© Azbil Corporation. All rights reserved.
Presentation Materials
for the Third Quarter of Fiscal Year 2024
(Ending March 31, 2025)
(Based on Japanese GAAP)
February 6, 2025
Azbil Corporation
RIC: 6845.T, Sedol: 6985543

2
© Azbil Corporation. All rights reserved.
Highlights
1. Consolidated Financial Results for the Cumulative Third Quarter of FY2024

Orders received, net sales, and operating income were all higher than the same period of FY2023, mainly due to growth in the
BA business.

Net income attributable to owners of parent increased significantly owing to the completion of the transfer of equity interests
in Azbil Telstar S.L.U. (ATL).
2. Consolidated Financial Plan for FY2024

Despite the impact on the fourth-quarter (3 months) consolidated financial results of the transfer and exclusion of ATL from
the scope of consolidation as well as a fall in revenue due to the delayed recovery in the factory automation (FA) market,
thanks mainly to the strong performance of the BA business, we expect to achieve a fourth consecutive year of growth in
revenue and profit.

With the completion of the ATL transfer, a significant increase is expected in net income attributable to owners of parent.
3. Returning Profits to Shareholders and Investment in Human Capital

The plan to increase the dividend for the 10th consecutive year remains unchanged, and DOE is expected to be at the 5%
level.

Repurchase of the Company’s own stock to the value of 15.0 billion yen is currently underway. Making use of these treasury
shares, we will expand investment in human capital. We have cancelled treasury shares worth 5.2 billion yen.
4. Progress in Implementing the Medium-term Plan

Steady progress is being made with the medium-term plan. According to the consolidated financial plan for FY2024, the final
year of the medium-term plan, having strengthened business profitability, we expect to achieve business results that exceed
the performance targets set in the medium-term plan formulated in FY2021, while we continue to further enhance strategic
investments.

3
© Azbil Corporation. All rights reserved.
Contents
1. Consolidated Financial Results
for the Cumulative Third Quarter of FY2024
4
2. Consolidated Financial Plan for FY2024
12
→No revision from the most recent announcement on November 8, 2024
3. Returning Profits to Shareholders and Investment in Human Capital
16
→No revision has been made to the most recently announced plan to
return profits to shareholders (November 8, 2024).
There will be expanded measures to invest in human capital.
4. Progress in Implementing the Medium-term Plan
20
Appendix I Financial Data
24
Appendix II Transfer of Equity Interests in Azbil Telstar, Three Growth Fields,
Sustainability Management, and Shareholder Returns
30

Notes
39

© Azbil Corporation. All rights reserved.
4
1. Consolidated Financial Results
for the Cumulative Third Quarter of FY2024

5
© Azbil Corporation. All rights reserved.
1. Consolidated Financial Results for the Cumulative Third Quarter of FY2024
Consolidated Financial Results

Orders received increased compared to the same period of FY2023 mainly due to growth in the BA business.

Net sales also increased overall compared to the same period of FY2023 due to significant growth in the BA business.

Operating income rose compared to the same period of FY2023 thanks to revenue growth and measures to enhance profitability,
including cost pass-through, and despite increases in personnel and various other expenses.

Ordinary income increased compared to the same period of FY2023 due to the growth in operating income. Owing mainly to
the
completion of the transfer and the recording of gain on sale of equity interests in ATL (7.6 billion yen), net income attributable to
owners of parent increased significantly compared with the same period of FY2023.
Reference:
The impact of foreign exchange rate fluctuations
(compared to the same period of FY2023)
+3.8 billion yen for net sales
+0.4 billion yen for operating income
The impact of foreign exchange rate fluctuations is
derived from the difference in rates, between the previous
and current periods, used to convert overseas
subsidiaries’ P/L into yen from the local currency.
Orders received, net sales, and operating income were all higher than the same period of FY2023, mainly due to
growth in the BA business.
Net income attributable to owners of parent increased significantly owing to the completion of the transfer of equity
interests in Azbil Telstar S.L.U. (ATL).
(Billions of yen)
FY2023
FY2024
Q1-3
Q1-3
(A)
(B)
(B) - (A)
% Change
Orders received
223.4
231.1
7.7
3.5
Net sales
205.3
217.9
12.5
6.1
Japan
156.3
166.5
10.2
6.5
Overseas
48.9
51.3
2.3
4.8
Gross profit
85.6
93.9
8.2
9.6
Margin
41.7
43.1
1.4pp
SG&A
62.4
67.1
4.6
7.5
Operating income (loss)
23.2
26.8
3.5
15.5
Margin
11.3
12.3
1.0pp
Ordinary income (loss)
24.5
28.0
3.5
14.4
27.3
37.2
9.9
36.2
19.1
28.6
9.5
49.7
Margin
9.3
13.2
3.8pp
Income (loss) before income taxes
Net income (loss) attributable to
owners of parent
Difference

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© Azbil Corporation. All rights reserved.
1. Consolidated Financial Results for the Cumulative Third Quarter of FY2024
Financial Results by Segment
■
BA: Orders received increased compared to the same period of FY2023 assisted by the renewal of large-scale multi-year
service contracts, against the backdrop of a robust business environment. In all fields sales grew compared to the
same period of FY2023, and steady progress was made with initiatives to level the workload. Segment profit rose,
thanks to increased revenue and enhanced profitability.
■
AA: Orders received decreased compared to the same period of FY2023, when a number of large-scale projects had been
recorded. Thanks to gradual easing of the parts procurement difficulties, delivery lead times improved and shortening
of the period between order intake and revenue meant that sales were on a par with the same period of FY2023.
Although the measures implemented to strengthen profitability continued to have a positive impact, because of
increased expenses, segment profit was lower than the same period of FY2023.
■
LA: As regards orders received, while there was an increase in the Life Science Engineering (LSE) field, which benefited
from currency exchange (weakening of the yen), overall results for the LA business were on a par with the same period
of FY2023. Sales were higher than the same period of FY2023 thanks to an increase in the LSE field resulting from the
currency exchange. Segment profit was lower than the same period of FY2023 due to an increase in personnel and
various other expenses.
（Billions of yen）
FY2023
FY2024
Q1-3
Q1-3
(A)
(B)
(B) - (A)
% Change
■
B A
Orders received
108.0
117.6
9.6
8.9
Sales
90.5
102.5
11.9
13.2
Segment profit (loss)
9.5
14.1
4.5
47.9
Margin
10.5
13.8
3.2pp
■
A A
Orders received
77.0
74.4
(2.5)
(3.4)
Sales
78.6
78.2
(0.3)
(0.5)
Segment profit (loss)
12.6
11.7
(0.8)
(7.0)
Margin
16.1
15.1
(1.1)pp
■
L A
Orders received
40.0
40.3
0.3
0.9
Sales
37.6
38.4
0.8
2.2
Segment profit (loss)
1.0
0.9
(0.0)
(8.2)
Margin
2.7
2.5
(0.3)pp
Difference

7
© Azbil Corporation. All rights reserved.

Orders received were higher than the same period of FY2023, mainly due to the renewal of large-scale multi-year
service contracts, and thanks to growth in the existing building field—to which more personnel and other
resources are being allocated and for which the business infrastructure is being reinforced.

Sales increased in all fields: new and existing buildings, service, and overseas business. Initiatives to level the
workload also progressed, and there was a significant increase in sales overall compared to the same period of
FY2023.

Despite increased outsourcing costs as well as higher personnel and digital transformation (DX)-related expenses
and R&D investments, thanks to increased revenue—mainly in the highly profitable existing building and service
fields—and the result of measures to enhance profitability, including cost pass-through, segment profit was up
significantly compared to the same period of FY2023.
1. Consolidated Financial Results for the Cumulative Third Quarter of FY2024
Segment Information: BA Business
Business environment
— In the domestic market, demand for new office buildings in urban redevelopment projects has leveled off but remains high.
Demand for the refurbishment of existing buildings, including energy savings and CO
2
reduction, has remained steady.
— There is continuing interest in new solutions offering post-pandemic safety and suited to new ways of working.
— Overseas, investment is expanding and already exceeds pre-pandemic levels.
(Billions of yen)
FY2023
FY2024
Q1-3
Q1-3
(A)
(B)
(B) - (A)
% Change
Orders received
108.0
117.6
9.6
8.9
Sales
90.5
102.5
11.9
13.2
Segment profit (loss)
9.5
14.1
4.5
47.9
Margin
10.5
13.8
3.2pp
Difference

8
© Azbil Corporation. All rights reserved.

Orders received decreased compared to the same period of FY2023 due to the slow recovery in the FA market,
and to the fact that a number of large-scale projects were recorded in the same period of FY2023.

Despite the continuing slump in orders received, thanks to gradual easing of the parts procurement difficulties,
delivery lead times improved and shortening of the period between order intake and revenue meant that sales
remained on a par with the same period of FY2023.

As for segment profit, although the measures to strengthen profitability, including cost pass-through, continued
to have a positive impact, increases in personnel and other expenses, coupled with increased investments in
overseas sales, DX and R&D, had a negative impact. Consequently, segment profit was lower than the same
period of FY2023.
1. Consolidated Financial Results for the Cumulative Third Quarter of FY2024
Segment Information: AA Business
Business environment
— In the process automation (PA) market, demand centering on domestic maintenance and refurbishment has remained firm.
— In the FA market, despite there being signs of recovery in some areas, conditions overall have remained sluggish, due in
part to the slow recovery in China.
(Billions of yen)
FY2023
FY2024
Q1-3
Q1-3
(A)
(B)
(B) - (A)
% Change
Orders received
77.0
74.4
(2.5)
(3.4)
Sales
78.6
78.2
(0.3)
(0.5)
Segment profit (loss)
12.6
11.7
(0.8)
(7.0)
Margin
16.1
15.1
(1.1)pp
Difference

9
© Azbil Corporation. All rights reserved.

As regards orders received, while there was an increase in the LSE field, which benefited from currency exchange
(weakening of the yen), the LA business overall was on a par with the same period of FY2023.

Overall sales increased compared to the same period of FY2023, because of a similar increase to orders received
in the LSE field resulting from the currency exchange.

Despite the effect of measures to strengthen profitability, an increase in personnel and various other expenses
resulted in lower segment profit than the same period of FY2023.
1. Consolidated Financial Results for the Cumulative Third Quarter of FY2024
Segment Information: LA Business
Business environment
— The Lifeline field, which includes gas (city gas, LP gas) and water meters, depends on demand for meter replacement as
required by law, and demand can be expected to remain basically stable. Though the market for LP gas meters itself is
dependent on cyclical demand, which is currently at a low ebb, the demand is expanding for smart metering as a service
business using IoT technology.
— In the Life Science Engineering (LSE: for pharmaceuticals/laboratories) field, industry restructuring and continuing inflation
have had a noticeable impact on investments and the economy.
— From the perspective of restructuring our business portfolio to improve capital efficiency, the Company transferred all
equity interests in Azbil Telstar S.L.U. (ATL), which played a central role in the LSE field, to a wholly owned subsidiary of
Syntegon Technology GmbH (October 31, 2024). Because of this transfer of ATL, profit and loss for the LSE field has been
consolidated up to the cumulative third quarter of FY2024.
(Billions of yen)
FY2023
FY2024
Q1-3
Q1-3
(A)
(B)
(B) - (A)
% Change
Orders received
40.0
40.3
0.3
0.9
Sales
37.6
38.4
0.8
2.2
Segment profit (loss)
1.0
0.9
(0.0)
(8.2)
Margin
2.7
2.5
(0.3)pp
Difference

10
© Azbil Corporation. All rights reserved.

Overseas sales increased by 4.8% from the same period of FY2023 and accounted for 23.6% of net sales.

The BA business increased significantly in Asia and China. With sluggish conditions in the FA market continuing
outside North America, AA business sales declined. LA business sales increased owing to the effect of the
currency exchange (weakening of the yen).
1. Consolidated Financial Results for the Cumulative Third Quarter of FY2024
Overseas Sales by Region
* Overseas sales figures include only the sales of overseas subsidiaries and direct
exports; indirect exports are excluded.
* The following overseas subsidiaries have adopted an accounting year ends on
December 31: Azbil Telstar, S.L.U., Azbil North America, Inc., Azbil North America
Research and Development, Inc..
0.0
5.0
10.0
15.0
20.0
25.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
55.0
FY2021
Q1-3
FY2022
Q1-3
FY2023
Q1-3
FY2024
Q1-3
(%)
(Billions of yen)
（Billions of yen）
FY2021
FY2022
FY2023
FY2024
Q1-3
Q1-3
Q1-3
Q1-3
13.3
17.9
19.9
20.0
10.3
9.7
11.9
12.4
3.7
4.8
5.7
7.5
7.2
7.9
8.7
8.6
2.1
3.2
2.6
2.5
36.9
43.8
48.9
51.3
Reference information
USD/JPY
108.58
128.30
138.24
151.45
EUR/JPY
129.86
136.05
149.76
164.54
CNY/JPY
16.79
19.38
19.62
21.16
23.6
Average
exchange
rate
■
Europe

■

Others
Consolidated
　　　
Overseas sales /
　　　
Net sales ratio (%)
20.6
22.9
23.9
■
North America
　
■
Asia (ex-China)
　
■
China