Supplementary Materials: Financial Results（415 KB） (202603 hosoku4 en)

‌Supplementary Materials: Financial Results for Fiscal Year 2025,

Ending March 31, 2026

(April 1, 2025 - March 31, 2026)

May 14, 2026 TOKYO RADIATOR MFG. CO., LTD.

Code No. 7235 Tokyo Stock Exchange

• Along with higher sales, cost reductions and improved product mix pushed operating

  profit up 644 million yen (+38%) year on year, a substantial improvement.

• Ordinary profit and profit attributable to owners of parent also increased year on year.

  	FY2025 Results	FY2024 Results	Variance (vs. previous year)
  			Difference	Percentage
  Net sales	35,382	34,060	+1,322	+４%
  Operating profit	2,358	1,714	+644	+38%
  Operating profit ratio	6.7%	5.0%	＋1.7%
  Ordinary profit	2,541	1,920	+621	+32%
  Profit attributable to owners of parent	2,038	1,422	+616	+43%
  Dividend per share (yen)	65.0 yen	45.5 yen	+19.5 yen	ー

  Millions of yen

  
  
  

  Exchange rates

  Currency	FY2025 Results	FY2024 Results
  CNY	20.9	21.0
  IDR(100)	0.91	0.95
  THB	4.6	4.3

  
  
  ‌Market Segment Sales and Operating Profit for Fiscal 2025

  ・Japan	Automotive-related sales rose sharply. Higher sales and other factors offset the increase in fixed costs, resulting in a substantial increase in profit.
  ・China	Sales declined year on year due to a decrease in export demand. However, reductions in procurement costs and other expenses enabled an increase in operating profit.
  ・Asia	The stagnation of the Thai and Indonesian markets had a significant impact, resulting in lower revenue and profit.

  • FY2024 results ■ FY2025 results Millions of yen

Net sales (+1,322 vs. previous year) Operating profit (+644 vs. previous year)

+2,560

+622

27,073 29,633

-1,078

7,038

5,960

-334

3,259

2,925

Japan China Asia

1,680

+41

1,058

418

459

-57

239

182

Japan China Asia

*Figures for both sales and operating profit exclude consolidation adjustments.

Sales increase/decrease Fixed cost Chinese subsidiaries Consolidation adjustment

increase/decrease

FY 2024 Composition difference Domestic subsidiaries Other Asian subsidiaries FY 2025 Results etc. Results

・Personnel expenses increase: -200

・Depreciation decrease: +102

・Expenses, etc. increase: -234

TRS non-consolidated (+616)

Consolidation

adjustment

Other Asian

subsidiaries

Chinese

subsidiaries

Domestic

subsidiaries

Fixed cost

increase/

Sales increase/ Composition

decrease difference, Cost

・Impact of one-time factors: +26

(Price optimization)

・Impairment loss

in the previous period: +22

decrease

1,714

-332 -57

+37 2,358

+41

+7

+27

+921

FY2025

Results

reduction, etc.

Subsidiaries (-9)

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Millions of yen

‌FY2026 Business Environment and Response Policy

• Market Trends (Unit Sales)

  (Unit : 10,000)

  ・Japan	Passenger vehicles are expected to see a modest increase on a gradual recovery, while commercial vehicles and excavators are projected to remain at roughly the same level as the previous fiscal year.
  ・China	Passenger vehicles and excavators are expected to follow a gradual recovery trend. Commercial vehicles are projected to increase, supported by policy measures and expanding exports.
  ・Asia	Thailand is expected to see a slight increase. Indonesia is projected to grow, driven by a rebound from the previous period's slump and a recovery in demand.

  Region	Vehicle Type	FY 2024	FY2025	FY2026 forecast	2025 vs. 2026
  Japan	Passenger	286	290	298	+3%
  	Commercial	32	34	34	0%
  	Excavator	2.2	2.2	2.2	0%
  China	Passenger	2,809	3,068	3,076	+0.2%
  	Commercial	335	372	394	+6%
  	Excavator	20	24	24	+3%
  Indonesia	Automobile	87	80	85	+6%
  Thailand	Automobile	147	146	150	+3%

  • TRS Group Response

*Unit figures are the company's own estimates based on industry publications.

*The primary industrial construction machinery product is hydraulic excavators.

• In FY2026, both net sales and operating profit ratio are expected to remain at the same level as FY2025. This fiscal year is positioned as the first year of the medium-term management plan TRS Vision-2030, and we will work to steadily advance each of our priority initiatives.

  
  
  

• Note: The ongoing geopolitical risks stemming from the situation in the Middle East raise concerns regarding market fluctuations and sales trends in addition to the procurement of certain components. However, as a reasonable estimate is difficult to make at this time, these risks have not been factored into our earnings forecast. We will continue to monitor changes in the external environment while working to secure stable earnings.

  
  
  ‌Fiscal Year 2026 Earnings Forecast

  • Net sales are expected to be on par with the previous year. However, cost reduction

    initiatives are projected to drive a year-on-year increase in operating profit.

  • Ordinary profit is expected to remain at the prior-year level; however, an increased tax burden is projected to result in a decline in profit attributable to owners of parent.

    	FY2026 Forecast	FY2025 Results	Variance (vs. previous year)
    			Difference	Percentage
    Net sales	35,500	35,382	+118	+0.3%
    Operating profit	2,450	2,358	+92	+4%
    Operating profit ratio	6.9%	6.7%	+0.2%
    Ordinary profit	2,600	2,541	+59	+2%
    Profit attributable to owners of parent	1,800	2,038	(238)	(12%)
    Dividend per share (yen)	77.0 yen	65.0 yen	+12.0 yen	ー

    Millions of yen

    
    
    

    Exchange rates

    Currency	FY2026 Forecast	FY2025 Results
    CNY	20.7	20.9
    IDR(100)	0.89	0.91
    THB	4.5	4.6

    
    
    ‌Market Segment Sales and Operating Profit for Fiscal 2026 Forecast

    ・Japan	Sales growth is planned in both the truck and industrial construction machinery markets through the expansion of sales activities. Despite anticipated increases in material costs and personnel expenses, continued cost improvement efforts are expected to result in higher profit.
    ・China	Due to structural changes in the Chinese domestic market and intensifying competition, sales are expected to fall below the prior-year level. Despite continuing structural reforms to strengthen cost competitiveness and improve profitability, the impact of lower revenue is expected to result in a decline in profit.
    ・Asia	With demand in both Indonesia and Thailand trending toward recovery, sales growth is expected. However, operating profit is expected to fall below the prior-year level due to the absence of certain one-time factors that benefited results in previous year.

    • FY2025 results ■ FY2026 forecast

Millions of yen

Net sales (+118 vs. previous year) Operating profit (+92 vs. previous year)

+1,067

+320

29,633 30,700

-960

5,960

5,000

+75

2,925

3,000

Japan China Asia

2,000

1,680

-159

459

-32

300

182

150

Japan China Asia

*Figures for both sales and operating profit exclude consolidation adjustments.

TRS non-consolidated (+319)

Subsidiaries (-191)

2,358

+390

+250

+0

0

-321

-159 -32

-36

Millions of yen

2,450

・Personnel expenses increase: -80

・Depreciation decrease: -30

・Expenses, etc. increase: -211

・Sales decrease: -300

・Cost reduction, etc.: +141

・Impact of one-time factors: -26

(Prior-period impact)

Sales Fixed cost Chinese Consolidation

FY 2025 increase/decrease Composition increase/decrease Domestic Other Asian adjustment FY 2025 difference etc. subsidiaries

FY2025

Results

Sales increase/ Composition

decrease

difference, Cost

reduction, etc

Fixed cost

increase/

decrease

Domestic

subsidiaries

Chinese

subsidiaries

Other Asian

subsidiaries

Consolidation

adjustment

FY2026

Forecast

・Others: -6

*An increase of 6.0 yen per share compared to the figure announced in November 2025 (year-end dividend: 36.0 yen).

Fiscal year-end dividend

Half-year dividend

Fiscal year-end dividend Half-year dividend

32.5

Unit : yen

(Special dividend)

Dividend payout ratio (%)

（12.8%）

29.0

FY2023

（30.1%）

FY2024

（30.0%）

FY2025

（40.6%）

FY2026

forecast

Millions of yen

Millions of yen

Net sales Operating profit, operating profit ratio

35,382 35,500

2,358

2.6%

4.2%

5.0%

823

1,397

1,714

6.7% 6.9%

34,060

33,401

31,785

2,450

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.