Nippon Sanso Holdings Corporation
Cite as: Japan IR Index, Nippon Sanso Holdings Corporation (4091), methodology GNT-BDS v1.1.1, reviewed 2026-10-01.
Findings and sources as of the review date shown. The company’s English disclosure may have changed since.
Where to start
Chosen from this company's lowest answers, easiest first. A quick fix uses material the company already has; a translation fix is usually met by translating a Japanese document (our note says whether this company has one). Questions that need a budget or a board decision are left out. Suggestions drawn from the research, separate from the scores.
O7 Named English IR contact published 3/5 Quick fix
Link a dedicated IR contact (form, address or e-mail) from the English IR section.
O5 Single page listing all English IR documents by date and type 4/5 Quick fix
Keep one English page that lists every IR document with its date and type.
R4 English disclosure free of machine-translation accuracy disclaimers 4/5 Quick fix
Have the English pages reviewed so that no machine-translation notice is needed.
S4 Growth drivers identified and quantified in English 4/5 Translation
Name the growth drivers in English and attach numbers to them.
English disclosure assessment
All 34 questions reviewed by the editor against the public documents; this is not an independent audit. 1 answer corrected after re-checks (research errors) on 23 Oct 2026. These are changes to our record, not to the company’s disclosure. Changes to this record →
Compared with peers
| Peer group | Median | This company |
|---|---|---|
| Same sector (Chemicals) | 82.8 | 1 of 18 |
| Same size band (Over ¥2tn) | 87.3 | 3 of 10 |
Compared with the companies covered here, not the whole market. Sector is the TSE 33-sector classification; market cap is from the TSE English-disclosure survey, Aug 2026; it only sets the size band, plays no part in the score, and is refreshed once a quarter. Ties share the higher rank.
Out of 100.
Of the 34 questions reviewed, 32 scored 3 or more and 0 found no qualifying English materials within the stated review scope. Read each score with its source and scope below.
Findings by question
F1Quarterly and full-year results summaries (tanshin) published in English5/5
Consolidated Financial Results for Q1 of the year ending March 2027 under IFRS, in English, 29 July 2026 - 19 pages carrying the segment note and the cash flow statement. The quarterly archive runs back to FYE2004. Source document →
F2English results summary is a full translation, not an excerpt5/5
Q1 FYE2027 tanshin under IFRS: the English is 18 pages and the Japanese 19. Both files were reissued on 6 Aug 2026 after the quarterly review. The Japanese adds a one-page review-completion cover and EY's interim review report (pp.18-19). The English carries the summary pages, the qualitative section (results by segment, financial position, forecast explanation), all four condensed statements and the same notes: applicable framework, going concern, segment information with the reconciliation, and additional information on the head-office land sale. The FY2026 tanshin (11 May 2026) is 25 English pages to 23 Japanese, with the same contents. Only the voluntary review report is missing, and the anchor does not count that, so 5. Source document →
F3Financial statements including notes available in English5/5
The latest period, Q1 FYE2027, has full condensed statements in the English tanshin (financial position, profit or loss, comprehensive income, changes in equity, cash flows) and the same notes the Japanese carries: framework, going concern, segments with reconciliation, and additional information. At the year end, the English 'Consolidated Financial Report' FYE2026 (80 pp) gives the full IFRS statements, with the notes and the independent auditor's report. Full statements and notes for the latest period, so 5. Source document →
F4Annual securities report available in English in any form3/5
A 'Consolidated Financial Report' is published in English for FYE2026 and back to FYE2022, and the site describes it as 'an English translation reference from the Japanese securities report'. It is 81 pages of financial statements with the independent auditor's report - and no company overview, no business overview, no risk factors. Part of the filing, not the filing. Source document →
F5Segment revenue and profit disclosed in English, consistent definitions5/5
Every English tanshin has a segment note giving revenue and segment income for the five reportable segments: Japan, United States, Europe, Asia & Oceania and Thermos. The note also states the definitions. 'Outline of reportable segments' gives the basis and the main products of each segment, and the qualitative section says 'Segment income represents core operating income'. Each segment has its own page in the deck. The same structure runs through FYE2026 and Q1 FYE2027, so 5. Source document →
F6Multi-year financial data file (Excel or CSV) downloadable in English5/5
The English Chart Generator (IR > Financial Results and Information) has a 'Download (Excel)' link to irpocket.com/4091/chart/data_en.xlsx; the download starts in the browser. The tabs cover Business performance, Financial Position, Cash Flows, Other Indicators, Per-Share Data, Capital Efficiency, Share Price Profitability and Non-financial data. They run eleven fiscal years, 2016/03 to 2026/03, with non-financial data from FYE2020. The download is a spreadsheet with more than five years of P&L, balance sheet, cash flow and per-share data, so 5. Source document →
F7Guidance disclosed in English with the basis explained5/5
The FY2026 English tanshin (11 May 2026) gives the FYE2027 forecast: revenue ¥1,380.0bn, core OI ¥208.0bn, OI ¥215.0bn and NI attributable ¥131.0bn. Its 'Future Outlook' section sets out the market view (tariffs, supply chains, energy prices, possible effects on shipment volumes) and states the FX assumptions, ¥150/USD and ¥175/EUR. The Q4 deck's 'Consolidated Forecast' page adds EBITDA and margins and the FX table, with AUD ¥100. Revisions are explained in English. The 4 Feb 2026 'Notice Regarding Earnings Forecast Revisions' gives previous against revised figures and the reasons (weaker yen, price management, productivity). No segment-level forecast was found. The forecast, its FX and market basis, and explained revisions are all there, so 5. Source document →
F8English financial disclosure current to the latest Japanese filing period5/5
English Q1 results for the year ending March 2027 published 29 July 2026, the same period as the Japanese filing. Source document →
S1Medium-term management plan in English with numerical targets5/5
The current plan is 'Next Innovation 2030 - Evolving for the Future' (FYE2027-FYE2030), in English on the MTP page. It comes as a 4-page announcement (24 Mar 2026, the same length as the Japanese 策定のお知らせ), a 46-page briefing deck (Japanese 45 pp) and the bilingual briefing script (30 Mar). The targets are revenue ¥1,500-1,575bn, core OI ¥250-275bn, core OI margin ≥17%, EBITDA ¥400-440bn, EBITDA margin ≥26.5%, net debt/EBITDA ≤1.5x and ROCE after tax ≥8%. Sustainability KPIs and the FX assumptions (USD 150, EUR 175) are also given. The English news list dates the deck and announcement the same day as the Japanese. Complete and current, so 5. Source document →
S2IR presentations published in English5/5
Q1 FYE2027 earnings announcement presentation in English (4.6MB) and, separately, the telephone conference script for the same quarter - the spoken briefing, not only the deck. Both dated with the results. Source document →
S3English equity-story or investment-highlights page5/5
Integrated Report 2026 (English) has an 'At a Glance' spread, 'NSHD by the Numbers (FYE2026)'. It gives revenue ¥1,359.6bn, core OI ¥203.0bn, an overseas revenue ratio of 68.7%, 4th in global industrial gas market share, more than 30 countries, 20,411 employees, and the revenue split by segment and customer industry. These sit alongside short descriptions of the industrial gas, electronics and Thermos businesses. The MTP deck adds an 'Our Sources of Value' section (gas production technology, the scalability of industrial gases, Operational Excellence), but that is qualitative. There is no 'why invest' page on the site, so the At a Glance section is the dedicated, quantified one: 5. Source document →
S4Growth drivers identified and quantified in English4/5
The MTP deck names three key strategies. They are higher profitability in industrial gases (Operational Excellence, resilient businesses), faster expansion of electronics (specialty-gas capacity, advanced semiconductor materials, full-turnkey supply, entering India), and future growth drivers (stable isotopes, MOCVD, carbon-neutral businesses, additive manufacturing, bio). Some of this has numbers. Capex/investment of about ¥780bn over four years carries a 47/32/16/5 split, with about 20% of growth investment going to electronics and stable isotopes. The plan targets 30% growth in sustainable-business revenue and a revenue CAGR of 3-4%. The integrated report's innovation pages aim for new businesses to reach at least 20% of revenue, and the Q1 call script gives a ¥150bn capex backlog. There is no market size, share or revenue contribution for each driver. Named, some quantified: 4. Source document →
S5Results-briefing transcripts or Q&A published in English5/5
Every quarterly telephone conference, Q1 FYE2024 through Q1 FYE2027, has a 'Telephone conference script'. It is the same file on the English and Japanese pages, a bilingual transcript with the original Japanese beside the English interpretation, presentation and full Q&A (Q1 FYE2027: 29 pp, 72,000 characters, posted 31 Jul 2026 on both sites). The full-year Zoom briefing has its own bilingual script ('May 22, 2026 FYE2026 Earnings Presentation Scripts', 37 pp), as do the MTP briefing and the sustainability IR conference. Every transcript reaches the English reader on the same day as the Japanese, so 5. Source document →
S6Integrated or annual report available in English5/5
Integrated Report 2026 in English, in viewing and printing editions, stating its reporting period as 1 April 2025 to 31 March 2026 - the current edition. Source document →
S7Progress against the previous plan, including misses, explained in English5/5
Integrated Report 2026, 'Review of the Previous Medium-Term Management Plan, NS Vision 2026' (p.26), gives FYE2023-FYE2026 results against the FYE2026 targets. Revenue was ¥1,359.6bn against ¥975-1,000bn, core OI ¥203.0bn against ¥125-135bn, EBITDA margin 24.3% against ≥24%, adjusted net D/E 0.59x against ≤0.7x, and ROCE after tax 7.1% against ≥6%. The non-financial KPIs are set out the same way, including the misses: lost-time injury rate 1.84 against ≤1.6, female employees 21.3% against ≥22%. The variances are explained. The CFO message and the review credit price management, Operational Excellence and debt repayment, and the MTP deck notes that the original targets assumed USD/JPY 115 against an actual 150. Target against actual, explained, so 5. Source document →
G1Corporate governance report available in English5/5
The whole Corporate Governance Report filed with TSE, in English, "Last updated: June 18th, 2026", 32 pages, posted to the English IR News list on 18 June 2026, the same day as the Japanese (the 2025 edition is there too, 19 June 2025). 5 (was 3 on 12 Oct, which looked only at the governance page and the IR library; re-checked 14 Oct 2026). Source document →
G2Director biographies in English with tenure, expertise and independence5/5
The English notice of the 22nd AGM (Proposal 2) covers all nine director candidates, and that is the whole board. Each has date of birth, shares held, 'Years of service as a director' (e.g. Kenji Nagata, 8) and board attendance, with new appointees marked as such. Each also has a full career summary, concurrent positions, the reasons for nomination, and outside/independent status, which five candidates hold. The notice also includes the Standards for Independence. All three elements for every director, so 5. Source document →
G3Board skills matrix published in English5/5
The English AGM notice (26 May 2026) has the 'Skills Matrix of Candidates for Directors' for all nine candidates. It covers six skills (Corporate Management, Financial Affairs & Accounting, Legal Affairs & Risk Management, Sales & Marketing, Development & Technology, Production & Procurement) plus overseas assignment, experience at other companies and independence, and defines each skill. Integrated Report 2026 repeats it (p.71). Current matrix in English, so 5. Source document →
G4Executive remuneration structure and its performance linkage explained in English5/5
The English AGM notice's business report (pp.48-51) sets out the pay structure. It has three parts: Basic Monthly Remuneration (fixed), Performance-linked Remuneration and Non-financial KPI-linked Remuneration, with the formulas. A table gives the mix (President: 53/40/7) and the KPIs with their evaluation weights. The financial KPIs are revenue and core OI margin against budget, growth in revenue, core OI and NI, and ROCE after tax, at 16.6% each. The non-financial KPIs are lost-time injury rate 50, compliance training 25 and GHG reduction contribution 25. The table also shows each KPI's target and result. Amounts are given by type: directors ¥220m, of which basic ¥156m, performance-linked ¥52m and non-financial ¥10m. The integrated report covers the performance-linked stock plan approved in June 2026. Structure, KPIs, weights and amounts, so 5. Source document →
G5AGM notice in English with sufficient lead time to vote4/5
Notice of Convocation of the 22nd AGM posted 26 May 2026 for a meeting on 17 June - 22 days, voting open to 16 June - running to 73 pages and 212,000 characters with the reference documentation in English, plus a separate English file of the other electronically-provided matters. Re-checked 23 Oct 2026 (G5 voting-site sweep, after the independent audit): the voting website named in the English notice, soukai.mizuho-tb.co.jp (Mizuho Trust & Banking), is in Japanese only, with no English option, as for ESPEC (6859) and Nitto Boseki (3110). Every proposal in English, but a Japanese-only voting route, so 4. Source document →
G6Shareholder vote results disclosed in English5/5
An Extraordinary Report filed 23 June 2026, in English: votes for, against and abstaining on each matter resolved, with the requirement for approval and the resolution. Published for every year back to FYE2024, alongside a Notice of Resolutions. Source document →
G7Cross-shareholdings in English with reduction schedule and rationale2/5
The English CG report (18 Jun 2026), under Principle 1.4, refers to Article 4 of the Principles of Corporate Governance. That article covers holdings kept to maintain business relationships, an annual board review by ROIC and business need, and sale where there is insufficient reason. For the actual holdings and sales the report points to the Annual Securities Report 'in Japanese'. No English source has the count, the amount, a reduction target or progress: not the integrated report, not the 80-page Consolidated Financial Report, not the governance page. Policy and rationale only, so 2. Source document →
O1English IR section reachable within two clicks of the English homepage5/5
The English homepage (jp.nipponsanso.com/en/) has 'Investor Relations' as a visible top-navigation link to /en/ir/; the dropdown sub-items are optional. One click, so 5. Source document →
O2English document links resolve to English documents5/5
Sampled 22 English document links across types and years. The Q1 FYE2027 tanshin (18 pp) and deck (37 pp) are English. So are the FY2026 tanshin (25 pp), the Q4 deck (44 pp) and the FY2026 full-term presentation (39 pp). The Q1 FYE2025 tanshin (17 pp) and FY2024 tanshin (20 pp) are English too. The Q1 FYE2027 telephone script (29 pp) and FY2026 presentation script (37 pp) are bilingual with full English. The rest of the sample: MTP announcement (4 pp), MTP deck (46 pp), bilingual MTP script (42 pp), the NS Vision 2026 plan (2022, 9 pp) and Ortus Stage 1 (9 pp). Also the 22nd and 19th AGM notices (72 and 64 pp), the 22nd resolutions notice and the Extraordinary Report (3 pp). Finally the CG report (32 pp), Integrated Report 2026 (106 pp) and 2022 (69 pp), the Consolidated Financial Report 2026 (80 pp), the forecast revision notice of 4 Feb 2026 and the controlling-shareholder notice of 22 Jun 2026. Each opens to English content; no Japanese-only document is behind an English label. 5. Source document →
O3English IR archive free of dead links5/5
All 22 documents in the O2 sample, dated 2021 to Aug 2026, opened in the browser with page counts, and the Excel data link starts a download. No dead links, so 5. Source document →
O4English IR pages render without blank JavaScript failures5/5
Rendered in Chromium: the IR top (IR events, news, pick-ups), IR News with year archive and type tabs, Quarterly Results (fiscal-year tabs back to FYE2004), Financial Results Presentation Materials, Business Performance (charts with data tables), the Chart Generator (charts and tables), the MTP page, the IR Library and Other IR events, General Meeting of Shareholders, IR Calendar, the Stock Price Chart (stock-chart, share-price-lookup and investment-calculator widget, timestamped 14 Oct 2026) and Corporate Governance. Every one shows its content, with no blank lists or failed widgets, so 5. Source document →
O5Single page listing all English IR documents by date and type4/5
English IR News is one dated list with type tabs (All, IR, Timely Disclosure, Shareholder information) and a fiscal-year archive back to FYE2004. It carries the tanshin, decks, call and briefing scripts, MTP materials, AGM notices and related matters, the CG report and every timely disclosure. It leaves out the integrated reports, the Consolidated Financial Reports and the extraordinary reports, which are only on their own library and meeting pages. The IR Library itself is a hub split by type. One dated, typed page that does not carry every type, so 4. Source document →
O6English archive genuinely populated, not an unverifiable shell5/5
The archive is deep. Quarterly results run back to FYE2004, with decks throughout and bilingual call scripts from FYE2024. Full-year presentation scripts go back to FYE2023, integrated reports to 2022, and Consolidated Financial Reports from FYE2022 to FYE2026. AGM notices, resolutions and extraordinary reports cover the 19th to 22nd meetings, and MTP documents go back to Ortus Stage 1. IR News is archived by fiscal year to FYE2004. Several years across document types, so 5. Source document →
O7Named English IR contact published3/5
Nippon Sanso Holdings has a dedicated English 'Investor Relations Inquiries' form (two steps, name, type of business including 'Investor', e-mail, phone, inquiry details). It is separate from the product, employment and general forms. It is not linked from the English IR site. The IR top (jp.nipponsanso.com/en/ir/) and its full IR menu (Management Policy and Structure, Financial Results, IR Library, Stock and Shareholder Information, IR Calendar, Glossary, FAQ, IR News Mailing Service, For Individual Investors) have no contact item, and nor do the IR FAQ, IR Policy or individual-investor pages. The form appears only as one of four entries under the site-wide 'Contact' item in the global header. Keita Kajiyama, General Manager, Investor Relations, is named as the contact in the results summary. Re-checked 17 Oct 2026 under the current bands, which no longer need a named person: the score stays at 3. The route is genuine and IR-only, but a reader starting from the IR top reaches it only through the global Contact menu, so it is not immediately obvious. Source document →
R1Earnings materials published in English simultaneously with Japanese5/5
Dates from the English and Japanese IR News lists. Q1 FYE2027: tanshin and deck 29 Jul 2026 in both. FY2026: tanshin and deck 11 May 2026 in both, with the full-year briefing deck 22 May in both. Q3 FYE2026 was 4 Feb 2026 in both and Q2 30 Oct 2025 in both. Both Q1 tanshin files were reissued on 6 Aug after the quarterly review: the Japanese PDF was created 3 Aug and the English 6 Aug, and the original posting was the same day. The earlier record had gaps (FY2024 English tanshin 6 Jun 2024 against 13 May; Q1 FYE2025 15 Aug against 30 Jul 2024), but the last five periods are same-day. 5. Source document →
R2Median lag in days between Japanese and English statutory publication5/5
English against Japanese, from the two IR News lists. Q1 FYE2027 tanshin 29 Jul / 29 Jul = 0. FY2026 tanshin 11 May / 11 May = 0. 22nd AGM notice 26 May / 26 May = 0. Corporate Governance Report 18 Jun / 18 Jun = 0. Annual securities report: Japanese 15 Jun 2026. The only English counterpart is the partial 'Consolidated Financial Report', PDF created 8 Sep 2026 (about 85 days), which counts as >90 if treated as untranslated. Sorted 0, 0, 0, 0, 85+: median 0, so 5. Source document →
R3Timely disclosures published in English5/5
Twelve months to 14 Oct 2026. The Japanese IR News carries 25 適時開示 items. 24 of them are on the English list the same day: results and decks (30 Oct, 4 Feb, 11 May, 29 Jul), the full-year deck (22 May), the interim dividend and forecast revision (30 Oct), the earnings forecast revision (4 Feb), and two dividends from subsidiaries (23 Jan, 19 Mar). Also the MTP announcement and deck (24 and 30 Mar), the change of representative directors (27 Apr), the asset transfer (28 Apr), the specified-subsidiary change (30 Apr), the year-end dividend and the subsidiary-share valuation loss (11 May), the subsidiary dividend and the performance-linked stock plan (13 May), the investment-unit policy (26 May) and the controlling-shareholder matters (22 Jun). The one without English is the semi-annual securities report (11 Nov 2025), a statutory filing rather than a timely disclosure. All timely disclosures, same day: 5. Source document →
R4English disclosure free of machine-translation accuracy disclaimers4/5
No machine-translation notice or banner on the rendered English homepage, IR top, IR pages, Disclaimers, Terms of Use or Important Notice. The tanshin, decks, AGM notice, CG report and reports carry only the human-translation 'Japanese original shall prevail' line, which belongs to R5. The one caveat is on the bilingual call and briefing transcripts. The English is a transcription of the simultaneous interpretation, and the transcripts say that 'in cases where the audio was unclear, translation tools were used to supplement and make necessary revisions'. That is a narrow, honest note on a supplementary document, not a document presented as a machine translation. It is still something machine-assisted, so 4 rather than 5 (floor). Source document →
R5English version stated as authoritative, not subordinate to Japanese1/5
'[Translation for Reference and Convenience Purposes Only] ... In the event of any discrepancy between this translated document and the Japanese original, the Japanese original shall prevail.' Source document →
Open a question for the reasoning and the document its score was read from. A zero means no qualifying English materials were located within the stated review scope as of 2026-10-01. Compare this question across companies →
Capital-policy review
Not scored. 1 action has been reviewed; a score out of 100 is published once 3 or more are. The ratings:
Each action is read against the company’s own filings on four checks: was the promise specific, can the steps be traced, were the economics explained, and did it report back against the target. This records the status of selected actions, not an assessment of the company as a whole. How this is scored →
Next Innovation 2030 cash allocation and return plan
Strategy or target reset · announced · Action announced 24 March 2026
Nippon Sanso launched a four-year plan with profitability, leverage, ROCE, cash-generation and allocation targets after exceeding the prior ROCE objective.
Timeline and sources (2 steps)
- 24 March 2026Plan announced The company set FY2030 profitability, leverage and after-tax ROCE targets. Announcement of Medium-Term Management Plan Next Innovation 2030
- 31 March 2026 · announced 22 May 2026Funding and governance detailed The CFO disclosed the ¥1.17tn cash-flow target, 70/30 allocation and regional hurdle-rate discipline. CFO Message
What management said it would do
Nippon Sanso targets ¥1.17tn of four-year operating cash flow, at least 8% after-tax ROCE and net debt/EBITDA of 1.5x or below.
From the company’s own disclosure · Announcement of Medium-Term Management Plan Next Innovation 2030 · CFO Message
What it actually did, and when
The company entered the plan after achieving 7.1% after-tax ROCE and 0.59x adjusted net D/E in FYE2026.
Partly disclosed — a gap remains · CFO Message
What it disclosed about the economics
About 70% of cash flow is earmarked for capex and acquisitions, with project hurdle rates above regional cost of capital.
Partly disclosed — a gap remains · CFO Message
What has happened since
The FYE2030 outcome is not due.
Partly disclosed — a gap remains · Announcement of Medium-Term Management Plan Next Innovation 2030
The question this leaves open
Investor question: What returns are major capex and M&A cohorts earning versus hurdle rates? IR preparation: disclose cohort-level spend, returns and remediation.
Our analysis, not a company statement
Balance sheet and capital-policy indicators
A source-backed first-pass capital-efficiency, balance-sheet and governance reading, separate from the accountability score.
Cash use and returns
Next Innovation 2030 targets ¥1.17tn of operating cash flow, with about 70% reinvested in capex and acquisitions and 30% for debt reduction and dividends.
Capital structure
FYE2026 after-tax ROCE was 7.1% and adjusted net D/E 0.59x; the new plan targets net debt/EBITDA of 1.5x or less.
Governance of capital decisions
Projects require returns above country/region cost of capital, hurdle rates are reviewed, and underperforming investments receive recurring review.
Preliminary and not scored: a selected-source reading, reviewed 24 September 2026. Surplus cash, leases, maturities, project ROIC, cost of capital, committed spend and peer comparability are not fully assessed; none enters the accountability score. Figures are the company’s own reported numbers; a large cash balance is not called excess without a defensible operating reserve and investment plan. Every company with a balance-sheet reading →
Changes to this record
- Research error 23 October 2026 · G5: 5 → 4. Every proposal is in the English notice, but the voting website shareholders use (Mizuho Trust & Banking) is in Japanese only.
Every change is labelled as a research error, new evidence supplied, improved disclosure or a rule change, with its date and the previous score. Change log →
Scores assess how English information is published, not the quality of the business or its investment value. To report an error or a document we missed, see how to contact us.