Nippon Sanso (4091) Q3 2026 earnings summary

Executive summary

• Revenue and core operating income grew year-over-year, driven by price management, foreign exchange gains, and acquisitions, despite soft volumes in some segments.

• All industrial gas segments achieved the medium-term management plan target for EBITDA margin (≥17%) in Q3 for the first time.

• Electronics market showed recovery, supported by semiconductor demand for generative AI and data centers.

• Foreign exchange effects contributed positively to revenue and income.

• Capital expenditures and investments focused on sustainable growth and strategic acquisitions, notably in Australia.

Financial highlights

• Q3 revenue rose 5.7% year-over-year to ¥346.8bn; core operating income up 12.3% to ¥51.9bn.

• Nine-month revenue up 2.7% to ¥997.7bn; core operating income up 4.6% to ¥146.2bn.

• Net income increased 26.7% year-over-year to ¥36.7bn in Q3; nine-month net income up 20.2% to ¥93.1bn.

• EBITDA margin for Q3 reached 24.5%; for nine months, 24.0%.

• Basic earnings per share rose to ¥215.18 from ¥178.99 year-over-year.

Outlook and guidance

• Full-year revenue forecast at ¥1,330.0bn (+1.7% YoY); core operating income forecast at ¥196.0bn (+3.6% YoY).

• Net income forecast to rise 24.6% to ¥127.0bn; net income attributable to owners of parent expected at ¥123.5bn.

• Basic earnings per share for the full year projected at ¥285.31.

• Dividend forecast raised to ¥58.00 per share for FYE2026.

• EBITDA margin projected at 24.2% for the full year.