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Financial Results Highlights

(Fiscal 2026)

Performance

Consolidated net sales amounted to ¥470,392 million, up 2.2% year on year. Operating income rose 9.8%, to ¥50,531 million, and ordinary income increased 14.6%, to ¥57,686 million. Net income attributable to owners of the parent company jumped 21.8%, to ¥36,160 million.

Financial Results

Results by Geographical Segment

  • Japan

    While the new housing market was weakened by higher inflation and interest rates, the renovation market remained firm, supported by steady demand. In addition, sales of key products-including our ECO ONE hybrid water heaters with heating systems, gas clothes dryers, and air bubble products, which address energy-saving preferences and time-saving household needs-performed strongly. As a result, sales in Japan rose 1.7%, to ¥207,201 million. On the earnings side, operating income increased 21.5%, to ¥27,115 million, supported by increased sales and an improved product mix. This was despite higher raw material and energy costs and the need to carry out free repairs of bathroom heater/dryers during the period.

  • United States

    Against a backdrop of inflationary pressures and elevated interest rates, housing demand in the United States remained subdued. Under these conditions, sales of our core condensing water heaters performed strongly. As a result, sales in the United States rose 8.5%, to ¥72,134 million. On the earnings side, profitability was limited by tariffs and difference in timing in implementing price increases, with operating income declining 12.8%, to ¥1,856 million.

  • Australia

    In Australia, housing demand remained high despite an upward trend interest rates to address inflation. In the water heater market, sales of heat pump water heaters performed strongly amid a shift in demand from gas to electric appliances. As a result, sales in Australia increased 20.3%, to ¥44,044 million, and operating income jumped 88.6%, to ¥2,110 million, thanks to a significant contribution by an acquired company.

  • China

    In China, unit sales of various products declined as consumer sentiment remained weak amid an economic slowdown. As a result, sales declined 11.5%, to ¥60,682 million. Due to efforts to secure earnings through flexible production adjustments and cost controls, operating income fell 6.7%, to ¥9,415 million.

  • South Korea

    While the South Korean economy remained lackluster, sales of core boiler equipment increased. Sales in South Korea decreased 1.3%, to ¥34,284 million, while operating income rose 17.7%, to ¥1,094 million.

  • Indonesia

    Supported by steady demand for mainstay tabletop stoves, sales in Indonesia increased 3.2%, to ¥17,555 million, and operating income rose 0.0%, to ¥3,843 million.

  • Net Sales
  • Operating Income
  • Net Income Attributable to Owners of the Parent Company
  • Total Net Assets