Nippon Sanso Holdings Corporation (NSHD) has reported mixed financial results for the first three quarters of fiscal year end 2025, highlighting the contrasting fortunes of its global operations amid ongoing macroeconomic pressures.
While the company achieved a 4.6% year-on-year increase in consolidated revenue to approximately ¥971.3bn ($6.5bn), and a 12.1% rise in core operating income to around ¥139.8bn ($940m), the figures mask a more complex picture of uneven regional performance and shifting demand patterns across key markets.
In Japan, shipment volumes of air separation gases decreased, while carbon dioxide (CO2) gas sales remained flat compared to the same period last year. Revenue from electronic material gases increased, driven by robust demand. Equipment and installation revenues were also higher, mainly due to medium and large-sized projects. The country generated revenue of approximately ¥295.7bn ($1.9bn), reflecting the mixed impact of industrial gas demand and structural changes.
The US presented a mixed bag. Revenue from industrial gases increased due to a slight rise in shipment volumes of air separation gases and effective price management. However, equipment and installation sales faced softer demand in both industrial and electronics sectors. Total revenue from the US segment stood at around ¥270.1bn ($1.8bn).
©NSHD
Europe emerged as a standout performer, buoyed by higher shipment volumes of air separation gases and successful price adjustments that contributed to regional revenue growth. The region also saw growth in medical-related equipment sales, partially offsetting softer demand for CO2. Europe reported revenue of approximately ¥249bn ($1.6bn), reflecting strong industrial and medical gas performance.
In Asia and Oceania, air separation gas shipment volumes were positive, complemented by solid LP gas sales in Australia and growth in the electronics sector. The region recorded revenue of around ¥131.8bn ($863m), driven by strong demand for both industrial gases and electronic materials.
Despite the uneven regional trends, Nippon Sanso’s strategic focus on price management and productivity improvements has been key to sustaining profitability. The company has revised its full-year forecast, projecting consolidated revenue of approximately ¥1.3 trillion ($8.7bn) and core operating income of around ¥178bn ($1.2bn), reflecting expectations tied to the progress of its medium-term management plan, “NS Vision 2026 | Enabling the Future.”
