Asia Air Survey (9233) Q2 2026 earnings summary

Executive summary

• Revenue and profits declined year-over-year due to delays in public project budgets, sluggish renewable energy investment, and increased costs from inflation and strategic investments in IT, DX, and human resources.

• Despite short-term declines, the company is executing the final year of its mid-term plan under Vision 2033, focusing on expanding business domains, strengthening core operations, and advancing digital transformation initiatives.

• Strategic partnerships, including with Adsol Nissin, and the acquisition of Air Fort Service, are strengthening the business portfolio.

Financial highlights

• Orders received: ¥16,289 million, down 12.2% year-over-year.

• Revenue: ¥23,627 million, down 3.9% year-over-year.

• Operating profit: ¥3,447 million, down 10.2% year-over-year; net income attributable to shareholders: ¥2,081 million, down 14.4%.

• Gross profit: ¥7,499 million, gross margin 31.8%; operating margin 14.6%; net margin 8.8%.

• Total assets increased to ¥53,049 million, up ¥13,423 million from the previous year-end, mainly due to higher receivables; equity ratio declined to 44.3% from 55.4% due to increased short-term borrowings.

Outlook and guidance

• Full-year revenue forecast: ¥45,000 million, up 8.2% year-over-year; operating profit forecast: ¥3,000 million, up 5.0%; net income forecast: ¥2,030 million, up 12.6%.

• Dividend forecast: ¥44 per share, payout ratio 39.4%.

• No changes to previously announced guidance; management will update if necessary.