[ASNOVA Inc.] Announcement of Financial Results for the Fiscal Year Ended March 2026 (Stock Code: 9223)
ASNOVA Inc., a provider of wedge-type scaffolding rental and sales, announced its financial results for the fiscal year ended March 2026. While sales and operating income before depreciation reached record highs, net income decreased due to heavy depreciation costs. The company plans to shift its focus to M&A investments going forward.
📋 Article Processing Timeline
- 📰 Published: May 15, 2026 at 01:30
- 🔍 Collected: May 14, 2026 at 17:02
- 🤖 AI Analyzed: May 15, 2026 at 02:37 (9h 35m after Collected)
ASNOVA Inc. (Headquarters: Nagoya, Aichi; President and CEO: Keiji Ueda), which provides rental and sales of wedge-type scaffolding, announced its financial results for the fiscal year ended March 2026 today, Thursday, May 14, 2026.
Executive Summary: ① Record-high sales & operating income before depreciation ② Leveraging a high-profit base to accelerate growth towards 2030
Full-Year Financial Report for the Fiscal Year Ended March 2026
Performance Highlights (Consolidated)
Driven by the contribution from the Qool group integration and increased revenue from domestic scaffolding rental, consolidated net sales reached a record high of 4,915 million yen (+15.2% YoY), and operating income before depreciation reached a record high of 2,072 million yen (+11.1% YoY).
Income Statement Summary (YoY)
Although investment in scaffolding has been suppressed since the fiscal year ended March 2026, depreciation costs continue to be heavy, resulting in a year-on-year decrease in both operating income and net income. However, operating income before depreciation, which indicates true earning power, remains high at 2,072 million yen, with an operating margin before depreciation of 42.2%.
Performance Highlights (by Group Company)
ASNOVA secured an increase in rental sales year-on-year despite impacts such as construction start delays in the construction industry. The operating margin before depreciation also remained very high at 46.5%.
Qool's performance for the nine months from April to December of last year has been reflected. PMI is also progressing smoothly, with results exceeding the initial plan.
ASNOVA VIETNAM had a very difficult year in terms of sales strategy. As challenges in sales activities have been clarified, improvements will be promoted from this fiscal year.
Analysis of Changes in Consolidated Operating Income Before Depreciation (YoY)
The weakening momentum of rental sales during the off-season for the existing business of ASNOVA was a major reason for the decrease in profit. The Vietnam business also fell significantly short of budget.
However, thanks to the contribution from Qool's performance, the group as a whole saw an increase of approximately 200 million yen.
Balance Sheet Summary
Fiscal Year Ending March 2027: Key Measures and Performance Outlook
Key Measures for the Fiscal Year Ending March 2027
ASNOVA, in domestic scaffolding rental, will further increase its earning power by expanding rental sales and by reviewing and organizing low-utilization bases and equipment to improve rental utilization rates.
Qool will introduce ASNOVA's know-how to achieve stable profit growth.
ASNOVA VIETNAM has finally entered a phase where we can feel the effects of the achievements accumulated so far. We will improve sales and proposal capabilities to aim for an improved order rate and increased revenue.
Performance Forecast for the Fiscal Year Ending March 2027 (Consolidated)
The plan is for ASNOVA to increase rental sales, and for the group as a whole to increase both revenue and profit.
Note that the performance forecast does not include new M&A, so we aim for further revenue growth by pursuing M&A.
Performance Forecast and Assumptions for the Fiscal Year Ending March 2027 (by Group Company)
ASNOVA plans to steadily grow its core scaffolding rental business while factoring in uncertainty in the external environment. Due to the effect of reduced depreciation costs from suppressing scaffolding investment, operating income will improve significantly.
For Qool, the full-year performance will be reflected from this fiscal year, so sales will increase significantly year-on-year. On the other hand, due to the backlash from a one-time special demand event that contributed in the previous period, operating income is planned for a slight increase.
ASNOVA VIETNAM expects performance to improve, buoyed by the recovery in market growth.
Medium- to Long-Term Plan for ASNOVA VIETNAM
ASNOVA VIETNAM aims to achieve profitability in operating income before depreciation in fiscal 2028 and profitability in operating income in fiscal 2030.
We are finally seeing an increase in the number of sites that are actually changing their scaffolding designs to use ASNOVA's scaffolding as our recognition grows, and we expect the number of customers and sites to increase from the fiscal year ending March 2027.
Tomorrow and Beyond
From the fiscal year ended March 2026, our company has made a major shift from investment in scaffolding to investment in M&A.
We also explain our medium- to long-term growth strategy in a video along with the financial results presentation.
Please check it out on the ASNOVA official website.
Link to ASNOVA official website (For IR/Investors)
ASNOVA Inc.
Head Office: Global Gate 26F, 4-60-12 Hiraike-cho, Nakamura-ku, Nagoya, Aichi 453-6126
Phone: 052-589-1848
FAX: 052-589-1849
Established: December 24, 2013
Capital: 247 million yen
Employees: 234 (as of the end of December 2025)
Representative: Keiji Ueda
Construction License: Minister of Land, Infrastructure, Transport and Tourism Permit (General-26) No. 25548
Permit Held: Antique Dealer License issued by Aichi Prefectural Public Safety Commission No. 541051804100
Executive Summary: ① Record-high sales & operating income before depreciation ② Leveraging a high-profit base to accelerate growth towards 2030
Full-Year Financial Report for the Fiscal Year Ended March 2026
Performance Highlights (Consolidated)
Driven by the contribution from the Qool group integration and increased revenue from domestic scaffolding rental, consolidated net sales reached a record high of 4,915 million yen (+15.2% YoY), and operating income before depreciation reached a record high of 2,072 million yen (+11.1% YoY).
Income Statement Summary (YoY)
Although investment in scaffolding has been suppressed since the fiscal year ended March 2026, depreciation costs continue to be heavy, resulting in a year-on-year decrease in both operating income and net income. However, operating income before depreciation, which indicates true earning power, remains high at 2,072 million yen, with an operating margin before depreciation of 42.2%.
Performance Highlights (by Group Company)
ASNOVA secured an increase in rental sales year-on-year despite impacts such as construction start delays in the construction industry. The operating margin before depreciation also remained very high at 46.5%.
Qool's performance for the nine months from April to December of last year has been reflected. PMI is also progressing smoothly, with results exceeding the initial plan.
ASNOVA VIETNAM had a very difficult year in terms of sales strategy. As challenges in sales activities have been clarified, improvements will be promoted from this fiscal year.
Analysis of Changes in Consolidated Operating Income Before Depreciation (YoY)
The weakening momentum of rental sales during the off-season for the existing business of ASNOVA was a major reason for the decrease in profit. The Vietnam business also fell significantly short of budget.
However, thanks to the contribution from Qool's performance, the group as a whole saw an increase of approximately 200 million yen.
Balance Sheet Summary
Fiscal Year Ending March 2027: Key Measures and Performance Outlook
Key Measures for the Fiscal Year Ending March 2027
ASNOVA, in domestic scaffolding rental, will further increase its earning power by expanding rental sales and by reviewing and organizing low-utilization bases and equipment to improve rental utilization rates.
Qool will introduce ASNOVA's know-how to achieve stable profit growth.
ASNOVA VIETNAM has finally entered a phase where we can feel the effects of the achievements accumulated so far. We will improve sales and proposal capabilities to aim for an improved order rate and increased revenue.
Performance Forecast for the Fiscal Year Ending March 2027 (Consolidated)
The plan is for ASNOVA to increase rental sales, and for the group as a whole to increase both revenue and profit.
Note that the performance forecast does not include new M&A, so we aim for further revenue growth by pursuing M&A.
Performance Forecast and Assumptions for the Fiscal Year Ending March 2027 (by Group Company)
ASNOVA plans to steadily grow its core scaffolding rental business while factoring in uncertainty in the external environment. Due to the effect of reduced depreciation costs from suppressing scaffolding investment, operating income will improve significantly.
For Qool, the full-year performance will be reflected from this fiscal year, so sales will increase significantly year-on-year. On the other hand, due to the backlash from a one-time special demand event that contributed in the previous period, operating income is planned for a slight increase.
ASNOVA VIETNAM expects performance to improve, buoyed by the recovery in market growth.
Medium- to Long-Term Plan for ASNOVA VIETNAM
ASNOVA VIETNAM aims to achieve profitability in operating income before depreciation in fiscal 2028 and profitability in operating income in fiscal 2030.
We are finally seeing an increase in the number of sites that are actually changing their scaffolding designs to use ASNOVA's scaffolding as our recognition grows, and we expect the number of customers and sites to increase from the fiscal year ending March 2027.
Tomorrow and Beyond
From the fiscal year ended March 2026, our company has made a major shift from investment in scaffolding to investment in M&A.
We also explain our medium- to long-term growth strategy in a video along with the financial results presentation.
Please check it out on the ASNOVA official website.
Link to ASNOVA official website (For IR/Investors)
ASNOVA Inc.
Head Office: Global Gate 26F, 4-60-12 Hiraike-cho, Nakamura-ku, Nagoya, Aichi 453-6126
Phone: 052-589-1848
FAX: 052-589-1849
Established: December 24, 2013
Capital: 247 million yen
Employees: 234 (as of the end of December 2025)
Representative: Keiji Ueda
Construction License: Minister of Land, Infrastructure, Transport and Tourism Permit (General-26) No. 25548
Permit Held: Antique Dealer License issued by Aichi Prefectural Public Safety Commission No. 541051804100