Toyo Tire Corporation TSE:5105
Toyo Tire : Financial Results for FY2025 (Script text)
Source: MarketScreener
Financial Results for FY2025
February 13, 2026
Presenter: Takashi Shimizu, Representative Director, President & CEO
１．Financial Results for FY2025
２．Financial Forecast for FY2026
３. Progress of Management Measures
Thank you for your continued support.
Allow me to explain our "Financial Results for FY2025," "Financial Forecast for FY2026," and then "Progress of Management Measures."
Highlights of Financial Results
* The highest figure since 2013, when the current accounting period was applied. 2/24
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.
Let me begin by walking you through the highlights of our financial results for FY2025.
Net sales reached a record high, driven primarily by strong performance of large-diameter tires in North America.
Operating income also reached a record high, as we successfully promoted high-value-added products despite increased costs.
Meanwhile, profit attributable to owners of parent declined due to the recording of impairment losses on non-current assets at our Serbia plant.
The annual dividend per share for FY2025 is forecast to be 130 yen, including an 80th anniversary commemorative dividend of 5 yen, as previously assumed.
For FY2026, we expect operating income to be 94.0 billion yen, based on a foreign exchange assumption of 145 yen per dollar.
The annual dividend is forecast to be 135 yen per share, representing an increase in the ordinary dividend from 125 yen in the previous year.
Annual Dividends per Share | 130 Yen | 120 Yen ＋10 Yen |
USD | 0.8 Billion Yen/Year |
EUR | 0.1 Billion Yen/Year |
Financial Results for FY2025（Jan-Dec）
(Unit: Millions of Yen)
2025
Results
2024
Results
Change
Change (%)
2025
Forecast
Change
Oct-De
2025
c
Results
Change (YoY)
Net Sales
Operating Income
Margin
Ordinary Income Profit Attributable to Owners of Parent*
594,923
565,358 ＋29,564
＋5.2％ 590,000
+4,923 159,633 +14,884
97,350
16.4%
101,328
93,981
16.6%
102,117
＋3,369
ー
(789)
＋3.6％
-
(0.8％)
95,000
16.1%
90,000
＋2,350
ー
＋11,328
25,282
15.8%
30,616
+7,539
ー
＋6,306
63,614
74,810
(11,196)
(15.0％)
65,000
(1,385)
10,556
(9,057)
*Profit attributable to parent company shareholders
1 USD
1 EUR
151 Yen
164 Yen
(1 Yen)
+5 Yen
" Medium-Term '21 Plan "
- Key Performance Indicators
Operating Margin 14% or over
30% or over
Forex Rate Sensitivity 2025
Impact of 1 yen fluctuation on operating income
3/24
169 Yen
150 Yen
Dividend payout ratio
Here you see our consolidated financial results for FY2025.
This year net sales reached a record high of 594.9 billion yen, driven by strong sales of light truck tires in North America.
Operating income also reached a record high of 97.4 billion yen, driven by the successful promotion of high-value-added products despite increased costs.
Ordinary income amounted to 101.3 billion yen, partly buoyed by the recording of foreign exchange gains.
Profit attributable to owners of parent decreased year-on-year to 63.6 billion yen, due to the review of future plans for the Serbia plant and the resultant recording of impairment losses of 13.5 billion yen on its non-current assets under extraordinary losses.
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 4th Quarter of FY2025（Oct-Dec）
（vs 2024）
Tires
(Unit: Billions of Yen) +7.9
Others (0.4)
＋3.5
＋1.3
＋7.0
＋1.5
＋0.4
(0.6)
＋0.0
(5.0) (0.4)
2024 Sales Production SGA Raw Forex Freight Tariff Automotive Other 2025
Oct-Dec Factors Cost Expenses Materials Rate Cost Impact Parts Oct-Dec
4/24
17.7
25.3
This graph analyzes the factors contributing to year-on-year changes in
operating income for the fourth quarter of FY2025.
For the Tire Business, sales factors pushed up operating income by 7.0 billion yen. The sum breaks down into negative 1.0 billion yen for volume effects, positive 7.7 billion yen for product price/mix effects, and positive
0.2 billion yen for unrealized profit in inventory.
Production cost factors pushed up operating income by 1.5 billion yen. Likewise, raw material cost factors added 3.5 billion yen to operating income, reflecting declines in petroleum products and natural rubber prices.
Forex rate factors contributed to an increase of 1.3 billion yen.
Ocean freight cost factors reduced operating income by 0.6 billion yen, and higher U.S. tariffs had a negative impact of 5.0 billion yen.
Overall, operating income increased by 7.5 billion yen year-on-year.
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 2024）
(Unit: Billions of Yen)
Tires
＋3.4
Others (0.0)
＋18.4
＋0.4 (0.6)
＋0.0
(2.4)
(2.1)
＋0.0
(10.3) (0.1)
5/24
94.0
97.4
This graph shows the factors contributing to year-on-year changes in
operating income for FY2025.
For the Tire Business, sales factors pushed up operating income by 18.4 billion yen. The sum breaks down into negative 3.2 billion yen for volume effects, positive 27.9 billion yen for product price/mix effects, and negative
6.3 billion yen for unrealized profit in inventory.
Production cost factors pushed up operating income by 0.4 billion yen, primarily due to economies of scale at the Serbia plant. Raw material cost factors were slightly positive, as the impact of rising natural rubber prices was offset by lower procurement costs for petroleum products.
Forex rate factors reduced operating income by 2.4 billion yen, as many currencies relevant to our business depreciated against the yen. Ocean freight cost factors and the impact of increased U.S. tariffs had a negative impact of 2.1 billion yen and 10.3 billion yen, respectively.
As a result, operating income for FY2025 increased by 3.4 billion yen year-on-year.
＋0.1 | ＋1.3 | ＋0.6 | |
(2.3) | (0.6) |
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 |
Analysis of Operating Income for FY2025（Jan-Dec）（vs Previous Forecast）
(Unit: Billions of Yen)
Tires
＋2.0
Others
＋0.4
＋1.9 ＋0.9 ＋0.3 ＋0.0
6/24
95.0
97.4
This graph shows by-factor increases and decreases in full-year operating income for FY2025, compared to our previous forecast announced in November last year.
Sales factors pushed down full-year operating income in the Tire Business by 2.3 billion yen, comprising a negative 2.9 billion yen for volume effects, a positive 1.1 billion yen for product price/mix effects, and a negative 0.4 billion yen for unrealized profit in inventory.
Raw material cost factors increased operating income by 1.3 billion yen, and forex rate factors increased operating income by 0.6 billion yen, as the yen depreciated more than assumed.
Ocean freight cost factors and the impact of tariffs increased operating income by 1.9 billion yen and 0.9 billion yen, respectively.
As a result, our full-year operating income came in higher than our previous forecast by 2.4 billion yen.
547,697 | 519,832 | +27,865 | +5.4% | 544,000 | +3,697 | 147,445 | +14,759 |
47,225 | 45,526 | +1,699 | +3.7% | 46,000 | +1,225 | 12,188 | +124 |
ー | 0 | (0) | ー | ー | ー | ー | ー |
ー | (0) | +0 | ー | ー | ー | ー | ー |
594,923 | 565,358 | +29,564 | +5.2% | 590,000 | +4,923 | 159,633 | +14,884 |
Business Segments for FY2025（Jan-Dec)
(Unit: Millions of Yen)
Net Sales
Tires Automotive Parts
Other
Adjustments
Total
2025
Results
2024
Results
Change
Change (%)
2025
Forecast
Change
Oct-De
2025
c
Results
Change (YoY)
*Net sales include intersegment internal net sales or transfers
Operating Income Tires
Margin
Automotive Parts
Margin
Other Adjustments
Total
2025
Results
95,509
17.4%
1,821
3.9%
19
ー
97,350
2024
Results
92,089
17.7%
1,880
4.1%
10
0
93,981
Change
+3,419
ー
(58)
ー
+8
(0)
+3,369
Change (%)
+3.7%
ー
ー
+82.0%
ー
+3.6%
2025
Forecast
93,500
17.2％
1,500
3.3％
ーー
95,000
Change
(3.1%)
+2,009
ー
+321
ー
+19
ー
+2,350
2025
Oct-Dec
Results
25,128
17.0％
150
1.2%
3
ー
25,282
Change (YoY)
+7,919
ー
(385)
ー
+5
(0)
+7,539
*Segment profit adjustment amounts include intersegment eliminations
7/24
Shown on this slide are net sales and operating income by business
segment.
For the Tire Business, net sales increased year-on-year, primarily due to growth in unit sales of light truck tires in North America. Operating income also increased, as we promoted high-value-added products despite increased costs placing downward pressure on income.
For the Automotive Parts Business, net sales increased, while operating
income declined slightly year-on-year.
Japan | 121,985 | 116,911 | +5,074 | +4.3％ | 124,100 | (2,115) | 36,379 | (1,211) |
N.America | 403,915 | 373,099 | +30,816 | +8.3％ | 397,300 | +6,615 | 105,775 | +18,323 |
Other | 69,021 | 75,348 | (6,326) | (8.4％) | 68,600 | +421 | 17,499 | (2,227) |
Eliminations or | - | - | - | - | ー | - | - | - |
Adjustments | ||||||||
Total | 594,923 | 565,358 | +29,564 | +5.2% | 590,000 | +4,923 | 159,633 | +14,884 |
Geographic Area Segments for FY2025（Jan-Dec)
(Unit: Millions of Yen)
Net Sales
2025
Results
2024
Results
Change
Change (%)
2025
Forecast
Change
2025
Oct-Dec Results
Change (YoY)
*Net sales do not include intersegment internal net sales or transfers
Operating Income
Japan N.America Other Eliminations
or
Adjustments Total
2025
Results
64,094
17,989
15,559
2024
Results
60,462
21,891
8,355
Change
+3,631
(3,901)
+7,204
Change (%)
+6.0％ (17.8％)
+86.2％
2025
Forecast
64,100
17,800
13,200
Change
(6)
+189
+2,359
2025
Oct-Dec Results
19,744
3,824
3,402
Change (YoY)
+9,323
(1,498)
+465
(293)
3,271 (3,565)
-
(100)
(193)
(1,689) (751)
97,350 93,981 +3,369 +3.6% 95,000 +2,350 25,282 +7,539
8/24
Here we have our net sales and operating income for FY2025 by geographic
area segment.
The North America Segment recorded year-on-year sales growth, mainly driven by strong sales of tires for light trucks.
Excluding royalty payments to the Japan Segment to better reflect the
segment's underlying profitability, operating income increased year-on-year.
The Japan Segment posted an increase in both net sales and operating income.
１．Financial Results for FY2025
２．Financial Forecast for FY2026
３. Progress of Management Measures
Let me move on to talk about our consolidated financial forecast for
FY2026.
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) |
USD | 0.8 Billion Yen/Year |
EUR | 0.1 Billion Yen/Year |
Financial Forecast for FY2026（Jan-Dec）
(Unit: Millions of Yen)
2026
Forecast
2025
Results
Change Change (%)
2026
Jan-Jun Forecast
296,000
Change
2026
Jul-Dec Forecast
324,000
Change
Net Sales
Operating Income
620,000
594,923
＋25,076
＋4.2%
＋12,589
+12,487
94,000
97,350
(3,350)
(3.4％)
42,000
(6,176)
52,000
+2,825
Profit Attributable to Owners of Parent*
54,000
63,614 (9,614) (15.1％)
20,000 (13,330) 34,000 +3,716
*Profit attributable to parent company shareholders
Annual
Dividends per Share
135 Yen
130 Yen
+5 Yen
Forex Rate Sensitivity 2026
1 USD
1 EUR
145 Yen 150 Yen
170 Yen 169 Yen
(5 Yen)
+1 Yen
Impact of 1 yen fluctuation on operating income
10/24
This is our financial forecast for FY2026.
We expect net sales to increase, assuming an increase in the sales quantity of tires.
Operating income is expected to decline, primarily due to the assumption of a stronger yen against the U.S. dollar compared with the previous year, despite projected income growth driven by higher net sales.
We expect to increase the annual dividend to 135 yen per share, including an interim dividend of 65 yen.
For the foreign exchange rates on which our forecast is based, we assume an exchange rate of 145 yen per U.S. dollar and 170 yen per Euro.
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 |
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) (1.1)
(4.9)
(6.2)
(8.4) (1.3) (0.0)
11/24
94.0
97.4
This is a comparison between the full-year operating income forecast for FY2026 and the results in the previous year, complete with an analysis of increases and decreases by factor.
We expect sales factors to drive operating income for the Tire Business by
19.8 billion yen year-on-year.
The sum consists of positive 10.0 billion yen for volume effects, positive
11.4 billion yen for product price/mix effects, and negative 1.6 billion yen
for unrealized profit in inventory.
We expect production cost factors to increase operating income by 4.5 billion yen, primarily due to improved productivity at our plants in Serbia and the U.S.
Meanwhile, SGA expense factors are expected to reduce operating income by 5.8 billion yen, reflecting anticipated increases in IT costs. Raw material cost factors are expected to lower operating income by 1.1 billion yen.
Forex rate factors are expected to reduce operating income by 4.9 billion yen, based on the assumption that the yen will appreciate against the U.S. dollar. Ocean freight cost factors and the impact of tariffs are expected to reduce operating income by 6.2 billion yen and 8.4 billion yen, respectively.
Regarding the impact of tariffs, we anticipate offsetting the impact through pricing, as in the previous year.
As a result, we expect operating income to decrease by 3.3 billion yen year-on-year.
574,000 | 547,697 | +26,302 | +4.8％ | 273,000 | +12,590 | 301,000 | +13,711 |
46,000 | 47,225 | (1,225) | (2.6％) | 23,000 | (1) | 23,000 | (1,224) |
ー | ー | ー | ー | ー | ー | ー | ー |
ー | ー | ー | ー | ー | ー | ー | ー |
620,000 | 594,923 | +25,076 | +4.2％ | 296,000 | ＋12,589 | 324,000 | +12,487 |
93,500 | 95,509 | (2,009) | (2.1％) | 41,600 | (5,484) | 51,900 | ＋3,475 |
16.3％ | 17.4% | - | ー | 15.2％ | ー | 17.2％ | ー |
500 | 1,821 | (1,321) | (72.5％) | 400 | (681) | 100 | (639) |
1.1％ | 3.9% | - | ー | 1.7％ | ー | 0.4％ | ー |
ー | 19 | (19) | ー | ー | (9) | ー | (10) |
ー | ー | ー | ー | ー | ー | ー | ー |
Business Segments for FY2026（Jan-Dec)
(Unit: Millions of Yen)
Net Sales
Tires Automotive Parts
Other Adjustments
合計
2026
Forecast
2025
Results
Change
Change (%)
2026
Jan-Jun Change Forecast
2026
Jul-Dec Forecast
Change (YoY)
*Net sales include intersegment internal net sales or transfers
Operating Income
Tires
Margin
Automotive Parts
Margin
Other
Adjustments Total
2026
Forecast
2025
Results
Change
Change (%)
2026
Jan-Jun Change Forecast
2026
Jul-Dec Forecast
Change (YoY)
94,000
97,350 (3,350)
(3.4％)
42,000 (6,176) 52,000
*Segment profit adjustment amounts include intersegment eliminations
+2,825
12/24
This is our FY2026 financial forecast by business segment.
For the Tire Business, we expect net sales to increase year-on-year, primarily due to growth in unit sales, while operating income is expected to decline slightly, mainly due to increases in ocean freight and raw material costs.
For the Automotive Parts Business, we expect both net sales and operating income to decline year-on-year.
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 | ー | - | ー | ー | ー | ー | ー | ー |
Adjustments | ||||||||
Total | 620,000 | 594,923 | ＋25,076 | ＋4.2% | 296,000 | ＋12,589 | 324,000 | +12,487 |
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 | (2,400) | (293) | (2,106) | ー | (5,700) | (4,640) | 3,300 | +2,533 |
Adjustments | ||||||||
Total | 94,000 | 97,350 | (3,350) | (3.4％) | 42,000 | (6,176) | 52,000 | +2,825 |
Geographic Area Segments for FY2026（Jan-Dec)
(Unit: Millions of Yen)
Net Sales
2026
Forecast
2025
Results
Change
Change (%)
an-Ju
F
2026
J n
2026
Change J c
orecast
ul-De
F
orecast
Change (YoY)
*Net sales do not include intersegment internal net sales or transfers
Operating 2026
Income Forecast
2025
Results
Change
Change (%)
2026
Jan-Jun Change Forecast
2026
Jul-Dec Forecast
Change (YoY)
13/24
These are our forecasts for net sales and operating income for FY2026 by
geographic area segment.
For the North America Segment, we expect operating income to decrease to 11.3 billion yen. However, excluding royalty payments to the Japan Segment to better reflect the segment's underlying profitability, year-on-year growth is expected.
For the Japan Segment, we expect operating income to be 69.9 billion yen.
48% 52% 49% | 50% | 49% | 50% | 46% | 48% |
31% 30% | 27% | 29% | 30% | 32% | 31% |
2024 | 2025 | 2026 | |||||||||||
1Q | 2Q | 3Q | 4Q | Total | Unit:1000 Ton | 1Q | 2Q | 3Q | 4Q | Total | Forecast | ||
28.9 | 29.0 | 28.9 | 27.9 | 114.8 | Japan | 28.8 | 29.8 | 28.1 | 27.8 | 114.6 | 122.2 | ||
18.7 | 15.5 | 17.3 | 15.2 | 66.8 | N.America | 17.1 | 17.8 | 19.2 | 17.9 | 72.0 | 73.6 | ||
9.6 | 9.1 | 9.1 | 9.1 | 36.9 | Asia | 9.0 | 7.8 | 9.0 | 8.2 | 34.0 | 34.0 | ||
3.1 | 2.0 | 3.3 | 4.1 | 12.5 | Europe | 4.2 | 4.3 | 4.2 | 4.2 | 16.8 | 18.2 | ||
60.4 | 55.6 | 58.6 | 56.3 | 230.9 | Total | 59.1 | 59.7 | 60.5 | 58.1 | 237.4 | 247.9 | ||
96％ | 90% | 93% | 92% | 93% | YoY | 98％ | 107% | 103% | 103% | 103% | 104% | ||
Changes in Tire Production (New Rubber Volume)
Bar graph values show tire production volume composition ratio by region
（Unit: 1,000 Tons）
60
Japan
N.America
30
Asia
Europe 28%
16% 16%
16%
15%
13%
15%
14%
0
5%
16%
4%
6%
7%
7%
7%
7%
7%
2024
1Q
2024
2Q
2024
3Q
2024
4Q
2025
1Q
2025
2Q
2025
3Q
2025
4Q
14/24
This slide shows the tire production volume composition ratio by region.
Global rubber production for FY2025 increased by 3% year-on-year.
For FY2026, we expect global rubber production to increase by 4% year-on-year.
2024 | 2025 | 2026 | ||||||||||||
1Q | 2Q | 3Q | 4Q | Total | 1Q | 2Q | 3Q | 4Q | Total | Forecast | ||||
87 | 97 | 89 | 90 | 91 | OE Total | 104 | 98 | 103 | 104 | 102 | 107 | |||
77 | 85 | 85 | 88 | 84 | RE Japan | 97 | 107 | 109 | 91 | 100 | 110 | |||
88 | 99 | 93 | 101 | 95 | RE Overseas | 99 | 98 | 92 | 98 | 97 | 104 | |||
93 | 100 | 99 | 98 | 98 | N.America | 105 | 100 | 100 | 108 | 103 | 104 | |||
71 | 85 | 69 | 106 | 80 | Europe | 67 | 99 | 40 | 62 | 67 | 92 | |||
92 | 101 | 98 | 113 | 100 | SE Asia | 103 | 103 | 94 | 94 | 98 | 115 | |||
86 | 97 | 91 | 96 | 92 | Total | 99 | 99 | 96 | 98 | 98 | 106 | |||
Change in Tire Sales Quantity by Region（YoY）
Year-on-Year when the same period of the previous year = 100
（%）
Reference：Ratio in Tire Unit Sales Quantity
by Region（YoY)
（2025 Result）
Europe 6%
RE
Japan 16%
N.America 47%
SE
Asia 6%
OE Total 18%
15/24
This slide shows changes in tire sales quantity by region. Each number represents a year-on-year change against the base 100 recorded a year earlier.
In FY2025, global unit sales declined by 2% year-on-year.
Of these, unit sales in the North American replacement tire market rose by 3% year-on-year.
For the FY2026 sales plan, we expect global sales to increase by 6% year-on-year.
In the North American replacement market, we expect a 4% increase year-on-year.
2024 | 2025 | 2026 | ||||||||||
1Q | 2Q | 3Q | 4Q | Total | 1Q | 2Q | 3Q | 4Q | Total | Forecast | ||
(0.6) | (0.7) | (1.8) | (2.8) | (5.8) | Natural Rubber | (2.8) | (2.6) | (0.3) | +1.1 | (4.6) | +0.5 | |
+0.8 | (0.3) | (2.9) | (1.7) | (4.1) | Petroleum Products | (0.3) | +0.4 | +2.2 | +2.2 | +4.5 | (1.4) | |
(0.2) | +0.1 | (0.3) | (0.3) | (0.7) | Other Raw Materials | +0.3 | (0.1) | (0.3) | +0.2 | +0.1 | (0.2) | |
+0.1 | (0.9) | (5.0) | (4.9) | (10.6) | Total | (2.8) | (2.3) | +1.7 | +3.5 | +0.0 | (1.1) | |
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)
16/24
This slide shows trends in major raw material prices and their impact on
our operating income.
In FY2025, the impact of higher natural rubber prices was offset by lower procurement costs for petroleum products, resulting in a slight increase in operating income.
For FY2026, we expect petroleum product prices to rise, which is expected to reduce operating income by 1.1 billion yen.
9.6
17/24
25.6
30.0
6.1
43.4 9.0
40.8
24.5
23.9
16.6
2022
2023
2024
2025
2026 Plan
26.7
30.8
35.6
35.1
34.1
38.6
49.0
8.2
Right：Depreciation
47.3
3.9
Other
Tire
Note) Figures for capital expenditure do not include right-of-use assets, whereas figures for depreciation do.
Capital Investment and Depreciation
（Unit: Billions of Yen）
Left：Capital Investment
Changes in Capital Investment and Depreciation
Here you see trends in capital investment and depreciation.
In FY2025, we made total capital investments of 30.0 billion yen at production sites and other facilities.
Meanwhile, depreciation was 35.6 billion yen.
For FY2026, we plan total capital investments of 49.0 billion yen, with depreciation expected to amount to 38.6 billion yen.
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 |
Changes in Interest-Bearing Debt Balance and Capital Ratio
Net Assetes
Interest-Bearing Debt Balance
Capital Ratio
61.2%
65.4%
69.4%
（Billions of yen） 500.0
53.5%
522.7
472.6
395.2
50.0%
320.9
135.4
102.7
108.4
92.3
0.0
0.0%
2022YE 2023YE 2024YE 2025YE
18/24
This slide shows changes in our interest-bearing debt balance and capital
ratio.
As of the end of December 2025, our interest-bearing debt balance decreased by 16.1 billion yen from the end of the previous fiscal year to
92.3 billion yen.
The capital ratio stood at 69.4%, and the debt-equity ratio at 0.2.
19/24
(23.1)
2025
2024
2023
2022
-40
(15.2)
(14.7)
(16.7)
0
-20
15.2
(1.5)
40
20
70.0
67.1
51.8
60
86.5
71.8
80
93.1
Free Cash Flows
100
Net Cash Provided by (Used in) Operating Activities
Net Cash Provided by (Used in) Investing Activities
Cash Flows
（Billions of Yen）
This slide shows changes in our cash flow.
In FY2025, net cash provided by operating activities amounted to 93.1 billion yen.
Net cash used in investing activities amounted to 23.1 billion yen, primarily due to expenditures for property, plant and equipment recorded as part of capital investments. As a result, we recorded free cash flow of 70.0 billion yen.