Fiscal Year Ended March 2026（FY2025）
Management Overview
May 14, 2026
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Toyo Engineering Corporation President & CEO Eiji Hosoi
Key Messages for Today
FY2025 Results
FY2026 Forecast
Previous Mid-Term
Management Plan (2021-2025)
Next Mid-Term
Management Plan (2026-2030)
Despite the final-year loss driven by the Brazil power project, secured ¥420.4 billion in orders including equity- method affiliates
Drawing on lessons from unprofitable projects, strengthen earnings power through stricter pre-award risk reviews, disciplined project selection, and expansion of co-creation-type EP/EPsCm projects
Plan to return to profitability with net sales of ¥190.0 billion and net profit of ¥6.0 billion
Full-scale shift toward a higher-margin earnings structure, with a projected gross margin of 14.7%
Strengthening Global Execution Capabilities
DXoT and EPC Productivity Improvement
Commercialization of New Technologies and Businesses
Comprehensive Risk Management Framework
Enhanced execution capabilities at key hubs such as India and Indonesia, delivering results in priority areas including fertilizers and geothermal. Also secured co-creation type EPC projects, building momentum for the new medium-term management plan
Established OFS with MODEC, steadily executing FPSO projects and building a stable earnings platform
Completed the standardization of business processes based on AWP and the development of the digital platform. Established a foundation for more advanced project management execution
Selected technology domains with strong customer demand and earnings potential, and concentrated management resources accordingly. Developed business opportunities that will lead into the new med-term management plan
Established an independent structure to review and monitor projects consistently from pre-award through completion, including projects led by overseas hubs
Strengthened company-wide risk control and governance
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Position the next 5 years as the foundation for Project-based x Recurring dual-revenue model under TOYO VISION 2040
Maintain the FY2030 net profit target of ¥10.0 billion, while accelerating the qualitative strengthening of EPC and the shift toward recurring revenue
Designate O&M, next-generation geothermal, critical minerals, pharmaceuticals, and advanced materials as priority fields, and accelerate the development of a long-term, stable revenue base
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Performance Overview for FY2025 and Outlook for FY2026
2 Status of Major Projects & Main Topics
3
Review of the Previous Medium-Term Management Plan 4 Outline of the New Medium-Term Management Plan 5 APPENDIX©Toyo Engineering Corporation, All rights reserved
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FY2025 Performance Summary▍Net loss attributable to owners of parent came in line with the Q3 forecast announced on February 12
▍Revenue and profit declined Year-over-Year due to the impact of unprofitable projects
Net sales: ¥182.9 billion; Gross profit: ¥6.4 billion;
Gross margin: 3.5%; Net loss attributable to owners of parent: ¥14.9 billion
Net Sales / Profit
Losses were recognized as announced this February, mainly due to margin deterioration in certain projects, including the Brazil power project
Reasons for Loss
Main factors were the materialization of collection risk and cost increases due to schedule delays in the Brazil power project
The project is currently in the final commissioning stage; together with the client and partners, TOYO is working toward early completion, with the latest outlook for completion in June 2026
Orders / Order Backlog
Order intake including equity-method affiliates: ¥420.4 billion, exceeding the full-year forecast
Orders were driven mainly by projects in Japan (high-performance chemicals), India (petrochemicals), Turkmenistan (petrochemical revamp), and two FPSO projects through OFS, an equity-method affiliate
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FY2025 Performance Summary
▍Net sales of ¥182.9 billion and net loss of ¥14.9 billion, in line with the forecast announced at the Q3 financial results briefing
▍Lower sales and profit Year-over-Year
Unit: Billions of yen | Forecast (A) As of 2026/2/12 | Year-end results (B) | % Increase | Diff.(B-A) |
Net sales | 185.0 | 182.9 | △1.1% | △2.1 |
Gross profit | 4.5 | 6.4 | ＋42% | ＋1.9 |
Gross profit margin | 2.4% | 3.5% | ＋1.1pp | |
SG&A expenses | 24.5 | 25.4 | △4% | △0.9 |
Operating income | △20.0 | △19.0 | ＋5% | ＋1.0 |
Non-operating income & expenses | 7.0 | 7.6 | ＋9% | ＋0.6 |
Ordinary income | △13.0 | △11.3 | ＋12% | ＋1.7 |
Profit attributable to owners of parent | △15.0 | △14.9 | ＋0.7% | ＋0.1 |
New orders | 170.0 | 175.8 | ＋3% | ＋5.8 |
New orders including equity method affiliates | 400.0 | 420.4 | ＋5% | ＋20.4 |
Dividends per share | 0 | 0 |
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