Nippon Sanso (4091) Q4 2026 earnings summary

Executive summary

• Achieved revenue and core operating income growth for FYE2026, driven by disciplined price management, productivity initiatives, and major acquisitions in Spain and Australia, despite soft shipment volumes and external challenges such as COVID-19 and geopolitical tensions.

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

• Segment heads outlined strategies for Japan, U.S., Europe, Asia-Oceania, and Thermos, each targeting profitability and growth.

• Profitability improved year-over-year and quarter-over-quarter, with Q4 achieving record core operating income and EBITDA margins.

Financial highlights

• Full-year FYE2026 revenue increased 3.9% to ¥1,359.6bn, core operating income up 7.4% to ¥203.0bn, and 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; equity attributable to owners reached ¥1,217,357 million.

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, maintaining a 20%-30% payout ratio.