Nippon Sanso sees core income rise despite US hydrogen write-down

Global industrial gases major Nippon Sanso Holdings (NSHD) grew consolidated revenue by 4.2% year-on-year to $8.86bn in its fiscal year 2025, with pricing and efficiency gains offsetting flat volumes. Results were partly weighed down by a one-off $173m impairment tied to a cancelled US hydrogen project.

Core operating income rose 13.9% to $1.28bn, helped by cost control measures across the group’s global industrial gas business. But reported operating income fell 3.6% to $1.12bn due to an impairment linked to its cancelled US hydrogen production project. Net income dropped 6.7% to $668m.

Shipment volumes of core air gases (oxygen, nitrogen and argon) held steady year-on-year, though total group volumes declined slightly.

Performance varied across regions. Japan saw weaker demand for electronic materials and gases but was buoyed by strong equipment sales. In the US, modest volume growth and firm pricing drove higher revenue, while Europe posted gains across both gas and medical-related equipment. Asia & Oceania delivered solid volumes – particularly in liquefied petroleum gas sales in Australia – though profits were dented by rising costs and helium price pressure.