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Financial results presentation9223ASNOVA Co.,Ltd.Information and Communications, Services and Others

Earnings Presentation Materials for the Fiscal Year Ending March 2026

In the fiscal year ended March 2026, consolidated sales and EBITDA reached record highs due to the consolidation of Qool Enviro, while operating profit and net income deteriorated because of higher depreciation and amortization expenses, growth investments and other costs. For the fiscal year ending March 2027, the Company plans higher sales and increased operating profit, assuming a full-year contribution from Qool and an improvement in the Vietnam business.

Worth reading
60In 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
648
¥ million (year-on-year increase in consolidated net sales)
Wording
Conditional
How definitive the wording is.

Contents of this document

Financial results presentationFiscal year ending March 2026, full year11 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥4,915 million+15.2%
Operating profit¥5 million-88.9%
Net income¥-146 million
Operating profit margin0.1 %
Full-year earnings forecast
Net Sales
¥5,079 million
EBITDA
¥2,012 million
Operating profit
¥86 million
Net loss for the period
¥-98 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Qool outperformed the plan
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • Lower domestic scaffolding rental and sales revenue, business exits and lower sales in Vietnam¥-141 million
  • Lower equipment procurement and reduced costs related to exited businesses¥78 million
  • Higher personnel expenses and other costs associated with M&A-driven growth¥-27 million
  • Increase in EBITDA from the consolidation of Qool¥297 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Domestic construction demand remains firm
  • Lower depreciation and amortization due to restrained investment in scaffolding equipment
  • Higher rental utilization
  • Demand for long-term rentals from Qool remains solid
  • Decline following the completion of large-scale event projects
  • Inflation and higher personnel expenses
  • Recovery in Vietnam's construction market
  • Expansion of public infrastructure investment
New initiatives
  • Establishment of ASNOVA Singapore, the regional headquarters for ASEAN, in April 2026
  • Planned establishment of the holding company ASNOVA Companies on 1 October 2026
  • Approximately ¥6 billion in M&A investment from FY2026 to FY2028
  • Promoting post-merger integration using ASNOVA's proprietary approach
Key KPIsA metric the company considers important as a management benchmark.
  • EBITDA¥2,072 million
    Year on year against the same period last year+11.1%
  • EBITDA margin42.2 %
    Year-on-year change-1.6
  • Customer Base3,526 companies
    Increase year on year233
  • Inventory discrepancy rate0.00 %
    Year-on-year change-1
Segment results
ASNOVA
Net Sales
¥4,093 million-0.7%
Rental sales
¥3,599 million+2.7%
EBITDA margin
46.5 %
yoy_change_pt-0.9
Qool
Net Sales
¥790 million
EBITDA margin
34.4 %
ASNOVA VIETNAM
Net Sales
¥30 million-49.6%
EBITDA
¥-99 million
yoy_change_amount-35
Medium-term management plan targets
2030 sales
150 Hundreds of millions of yen
Target fiscal yearFY2030
ASNOVA VIETNAM EBITDA turns profitableFY2028
ASNOVA VIETNAM operating profit turns profitableFY2030
Financial targets
Net debt/EBITDA ratio
Actual results3.3 times
Equity ratio
Actual results26 %
ROICROIC must exceed WACC for acquisitions
Market Size / Share
  • Number of equipment centers37 Location
    RemarksLargest number in Japan
  • Number of condominiums at least 40 years old482.9 10,000 units
    As ofForecast at the end of 2044
  • Global rental business market size3,700 USD 100 million
Number of stores and locations
End of period
Number of sales offices5 Location
Number of equipment centers37 Location
Number of employees
Number of Employees232 People
Reference dateEnd of March 2026
Contents of this document
ItemDetails
Document typeFinancial results presentation
Fiscal Period CoveredFiscal year ending March 2026, full year
Net Sales¥4,915 million (YoY +15.2%)
Operating profit¥5 million (YoY -88.9%)
Net income¥-146 million
Operating profit margin0.1 %
Full-year earnings forecastNet Sales ¥5,079 million / EBITDA ¥2,012 million / Operating profit ¥86 million / Net loss for the period ¥-98 million
Self-assessment against the planQool outperformed the plan
Segment resultsASNOVA Net Sales ¥4,093 million (YoY -0.7%) / Rental sales ¥3,599 million (YoY +2.7%) / EBITDA margin 46.5 % / Qool Net Sales ¥790 million / EBITDA margin 34.4 % / ASNOVA VIETNAM Net Sales ¥30 million (YoY -49.6%) / EBITDA ¥-99 million
Breakdown of Factors Affecting the ChangeFactors Lower domestic scaffolding rental and sales revenue, business exits and lower sales in Vietnam / Amount ¥-141 million, Factors Lower equipment procurement and reduced costs related to exited businesses / Amount ¥78 million, Factors Higher personnel expenses and other costs associated with M&A-driven growth / Amount ¥-27 million, Factors Increase in EBITDA from the consolidation of Qool / Amount ¥297 million
Key KPIsIndicator name EBITDA / Value ¥2,072 million / Year on year against the same period last year ¥11.1 million, Indicator name EBITDA margin / Value 42.2 % / Year-on-year change -1.6 %, Indicator name Customer Base / Value 3,526 companies / Increase year on year 233 companies, Indicator name Inventory discrepancy rate / Value 0.00 % / Year-on-year change -1 %
Number of stores and locationsEnd of period Number of sales offices 5 Location / Number of equipment centers 37 Location / Number of store openings and closures during the period Not disclosed
Number of employeesNumber of Employees 232 People / Reference date End of March 2026
Assumptions Underlying the Business OutlookDomestic construction demand remains firm, Lower depreciation and amortization due to restrained investment in scaffolding equipment, Higher rental utilization, Demand for long-term rentals from Qool remains solid, Decline following the completion of large-scale event projects, Inflation and higher personnel expenses, Recovery in Vietnam's construction market, Expansion of public infrastructure investment
Medium-term management plan targets2030 sales 150 Hundreds of millions of yen / ASNOVA VIETNAM EBITDA turns profitable FY2028 / ASNOVA VIETNAM operating profit turns profitable FY2030
Financial targetsNet debt/EBITDA ratio Actual results 3.3 times / Equity ratio Actual results 26 % / ROIC ROIC must exceed WACC for acquisitions
Market Size / ShareIndicator Number of equipment centers / Value 37 Location / Remarks Largest number in Japan, Indicator Number of condominiums at least 40 years old / Value 482.9 10,000 units / As of Forecast at the end of 2044, Indicator Global rental business market size / Value 3,700 USD 100 million
New initiativesEstablishment of ASNOVA Singapore, the regional headquarters for ASEAN, in April 2026, Planned establishment of the holding company ASNOVA Companies on 1 October 2026, Approximately ¥6 billion in M&A investment from FY2026 to FY2028, Promoting post-merger integration using ASNOVA's proprietary approach
Items this document does not state (13)
Ordinary incomeGross Profit MarginSelling, general and administrative expensesResults for the three months of the current quarterProgress against full-year forecastUnit price and quantity metricsRisk amount incorporated into the outlookAnnual DividendPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey 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 increase in sales and EBITDA was mainly attributable to the consolidation of Qool Enviro. In the domestic scaffolding rental business, rental sales increased, but higher costs, including personnel expenses, and depreciation and amortization expenses put pressure on operating profit. ASNOVA VIETNAM reported lower sales due to sluggish construction investment and other factors.

How to read this page

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Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.
Earnings Presentation Materials for the Fiscal Year Ending March 2026 | ASNOVA Co.,Ltd. (9223) timely disclosure | Komori