Bridgestone Corporation · TSE:5108
Bridgestone — FY2025 Earnings Presentation
49 slides from Bridgestone's earnings presentation, Apr 22, 2026
Slide 1: Financial Results for Fiscal 2025
Financial Results for Fiscal 2025 Bridgestone Corporation Bridgestone Corporation Global CEO and Representative Executive Officer Yasuhiro Morita Bridgestone Corporation Vice President and Senior Officer Global CFO, G Finance Naoki Hishinuma February 16, 2026
Slide 2: Agenda
1. Summary of Financial Results ･･･ 3 2. Business and Financial Performance ･･･ 16 for Fiscal 2025 3. Fiscal 2026 Guidance ・・・ 24 4. Capital Allocation ・・・ 28 Capital Policy & Shareholder Returns 2/32
Slide 3: 1. Summary of Financial Results
1. Summary of Financial Results 3/32
Slide 4: 24MBP Roadmap: 2025 & 2026 Key initiatives
24MBP Roadmap: 2025 & 2026 Key initiatives 2026: Toward growth with quality 2025: The year of Emergency and Crisis Management Create good Create good Create good Create new business sowing Axis “Jukuryo-Danko” business quality tires business good seeds for the future Commitment to “carry through wha
Slide 5: Summary of financial results for 2025
Summary of financial results for 2025 Financial results (vs. PY): Decrease in revenue and increase in profit • Swiftly react to business environment changes (Excluding currency exchange impact: Increase in revenue and profit) including U.S. tariff impact • Focus on global optimization and reinforcem
Slide 6: Summary of financial results for 2025: By areas in management priorities
Summary of financial results for 2025: By areas in management priorities North America Europe Revenue 1,822.6 B JPY 97% of PY Revenue 721.6 B JPY 103% of PY AOP% 11.0% +1.5% vs. PY AOP% 5.5% +2.4% vs. PY Increase in profit – In addition to benefits generated from restructuring & Significant increase
Slide 7: Summary of financial results for 2025: Business restructuring & rebuilding
Summary of financial results for 2025: Business restructuring & rebuilding Global ”Tackle past negative legacies squarely without delay” 1st Stage 2020-2021 21MBP ― Planned approx. 40% decrease from approx. 160 sites (as of 2019) Executed the business restructuring of approx. 50 sites almost as pla
Slide 8: 2026 Business plan
2026 Business plan BRIDGESTONE
Slide 9: 2026 Business plan
2026 Business plan Maintaining strong business quality and moving toward the stage of growth with quality Management policy Establish the foundation for growth and get back to the world’s No.1 position by 2031, 100th anniversary Attractive and competitive products and manufacturing Global portfolio
Slide 10: 2026 Business plan: Attractive and competitive products and manufacturing-1
2026 Business plan: Attractive and competitive products and manufacturing-1 Backed by a strong technological foundation, place product power reinforcement-through new product launches- and manufacturing excellence, at the center of growth. * # of new product: Global total *Sales volume: Global rep
Slide 11: 2026 Business plan: Attractive and competitive products and manufacturing-2
2026 Business plan: Attractive and competitive products and manufacturing-2 Organize the executive management structure (as of March 24, 2026) to strengthen the technological foundation and enhance R&D expenses (B JPY) competitiveness through continued growth-focused resource allocation. 1320 130.
Slide 12: 2026 Business plan: Portfolio management
2026 Business plan : Portfolio management The reinforcement of portfolio management in 24MBP progresses as planned Toward establishing a structure of growth with quality, steadily promote strengthening the foundation in 2026 Adjusted Operating Profit growth INDEX 2026 plan (2023=100) By business B
Slide 13: 2026 Business plan: Reinforcement of brand power
2026 Business plan: Reinforcement of brand power Focusing on motorsports activities, address to reinforce brand power globally ABB FIA Formula E World Championship Selected as sole tire supplier from the 2026-2027 season Return to an FIA World Championship SUPER Taikyu for the first time in a deca
Slide 14: 2026 Business plan: Fiscal 2026 Guidance
2026 Business plan: Fiscal 2026 Guidance 2026 Guidance (vs. PY): Increase in both revenue and profit • Plan sales growth in replacement tire Dividend per share (plan): Dividend increase (+¥10 vs. PY) • Move toward a stage of growth with quality 2026 vs. PY (%) (Yen in billions) Guidance Grow mainl
Slide 15: 2026 Business plan: Harmony with stakeholders
2026 Business plan: Harmony with stakeholders Bridgestone’s Mission “Serving Society with Superior Quality” Shareholders Employees Enhance capital efficiency Enhance talent creativity and productivity Reinforce shareholder returns with a lean structure Increase the amount of talent investmen
Slide 16: 2. Business and Financial Performance for Fiscal 2025
2. Business and Financial Performance for Fiscal 2025 16/32
Slide 17: Consolidated Financial Results for Fiscal 2025
Consolidated Financial Results for Fiscal 2025 (Yen in billions) 2024 (*1) 2025 (*1) vs. PY (%) Q4 vs. PY (%) Results 9 months vs. PY (%) vs. PY (%) Results (excl. FX) (3 months) Revenue 4,430.1 3,234.9 (1) 1,194.5 +3 4,429.5 (0) +0 Adjusted Operating Profit 483.3 368.4 +4 125.3 (4) 493.7 +2 +4 Marg
Slide 18: Analysis of Adjusted Operating Profit for Fiscal 2025 (vs. PY)
Analysis of Adjusted Operating Profit for Fiscal 2025 (vs. PY) (Yen in billions) Operating L. America 600.0 Conversion Expenses Currency MIX Volume Costs Business Others Raw Price +23.0 (10.0) (1.0) (45.6) +17.0 (14.0) +11.0 500.0 483.3 Materials (26.0) +56.0 493.7 -UPI Return from business (margin
Slide 19: Consolidated Financial Results by Segment for Fiscal 2025
Consolidated Financial Results by Segment for Fiscal 2025 (Yen in billions) 2024 2025 vs. PY (%) Results Results Revenue 1,226.1 1,265.9 +3 ・ Revenue increased due to robust Ultra-large mining tire sales, in addition to sales expansion of replacement tire in Japan. Japan Adjusted OP 187.3 198.1 +6 ・
Slide 20: Consolidated Financial Results by Product for Fiscal 2025
Consolidated Financial Results by Product for Fiscal 2025 (Yen in billions) 2024 2025 vs. PY (%) Results Results Revenue 2,485.9 2,500.6 +1 ・ Continued expanding sales of premium tires such as HRD tires and improving sales MIX. PS/LT Adjusted OP 282.3 268.6 (5) ・ Cyber incident in NA and struggling
Slide 21: Consolidated financial results by business portfolio for fiscal 2025
Consolidated financial results by business portfolio for fiscal 2025 Tire business as core business: Tire business Core business Secured AOP slightly less than 13％ despite in challenging business environment Commercial BtoB Solutions business as growth business: Secured an increase in revenue &
Slide 22: Adjustment Items for Fiscal 2025
Adjustment Items for Fiscal 2025 2025 Results (Yen in billions) Revenue 4,429.5 Adjusted Operating Profit 493.7 (Yen in billions) Adjustment Items 112.5 Adjustment Items 112.5 EU TB・Retread・Retail・AG tire plant rebuilding, etc. 38.3 Operating Profit 381.2 N. America TB tire plant rebuilding 26.6 Pro
Slide 23: B/S and C/F Highlights for Fiscal 2025
B/S and C/F Highlights for Fiscal 2025 (Yen in billions) 2024 Results 2025 Results Capital Policy (Financial Activities) (as of Dec 31, 2024) (as of Dec 31, 2025) vs. Dec 31, 2024 (February announcement) Total Assets 5,723.5 5,747.7 +24.2 Company has determined to acquire Treasury Stock of 300 Cas
Slide 24: 3. Fiscal 2026 Guidance
3. Fiscal 2026 Guidance 24/32
Slide 25: Fiscal 2026 Guidance
Fiscal 2026 Guidance (Yen in billions) 2025 Results 2026 Guidance vs. PY (%) Revenue 4,429.5 4,500.0 +2 Adjusted Operating Profit 493.7 515.0 +4 Margin 11.1% 11.4% +0.3pp 327.3 340.0 Profit Attributable to Owners of Parent +4 ROIC 8.3% 9.1% +0.8pp ROE 8.6% 9.5% +0.9pp Dividend per Share ¥115 Pre-spl
Slide 26: Analysis of Adjusted Operating Profit for Fiscal 2026 (vs. PY)
Analysis of Adjusted Operating Profit for Fiscal 2026 (vs. PY) Conversion Operating (Yen in billions) Volume Costs Expenses Raw MIX +35.0 (3.0) (71.0) 600.0 Price Currency Others Materials +18.0 493.7 +34.0 +18.0 +20.0 (29.7) 515.0 500.0 • Return from business rebuilding • Business cost reduction •
Slide 27: Fiscal 2026 Guidance by Segment
Fiscal 2026 Guidance by Segment (Yen in billions) 2025 2026 vs. PY (%) Results Guidance Revenue 1,265.9 1,275.0 +1 ・ Domestic replacement sales in Japan and OR including mining tires are Japan Adjusted OP 198.1 200.0 +1 expected to be solid. Maintain high margin. Margin 15.7% 15.7% +0.0pp Revenue 51
Slide 28: Fiscal 2026 Guidance (vs. 24MBP)
Fiscal 2026 Guidance (vs. 24MBP) Despite of sales MIX improvement through Premium Strategy and stable enhancement of business foundation from business cost reduction / business rebuilding, 2026 guidance is under MBP level because of several headwinds. Increase in dividend each year as planned. B
Slide 29: 4. Capital Allocation: Capital Policy & Shareholder Returns
4. Capital Allocation Capital Policy & Shareholder Returns 29/32
Slide 30: Capital Allocation Overview
Capital Allocation Overview Based on the reinforcement of Earning Power, we prioritize Growth Investment to drive sustainable growth and enhance corporate value, while maintaining an appropriate financial position and enhancing shareholder returns (Capital allocation policy remains unchanged) Appr
Slide 31: Capital Policy Supporting Sustainable Corporate Value Enhancement
Capital Policy Supporting Sustainable Corporate Value Enhancement No change to our mid-term policy of steadily and gradually moving toward a 55% equity ratio, which represents our ideal financial profile. Our 2026 capital policy was determined by maintaining our steady capital-efficiency improve
Slide 32: Enhancement of Shareholder Returns ー Dividends
Enhancement of Shareholder Returns ー Dividends Dividend Policy The basic policy is to aim for a consolidated dividend payout ratio of 50% level by comprehensively considering the business performance and financial position of the relevant period, as well as mid term profit prospects, investment plan
Slide 33: Forward-looking statements disclaimer
Statements made in this presentation with respect to Bridgestone's current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Bridgestone. Forward-looking statements include, but are not limited t
Slide 34: Appendix
Appendix BRIDGESTONE
Slide 35: Market Trend of Natural Rubber and Crude Oil; Tire Demand for Fiscal 2025
Appendix Market Trend of Natural Rubber and Crude Oil (average) Tire Demand for Fiscal 2025 (unit base% vs. PY) 2024 2025 Estimated by Bridgestone PSR/LTR TBR Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY OE REP OE REP Natural Rubber 157 168 175 196 174 197 168 170 172 177 Japan 103% 101% 103% 103% 〈TSR20〉(*1)（￠/kg
Slide 36: Raw Materials and Tire Demand Assumptions for Fiscal 2026
Appendix Raw Materials Assumption for Fiscal 2026 Tire Demand Assumption for Fiscal 2026 (unit base% vs. PY) Estimated by Bridgestone PSR/LTR TBR OE REP OE REP Japan 100% 100% 101~105% 95~99% Both natural rubber and crude oil are expected to decrease YoY. Asia (*1) 95~99％ 101~105% 111~115％ 106~110
Slide 37: Consolidated Financial Results by Business for Fiscal 2025 (Diversified Products Business)
Appendix Consolidated Financial Results by Business for Fiscal 2025 (Diversified Products Business) (Yen in billions) Sports & Cycle Biz vs. PY (%) Revenue 58.5 (1) Diversified Adjusted (1.3) - OP Products Business Chemical & Industrial vs. PY (%) Margin (2.2)% +1.5pp Products Biz vs. PY (%) Revenue
Slide 38: Assumption for estimating the direct impact of U.S. tariffs
Appendix Assumption for estimating the direct impact of U.S. tariffs As of February 13th : Reflect additional tariffs in each product and by country (Partially incorporated the assumptions) * In red : Change from November 2025 guidance • Products of Japan: Tariff on automobile & automobile parts 25%
Slide 39: Premium focus & acceleration of global business cost reduction activities
Appendix Premium focus & acceleration of global business cost reduction activities Strengthen approaches to premium vehicles, prestige OEMs and premium EVs based on value creation through “ultimate customization” enabled by ENLITEN technology (OEMs in Japan, Europe, U.S., and emerging EV OEMs, etc
Slide 40: Premium focus: Passenger car high rim diameter tires – Improve sales mix
Appendix Premium focus: Passenger car high rim diameter tires – Improve sales mix In the challenging business environment, based on Dan-Totsu product power, maintain focusing on the PS HRD tires where there is a tailwind of demand growth N. America & Europe: Sales ratio of tires 18 inch & above Ja
Slide 41: Premium focus: Passenger car premium tires – Improve sales mix
Appendix Premium focus: Passenger car premium tires – Improve sales mix Ensure a thorough focus on premium tires linked with the expansion of ENLITEN, new premium on top of the growth in high rim diameter (HRD) tires Sales ratio of PS premium tires for full year HRD tires (replacement / global) 60
Slide 42: Expansion of new premium ENLITEN for passenger car (replacement)
Appendix Expansion of new premium ENLITEN for passenger car (replacement) ※PS: Passenger car tires, LT: Light truck & bus tires Strategic product planning for “new premium” ENLITEN Expansion plan for PS & LT* replacement tires • Achieve both driving and environmental performance at a high level equi
Slide 43: Premium tires for passenger car
Appendix Premium tires for passenger car - Without Dan-Totsu products, there can be no growth with quality North America Multi-brand strategy India Flagship product of all-season tire of touring All-season premium tire category (Launched in Mar. 2025) of touring category customized for the India mar
Slide 44: Premium tires for truck & bus
Appendix Premium tires for truck & bus - Without Dan-Totsu products, there can be no growth with quality N. America Japan Europe ECOPIA ECOPIA ECOPIA Steer Drive Trailer Flagship product for regional driving. All-season tire for paved roads and high- Flagship ECOPIA series for long-distance driving,
Slide 45: Reinforce steady global business cost reduction
Appendix Reinforce steady global business cost reduction While business performance remained challenging, steady global initiatives at Genbutsu-Genba (on-site) supported the Group’s performance - Progressing at a pace that achieved the target of 24MBP (2024-2026) one year ahead - cumulative total:
Slide 46: Reinforce commercial BtoB business
Appendix Reinforce commercial BtoB business Based on the trust with customers and partners, amplify the value of Dan-Totsu products fusing ”Real (physical)” and Digital capabilities” to solve customers’ pain points and contribute to sustainability Mining solutions Aviation solutions With Bridgesto
Slide 47: Exploratory Business: Sowing new seeds
Appendix Exploratory Business: Sowing new seeds - providing social value with sustainability at the core Promote explorer business model as an axis of co-creation with external partners Recycle Technology development and pilot test toward establishment of the Precise Pyrolysis Technology of End-of
Slide 48: Sustainability – Results in 2025 & plans for 2026
Appendix Sustainability – Results in 2025 & plans for 2026 2024 2025 (preliminary as of 2026 plan Feb. 2026 ) Mid-long term target Carbon neutrality CO2 emission reduction (Scope1,2) vs. 2011 64% Approx. 62% Continuous reinforcement Further focus on improvement of quality incl. Scope 3 75% Approx. 7
Slide 49: Forward-looking statements disclaimer
Statements made in this presentation with respect to Bridgestone's current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Bridgestone. Forward-looking statements include, but are not limited t