Air Water (4088) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended December 31, 2025, rose 3.5% year-over-year to ¥769,590 million, but operating profit dropped 52.6% to ¥23,802 million and net loss attributable to owners was ¥1,799 million, compared to a profit of ¥32,063 million in the prior year.

• Significant inappropriate accounting treatments were discovered, leading to retrospective corrections and restatements of prior financial statements.

Financial highlights

• Gross profit increased to ¥185,369 million from ¥169,281 million year-over-year, but selling, general and administrative expenses rose sharply to ¥147,661 million.

• Basic and diluted earnings per share fell to ¥(7.85) from ¥140.27 in the prior year.

• Total assets increased to ¥1,292,494 million, and equity attributable to owners of parent rose slightly to ¥445,800 million.

Outlook and guidance

• Full-year revenue is forecast at ¥1,150,000 million (up 13.5%), but operating profit is expected to plunge 77.6% to ¥14,000 million, with a projected net loss of ¥10,000 million.

• Dividend forecast remains unchanged at ¥75.00 per share for the fiscal year ending March 31, 2026.