Supplementary Materials: Third-Quarter Financial Results for Fiscal Year 2025, Ending March 31, 2026
(April 1, 2025 - December 31, 2025)
February 10, 2026 TOKYO RADIATOR MFG. CO., LTD.
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Code No. 7235 Tokyo Stock Exchange
Overview of Financial Results for Fiscal 2025 Third-Quarter
Net sales: | 26.3 billion yen | (+1.20 billion yen / +5% vs. previous year) |
Operating profit: | 1.89 billion yen | (+0.69 billion yen / +58% vs. previous year) |
Along with higher sales, cost reductions and improved product mix pushed operating profit up 58% year on year.
FY 2025
Actual
FY 2024
Actual
Variance (vs. previous year)
Difference
Percentage
Net sales
26,311
25,108
+1,203
+5%
Operating profit
1,897
1,203
+693
+58%
Operating profit ratio
7.2%
4.8%
+2.4%
Ordinary profit
2,075
1,379
+696
+50%
Profit attributable to owners of parent
1,578
1,029
+548
+53%
Ordinary profit and profit attributable to owners of parent also improved significantly versus the previous year. Millions of yen
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Average exchange rates
Currency | FY 2025 3Q | FY 2024 3Q |
CNY | 20.6 | 20.9 |
IDR (100) | 0.90 | 0.96 |
THB | 4.4 | 4.2 |
Market Segment Sales and Operating Profit for Fiscal 2025 Third-Quarter
・Japan Automotive-related sales rose sharply.
Increased revenue, together with cost reductions and improved product mix, absorbed higher fixed
costs and generated a substantial profit increase.
・China Both domestic and export sales declined because of weaker demand.
However, measures to reduce procurement costs, overhead, and other expenses offset the impact of
lower revenue.
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・Asia The Thai and Indonesian markets remained sluggish, but one-time factors at the beginning of the fiscal year and cost-cutting measures maintained profitability. Millions of yen
FY 2025 results | FY 2024 results | Variance (vs. previous year) | ||||
Net sales | Operating profit | Net sales | Operating profit | Net sales | Operating profit | |
Japan | 22,064 | 1,312 | 20,024 | 730 | +2,040 | +582 |
China | 4,390 | 366 | 5,224 | 340 | (834) | +26 |
Asia | 2,155 | 196 | 2,333 | 141 | (178) | +55 |
Consolidation adjustment | (2,298) | 22 | (2,474) | (8) | +176 | +31 |
Total | 26,311 | 1,897 | 25,108 | 1,203 | +1,203 | +693 |
Subsidiaries (+80)
Operating Profit Variance Analysis for Fiscal 2025 Third-Quarter
TRS (nonconsolidated): | Higher sales and cost reductions offset increases in personnel and other expenses. |
Chinese and other Asian subsidiaries: | In addition to cost-cutting measures, one-time factors contributed to higher profits. |
+734
+26
+55
+31
1,897
-232
-1
・Personnel expenses increase: -174
・Sales decrease.:
-30
1,203
・Depreciation decrease:
・Expenses, etc. increase:
＋89
-147
・Cost reduction, etc.:
+49
・Impact of one-time factors: +36 (Price optimization)
・Sales decrease: -175
・Cost reduction, etc.: +186
・Impairment loss
in the previous period: +15
TRS nonconsolidated (+583)
+81
Millions of yen
FY 2024
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Third-quarter Results
Sales increase/decrease
Composition difference Cost reduction, etc.
Fixed cost increase/decrease
Domestic subsidiaries
Chinese subsidiaries
Other Asian subsidiaries
Consolidation adjustment
FY 2025
Third-quarter Results
Financial Position for Fiscal 2025 Third-Quarter
December 31, 2025 | March 31, 2025 | Variance from the end of the previous fiscal year | |
Current assets | 22,293 | 21,122 | +1,171 |
Cash and deposits | 9,665 | 8,413 | +1,252 |
Receivables | 8,861 | 8,785 | +76 |
Inventories | 3,210 | 3,475 | (265) |
Fixed assets | 11,696 | 11,796 | (99) |
Assets | 33,990 | 32,918 | +1,072 |
Current liabilities | 7,797 | 7,687 | +111 |
Long-term liabilities | 1,276 | 1,280 | (4) |
Liabilities | 9,073 | 8,967 | +107 |
Shareholders' equity | 22,988 | 21,960 | +1, 028 |
Other (noncontrolling interest) | 1,928 | 1,990 | (62) |
Net assets | 24,916 | 23,950 | +966 |
Total liabilities and net assets | 33,990 | 32,918 | +1,071 |
Equity ratio (%) | 67.6 | 66.7 | +0.9 |
Millions of yen
Billions of yen As of December 31, 2025 (vs. March 31, 2025)
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Total assets | 33.9 | (+1.0) |
Equity capital | 22.9 | (+1.0) |
Equity ratio | 67.6% | (+0.9%) |
No significant change in assets, liabilities, and capital structure
Fiscal Year 2025 Earnings Forecast
Taking into account 4Q start-up expenses for new vehicle models and risks
such as raw-material prices and foreign-exchange movements, we have left our full-year earnings forecast and annual dividend unchanged from the previous projections.
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Millions of yen
FY 2025
current forecast
FY 2024
results
Variance
(vs. previous year)
Difference
Percentage
Net sales
34,800
34,060
+740
+2%
Operating profit
2,150
1,714
+436
+25%
Operating profit ratio
6.2%
5.0%
+1.2%
Ordinary profit
2,350
1,920
+430
+22%
Profit attributable to owners of parent
1,850
1,422
+428
+30%
Dividend per share(yen)
59.0 yen
45.5 yen
+13.5 yen
ー
Fiscal Year 2025 Earnings Forecast by segment
There are also no changes to the segment forecasts from the previous projections.
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Millions of yen
FY 2025 current forecast | FY 2024 results | Variance (vs. previous year) | ||||
Net sales | Operating profit | Net sales | Operating profit | Net sales | Operating profit | |
Japan | 29,300 | 1,600 | 27,073 | 1,058 | +2,227 | +542 |
Chaina | 5,700 | 400 | 7,038 | 418 | (1,338) | (18) |
Asia | 2,800 | 150 | 3,259 | 239 | (459) | (89) |
Consolidation adjustment | (3,000) | (0) | (3,311) | (1) | +311 | +1 |
Total | 34,800 | 2,150 | 34,060 | 1,714 | +740 | +436 |
Quarterly Results
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Millions of yen
FY 2024 | FY 2025 | ||||||||
1Q | 2Q | 3Q | 4Q | Full year | 1Q | 2Q | 3Q | ||
Japan | Net sales | 6,644 | 6,494 | 6,886 | 7,049 | 27,073 | 7,073 | 7,300 | 7,691 |
Operating profit | 165 | 188 | 377 | 328 | 1,058 | 414 | 379 | 519 | |
China | Net sales | 1,952 | 1,666 | 1,606 | 1,814 | 7,038 | 1,608 | 1,460 | 1,322 |
Operating profit | 167 | 104 | 69 | 78 | 418 | 198 | 118 | 50 | |
Asia | Net sales | 859 | 737 | 737 | 926 | 3,259 | 752 | 686 | 717 |
Operating profit | 63 | 38 | 40 | 98 | 239 | 89 | 37 | 70 | |
Consolidation adjustment | Net sales | (873) | (744) | (857) | (837) | (3,311) | (720) | (796) | (782) |
Operating profit (loss) | 5 | 11 | (24) | 7 | (1) | 26 | (10) | 6 | |
Consolidated total | Net sales | 8,583 | 8,152 | 8,373 | 8,952 | 34,060 | 8,714 | 8,650 | 8,947 |
Operating profit | 401 | 341 | 461 | 511 | 1,714 | 729 | 524 | 644 | |
External Sales by Market for Fiscal 2025 Third-Quarter
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Millions of yen
Market | Segment | FY 2025 results | FY 2024 results | Variance (vs. previous year) | |||
Net sales | Composition ratio | Net sales | Composition ratio | Increase/ decrease | Percentage change | ||
Automobile | Japan | 17,963 | 68.3% | 15,900 | 63.3% | +2,063 | +13.0% |
China | 2,395 | 9.1% | 3,214 | 12.8% | (819) | (25.5%) | |
Asia | 1,929 | 7.3% | 2, 139 | 8.5% | (210) | (9.8%) | |
Total | 22,287 | 84.7% | 21, 253 | 84.6% | +1,034 | +4.9% | |
Industrial construction machinery | Japan | 3,671 | 13.9% | 3,574 | 14.2% | +97 | +2.7% |
China | 127 | 0.5% | 88 | 0.4% | +39 | +44.3% | |
Asia | 226 | 0.9% | 192 | 0.8% | +34 | +17.7% | |
Total | 4,024 | 15.3% | 3,855 | 15.4% | +170 | +4.4% | |
Total | 26,311 | 100.0% | 25,108 | 100.0% | +1,203 | +4.8% | |
Disclaimer
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The forward-looking statements and other information in this document are based on information reasonably available to the company at the time this document was prepared and on judgments that can be made within the scope of normal prediction. Accordingly, actual results may differ significantly from those stated because of changes in circumstances after the publication of this document. This document is provided solely for investors to use at their own discretion and responsibility; the company assumes no liability whatsoever for any use of this information.