ASNOVA Announces FY2026 Results: Revenue and EBITDA Hit Record Highs

ASNOVA Co., Ltd., a provider of rental and sales services for wedge-type scaffolding, announced its financial results for the fiscal year ended March 2026 on May 14, 2026. Executive summary: 1. Revenue and operating profit before depreciation reached record highs. 2. The company will accelerate growth toward 2030 by leveraging its highly profitable business base. For the full fiscal year ended March 2026, consolidated revenue rose 15.2% year on year to 4,915 million yen, while operating profit before depreciation increased 11.1% to 2,072 million yen. Both figures reached record highs, supported by the consolidation effect of Qool and higher revenue from domestic scaffolding rentals. Although ASNOVA has been restraining investment in scaffolding since FY2026, depreciation expenses remained heavy, causing operating profit and net income to decline year on year. However, operating profit before depreciation, which reflects the company’s underlying earnings power, remained strong at 2,072 million yen, with a margin of 42.2%. By group company, ASNOVA secured year-on-year growth in rental revenue despite the impact of construction project delays in the building industry. Its operating profit before depreciation margin remained extremely high at 46.5%. Qool’s results reflect nine months of performance from April to December of the previous year. PMI is progressing smoothly, and results exceeded the initial plan. ASNOVA VIETNAM had a very difficult year in terms of sales strategy, but sales activity issues have now been clarified, and improvements will begin this fiscal year. In the year-on-year analysis of consolidated operating profit before depreciation, ASNOVA’s existing business saw weaker rental sales momentum during the off-season, which was a major factor behind the decline. The Vietnam business also fell significantly short of budget. However, Qool’s contribution lifted the group overall by approximately 200 million yen. For FY2027, ASNOVA’s priority measures include expanding domestic scaffolding rental revenue and further improving rental utilization by reviewing and reorganizing low-utilization sites and equipment. Qool will introduce ASNOVA’s know-how to achieve stable profit growth. ASNOVA VIETNAM is finally entering a phase where the effects of past accumulated efforts are becoming visible. The company aims to improve its sales and proposal capabilities, raise its order win rate, and increase revenue. For FY2027 consolidated earnings forecasts, ASNOVA plans to increase rental revenue, and the group as a whole plans revenue and profit growth. Since the forecast does not include any new M&A, the company will pursue further revenue growth by advancing M&A initiatives. By group company, ASNOVA plans to steadily grow its core scaffolding rental business while factoring in uncertainty in the external environment. Operating profit is expected to improve significantly due in part to lower depreciation expenses from restrained scaffolding investment. Qool will reflect full-year results from this fiscal year, resulting in a major year-on-year increase in revenue. However, operating profit is planned to increase only slightly due to a pullback from special demand events that contributed in the previous fiscal year. ASNOVA VIETNAM expects performance to improve, supported by a recovery in market growth. ASNOVA VIETNAM’s medium- to long-term plan is to turn operating profit before depreciation profitable in FY2028 and operating profit profitable in FY2030. As recognition of the company grows, more worksites are actually changing scaffold designs and using ASNOVA scaffolding, and the company expects the number of customers and worksites to increase from FY2027. Since FY2026, ASNOVA has made a major shift in investment focus from scaffolding investment to M&A investment. The company also explains its medium- to long-term growth strategy in a video together with its financial results briefing, available on ASNOVA’s official IR website.