Toray Industries (3402) Q2 2025 earnings summary

Executive summary

• Core operating income for the first six months reached a record 79.1 billion yen, up 62.6% year-over-year, with profit attributable to owners of parent up 92.3% to 55.5 billion yen, driven by strong segment performance and global market recovery.

• Revenue for the six months ended September 30, 2024, was 1,294.1 billion yen, a 7.9% increase year-over-year.

• Strong performance was led by recovery in the U.S. and Europe, while China remained stagnant and Japan showed gradual recovery.

• Medium-Term Management Program “Project AP-G 2025” continues to guide sustainable growth and operational excellence.

Financial highlights

• Core operating income margin improved by 2.1 points to 6.1% for the six-month period.

• Profit before tax increased 58.8% year-over-year to 77.8 billion yen.

• Free cash flow improved to 65.4 billion yen from 8.3 billion yen year-over-year.

• Capital expenditures rose to 88.4 billion yen, up 33.3 billion yen year-over-year.

• Basic earnings per share rose to 34.66 yen from 18.03 year-over-year.

Outlook and guidance

• Full-year revenue forecast revised to 2,590.0 billion yen, up 5.1% year-over-year; core operating income forecast raised to 145.0 billion yen, and profit attributable to owners of parent projected at 88.0 billion yen.

• Basic earnings per share forecast raised to 54.93 yen; assumed exchange rate for 2H: 140 yen/US$.

• Dividend per share maintained at 18.00 yen.

• Forecast revisions reflect improved first-half performance and updated business environment assumptions.