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TOKYO RADIATOR, Ordinary Profit Forecast for the Fiscal Year Revised Upward to an Unexpected 22% Increase, Dividend Revised Upward by 13.5 Yen

Thu Nov 13, 2025 4:00 pm JST Earnings

7235 TOKYO RADIATOR MFG. CO., LTD. 【J-GAAP】

Earnings Report

TOKYO RADIATOR MFG. CO., LTD. <7235> [TSE Std] announced its financial results after the market closed on November 13th (16:00). The consolidated ordinary profit for the cumulative second quarter of the fiscal year ending March 2026 (April to September) expanded 1.36 billion yen, an increase 63.3% compared to the same period last year.

In addition, the full-year forecast for consolidated ordinary profit has been revised upward 27.0%, from the previous forecast of 1.85 billion yen to 2.35 billion yen (compared to 1.92 billion yen in the previous period), turning to a 22.4% increase in the consolidated ordinary profit outlook.

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 9.2% from the same period last year to 0.98 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 45.5 yen to 59 yen (compared to 45.5 yen in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated ordinary profit increased 42.4% from the same period last year, reaching 0.57 billion yen. The operating profit margin improved from 4.2% in the same period last year to 6.1%.

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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 16,230 651 728 551 58.8 47.0 Nov 10, 2023 J-GAAP
Apr - Sep, 2024 16,735 742 837 576 61.4 43.6 Nov 8, 2024 J-GAAP
Apr - Sep, 2025 17,364 1,253 1,367 1,053 111.4 58.2 Nov 13, 2025 J-GAAP
YoY +3.8% +68.9% +63.3% +82.8% +81.6%

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 ー ー ー ー － 22.50 May 13, 2025 J-GAAP
Apr - Sep, 2025 Results 17,364 1,253 1,367 1,053 111.4 29 Nov 13, 2025 J-GAAP
Revision Rate － － － － －

Guidance Update

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2026 Prev 34,000 1,700 1,850 1,250 131.3 45.50 May 13, 2025 J-GAAP
Mar, 2026 New 34,800 2,150 2,350 1,850 194.3 59 Nov 13, 2025 J-GAAP
Revision Rate +2.4% +26.5% +27.0% +48.0% +48.0%

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 17,325 972 1,083 846 89.9 32.50 May 13, 2025 J-GAAP
Oct - Mar, 2025 Guidance 17,436 897 983 797 83.7 30 Nov 13, 2025 J-GAAP
YoY +0.6% -7.7% -9.2% -5.8% -6.9%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Mar, 2024 33,401 1,397 1,548 1,681 179.1 23 May 13, 2024 J-GAAP
Mar, 2025 34,060 1,714 1,920 1,422 151.1 45.50 May 13, 2025 J-GAAP
Mar, 2026 Guidance 34,800 2,150 2,350 1,850 194.3 59 Nov 13, 2025 J-GAAP
YoY +2.2% +25.4% +22.4% +30.1% +28.5%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 8,152 341 403 216 23.0 4.2 Nov 8, 2024 J-GAAP
Oct - Dec, 2024 8,373 461 542 453 48.2 5.5 Feb 7, 2025 J-GAAP
Jan - Mar, 2025 8,952 511 541 393 41.8 5.7 May 13, 2025 J-GAAP
Apr - Jun, 2025 8,714 729 793 661 70.1 8.4 Aug 8, 2025 J-GAAP
Jul - Sep, 2025 8,650 524 574 392 41.5 6.1 Nov 13, 2025 J-GAAP
YoY +6.1% +53.7% +42.4% +81.5% +80.3%

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