Japan Elevator Service Holdings Co., Ltd. · TSE:6544
Japan Elevator Service — H1 FY Mar 2026 Earnings Presentation
43 slides from Japan Elevator Service's earnings presentation, Nov 14, 2025
Slide 1: Presentation Material for the Second Quarter of the FY Mar 2026
< Caution > This document is a translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. Presentation Material for the Second Quarter of the FY Mar 2
Slide 2: Summary review of the Six Months (Interim)
2 Summary review of the Six Months (Interim) for the FY Mar 2026 Copyright © japan elevator service holdings all rights reserved
Slide 3: Summary of the Six Months (Interim) Results for the FY Mar 2026
Summary of the Six Months (Interim) Results for the FY Mar 2026 3 Confirming Steady Progress in both Sales and Profit • Repair & Modernization • Robust growth in OP was driven • OP margin before goodwill continue to be strong by productivity gains from amortization improved by 2.1 • Sales growth rem
Slide 4: Forecast for FY Mar 2026 Revised
Forecast for FY Mar 2026 Revised 4 • Based on steady growth in contracts and improved profitability driven by strong maintenance and modernization business, the company has raised its full-year forecast • For the FY ending March 2026, the company intends to increase its dividend to 19 yen from the p
Slide 5: Management Review of the Six Months (Interim)
5 Management Review of the Six Months (Interim) for the FY Mar 2026 Copyright © japan elevator service holdings all rights reserved
Slide 6: Maintenance & Repair
Maintenance & Repair 6 The business environment is favorable. Steady progress in both the number of contracts and repair sales ⚫ As of the end of September 2025, the number of maintenance contracts exceeded 120,000 ⚫ Our share of the domestic elevator maintenance market is estimated at over 10% ⚫ Th
Slide 7: Modernization
Modernization 7 Record 1,200 units shipped in the interim period ⚫ Modernization demand remains strong. With the increase in the maintenance contracts, the number of properties subject to modernization is also increasing ⚫ Sales increased by over 20% thanks to aggressive pricing and volume growth ⚫
Slide 8: Optimizing Management Resources to Support Growth and Profitability
Optimizing Management Resources to Support Growth and Profitability 8 ⚫ The number of locations increased from 148 at the FY Mar 2025 to 151 as at November 1, 2025. The network is being expanded as contracts increases ⚫ As integration process progress, subsidiaries are integrated into the Group's re
Slide 9: Six Months Results Overview and FY 2026 Earnings Forecast
9 Six Months Results Overview and FY 2026 Earnings Forecast Copyright © japan elevator service holdings all rights reserved
Slide 10: Summary of the Six Months (Interim) Results for the FY Mar 2026
Summary of the Six Months (Interim) Results for the FY Mar 2026 10 Sales and profits continue to grow steadily ⚫ Sales have grown steadily, with steady growth in both maintenance & repair and modernization ⚫ The GP margin improved YoY due to productivity gains from an increase in the number of maint
Slide 11: Factors for YoY Change in Interim Operating Profit
Factors for YoY Change in Interim Operating Profit 11 (Millions of yen) Increase Decrease 8,000 7,000 -888 -742 6,000 3,647 -258 31 -584 5,000 -194 4,000 3,000 5,131 2,000 3,926 1,000 0 2Q Mar 2025 Net sales Material cost Labor cost Outsourcing Depreciation Others 2Q Mar 2026 cost Copyright © japan
Slide 12: Forecasts for the FY Year Ending Mar 2026
Forecasts for the FY Year Ending Mar 2026 12 Based on steady growth in contracts and improved profitability driven by strong repair and modernization business, the company has raised its full-year forecast ⚫ In the maintenance & repair, net growth in the number of maintenance contracts is expected t
Slide 13: Capital Expenditures and Depreciation Forecasts
Capital Expenditures and Depreciation Forecasts 13 (Billions of yen) FY2025 (Actual) FY2026 (Forecast) Items C a p i t a l Investments related to PRIME, a Expenditure 1.70 1.50 remote inspection service, etc. Depreciation 1.56 1.50 Capital Expenditures and Depreciation (Billions of yen) 4.00 3.65 3.
Slide 14: Medium-term Management Plan VISION 2027
14 Medium-term Management Plan “VISION 2027” Copyright © japan elevator service holdings all rights reserved
Slide 15: Medium-term Management Plan: VISION2027
Medium-term Management Plan: VISION2027 15 ◼ Basic Strategy ◼ Key Indicators Raise corporate value through growth, • As a company qualified for the TSE Prime Market, we aim to achieve sustainable growth and increase corporate value, prosper together with all stakeholders adapting to changes in the s
Slide 16: VISION2027: Elevator Maintenance Market in Japan
VISION2027: Elevator Maintenance Market in Japan 16 Elevator maintenance market in Japan: ⚫ There are an estimated 1.1 million elevators Year ended March 2025 VISION2027 installed & maintained ⚫ 1-2% annual growth to 1.2 million in Mar 2027 ⚫ Five OEMs* and affiliated companies handle Independent, I
Slide 17: VISION2027: Growing Demand for Modernization
VISION2027: Growing Demand for Modernization 17 Number of New Elevators Installed in Japan (units) 50,000 45,000 ⚫ New elevator construction was high 40,000 ⚫ These elevators are over 20 years old in operation 35,000 ⚫ Parts supply by OEMs is also being phased out 30,000 25,000 20,000 15,000 10,000
Slide 18: VISION2027: Profitability Scenario
VISION2027: Profitability Scenario 18 Reconciliation of 60 billion yen in Net Sales and Operating Margin of 20% with Growing Maintenance Contracts 1. Achieve net sales of 60 billion yen by expanding the market and increasing share in Japan ⚫ As of March 31, 2025, our domestic maintenance market shar
Slide 19: VISION2027: Plan Progress - Investment
VISION2027: Plan Progress ～ Investment 19 Domestic M&A and Capital Expenditures have Peaked, Positive FCF Trend Expected Investment trends ⚫ Capital expenditures peaked in FY2023, and after the completion of the JIK in M&A for the development of the base network for FY2024, CAPEX shall be limited to
Slide 20: Cash Flow Management
Cash Flow Management 20 Sharing free cash flow with stakeholders for sustainable growth ⚫ Capital investment peaked in FY 2023 and then begin to decline ⚫ Free cash flow should be on an upward trend due to business expansion as number of maintenance contracts increases and improve profitability EBIT
Slide 21: About Us
21 About Us Copyright © japan elevator service holdings all rights reserved
Slide 22: Corporate Data
Corporate Data 22 Company Name Japan Elevator Service Holdings Co., Ltd. Established October 3, 1994 Listed Market TSE Prime Market (6544) since April 4, 2022 Tokyo Tatemono Nihonbashi Bldg. 5F, 1-3-13 Nihonbashi, Headquarters Chuo-ku, Tokyo 103-0027 CEO Katsushi Ishida (Born on March 25, 1966) Numb
Slide 23: Safety Above Anything Else. No Cutting Corners. Building on Trust.
Corporate Philosophy 23 Safety Above Anything Else. Safety is our lifeblood above anything else We are committed to monitoring 24 hours a day, 365 days a year No Cutting Corners. We do not cut corners because people don’t see, and we work for safe operation Building on Trust. Building relationships
Slide 24: Competitiveness underpinned by tangible and intangible assets
Competitiveness is underpinned by an unrivalled accumulation of 24 tangible and intangible assets The only company that combines the ‘quality’ of OEM with the ‘reasonable price’ of independents New Hire from Graduates (person) R&D as % of Qualified 154 153 net sales: 111 130 Inspectors: 1.5% (Averag
Slide 25: Organic & Inorganic Expansion
Organic & Inorganic Expansion 25 Jan 2017 Sep 2025 (At the time of listing) (now) [Organic Expansion] 38,000 elevators 120,870 elevators served served May 2017 Japan Elevator Service Kansai 64 offices Oct 2017 JES Innovation Center (JIC) 151 offices *as of November 1 934 employees Apr 2019 Oct 2020
Slide 26: Our Business: (1) Maintenance & Repair
Our Business: (1) Maintenance & Repair 26 Maintenance 1 Legal inspection stipulated in the Building Standards Act Services 2 Periodic inspection (cleaning, oiling, adjustment, replacement of consumables, etc.) 3 Monitoring services (including examination, remote monitoring, and remote inspection for
Slide 27: Our Business: (2) Modernization
Our Business: (2) Modernization 27 Modernization ⚫ The legal depreciable life of a lift is 17 years. The Life Cycle Cost Assessment Index Services planned service life proposed by the Building Maintenance and Preservation Association is 25 years ⚫ For some models, the OEM may stop supplying parts, s
Slide 28: Our Business: (2) Modernization - Quick Renewal
Our Business: (2) Modernization～Quick Renewal 28 Quick Renewal enables flexible modernization reflecting customer needs Major components are One time modernization replaced in stages, significantly reducing construction time and 1 costs 2 Replace control panel only Phase 1 (Compatible with 16 models
Slide 29: Our Business: (2) Modernization - Escalators
Our Business: (2) Modernization～ Escalators 29 ⚫ Escalators (ES) account for 5% of maintenance contracts and are expected to increase along with the increase in maintenance contracts ⚫ Established organization to train technical staff specialized in escalators to improve service quality ⚫ Commence m
Slide 30: LiftSPOT
LiftSPOT 30 ⚫ LiftSPOT is a service that combines digital signage with security cameras, helping prevent crime in elevators while providing a display for advertising and other content (patent acquired for security camera with ad display function) ⚫ Audio-enabled digital signage media for elevators,
Slide 31: Promotion of Refurbished Parts
Promotion of Refurbished Parts 31 Refurbished parts are products collected during parts replacement, then repaired and refurbished Components that pass our QA testing are certified as JES Authorized Refurbished Parts JES Group is focusing on obtaining recycled parts and promoting growth in the refur
Slide 32: JES Innovation Centers
JES Innovation Centers 32 ⚫ Capable of rapid troubleshooting nationwide with 8 parts centers, including JIC and JIK ⚫ Capable of responding to modernization demand ⚫ Established R&D center with test tower, the only one of its kind among independent companies, redundant control centers and extensive
Slide 33: Making Entry in Southeast Asia Market
Making Entry in Southeast Asia Market 33 Japan Elevator Service Hong Kong Company Japan Elevator Service India Private Limited Limited Established in Feb 2016 In Jul 2014 the Company established vehicle for research and investment in SE Asia Acquired 51% interest in Unieco of Vietnam in Nov 2021 Acq
Slide 34: Overseas Business Update
Overseas Business Update 34 Overseas Expansion with a Focus on ASEAN Through Collaboration with HD ⚫ Steady sales and profit from Indonesia, Vietnam, and Malaysia (facility management business) ⚫ In preparation for full-scale overseas business expansion, the Overseas Business Strategy Office was mig
Slide 35: References
35 References Copyright © japan elevator service holdings all rights reserved
Slide 36: Growth in Net Sales
Growth in Net Sales 36 Net sales of 49.3B 17% CAGR for the FY Mar 2025 56.5 3.1% 49.3 35.1% 42.2 34.9 61.8% 29.7 24.5 Maintenance & repair Modernization Other 21.3 17.9 15.3 13.5 11.8 10.4 Sep Sep Sep Sep Sep Sep Sep Sep Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar 2006 2007 2008 2009 2010 20
Slide 37: Ensuring Sustainable Business
Ensuring Sustainable Business 37 Strengthening efforts to maintain Promotion of Good Working E S the environment Environment ⚫ Aggregate greenhouse gas emissions throughout the ⚫ Expansion of allowances due to revision of the supply chain personnel system (e.g. housing allowance) ⚫ Examine long-term
Slide 38: Environment Data
Environment Data 38 issions ets ar ar ar ar ar aste isc ar e ount ar ar ar ar ar SCOPE1 t CO2 2,1 2,5 2 ,20 ,512 ,00 Non recyclable waste discharge t Not calculated Not calculated Not calculated ar 1, 1 ar 1, 72 SCOPE2 t CO2 1,051 1,1 1, 0 1, 1, 11 ecyclable waste discharge t Not calculated Not calc
Slide 39: Social Data
Social Data 39 o ber o ployees ar ar ar ar ar rainin ost ar ar ar ar ar ale（person） 1,05 1,1 2 1, 51 1, 1,5 Training cost（JP ） 7,255, 5 5, 7, 5 5, 0, 7,271, 0 15, 7, emale（person） 1 1 21 2 7 2 270 Per person（J P ） 5, 0 , , 5 ,117 ,227 Percentage of female（％） 1 .7 15.5 1 .5 15.2 1 .5 Japan Elevator S
Slide 40: Governance Data
Governance Data 40 o position o t e oar o irectors ar ar ar ar ar Number of irectors 12 5 emale 2 2 2 2 External 2 Independent 2 Audit Supervisory oard members emale 0 0 0 0 1 External 2 2 2 2 2 Independent 2 2 2 2 2 Percentage of female directors（％） 20.0 1 . 1 .1 1 .1 7.5 Japan Elevator Service old
Slide 41: Financial Highlights (1/2)
Financial Highlights (1/2) 41 Net sales Operating profit (Millions of yen) (Millions of yen) 49,375 8,624 42,216 6,821 34,907 29,751 5,010 24,521 4,113 21,339 3,612 17,900 15,326 2,717 13,544 2,034 1,351 611 Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar 2017 2018 2019 2020
Slide 42: Financial Highlights (2/2)
Financial Highlights (2/2) 42 Net assets / Total assets (100 million yen) Net assets Total assets 354 325 290 253 204 203 167 142 136 106 114 105 117 78 39 51 20 28 Mar Mar Mar Mar Mar Mar Mar Mar Mar 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net assets per share Earnings per share (Yen) 112.07 (
Slide 43: Disclaimer and Caution Concerning Forward-looking Statements
Disclaimer and Caution Concerning Forward-looking Statements 43 Disclaimer ⚫ Japan Elevator Service oldings the “Company” has prepared these materials for your reference, so that you may understand the current status of the Company. ⚫ While these materials have been prepared based on generally-known
Japan Elevator Service Holdings — H1 FY Mar 2026 Earnings Presentation on 6ix