Tokyo Radiator Manufacturing Co., Ltd.TSE: 7235

Financial Results（402 KB） (202603 tansin3 en)

· Issued by Tokyo Radiator Manufacturing Co., Ltd.

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.

February 10, 2026

Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Under Japanese GAAP)

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 commence dividend payments: -

Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: None

(Yen amounts are rounded down to millions, unless otherwise noted.)

  1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025)
    1. Consolidated operating results (cumulative) (Percentages indicate year-on-year changes.)

      Net sales

      Operating profit

      Ordinary profit

      Profit attributable to owners of parent

      Nine months ended

      Millions of yen

      %

      Millions of yen

      %

      Millions of yen

      %

      Millions of yen

      %

      December 31, 2025

      26,311

      4.8

      1,897

      57.7

      2,075

      50.5

      1,578

      53.3

      December 31, 2024

      25,108

      (0.1)

      1,203

      7.0

      1,379

      11.5

      1,029

      (13.0)

      Note: Comprehensive income For the nine months ended December 31, 2025:

      ¥1,577 million

      [11.1%]

      For the nine months ended December 31, 2024:

      ¥1,419 million

      [(34.8)%]

      Basic earnings per share

      Diluted earnings per share

      Nine months ended

      Yen

      Yen

      December 31, 2025

      166.50

      -

      December 31, 2024

      109.39

      -

    2. Consolidated financial position

    Total assets

    Net assets

    Equity-to-asset ratio

    As of

    Millions of yen

    Millions of yen

    %

    December 31, 2025

    33,990

    24,916

    67.6

    March 31, 2025

    32,918

    23,950

    66.7

    Reference: Equity

    As of December 31, 2025: ¥22,988 million

    As of March 31, 2025: ¥21,960 million

  2. 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: None

  3. 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: None

* Notes

  1. Significant changes in the scope of consolidation during the period: None

  2. Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None

  3. Changes in accounting policies, changes in accounting estimates, and restatement

    1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

    2. Changes in accounting policies due to other reasons: None

    3. Changes in accounting estimates: None

    4. Restatement: None

  4. Number of issued shares (common shares)

    1. Total number of issued shares at the end of the period (including treasury shares)

      As of December 31, 2025

      10,400,000 shares

      As of March 31, 2025

      10,400,000 shares

    2. Number of treasury shares at the end of the period

      As of December 31, 2025

      877,017 shares

      As of March 31, 2025

      966,158 shares

    3. Average number of shares outstanding during the period (cumulative from the beginning of the fiscal year)

Nine months ended December 31, 2025

9,478,667 shares

Nine months ended December 31, 2024

9,410,877 shares

  • Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm:None

  • 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.

Quarterly consolidated balance sheet

(Thousands of yen)

As of March 31, 2025 As of December 31, 2025

Assets

Current assets

Cash and deposits

8,413,749

9,665,716

Notes and accounts receivable - trade, and contract assets

5,940,487

5,201,613

Electronically recorded monetary claims - operating

2,845,188

3,659,694

Merchandise and finished goods

1,070,357

887,606

Work in process

467,540

486,711

Raw materials and supplies

1,937,245

1,836,045

Income taxes refund receivable

-

1,715

Other

448,023

554,246

Allowance for doubtful accounts

(485)

-

Total current assets

21,122,106

22,293,350

Non-current assets

Property, plant and equipment

Buildings and structures

6,708,326

6,747,855

Accumulated depreciation

(4,028,294)

(4,147,544)

Buildings and structures, net

2,680,032

2,600,310

Machinery, equipment and vehicles

17,917,880

17,596,429

Accumulated depreciation

(14,067,867)

(13,993,512)

Machinery, equipment and vehicles, net

3,850,013

3,602,916

Tools, furniture and fixtures

7,390,738

7,362,740

Accumulated depreciation

(6,470,543)

(6,604,776)

Tools, furniture and fixtures, net

920,194

757,964

Land

1,106,558

1,106,558

Construction in progress

197,669

181,929

Total property, plant and equipment

8,754,467

8,249,680

Intangible assets

184,445

184,593

Investments and other assets

Investment securities

1,806,728

2,193,089

Deferred tax assets

90,183

75,817

Retirement benefit asset

888,113

926,583

Distressed receivables

22,035

21,003

Other

72,184

67,106

Allowance for doubtful accounts

(22,035)

(21,003)

Total investments and other assets

2,857,210

3,262,596

Total non-current assets

11,796,124

11,696,870

Total assets

32,918,230

33,990,220

(Thousands of yen)

As of March 31, 2025

As of December 31, 2025

Liabilities

Current liabilities

Notes and accounts payable - trade

3,127,287

3,108,069

Electronically recorded obligations - operating

2,243,235

2,593,629

Accrued expenses

1,171,653

1,119,197

Income taxes payable

139,102

140,603

Provision for product warranties

30,480

28,103

Provision for loss on special claims

76,834

59,670

Electronically recorded obligations - non-operating

136,782

85,044

Accounts payable - facilities

339,983

70,085

Other

421,945

593,246

Total current liabilities

7,687,305

7,797,649

Non-current liabilities

Retirement benefit liability

24,608

26,079

Deferred tax liabilities

995,966

1,004,793

Other

259,455

245,286

Total non-current liabilities

1,280,029

1,276,160

Total liabilities

8,967,335

9,073,810

Net assets

Shareholders' equity

Share capital

1,317,600

1,317,600

Capital surplus

778,300

795,208

Retained earnings

16,576,348

17,571,773

Treasury shares

(714,117)

(647,675)

Total shareholders' equity

17,958,132

19,036,906

Accumulated other comprehensive income

Valuation difference on available-for-sale securities

900,087

1,170,559

Foreign currency translation adjustment

2,426,041

2,160,924

Remeasurements of defined benefit plans

676,495

619,805

Total accumulated other comprehensive income

4,002,625

3,951,289

Non-controlling interests

1,990,138

1,928,214

Total net assets

23,950,895

24,916,410

Total liabilities and net assets

32,918,230

33,990,220

Quarterly consolidated statement of income

(Thousands of yen)

Nine months ended December 31, 2024

Nine months ended December 31, 2025

Net sales

25,108,015

26,311,591

Cost of sales

21,711,534

22,209,796

Gross profit

3,396,480

4,101,794

Selling, general and administrative expenses

2,193,309

2,204,726

Operating profit

1,203,171

1,897,067

Non-operating income

Interest income

67,836

66,954

Dividend income

78,353

79,907

Foreign exchange gains

12,694

12,803

Rental income

1,206

1,211

Commission income

7,530

5,993

Other

24,840

24,879

Total non-operating income

192,462

191,750

Non-operating expenses

Interest expenses

13,445

11,431

Other

2,855

1,438

Total non-operating expenses

16,301

12,870

Ordinary profit

1,379,332

2,075,947

Extraordinary income

Gain on sale of non-current assets

1,727

-

Total extraordinary income

1,727

-

Extraordinary losses

Loss on sale of non-current assets

-

21

Loss on retirement of non-current assets

1,448

126,500

Total extraordinary losses

1,448

126,521

Profit before income taxes

1,379,610

1,949,425

Income taxes - current

266,159

360,329

Income taxes - deferred

27,743

(75,437)

Total income taxes

293,903

284,891

Profit

1,085,707

1,664,534

Profit attributable to non-controlling interests

56,294

86,318

Profit attributable to owners of parent

1,029,412

1,578,215

Quarterly consolidated statement of comprehensive income

(Thousands of yen)

Nine months ended December 31, 2024

Nine months ended December 31, 2025

Profit

1,085,707

1,664,534

Other comprehensive income

Valuation difference on available-for-sale securities

76,696

270,471

Foreign currency translation adjustment

309,576

(301,245)

Remeasurements of defined benefit plans, net of tax

(52,194)

(56,690)

Total other comprehensive income

334,078

(87,464)

Comprehensive income

1,419,785

1,577,069

Comprehensive income attributable to

Comprehensive income attributable to owners of parent

1,303,206

1,526,879

Comprehensive income attributable to non-controlling interests

116,579

50,190

(Notes on segment information, etc.) Segment Information

  1. The nine months of the previous fiscal year (April 1, 2024 to December 31, 2024)

    1. Information on sales and the amount of profit or loss for each reported segment, as well as information on the breakdown of revenues

      (Thousands of yen)

      Reportable segments

      Adjustment amount (Note) 1

      Quarterly Consolidated Statements of Income (Note)2

      Japan

      China

      Asia (Note) 3

      Total

      Sales

      20,024,581

      -

      5,224,407

      -

      2,333,470

      -

      27,582,459

      -

      (2,474,444)

      -

      25,108,015

      -

      Revenue generated from customer contracts

      Other Earnings

      Revenues from external customers

      19,474,297

      3,302,437

      2,331,281

      25,108,015

      -

      25,108,015

      Transactions with other segments

      550,284

      1,921,970

      2,189

      2,474,444

      (2,474,444)

      -

      Total

      20,024,581

      5,224,407

      2,333,470

      27,582,459

      (2,474,444)

      25,108,015

      Segment Profit

      730,110

      340,111

      141,356

      1,211,578

      (8,407)

      1,203,171

      Note: 1. The amount of adjustment for segment profit is the elimination of inter-segment transactions.

    2. Segment profit is adjusted to operating income in the quarterly consolidated statements of income.

    3. Major countries or regions belonging to categories other than Japan Asia: Republic of Indonesia, Kingdom of Thailand

      2. Information on impairment losses or goodwill on fixed assets by reporting segment Not applicable.

  2. The nine months of the current fiscal year (April 1, 2025 to December 31, 2025)

    1. Information on sales and the amount of profit or loss for each reported segment, as well as information on the breakdown of revenues

      (Thousands of yen)

      Reportable segments

      Adjustment amount (Note) 1

      Quarterly Consolidated Statements of Income (Note)2

      Japan

      China

      Asia (Note) 3

      Total

      Sales

      22,064,666

      -

      4,390,028

      -

      2,155,430

      -

      28,610,125

      -

      (2,298,534)

      -

      26,311,591

      -

      Revenue generated from customer contracts

      Other Earnings

      Revenues from external customers

      21,638,688

      2,518,170

      2,154,731

      26,311,591

      -

      26,311,591

      Transactions with other segments

      425,977

      1,871,858

      698

      2,298,534

      (2,298,534)

      -

      Total

      22,064,666

      4,390,028

      2,155,430

      28,610,125

      (2,298,534)

      26,311,591

      Segment Profit

      1,312,133

      366,111

      196,157

      1,874,402

      22,665

      1,897,067

      Note: 1. The amount of adjustment for segment profit is the elimination of inter-segment transactions.

    2. Segment profit is adjusted to operating income in the quarterly consolidated statements of income.

    3. Major countries or regions belonging to categories other than Japan Asia: Republic of Indonesia, Kingdom of Thailand

2. Information on impairment losses or goodwill on fixed assets by reporting segment Not applicable.

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