Toyota Tsusho (8015): FY2025 Results Summary — Record Profit Driven by Automobile Sales and Africa Growth

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Toyota Tsusho Corporation reported profit of 370.5 billion yen for FY2025 (fiscal year ended March 31, 2026), a record high, as solid global automobile production and higher sales in emerging markets lifted results. Revenue rose 12% year on year to 11,561.9 billion yen and operating profit increased 10% to 545.2 billion yen. Profit reached an achievement ratio of 103% against the revised full-year forecast of 360.0 billion yen announced on October 31, 2025. For FY2026, the company forecasts profit of 400.0 billion yen, up 8%, alongside a planned dividend per share of 125 yen and share repurchases of 663.6 billion yen.

Consolidated Results (Full-Year Actual)

For FY2025 (fiscal year ended March 31, 2026), revenue increased 12% year on year to 11,561.9 billion yen, including a positive foreign exchange impact of +143.1 billion yen. Gross profit rose 13% to 1,264.4 billion yen and SG&A expenses increased 15% to 712.2 billion yen. Operating profit grew 10% to 545.2 billion yen (achievement ratio of 103% against the revised forecast of 530.0 billion yen), and profit before income taxes increased 5% to 564.9 billion yen. Profit came to 370.5 billion yen, up 2% year on year and a record high, achieving 103% of the revised forecast of 360.0 billion yen. (Unit: Billion yen for all figures unless otherwise noted.)

Item	FY2025	FY2024	Change
Revenue	11,561.9	10,309.5	+1,252.4 (+12%)
Gross profit	1,264.4	1,121.1	+143.3 (+13%)
SG&A expenses	(712.2)	(616.7)	(95.5) (+15%)
Operating profit	545.2	497.1	+48.1 (+10%)
Profit before income taxes	564.9	536.8	+28.1 (+5%)
Profit	370.5	362.5	+8.0 (+2%)

Segment Results

By division, profit for Metal+ (Plus) declined 1% year on year to 43.1 billion yen due to a decline in steel prices, despite an increase in trading volume of automobile production-related products mainly in North America. Circular Economy profit fell 4% to 44.8 billion yen due to one-off factors, despite an upturn in the resource market. Supply Chain profit rose 7% to 52.8 billion yen on increased trading volume of automobile production-related products mainly in Asia/Oceania, and Mobility profit rose 12% to 63.9 billion yen on higher automobile sales volume mainly in Asia/Oceania. Green Infrastructure profit fell 51% to 17.9 billion yen due to one-off losses, despite higher transaction volume in machinery-related businesses. Digital Solutions profit rose 10% to 33.9 billion yen on an increase in memory-related transaction volume and growth in systems-business projects. Lifestyle profit rose 35% to 20.7 billion yen on a market upturn in the food business in South America, an increase in insurance-business transaction volume, and one-off gains in the domestic real estate business. Africa profit rose 18% to 94.0 billion yen on higher automobile sales volume, mainly in the West Africa region.

Segment	FY2025 Profit	FY2024 Profit	FY2025 Forecast (Progress)
Metal+ (Plus)	43.1	43.4	41.0 (105%)
Circular Economy	44.8	46.9	39.0 (115%)
Supply Chain	52.8	49.2	51.0 (104%)
Mobility	63.9	57.3	62.0 (103%)
Green Infrastructure	17.9	36.5	29.0 (62%)
Digital Solutions	33.9	30.7	33.0 (103%)
Lifestyle	20.7	15.3	17.0 (122%)
Africa	94.0	79.5	88.0 (107%)
Total	370.5	362.5	360.0 (103%)

FY2026 Forecast

For FY2026, Toyota Tsusho forecasts gross profit of 1,332.0 billion yen (+5%), operating profit of 587.0 billion yen (+8%), and profit of 400.0 billion yen (+8%), based on foreign exchange rate assumptions of USD 150 yen and EUR 175 yen, compared with USD 151 yen and EUR 175 yen used for FY2025 results. By division, forecast profit is Metal+ (Plus) 44.0 billion yen, Circular Economy 51.0 billion yen, Supply Chain 55.0 billion yen, Mobility 69.0 billion yen, Green Infrastructure 30.0 billion yen, Digital Solutions 37.0 billion yen, Lifestyle 16.0 billion yen, and Africa 98.0 billion yen.

Item	FY2026 Forecast	FY2025 (Actual)
Gross Profit	1,332.0	1,264.4
Operating Profit	587.0	545.2
Profit	400.0	370.5

Shareholder Returns

Toyota Tsusho plans a full-year dividend per share of 125 yen for FY2026, up from 120 yen in FY2025, and forecasts share repurchases of 663.6 billion yen for FY2026 (no share repurchases in FY2025), which would raise the total payout ratio to 195.2% from 34.2% in FY2025. Over the FY2025-FY2027 period, the company targets a total payout ratio of 40% or more, including share repurchases, while maintaining a progressive dividend, and aims for shareholder returns of 1.0 trillion yen or more. The company states it is scheduled to increase its dividend for 18 consecutive years.

Item	FY2025	FY2026 Forecast
Dividend per share (full year, yen)	120	125
Share repurchases (Billion yen)	–	663.6
Total payout ratio (%)	34.2	195.2

This article is an analysis based on publicly available information and is not a recommendation to buy or sell any specific securities. Investment decisions are your own responsibility.