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Rinnai (5947) investor relations material
Rinnai Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record-high net sales of ¥216,415 million, up 2.0% year-over-year, driven by high-value-added and energy-efficient products.
Operating income rose 8.2% to ¥22,725 million, and net income attributable to owners increased 30.0% to ¥15,918 million.
Growth in Japan, the US, and Australia offset declines in China and flat results in South Korea and Indonesia.
Despite global economic uncertainty, inflation, and challenging housing markets, growth was supported by product innovation and cost control.
Financial highlights
Net sales: ¥216,415 million (+2.0% YoY); Operating income: ¥22,725 million (+8.2% YoY, margin 10.5%); Ordinary income: ¥25,272 million (+13.2% YoY, margin 11.7%); Net income: ¥15,918 million (+30.0% YoY, margin 7.4%).
Gross profit increased to ¥75,936 million from ¥71,617 million year-over-year.
Net income per share was ¥113.77, up from ¥85.99 in the prior year.
Cash and cash equivalents at period-end were ¥137,555 million, up ¥1,255 million from March 2025.
Sales of water heaters grew 1.2%, air conditioning appliances up 9.3%, while kitchen appliances and commercial-use equipment declined.
Outlook and guidance
Full-year forecast maintained: net sales of ¥470,000 million (+2.1%), operating income of ¥50,000 million (+8.7%), and net income attributable to owners of ¥33,000 million (+11.1%).
Dividend forecast for FY2026 raised to ¥100 per share, up from ¥80 per share in FY2025.
Both net sales and operating income are ahead of first-half targets.
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