Worth reading
68In 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
54.8
% (year-on-year decrease in operating profit)Wording
Conditional
How definitive the wording is.Results for this period
Full year1 April 2025–31 March 2026ConsolidatedJapanese GAAPNet Sales645,222¥ millionYear on year +5.7%Progress 100.8%
Operating profit12,192¥ millionYear on year -54.8%Progress 47.8%
Ordinary income13,621¥ millionYear on year -44.0%Progress 61.9%
Net income attributable to owners of the parent11,137¥ millionYear on year -49.6%Progress 53.0%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥66.20
Operating Margin1.9
Financial position at period-end
Total assets718,640¥ million
of which net assets 203,400 ¥ millionEquity ratio 27.4%vs. prior year-end -3.7pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+11,647
Investment-48,035
Financials+41,544
Net change+5,156
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥77,304 million
Segment revenueEnvironment Net Sales ¥505,230 million / Net sales in the same period of the previous year ¥453,471 million / Year on year against the same period last year Not disclosed / Machinery and Infrastructure Net Sales ¥68,468 million / Net sales in the same period of the previous year ¥82,989 million / Year on year against the same period last year Not disclosed / Decarbonization Net Sales ¥69,238 million / Net sales in the same period of the previous year ¥70,247 million / Year on year against the same period last year Not disclosed / Other Net Sales ¥2,284 million / Net sales in the same period of the previous year ¥3,814 million / Year on year against the same period last year Not disclosed
Segment profitEnvironment Segment profit ¥16,707 million / Profit for the same period of the previous fiscal year ¥25,403 million / Year on year against the same period last year Not disclosed / Machinery and Infrastructure Segment profit ¥-2,416 million / Profit for the same period of the previous fiscal year ¥1,016 million / Year on year against the same period last year Not disclosed / Decarbonization Segment profit ¥-2,467 million / Profit for the same period of the previous fiscal year ¥101 million / Year on year against the same period last year Not disclosed / Other Segment profit ¥412 million / Profit for the same period of the previous fiscal year ¥496 million / Year on year against the same period last year Not disclosed
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥640,000 million (YoY -0.8%)
Operating profit¥25,500 million (YoY +109.2%)
Ordinary income¥22,000 million (YoY +61.5%)
Net income¥21,000 million (YoY +88.6%)
Annual Dividend Forecast¥25 → ¥38（+52.0%）
Payout ratio37.8
Factors Behind Changes in Business Performance
Orders received and revenue exceeded the previous fiscal year's levels, mainly due to growth in the Environmental segment. Operating profit declined mainly because of deterioration in the Environmental segment, where the decrease in high-margin projects and technical problems at overseas subsidiaries had an impact; in the Machinery and Infrastructure segment, the sale of the press business and deteriorating infrastructure profitability had an impact; and in the Decarbonization segment, lower wind-power generation and deteriorating profitability of process equipment had an impact.
Disclosure regarding the going concern assumption
Not applicable.
Change in accounting policy
基準改正に伴う変更 Noそれ以外の変更 No見積りの変更 No修正再表示 No
Changes in the scope of consolidationNew Not disclosed / Excluded 5 / Name of excluded company 株式会社エイチアンドエフ, H&F SERVICES U.S.A. INC., H&F Services(Thailand) Co.,Ltd., H&F EUROPE LIMITED, 日立造船マリンエンジン株式会社
Material subsequent eventsThe Company entered into an agreement to transfer all shares of 株式会社ブイテックス to KITZ CORPORATION, and plans to exclude that company and its 4 wholly owned subsidiaries from the scope of consolidation as of 1 June 2026.
Impairment loss¥1,908 million
Breakdown of extraordinary income (loss)Extraordinary income Item Gain on negative goodwill / Amount ¥1,607 million, Item Reversal of provision for litigation losses / Amount ¥235 million, Item Reversal of provision for dismantling and removal costs / Amount ¥193 million / Extraordinary loss Item Impairment Losses / Amount ¥1,908 million, Item Quality-related improper conduct expenses / Amount ¥2,711 million
Depreciation and amortization¥15,635 million
Orders received and order backlogOrders received ¥897,739 million / Order backlog 22,847 Hundreds of millions of yen
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingWhether applicable Yes / Subject person For members of the press, securities analysts and institutional investors
Issued Shares at Period-End170,214,843
Treasury Shares at Period-End1,984,270
| Item | Details |
|---|---|
| Fiscal Period Classification | Full year |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2025–31 March 2026 |
| Net Sales | ¥645,222 million (YoY +5.7%) |
| Operating profit | ¥12,192 million (YoY -54.8%) |
| Ordinary income | ¥13,621 million (YoY -44.0%) |
| Profit attributable to owners of the parent | ¥11,137 million (YoY -49.6%) |
| Net income per share | ¥66.20 |
| Operating Margin | 1.9 |
| Equity ratio | End of the current fiscal period 27.4 / End of previous period 31.1 |
| Total assets | ¥718,640 million |
| Net assets | ¥203,400 million |
| Cash flows from operating activities | ¥11,647 million |
| Cash flows from investing activities | ¥-48,035 million |
| Cash flows from financing activities | ¥41,544 million |
| Cash and cash equivalents at end of period | ¥77,304 million |
| Full-year earnings forecast | Net Sales ¥640,000 million (YoY -0.8%) / Operating profit ¥25,500 million (YoY +109.2%) / Ordinary income ¥22,000 million (YoY +61.5%) / Net income ¥21,000 million (YoY +88.6%) |
| Annual Dividend Forecast | ¥25 → ¥38（+52.0%） |
| Payout ratio | 37.8 |
| Segment revenue | Environment Net Sales ¥505,230 million / Net sales in the same period of the previous year ¥453,471 million / Year on year against the same period last year Not disclosed / Machinery and Infrastructure Net Sales ¥68,468 million / Net sales in the same period of the previous year ¥82,989 million / Year on year against the same period last year Not disclosed / Decarbonization Net Sales ¥69,238 million / Net sales in the same period of the previous year ¥70,247 million / Year on year against the same period last year Not disclosed / Other Net Sales ¥2,284 million / Net sales in the same period of the previous year ¥3,814 million / Year on year against the same period last year Not disclosed |
| Segment profit | Environment Segment profit ¥16,707 million / Profit for the same period of the previous fiscal year ¥25,403 million / Year on year against the same period last year Not disclosed / Machinery and Infrastructure Segment profit ¥-2,416 million / Profit for the same period of the previous fiscal year ¥1,016 million / Year on year against the same period last year Not disclosed / Decarbonization Segment profit ¥-2,467 million / Profit for the same period of the previous fiscal year ¥101 million / Year on year against the same period last year Not disclosed / Other Segment profit ¥412 million / Profit for the same period of the previous fiscal year ¥496 million / Year on year against the same period last year Not disclosed |
| Orders received and order backlog | Orders received ¥897,739 million / Order backlog 22,847 Hundreds of millions of yen |
| Depreciation and amortization | ¥15,635 million |
| Impairment loss | ¥1,908 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Item Gain on negative goodwill / Amount ¥1,607 million, Item Reversal of provision for litigation losses / Amount ¥235 million, Item Reversal of provision for dismantling and removal costs / Amount ¥193 million / Extraordinary loss Item Impairment Losses / Amount ¥1,908 million, Item Quality-related improper conduct expenses / Amount ¥2,711 million |
| Disclosure regarding the going concern assumption | Not applicable. |
| Change in accounting policy | Changes due to revisions to standards No / Other changes No / Change in accounting estimate No / Restatement No |
| Changes in the scope of consolidation | New Not disclosed / Excluded 5 / Name of excluded company 株式会社エイチアンドエフ, H&F SERVICES U.S.A. INC., H&F Services(Thailand) Co.,Ltd., H&F EUROPE LIMITED, 日立造船マリンエンジン株式会社 |
| Material subsequent events | The Company entered into an agreement to transfer all shares of 株式会社ブイテックス to KITZ CORPORATION, and plans to exclude that company and its 4 wholly owned subsidiaries from the scope of consolidation as of 1 June 2026. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Whether applicable Yes / Subject person For members of the press, securities analysts and institutional investors |
| Issued Shares at Period-End | 170,214,843 |
| Treasury Shares at Period-End | 1,984,270 |
| Factors Behind Changes in Business Performance | Orders received and revenue exceeded the previous fiscal year's levels, mainly due to growth in the Environmental segment. Operating profit declined mainly because of deterioration in the Environmental segment, where the decrease in high-margin projects and technical problems at overseas subsidiaries had an impact; in the Machinery and Infrastructure segment, the sale of the press business and deteriorating infrastructure profitability had an impact; and in the Decarbonization segment, lower wind-power generation and deteriorating profitability of process equipment had an impact. |
Items this document does not state (3)
Revision to Earnings ForecastShareholder Return PolicyRegional sales
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 revenue increased mainly due to growth in the Environmental segment. Operating profit declined mainly because of deterioration in the Environmental segment, where the decrease in high-margin projects and technical problems at overseas subsidiaries had an impact. For the next fiscal year, operating profit is expected to increase as the technical-problem costs recorded in the current fiscal year will no longer be incurred and the deterioration in infrastructure profitability is expected to moderate.
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