Toyo Tire Corporation TSE:5105

Toyo Tire : Financial Results for FY2025

Published

Source: MarketScreener

Financial Results for FY2025

February 13, 2026



１．Financial Results for FY2025

２．Financial Forecast for FY2026

３. Progress of Management Measures



Highlights of Financial Results





  • Net sales hit the record high* of 594.9 billion yen.

  • Operating income also hit a record high of 97.4 billion yen,

    despite an increase in costs.

  • Annual dividend per share is forecast to increase year-on-year to 130 yen (including a 5 yen 80th anniversary commemorative dividend), despite a decrease in profit attributable to owners of parent, primarily due to the recording of impairment losses.
  • Operating income for FY2026 is forecast at 94.0 billion yen.

    (Forex assumption: 145 yen/US dollar)

  • Annual dividend per share for FY2026 is forecast to increase year-on-year to 135 yen.


* The highest figure since 2013, when the current accounting period was applied.

2/24

Financial Results for FY2025（Jan-Dec）





(Unit: Millions of Yen) 2025

Results

2024

Results

Change Change (%)

2025

Forecast

Change

Net Sales 594,923

565,358 ＋29,564 ＋5.2％

590,000

+4,923

Operating Income

97,350

93,981 ＋3,369 ＋3.6％

95,000

＋2,350

Margin 16.4%

16.6% ー －

16.1% ー

Ordinary Income Profit Attributable to Owners of Parent*

101,328

63,614

102,117 (789) (0.8％)

74,810 (11,196) (15.0％)

90,000

65,000

＋11,328

(1,385)

2025

Oct-Dec Results

159,633

Change (YoY)

+14,884

25,282

+7,539

15.8%

ー

30,616

＋6,306

10,556

(9,057)

*Profit attributable to parent company shareholders

Annual Dividends per Share

130 Yen

120 Yen ＋10 Yen

" Medium-Term '21 Plan "

- Key Performance Indicators

1 USD

1 EUR

151 Yen

164 Yen

(1 Yen)

+5 Yen

169 Yen

150 Yen



Operating Margin 14% or over

Dividend payout ratio

30% or over

Forex Rate Sensitivity 2025

USD

0.8 Billion Yen/Year

EUR

0.1 Billion Yen/Year

Impact of 1 yen fluctuation on operating income



(Unit: Billions of Yen)

＋7.0

＋1.5 ＋0.4

Tires

Analysis of Operating Income for 4th Quarter of FY2025（Oct-Dec）

（vs 2024）



+7.9

＋3.5 ＋1.3

(0.6)

(5.0)

Others (0.4)

＋0.0

25.3

(0.4)

17.7

2024

Oct-Dec

Sales Factors

Production Cost

SGA

Expenses

Raw Materials

Forex Rate

Freight Cost

Tariff Impact

Automotive Parts

Other 2025

Oct-Dec

Sales

Factors

Production

Cost

SGA

Expenses

Raw

Materials

Forex

Rate

Freight

Cost

Tariff

Impact

Automotive

Parts

Other

Total

Jan-Mar

+2.3

(2.5)

(0.9)

(2.8)

+0.6

(0.5)

ー

+0.2

+0.0

(3.6)

Apr-Jun

+9.1

+0.7

+0.0

(2.3)

(2.9)

(0.2)

(0.4)

+0.2

(0.0)

+4.2

Jul-Sep

+0.0

+0.8

(0.2)

+1.7

(1.4)

(0.7)

(4.8)

(0.1)

+0.0

(4.8)

Analysis of Operating Income for FY2025（Jan-Dec）（vs 2024）



(Unit: Billions of Yen)

Tires

＋3.4

Others (0.0)

97.4

94.0

＋18.4 ＋0.4

(0.6)

＋0.0

(2.4) (2.1)

(10.3)

(0.1)

＋0.0

2024

Sales

Production

SGA

Raw

Forex

Freight

Tariff

Automotive

Other

2025

Jan-Dec

Factors

Cost

Expenses

Materials

Rate

Cost

Impact

Parts

Jan-Dec

Sales Factors

Production Cost

SGA

Expenses

Raw Materials

Forex Rate

Freight Cost

Tariff Impact

Automotive Parts

Other

Total

Jan-Sep

+11.4

(1.1)

(1.0)

(3.5)

(3.7)

(1.4)

(5.2)

+0.3

(0.0)

(4.2)

Oct-Dec

+7.0

+1.5

+0.4

+3.5

+1.3

(0.6)

(5.0)

(0.4)

+0.0

+7.5

Analysis of Operating Income for FY2025（Jan-Dec）（vs Previous Forecast）



(Unit: Billions of Yen)

Tires

＋2.0

Others

＋0.4

97.4

95.0

＋0.1 ＋1.3 ＋0.6 ＋1.9 ＋0.9(2.3) (0.6)

＋0.3

＋0.0

2025

Sales

Production

SGA

Raw

Forex

Freight

Tariff

Automotive

Other

2025

Jan-Dec

Factors

Cost

Expenses

Materials

Rate

Cost

Impact

Parts

Jan-Dec

Forecast

Sales Factors

Production Cost

SGA

Expenses

Raw Materials

Forex Rate

Freight Cost

Tariff Impact

Automotive Parts

Other

Total

Oct-Dec Forecast

+9.2

+1.4

+1.0

+2.2

+0.7

(2.6)

(6.0)

(0.7)

(0.0)

+5.2

Oct-Dec Result

+7.0

+1.5

+0.4

+3.5

+1.3

(0.6)

(5.0)

(0.4)

+0.0

+7.5

Business Segments for FY2025（Jan-Dec)



Net Sales

Tires Automotive Parts

2025

Results 547,697

47,225

2024

Results 519,832

45,526

Change

Change (%)

+5.4%

+3.7%

2025

Forecast

544,000

46,000

Change

+27,865

+1,699

+3,697

+1,225



2025

Oct-Dec Results

Change (YoY)

147,445

+14,759

12,188

+124

ー

ー

ー

ー

159,633

+14,884

Other

ー

0

(0)

ー

ー

ー

Adjustments

ー

(0)

+0

ー

ー

ー

Total

594,923

565,358

+29,564

+5.2%

590,000

+4,923

*Net sales include intersegment internal net sales or transfers

Operating

Income

2025

Results

2024 Change

Results Change (%)

2025

Change

Tires

95,509

92,089

+3,419

+3.7%

93,500

+2,009

Margin

17.4%

17.7%

ー

ー

17.2％

ー

(Unit: Millions of Yen)



1,821



1,500

2025

Oct-Dec Results

Change

(YoY)

25,128

17.0％

+7,919

ー

150

1.2%

(385)

ー

3

+5

ー

(0)

25,282

+7,539

Forecast

Automotive Parts

1,880 (58) (3.1%)

+321

Margin



3.9%

4.1%

ー

ー

3.3％

ー

Other

19

10

+8

+82.0%

ー

+19

Adjustments

ー

0

(0)

ー

ー

ー

Total

97,350

93,981

+3,369

+3.6%

95,000

+2,350

*Segment profit adjustment amounts include intersegment eliminations

Geographic Area Segments for FY2025（Jan-Dec)



2025

Results



(Unit: Millions of Yen)

Net Sales

2024













Results

Change (%)

2025

Forecast

Change

2025

Oct-Dec Results

Change (YoY)

36,379

(1,211)

105,775

+18,323

17,499

(2,227)

-

-

159,633

+14,884

Change

Japan

121,985

116,911

+5,074

+4.3％

124,100

(2,115)

N.America

403,915

373,099

+30,816

+8.3％

397,300

+6,615

Other

69,021

75,348

(6,326)

(8.4％)

68,600

+421

Eliminations

or Adjustments

-

-

-

-

ー

-

Total

594,923

565,358

+29,564

+5.2%

590,000

+4,923

*Net sales do not include intersegment internal net sales or transfers

Operating

Income

2025

Results

2024 Change

Results Change (%)

2025

Forecast

Change

Japan

64,094

60,462

+3,631

+6.0％

64,100

(6)

N.America

17,989

21,891

(3,901)

(17.8％)

17,800

+189

Other

15,559

8,355

+7,204

+86.2％

13,200

+2,359

Eliminations

or Adjustments

(293)

3,271

(3,565)

-

(100)

(193)

Total

97,350

93,981

+3,369

+3.6%

95,000

+2,350

2025

Oct-Dec Results

Change

(YoY)

19,744

+9,323

3,824

(1,498)

3,402

+465

(1,689)

(751)

25,282

+7,539

１．Financial Results for FY2025

２．Financial Forecast for FY2026

３. Progress of Management Measures



Financial Forecast for FY2026（Jan-Dec）



(Unit: Millions of Yen)

2026



Forecast

2025

Results

Change (%)

Net Sales

Operating

Income

620,000

94,000

594,923 ＋25,076 ＋4.2%

Change

97,350 (3,350) (3.4％)

Margin



15.2%

16.4%

ー

ー

14.2%

ー

16.0%

-

Ordinary Income

82,000

101,328

(19,328)

(19.1％)

32,000

(11,730)

50,000

(7,597)

Profit Attributable to Owners of Parent*

54,000

63,614 (9,614) (15.1％)

2026

Jan-Jun

Forecast

Change

2026

Jul-Dec

Forecast

Change

296,000

＋12,589

324,000

+12,487

42,000

(6,176)

52,000

+2,825

20,000

(13,330)

34,000

+3,716

*Profit attributable to parent company shareholders



Annual

1 USD

1 EUR

145 Yen

170 Yen

150 Yen

169 Yen

(5 Yen)

+1 Yen



Dividends per Share

135 Yen 130 Yen +5 Yen

Forex Rate Sensitivity 2026

USD

0.8 Billion Yen/Year

EUR

0.1 Billion Yen/Year

Impact of 1 yen fluctuation on operating income

Analysis of Operating Income for FY2025（Jan-Dec）（vs 2025）



(Unit: Billions of Yen) Tires

(2.0)

Others (1.3)

＋19.8

＋4.5

(5.8)

97.4

(1.1) (4.9)

(6.2)

(8.4)

(1.3)

94.0

(0.0)

2025

Sales

Production

SGA

Raw

Forex

Freight

Tariff

Automotive

Other

2026

Results

Factors

Cost

Expenses

Materials

Rate

Cost

Impact

Parts

Forecast

Sales Factors

Production Cost

SGA

Expenses

Raw Materials

Forex Rate

Freight Cost

Tariff Impact

Automotive Parts

Other

Total

Jan-Jun Forecast

+6.3

+3.0

(2.2)

+2.0

(1.7)

(3.1)

(9.8)

(0.7)

(0.0)

(6.2)

Jul-Dec Result

+13.5

+1.5

(3.5)

(3.0)

(3.2)

(3.1)

+1.4

(0.6)

(0.0)

+2.8

Business Segments for FY2026（Jan-Dec)





(Unit: Millions of Yen)

Net Sales

2026

Forecast

2025

Results

Change (%)

2026

Jan-Jun Forecast

Change

2026

Jul-Dec Forecast

Change (YoY)

Change

Tires 574,000

547,697 +26,302 +4.8％

273,000

+12,590

301,000

+13,711

Automotive Parts

46,000

47,225 (1,225) (2.6％)

23,000

(1)

23,000

(1,224)

Other ー

Adjustments ー

合計 620,000

ー ー ー

ー ー ー

594,923 +25,076 +4.2％

ー ー 296,000

ー

ー

＋12,589

ー ー 324,000

ー

ー

+12,487

*Net sales include intersegment internal net sales or transfers

Operating Income

2026

Forecast

2025 Change

Results Change (%)

Tires

93,500

95,509

(2,009)

(2.1％)

Margin

16.3％

17.4%

-

ー

Automotive

Parts

500

1,821

(1,321)

(72.5％)

Margin

1.1％

3.9%

-

ー

Other

ー

19

(19)

ー

Adjustments

ー

ー

ー

ー

Total

94,000

97,350

(3,350)

(3.4％)

2026

Jan-Jun Forecast

Change

2026

Jul-Dec Forecast

Change (YoY)

41,600

15.2％

(5,484)

ー

51,900

17.2％

＋3,475

ー

400

1.7％

(681)

ー

100

0.4％

(639)

ー

ー

(9)

ー

(10)

ー

ー

ー

ー

42,000

(6,176)

52,000

+2,825



*Segment profit adjustment amounts include intersegment eliminations



12/24

Geographic Area Segments for FY2026（Jan-Dec)



2026

Forecast



2026

Jan-Jun Forecast

2026

Jul-Dec Forecast

(Unit: Millions of Yen)

(%)

Net Sales

2025

Results

Change Change

Change

Change (YoY)

Japan



130,900

121,985

+8,914

+7.3％

58,500

+3,037

72,400

+5,876

N.America

420,200

403,915

+16,284

+4.0％

200,600

+8,673

219,600

+7,610

Other

68,900

69,021

(121)

(0.2%)

36,900

+878

32,000

(999)

Eliminations

or Adjustments



ー

-

ー

ー

ー

ー

ー

ー

Total



620,000

594,923

＋25,076

＋4.2%

296,000

＋12,589

324,000

+12,487

*Net sales do not include intersegment internal net sales or transfers

Operating Income

2026



Forecast

2025 Change

Results Change (%)

2026

Jan-Jun Forecast

Change

2026

Jul-Dec Forecast

Change (YoY)

Japan

69,900

64,094

+5,805

+9.1％

37,300

+7,367

32,600

(1,561)

N.America

11,300

17,989

(6,689)

(37.2%)

2,100

(8,237)

9,200

+1,547

Other

15,200

15,559

(359)

(2.3%)

8,300

(665)

6,900

＋305

Eliminations

or

Adjustments



(2,400)

(293)

(2,106)

ー

(5,700)

(4,640)

3,300

+2,533

Total



94,000

97,350

(3,350)

(3.4％)

42,000

(6,176)

52,000

+2,825

Changes in Tire Production (New Rubber Volume)



Bar graph values show tire production volume composition ratio by region

（Unit: 1,000 Tons）

48%

52%

49%

50%

49%

50%

46%

48%

31%

28%

30%

27%

29%

30%

32%

31%



60

Japan

N.America

30

Asia

16%

5%

16% 4%

16%

6%

16%

7%

15%

7%

13%

7%

15%

7%

14%

7%

2024

2024

2024

2024

2025

2025

2025

2025

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Europe

0

2024

1Q

2Q

3Q

4Q

Total

28.9

29.0

28.9

27.9

114.8

18.7

15.5

17.3

15.2

66.8

9.6

9.1

9.1

9.1

36.9

3.1

2.0

3.3

4.1

12.5

60.4

55.6

58.6

56.3

230.9

96％

90%

93%

92%

93%

2025

Unit:1000 Ton

1Q

2Q

3Q

4Q

Total

Japan

28.8

29.8

28.1

27.8

114.6

N.America

17.1

17.8

19.2

17.9

72.0

Asia

9.0

7.8

9.0

8.2

34.0

Europe

4.2

4.3

4.2

4.2

16.8

Total

59.1

59.7

60.5

58.1

237.4

YoY

98％

107%

103%

103%

103%

2026

Forecast

122.2

73.6

34.0

18.2

247.9

104%

Change in Tire Sales Quantity by Region（YoY）



Year-on-Year when the same period of the previous year = 100

2024

1Q

2Q

3Q

4Q

Total

87

97

89

90

91

77

85

85

88

84

88

99

93

101

95

93

100

99

98

98

71

85

69

106

80

92

101

98

113

100

86

97

91

96

92

2025

1Q

2Q

3Q

4Q

Total

OE Total

104

98

103

104

102

RE Japan

97

107

109

91

100

RE Overseas

99

98

92

98

97

N.America

105

100

100

108

103

Europe

67

99

40

62

67

SE Asia

103

103

94

94

98

Total

99

99

96

98

98



Reference：Ratio in Tire Unit Sales Quantity by Region（YoY)

（2025 Result）

（%）

2026

Forecast

107

110

104

104

92

115

106

Europe 6%

SE



Asia 6%

RE

Japan 16%

OE Total 18%

N.America 47%

Price Changes in Major Raw Materials



Change in Dubai Crude Oil and Natural Rubber TSR #20 Prices (SICOM)

（USD/bbl）

150

Dubai Crude Oil (left) Natural Rubber TSR#20 (right) （USC/kg）

300



100 200

50 100

0

0

2020

2020

2021

2021

2022

2022

2023

2023

2024

2024

2025

2025

Jan

Jul

Jan

Jul

Jan

Jul

Jan

Jul

Jan

Jul

Jan

Jul

Price Changes & Impact of Raw Materials (Operating Income Basis) (Unit: Billions of Yen)

2024

2025

1Q

2Q

3Q

4Q

Total

1Q

2Q

3Q

4Q

Total

(0.6)

(0.7)

(1.8)

(2.8)

(5.8)

Natural Rubber

(2.8)

(2.6)

(0.3)

+1.1

(4.6)

+0.8

(0.3)

(2.9)

(1.7)

(4.1)

Petroleum Products

(0.3)

+0.4

+2.2

+2.2

+4.5

(0.2)

+0.1

(0.3)

(0.3)

(0.7)

Other Raw Materials

+0.3

(0.1)

(0.3)

+0.2

+0.1

+0.1

(0.9)

(5.0)

(4.9)

(10.6)

Total

(2.8)

(2.3)

+1.7

+3.5

+0.0

2026

Forecast

+0.5

(1.4)

(0.2)

(1.1)

Changes in Capital Investment and Depreciation



Capital Investment and Depreciation Note) Figures for capital expenditure do not include right-of-use assets, whereas figures for depreciation do.

（Unit: Billions of Yen）

34.1

35.1

35.6

38.6

30.8

30.0

26.7

25.6

16.6

23.9

24.5

9.0

6.1

9.6

40.8

43.4

3.9

8.2

47.3

Left：Capital Investment Right：Depreciation

Tire Other

49.0

2022 2023 2024 2025 2026 Plan

Changes in Interest-Bearing Debt Balance and Capital Ratio



Net Assetes

Capital Ratio

61.2%

65.4%

69.4%

of yen）

53.5%

522.7

472.6

395.2

320.9

135.4

102.7

108.4

92.3



Interest-Bearing Debt Balance

（Billions 500.0

50.0%

0.0

2022YE 2023YE 2024YE 2025YE

0.0%

2022YE

2023YE

2024YE

2025YE

D/E Ratio

0.42

0.26

0.23

0.18

Net D/E Ratio

0.29

0.13

0.05

△0.05

Cash Flows



（Billions of Yen）

Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Investing Activities

100

80

86.5

71.8

Free Cash Flows

67.1

93.1



70.0

60

40

20 15.2

(1.5)

0

51.8

-20

-40

(16.7) (14.7) (15.2)

(23.1)

2022 2023 2024 2025