Toho Gas Co (9533) Q4 2026 earnings summary

Executive summary

• FY2025 net sales were ¥651.0B, down 0.8% year-over-year, while operating income rose 2.9% to ¥31.7B and net income attributable to owners increased 23.6% to ¥31.4B.

• Comprehensive income surged 158.0% year-over-year to ¥66.7B, driven by gains in securities and defined benefit plans.

• Customer accounts increased by 1.1%, with electricity customers growing 3.6%.

• The company is executing a Medium-Term Management Plan (FY2025–FY2027) focused on shifting resources to strategic businesses and optimizing capital.

Financial highlights

• Ordinary income rose 16.9% to ¥37.8B; gross profit increased to ¥179.3B.

• Net income attributable to owners grew 23.6% to ¥31.4B.

• Cost of sales declined 2.4%, while SG&A expenses rose 3.9%.

• Cash and cash equivalents at year-end were ¥43.0B, down from ¥45.1B.

• Net cash from operating activities decreased to ¥65.6B from ¥83.1B year-over-year.

Outlook and guidance

• FY2026 forecasts net sales of ¥670.0B (+2.9%), but operating income is expected to drop 40.2% to ¥19.0B.

• Ordinary income projected at ¥25.0B (–34.0%), and net income at ¥23.0B (–26.9%).

• Net income per share forecast is ¥63.19, reflecting the recent stock split.

• ROE forecast to decline to 4.8% from 6.8%.

• Dividend for FY2026 set at ¥22.5/share (post-split basis), with continued share buybacks planned.