Worth reading
83Important
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
62
¥100 million (year-on-year change in operating income)Wording
Conditional
How definitive the wording is.Contents of this document
Results presentationSecond quarter of the fiscal year ending March 202715 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥3,647 100 million+4.0%
Operating profit¥252 100 million+21.0%
Ordinary income¥248 100 million+8.0%
Net income¥213 100 million +142.0%interim net income attributable to owners of the parent
Operating profit margin6.9 %
Results for the three months of the current quarterRevenue, operating profit, and product-specific sales metrics for the Americas, Asia, Europe, and mainland China businesses for the third quarter of fiscal 2026 (July–September)
Full-year earnings forecast
Net Sales
¥7,750 100 million
Operating profit
¥600 100 million
Ordinary income
¥580 100 million
Profit attributable to owners of the parent
¥460 100 million
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
Progress broadly in line with planBreakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
First-half company-wide operating profit
Higher profit in ceramics, weak housing equipment, soaring prices, the situation in the Middle East, price revisions, and cost reduction, among other factors
Previous-year actual¥208 100 million
Impact amountAmounts for each item are shown in the chart
Impact of the situation in the Middle East
First half¥-35 100 million
Second half¥-25 100 million
Annual¥-60 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
- U.S. dollar exchange rate155.0 yen
- Chinese yuan exchange rate22.5 yen
- Euro exchange rate180.0 yen
- Taiwan dollar exchange rate4.9 yen
- Dong exchange rate0.0059 yen
- Thai baht exchange rate4.9 yen
- Indian rupee exchange rate1.8 yen
New initiatives
- Expansion and construction of production facilities in Nakatsu and Buzen for the ceramics business (construction scheduled to begin in Nakatsu in 2026, with operations scheduled to start in 2028; construction scheduled to begin in Buzen in 2027, with operations scheduled to start in 2029)
- Investment in research and development and mass-production capabilities for next-generation products
- December 2026 price revision
- Repurchase of up to ¥30 billion and 9.5 million treasury shares, and cancellation of up to 9.4 million shares
- Renovation of the Taiwan Taipei showroom
- Opening of a technical center in Riyadh, Saudi Arabia
- Endorsement of the TNFD Recommendations and information disclosure
Key KPIsA metric the company considers important as a management benchmark.
- Restroom product sales for condominium remodeling110 % year on year
- Restroom product sales for public-sector remodeling107 % year on year
- Cumulative WASHLET units shipped7,000 10,000 units
- Taiwan showroom visitor groups160 % of target
- Taiwan showroom quotation value144 % year on year
- Sales of new product lines125 % year on year
Unit price and quantity metricsThese figures show sales broken down by price and volume.
WASHLET unit sales and revenue are provided for each region and product. Examples: WASHLET unit sales were 102% in the Americas, 130% in Asia, and 103% in mainland China, all year on year.Segment results
Japan Housing Equipment
Net Sales
¥2,231 100 million-2.0%
Operating profit
¥54 100 million-19.0%
Overseas Housing Equipment
Net Sales
¥1,018 100 million+12.0%
Operating profit
¥30 100 million+6.0%
New Businesses (Ceramics)
Net Sales
¥396 100 million+34.0%
Operating profit
¥182 100 million+43.0%
Medium-term management plan targets
2030 TOTO ROIC
12 % or higher
Actual results8.4
Effects of structural reforms
+120 and above, etc.
Financial targets
Equity ratio
Target50% or higher
Fiscal 2026 Plan63.7 %
Debt-to-equity ratio
Target0.5x or less
Fiscal 2026 Plan0.14 times
ROA
Fiscal 2026 Plan7.3 %
ROE
Fiscal 2026 Plan8.8 %
TOTO ROIC
Fiscal 2026 Plan8.4 %
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Impact of the situation in the Middle East
First half¥-35 100 million
Second half¥-25 100 million
Annual¥-60 100 million
Market Size / Share
Existing-home sales in the Americas: 99% for January–June 2026; WASHLET penetration is in the single digits in the Americas and above 80% among average Japanese householdsCapital expenditures
¥576 100 million revised FY2026 plan, strategic and capital investment
Annual Dividend
Annual dividend per share120 yen
Interim60 yen
End of period60 yen
Payout ratio
42.2 %
Acquisition of treasury shares
Total acquisition cost
¥300 100 million; cap
Number of shares acquired
950 10,000 shares; cap
Period1 November 2026–31 March 2027
CancellationUp to 9.4 million shares scheduled for cancellation on 30 April 2027
| Item | Details |
|---|---|
| Document type | Results presentation |
| Fiscal Period Covered | Second quarter of the fiscal year ending March 2027 |
| Net Sales | ¥3,647 100 million (YoY +4.0%) |
| Operating profit | ¥252 100 million (YoY +21.0%) |
| Ordinary income | ¥248 100 million (YoY +8.0%) |
| Net income | ¥213 100 million (interim net income attributable to owners of the parent) (YoY +142.0%) |
| Operating profit margin | 6.9 % |
| Results for the three months of the current quarter | Revenue, operating profit, and product-specific sales metrics for the Americas, Asia, Europe, and mainland China businesses for the third quarter of fiscal 2026 (July–September) |
| Full-year earnings forecast | Net Sales ¥7,750 100 million / Operating profit ¥600 100 million / Ordinary income ¥580 100 million / Profit attributable to owners of the parent ¥460 100 million |
| Self-assessment against the plan | Progress broadly in line with plan |
| Segment results | Japan Housing Equipment Net Sales ¥2,231 100 million (YoY -2.0%) / Operating profit ¥54 100 million (YoY -19.0%) / Overseas Housing Equipment Net Sales ¥1,018 100 million (YoY +12.0%) / Operating profit ¥30 100 million (YoY +6.0%) / New Businesses (Ceramics) Net Sales ¥396 100 million (YoY +34.0%) / Operating profit ¥182 100 million (YoY +43.0%) |
| Breakdown of Factors Affecting the Change | First-half company-wide operating profit Previous-year actual ¥208 100 million / Factors Higher profit in ceramics, weak housing equipment, soaring prices, the situation in the Middle East, price revisions, and cost reduction, among other factors / Impact amount Amounts for each item are shown in the chart / Impact of the situation in the Middle East First half ¥-35 100 million / Second half ¥-25 100 million / Annual ¥-60 100 million |
| Key KPIs | Indicator name Restroom product sales for condominium remodeling / Value 110 % year on year, Indicator name Restroom product sales for public-sector remodeling / Value 107 % year on year, Indicator name Cumulative WASHLET units shipped / Value 7,000 10,000 units, Indicator name Taiwan showroom visitor groups / Value 160 % of target, Indicator name Taiwan showroom quotation value / Value 144 % year on year, Indicator name Sales of new product lines / Value 125 % year on year |
| Unit price and quantity metrics | WASHLET unit sales and revenue are provided for each region and product. Examples: WASHLET unit sales were 102% in the Americas, 130% in Asia, and 103% in mainland China, all year on year. |
| Assumptions Underlying the Business Outlook | Item U.S. dollar exchange rate / Value 155.0 yen, Item Chinese yuan exchange rate / Value 22.5 yen, Item Euro exchange rate / Value 180.0 yen, Item Taiwan dollar exchange rate / Value 4.9 yen, Item Dong exchange rate / Value 0.0059 yen, Item Thai baht exchange rate / Value 4.9 yen, Item Indian rupee exchange rate / Value 1.8 yen |
| Risk amount incorporated into the outlook | Impact of the situation in the Middle East First half ¥-35 100 million / Second half ¥-25 100 million / Annual ¥-60 100 million |
| Medium-term management plan targets | 2030 TOTO ROIC 12 % or higher / Effects of structural reforms +120 and above, etc. |
| Financial targets | Equity ratio Target 50% or higher / Fiscal 2026 Plan 63.7 % / Debt-to-equity ratio Target 0.5x or less / Fiscal 2026 Plan 0.14 times / ROA Fiscal 2026 Plan 7.3 % / ROE Fiscal 2026 Plan 8.8 % / TOTO ROIC Fiscal 2026 Plan 8.4 % |
| Annual Dividend | Annual dividend per share 120 yen / Interim 60 yen / End of period 60 yen |
| Payout ratio | 42.2 % |
| Acquisition of treasury shares | Total acquisition cost ¥300 100 million; cap / Number of shares acquired 950 10,000 shares; cap / Period 1 November 2026–31 March 2027 / Cancellation Up to 9.4 million shares scheduled for cancellation on 30 April 2027 |
| Capital expenditures | ¥576 100 million (revised FY2026 plan, strategic and capital investment) |
| Market Size / Share | Existing-home sales in the Americas: 99% for January–June 2026; WASHLET penetration is in the single digits in the Americas and above 80% among average Japanese households |
| New initiatives | Expansion and construction of production facilities in Nakatsu and Buzen for the ceramics business (construction scheduled to begin in Nakatsu in 2026, with operations scheduled to start in 2028; construction scheduled to begin in Buzen in 2027, with operations scheduled to start in 2029), Investment in research and development and mass-production capabilities for next-generation products, December 2026 price revision, Repurchase of up to ¥30 billion and 9.5 million treasury shares, and cancellation of up to 9.4 million shares, Renovation of the Taiwan Taipei showroom, Opening of a technical center in Riyadh, Saudi Arabia, Endorsement of the TNFD Recommendations and information disclosure |
Items this document does not state (7)
Gross Profit MarginSelling, general and administrative expensesProgress against full-year forecastNumber of stores and locationsNumber of employeesOrders 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.In the first half, higher sales of electrostatic chucks and AD components on strong demand for advanced semiconductors, higher revenue in overseas housing equipment, and foreign exchange effects contributed to higher profit. In Japan housing equipment, however, lower sales of bathroom products and higher external procurement costs weighed on profit. Overseas, weaker market conditions and an unfavorable product mix in the Americas, as well as increased staffing and showroom investment in Europe, also reduced profit. The full-year plan incorporates weaker market conditions in the Americas and mainland China, the December price revision, cost-reduction benefits, and demand for advanced semiconductors.
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