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Toray Industries (3402) investor relations material
Toray Industries Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for the first six months ended September 2025 declined 4.6% year-over-year to JPY 1,234.3 billion, with core operating income down 14.2% to JPY 67.9 billion and profit attributable to owners of parent down 33.5% to JPY 36.9 billion, despite exceeding initial forecasts.
Operating income and profit declined due to sluggish market conditions, inventory adjustments, and global economic uncertainties, but ongoing business structure reforms and strategic pricing were implemented.
Share buybacks totaling JPY 100 billion were completed, with an additional JPY 50 billion buyback authorized in November 2025.
Financial highlights
Core operating income margin decreased from 6.1% to 5.5% year-over-year.
Free cash flow for the six months was JPY 24.2 billion, down from JPY 65.4 billion the previous year.
Capital expenditures for the period were JPY 67.1 billion, a decrease of JPY 21.3 billion year-over-year.
Basic earnings per share for the first half was JPY 24.23, with a forecasted full-year EPS of JPY 54.16.
Total assets at end of September 2025: JPY 3,351 billion, with equity ratio at 51.2%.
Outlook and guidance
Full-year revenue forecast for FY ending March 2026 is JPY 2,630.0 billion, up 2.6% year-over-year, with core operating income expected to increase to JPY 150.0 billion and profit attributable to owners of parent projected at JPY 82.0 billion.
Dividend per share is expected to increase to JPY 20.00 for the year.
Assumed exchange rate for the second half is JPY 145 per USD.
Forecasts for revenue, core operating income, and profit attributable to owners remain unchanged from May 14 announcement.
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