© Azbil Corporation. All rights reserved.
Presentation Materials
for the Second Quarter of Fiscal Year 2025
(Ending March 31, 2026)
(Based on Japanese GAAP)
November 5, 2025
Azbil Corporation
RIC: 6845.T, Sedol: 6985543

2
© Azbil Corporation. All rights reserved.
Highlights
1. Consolidated Financial Results for the First Half of FY2025

Although orders received and net sales were lower compared with the same period of FY2024 due to the effect of the
FY2024 transfer of a subsidiary, Azbil Telstar, operating income increased significantly thanks to higher profits for the BA
and AA businesses and exceeded the plan. (If the effect of the transfer is excluded, both orders received and net sales
substantially increased.)
2. Consolidated Financial Plan for FY2025
― Revised upwards from the initial plan announced on May 13, 2025

To reflect the financial results in the first half as well as the outlook for the business environment in the second half, we
have revised our full-year financial plan for FY2025 upwards. Although net sales will slightly decrease due to the effect
(a decrease of 14.6 billion yen) of the transfer of equity interests in the subsidiary in FY2024, operating income will
increase for a fifth consecutive fiscal year.
3. Returning Profits to Shareholders and Investing in Human Capital
― No revision from the most recent announcement on May 13, 2025

We plan to increase the dividend for the eleventh consecutive year, with an annual dividend of 26 yen per share for
FY2025; DOE will improve further to reach 5.6%.

In addition to the repurchase and cancellation of the Company’s own stock, we also invest in human capital by utilizing
treasury shares.
4. Progress in Implementing the Medium-term Plan

Under our medium-term plan (FY2025–FY2027), based on the theme of “Evolution and Co-creation,” and employing the
unique business model of the azbil Group, we will realize increased sales and enhanced profitability while actively
making necessary investments, such as in human capital.

Progress is being made with measures in growth and core businesses. New products are being launched, and we have a
growing track record of customers using our products. Initiatives involving collaboration with other companies are also
advancing.

3
© Azbil Corporation. All rights reserved.
Contents
1. Consolidated Financial Results for the First Half of FY2025
4
2. Consolidated Financial Plan for FY2025
13
3. Returning Profits to Shareholders and Investing in Human Capital
17
4. Progress in Implementing the Medium-term Plan
20
5. The azbil Group’s Exhibition Participation
27
Appendix I
Financial Data
29
Appendix II
Initiatives to Strengthen Corporate Governance,
Returning Profits to Shareholders,
Investments, and Sustainability Management
33
Notes
40

© Azbil Corporation. All rights reserved.
4
1. Consolidated Financial Results
for the First Half of FY2025

5
© Azbil Corporation. All rights reserved.
Although orders received and net sales were lower compared with the same period of FY2024 due to the effect
of the FY2024 transfer of a subsidiary, operating income increased significantly thanks to higher profits for the
BA and AA businesses and exceeded the plan. (If the effect of the transfer is excluded, orders received and net
sales substantially increased.)

Orders received rose for the BA business, but, because of the impact
of the FY2024 transfer of equity interests in the subsidiary, Azbil
Telstar (ATL), orders received fell significantly for the LA business,
and overall were down on the same period of FY2024. (the impact of
the transfer: a decrease of 12.3 billion yen)

Net sales increased for the both BA and AA businesses, but for the
same reason given above the LA business saw a significant decrease,
so that overall there was a decline compared with the same period of
FY2024 (the impact of the transfer: a decrease of 9.9 billion yen).
The overall plan did not exceed because the AA and LA businesses
were not exceeded the plan.

Operating income increased significantly owing to measures to
enhance profitability, including cost pass-through, despite increases
in personnel and other expenses. Consequently, operating income
was higher than for the same period of FY2024, and the plan was
exceeded.

Ordinary income improved due to the growth in operating income and
the recording of foreign exchange gains. Consequently, it was higher
than for the same period of FY2024, and the plan was exceeded.

Despite the recording of gain on the sale of investments in the capital
of a U.S. subsidiary as extraordinary income in the same period of
FY2024, net income attributable to owners of parent increased
compared with the same period of FY2024 thanks to higher operating
income. The plan was also exceeded.
1. Consolidated Financial Results for the First Half of FY2025
Consolidated Financial Results
Reference: The impact of foreign exchange rate fluctuations (compared with the same period of FY2024)
(0.7) billion yen for net sales
(0.1) 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 figures in the lower rows for orders received, net sales, SG&A, and operating income excluding
Azbil Telstar's results.
(Billions of yen)
(Billions of yen)
FY2024
FY2025
Plan
H1
H1
(May 13, 2025)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
171.1
165.0
(6.0)
(3.6)
158.7
6.2
3.9
*
Net sales
139.2
132.8
(6.3)
(4.6)
134.0
(1.1)
(0.8)
129.3
3.5
2.8
*
Japan
104.3
108.6
4.3
4.2
Overseas
34.8
24.2
(10.6)
(30.6)
Gross profit
58.5
61.3
2.8
4.9
Margin
42.0
46.2
4.2pp
SG&A
43.8
43.6
(0.2)
(0.5)
41.5
2.1
5.2
*
Operating income (loss)
14.6
17.7
3.0
21.0
15.2
2.5
16.6
14.3
3.3
23.6
*
Margin
10.5
13.3
2.8pp
11.3
2.0pp
11.1
2.3pp
*
Ordinary income (loss)
14.6
18.3
3.6
24.9
14.5
3.8
26.3
16.2
18.8
2.6
16.4
10.9
13.4
2.5
23.0
10.3
3.1
30.7
Margin
7.9
10.1
2.3pp
7.7
2.4pp
Difference
Difference
Income (loss) before income taxesNet income (loss) attributable to
owners of parent

6
© Azbil Corporation. All rights reserved.
■
BA: Orders received increased compared with the same period of
FY2024, mainly due to growth in the field for existing buildings.
Sales also grew compared with the same period of FY2024,
thanks to increases in the fields for existing buildings and
service, and the plan was achieved. Segment profit increased
significantly, exceeding the plan; this was due to higher
revenue leading to increased profit and the effect of measures
to enhance profitability, despite an increase in expenses.
■
AA: Orders received decreased compared with the same period of
FY2024 due to the fact that large advance orders were made at
the end of FY2024 in the overseas PA market, leading to a fall in
this period. Sales rose compared with the same period of
FY2024, driven by growth in the PA market, in Japan and
overseas; however, a delay in the recovery of the FA market
meant that the plan was not achieved. Segment profit
significantly increased due to the effect of measures to enhance
profitability, despite an increase in expenses.
■
LA: Orders received, sales, and segment profit all decreased as a
result of the removal of Azbil Telstar (ATL) from the Company’s
scope of consolidation. If the effect of this removal is excluded,
orders rose; sales were on a par with the same period of FY2024,
though failing to achieve the plan; and segment profit was
lower compared with the same period of FY2024, also failing to
achieve the plan.
1. Consolidated Financial Results for the First Half of FY2025
Financial Results by Segment
* Orders received, sales, segment profit, and margin of the LA business
The figures in the lower rows exclude the results of Azbil Telstar.
（Billions of yen）
（Billions of yen）
FY2024
FY2025
Plan
H1
H1
(May 13, 2025)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
■
B A
Orders received
93.2 100.6
7.3
7.9
Sales
62.5
64.5
2.0
3.2
63.5
1.0
1.6
Segment profit (loss)
6.1
8.3
2.2
36.3
6.3
2.0
32.4
Margin
9.8
12.9
3.1pp
9.9
3.0pp
■
A A
Orders received
49.3
47.0
(2.3)
(4.7)
Sales
51.6
52.9
1.3
2.7
54.0
(1.0)
(1.9)
Segment profit (loss)
7.8
9.0
1.1
15.1
8.5
0.5
6.4
Margin
15.2
17.1
1.8pp
15.7
1.3pp
■
L A
Orders received
29.4
18.1 (11.2)
(38.2)
17.1
1.0
6.4
*
Sales
25.9
16.0
(9.8)
(38.0)
17.0
(0.9)
(5.3)
16.0
0.0
0.3
*
Segment profit (loss)
0.6
0.3
(0.3)
(55.9)
0.4
(0.0)
(23.5)
0.3
(0.0)
(20.1)
*
Margin
2.7
1.9
(0.8)pp
2.4
(0.5)pp
2.4
(0.5)pp
*
Difference
Difference

7
© Azbil Corporation. All rights reserved.

Orders received increased compared with the same period of FY2024 because, in addition to significant growth in the field of
existing buildings, large-scale projects led to an increase in orders for the overseas business, and robust market conditions saw
orders increase for the service business as well, despite there being few renewals of multi-year service contracts.

Sales increased compared with the same period of FY2024. This was due to sales remaining at a high level in the field of new
buildings, and also steady sales growth in the fields of existing buildings and service, thanks in part to progress made with load-
leveling initiatives, and despite a decline in the overseas business owing to the fact that large-scale projects were recorded in the
same period of FY2024. Thanks to the aforesaid growth in the existing building and service fields, the plan was achieved.

Segment profit increased significantly compared with the same period of FY2024 and exceeded the plan. This was due to higher
revenue leading to increased profit, as well as the effect of measures to enhance profitability, including cost pass-through, and was
achieved despite the recording of R&D expenses required by the medium-term plan, as well as increases in DX-related and
personnel expenses, and higher outsourcing costs.
Business environment
— In the domestic market, demand for new office buildings in urban redevelopment projects has leveled off at present;
however, the market outlook is robust and demand is expected to continue at a high level. Demand for the retrofit of
buildings also remains strong.
— In addition to the demand for energy savings and CO
2
reduction, there is a high level of interest in creating office
environments that address safety concerns and are suited to new work styles.
— Investment continues to be robust in the overseas market.
1. Consolidated Financial Results for the First Half of FY2025
Segment Information: BA Business
(Billions of yen)
(Billions of yen)
FY2024
FY2025
Plan
H1
H1
(May 13, 2025)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
93.2
100.6
7.3
7.9
Sales
62.5
64.5
2.0
3.2
63.5
1.0
1.6
Segment profit (loss)
6.1
8.3
2.2
36.3
6.3
2.0
32.4
Margin
9.8
12.9
3.1pp
9.9
3.0pp
Difference
Difference

8
© Azbil Corporation. All rights reserved.

Orders received decreased compared with the same period of FY2024 owing to the slow recovery in the FA market, as well as the
fact that large advance orders made at the end of FY2024 in the overseas PA market led to a fall in this period; however, the
domestic PA market remained robust.

Sales increased compared with the same period of FY2024 due to growth in the PA market, in Japan and overseas, despite a decline
in the domestic FA market. However, a delay in the recovery of the FA market meant that the plan was not achieved.

Segment profit significantly increased compared with the same period of FY2024 due to the effect of measures to enhance
profitability, including cost pass-through, despite the recording of R&D expenses required by the medium-term plan, as well as
increases in personnel and other expenses, coupled with increased investments in the overseas market and DX. The plan was
exceeded.
Business environment
— In the process automation (PA) market, demand centering on domestic maintenance and refurbishment has remained firm.
— In the factory automation (FA) market, although signs of recovery have been observed in some areas, the strength of
demand varies by region and market, and overall the recovery remains subdued.
— Direct impact from the U.S. reciprocal tariff policy on the azbil Group’s financial results has been limited. However, the impact
of these high tariffs on U.S.-China trade friction, the macroeconomic environment, and exchange rates is unclear, and their
effect on capital investment in the manufacturing industries is cause for concern.
1. Consolidated Financial Results for the First Half of FY2025
Segment Information: AA Business
(Billions of yen)
(Billions of yen)
FY2024
FY2025
Plan
H1
H1
(May 13, 2025)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
49.3
47.0
(2.3)
(4.7)
Sales
51.6
52.9
1.3
2.7
54.0
(1.0)
(1.9)
Segment profit (loss)
7.8
9.0
1.1
15.1
8.5
0.5
6.4
Margin
15.2
17.1
1.8pp
15.7
1.3pp
Difference
Difference

9
© Azbil Corporation. All rights reserved.

Orders received decreased compared with the same period of FY2024 owing to the impact of the transfer of Azbil Telstar (ATL).
However, if the effect of the transfer is excluded, orders received increased.

Sales also decreased owing to the impact of the transfer of ATL, but if the effect of the transfer is excluded, they were on a par with the
same period of FY2024. Water meter sales increased, but because gas meter sales fell short of target, and the plan was not achieved.

Segment profit decreased compared with the same period of FY2024 owing to the impact of the transfer of ATL. Measures to enhance
profitability and reduce expenses were implemented, but even if the effect of the transfer is excluded, segment profit was still lower
than FY2024 owing to an increase in personnel expenses, soaring prices for parts/materials and other factors. The plan was not
achieved.
Business environment
— In the Lifeline field for gas and water meters, sales partly depend on the LP gas meter market, which exhibits cyclical
fluctuations in demand. However, demand centering on city gas meters and water meters can be expected to remain
basically stable, thanks primarily to demand for the replacement of meters as required by law. In the coming years, we also
anticipate growing demand for smart meters and the utilization of the data they provide.
*1
*1 In July 2025, Azbil Kimmon Co., Ltd. in the Lifeline field formalized an agreement to collaborate with Kamstrup A/S (Head office: Denmark), which has a proven track
record in the smart water metering field with services such as cloud-based leak detection.
— In the residential central air-conditioning systems market, soaring construction costs are affecting the groundbreaking for
detached houses.
The Company transferred all equity interests in
ATL, which had played a central role in the Life
Science Engineering field, on October 31, 2024. As
the profit (loss) of ATL and its subsidiaries had
been included in the Company’s scope of
consolidation until the end of the third quarter of
FY2024, the transfer necessarily has a negative
impact on LA business financial results for FY2025.
1. Consolidated Financial Results for the First Half of FY2025
Segment Information: LA Business
*2 Orders received, sales, segment profit, and margin
The figures in the lower rows exclude the results of Azbil Telstar.
(Billions of yen)
(Billions of yen)
FY2024
FY2025
Plan
H1
H1
(May 13, 2025)
(A)
(B)
(B) - (A)
% Change
(C)
(B) - (C)
% Change
Orders received
29.4
18.1 (11.2)
(38.2)
17.1
1.0
6.4
*2
Sales
25.9
16.0
(9.8)
(38.0)
17.0
(0.9)
(5.3)
16.0
0.0
0.3
*2
Segment profit (loss)
0.6
0.3
(0.3)
(55.9)
0.4
(0.0)
(23.5)
0.3
(0.0)
(20.1)
*2
Margin
2.7
1.9
(0.8)pp
2.4
(0.5)pp
2.4
(0.5)pp
*2
Difference
Difference

10
© Azbil Corporation. All rights reserved.
（Billions of yen）
FY2023 FY2023 FY2024 FY2024
FY2025
Difference
H1
H2
H1
H2
H1
(A)
(B)
(B) - (A)
% Change
11.7
12.9
12.7
12.4
11.1
(1.5)
(12.4)
7.8
8.4
8.6
6.9
7.7
(0.9)
(11.1)
2.1
2.2
2.4
3.0
4.2
1.8
74.5
0.5
0.6
0.4
0.3
0.3
(0.0)
(8.1)
0.8
0.7
0.6
0.7
0.6
0.0
0.4
23.1
25.0
24.9
23.5
24.2
(0.7)
(3.1)
9.1
9.9
9.9
4.6
-
32.2
35.0
34.8
28.2
24.2
(10.6)
(30.6)
Reference
USD/JPY
134.99
140.66
152.36
151.69
146.03
EUR/JPY
145.92
152.10
164.69
164.54
168.05
CNY/JPY
19.45
19.82
21.16
21.11
20.29
　
■
China
　
■
Asia (ex-China)
■
North America
■
Europe

■

Others
Consolidated
19.3
18.2
Average
exchange
rate
15.1
　　　
Overseas sales /
　　　
Net sales ratio (%)
24.5
22.0
25.1
Consolidated
17.6
18.2
　　　
Overseas sales /
　　　
Net sales ratio (%)
16.8
ATL sales
18.9

Overseas sales fell mainly due to the impact (a decrease of 9.9 billion yen) of the FY2024 transfer of a subsidiary,
Azbil Telstar (ATL). The overseas sales ratio was 18.2%. (The tables and graph below show ATL sales trend and
sales trends by region excluding ATL.)

BA business sales decreased due to some recoil from large-scale projects in Asia in FY2024. AA business sales
decreased in Asia and China but increased significantly in North America, so overall AA sales increased compared
with the same period of FY2024. LA business sales decreased owing to the impact of the ATL transfer.
1. Consolidated Financial Results for the First Half of FY2025
Overseas Sales by Region
* Overseas sales figures include only the sales of overseas subsidiaries and direct exports;
indirect exports are excluded.
Overseas sales excluding ATL
Overseas sales including ATL