Financials Toyota Tsusho Corporation

Equities

Market Closed - Japan Exchange Other stock markets 01:30:00 2025-01-24 am EST			5-day change	1st Jan Change
2,645.00 ^JPY	-0.99%		+2.74%	-6.47%

Jan. 10	Engie Consortium to Expand Egyptian Wind Farm Project to 650 MW	MT
Dec. 12	Toyota Tsusho Grows Elematec Stake to 90.7% as Tender Offer Closes	MT

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	6,694,071	6,309,303	8,028,000	9,848,560	10,188,980	10,677,700	10,977,180	11,474,600
Change	-	-5.75%	27.24%	22.68%	3.46%	4.8%	2.8%	4.53%
EBITDA ¹	313,928	317,407	405,026	517,737	581,761	641,550	667,000	730,000
Change	-	1.11%	27.6%	27.83%	12.37%	10.28%	3.97%	9.45%
EBIT ¹	210,370	213,058	294,141	388,753	441,589	501,660	517,430	549,675
Change	-	1.28%	38.06%	32.17%	13.59%	13.6%	3.14%	6.23%
Interest Paid ¹	-29,880	-24,706	-26,650	-46,930	-60,890	-62,000	-65,000	-65,000
Earnings before Tax (EBT) ¹	224,801	221,425	330,132	427,126	469,639	529,433	555,158	595,440
Change	-	-1.5%	49.09%	29.38%	9.95%	12.73%	4.86%	7.26%
Net income ¹	135,551	134,602	222,235	284,155	331,444	361,096	376,836	398,583
Change	-	-0.7%	65.11%	27.86%	16.64%	8.95%	4.36%	5.77%
Announcement Date	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales	1,695,843	-	1,193,982	-	1,714,347	-	1,872,127	-	2,032,047	-	2,375,630	-	2,459,655	-	2,540,752	-	2,574,947	-	2,541,473	-	-	-
Change	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-100%	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	55,422	-	19,139	-	71,344	-	75,979	73,438	77,848	-	102,334	105,649	108,212	-	113,730	-	120,988	87,454	119,066	128,852	131,800	115,500
Change	-	-100%	-	-100%	-	-100%	-	-3.34%	6.01%	-100%	-	3.24%	2.43%	-100%	-	-100%	-	-27.72%	36.15%	8.22%	2.29%	-12.37%
Charge d'intérêts	-7,827	-	-6,608	-	-6,326	-	-5,914	-	-6,910	-	-8,569	-	-13,573	-	-13,815	-	-15,929	-	-15,040	-	-	-
Earnings before Tax (EBT) ¹	59,061	-	25,995	-	75,856	-	88,089	-	84,274	69,103	120,612	-	121,805	-	132,787	-	129,929	85,600	136,200	131,909	139,200	126,600
Change	-	-100%	-	-100%	-	-100%	-	-100%	-	-18%	74.54%	-100%	-	-100%	-	-100%	-	-34.12%	59.11%	-3.15%	5.53%	-9.05%
Net income ¹	37,450	18,963	13,393	28,301	47,677	45,231	56,707	70,866	52,698	41,964	74,834	76,446	84,148	48,727	92,716	85,041	93,101	60,586	95,829	85,718	94,267	89,900
Change	-	-49.36%	-29.37%	111.31%	68.46%	-5.13%	25.37%	24.97%	-25.64%	-20.37%	78.33%	2.15%	10.08%	-42.09%	90.28%	-8.28%	9.48%	-34.92%	58.17%	-10.55%	9.97%	-4.63%
Announcement Date	1/31/20	4/30/20	7/31/20	10/29/20	2/2/21	4/28/21	7/30/21	10/29/21	2/2/22	4/28/22	7/29/22	10/28/22	2/3/23	4/27/23	7/28/23	10/31/23	2/2/24	4/26/24	7/31/24	10/31/24	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2021 S1	2022 S1	2023 S1	2024 S1	2025 S1
Net sales ¹	2,732,583	3,744,666	4,907,747	5,135,235	5,065,920
Change	-	37.04%	31.06%	4.64%	-1.35%
EBITDA	-	-	-	-	-
Change	-	-	-	-	-
EBIT ¹	71,999	149,417	207,983	233,147	247,918
Change	-	107.53%	39.2%	12.1%	6.34%
Charge d'intérêts ¹	-12,822	-12,400	-19,341	-29,579	-30,312
Earnings before Tax (EBT) ¹	74,269	176,755	232,035	254,110	268,109
Change	-	137.99%	31.27%	9.51%	5.51%
Net income ¹	41,694	127,573	151,280	177,757	181,547
Change	-	205.97%	18.58%	17.5%	2.13%
Announcement Date	10/29/20	10/29/21	10/28/22	10/31/23	10/31/24

¹JPY in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	1,114,176	826,642	1,135,039	1,347,728	1,109,363	1,089,500	949,967	848,533
Change	-	-25.81%	37.31%	18.74%	-17.69%	-1.79%	-12.81%	-10.68%
Announcement Date	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	94,746	157,449	186,455	222,416	253,388	220,390	215,000	215,000
Change	-	66.18%	18.42%	19.29%	13.93%	-13.02%	-2.45%	0%
Free Cash Flow (FCF) ¹	93,899	87,606	-107,196	304,372	288,737	142,500	286,500	238,667
Change	-	-6.7%	-222.36%	-383.94%	-5.14%	-50.65%	101.05%	-16.7%
Announcement Date	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-

¹JPY in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	4.69%	5.03%	5.05%	5.26%	5.71%	6.01%	6.08%	6.36%
EBIT Margin (%)	3.14%	3.38%	3.66%	3.95%	4.33%	4.7%	4.71%	4.79%
EBT Margin (%)	3.36%	3.51%	4.11%	4.34%	4.61%	4.96%	5.06%	5.19%
Net margin (%)	2.02%	2.13%	2.77%	2.89%	3.25%	3.38%	3.43%	3.47%
FCF margin (%)	1.4%	1.39%	-1.34%	3.09%	2.83%	1.33%	2.61%	2.08%
FCF / Net Income (%)	69.27%	65.09%	-48.24%	107.11%	87.11%	39.46%	76.03%	59.88%
Profitability
ROA	5%	4.53%	5.81%	6.82%	5%	6.3%	5.87%	5.9%
ROE	11.3%	10.1%	13.9%	15.6%	15.1%	13.92%	13.8%	13.3%
Financial Health
Leverage (Debt/EBITDA)	3.55x	2.6x	2.8x	2.6x	1.91x	1.7x	1.42x	1.16x
Debt / Free cash flow	11.87x	9.44x	-10.59x	4.43x	3.84x	7.65x	3.32x	3.56x
Capital Intensity
CAPEX / Current Assets (%)	1.42%	2.5%	2.32%	2.26%	2.49%	2.06%	1.96%	1.87%
CAPEX / EBITDA (%)	30.18%	49.6%	46.04%	42.96%	43.56%	34.35%	32.23%	29.45%
CAPEX / FCF (%)	100.9%	179.72%	-173.94%	73.07%	87.76%	154.66%	75.04%	90.08%
Items per share
Cash flow per share ¹	226.5	226.4	315.6	391.4	446.8	452.1	580.9	578.1
Change	-	-0.06%	39.41%	24.02%	14.15%	1.19%	28.49%	-0.48%
Dividend per Share ¹	36.67	37.33	53.33	67.33	93.33	102.3	107.1	114
Change	-	1.82%	42.86%	26.25%	38.61%	9.59%	4.75%	6.4%
Book Value Per Share ¹	1,134	1,392	1,644	1,814	2,337	2,482	2,752	3,006
Change	-	22.82%	18.05%	10.33%	28.87%	6.21%	10.88%	9.22%
EPS ¹	128.4	127.5	210.5	269.2	314	341.8	356.7	377.4
Change	-	-0.7%	65.11%	27.86%	16.64%	8.85%	4.36%	5.82%
Nbr of stocks (in thousands)	1,055,542	1,055,527	1,055,541	1,055,594	1,055,630	1,055,666	1,055,666	1,055,666
Announcement Date	4/30/20	4/28/21	4/28/22	4/27/23	4/26/24	-	-	-