Toyota Tsusho (8015) Q3 2025 earnings summary

Executive summary

• Achieved record-high profit of 277.9 billion yen for FY2024 1-3Q, up 2.6% year-over-year, with progress at 79% of full-year forecast.

• Revenue for the nine months ended December 31, 2024, was 7,647.8 billion yen, down 0.8% year-over-year, mainly due to lower trading volume in the food business despite yen depreciation.

• Operating profit rose 4.8% year-over-year to 371.2 billion yen, driven by higher gross profit offsetting increased SG&A expenses.

• Comprehensive income fell 28.8% year-over-year to 316.4 billion yen, mainly due to lower other comprehensive income.

• Profit growth slowed due to deteriorating market conditions and a slowdown in automobile production, despite yen depreciation and one-off gains.

Financial highlights

• Gross profit increased to 830.2 billion yen from 792.3 billion yen year-over-year.

• Operating cash flow decreased to 302.7 billion yen due to increased working capital, despite higher profit before tax.

• Net DER improved to 0.46 from 0.48; current ratio stable at 161%.

• Basic EPS for the period was 263.20 yen, up from 256.59 yen year-over-year.

• Total assets rose to 7,246.3 billion yen as of December 31, 2024, up from 7,060.0 billion yen at March 31, 2024.

Outlook and guidance

• FY2024 full-year profit forecast maintained at 350.0 billion yen, with 79% progress achieved by 3Q.

• Dividend forecast for FY2025 is 100 yen per share (post-split), unchanged from previous guidance.

• Dividend payout ratio targeted at 30.2%, with progressive dividend policy through FY2025.

• No changes to the consolidated earnings forecast issued on April 26, 2024.