%
Full-year earnings forecast
Orders received
¥70,000 million
Net Sales
¥73,000 million
Gross profit
¥26,400 million
Selling, general and administrative expenses
¥18,400 million
Operating profit
¥8,000 million
Ordinary income
¥8,100 million
Net income
¥5,880 million
Earnings per share
¥275.17
ROE
10 %
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Orders received and net sales exceeded the revised forecasts, while operating profit fell short of the revised forecast. Net income attributable to owners of the parent exceeded the revised forecast.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Change in gross profit due to changes in sales¥691 million
- Change in gross profit due to changes in the cost ratio¥-671 million
- Salaries and allowances¥-388 million
- Research and development costs¥-147 million
- Payment commissions¥-222 million
- Other SG&A expenses¥-194 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Assumed US dollar exchange rate¥155
- Assumed euro exchange rate¥180
- Assumed yuan exchange rate¥22
New initiatives
- Launch of walk-in temperature and humidity chambers capable of handling high-heat loads for AI servers
- Introduction of HAST equipment for large substrates and rapid temperature-change chambers
- Renovation of the Fukuchiyama Plant
- Expansion of the production area at the North American subsidiary
- Establishment of a service location in India during FY2026
- Advancing the Eighth Environmental Medium-Term Plan Plus II
- Launch of a stock compensation plan for the management support staff level
Key KPIsA metric the company considers important as a management benchmark.
- Orders received¥72,596 millionYear on year against the same period last year+7.5%
- Orders received in target marketsApproximately 50% increase
- Sales in target marketsApproximately 30% increase
- Global share of environmental testing equipment30% or more
- Domestic share of environmental testing equipment60% or more
Segment results
Equipment business
Orders received
¥62,216 million+8.6%
Net Sales
¥59,468 million+3.4%
Operating profit
¥6,606 million-0.1%
Services Business
Orders received
¥8,294 million-2.8%
Net Sales
¥8,327 million-1.2%
Operating profit
¥228 million-71.2%
Other Businesses
Orders received
¥2,529 million+16.5%
Net Sales
¥2,747 million+56.3%
Operating profit
¥239 million+88.7%
Medium-term management plan targets
Target fiscal yearFY2027
Net Sales
Initial¥70,000 million
Revision¥76,000 million
Operating profit
Initial¥10,500 million
Revision¥9,100 million
Operating profit margin
Initial15 %
Revision12 %
Net income for the current fiscal year
Initial¥7,600 million
Revision¥6,700 million
ROE
Target12.0% or more
Financial targets
ROE12.0% or more in FY2027 (10.0% actual in FY2025)
Equity ratioWithin 70%
LiquidityWithin 3 months
Market Size / Share
Global share of environmental testing equipment of 30% or more and domestic share of 60% or more, both estimated by the company. Market size: Not disclosed.Orders received and order backlog
Orders received
¥72,596 million
Number of stores and locations
16 domestic sales and service locations, 46 domestic distributors, and an overseas network of 50 locations in 44 countries and regions. Openings and closures during the period: Not disclosed.Number of employees
Number of Employees1,898 People consolidated
Capital expenditures
¥2,004 million FY2025 actual
Annual Dividend
Annual dividend per share¥115
Interim¥45
End of period¥70
Payout ratio
Rate42.5 %
Total payout ratio75.3% (FY2025); 50% or more during the medium-term management plan period
Acquisition of treasury shares
Buyback limitUp to 900,000 shares and up to ¥3.5 billion
Period14 November 2025 to 31 July 2026
Implemented in FY2025550,000 shares, approximately ¥1.9 billion
Gross profit
¥24,295 million, gross margin of 34.7%, down 0.9 percentage points year on year
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | Full fiscal year ended March 2026 (FY2025), including FY2026 earnings forecasts and revisions to the medium-term management plan |
| Net Sales | ¥70,034 million (YoY +4.1%) |
| Operating profit | ¥7,084 million (YoY -5.9%) |
| Ordinary income | ¥7,473 million (YoY -4.1%) |
| Net income | ¥5,879 million (net income attributable to owners of the parent) (YoY -2.1%) |
| Gross profit | ¥24,295 million, gross margin of 34.7%, down 0.9 percentage points year on year |
| Operating profit margin | 10.1 % (YoY -1.1%) |
| Selling, general and administrative expenses | ¥17,210 million, SG&A-to-sales ratio of 24.6% (YoY +4.6%) |
| Full-year earnings forecast | Orders received ¥70,000 million / Net Sales ¥73,000 million / Gross profit ¥26,400 million / Selling, general and administrative expenses ¥18,400 million / Operating profit ¥8,000 million / Ordinary income ¥8,100 million / Net income ¥5,880 million / Earnings per share ¥275.17 / ROE 10 % |
| Self-assessment against the plan | Orders received and net sales exceeded the revised forecasts, while operating profit fell short of the revised forecast. Net income attributable to owners of the parent exceeded the revised forecast. |
| Segment results | Equipment business Orders received ¥62,216 million (YoY +8.6%) / Net Sales ¥59,468 million (YoY +3.4%) / Operating profit ¥6,606 million (YoY -0.1%) / Services Business Orders received ¥8,294 million (YoY -2.8%) / Net Sales ¥8,327 million (YoY -1.2%) / Operating profit ¥228 million (YoY -71.2%) / Other Businesses Orders received ¥2,529 million (YoY +16.5%) / Net Sales ¥2,747 million (YoY +56.3%) / Operating profit ¥239 million (YoY +88.7%) |
| Breakdown of Factors Affecting the Change | Factors Change in gross profit due to changes in sales / Amount ¥691 million, Factors Change in gross profit due to changes in the cost ratio / Amount ¥-671 million, Factors Salaries and allowances / Amount ¥-388 million, Factors Research and development costs / Amount ¥-147 million, Factors Payment commissions / Amount ¥-222 million, Factors Other SG&A expenses / Amount ¥-194 million |
| Key KPIs | Indicator name Orders received / Value ¥72,596 million / Year on year against the same period last year ¥7.5 million, Indicator name Orders received in target markets / Value Approximately 50% increase / Year on year against the same period last year Not disclosed, Indicator name Sales in target markets / Value Approximately 30% increase / Year on year against the same period last year Not disclosed, Indicator name Global share of environmental testing equipment / Value 30% or more / Year on year against the same period last year Not disclosed, Indicator name Domestic share of environmental testing equipment / Value 60% or more / Year on year against the same period last year Not disclosed |
| Number of stores and locations | 16 domestic sales and service locations, 46 domestic distributors, and an overseas network of 50 locations in 44 countries and regions. Openings and closures during the period: Not disclosed. |
| Number of employees | Number of Employees 1,898 People (consolidated) / Change during the period Not disclosed / Hiring plan Not disclosed |
| Assumptions Underlying the Business Outlook | Item Assumed US dollar exchange rate / Value ¥155, Item Assumed euro exchange rate / Value ¥180, Item Assumed yuan exchange rate / Value ¥22 |
| Medium-term management plan targets | Target fiscal year FY2027 / Net Sales Initial ¥70,000 million / Revision ¥76,000 million / Operating profit Initial ¥10,500 million / Revision ¥9,100 million / Operating profit margin Initial 15 % / Revision 12 % / Net income for the current fiscal year Initial ¥7,600 million / Revision ¥6,700 million / ROE Target 12.0% or more |
| Financial targets | ROE 12.0% or more in FY2027 (10.0% actual in FY2025) / Equity ratio Within 70% / Liquidity Within 3 months |
| Annual Dividend | Annual dividend per share ¥115 / Interim ¥45 / End of period ¥70 |
| Payout ratio | Rate 42.5 % / Total payout ratio 75.3% (FY2025); 50% or more during the medium-term management plan period |
| Acquisition of treasury shares | Buyback limit Up to 900,000 shares and up to ¥3.5 billion / Period 14 November 2025 to 31 July 2026 / Implemented in FY2025 550,000 shares, approximately ¥1.9 billion |
| Capital expenditures | ¥2,004 million (FY2025 actual) |
| Orders received and order backlog | Orders received ¥72,596 million / Order backlog Not disclosed |
| Market Size / Share | Global share of environmental testing equipment of 30% or more and domestic share of 60% or more, both estimated by the company. Market size: Not disclosed. |
| New initiatives | Launch of walk-in temperature and humidity chambers capable of handling high-heat loads for AI servers, Introduction of HAST equipment for large substrates and rapid temperature-change chambers, Renovation of the Fukuchiyama Plant, Expansion of the production area at the North American subsidiary, Establishment of a service location in India during FY2026, Advancing the Eighth Environmental Medium-Term Plan Plus II, Launch of a stock compensation plan for the management support staff level |
Items this document does not state (5)
Results for the three months of the current quarterProgress against full-year forecastUnit price and quantity metricsRisk 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.Orders received and net sales increased as the target markets, mainly AI semiconductors and satellite communications, expanded. Operating profit was weighed down by deteriorating profitability amid intensifying competition in the Chinese market, lower revenue from contract testing services, higher depreciation expenses, and increased SG&A expenses. The lower profit targets under the medium-term management plan reflect investment to expand production capacity in North America, delays in improving profitability in the Chinese market and contract testing services, and delays in the realization of the growth strategy's effects.
How to read this page
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