TOYO Corporation Nine-Month Operating Profit Up 151% as Mobility and Defence Orders Land

Delayed orders arrive

TOYO Corporation (TSE: 8151) published consolidated results for the first nine months of FY9/2026 on August 5, 2026, covering October 1, 2025 to June 30, 2026 under Japanese GAAP. Revenue rose 21.2% to ¥28,405 million, reversing a 9.5% decline in the same period a year earlier, and operating profit climbed 151.4% to ¥2,716 million. Ordinary profit rose 162.6% to ¥3,225 million and net profit attributable to shareholders 241.7% to ¥2,081 million, for earnings per share of ¥96.41 against ¥28.31.

Five of seven segments improve sharply

Advanced Mobility grew revenue 24.8% to ¥6,694 million and segment profit 247.3% to ¥1,005 million. Part of a large overseas order for AD/ADAS development evaluation systems and a large EV-charging project, both originally expected in the previous year, were booked in this period, while vibration and noise measurement products grew in defence and aerospace. Higher-margin solution work in EV charging lifted the profit line further.

Defence & Marine — renamed from Marine/Defence at the start of the year, a change of label only — grew revenue 71.6% to ¥2,683 million on several large defence contracts and strong multibeam echo sounder sales, and swung to a ¥238 million profit from a ¥104 million loss. EMC & Large Antennas grew revenue 43.7% to ¥4,099 million on multiple large domestic projects including work for a major automaker, and turned a ¥465 million profit after a ¥72 million loss, helped by the absence of the previous year's new-product development costs.

Info-Communications & Security grew revenue 12.9% to ¥6,667 million and segment profit 21.1% to ¥782 million, as network performance test products for major carriers tracked plan and newly consolidated Sonic Guard contributed. Decarbonisation & Energy was the flattest of the group, with revenue up 1.4% to ¥4,691 million and profit up 3.6% to ¥933 million, as its mainstay electrochemical measurement systems lacked growth, including in China. Software Development Support saw revenue fall 3.0% to ¥1,811 million as maintenance contract renewals for static source-code analysis tools slowed, though price revisions and a change of settlement currency lifted segment profit 16.3% to ¥326 million. The Other segment grew revenue 38.6% to ¥1,757 million and profit 409.6% to ¥327 million on electron microscopes for materials science.

Watching autos and China

Management said the impact of instability in the Middle East on the group in the period was minor, but flagged two pressures on its main customers: U.S. tariffs, a policy shift on EVs and higher material costs are affecting Japanese and overseas automakers, with signs of investment restraint and project delays already visible. In China, economic stagnation has curbed capital spending and a government policy favouring domestic products has weighed on sales; the company plans to recover ground by refreshing its higher-value product line-up.

Total assets rose 5.1% from the September year-end to ¥41,957 million, driven by a ¥1,572 million increase in merchandise and finished goods, a ¥945 million rise in investment securities and a ¥592 million increase in cash and deposits. Net assets grew 3.7% to ¥29,161 million and the equity ratio eased to 69.2% from 70.1%. Full-year guidance was left unchanged at revenue of ¥39,000 million (+19.8%), operating profit of ¥3,600 million (+88.0%), ordinary profit of ¥3,700 million (+86.4%) and net profit of ¥2,600 million (+117.5%), for earnings per share of ¥120.66. The annual dividend forecast is ¥70.00 per share against ¥69.00 for FY9/2025.

JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.