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TOTO, Ordinary Profit Forecast for the Fiscal Year Revised Downward to an Unexpected 1% Decrease

Fri Oct 31, 2025 3:30 pm JST Earnings

5332 TOTO LTD. 【J-GAAP】

Earnings Report

TOTO LTD. <5332> [TSE Prime] announced its financial results after the market closed on October 31st (15:30). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) was 23.0 billion yen, a 1.8% increase compared to the same period last year, resulting in an increase in profits compared to the previous forecast of a 15.8% decrease.

However, the full-year forecast for consolidated ordinary profit has decreased 4.0%, from the previous forecast of 52.1 billion yen to 50.0 billion yen (compared to 50.3 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 0.7% decrease in profit.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated ordinary profit for the October to March period (second half) is expected to decrease 2.8% from the same period last year to 26.9 billion yen.

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased 73.1% from the same period last year, reaching 14.3 billion yen. However, the operating profit margin worsened from 7.5% in the same period last year to 6.8%.

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Actual Results

Accumulated Results 2nd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Apr - Sep, 2023 339,741 15,269 22,861 16,677 98.3 44.4 Oct 30, 2023 J-GAAP
Apr - Sep, 2024 355,735 24,142 22,671 16,949 99.9 45.0 Oct 28, 2024 J-GAAP
Apr - Sep, 2025 349,372 20,781 23,089 8,790 52.7 46.2 Oct 31, 2025 J-GAAP
YoY -1.8% -13.9% +1.8% -48.1% -47.3%

First Half Results vs. Previous Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Apr - Sep, 2025 Guidance 360,000 19,000 19,100 6,000 36.5 50 Apr 28, 2025 J-GAAP
Apr - Sep, 2025 Results 349,372 20,781 23,089 8,790 52.7 50 Oct 31, 2025 J-GAAP
Revision Rate -3.0% +9.4% +20.9% +46.5% +44.3%

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 753,500 52,500 52,100 31,000 188.6 100 Apr 28, 2025 J-GAAP
Mar, 2026 New 734,500 49,000 50,000 29,000 176.4 100 Oct 31, 2025 J-GAAP
Revision Rate -2.5% -6.7% -4.0% -6.5% -6.4%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Oct - Mar, 2024 368,719 24,337 27,698 -4,781 -28.2 50 Apr 28, 2025 J-GAAP
Oct - Mar, 2025 Guidance 385,128 28,219 26,911 20,210 122.9 50 Oct 31, 2025 J-GAAP
YoY +4.5% +16.0% -2.8% － －

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 702,284 42,766 51,515 37,196 219.3 100 Apr 26, 2024 J-GAAP
Mar, 2025 724,454 48,479 50,369 12,168 71.7 100 Apr 28, 2025 J-GAAP
Mar, 2026 Guidance 734,500 49,000 50,000 29,000 176.4 100 Oct 31, 2025 J-GAAP
YoY +1.4% +1.1% -0.7% +138.3% +145.9%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 191,222 14,342 8,289 8,210 48.4 7.5 Oct 28, 2024 J-GAAP
Oct - Dec, 2024 186,569 17,364 22,821 19,453 114.7 9.3 Jan 31, 2025 J-GAAP
Jan - Mar, 2025 182,150 6,973 4,877 -24,234 -142.9 3.8 Apr 28, 2025 J-GAAP
Apr - Jun, 2025 165,747 8,207 8,738 6,306 37.3 5.0 Jul 31, 2025 J-GAAP
Jul - Sep, 2025 183,625 12,574 14,351 2,484 14.9 6.8 Oct 31, 2025 J-GAAP
YoY -4.0% -12.3% +73.1% -69.7% -69.3%

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