Asia Air Survey (9233) Q4 2026 earnings summary

Executive summary

• FY2026 orders rose 5.0% to ¥43,662m and revenue increased 1.6% to ¥42,240m; operating profit edged up 0.3%, while net income declined 6.2%.

• Growth reflected infrastructure, resilience, municipal digitalization, security and energy demand; cost inflation and investment spending constrained profit growth.

• FY2026 missed medium-term plan targets of ¥45bn revenue, ¥3bn operating profit and 9% ROE; FY2027 guidance projects growth in revenue and operating profit.

Financial highlights

• Gross profit was ¥11,487m, up 0.7%; SG&A was ¥8,623m, up 0.9%; operating profit was ¥2,864m, up 0.3%.

• Ordinary profit rose 1.1% to ¥3,056m; parent-attributable net income fell 6.2% to ¥1,690m, and EPS was ¥92.92 versus ¥99.09 in FY2025.

• Comprehensive income increased 7.7% to ¥2,127m; pretax income was ¥2,839m versus ¥2,911m.

• Revenue growth reflected steady 3D terrain data and measurement demand, infrastructure support and disaster response using owned aircraft.

• Year-end order backlog rose to ¥27,466m from ¥26,037m.

Outlook and guidance

• FY2027 forecast: revenue ¥43,500m (+3.0%), operating profit ¥3,000m (+4.7%), ordinary profit ¥2,840m (-7.1%), net income ¥1,760m (+4.1%) and EPS ¥96.71.

• FY2027 operating margin is forecast at 6.9% versus 6.8%; annual dividend forecast is ¥44/share, split ¥22 interim and ¥22 year-end, with a 45.5% payout ratio.

• FY2029 plan targets revenue of at least ¥48bn, operating profit of at least ¥3.4bn and ROE of at least 8%; FY2033 vision targets ¥60bn revenue, ¥4.5bn operating profit and 10% ROE.

• FY2027–FY2029 priorities include AI-READY operations, R&D using accumulated spatial data, disciplined growth investment, and commercialization of robotics, global and public-private partnership opportunities.

• Guidance is based on current information and assumptions; actual results may differ due to economic and other factors.