© Azbil Corporation. All rights reserved.
Presentation Materials
for the Fiscal Year Ended March 31, 2025)
(Based on Japanese GAAP)
May 13, 2025
Azbil Corporation
RIC: 6845.T, Sedol: 6985543

2
© Azbil Corporation. All rights reserved.
Highlights
1. Consolidated Financial Results for FY2024

We achieved record consolidated financial results for the 4
th
consecutive fiscal year, with increased revenue and profits.

Orders received, net sales, and operating income all increased, mainly due to growth in the BA business, and despite the effect of excluding Azbil
Telstar (ATL) from the Company’s scope of consolidation as a result of the transfer of equity interests.

Sales and segment profit for the BA business both exceeded the plan. While overall sales fell slightly short of the plan, the plan was achieved for profits.

As part of restructuring our business portfolio in the LA business, the transfer of ATL has also been completed.
2. Consolidated Financial Plan for FY2025

Both the BA and AA businesses plan to increase revenue and profit. Although net sales will slightly decrease due to the effect
of excluding ATL from the Company’s scope of consolidation as a result of the transfer of equity interests, we plan to increase
operating income for a 5
th
consecutive fiscal year.

Due to the effect of excluding ATL from the Company’s scope of consolidation as a result of the transfer of equity interests in FY2024, the plan
anticipates decreases in net sales. Even to the extent of considering for the time being the uncertain impacts of US tariff policy, we plan to continue
measures to strengthen profitability, including cost pass-through, that achieved results in the previous medium-term plan, as well as improve operational
efficiency through DX, aiming for continued growth in operating income.
3. Returning Profits to Shareholders and Investing in Human Capital

We plan to increase the year-end dividend for FY2024 by 2 yen to 13 yen per share and the annual dividend for FY2025 by
2 yen, making an annual dividend of 26 yen per share (an increase for an 11
th
consecutive fiscal year), further improving
dividend on equity (DOE) to 5.6%. We continue to repurchase own stock and cancel treasury shares.
We also plan to invest in human capital using own stock.

The year-end dividend for FY2024 will be increased by 2 yen from the initial plan to 13 yen per share (for an annual dividend of 24 yen per share,
taking into stock split into account).

It is planned to further increase the FY2025 dividend by 2 yen, making an annual dividend of 26 yen per share (taking stock split into account). DOE
will increase to 5.6%.

It is planned to repurchase the Company’s own stock up to a maximum of 15 billion yen or 24 million shares, and to cancel 19.3 million treasury shares
worth 20 billion yen.

With the purpose of investing in human capital through capital management (use of treasury shares worth 6.5 billion yen), we are planning new
employee benefits and financial measures to further enhance employee-shareholder engagement. This includes readopting the Trust-Type Employee
Shareholding Incentive Plan (E-Ship®)
.
* E-Ship® is a registered trademark of Nomura Securities Co., Ltd.

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© Azbil Corporation. All rights reserved.
Contents
1. Consolidated Financial Results for FY2024
4
2. Consolidated Financial Plan for FY2025
13
3. Returning Profits to Shareholders and Investing in Human Capital
17
Appendix
23
Notes
28

© Azbil Corporation. All rights reserved.
4
1. Consolidated Financial Results for FY2024

5
© Azbil Corporation. All rights reserved.
1. Consolidated Financial Results for FY2024
Consolidated Financial Results

Orders received increased compared to FY2023, mainly due to significant growth in the BA business, and despite a decrease in the LA business.

Net sales also increased overall compared to FY2023 due to significant growth in the BA business, and despite a decrease in the LA business, although falling slightly
short of the plan.

Operating income rose significantly compared to FY2023 thanks to revenue growth and measures to enhance profitability, including cost pass-through, and despite
increases in DX and R&D investments as well as higher personnel and various other expenses. The plan was exceeded.

Despite recording foreign exchange loss as a non-operating expense due to appreciation of yen at the end of FY2024, owing mainly to 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 to FY2023. The plan was exceeded.
Reference:
The impact of foreign exchange rate fluctuations
(compared to FY2023)
+3.7 billion yen for net sales
+0.5 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.
* The impact of the transfer of equity interests in ATL
Impact of the exclusion of ATL from the scope of
consolidation: Revenue lower by approx. 5.5 billion yen,
operating income lower by approx. 0.3 billion yen
Gain on the sale of the transfer of equity interests in
ATL: 7.6 billion yen
(Billions of yen)
(Billions of yen)
FY2023
FY2024
Plan
(Nov. 8, 2024)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
287.8
304.7
16.8
5.9
Net sales
290.9
300.3
9.4
3.2
301.0
(0.6)
(0.2)
Japan
223.6
237.2
13.5
6.1
Overseas
67.3
63.1
(4.1)
(6.2)
Gross profit
122.9
131.8
8.8
7.2
Margin
42.3
43.9
1.6pp
SG&A
86.1
90.3
4.2
4.9
Operating income (loss)
36.8
41.4
4.6
12.6
40.2
1.2
3.2
Margin
12.7
13.8
1.1pp
13.4
0.5pp
Ordinary income (loss)
38.9
42.1
3.1
8.1
40.0
2.1
5.4
41.8
53.1
11.2
26.9
30.2
40.9
10.7
35.6
38.0
2.9
7.8
Margin
10.4
13.6
3.3pp
12.6
1.0pp
Income (loss) before income taxes
Net income (loss) attributable to
owners of parent
Difference
Difference
We achieved record consolidated financial results for the 4
th
consecutive fiscal year, with increased
revenue and profits.
Orders received, net sales, and operating income all increased, mainly due to growth in the BA business, and despite the effect of
the transfer of equity interests in Azbil Telstar (ATL)*. Sales and segment profit for the BA business both exceeded the plan, and,
while overall sales did fall slightly short of the plan, the plan was achieved for profits. As part of restructuring our business
portfolio in the LA business, the transfer of ATL has also been completed.

6
© Azbil Corporation. All rights reserved.
（Billions of yen）
（Billions of yen）
FY2023
FY2024
Plan
(Nov. 8, 2024)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
■
B A
Orders received
136.7
153.6
16.8
12.3
Sales
134.6
148.7
14.1
10.5
148.0
0.7
0.5
Segment profit (loss)
19.3
24.3
4.9
25.8
22.0
2.3
10.7
Margin
14.4
16.4
2.0pp
14.9
1.5pp
■
A A
Orders received
101.4
105.9
4.5
4.4
Sales
107.0
106.8
(0.2)
(0.2)
107.0
(0.1)
(0.2)
Segment profit (loss)
16.1
15.9
(0.1)
(0.7)
16.7
(0.7)
(4.2)
Margin
15.1
15.0
(0.1)pp
15.6
(0.6)pp
■
L A
Orders received
51.6
46.8
(4.8)
(9.4)
Sales
51.4
46.6
(4.7)
(9.3)
48.0
(1.3)
(2.8)
Segment profit (loss)
1.3
1.1
(0.2)
(14.9)
1.5
(0.3)
(21.9)
Margin
2.7
2.5
(0.2)pp
3.1
(0.6)pp
Difference
Difference
1. Consolidated Financial Results for FY2024
Financial Results by Segment
■
BA: Orders received increased significantly compared to 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 FY2023, and
steady progress was made with initiatives to level the workload. Segment profit rose, thanks to increased revenue and
enhanced profitability. The plan was achieved.
■
AA: Orders received increased compared to FY2023. This was due to robust conditions in the process automation (PA)
market and signs of a recovery in demand in the factory automation (FA) market. Although the FA market was affected
by sluggish market conditions, the robust PA market meant that sales were on a par with FY2023, though slightly short
of the plan. Segment profit was also on a par with FY2023, thanks to the positive effect of measures implemented to
strengthen profitability, and despite increases in various expenses. The plan was not achieved.
■
LA: Overall, orders received, sales, and segment profit all decreased as a result of the exclusion of Azbil Telstar (ATL) from
the Company’s scope of consolidation. The plan was not achieved.

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© Azbil Corporation. All rights reserved.

Orders received grew significantly from 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.

Bolstered by progress being made with leveling the workload domestically, sales increased in the fields of new
buildings, existing buildings and service, while overseas business sales expanded. As a result, there was a
significant increase in sales overall compared to FY2023. The plan was achieved thanks to growth mainly in the
service field.

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 FY2023. The plan was exceeded thanks to increased revenue, mainly in the service field.
1. Consolidated Financial Results for 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)
(Billions of yen)
FY2023
FY2024
Plan
(Nov. 8, 2024)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
136.7
153.6
16.8
12.3
Sales
134.6
148.7
14.1
10.5
148.0
0.7
0.5
Segment profit (loss)
19.3
24.3
4.9
25.8
22.0
2.3
10.7
Margin
14.4
16.4
2.0pp
14.9
1.5pp
Difference
Difference

8
© Azbil Corporation. All rights reserved.

Orders received increased compared to FY2023. This was due to robust conditions in the PA market and signs of
a recovery in demand in the FA market, and despite the impact of a number of large-scale projects that had been
recorded in the previous fiscal year.

As regards sales, although the FA market was affected by sluggish market conditions, thanks to the robust PA
market, sales remained on a par with FY2023. However, the plan fell slightly short.

As for segment profit, although increases in personnel and other expenses, coupled with increased investments
in overseas market, DX and R&D, had a negative impact, the measures to strengthen profitability, including cost
pass-through, continued to have a positive impact. Consequently, segment profit was on a par with FY2023. The
plan was not achieved.
1. Consolidated Financial Results for 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 factory automation (FA) market, despite the delayed recovery in the China market, signs of recovery have been
observed in some sectors.
(Billions of yen)
(Billions of yen)
FY2023
FY2024
Plan
(Nov. 8, 2024)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
101.4
105.9
4.5
4.4
Sales
107.0
106.8
(0.2)
(0.2)
107.0
(0.1)
(0.2)
Segment profit (loss)
16.1
15.9
(0.1)
(0.7)
16.7
(0.7)
(4.2)
Margin
15.1
15.0
(0.1)pp
15.6
(0.6)pp
Difference
Difference

9
© Azbil Corporation. All rights reserved.

Orders received were lower than FY2023 overall, owing mainly to a decrease in the LSE field due to the impact of
the transfer of equity interests.

Sales in the Lifeline and Lifestyle-related (residential central air-conditioning systems) fields were on a par with
FY2023, but LSE sales decreased for the same reason as the fall in orders received; as a result, overall sales were
down compared to FY2023 and the plan was not achieved in the LSE and Lifeline fields.

In addition to the decrease in the LSE field, an increase in personnel and various other expenses meant that
segment profit was lower than FY2023 and the plan was not achieved.
1. Consolidated Financial Results for 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
(SMaaS) business using IoT technology.
— In the Life Science Engineering (LSE: for pharmaceuticals/laboratories) field, we were affected by the impact of industry
restructuring and the economic uncertainty in the European region. From the perspective of restructuring our business
portfolio to improve capital efficiency, the Company transferred all equity interests in Azbil Telstar (ATL), which had 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)
(Billions of yen)
FY2023
FY2024
Plan
(Nov. 8, 2024)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
51.6
46.8
(4.8)
(9.4)
Sales
51.4
46.6
(4.7)
(9.3)
48.0
(1.3)
(2.8)
Segment profit (loss)
1.3
1.1
(0.2)
(14.9)
1.5
(0.3)
(21.9)
Margin
2.7
2.5
(0.2)pp
3.1
(0.6)pp
Difference
Difference

10
© Azbil Corporation. All rights reserved.

Overseas sales decreased by 6.2% from FY2023 mainly as a result of the transfer of equity interests in Azbil
Telstar (ATL), and accounted for 21.0% of net sales.

The BA business increased mainly in Asia. The AA business decreased chiefly due to the sluggish FA market in
China and other region. The LA business saw a sharp decline as a result of the transfer of ATL, which had played
a central role in the LSE field.
1. Consolidated Financial Results for 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..
（Billions of yen）
FY2021
FY2022
FY2023
FY2024
19.4
25.0
26.6
26.0
14.2
15.1
16.6
15.8
4.9
6.6
8.1
9.5
10.3
11.3
12.4
8.8
3.1
4.2
3.4
2.8
52.1
62.6
67.3
63.1
Reference information
USD/JPY
109.90
131.64
140.66
151.69
EUR/JPY
129.91
138.15
152.10
164.54
CNY/JPY
17.04
19.50
19.82
21.11
21.0
Average
exchange
rate
■
Europe

■

Others
Consolidated
　　　
Overseas sales /
　　　
Net sales ratio (%)
20.3
22.5
23.1
■
North America
　
■
Asia (ex-China)
　
■
China