Eight Regions, Six Regions, and Six Other Regions

Daikin's consolidated note counts the United States. Its results presentation counts the Americas, for one segment. For the year to March 2026 the second number is the larger, and neither is contained in the other.

Daikin Industries sold ¥1,898,600 million (US$11,591 million) of air conditioning and refrigeration in the Americas in the year to 31 March 2026. In the segment note for the same year, sales to external customers in the United States came to ¥1,786,513 million (US$10,907 million). The first covers the air-conditioning and refrigeration segment alone, filters included, as the presentation's own note says. The second covers the consolidated company.

The results presentation cuts the air-conditioning segment across eight named places and calls one of them 米州, the Americas. The consolidated note cuts the whole company across six and calls one of them 米国, the United States. One character apart. The two lines differ in geography and in scope at once — one segment against the company, the second on an external-customer basis — and neither document splits the ¥112,087 million (US$684 million) between them into the two causes. In English translation they can arrive on the page looking like the same row.

The year, first. Consolidated sales of ¥5,015,036 million (US$30,617 million), up 5.5% from ¥4,752,335 million (US$29,013 million). Three segments: air conditioning and refrigeration at ¥4,621,131 million (US$28,212 million), chemicals at ¥281,469 million (US$1,718 million), other at ¥112,435 million (US$686 million). The sales section states that intersegment transactions are eliminated, so the three are on the consolidated basis and they add — to ¥5,015,035 million, one million yen (about US$6,100) under the printed total, in a release that states amounts are truncated below ¥1 million. That is the noise floor for everything that follows.

The consolidated segment note gives external sales in six regional lines: Japan ¥809,636 million (US$4,943 million); the United States ¥1,786,513 million (US$10,907 million); Europe ¥857,796 million (US$5,237 million); Asia and Oceania ¥711,228 million (US$4,342 million); China ¥471,917 million (US$2,881 million); other ¥377,943 million (US$2,307 million). Added, they come to ¥5,015,033 million, ¥3 million (about US$18,000) below the external-customer total the same note carries.

The results presentation gives eight lines for air conditioning and refrigeration, filters included, in units of ¥100 million: Japan ¥675,800 million (US$4,126 million); Europe ¥784,200 million (US$4,788 million); China ¥403,500 million (US$2,463 million); the Americas ¥1,898,600 million (US$11,591 million); Asia ¥506,500 million (US$3,092 million); Oceania ¥156,600 million (US$956 million); the Middle East ¥176,800 million (US$1,079 million); Africa ¥19,200 million (US$117 million). They sum to ¥100 million (about US$0.6 million) above the presentation's own printed total — one unit of that table. The segment note puts the same segment at ¥4,621,131 million.

Chemicals gets six lines, and they are not the six above: Japan ¥63,200 million (US$386 million); the Americas ¥52,400 million (US$320 million); China ¥66,100 million (US$404 million); Asia ¥43,800 million (US$267 million); Europe ¥55,000 million (US$336 million); other ¥1,000 million (US$6 million), which the breakdown's note indicates covers Oceania, the Middle East, Africa and the like. These add exactly to the printed ¥281,500 million (US$1,719 million). So chemicals' Asia has Oceania sitting in its other line; the eight air-conditioning lines above put Asia and Oceania beside each other; the six consolidated lines above carry them as one.

Now hold the two segment tables against the note. Summed from their own lines the two cover ¥4,902,700 million (US$29,931 million); the other segment, at ¥112,435 million (US$686 million), is the remainder of the year. Take each note line and subtract the segment lines that share its name. Japan: +¥70,636 million (US$431 million). Europe: +¥18,596 million (US$114 million). China: +¥2,317 million (US$14 million). Asia and Oceania, against air conditioning's Asia plus Oceania plus chemicals' Asia: +¥4,328 million (US$26 million). Japan's residual alone is 62.8% of the other segment's entire sales (70,636 ÷ 112,435).

Then the United States. The note's line is ¥1,786,513 million (US$10,907 million); the two segment tables' Americas lines come to ¥1,951,000 million (US$11,911 million). The residual is −¥164,487 million (−US$1,004 million), and it points the other way because the wider word is inside the narrower table. By the note's label set, whatever is outside its five named regions sits in the sixth, and the sixth is ¥377,943 million (US$2,307 million); the segment tables' regions that the note does not name — the Middle East ¥176,800 million (US$1,079 million), Africa ¥19,200 million (US$117 million), chemicals' other ¥1,000 million (US$6 million) — come to ¥197,000 million (US$1,203 million), leaving +¥180,943 million (US$1,105 million), which is where the Americas outside the United States also has to be. The six residuals total ¥112,333 million (US$686 million) against the other segment's ¥112,435 million (US$686 million). The ¥102 million (about US$0.6 million) between them is consistent with adding a table printed in ¥100 million units to one printed in ¥1 million units, a per-line tolerance of ¥50 million (about US$0.3 million), though both tables carry small residuals of their own as well. Line by line, against the note's own lines: China 0.5%, Asia and Oceania 0.6%, Europe 2.2%, Japan 8.7%. Japan, Europe and China carry the same name in all three tables; the note's Asia and Oceania stands against three segment lines. Where the names do not match at all — the United States against the Americas — the residual is 9.2%, and it points the other way.

What the regional lines cannot be taken apart into is volume and price. The presentation does separate those, once, for the company: operating profit runs from ¥401,700 million (US$2,452 million) to ¥415,000 million (US$2,534 million) through foreign exchange −¥11,500 million (US$70 million), raw materials −¥88,000 million (US$537 million), fixed costs and the like −¥57,000 million (US$348 million), 拡販, sales expansion, −¥31,700 million (US$194 million), selling price +¥120,500 million (US$736 million) and cost reduction +¥81,000 million (US$495 million). That bridge closes exactly, in the ¥100 million units it is printed in. The raw-materials line is stated to include a direct US tariff effect of ¥41,000 million (US$250 million) and logistics. None of it is cut by region, so a reader holding the eight regional lines cannot say which of them carries the ¥120,500 million of price.

The same year is taken apart a second time, by account rather than by cause: cost of sales ¥3,282,519 million (US$20,040 million), up 5.0%; selling, general and administrative expenses ¥1,317,524 million (US$8,043 million), attributed mainly to personnel costs, up 7.6%; operating profit ¥414,991 million (US$2,534 million), up 3.3%. Sales less the two comes to ¥414,993 million, ¥2 million (about US$12,000) above the printed profit, which is the truncation convention again. Margins are available by segment because profit is, though the filings print none of them: ¥376,991 million (US$2,302 million) on ¥4,621,131 million is 8.2% for air conditioning; ¥33,089 million (US$202 million) on ¥281,469 million is 11.8% for chemicals; ¥4,925 million (US$30 million) on ¥112,435 million is 4.4% for other. The three sum to ¥415,005 million (US$2,534 million) and stand against a consolidated ¥414,991 million after an adjustment of −¥13 million (about US$79,000), leaving ¥1 million (about US$6,100) of the same truncation, and 8.3% of sales. Chemicals sales rose 7.0% and chemicals segment profit fell 28.3%. Both decompositions are drawn at the level of the company; the regional tables are sales tables, so a regional margin is not an arithmetic that exists here.

There is a third cut, by legal entity. One subsidiary is set out with its own figures because its sales exceed a tenth of the consolidated total: Daikin Comfort Technologies North America Inc, sales of ¥1,096,704 million (US$6,695 million) net of intragroup sales, ordinary profit ¥75,003 million (US$458 million), net income ¥56,007 million (US$342 million), total assets ¥1,207,141 million (US$7,370 million), net assets ¥645,340 million (US$3,940 million). That table states no period. Taken against this year's consolidated sales it is 21.9% (1,096,704 ÷ 5,015,036), 61.4% of the note's United States line and 57.8% of the presentation's Americas line. Whether the four figures rest on the same period and the same attribution is not something the tables settle between them, so all three ratios are arithmetic rather than decomposition. The sales section separately states that no single customer reaches a tenth of total sales.

The subsidiary's profit line is ordinary profit: ¥75,003 million on ¥1,096,704 million, 6.8%. The segment figures are operating profit, 8.2% for air conditioning. The company prints both of its own: operating profit ¥414,991 million (US$2,534 million) against ordinary profit ¥408,171 million (US$2,492 million), 8.3% and 8.1% of sales. So the 6.8% and the 8.2% are two different measurements standing next to each other, not a regional spread.

Three numbers in the package cluster near ¥0.8 trillion and none of them measures the same thing. The parent company's own sales are ¥840,459 million (US$5,131 million). The consolidated note's Japan line is ¥809,636 million (US$4,943 million). The presentation's Japan line for air conditioning is ¥675,800 million (US$4,126 million). The first is a legal entity, the second is a place at consolidated width, the third is a place at one segment's width, and the largest of the three is the one that is not a place at all.

Sales outside the Japan line are 83.9% of the total, computed as (5,015,036 − 809,636) ÷ 5,015,036 from the note's own figures. The previous year's filing states an overseas sales ratio of 83% for fiscal 2024, about 103,000 group employees and an overseas employee share above 80%, on that section's own terms rather than the segment note's. Group employees at 31 March 2026 are 104,095, with an average of 12,345 temporary staff counted outside that. The human-capital section adds a local-national president ratio at overseas sites of 41% and a local-national director ratio of 49% for fiscal 2025, against 42% and 46% a year earlier — a fourth sense of "overseas," whose population is neither of the two regional partitions.

The properties section cuts the company by company and by site. Overseas: Daikin Comfort Technologies North America, Texas, ¥213,522 million (US$1,304 million) of book value and 14,878 people; Daikin Europe NV, Ostend, ¥198,684 million (US$1,213 million) and 12,880; Daikin Applied Americas, Minnesota, ¥116,662 million (US$712 million) and 5,115; Daikin Airconditioning India, Rajasthan, ¥66,171 million (US$404 million) and 5,021. The eleven overseas entries carry ¥851,775 million (US$5,200 million) and 50,200 people; the ten domestic entries carry ¥195,855 million (US$1,196 million) and 10,690. That is 60,890 of 104,095 employees, 58.5% — a ratio built across dates, since the facilities table gives its headcounts no as-of and the 104,095 is at 31 March 2026, and the parent and overseas-subsidiary sections of that table note that staff seconded from the parent are not counted. A census of sites, not of the world.

Capital expenditure was ¥300,030 million (US$1,832 million), itemised by company and segment: within air conditioning, the parent ¥15,404 million (US$94 million) and the Daikin Applied Americas group ¥63,130 million (US$385 million); within chemicals, the parent ¥44,664 million (US$273 million) and Daikin America ¥7,066 million (US$43 million). Where the unit is the group, the two documents are one rounding apart: the presentation's ¥100 million grid gives ¥324,600 million and ¥300,000 million (US$1,982 million and US$1,832 million) where the filings give ¥324,648 million and ¥300,030 million (US$1,982 million and US$1,832 million), differences of ¥48 million (about US$293,000) and ¥30 million (about US$183,000). Only next year's plan, ¥285,000 million (US$1,740 million), matches to the yen. Research and development was ¥150,756 million (US$920 million), of which air conditioning and refrigeration was ¥134,097 million (US$819 million), 89.0%.

Production is reported by segment as well, and the note states the amounts are at selling prices — the same basis as the sales lines, which makes the ratio legible. Air conditioning produced ¥3,182,249 million (US$19,428 million) against segment sales of ¥4,621,131 million, or 68.9%. Chemicals produced ¥257,069 million (US$1,569 million) against ¥281,469 million, or 91.3%. The section also states that the group's products are largely made to forecast, so orders and order backlog are not part of it. Production is cut by segment, and the 22.4-point spread between those two ratios is not something the regional lines can be paired with.

Next year is planned in the same eight lines: Japan ¥695,000 million (US$4,243 million), Europe ¥810,000 million (US$4,945 million), China ¥380,000 million (US$2,320 million), the Americas ¥1,990,000 million (US$12,149 million), Asia ¥530,000 million (US$3,236 million), Oceania ¥160,000 million (US$977 million), the Middle East ¥156,000 million (US$952 million), Africa ¥20,000 million (US$122 million) — and these add exactly to the printed ¥4,741,000 million (US$28,944 million). China is planned down 5.8% and the Middle East down 11.8% while the Americas is planned up 4.8%. The chemicals plan lists five regions, with no other line where the year just closed had one, totalling ¥299,000 million (US$1,825 million) against a printed ¥300,000 million (US$1,832 million); the ¥1,000 million (US$6 million) between them is the size of this year's other line. For the company: sales ¥5,150,000 million (US$31,441 million), up 2.7%; operating profit ¥436,000 million (US$2,662 million), up 5.1%; assumed at ¥145 to the dollar and ¥170 to the euro, which is a fifth definition and this one is of the dollar.

The shareholder register is counted in units of 100 shares, and it too asks the reader to add. At 31 March 2026 foreign corporations and others held 1,358,633 units and foreign individuals 158, against 2,927,701 units in total: 46.41%, which is our own computation from the XBRL, because the form prints the two components and their percentages of 46.41 and 0.01 without a combined row. A year earlier the same two lines read 1,215,914 and 275 against 2,927,610 units, or 41.54%. Both years reconcile precisely — units times 100, plus odd-lot holdings of 343,873 shares and 352,973 shares respectively, is 293,113,973 shares in each case, which is the share count in each case. The denominator is units, so the odd lots, 0.12% of shares, sit outside the ratio. Across the 3,167 companies we measure, the median is 7.31%.

Every table here closes against itself, inside the unit it is printed in, except twice. The air-conditioning table's eight lines for the year run ¥100 million (about US$0.6 million) over its own printed total. The chemicals plan's five lines fall ¥1,000 million (about US$6.1 million) under its own, which is a plan drawn without the other line the same table carries for the year just closed. The consolidated note prints no total among its six regional lines; they fall ¥3 million (about US$18,000) below the external-customer total the note carries elsewhere. What does not close is any subtraction taken across two of these tables, and that operation belongs to whoever is doing the reading, who has to supply a dictionary before doing arithmetic. Next year's eight regional lines, for what it is worth, sum exactly to their printed total.

The tables above are read out of the Japanese documents — the annual securities report for the 123rd term, the previous year's on EDINET, the tanshin and the results presentation. An English version of the annual securities report is not something the Financial Instruments and Exchange Act asks a Japanese issuer to file, so the reader who does not read Japanese stands outside what the rules govern rather than short of what they promise. Daikin runs an English investor page, and the name it carries is IR Library | Investor Relations | Daikin Global. What that page listed on any particular date is not recorded in what we checked, and we did not confirm from it whether any of the four documents above stands in English. We say neither that they do nor that they do not.

One English document we did read is the Integrated Report 2025, for the fiscal year ended 31 March 2025 — the year before the one every table above measures. Its contents page cuts the review of air-conditioning operations into five named places: Japan / Americas / China / Europe, the Middle East, and Africa / Asia and Oceania. That is a third list of names, and it is neither of the two counted above. The Americas, where the note has the United States. Europe, the Middle East, and Africa held as one heading, where the presentation runs three lines. Asia and Oceania as one, where the presentation runs two and the note runs one. The excerpt states nothing about these five standing one for one against the segment divisions of the Japanese filing, so which of the partitions above an English reader is holding is not settled by it. The subtraction these tables invite is available in Japanese, for the year just closed. In English, in what we could confirm, it is five headings from the year before, with nothing on the page tying them to the divisions the Japanese tables use.

On the conversion: all yen amounts here are converted at ¥163.8 = US$1, the rate on 24 July 2026, applied uniformly to every period, including the year to March 2025 and the plan for the year to March 2027 — a plan that is itself built on an assumed ¥145 to the dollar and ¥170 to the euro. Each dollar figure is computed from its own yen figure and rounded on its own, so a run of dollar equivalents does not always re-add to the dollar equivalent of the yen total; where that happens, the yen figures are the ones that add. Percentages, ratios, multiples and counts of companies or people are not converted.