Worth reading
84Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
130
¥100 million (year-on-year change in revenue)Wording
Conditional
How definitive the wording is.Contents of this document
Financial Results PresentationFiscal year ending March 202614 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales7,374 Hundreds of millions of yen+2.0%
Operating profit538 Hundreds of millions of yen+11.0%
Ordinary income607 Hundreds of millions of yen+21.0%
Net income403 Hundreds of millions of yen+231.0%
Operating profit margin7.3 %
Results for the three months of the current quarterAmericas business: first-quarter fiscal 2026 revenue of $505 million and operating profit of $42 million. Asia business: first-quarter revenue as a percentage of the prior-year period was 103% in Taiwan, 156% in Vietnam and 101% in Thailand. Europe business: first-quarter revenue of €34 million and operating profit of €1 million. Chinese mainland business: first-quarter revenue of RMB 2,594 million and operating loss of RMB 253 million. Consolidated results for the three-month period alone: Not disclosed.
Full-year earnings forecast
Net Sales
7,850 Hundreds of millions of yen
Operating profit
600 Hundreds of millions of yen
Ordinary income
585 Hundreds of millions of yen
Net income
460 Hundreds of millions of yen
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。Actual results and variances from plan are provided for the consolidated group and each segment. The progress rate itself is Not disclosed.
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress is in line with plan. All businesses achieved their plans.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
- Lower sales in the housing equipment business and higher external procurement costs, among other factors
- Higher sales in the New Businesses segment
- Price revision
- Cost reductions
- Variance from plan in consolidated operating profit+¥4.8 billion
- Foreign Exchange Effects-¥1.9 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- Foreign exchange rates (fiscal 2026 plan)Details¥155.0 per US dollar, ¥22.5 per yuan, ¥180.0 per euro, ¥4.9 per Taiwan dollar, ¥0.0059 per dong, ¥4.9 per Thai baht and ¥1.8 per Indian rupee
- Advanced semiconductor marketDetailsAssumes continued market expansion
New initiatives
- Close 2 sanitary ware plants in the Chinese mainland and optimize staffing at faucet and bathtub plants
- Launch products for the mid-range market in the Chinese mainland and continue launching strategic products
- Launch new products in Japan, including Bathroom Clear Keep and colored faucets for washbasins
- Build customer touchpoints in the Americas through 4 pillars: K&B showrooms, e-commerce, mass retailers and after-sales service
- Invest in WASHLET new products, a sanitary ware plant in the Americas, smart-factory initiatives and other areas
Key KPIsA metric the company considers important as a management benchmark.
- Americas WASHLET unit sales119% year on year (full year), 88% year on year (first quarter of fiscal 2026)Year on year against the same period last yearAs stated
- Asia WASHLET unit sales93% year on year (full year), 138% year on year (first quarter of fiscal 2026)Year on year against the same period last yearAs stated
- Europe WASHLET unit sales123% year on year (first quarter of fiscal 2026)Year on year against the same period last yearAs stated
- Chinese mainland WASHLET unit sales100% year on year (first quarter of fiscal 2026)Year on year against the same period last yearAs stated
- Chinese mainland business retail salesDouble-digit growth in the second half
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Year-on-year changes in WASHLET unit sales are provided, but a breakdown combining customer spending per unit and average unit prices is Not disclosed. The contribution from higher unit prices for AD components is mentioned.Segment results
- Japan Housing EquipmentNet Sales¥479.7 billion, 99.7% year on yearOperating profit¥20.3 billion, 93% year on year
- Overseas Housing EquipmentNet Sales¥190.1 billion, 99% year on yearOperating profit¥7.7 billion, 85% year on year
- New Businesses (Ceramics)Net Sales¥67.4 billion, 134% year on yearOperating profit¥28.9 billion, 142% year on year
- OtherNet Sales¥300 millionOperating profitOperating loss of ¥3.1 billion
Medium-term management plan targets
Toward WILL2030, the Company aims to grow the Americas, Asia, Oceania and Ceramics as growth segments while reforming base segments such as Japan and the Chinese mainland. In the Chinese mainland, it aims to generate stable profit margins exceeding its 8–9% cost of capital and achieve sales of ¥60 billion by 2030.Financial targets
Equity ratioAt least 50% (discipline); 65% in the fiscal 2026 plan
Debt-to-equity ratio0.5x or lower (discipline); 0.13x in the fiscal 2026 plan
TOTO ROIC8.5% in the fiscal 2026 plan
ROE8.5% in the fiscal 2026 plan
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Annual impact on operating profit: approximately -¥7.0 billion
DetailsLower sales due to the situation in the Middle East, losses from production cuts, and higher external procurement costs for resins and other materials
Market Size / Share
The presentation shows the size of the Americas bidet toilet seat market and the WASHLET sales plan. The Company intends to maintain the No. 1 share in its target markets. Existing-home sales were 102% of the prior-year level from January to December 2025.Capital expenditures
¥527 100 million fiscal 2026 plan
Annual Dividend
FY2025 Results¥110.0 (interim ¥50.0, year-end ¥60.0)
Fiscal 2026 Plan¥120.0 (interim ¥60.0, year-end ¥60.0)
Payout ratio
FY2025 Results45.3%
Fiscal 2026 Plan42.9%
| Item | Details |
|---|---|
| Document type | Financial Results Presentation |
| Fiscal Period Covered | Fiscal year ending March 2026 |
| Net Sales | 7,374 Hundreds of millions of yen (YoY +2.0%) |
| Operating profit | 538 Hundreds of millions of yen (YoY +11.0%) |
| Ordinary income | 607 Hundreds of millions of yen (YoY +21.0%) |
| Net income | 403 Hundreds of millions of yen (YoY +231.0%) |
| Operating profit margin | 7.3 % |
| Results for the three months of the current quarter | Americas business: first-quarter fiscal 2026 revenue of $505 million and operating profit of $42 million. Asia business: first-quarter revenue as a percentage of the prior-year period was 103% in Taiwan, 156% in Vietnam and 101% in Thailand. Europe business: first-quarter revenue of €34 million and operating profit of €1 million. Chinese mainland business: first-quarter revenue of RMB 2,594 million and operating loss of RMB 253 million. Consolidated results for the three-month period alone: Not disclosed. |
| Full-year earnings forecast | Net Sales 7,850 Hundreds of millions of yen / Operating profit 600 Hundreds of millions of yen / Ordinary income 585 Hundreds of millions of yen / Net income 460 Hundreds of millions of yen |
| Progress against full-year forecast | Actual results and variances from plan are provided for the consolidated group and each segment. The progress rate itself is Not disclosed. |
| Self-assessment against the plan | Progress is in line with plan. All businesses achieved their plans. |
| Segment results | Segment Japan Housing Equipment / Net Sales ¥479.7 billion, 99.7% year on year / Operating profit ¥20.3 billion, 93% year on year, Segment Overseas Housing Equipment / Net Sales ¥190.1 billion, 99% year on year / Operating profit ¥7.7 billion, 85% year on year, Segment New Businesses (Ceramics) / Net Sales ¥67.4 billion, 134% year on year / Operating profit ¥28.9 billion, 142% year on year, Segment Other / Net Sales ¥300 million / Operating profit Operating loss of ¥3.1 billion |
| Breakdown of Factors Affecting the Change | Factors Lower sales in the housing equipment business and higher external procurement costs, among other factors / Amount Not disclosed, Factors Higher sales in the New Businesses segment / Amount Not disclosed, Factors Price revision / Amount Not disclosed, Factors Cost reductions / Amount Not disclosed, Factors Variance from plan in consolidated operating profit / Amount +¥4.8 billion, Factors Foreign Exchange Effects / Amount -¥1.9 billion |
| Key KPIs | Indicator name Americas WASHLET unit sales / Value 119% year on year (full year), 88% year on year (first quarter of fiscal 2026) / Year on year against the same period last year As stated, Indicator name Asia WASHLET unit sales / Value 93% year on year (full year), 138% year on year (first quarter of fiscal 2026) / Year on year against the same period last year As stated, Indicator name Europe WASHLET unit sales / Value 123% year on year (first quarter of fiscal 2026) / Year on year against the same period last year As stated, Indicator name Chinese mainland WASHLET unit sales / Value 100% year on year (first quarter of fiscal 2026) / Year on year against the same period last year As stated, Indicator name Chinese mainland business retail sales / Value Double-digit growth in the second half / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Year-on-year changes in WASHLET unit sales are provided, but a breakdown combining customer spending per unit and average unit prices is Not disclosed. The contribution from higher unit prices for AD components is mentioned. |
| Assumptions Underlying the Business Outlook | Item Foreign exchange rates (fiscal 2026 plan) / Details ¥155.0 per US dollar, ¥22.5 per yuan, ¥180.0 per euro, ¥4.9 per Taiwan dollar, ¥0.0059 per dong, ¥4.9 per Thai baht and ¥1.8 per Indian rupee, Item Advanced semiconductor market / Details Assumes continued market expansion |
| Risk amount incorporated into the outlook | Amount Annual impact on operating profit: approximately -¥7.0 billion / Details Lower sales due to the situation in the Middle East, losses from production cuts, and higher external procurement costs for resins and other materials |
| Medium-term management plan targets | Toward WILL2030, the Company aims to grow the Americas, Asia, Oceania and Ceramics as growth segments while reforming base segments such as Japan and the Chinese mainland. In the Chinese mainland, it aims to generate stable profit margins exceeding its 8–9% cost of capital and achieve sales of ¥60 billion by 2030. |
| Financial targets | Equity ratio At least 50% (discipline); 65% in the fiscal 2026 plan / Debt-to-equity ratio 0.5x or lower (discipline); 0.13x in the fiscal 2026 plan / TOTO ROIC 8.5% in the fiscal 2026 plan / ROE 8.5% in the fiscal 2026 plan |
| Annual Dividend | FY2025 Results ¥110.0 (interim ¥50.0, year-end ¥60.0) / Fiscal 2026 Plan ¥120.0 (interim ¥60.0, year-end ¥60.0) |
| Payout ratio | FY2025 Results 45.3% / Fiscal 2026 Plan 42.9% |
| Capital expenditures | ¥527 100 million (fiscal 2026 plan) |
| Market Size / Share | The presentation shows the size of the Americas bidet toilet seat market and the WASHLET sales plan. The Company intends to maintain the No. 1 share in its target markets. Existing-home sales were 102% of the prior-year level from January to December 2025. |
| New initiatives | Close 2 sanitary ware plants in the Chinese mainland and optimize staffing at faucet and bathtub plants, Launch products for the mid-range market in the Chinese mainland and continue launching strategic products, Launch new products in Japan, including Bathroom Clear Keep and colored faucets for washbasins, Build customer touchpoints in the Americas through 4 pillars: K&B showrooms, e-commerce, mass retailers and after-sales service, Invest in WASHLET new products, a sanitary ware plant in the Americas, smart-factory initiatives and other areas |
Items this document does not state (7)
Gross Profit MarginSelling, general and administrative expensesNumber of stores and locationsNumber of employeesAcquisition of treasury sharesOrders received and order backlogKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Higher sales in the New Businesses segment (Ceramics), price revisions and cost reductions contributed to the increase in profit. Negative factors included lower sales in the housing equipment business, higher external procurement costs, growth investments and tariff impacts in the Americas, and weak performance in the Chinese mainland business.
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