確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモの要点（当調査による日本語要約）英文の統合報告書2026の「At a Glance」で、売上収益1兆3,596億円、海外売上比率68.7%、産業ガスの世界シェア4位、20,411名の従業員などの数字が示されます。数値化された専用の章があるため5点です。
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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).
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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.
確認メモ（原文・英語）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).
確認メモ（原文・英語）'[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.'
Next Innovation 2030 cash allocation and return plan
Nippon Sanso launched a four-year plan with profitability, leverage, ROCE, cash-generation and allocation targets after exceeding the prior ROCE objective.
時系列と出典（2件・内容は原文）
2026-03-24Plan announced The company set FY2030 profitability, leverage and after-tax ROCE targets.出典資料1
2026-03-31（公表 2026-05-22）Funding and governance detailed The CFO disclosed the ¥1.17tn cash-flow target, 70/30 allocation and regional hurdle-rate discipline.出典資料1
経営陣が表明したこと
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.
Investor question: What returns are major capex and M&A cohorts earning versus hurdle rates? IR preparation: disclose cohort-level spend, returns and remediation.
当調査の分析（会社の説明ではありません）
約束は具体的か5／5Cash generation, allocation, ROCE, leverage and profitability targets are quantified.
実行の経過を追えるか4／5The issuer bridges prior actuals into the new plan and describes investment governance, but current-plan execution is early.
経済性を説明しているか5／5Regional hurdle rates, recurring review and funding priorities are unusually explicit.
目標に対する結果を報告しているか時期未到来The FYE2030 outcome is not due.
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.
資本構成
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.
資本政策の意思決定
Projects require returns above country/region cost of capital, hurdle rates are reviewed, and underperforming investments receive recurring review.