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AIR WATER, Net Income Forecast for the Fiscal Year Revised Downward to a Loss

Fri Feb 13, 2026 5:30 pm JST Earnings

4088 AIR WATER INC. 【IFRS】

Earnings Report

AIR WATER INC. <4088> [TSE Prime] announced its financial results (based on IFRS) after the market closed on February 13th (17:30). The consolidated net income/loss for the cumulative second quarter of the fiscal year ending March 2026 (April to September) turned into a loss of 21.1 billion yen (compared to a profit of 17.1 billion yen in the same period last year), reversing from the forecast of a 22.0 billion yen to a loss.

In addition, the full-year forecast for consolidated net income/loss has been revised downward from an expected profit of 53.0 billion yen to a loss of 10.0 billion yen (compared to a profit of 49.0 billion yen in the previous period), turning to a loss outlook.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to significant drop 65.0% from the same period last year to 11.1 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated net income/loss turned to a loss of 31.9 billion yen (compared to a profit of 7.81 billion yen in the same period last year). The operating profit/loss margin drastically worsened from 5.3% in the same period last year to -8.5%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 476,975 28,375 27,822 17,312 76.1 41.7 Nov 9, 2023 IFRS
Apr - Sep, 2024 504,608 27,612 26,792 17,175 75.2 36.2 Nov 7, 2024 IFRS
Apr - Sep, 2025 516,639 -5,447 -17,623 -21,179 -92.4 ー Feb 13, 2026 IFRS
YoY +2.4% － － － －

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance 540,000 36,000 35,000 22,000 96.0 37.50 May 13, 2025 IFRS
Apr - Sep, 2025 Results 516,639 -5,447 -17,623 -21,179 -92.4 37.50 Feb 13, 2026 IFRS
Revision Rate -4.3% － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 1,150,000 84,000 81,000 53,000 231.2 75 May 13, 2025 IFRS
Mar, 2026 New 1,150,000 14,000 0 -10,000 -43.6 75 Feb 13, 2026 IFRS
Revision Rate 0.0% -83.3% － － －

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 571,321 47,634 47,183 31,899 139.5 43 May 13, 2025 IFRS
Oct - Mar, 2025 Guidance 633,361 19,447 17,623 11,179 48.8 37.50 Feb 13, 2026 IFRS
YoY +10.9% -59.2% -62.6% -65.0% -65.0%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 1,024,540 68,272 66,712 44,360 194.7 64 May 9, 2024 IFRS
Mar, 2025 1,075,929 75,246 73,975 49,074 214.6 75 May 13, 2025 IFRS
Mar, 2026 Guidance 1,150,000 14,000 0 -10,000 -43.6 75 Feb 13, 2026 IFRS
YoY +6.9% -81.4% － － －

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 258,665 13,673 12,472 7,812 34.2 5.3 Nov 7, 2024 IFRS
Oct - Dec, 2024 280,259 25,592 26,340 17,841 78.1 9.1 Feb 7, 2025 IFRS
Jan - Mar, 2025 291,062 22,042 20,843 14,058 61.5 7.6 May 13, 2025 IFRS
Apr - Jun, 2025 255,711 16,802 16,601 10,725 46.8 6.6 Aug 7, 2025 IFRS
Jul - Sep, 2025 260,928 -22,249 -34,224 -31,904 -139.2 -8.5 Feb 13, 2026 IFRS
YoY +0.9% － － － －

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