DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
November 13, 2025
Company name: TOKYO RADIATOR MFG. CO.,LTD.
Listing: Tokyo Stock Exchange
Securities code: 7235
URL: https://www.tokyo-radiator.co.jp/ Representative: Hironori Kimura, President
Inquiries: Kazuhiko Yano, Executive Corporate Officer
Telephone: +81-466-87-1231
Scheduled date to file semi-annual securities report: November 13, 2025
Scheduled date to commence dividend payments: December 8, 2025
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None
(Yen amounts are rounded down to millions, unless otherwise noted.)
-
Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025)
-
Consolidated operating results (Percentages indicate year-on-year changes.)
Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent
Six months ended
Millions of yen
%
Millions of yen
%
Millions of yen
%
Millions of yen
%
September 30, 2025
17,364
3.8
1,253
68.8
1,367
63.4
1,053
82.7
September 30, 2024
16,735
3.1
742
14.0
837
14.9
576
4.6
Note: Comprehensive income For the six months ended September 30, 2025:
¥386 million
[(72.8)%]
For the six months ended September 30, 2024:
¥1,419 million
[3.2%]
Basic earnings per share
Diluted earnings per share
Six months ended
Yen
Yen
September 30, 2025
111.42
-
September 30, 2024
61.37
-
- Consolidated financial position
Total assets
Net assets
Equity-to-asset ratio
As of
Millions of yen
Millions of yen
%
September 30, 2025
32,313
24,001
68.6
March 31, 2025
32,918
23,950
66.7
Reference: Equity
As of September 30, 2025: ¥22,166 million
As of March 31, 2025: ¥21,960 million
-
Consolidated operating results (Percentages indicate year-on-year changes.)
-
Cash dividends
Annual dividends per share
First quarter-end
Second quarter-end
Third quarter-end
Fiscal year-end
Total
Yen
Yen
Yen
Yen
Yen
Fiscal year ended March 31, 2025
-
13.00
-
32.50
45.50
Fiscal year ending March 31, 2026
-
29.00
Fiscal year ending
March 31, 2026 (Forecast)
-
30.00
59.00
Note: Revisions to the forecast of cash dividends most recently announced: Yes
- Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026)
(Percentages indicate year-on-year changes.)
Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share | |||||
Fiscal year ending March 31, 2026 | Millions of yen 34,800 | % 2.2 | Millions of yen 2,150 | % 25.4 | Millions of yen 2,350 | % 22.4 | Millions of yen 1,850 | % 30.0 | Yen 195.57 |
Note: Revisions to the earnings forecasts most recently announced: Yes
* NotesSignificant changes in the scope of consolidation during the period: None
Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements:None
Changes in accounting policies, changes in accounting estimates, and restatement
Changes in accounting policies due to revisions to accounting standards and other regulations: None
Changes in accounting policies due to other reasons: None
Changes in accounting estimates: None
Restatement: None
Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of September 30, 2025
10,400,000 shares
As of March 31, 2025
10,400,000 shares
Number of treasury shares at the end of the period
As of September 30, 2025
876,187 shares
As of March 31, 2025
966,158 shares
Average number of shares outstanding during the period(cumulative from the beginning of the fiscal year)
Six months ended September 30, 2025 | 9,459,552 shares |
Six months ended September 30, 2024 | 9,401,035 shares |
Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm.
Proper use of earnings forecasts, and other special matters
(Cautions on forward-looking statements, etc.)
The forward-looking statements, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual financial results, etc. may differ substantially due to various factors.
(Method of accessing supplementary material on financial results)
Supplementary financial results materials are disclosed on TDnet on the same day.
Semi-annual consolidated balance sheet(Thousands of yen)
As of March 31, 2025 As of September 30, 2025Assets | ||
Current assets | ||
Cash and deposits | 8,413,749 | 8,779,421 |
Notes and accounts receivable - trade, and contract assets | 5,940,487 | 5,547,374 |
Electronically recorded monetary claims - operating | 2,845,188 | 3,004,280 |
Merchandise and finished goods | 1,070,357 | 888,889 |
Work in process | 467,540 | 488,844 |
Raw materials and supplies | 1,937,245 | 1,660,687 |
Income taxes refund receivable | - | 1,472 |
Other | 448,023 | 629,596 |
Allowance for doubtful accounts | (485) | (452) |
Total current assets | 21,122,106 | 21,000,112 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 6,708,326 | 6,696,170 |
Accumulated depreciation | (4,028,294) | (4,076,618) |
Buildings and structures, net | 2,680,032 | 2,619,552 |
Machinery, equipment and vehicles | 17,917,880 | 17,381,144 |
Accumulated depreciation | (14,067,867) | (13,730,924) |
Machinery, equipment and vehicles, net | 3,850,013 | 3,650,219 |
Tools, furniture and fixtures | 7,390,738 | 7,218,463 |
Accumulated depreciation | (6,470,543) | (6,427,135) |
Tools, furniture and fixtures, net | 920,194 | 791,328 |
Land | 1,106,558 | 1,106,558 |
Construction in progress | 197,669 | 172,409 |
Total property, plant and equipment | 8,754,467 | 8,340,068 |
Intangible assets | 184,445 | 183,481 |
Investments and other assets | ||
Investment securities | 1,806,728 | 1,728,523 |
Deferred tax assets | 90,183 | 80,044 |
Retirement benefit asset | 888,113 | 913,873 |
Distressed receivables | 22,035 | 20,319 |
Other | 72,184 | 67,891 |
Allowance for doubtful accounts | (22,035) | (20,319) |
Total investments and other assets | 2,857,210 | 2,790,332 |
Total non-current assets | 11,796,124 | 11,313,882 |
Total assets | 32,918,230 | 32,313,994 |
(Thousands of yen)
As of March 31, 2025 | As of September 30, 2025 | |
Liabilities | ||
Current liabilities | ||
Notes and accounts payable - trade | 3,127,287 | 2,742,403 |
Electronically recorded obligations - operating | 2,243,235 | 2,324,226 |
Accrued expenses | 1,171,653 | 1,233,833 |
Income taxes payable | 139,102 | 192,991 |
Provision for product warranties | 30,480 | 28,146 |
Provision for loss on special claims | 76,834 | 62,076 |
Electronically recorded obligations - non-operating | 136,782 | 134,102 |
Accounts payable - facilities | 339,983 | 33,779 |
Other | 421,945 | 462,761 |
Total current liabilities | 7,687,305 | 7,214,320 |
Non-current liabilities | ||
Retirement benefit liability | 24,608 | 24,849 |
Deferred tax liabilities | 995,966 | 821,157 |
Other | 259,455 | 251,822 |
Total non-current liabilities | 1,280,029 | 1,097,829 |
Total liabilities | 8,967,335 | 8,312,149 |
Net assets | ||
Shareholders' equity | ||
Share capital | 1,317,600 | 1,317,600 |
Capital surplus | 778,300 | 795,208 |
Retained earnings | 16,576,348 | 17,323,709 |
Treasury shares | (714,117) | (647,630) |
Total shareholders' equity | 17,958,132 | 18,788,887 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 900,087 | 848,760 |
Foreign currency translation adjustment | 2,426,041 | 1,892,247 |
Remeasurements of defined benefit plans | 676,495 | 636,541 |
Total accumulated other comprehensive income | 4,002,625 | 3,377,549 |
Non-controlling interests | 1,990,138 | 1,835,408 |
Total net assets | 23,950,895 | 24,001,845 |
Total liabilities and net assets | 32,918,230 | 32,313,994 |
Semi-annual consolidated statement of income | |||
(Thousands of yen) | |||
Six months ended September 30, 2024 | Six months ended September 30, 2025 | ||
Net sales | 16,735,092 | 17,364,035 | |
Cost of sales | 14,551,509 | 14,666,990 | |
Gross profit | 2,183,582 | 2,697,045 | |
Selling, general and administrative expenses | 1,440,687 | 1,443,277 | |
Operating profit | 742,895 | 1,253,767 | |
Non-operating income | |||
Interest income | 46,199 | 48,004 | |
Dividend income | 40,019 | 40,371 | |
Foreign exchange gains | - | 10,372 | |
Rental income | 802 | 792 | |
Commission income | 4,731 | 4,118 | |
Other | 19,612 | 18,340 | |
Total non-operating income | 111,364 | 122,000 | |
Non-operating expenses | |||
Interest expenses | 8,779 | 7,599 | |
Foreign exchange losses | 7,378 | - | |
Other | 944 | 656 | |
Total non-operating expenses | 17,103 | 8,256 | |
Ordinary profit | 837,157 | 1,367,511 | |
Extraordinary income | |||
Gain on sale of non-current assets | 1,660 | - | |
Total extraordinary income | 1,660 | - | |
Extraordinary losses | |||
Loss on sale of non-current assets | - | 21 | |
Loss on retirement of non-current assets | 1,437 | 104,590 | |
Total extraordinary losses | 1,437 | 104,612 | |
Profit before income taxes | 837,379 | 1,262,899 | |
Income taxes - current | 140,233 | 276,178 | |
Income taxes - deferred | 80,329 | (130,848) | |
Total income taxes | 220,563 | 145,330 | |
Profit | 616,816 | 1,117,569 | |
Profit attributable to non-controlling interests | 39,830 | 63,608 | |
Profit attributable to owners of parent | 576,985 | 1,053,960 | |
Semi-annual consolidated statement of comprehensive income | ||
(Thousands of yen) | ||
Six months ended September 30, 2024 | Six months ended September 30, 2025 | |
Profit | 616,816 | 1,117,569 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (77,668) | (51,327) |
Foreign currency translation adjustment | 915,511 | (640,019) |
Remeasurements of defined benefit plans, net of tax | (34,868) | (39,954) |
Total other comprehensive income | 802,974 | (731,301) |
Comprehensive income | 1,419,791 | 386,267 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 1,242,369 | 428,884 |
Comprehensive income attributable to non-controlling interests | 177,421 | (42,616) |