AIRMAN (6364): FY2025 Results Summary — Record Full-Year Profit as North America Offsets Japan

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

Note: AIRMAN does not publish an English results presentation; this article is an English translation of the Japanese-language article on our sister site Investalk, which is based on the company’s Japanese-language IR materials, with figures transcribed as reported. This site classifies the most recent completed fiscal year as FY2025, while the company’s materials label the period as the fiscal year ended March 2026 (FY3/2026). AIRMAN’s consolidated results for FY3/2026 (fiscal 2025) were net sales of 55,604 million yen (up 2.3% year on year), operating profit of 7,184 million yen (up 11.2%), ordinary profit of 8,014 million yen (up 17.4%) and profit attributable to owners of parent of 5,596 million yen (up 17.4%), each of which set a new full-year record. Overseas markets, and North America in particular, made up for sluggish growth in the domestic market, and the company improved earning power by passing on price increases even amid soaring raw material costs. For FY3/2027 it expects lower profits, factoring in external elements such as tariffs and raw materials.

Consolidated Results (Full Year)

In FY3/2026 consolidated results, overseas made up for the decline in Japan and sales rose, with net sales setting a new full-year record. On operating profit, changes in selling prices contributed +1,396 million yen, while there were negatives including △522 million yen from soaring raw material prices, △425 million yen from the impact of tariffs and △297 million yen from selling, general and administrative expenses; operating profit came to 7,184 million yen, up 11.2%. Ordinary profit rose 17.4%, partly reflecting an increase in the foreign exchange gains recorded in the same period of the previous year.

Item	FY3/2026 Actual (million yen)	FY3/2025 Actual (million yen)	Change vs. previous year (%)
Net sales	55,604	54,353	2.3
Operating profit	7,184	6,459	11.2
Ordinary profit	8,014	6,828	17.4
Profit attributable to owners of parent	5,596	4,767	17.4

Results by Region and Segment

In construction machinery, shipments of engine compressors grew in North America on expanded business with major nationwide rental companies, up 22.5%, while Asia was weak in both engine compressors and engine generators, down 18.6%, and Japan fell 3.6% as engine compressors struggled amid stalled construction plans. Industrial machinery (Japan) rose 8.1% on stable OEM supply and higher sales of parts and services. The overseas sales ratio rose to 44.8% (43.7% in the previous fiscal year).

Category	FY3/2025 (million yen)	FY3/2026 (million yen)	Change vs. previous year (%)
Construction Machinery – North America	10,427	12,775	22.5
Construction Machinery – Asia	5,956	4,850	△18.6
Construction Machinery – Middle East	2,894	3,352	15.8
Construction Machinery – Other	4,496	3,945	△12.2
Construction Machinery – Japan	20,354	19,626	△3.6
Construction Machinery – Total	44,128	44,552	1.0
Industrial Machinery – Japan	10,225	11,052	8.1
Consolidated total	54,353	55,604	2.3

Full-Year Forecast

For FY3/2027 the company expects net sales of 58,500 million yen (up 5.2% year on year), on measures such as rolling out a sales expansion strategy that captures growing North American demand through the overseas construction machinery route. At the same time, factoring in soaring raw material prices and the impact of US tariffs, it plans lower profits: operating profit of 5,630 million yen (down 21.6%), ordinary profit of 5,760 million yen (down 28.1%) and profit attributable to owners of parent of 3,960 million yen (down 29.2%). The assumed exchange rates are 150 yen to the US dollar and 170 yen to the euro.

Item	FY3/2026 Actual (million yen)	FY3/2027 Forecast (million yen)	Change vs. previous year
Net sales	55,604	58,500	5.2%
Operating profit	7,184	5,630	△21.6%
Ordinary profit	8,014	5,760	△28.1%
Profit attributable to owners of parent	5,596	3,960	△29.2%

Medium-Term Vision 2027

Medium-Term Vision 2027 is positioned as a “period of reform toward a further leap forward.” The domestic construction machinery route assumes a mature and shrinking market and will stabilize earnings by making use of the company’s price-leader position, applying it as a source of funds for growth investment. The overseas construction machinery route will work on developing new sales channels and expanding share, centered on North America, targeting a CAGR of +7.2%. The domestic industrial machinery route will expand its sales, customer management and service structures and aims to build channels that become a new source of earnings, targeting a CAGR of +4.8%.

KPI	FY3/2025 Actual	FY3/2026 Actual	FY3/2026 Forecast	Progress rate (%)
Domestic construction machinery net sales (million yen)	20,354	19,626	19,821	99.0
Overseas construction machinery net sales (million yen)	23,773	24,925	24,259	102.7
Domestic industrial machinery net sales (million yen)	10,225	11,052	10,920	101.2
Consolidated net sales (million yen)	54,353	55,604	55,000	101.1
Consolidated operating profit (million yen)	6,459	7,184	6,920	103.8
Consolidated operating margin (%)	11.9	12.9	12.6	–

Shareholder Returns

The company’s policy is to carry out shareholder returns on the scale of 10 billion yen in total over three years, using a total return ratio of 70% as a guide. For FY3/2026 it plans a year-end dividend of 52 yen and an annual dividend of 72 yen (an increase of 15 yen from the previous fiscal year). Taking its financial position and growth investment into account, it will implement stable dividends and flexible acquisitions of treasury stock. With the cost of capital set at 9% and an ROE target of 12%, ROE for FY3/2026 was 13.0% (PBR of 1.1 times), securing a level above the cost of capital.

Topics

In December 2025 the company joined with ITOCHU Metals Corporation to launch generators for reefer containers aimed at the cold chain industry. It will first build a track record in Japan, with overseas expansion also in view. In addition, to advance Medium-Term Vision 2027, it carried out a reform of its organizational structure that made the Overseas Sales Division and the Industrial Machinery Sales Department independent, seeking to speed up decision-making, concentrate resources and expand market share.

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.