Nohmi Bosai (6744): FY2025 Results Summary — Record Sales and Profits for a Third Straight Year

This article is based on publicly available IR materials and is not a recommendation to buy or sell any specific securities.

Note: Nohmi Bosai labels the fiscal year under review as FY2026/3 (the fiscal year ended March 31, 2026) in its presentation materials; this site classifies the most recent completed fiscal year as FY2025. Labels in the text and tables below follow the company’s materials.

NOHMI BOSAI LTD. (6744), a comprehensive fire safety company, reported consolidated net sales of 139,657 million yen for FY2026/3, up 4.5% year on year, with operating income of 18,349 million yen (up 17.0%) and net income attributable to owners of parent of 13,648 million yen (up 23.0%). Net sales and profits increased for the third consecutive year, with both reaching record highs, while orders and the order backlog reached record highs for the fourth consecutive year. The company also achieved its Medium- to Long-Term Vision targets of an operating margin of 12% or higher and an ROE of 10% or higher.

Consolidated Results (Full-Year Actual)

The market environment in the fire protection industry remained strong, and orders increased across all segments. Against the backdrop of a favorable market environment, construction of ordered properties progressed generally smoothly, and systematic price revisions and streamlining operations in response to rising costs contributed to earnings. The cost of sales ratio improved by 2.8 points year on year to 62.5%. The company notes that financial results were more heavily concentrated in the fourth quarter than usual, and profit levels exceeded plans: operating income came in 1,849 million yen (+11.2%) above plan. New orders reached 161,165 million yen (up 15.4%) and the backlog of orders stood at 91,474 million yen (up 30.7%), both separate indicators from net sales. Figures in the tables below are in millions of yen unless otherwise noted.

Item	FY2026/3 Results	FY2025/3 Results	Vs. FY2025/3 (Amount)	Vs. FY2025/3 (Pct.)
Net sales	139,657	133,696	+5,960	+4.5%
Gross profit	52,318	46,453	+5,864	+12.6%
SG&A expenses	33,968	30,776	+3,191	+10.4%
Operating income	18,349	15,677	+2,672	+17.0%
Operating margin	13.1%	11.7%	+1.4pt	―
Ordinary income	19,361	16,217	+3,143	+19.4%
Net income attributable to owners of parent	13,648	11,098	+2,549	+23.0%
EPS (yen)	231.88	187.86	―	―
ROE	10.2%	8.8%	―	―
New orders	161,165	139,640	+21,524	+15.4%
Backlog of orders	91,474	69,966	+21,508	+30.7%

Segment Results

In Fire Alarm Systems, orders, backlog of orders, net sales, and segment income all reached record highs; against rising costs, systematic price revisions and streamlining operations proved effective and maintained the trend of increasing profits. In Fire Extinguishing Systems, net sales and profits increased mainly in special facilities, for which demand remained high, and orders, backlog of orders, net sales, and segment income all reached record highs for the second consecutive year. In Maintenance Services, orders, backlog of orders, and net sales continued to expand steadily and all reached record highs, but compared with the previous period there were a slightly larger number of less profitable projects and higher SG&A expenses, resulting in a decline in profit margin. Figures below are in millions of yen.

Segment	Metric	FY2026/3	FY2025/3	Vs. FY2025/3
Fire Alarm Systems	Net sales	51,143	48,147	+2,995
Fire Alarm Systems	Operating income	9,958	8,528	+1,429
Fire Extinguishing Systems	Net sales	46,949	45,232	+1,717
Fire Extinguishing Systems	Operating income	10,842	8,352	+2,490
Maintenance Services	Net sales	36,734	34,644	+2,090
Maintenance Services	Operating income	7,979	8,042	-62
Others	Net sales	5,241	6,169	-928
Others	Operating income	473	386	+87
Elimination/Corporate	Net sales	-411	-497	+85
Elimination/Corporate	Operating income	-10,905	-9,633	-1,272
Consolidated	Net sales	139,657	133,696	+5,960
Consolidated	Operating income	18,349	15,677	+2,672

FY2027/3 Forecast

For FY2027/3, the company anticipates the market environment in the fire protection industry will remain strong, while noting it is necessary to closely monitor the impact of the situation in the Middle East on supply chains and the Japanese economy. Backed by a record-high order backlog at the beginning of the fiscal year, net sales are expected to exceed 150 billion yen for the first time, and the company plans to post record-high net sales and operating income. Considering constraints such as construction capacity, orders are expected to decline from the previous fiscal year but remain at a high level. In light of continued increases in raw material prices and labor expenses, the company will further streamline operations and revise prices again in April 2026. Figures below are in millions of yen unless otherwise noted.

Item	FY2027/3 Forecast	FY2026/3 Actual	Vs. FY2026/3 (Amount)	Vs. FY2026/3 (Pct.)
Net sales	157,600	139,657	+17,942	+12.8%
Gross profit	57,200	52,318	+4,881	+9.3%
Operating income	19,000	18,349	+650	+3.5%
Operating margin	12.1%	13.1%	-1.0pt	―
Ordinary income	19,840	19,361	+478	+2.5%
Net income attributable to owners of parent	13,310	13,648	-338	-2.5%
EPS (yen)	226.13	231.88	―	―
New orders	155,600	161,165	-5,565	-3.5%
Backlog of orders	89,474	91,474	-2,000	-2.2%

Shareholder Returns

The target level of the consolidated dividend payout ratio from Stage III of the Medium- to Long-Term Vision is set at 50%, and the FY2026/3 result was 50.0%, achieving the target. The annual dividend for FY2026/3 was 116 yen per share (interim 50.0 yen, year-end 66.0 yen). For FY2027/3, the company forecasts an annual dividend of 116 yen per share (interim 58.0 yen, year-end 58.0 yen), for a forecast dividend payout ratio of 51.3%. The company states it has not reduced dividends, excluding extraordinary dividends, since FY1979/3. Under the Stage III capital allocation policy (FY2026/3–FY2029/3), the company plans a four-year cumulative operating cash flow of 56 billion yen, growth investment of 44 billion yen and upward, facility maintenance and renewal of 6 billion yen, and dividends of 26 billion yen; investment of about 13 billion yen has already been made, mainly in M&A.

Medium- to Long-Term Plan / Topics

FY2026/3 was the first year of Stage III (FY2026/3 to FY2029/3) of the Nohmi Bosai Group Medium- to Long-Term Vision 2028. The company states that in the first year of Stage III it achieved the targets for three indicators, but since temporary factors also contributed, it will continue working to achieve the target level. Priority measures are: (1) expand earnings and improve profit margins in existing businesses, (2) business expansion through active engagement in mergers and acquisitions in domains related to disaster prevention and peripheral industries, and (3) new business creation and upscaling. In Stage III the company has made Hokko Tsushin Co., Ltd. (July 2025), Sefuto Co., Ltd. (September 2025), Prime Value Co., Ltd. (September 2025), and Meisei Electric Co., Ltd. (February 2026) subsidiaries.

Indicator	FY2025/3 Actual	FY2026/3 Actual	FY2029/3 Target
Net sales	133.6 billion yen	139.6 billion yen	170 billion yen or more
Operating margin	11.7%	13.1%	12.0% or higher
ROE	8.8%	10.2%	10.0% or higher
Dividend payout ratio	40.5%	50.0%	50.0%

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.