Nippon Sanso Holdings (4091): FY2025 Results Summary — NS Vision 2026 Goals Met as “Next Innovation 2030” Begins

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Nippon Sanso Holdings Corporation (TSE Prime: 4091), the industrial gas group behind the “The Gas Professionals” philosophy, reported FYE2026 full-term revenue of 1,359.6 billion yen, core operating income of 203.0 billion yen, operating income (IFRS) of 197.8 billion yen, and net income attributable to owners of the parent of 123.8 billion yen. FYE2026 was the final year of the medium-term management plan “NS Vision 2026,” and the company states that all of the plan’s financial KPIs were achieved. Alongside the results, the FYE2026 Full-term Earnings Presentation (dated May 22, 2026) reviews the previous plan, outlines the new medium-term management plan “Next Innovation 2030,” and presents the FYE2027 business plan.

Note: Nippon Sanso Holdings labels the fiscal year ended March 31, 2026 as “FYE2026” (and the year ending March 31, 2027 as “FYE2027”); this site classifies the most recent completed fiscal year as FY2025, and figures and period labels in this article follow the company’s materials.

Consolidated Results (FYE2026 Full Term)

For FYE2026, revenue was 1,359.6 billion yen (1,308.0 billion yen in FYE2025) and core operating income was 203.0 billion yen (189.1 billion yen in FYE2025), with a core operating income margin of 14.9%. Non-recurring profit and loss was -5.2 billion yen, and operating income (IFRS) was 197.8 billion yen with an OI margin of 14.6%. Net income attributable to owners of the parent was 123.8 billion yen, for an NI margin of 9.1%. The company notes that all financial KPIs under NS Vision 2026 were achieved, supported by Group-wide pricing management, ongoing productivity improvement initiatives, and the planned repayment of debt: against the plan’s final-year targets of revenue of 975.0-1,000.0 billion yen, core operating income of 125.0-135.0 billion yen, an EBITDA margin of 24% or higher, ROCE after tax of 6% or higher, and an adjusted net D/E ratio of 0.7 or lower, FYE2026 results were 1,359.6 billion yen, 203.0 billion yen, 24.3%, 7.1%, and 0.59, respectively.

Item (¥ bn)	FYE2026	FYE2025
Revenue	1,359.6	1,308.0
Core operating income	203.0	189.1
Operating income (IFRS)	197.8	165.9
Net income attributable to owners of the parent	123.8	98.7
EBITDA	329.9	305.3
EBITDA margin	24.3%	23.3%
ROCE after tax	7.1%	7.2%
Adjusted net D/E ratio (times)	0.59	0.71

Segment Results

By reportable segment, Japan posted FYE2026 revenue of 406.2 billion yen with core operating income of 54.1 billion yen (core OI margin 13.3%, EBITDA margin 18.2%). The United States recorded revenue of 360.5 billion yen and core operating income of 52.9 billion yen (core OI margin 14.7%, EBITDA margin 27.5%). Europe grew to revenue of 350.9 billion yen with core operating income of 70.4 billion yen (core OI margin 20.1%, EBITDA margin 32.8%). Asia & Oceania expanded to revenue of 208.4 billion yen with core operating income of 19.7 billion yen (core OI margin 9.5%, EBITDA margin 16.5%), and Thermos posted revenue of 33.2 billion yen with core operating income of 6.5 billion yen (core OI margin 19.6%, EBITDA margin 24.6%). By segment, the revenue composition for Q4 FYE2026 was Japan 30%, U.S. 27%, Europe 26%, Asia and Oceania 15%, and Thermos 2%.

Segment	Metric (¥ bn)	FYE2026	FYE2025
Japan	Revenue	406.2	410.0
Japan	Core operating income	54.1	47.0
United States	Revenue	360.5	360.2
United States	Core operating income	52.9	59.7
Europe	Revenue	350.9	328.6
Europe	Core operating income	70.4	62.4
Asia & Oceania	Revenue	208.4	176.5
Asia & Oceania	Core operating income	19.7	15.0
Thermos	Revenue	33.2	32.5
Thermos	Core operating income	6.5	6.2

FYE2027 Forecast

For FYE2027 (announced on May 11, 2026), the company forecasts revenue of 1,380.0 billion yen (+1.5% YoY), core operating income of 208.0 billion yen (+2.4%), operating income (IFRS) of 215.0 billion yen (+8.7%), and net income attributable to owners of the parent of 131.0 billion yen (+5.7%). Forecast EPS is ¥302.64. Forex assumptions are USD 150.00, EUR 175.00, and AUD 100.00 (average rates, JPY). On assumptions, the company cites heightened uncertainty surrounding the Middle East situation raising concerns over rising electricity costs and the pace of recovery in group-wide product shipment volumes, and expects cost pressures to remain elevated amid ongoing global inflation; it plans to continue pricing management, productivity improvement initiatives, and disciplined cost control across the Group, focus on stable demand in resilient markets including food & beverage and healthcare, and steadily execute post-merger integration (PMI) to maximize synergies with acquired businesses.

Item (¥ bn)	FYE2027 Forecast	FYE2026 (Actual)	YoY % Change
Revenue	1,380.0	1,359.6	+1.5%
Core operating income	208.0	203.0	+2.4%
Operating income (IFRS)	215.0	197.8	+8.7%
Income before income taxes	191.0	176.7	+8.0%
Net income	134.5	127.8	+5.2%
Net income attributable to owners of the parent	131.0	123.8	+5.7%

Shareholder Returns

The capital allocation policy sets a long-term dividend payout ratio guideline of 20-30% and aims to maintain stable and reliable dividends, while maintaining disciplined financial management with the net debt to EBITDA ratio as a KPI for debt reduction. The FYE2026 annual dividend is planned at ¥62 per share (interim ¥29, year-end ¥33), with a dividend payment ratio of 21.7%, and the FYE2027 forecast is ¥66 per share (interim ¥33, year-end ¥33), with a payment ratio of 21.8%. The company presents this as stable and steady dividend growth, with a CAGR of 13% shown from FYE2017. Free cash flow was 69.8 billion yen in FYE2026 and is forecast at 82.9 billion yen for FYE2027.

Item	FYE2025	FYE2026 [Planned]	FYE2027 [Forecast]
Interim dividend (¥)	24	29	33
Year-end dividend (¥)	27	33	33
Annual dividend (¥)	51	62	66
Dividend payment ratio	22.3%	21.7%	21.8%

Medium-Term Plan: Next Innovation 2030

The new medium-term management plan “Next Innovation 2030” (slogan: “Evolving for the Future”) covers the four years from April 2026 to March 2030 and was released on March 24, 2026. Its three key strategies are: (1) enhance the profitability of the industrial gas business, (2) accelerate the expansion of the electronics business, and (3) create future growth drivers, supported by evolution of the management foundation. Financial KPIs for the final year (FYE2030) are revenue of ¥1,500.0-1,575.0 billion, core operating income of ¥250.0-275.0 billion, a core operating income margin of 17.0% or higher, EBITDA of ¥400.0-440.0 billion, an EBITDA margin of 26.5% or higher on a consolidated basis (19.0% or higher by segment), a net debt to EBITDA ratio of 1.5 or lower, and ROCE after tax of 8.0% or higher (assumed exchange rates: USD/JPY 150, EUR/JPY 175). On capital allocation, the company plans operating cash flow of approximately ¥1,170 billion over the four years against approximately ¥780 billion of CAPEX/investments — an increase of approximately 30% from the cumulative projected amount under NS Vision 2026 — with a composition ratio by purpose of 47% growth initiatives, 32% base/underlying, 16% group strategic investments, and 5% others, and approximately 20% of growth investments directed to electronics and innovation-related fields such as stable isotopes.

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