Nippon Sanso (4091) Q4 2026 earnings summary

Executive summary

• Achieved all financial and non-financial KPIs under NS Vision 2026, with revenue up 3.9% to ¥1,359.6bn and core operating income up 7.4%, despite external challenges such as COVID-19 and geopolitical tensions.

• Price management, productivity initiatives, and major acquisitions in Spain and Australia drove growth and offset soft shipment volumes.

• Announced new Medium-Term Management Plan, Next Innovation 2030, focusing on productivity, global price management, sustainability, and nurturing new growth drivers.

• Segment heads from Japan, U.S., Europe, Asia Oceania, and Thermos outlined strategies and outlooks for their respective regions.

• Q4 achieved record core operating income and EBITDA margins, with profitability improving YoY and QoQ.

Financial highlights

• Full-year revenue increased 3.9% to ¥1,359.6bn; core operating income up 7.4% to ¥203.0bn; net income up 25.4% to ¥127.8bn.

• Q4 revenue rose 7.5% YoY to ¥361.8bn; core operating income up 15.2% to ¥56.8bn; net income up 43.7% to ¥31.9bn.

• Operating income margin improved to 14.6% for the year; EBITDA margin reached 24.3%.

• Overseas sales ratio increased to 68.7%.

• Basic EPS rose to ¥286.22; annual dividend per share set at ¥62.

Outlook and guidance

• FYE2027 forecast: revenue ¥1,380.0bn (+1.5%), core operating income ¥208.0bn (+2.4%), net income ¥134.5bn (+5.2%).

• Core operating income margin expected to rise to 15.1%; EBITDA margin to 25.1%.

• New Medium-Term Plan targets revenue of ¥1,500.0–1,575.0bn and core operating income of ¥250.0–275.0bn by FYE2030.

• Dividend for FYE2027 projected at ¥66 per share.

• Guidance remains conservative due to ongoing geopolitical and inflationary risks.