Toyota Tsusho (8015) Q4 2025 earnings summary

Executive summary

• Achieved record net profit of JPY 362.5 billion in FY2024, up 9.4% year-over-year, with revenue reaching JPY 10.3096 trillion and operating profit at JPY 497.2 billion, despite sluggish production volumes and challenging market conditions.

• Profit growth remained robust even after excluding yen depreciation and one-off items.

• Comprehensive income fell 52.7% year-over-year due to negative financial asset revaluations and currency translation.

• Organizational restructuring and new business initiatives were implemented in Africa, digital, and green infrastructure segments.

Financial highlights

• Operating profit rose 13% year-over-year to JPY 497.1 billion; gross profit increased to JPY 1.1211 trillion.

• Free cash flow after dividends was JPY 388.0 billion, up JPY 65.4 billion year-over-year.

• Dividend per share increased to JPY 105, with a payout ratio of 30.6%.

• Net DER improved to 0.39x, indicating low leverage and a strong balance sheet.

• Operating cash flow exceeded JPY 500 billion for two consecutive years.

Outlook and guidance

• FY2025/FY2026 profit forecast is JPY 340 billion, a 6.2% decrease year-over-year, reflecting expected yen appreciation and tariff effects.

• Dividend payout policy raised to 40% or more, including share repurchases, starting FY2025.

• Midterm plan (FY2025–2027) targets ROE of 15%, cumulative investment of JPY 1.2 trillion, and profit of JPY 450 billion by FY2027.