RINNAI CORPORATION
5947・Prime Market・Metal Products
Japan
Core segment of the domestic heating equipment business, accounting for approximately 44% of Rinnai's total sales.
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (full year) | \u00a5207,201 million | \u00a5203,731 million | ↑ |
| Operating profit (full year) | \u00a527,115 million | \u00a522,309 million | ↑ |
| Operating profit margin | 13.1% | 10.9% | ↑ |
| Segment assets | \u00a5388,880 million | \u00a5361,236 million | ↑ |
| Depreciation and amortization | \u00a57,982 million | \u00a58,561 million | ↓ |
| Increase in property, plant and equipment and intangible assets (capital expenditures) | \u00a59,920 million | \u00a59,337 million | ↑ |
Business Details
The domestic business segment operated by Rinnai Corporation itself and its domestic consolidated subsidiaries. The segment sells water heating equipment, kitchen equipment, air conditioning equipment, commercial equipment, etc. to city gas companies, propane fuel distributors, homebuilders, and pipe/building materials distributors. While new housing starts continue to trend weak due to the declining birthrate, aging population, and population decline, renovation demand provides underlying support, and expanding sales of energy-saving, high-value-added products is a pillar of the growth strategy.
Recent Overview
Both net sales and operating profit increased year on year, driven by higher sales and improved product mix.
In the Japan segment for FY2026 (ending March 2026), while the new housing market continued to trend weak amid rising prices and interest rates, resilient renovation market demand supported net sales of \u00a5207,201 million (up 1.7% year on year). On the profit front, despite headwinds from soaring raw material and energy costs and the free repair program for bathroom heating dryers, the effects of higher sales and improved product mix drove operating profit up significantly to \u00a527,115 million (up 21.5% year on year). Priority products such as ECO ONE, gas clothes dryers, and air bubble products led sales.
Key Products
Growth Drivers
- Subsidy effects for the Hybrid Water Heating \u0026 Heating System \"ECO ONE\" and rising demand for GX-ZEH installation
- Continued strong sales of air bubble products lifting overall water heating equipment sales
- Improved product mix through growth in sales of high-value-added products such as gas clothes dryers
- Resilient demand in the renovation market (offsetting weak new housing starts)
- Improved profitability from the effects of cost reduction activities
- Strategic introduction of new products and promotion of priority products under the new medium-term management plan \"accelerate 2030\"
Risks
- Continued long-term decline in the number of domestic households and weak new housing starts due to the declining birthrate, aging population, and population decline
- Increased cost burden from soaring raw material and energy costs
- Ongoing costs from free repairs and inspections of bathroom heating dryers
- Long-term structural change risk in demand for gas equipment amid the transition to a decarbonized society
- Deteriorating consumer sentiment and sluggish housing market due to rising prices and interest rates
- Spillover to domestic consumption from economic downside risk stemming from US trade policy, etc.
Last updated: June 25, 2026