Medium- to Long-Term Vision | Airman Corporation

Medium-Term Vision 2027

Review of Medium-Term Vision 2024

In addition to growth mainly due to the establishment of a structure in the North American market, the depreciation of the yen also contributed to significant growth in net sales and ordinary income.

As a result of expanding sales of motor-driven compressors in Japan, we achieved our target market share.

On the other hand, in the final fiscal year, we fell short of the targets of the previous medium-term business plan due to inventory adjustments by rental companies in North America and rising raw material prices.

Consolidated Net Sales (million yen)

Graph comparing net sales trends and plans from FY2022/3 to FY2025/3. It shows steady upward growth with a CAGR of 14.4%, with net sales for the fiscal year ended March 2025 reaching 54,827 million yen.

Consolidated Ordinary Income Profit (million yen)

Graph showing consolidated ordinary profit from FY2022/3 to FY2025/3. The results have consistently exceeded initial plans, showing strong growth with a CAGR of 19.3%, reaching 6,888 million yen in the fiscal year ended March 2025.

Evaluation of Strategies and Initiatives	Establish and strengthen cooperative relationships with distributors in the North American market, contributing greatly to growth → ✓ Expand sales of motor-driven compressors in Japan, expanding market share to the target of 15% → ✓
Business Environment	Our main engine-driven compressors maintain the top market share in Japan, but will be gradually affected by the shrinking market. Rising raw material prices A weaker yen provided a significant tailwind to performance.

Overview

There has been some success in solidifying the business foundation in growth areas. The overall strategic direction remains sound, but further reforms are necessary given concerns about the long-term contraction of markets for major products.

Medium-Term Vision 2027

To maintain long-term growth, it is necessary not only to expand revenue but also to further strengthen profitability.

We position the Overseas Construction Machinery Channel— particularly in North America—and the Domestic Industrial Machinery Channel as future core growth areas. We will carry out reforms, including organizational restructuring, to build a foundation for growth from FYE March 2028 onward.

The Domestic Construction Machinery Channel will serve as a source of capital to support investment in growth areas while leveraging its strong market position.

AIRMAN growth roadmap showing the consolidated net sales and ordinary profit growth plan through FY2028/3. It illustrates domestic and overseas business strategies toward the long-term vision "AIRMAN VISION 2030," which aims to achieve consolidated net sales of 70 billion yen by FY2031/3.

Growth Strategy

North American Market

Strengthen cooperation with distributors and expand business with major rental companies in the North American market.

Growth strategy roadmap for the North American market under the new medium-term management plan. It illustrates the progression from market stagnation prior to FY2024, through situational improvements starting in April 2025, to the expansion of transactions with major North American wide-area rental companies and production capacity enhancements toward FY2027.

Other Overseas Markets

North America will remain the primary growth driver. However, with a focus on future growth, we will increase our presence in Oceania and Asia.

Oceania Market

AIRMAN product lineup featuring three "TSUBAME AIR" engine compressors on the left and an E-BOSS Hybrid (engine generator with battery storage) on the right.

Expanding sales of engine-driven compressors through the rollout of a second brand

The second brand will accelerate sales of engine-driven compressors to rapidly growing construction equipment rental companies.

Developing new markets using E-BOSS Hybrid

Leveraging E-BOSS Hybrid (engine generator with battery storage) a key differentiator in North America, to expand into the Oceania market

Asian Markets

Engine-Driven Compressors	Market growth rate: approximately 6%	Our market share: approximately 25–30%
Engine Generators	Market growth rate: approximately 5%	Our market share: less than 3%

Price competition is intense in engine generators, and low-priced Chinese products dominate the market.

We recognize that approximately 30% of the market seeks high-quality products. By deepening customer engagement, we aim to increase our market share and expand sales in the Philippines—where demand is rising—to strengthen our presence in the market.

Industrial Machinery in Japan

Strengthen expansion into the industrial machinery market in Japan, focusing on motor-driven compressors, where we can build direct relationships with end users. Enhance business profitability by strengthening customer management and expanding sales of medium-sized and larger machines, which have high maintenance demand.

Sales and service network diagram for AIRMAN's domestic industrial machinery. It illustrates the product sales flow through trading companies and distributors, coordinated with a maintenance system supported by its wholly-owned subsidiary (ASC) and authorized service factories.

For the Domestic Industrial Machinery Channel, where products are installed in factories, inspections are carried out at the time of delivery, making it easier to understand the operating environment and usage conditions.

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Starting with motor-driven compressors, we will enter the Industrial Machinery Channel and capture parts and maintenance revenue, as well as demand beyond compressors, leading to revenue growth and improved profit margins.

Measures to Be Implemented

More field-focused sales through increased staffing

Expand product sales via the Industrial Machinery Channel

Strengthen the maintenance business

Enhance maintenance profitability through rigorous customer management

Other Measures

The Domestic Construction Machinery Channel will be used as a source of capital to support the growth strategy.

In addition, the development of new products for future growth will continue.

Domestic Construction Machinery Channel

Although the market for engine-driven compressors is shrinking, there are few manufacturers remaining and competition is limited.
While rising raw material costs remain a concern, we will pass these on appropriately and use the resulting earnings as funding for investments aimed at future growth.
For aerial work platforms, we will develop new products and expand into other industries to increase sales.

AIRMAN brand product lineup for outdoor and construction sites, featuring an engine compressor on the left, an engine generator in the center, and an aerial work platform on the right.

New Product Developments

Continue research and development aimed at long-term profit growth, including the development of new products to capture environmentally driven demand and products that leverage the Company’s technologies.

Next-generation product lineup for a decarbonized society. Features a biofuel generator on the upper left, a hydrogen-only engine compressor on the upper right, and a verification test machine with a close-up of its engine section at the bottom.

Consolidated Plan

The current medium-term plan is positioned as a period to build a foundation for growth in the Domestic Industrial Machinery Channel and the Overseas Construction Machinery Channel, while incorporating the expected maturation and contraction of the Domestic Construction Machinery Channel.
We aim to increase both revenue and operating profit as we restructure our business portfolio.

Consolidated Net Sales (million yen)

Bar graph showing net sales trends and plans from FY2025/3 to FY2028/3. It projects steady growth with a CAGR of 3.2%, targeting net sales of 60,200 million yen in the final fiscal year ending March 2028.

Consolidated Operating Profit (million yen)

Bar graph showing ordinary profit trends and plans from FY2025/3 to FY2028/3. It projects growth with a CAGR of 4.7%, targeting an ordinary profit of 7,950 million yen in the final fiscal year ending March 2028.

Sales by Segment

Pie chart showing the net sales composition for FY2025/3. Based on total net sales of 54,353 million yen, overseas construction machinery accounts for 44%, domestic construction machinery for 37%, and domestic industrial machinery for 19%.

Overseas Sales by Region

Pie chart of overseas sales by region for FY2025/3 (total 24,248 million yen). North America is the largest market at 45%, followed by Asia at 25% and the Middle East at 12%.

Plans for Each Segment

Although the Domestic Construction Machinery Channel is expected to mature and contract, we aim to drive growth in the Domestic Industrial Machinery Channel and the Overseas Construction Machinery Channel. Accordingly, we have established targets for each segment to support the restructuring of our business portfolio.

Domestic Construction Machinery Channel Sales (million yen)

Bar graph showing net sales trends and plans for the domestic construction machinery channel. It shows a steady increase from 23,773 million yen in FY2025/3, with a target of 29,912 million yen in the final fiscal year ending March 2028.

Domestic Industrial Machinery Channel Sales (million yen)

Bar graph showing net sales trends and plans for the domestic industrial machinery channel. It shows a steady increase from 10,225 million yen in FY2025/3, with a target of 11,765 million yen in the final fiscal year ending March 2028.

Overseas Construction Domestic Construction Machinery Channel Sales (million yen)

Bar graph showing net sales trends and plans for the overseas construction machinery channel. It illustrates a plan starting from 20,354 million yen in FY2025/3 and reaching 18,523 million yen in the final fiscal year ending March 2028.