Asia Air Survey (9233) Q2 2025 earnings summary

Executive summary

• Entered the second year of the mid-term plan under Vision 2033, focusing on expanding business domains and strengthening core operations.

• Order intake increased 8.2% year-over-year, but sales slightly decreased by 0.2% due to delays in project orders.

• Operating and ordinary profit declined due to higher costs from inflation, IT/DX, and human capital investments.

• Net income attributable to shareholders decreased 18.3% year-over-year to ¥2,431 million.

• Continued investments in production reform, digital transformation, and sustainability initiatives, including disaster recovery and renewable energy projects.

Financial highlights

• Order intake: ¥18,553 million (+8.2% YoY).

• Revenue/Net sales: ¥24,575 million (−0.2% YoY).

• Operating profit: ¥3,838 million (−17.6% YoY).

• Ordinary profit: ¥3,678 million (−17.7% YoY).

• Net income attributable to shareholders: ¥2,431 million (−18.3% YoY); EPS: ¥133.65 (down from ¥164.23 YoY).

Outlook and guidance

• Full-year sales/revenue forecast: ¥41,100 million (+2.1% YoY).

• Operating profit forecast: ¥2,900 million (+1.8% YoY).

• Net income forecast: ¥1,980 million (+4.1% YoY).

• Dividend forecast: ¥44 per share, payout ratio 40.4%.

• No changes to previously announced guidance.