Rinnai
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Rinnai (5947) investor relations material

Rinnai Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary12 Feb, 2026

Executive summary

  • Achieved record-high net sales, operating income, ordinary income, and net income attributable to owners for the first three quarters of fiscal 2026, with net sales reaching ¥339,391 million, up 2.1% year-on-year.

  • Growth was driven by strong performance in Japan, the US, and Australia, offsetting declines in China and South Korea.

  • Profitability was supported by ongoing cost-cutting, higher sales of high-value-added, energy-efficient products, and robust core product sales.

  • The business environment was impacted by unstable government policies, geopolitical risks, and raw material price increases.

Financial highlights

  • Net sales: ¥339.3 billion, up 2.1% year-on-year; operating income: ¥37.1 billion, up 5.9%; ordinary income: ¥41.8 billion, up 7.6%; net income attributable to owners: ¥27.5 billion, up 20.4%.

  • Net income per share: ¥197.54, up from ¥161.22 in the prior year.

  • Gross profit improved to ¥118,246 million from ¥112,910 million year-over-year.

  • Total assets at December 31, 2025, were ¥594,551 million, down from ¥606,586 million at March 31, 2025.

  • Equity ratio increased to 68.8% from 66.9% at the previous fiscal year-end.

Outlook and guidance

  • Full-year forecasts maintained: net sales ¥470 billion, operating income ¥50 billion, ordinary income ¥53.5 billion, net income ¥33 billion.

  • No changes to previously announced performance forecasts.

  • Expect to absorb rising costs in Q4; results progressing in line with plan.

  • Copper prices and FX fluctuations remain key uncertainties.

Explain MT Industrial S.A.C. goodwill determination
What drove Australia's operating income surge?
How do core products boost overall water heater sales?
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Frequently asked questions

Rinnai Corporation is a Japanese multinational company specializing in the manufacture of gas appliances. Established on September 1, 1920, by Hidejiro Naito and Kanekichi Hayashi, Rinnai has grown to become a significant player in the home appliance industry. The company's product lineup includes energy-efficient tankless water heaters, home heating appliances, kitchen appliances, and commercial-use equipment like rice cookers, grillers, and fryer. The company is headquartered in Nagoya, Japan, and its shares are listed on the Tokyo Stock Exchange.

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