Sumitomo Rubber Industries, Ltd. TSE:5110
Sumitomo Rubber Industries : 2025 Financial Report (January 1 - December 31, 2025)
Source: MarketScreener
(January 1 ~ December 31, 2025)
February 12, 2026
-
2025 Annual Financial Results Summary
Changes in Scope of Consolidation, Affiliated Companies
Highlights, Financial Results Summary
-
2026 Annual Financial Results Forecast
Financial Results Forecast Summary
Capex, Depreciation, Tire Production Capacity etc.
Shareholder Returns etc.
2025 Annual Financial Results Summary
Changes in Scope of Consolidation, Affiliated Companies
Highlights, Financial Results Summary
2026 Annual Financial Results Forecast
Financial Results Forecast Summary
Capex, Depreciation, Tire Production Capacity etc.
Shareholder Returns etc.
Consolidated Subsidiaries 84
（vs 2024 year-end : +2）
Equity-method Affiliates 3
（vs 2024 year-end : - ）
Newly Include +3 | Excluded (1) | |
DNA (Housemarks) Limited Tire （U.K./Other） SP Brand Holding （Belgium/Other） Viaduct, Inc. (U.S./Other) | ||
Sports | Dunlop International 1902 Limited （U.K./Other） | |
Industrial & Other | ||
Newly Include - | Excluded - |
Manufacturing
Companies
Sales Companies Other Companies
Domestic | 1 | Domestic | 1 | Domestic | 7 | |
Tire | Overseas | 8 | Overseas | 29 | Overseas | 9 |
Asia Pacific | 4 | Asia Pacific | 7 | Asia Pacific | 2 | |||
Europe and Africa | 2 | Europe and Africa | 19 | Europe and Africa | 4 | |||
Americas | 2 | Americas | 3 | Americas | 3 |
Domestic | 1 | Domestic | 1 | Domestic | 2 |
Overseas | 3 | Overseas | 12 | Overseas | 6 |
Sports
Thailand, Americas, Philippines | Malaysia, U.K., Canada, Australia, China, Hong Kong, South Africa, South Korea, Thailand, France, Germany | U.K. |
Domestic | 1 | Domestic | 2 | Domestic | - |
Overseas | 3 | Overseas | 1 | Overseas | - |
Industrial & Other
Malaysia, China, Vietnam | Hong Kong | - | Total 87 Domestic 16 Overseas 71 | |||
Financial Results (2025 Jan.-Dec.)
Sales Revenue (1,207.1 B of yen) exceeded forecast, and business profit reached a record high (Total : 90.8 B of yen, Tires : 79.8 B of yen)
Business profit (%) increased to 7.5％ (2025 Jan.-Mar. : 4.9% → Apr.-Jun. : 5.0% → Jul.-Sep. : 7.0% → Oct.-Dec. : 12.2%）
As profit (50.4 B of yen) exceeded forecast (45.0 B of yen), dividend increased by 7 yen from Nov. 12th forecast, resulting in a total annual dividend of 77 yen
Topics
Structural reform
Largely finalized for all approx. 10 business units and product lines
ROIC-bas ed management will continue
SYNCHRO WEATHER size lineup expansion
End of Oct. 2025 : 98 s izes
End of Dec. 2025 : 100 s izes
End of Mar. 2026 : 112 s izes
18" or larger ：56 s izes 18" or larger ：56 s izes For light vehicles ：2 s izes
Expanding DUNLOP brand in Europe, U.S., and Australia
Sales of own products started in Australia in Aug. 2025 and in the U.S. in Dec. 2025
Main initiatives
18" or larger ：67 s izes
For light vehicles ：2 s izes
Sales started in Europe in Jan. 2026
(offtake sales, followed by own products )
Countermeasures to U.S. Tariffs
Profit generation &
total cost reduction activities
By price pass-through & cost and expense reductions, respond to tariffs impact in 2025 : 13.0 B of yen
Project ARK launched in May 2025 and operations started in Jul.
2025 Actual：Business profit +2.8 B of yen
Countermeasures by profit contribution through price increase and sales expansion,
3
2
Factors to reduce tariffs impact
Changes in additional tariffs
Reflects actual figures for Jul.-Sep.
Factors for YOY Increase in tariff impact
2026 reflects a full 12 months of impact（Jan.-Dec.）
*2025 additional tariffs impacted 9 months (Apr.-Dec.)
*The additional tariff rate remains unchanged since Nov. 12th 2025 announcement
cost and expense reductions, and Project ARK
1
Factors to reduce tariffs impact
Partial postponement to apply additional tariffs
Tariffs reduction agreement
*Japan, Indonesia
+3.5 B of yen
Tariffs impact
+1.5 B of yen
2025 Actual
1
(14.5)
B of yen
(18.0)
B of yen
2
(13.0)
B of yen
Tariffs impact
YO
(15
B o
10.0 B of yen
2026 | Project ARK | ||
Y .8) f yen | (28.8) B of yen | Profit Cos | contribution thro t and expense red |
Price pass-through | |||
ugh sales uctions
In 2026, as in 2025, we will surely respond to the tariffs impact with 4
Price pass-through, cost and expense reductions, and furthermore,
total cost reduction activities under "Project ARK" .
4
Tariffs impact (May 15th Forecast)
(Aug. 7th Forecast)
3
Tariffs impact
(Feb. 12th Forecast)
Action plan
Actual 2025 | Actual 2024 | YOY | |
Sales Revenue | 1,207.1 | 1,211.9 | 100% |
Business Profit | 90.8 | 87.9 | 103% |
(%) *1,5 | 7.5% | 7.3% | |
Operating Profit (%) *5 | 82.6 | 11.2 | 738% |
6.8% | 0.9% | ||
Profit *2,5 | 50.4 | 9.9 | 511% |
Nov. 12th 2025 Forecast
2025
Actual
2023
Billions of Yen
1,200.0 1,177.4
95.0 77.7
7.9% 6.6%
84.0 64.5
7.0% 5.5%
45.0 37.0
ROIC *3 | 6.2% | 6.5% |
ROE | 7.3% | 1.5% |
ROA *4 | 6.5% | 6.7% |
D/E Ratio | 0.6 | 0.5 |
6.6% 5.7%
6.8% 6.3%
6.8% 6.2%
0.6 0.5
2025 Forecast | Feb. 13th | May 15th | Aug. 7th | Nov. 12th |
Sales Revenue | 1,250.0 | 1,220.0 | 1,215.0 | 1,200.0 |
Business Profit | 95.0 | 95.0 | 95.0 | 95.0 |
Operating Profit | 84.0 | 84.0 | 84.0 | 84.0 |
Profit | 45.0 | 45.0 | 45.0 | 45.0 |
*1. Business Profit : Sales Revenue - (COS + SGA)
*2. Profit : Profit attributable to owners of parent
*3. ROIC : Net Business Profit After Tax / Invested Capital
*4. ROA : Business Profit / Total Assets
*5. Accounting adjustments have been applied since 2nd quarter, 2022,
as pursuant to IAS 29 "Financial Reporting in Hyperinflationary Economies".
The above notes apply throughout this report.
2025 Consolidated Business Profit vs Nov. 12th 2025 Forecast
Expense related to termination of a U.S. factory + 0.8 Project ARK + 1.6
Nov. 12th 2025 Forecast
Sales
Tires
95.0
+10.6
SP･HB
+1.8
Progress to date
Dec. 31, 2025
Forecast
95.0
+14.3
Replacement
(1.0)
U.S
sales
(0.9)
Billions of Yen
Impact of revised trading terms
for major customers etc.
Unrealized profit
90.8
(2.3)
increase
Tariffs
Costs
2025 Actual
2024 Actual Oct.-Dec.
+9.0
(5.1)
+3.8
Oct.-Nov.
Winter tire shortage impact etc.
+26.4
+32.2
Vs 2024 Oct.-Dec. expected increase in profit
Raw Material + 8.2 Forex + 2.2
Progress as planned
48.5
Tires +44.6
Others +1.8
Dec. 31, 2025 Forecast
48.5
4Q +46.5
Variance from forecast
Tires (4.2)
Jan.-Sep. Actual
Annual business profit plan
Jan.-Sep. Actual
Expected business profit
Jan.-Dec. 2025 Actual
9
Price・Volume & Mix
+ 7.8
Profit in North America by product allocation + 1.2
Consolidated Financial Results by Quarter
Billions of Yen
2025 Jun.-Mar. | vs 2024 | 2025 Apr.-Jun. | vs 2024 | 2025 Jul.-Sep. | vs 2024 | 2025 Oct.-Dec. | vs 2024 | Actual 2025 | YOY | |
Sales | 287.8 | 99% | 284.4 | 96% | 289.4 | 101% | 345.5 | 103% | 1,207.1 | 100% |
Revenue | (3.6) | (11.3) | +1.5 | +8.5 | (4.8) | |||||
Business Profit (%) | 14.1 4.9% | 61% (9.1) | 14.2 5.0% | 74% (4.9) | 20.2 7.0% | 105% +1.0 | 42.3 12.2% | 160% +15.9 | 90.8 | 103% |
7.5% | +2.8 | |||||||||
Operating Profit (%) | 12.3 4.3% | 60% (8.4) | 14.7 5.2% | 69% (6.5) | 19.1 6.6% | - +49.6 | 36.5 10.6% | - +36.7 | 82.6 | 738% |
6.8% | +71.4 | |||||||||
Profit | 3.6 | 14% (21.3) | 10.8 | 78% (3.1) | 11.6 | - +46.3 | 24.4 | 419% +18.6 | 50.4 | 511% +40.5 |
Billions of Yen %：Profit Ratio ：Record High
1,098.7
936.0
15.0
1.4%
49.2
5.3%
29.5
5.6%
52.0
9.4
2.0%
22.0
37.0
64.5
5.5%
6.6%
77.7
50.4
82.6
6.8%
7.5%
90.8
9.9
0.9%
11.2
7.3%
87.9
1,177.4 1,211.9
1,207.12021 2022 2023 2024 2025
Sales Revenue Business Profit Operating Profit ProfitConsolidated Sales Revenue / Business Profit by Reportable Segment (2025 Jan.-Dec.)
2025 Jun.-Sep. | vs 2024 | 2025 Oct.-Dec. | vs 2024 | Actual 2025 | YOY | ||
Sales Revenue | Tires | 740.2 | 99% | 303.5 | 102% | 1,043.7 | 100% |
Sports | 93.2 | 95% | 32.4 | 116% | 125.6 | 100% | |
Industrial & Other | 28.3 | 99% | 9.5 | 84% | 37.8 | 95% | |
Total | 861.6 | 98% | 345.5 | 103% | 1,207.1 | 100% | |
Billions of Yen
Actual
2024
1,046.4
125.7
39.8
1,211.9
Business Profit | Tires | 40.9 | 80% | 38.9 | 155% | 79.8 | 105% |
Sports | 4.7 | 59% | 2.2 | - | 6.8 | 87% | |
Industrial & Other * | 2.9 | 121% | 1.2 | 84% | 4.1 | 107% | |
Total | 48.5 | 79% | 42.3 | 160% | 90.8 | 103% |
76.2
7.9
3.9
87.9
*The elimination of inter-segment transactions is included.
77.7
76.2
79.8
63.6
52.0
41.4
22.0
8.6
12.3
8.9
12.5
7.9
2.0
0.7
1.6
3.9
6.8
4.1
87.9 90.8
2021 2022 2023 2024 2025
：Record High
Billions of Yen
Tires Sports Industrial & Other Business Profit
153.8
5.4
183.9
17.4
160.2
6.3
204.9 213.5
20.0
7.5 1.1
18.6
178.9
192.5
223.9
0.4
22.6
200.9
299.7 313.3
40.8
26.1 25.8
42.0
347.4 344.5 362.0
274.6
43.4 40.4
275.8
294.9
37.7
28.2 29.6 29.4
199.3
0.2
24.8
247.1 263.5
0.1
214.6
0.2
32.3
35.2
285.5 279.1
0.1
41.3
0.1
248.9
36.5
Industrial & Other
Sports
Tires
13.9
134.6
2021 2022 2023 2024 2025
Europe
231.5
246.6
2021 2022 2023 2024 2025
Japan
174.4
228.2
237.7
166.7
7.1
16.5
194.0 200.6 200.0 180.6
8.9 7.8 8.5 7.5
21.3 24.0 22.6 17.5
2021 2022 2023 2024 2025
North America
6.2
161.5
160.3 161.1 168.3 161.5
143.1 163.8 168.7 168.9 155.6
116.5
0.9 0.8 0.6 0.4
0.8
4.2
2021 2022 2023 2024 2025 111.4
Asia
4.8 5.5
154.7 154.8
6.5
154.6
2021 2022 2023 2024 | 2025 | ||||
Consolidated Sales Revenue | 936.0 | 1,098.7 | 1,177.4 | 1,211.9 | 1,207.1 |
% of Overseas | 68% | 71% | 70% | 72% | 70% |
*Sales Revenues on this page are classified by country or region based on customer's location.
2021 2022 2023 2024 2025
Others
(0.8) (3.1)
7.0
2.8
(3.0)
Jan.-Jun. (5.8)
Jul.-Sep. +1.6
Oct.-Dec. +1.2
30.5
18.8 20.0 20.1
35.1
21.1
30.4
34.6
2021 2022 2023 2024 2025
Europe / Middle East / Africa
17.8
13.6
19.6 18.7
13.2
2021 2022 2023 2024 2025
Japan *
(6.1)
2021 2022 2023 2024 2025
Asia / Oceania
(17.0)
2021 2022 2023 2024 2025
North America
2021 | 2022 | 2023 | 2024 | 2025 | ||
Business profit of Tire | 41.4 | 12.3 | 63.6 | 76.2 | 79.8 | |
Overseas | 10.9 | (6.5) | 43.5 | 56.0 | 44.8 | |
% of Overseas | 26% | - | 68% | 74% | 56% | *Direct export sales from Japan that do not go through group sales companies are aggregated in Japan. |
Labor cost
Energy cost
Improving productivity (Incl. ARK)
(1.7)
+0.3
+2.2
Billions of Yen
Natural Rubber +5.8
Pet. Related +2.9
Raw Material
+8.8
Price
+6.7
Volume & Mix
(6.8)
Direct Costs
+3.7
Fixed Costs
(0.0)
Forex
+1.8
Expense
+0.0
Sports
+2.2
Industrial
Expense related to termination of a U.S. factory +1.7
& Other
(0.5)
2025
Oct. - Dec.
2024
26.4
Oct. - Dec.
Tire-related tariffs (3.2)
Unrealized Profit (0.4)
Profit in North America by product allocation +1.2 Other Volume & Mix (4.6)
Expense related to termination of a U.S. factory +0.6
Average exchange rate USD 152 → 154
EUR 163 → 179
42.3
Tires +14.1
Total +15.9
Oct.-Dec. Raw Material Price Volume & Mix Direct Costs Fixed Costs Forex Expense Sports
Industrial &
Other Oct.-Dec YOY
Nov. 12th Forecast 2023Q4→2024Q4 | 26.4 35.7 | +8.2 (6.7) | +7.6 +0.1 | (3.6) +1.4 | +3.6 (3.6) | +0.2 +0.2 | +2.2 +0.8 | +0.0 +1.1 | +1.9 (3.6) | (0.1) +1.0 | 46.5 26.4 | +20.1 (9.3) |
2024
Jan. - Dec.
Natural Rubber (2.5)
Pet. Related +1.4
Raw Material
(0.7)
Price
+25.3
Volume & Mix
Labor cost (7.0)
Energy cost +0.9
Improving productivity (Incl. ARK) +7.6
(25.3)
Direct Costs
+4.2
Fixed Costs
+7.0
Forex
(0.9)
Expense
(6.0) Sports
(1.0)
Industrial & Other
+0.2
Billions of Yen
Labor cost (3.9)
Advertising expenses (1.7)
Expense related to termination of a U.S. factory +0.4
2025
Jan. - Dec.
Response to Trump Tariffs +9.0
Expense related to termination of a U.S. factory +1 Labor cost (4
5.6
.2)
Tire-related tariffs (9.1)
Unrealized Profit (4.6)
Profit in North America by product allocation +4.5 Other Volume & Mix (15.6)
87.9
Average exchange rate
Unit 1Q 2Q 3Q 4Q Ave.
→ 150
USD 152
EUR 164
Natural Rubber 2025
169
→
(TSR20) 2024
Crude Oil 2025
(DUBAI) 2024
$/kg 1.94 1.95 1.72 1.70 1.83
$/kg 1.45 1.55 1.65 1.75 1.60
$/bbl 75 76 68 70 72
$/bbl 86 81 87 82 84
90.8
Tires +3.6
Total +2.8
Jan..-Dec. Raw Material Price Volume & Mix Direct Costs Fixed Costs Forex Expense Sports
Industrial &
Other Jan..-Dec YOY
Nov. 12th Forecast | 87.9 | (1.3) | +26.2 | (22.1) | +4.2 | +7.2 | (0.4) | (6.0) | (1.4) | +0.6 | 95.0 | +7.1 |
2023→2024 | 77.7 | (7.8) | (1.7) | +27.3 | (11.6) | (4.1) | +13.5 | (3.0) | (4.6) | +2.3 | 87.9 | +10.3 |
Billions of Yen
Period | Business Profit vs Previous year | Factors Raw Volume & Direct Fixed Industrial Material Price Mix Costs Costs Forex Expense Sports & Other | ||||||||||
Jan.-Mar. | 23.2 | +15.2 | +3.8 | (0.1) | +11.1 | (2.2) | (1.4) | +5.3 | (0.2) | (1.2) | +0.1 | |
20 | Apr.-Jun. | 19.1 | +10.0 | (0.3) | (1.4) | +7.5 | (2.7) | (1.8) | +7.6 | (0.9) | +1.7 | +0.3 |
24 | Jul.-Sep. | 19.2 | (5.7) | (4.6) | (0.3) | +7.3 | (3.1) | (1.1) | (0.2) | (3.0) | (1.5) | +0.8 |
Oct.-Dec. | 26.4 | (9.3) | (6.7) | +0.1 | +1.4 | (3.6) | +0.2 | +0.8 | +1.1 | (3.6) | +1.0 | |
Annual | 87.9 | +10.3 | (7.8) | (1.7) | +27.3 | (11.6) | (4.1) | +13.5 | (3.0) | (4.6) | +2.3 | |
Jan.-Mar. | 14.1 | (9.1) | (8.8) | +2.8 | +1.5 | (0.6) | +2.0 | (1.5) | (2.8) | (2.5) | +0.8 | |
20 | Apr.-Jun. | 14.2 | (4.9) | (5.0) | +5.8 | (1.7) | (0.1) | +2.5 | (2.7) | (3.1) | (0.4) | (0.0) |
25 | Jul.-Sep. | 20.2 | +1.0 | +4.3 | +10.0 | (18.3) | +1.2 | +2.5 | +1.6 | (0.0) | (0.4) | (0.0) |
Oct.-Dec. | 42.3 | +15.9 | +8.8 | +6.7 | (6.8) | +3.7 | (0.0) | +1.8 | +0.0 | +2.2 | (0.5) | |
Annual | 90.8 | +2.8 | (0.7) | +25.3 | (25.3) | +4.2 | +7.0 | (0.9) | (6.0) | (1.0) | +0.2 | |
vs Nov. 12th Forecast
(4.3) +0.6 (0.9) (3.2) +0.0 (0.2) (0.5) (0.1) +0.4 (0.4)
1
Business profit
Refer to page.6 to 18 for details.
2
Other income
Other non-operating profit
3
Other expenses
Other non-operating expenses Loss on retirement or sales
of non-current assets Impairment Losses, etc. related to termination of production and
dissolution of a U.S. factory
4
Financial income
Gain on net monetary position Interest received
Foreign exchange profit
5
Financial expenses Foreign exchange loss Interest expenses
Loss on valuation of derivatives
Actual vs 2024
3.2 B of yen +0.6 B of yen
(4.4) B of yen (1.6) B of yen
(1.7) B of yen (0.3) B of yen
(0.2) B of yen +69.2 B of yen
13.2 B of yen +6.8 B of yen
3.9 B of yen +1.1 B of yen
- (1.9) B of yen
(14.3) B of yen (14.3) B of yen
(7.7) B of yen (0.4) B of yen
(0.8) B of yen (0.8) B of yen
Billions of Yen | 2024 Jan.-Dec. | 2025 Jan.-Dec. | YOY | |
Sales Revenue | 1,211.9 | 1,207.1 | (4.8) | |
Cost of sales Selling, general and administrative expenses | (853.6) (270.3) | (838.7) (277.6) | +14.9 (7.2) | |
Business profit | 87.9 | 1 | 90.8 | +2.8 |
Other income | 4.2 | 2 | 3.7 | (0.5) |
Other expenses | (81.0) | 3 | (11.9) | +69.1 |
Operating profit | 11.2 | 82.6 | +71.4 | |
Financial income | 12.3 | 4 | 17.9 | +5.6 |
Financial expenses | (7.3) | 5 | (22.8) | (15.5) |
Equity in earnings of affiliates | 0.0 | 0.1 | +0.0 | |
Profit before tax | 16.3 | 77.8 | +61.5 | |
Income tax expense | (3.3) | (25.1) | (21.8) | |
Non-controlling interests | (3.1) | (2.3) | +0.8 | |
Profit | 9.9 | 50.4 | +40.5 | |
1
Billions of Yen | As of Dec. 31, 2024 | As of Dec. 31, 2025 | YOY | ||
Current assets | 669.8 | 679.3 | 1 | +9.6 | |
Non-current assets | 671.4 | 780.6 | 2 | +109.3 | |
Total assets | 1341.1 | 1459.9 | +118.8 | ||
Current liabilities | 370.6 | 379.9 | +9.3 | ||
Non-current liabilities | 294.7 | 343.7 | +49.0 | ||
Total liabilities | 665.3 | 723.6 | 3 | +58.3 | |
Total equity attributable to owners of parent Non-controlling interest | 656.1 19.7 | 716.1 | 4 | +59.9 | |
20.2 | +0.6 | ||||
Total equity | 675.8 | 736.3 | +60.5 | ||
Total liabilities and equity | 1341.1 | 1459.9 | +118.8 | ||
Current assets Other current assets Inventories
Cash and cash equivalents
Trade and other receivables
2
Non-current assets
Intangible assets (including goodwill) Tangible assets
Deferred tax assets
Net defined benefit asset
3
Total liabilities
Bonds and loans payable Income tax payable Deferred tax liabilities Trade and other payables
4
Equity
Profit
Interest-bearing debt
+75.4 B of yen
(331.2→406.6)
Foreign currency translation adjustment Dividends paid
vs Dec. 31, 2024
+16.3 B of yen
+7.2 B of yen (1.7) B of yen (12.4) B of yen
+132.8 B of yen
+22.4 B of yen (4.3) B of yen (37.5) B of yen
+53.3 B of yen
+9.7 B of yen (3.8) B of yen (5.5) B of yen
+50.4 B of yen
+28.3 B of yen
(16.8) B of yen
Equity ratio
48.9% 49.0% +0.1P
Working to improve capital efficiency while reviewing capital structure：
Total
assets
As of December31, 2023 1,266.7 Billions of yen
As of December 31, 2024 1,341.1 Billions of yen
As of December 31, 2025 1,459.9 Billions of yen
ＲＯＥ ：
6.3%
1.5%
7.3%
669.8
Inventories
290.9
Cash &
Cash equivalents
665.3
Interest-bearing debt 331.2
(Billions of Yen)
Inventories
262.5
Inventories
298.1
679.3
723.6
624.7
625.3
642.0
Goodwill
Intangible assets 50.3
Tangible assets 451.6
Interest-bearing debt
406.6
Cash &
Cash equivalents
Cash &
Cash equivalents
641.4
Total equity attributable to owners of parent
624.1
671.4
Tangible assets 444.0
Intangible assets 59.1
Goodwill
675.8
736.3
Total equity attributable to owners of parent
716.1
780.6
Tangible assets 466.5
Intangible
assets 174.1
Goodwill
Total equity attributable to owners of parent
656.1
Interest-bearing debt 310.9
Current assets
Non-current
assets
Liabilities
Equity
2025 Annual Financial Results Summary
Changes in Scope of Consolidation, Affiliated Companies
Highlights, Financial Results Summary
-
2026 Annual Financial Results Forecast
Financial Results Forecast Summary
Capex, Depreciation, Tire Production Capacity etc.
Shareholder Returns etc.
Annual Forecast 2026 | Actual 2025 | YOY | |
Sales Revenue | 1,320.0 | 1,207.1 | 109% |
Business Profit | 112.0 | 90.8 | 123% |
(%) | 8.5% | 7.5% | |
Operating Profit (%) | 100.0 7.6% | 82.6 6.8% | 121% |
Profit | 55.0 | 50.4 | 109% |
First Half Forecast
2026
vs 2025
Billions of Yen
620.0 108%
38.0
6.1%
34.0
5.5%
134%
126%
20.0 139%
ROIC | 6.9% | 6.2% |
ROE | 7.5% | 7.3% |
ROA | 7.5% | 6.5% |
D/E Ratio | 0.6 | 0.6 |
【Forecast】Consolidated Sales Revenue / Profit
Billions of Yen %：Profit Ratio ：Record High
1,320.0
1,098.7
1,177.4 1,211.9 1,207.1
7.5%
8.5%
112.0
2.0%
22.0
15.0
1.4%
9.4
6.6%
77.7
64.5
5.5%
37.0
7.3%
87.9
0.9%
11.2
9.9
90.8
82.6
6.8%
50.4
100.0
7.6%
55.0
2022 2023 2024 2025 2026 Forecast
Sales Revenue Business Profit Operating Profit ProfitAnnual Forecast 2026 | Actual 2025 | YOY | ||
Sales Revenue | Tires | 1,154.5 | 1,043.7 | 111% |
Sports | 127.5 | 125.6 | 102% | |
Industrial & Other | 38.0 | 37.8 | 101% | |
Total | 1,320.0 | 1,207.1 | 109% | |
Business Profit | Tires | 100.5 | 79.8 | 126% |
Sports | 7.0 | 6.8 | 102% | |
Industrial & Other | 4.5 | 4.1 | 109% | |
Total | 112.0 | 90.8 | 123% |
First Half Forecast | vs |
2026 | 2025 |
537.0 | 110% |
65.5 | 101% |
17.5 | 91% |
620.0 | 108% |
33.5 | 151% |
3.0 | 74% |
1.5 | 72% |
38.0 | 134% |
Labor cost (2.1)
Raw Material
Price
Natural Rubber +5.7
Pet. Related +11.3
+4.8
Volume & Mix
(1.5)
Direct Costs
(3.3)
Fixed Costs
Forex
Industrial
& Other
(0.6)
Tire-related tariffs (10.2)
Unrealized Profit +3.0 Other Volume & Mix +5.7
Total +9.7
Tires +11.3
28.3
38.0
2025
Jan. - Jun.
2026
Jan. - Jun.
Sports
(1.0)
(3.4)
+17.1
180
→
→ 150
USD 148
EUR 162
Average exchange rate
+5.5
Expense related to termination of a U.S. factory +3.5
Expense
(7.9)
Jan.-Jun. Raw Material Price Volume & Mix Direct Costs Fixed Costs Forex Expense Sports
Industrial &
Other Jan.-Jun YOY
2024→2025 | 42.3 | (13.8) | +8.6 | (0.2) | (0.7) | +4.5 | (4.2) | (6.0) | (2.9) | +0.7 | 28.3 | (14.0) |
2023→2024 | 17.1 | +3.5 | (1.5) | +18.6 | (4.9) | (3.2) | +12.9 | (1.1) | +0.5 | +0.4 | 42.3 | +25.2 |
【Forecast】Consolidated Business Profit Walk (2026 Jan.-Dec.)
Billions of Yen
Natural Rubber +7.2
Pet. Related +15.7
Raw Material
+22.9
Price
(3.4)
Volume & Mix
+23.9
Direct Costs
(1.6)
Fixed
Costs
(7.1)
Forex
+6.2
Expense
(20.2)
Sports
+0.2
Industrial
& Other
+0.4
2026
Jan. - Dec.
Labor cost (3.6)
2025
Jan. - Dec.
90.8
Response to Trump Tariffs +6.4
Unit 1Q 2Q 3Q 4Q Ave. Natural Rubber 2026 $/kg 1.70 1.70 1.70 1.70 1.70
(TSR20) 2025 $/kg 1.94 1.95 1.72 1.70 1.83
Crude Oil 2026 $/bbl 68 68 65 65 67
(DUBAI) 2025 $/bbl 75 76 68 70 72
112.0
Tires +20.7
Total +21.2
Jan.-Dec. Raw Material Price Volume & Mix Direct Costs Fixed Costs Forex Expense Sports
D>brand-related costs
DX (ERP etc.)
Advertising expenses Innovation-related costs
Expense related to termination of a U.S. factory
(8.1)
(5.5)
(3.0)
(2.0)
+5.7
North-American Anti-dumping Duties
Unrealized Profit Other Volume & Mix
(17.2)
+4.9
+35.7
Average exchange rate
USD 150
EUR 169
→ 150
→
180
Industrial &
Other Jan.-Dec YOY
2024→2025 2023→2024 | 87.9 77.7 | (0.7) (7.8) | +25.3 (1.7) | (25.3) +27.3 | +4.2 (11.6) | +7.0 (4.1) | (0.9) +13.5 | (6.0) (3.0) | (1.0) (4.6) | +0.2 +2.3 | 90.8 87.9 | +2.8 +10.3 |
Jan.-Mar. Apr.-Jun. Jul.-Sep. Oct.-Dec. Annual | Jan.-Jun. | Jul.-Dec. | Annual | |||||||||
Domestic 78% | 90% | 87% | 88% | 86% | 106% | 103% | 105% | |||||
Domestic 86% | 97% | 108% | 103% | 98% | 96% | 99% | 98% | |||||
Overseas 90% | 89% | 89% | 90% | 90% | 98% | 103% | 101% | |||||
Overseas 100% | 93% | 99% | 102% | 98% | 106% | 117% | 111% | |||||
North 107% | 86% | 98% | 101% | 98% | 97% | 122% | 109% | |||||
Europe 102% | 105% | 90% | 96% | 98% | 129% | 135% | 132% | |||||
Asia 93% | 89% | 103% | 114% | 99% | 100% | 105% | 103% | |||||
Others 100% | 93% | 104% | 100% | 99% | 97% | 106% | 101% | |||||
Total 93% | 93% | 97% | 98% | 95% | 103% | 109% | 106% | |||||
otal Tire Sales 24,610 | 24,870 | 26,090 | 27,760 | 103,330 | 23,850 23,690 24,210 | 25,800 | 97,560 | 48,870 | 54,610 | 103,480 | ||
vs Previous year
2024 Actual 2025 Actual 2026 Forecast
Jan.-Mar. | Apr.-Jun. | Jul.-Sep. | Oct.-Dec. | Annual |
120% | 104% | 98% | 102% | 105% |
96% | 91% | 98% | 93% | 94% |
91% | 92% | 92% | 87% | 90% |
94% | 96% | 90% | 92% | 93% |
83% | 97% | 81% | 87% | 87% |
97% | 90% | 108% | 98% | 98% |
104% | 95% | 89% | 96% | 96% |
94% | 100% | 86% | 90% | 92% |
97% | 95% | 93% | 93% | 94% |
O.E.
Rep. O.E.
Rep.
Details
America
T
(000 Units)
vs Previous year
Actual 2024 Jan.-Dec.
O.E. Rep. Total Composition
ratio
2026 Forecast
Actual 2025 Jan.-Dec. | |||
O.E. Rep. | Total | Composition | |
ratio | |||
96% 94% | 94% | 88% | |
99% 95% | 97% | 47% | |
112% 93% | 95% | 4% | |
96% 91% | 93% | 8% | |
97% 93% | 94% | 100% | |
O.E. Rep. Total Composition
ratio
*
Passenger Tires 89% 98% 95% 88%
Premium Tires
*
-
-
-
46%
Truck & Bus Tires 100% 97% 98% 4%
103% 110% 108% 89%
109% 118% 115%
51%
97% 99% 99% 3%
Motorcycle, Industrial & Other Tires
Total
79% 104% 93% 9%
88% 98% 95% 100%
97% 92% 94% 7%
103% 108% 106% 100%
Premium Tires Composition Ratio by Year
Actual 2024 Actual 2025 2026 Forecast | Premium Tires |
O.E. Rep. Total | |
56% 42% 46% 57% 44% 47% | |
60% 47% 51% |
*Premium Tires
Differentiated products(SYNCHRO WEATHER, WILDPEAK, European all-season tires, Winter tires, etc. ), SUVs and Passenger car tires with a size of 18" or larger
Following a change in the definition of premium tires, we have updated the premium tire ratio for fiscal year 2024
from Nov. 12th forecast.
Unit : 000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
110
*Numbers shown in the bar graph are YOY % by region.
90
101
93
98
111
82
93
95
98
109
120
87
100
100
106
97
118
103
95
92
100
104
98
98
132
105
94
88
85
98
95
85
77
102
103
111
87
94
99
96
103
North America
South and Central America
Europe
Africa
Middle East
Asia
Oceania
Forex (USD)
2021 2022 2023 2024 2025 2026 Forecast
110 132 141 152 150 150