AIR WaterAIR WATER INC.4088東証プライム化学FY ending Mar 2026, consolidated, IFRS

AIR Water FY ending Mar 2026 results

About 39% of AIR Water's sales come from Digital and industry, with Health and safety and Agriculture and foods making up much of the rest.

It lost about ¥3 for every ¥100 of sales at the operating level.

Revenue changed +5.3% from the prior year, operating profit -159.4%.

Revenue and profit pattern

Turned to a loss

What changed from last year

FY ending Mar 2025 → FY ending Mar 2026

Revenue: +5.3%¥1.01T → ¥1.07T
Gross profit: +7.4%¥223.8B → ¥240.3B
Operating income: -159.4%¥62.5B → -¥37.2B
Net income attributable to owners: -260.2%¥39.9B → -¥63.9B
Operating cash flow: +16.0%¥92.7B → ¥107.6B
Free cash flow: +50.5%¥22.8B → ¥34.3B

Results at a glance

Revenue for the FY ending Mar 2026 was ¥1.07T, up +5.3% from the prior year.
Operating income fell from ¥62.5B to -¥37.2B, and net income attributable to owners went from ¥39.9B to -¥63.9B.
Cash generation held up: operating cash flow reached ¥107.6B (+16.0%) and free cash flow ¥34.3B (+50.5%).

What drove the change

Impairment losses on goodwill and fixed assets, mostly tied to overseas businesses bought in the past
Corrections for improper accounting were booked into this year and earlier years, along with the cost of the investigation
Sales were lifted by gas and thermal control equipment for chipmaking and by a newly consolidated dental mail-order business

Things to watch

The Tokyo Stock Exchange has put the shares on its special alert list; if internal controls are still found lacking, the stock is in principle delisted
Some loans may breach covenants because of the accounting problems, and lenders could demand early repayment
Further write-downs of goodwill are possible if business plans change

Annual Securities Report (amended), 26th fiscal year / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual Securities Report (amended), 26th fiscal year / 事業等のリスク

Where the money goes

FY ending Mar 2025 → FY ending Mar 2026

※ Segment revenues include inter-segment sales and are scaled to consolidated revenue

Where ¥100 of sales goes

For every ¥100 AIR Water sells, how much goes where, and how much is kept.

FY ending Mar 2026

Cost of sales: ¥77
SG&A: ¥19
Other costs: ¥7
Operating loss: ¥3
Net loss: ¥6

Annual margin trends

Gross margin22.5%

Operating margin-3.5%

Net margin-6.0%

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Mar 2026

Digital and industry¥329.9B
39%
Op. margin -12.4%Industry: Chemicals
Health and safety¥268.5B
32%
Op. margin 3.9%Industry: Medical Devices
Agriculture and foods¥153B
18%
Op. margin 2.4%Industry: Processed Foods
Energy Solutions¥98.5B
12%
Op. margin 6.5%Industry: Electric Power & Gas

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (6)

EDINET (FSA Japan)
訂正有価証券報告書－第26期(2025/04/01－2026/03/31)
ID S100YZGY2026-08-31Open
EDINET (FSA Japan)
有価証券報告書－第25期(2024/04/01－2025/03/31)
ID S100W4M22025-06-25Open
EDINET (FSA Japan)
有価証券報告書－第24期(2023/04/01－2024/03/31)
ID S100TT7O2024-06-26Open
EDINET (FSA Japan)
有価証券報告書－第23期(2022/04/01－2023/03/31)
ID S100R1DH2023-06-23Open
EDINET (FSA Japan)
有価証券報告書－第22期(令和3年4月1日－令和4年3月31日)
ID S100OIFT2022-06-28Open
EDINET (FSA Japan)
有価証券報告書－第21期(令和2年4月1日－令和3年3月31日)
ID S100LLFK2021-06-25Open

Extracted from XBRL: 43 / Derived from other figures: 1

Spotted an error? Report it (corrections keep the original record)

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