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Financial Results for 3rd Quarter of FY2025 November 12, 2025
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1．Financial Results for 3rd Quarter of FY2025 2．Financial Forecast for FY2025 3. Topics
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2/20 Highlights of Financial Results * The highest figure since 2013, when the current accounting period was applied. ◼ Net sales amounted to 435.3 billion yen, a record high* for the third quarter. ◼ Operating income decreased year-on-year, mainly due to higher costs, but reached 72.1 billion yen. ◼ Ordinary income and profit attributable to owners of parent declined year-on-year due to the recording of foreign exchange losses, etc. under non-operating expenses (income). ◼ On a full-year basis, operating income is forecast at 95.0 billion yen (up 5.0 billion yen from the previous forecast). ◼ Annual dividend per share forecast remains unchanged at 130 yen (Dividend payout ratio: 31%). (Rf. FY2024 result: 120 yen)
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3/20 Financial Results for 3rd Quarter of FY2025 (Jan - Sep) 2025 Jan - Sep Results 2024 Jan-Sep Results Change Change (%) 2025 1H Results Change (YoY) 2025 Jul-Sep Results Change (YoY) Net Sales 435,289 420,608 +14,680 +3.5％ 283,410 +9,908 151,878 +4,771 Operating Income 72,068 76,237 (4,169) (5.5％) 48,176 +606 23,892 (4,776) Margin 16.6 ％ 18.1％ ー － 17.0% ー 15.7％ ー Ordinary Income 70,712 77,808 (7,095) (9.1％) 43,730 (16,039) 26,981 +8,943 Profit Attributable to Owners of Parent* 53,057 55,196 (2,138) (3.9％) 33,330 (8,674) 19,726 +6,535 *Profit attributable to parent company shareholders 1 USD 149 Yen 151 Yen (2 Yen) 1 EUR 164 Yen 164 Yen +0 Yen （Millions of yen）
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4/20 Analysis of Operating Income for 3rd Quarter of FY2025 （ Jan - Sep ） （ vs 2024 ） （Billions of yen） Tires (4.5) Others ＋0.3 Sales Factors Production Cost SGA Expenses Raw Materials Forex Rate Freight Cost Tariff Impact Automotive Parts Other 合計 Jan-Mar +2.3 (2.5) (0.9) (2.8) +0.6 (0.5) ー +0.2 +0.0 (3.6) Apr-Jun +9.1 +0.7 +0.0 (2.3) (2.9) (0.2) (0.4) +0.2 (0.0) +4.2 Jul-Sep +0.0 +0.8 (0.2) +1.7 (1.4) (0.7) (4.8) (0.1) +0.0 (4.8) ＋11.4 (1.1) (1.0) (3.5) (3.7) (1.4) (5.2) ＋0.3 (0.0) 76.2 72.1 2024 Jan-Sep Sales Factors Production Cost SGA Expenses Raw Materials Forex Rate Freight Cost Tariff Impact Automotive Parts Other 2025 Jan-Sep
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5/20 Net Sales 2025 Jan - Sep Results 2024 Jan-Sep Results Change Change (%) 2025 1H Results Change (YoY) 2025 Jul-Sep Results Change (YoY) Tires 400,252 387,146 +13,105 +3.4% 260,409 +9,117 139,843 +3,988 Automotive Parts 35,036 33,462 +1,574 +4.7% 23,001 +791 12,035 +783 Other ー 0 (0) ー ー (0) ー ー Adjustments ー (0) +0 ー ー +0 ー ー Total 435,289 420,608 +14,680 +3.5% 283,410 +9,908 151,878 +4,771 *Net sales include intersegment internal net sales or transfers Operating Income 2025 Jan - Sep Results 2024 Jan-Sep Results Change Change (%) 2025 1H Results Change (YoY) 2025 Jul-Sep Results Change (YoY) Tires 70,381 74,881 (4,500) (6.0%) 47,084 +185 23,296 (4,686) Margin 17.6% 19.3% ー ー 18.1% ー 16.7％ ー Automotive Parts 1,670 1,343 +327 +24.3% 1,081 +421 589 (94) Margin 4.8% 4.0% ー ー 4.7% ー 4.9% ー Other 16 12 +3 +31.1% 9 (0) 6 +5 Adjustments ー 0 0 ー ー (0) ー (0) Total 72,068 76,237 (4,169) (5.5%) 48,176 +606 23,892 (4,776) *Segment profit adjustment amounts include intersegment eliminations (Millions of yen) Business Segments for 3rd Quarter of FY2025 （ Jan - Sep)
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6/20 Net Sales 2025 Jan - Sep Results 2024 Jan-Sep Results Change Change (%) 2025 1H Results Change (YoY) 2025 Jul-Sep Results Change (YoY) Japan 85,606 79,319 +6,286 +7.9％ 55,462 +3,716 30,144 +2,570 N.America 298,160 285,667 +12,492 +4.4％ 191,926 +6,151 106,234 +6,341 Other 51,521 55,621 (4,099) (7.4％) 36,021 +41 15,499 (4,140) Eliminations or Adjustments － － － － － － － － Total 435,289 420,608 +14,680 +3.5％ 283,410 +9,908 151,878 +4,771 *Net sales do not include intersegment internal net sales or transfers Operating Income 2025 Jan - Sep Results 2024 Jan-Sep Results Change Change (%) 2025 1H Results Change (YoY) 2025 Jul-Sep Results Change (YoY) Japan 44,349 50,041 (5,691) (11.4％) 29,932 (5,674) 14,416 (17) N.America 14,165 16,569 (2,403) (14.5％) 10,337 +1,816 3,827 (4,220) Other 12,157 5,418 +6,739 +124.4％ 8,965 +5,507 3,192 +1,231 Eliminations or Adjustments 1,395 4,208 (2,813) － (1,059) (1,042) 2,455 (1,770) Total 72,068 76,237 (4,169) (5.5％) 48,176 +606 23,892 (4,776) (Millions of yen) Geographic Area Segments for 3rd Quarter of FY2025 （ Jan - Sep)
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1．Financial Results for 3rd Quarter of FY2025 2．Financial Forecast for FY2025 3. Topics
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8/20 2025 Forecast 2024 Results Change Change (%) 2025 Previous Forecast Change 2025 Oct-Dec Forecast Change (YoY) Net Sales 590,000 565,358 +24,641 +4.4% 585,000 +5,000 154,710 +9,961 Operating Income 95,000 93,981 ＋1,018 ＋1.1% 90,000 +5,000 22,931 +5,188 Margin 16.1% 16.6% ー ー 15.4% ー 14.8% － Ordinary Income 90,000 102,117 (12,117) (11.9％) 78,000 +12,000 19,287 (5,021) Profit Attributable to Owners of Parent* 65,000 74,810 (9,810) (13.1％) 56,000 +9,000 11,942 (7,671) *Profit attributable to parent company shareholders Annual Dividends per Share 130 Yen 120 Yen ＋10 Yen ー 130 Yen ±0 1 USD 149 Yen 151 Yen (2 Yen) 1 EUR 167 Yen 164 Yen ＋3 Yen Consolidated OP margin Over 14% Dividend policy （Dividend payout ratio） 30% or higher Mid-Term ’21 Plan Key Performance Indicators Forex Rate Sensitivity 2025 USD 0.8 Billion Yen/Year EUR 0.1 Billion Yen/Year Impact of 1 yen fluctuation on operating income Financial Forecast for FY2025 （ Jan - Dec ） （Millions of yen）
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9/20 Tires ＋1.4 Others (0.4) Sales Factors Production Cost SGA Expenses Raw Materials Forex Rate Freight Cost Tariff Impact Automotive Parts Other Total Jan-Jun Results +11.4 (1.8) (0.8) (5.1) (2.3) (0.7) (0.4) +0.4 (0.0) +0.6 Jul-Sep Results +0.0 +0.8 (0.2) +1.7 (1.4) (0.7) (4.8) (0.1) +0.0 (4.8) Oct-Dec Forecast +9.2 +1.4 +1.0 +2.2 +0.7 (2.6) (6.0) (0.7) (0.0) +5.2 Analysis of Operating Income for FY2025 （ Jan - Dec ）（ vs 2024 ） （Billions of yen） ＋20.6 ＋0.3 (0.0) (1.3) (3.0) (4.0) (11.2) (0.4) (0.0) 94.0 95.0 2024 Results Sales Factors Production Cost SGA Expenses Raw Materials Forex Rate Freight Cost Tariff Impact Automotive Parts Other 2025 Forecast
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10/20 Tires ＋4.5 Others ＋0.5 Analysis of Operating Income for FY2025 （ Jan - Dec ） （ vs Previous Forecast ） （Billions of yen） (7.0) (2.3) ＋0.8 ＋4.6 ＋4.5 ＋2.6 ＋1.4 ＋0.5 (0.0) 90.0 95.0 2025 Previous Forecast Sales Factors Production Cost SGA Expenses Raw Materials Forex Rate Freight Cost Tariff Impact Automotive Parts Other 2025 Forecast
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11/20 Net Sales 2025 Forecast 2024 Results Change Change (%) 2025 Previous Forecast Change 2025 Oct-Dec Forecast Change (YoY) Tires 544,000 519,832 ＋24,167 ＋4.6% 539,000 ＋5,000 143,747 ＋11,062 Automotive Parts 46,000 45,526 ＋473 ＋1.0% 46,000 ±0 10,963 (1,100) Other 0 0 (0) ー 0 ±0 0 (0) Adjustments 0 0 ＋0 ー 0 ±0 0 (0) Total 590,000 565,358 ＋24,641 ＋4.4% 585,000 +5,000 154,710 ＋9,961 *Net sales include intersegment internal net sales or transfers Operating Income 2025 Forecast 2024 Results Change Change (%) 2025 Previous Forecast Change 2025 Oct-Dec Forecast Change (YoY) Tires 93,500 92,089 ＋1,410 ＋1.5% 89,000 ＋4,500 23,118 ＋5,910 Margin 17.2% 17.7% ー ー 16.5％ ー 16.1% ー Automotive Parts 1,500 1,880 (380) (20.2%) 1,000 ＋500 (170) (707) Margin 3.3% 4.1% ー ー 2.2％ ー ー ー Other 0 10 (10) ー 0 ±0 (16) (14) Adjustments 0 0 (0) ー 0 ±0 0 (0) Total 95,000 93,981 ＋1,018 ＋1.1% 90,000 ＋5,000 22,931 ＋5,188 *Segment profit adjustment amounts include intersegment eliminations Business Segments for FY2025 （ Jan - Dec) （Millions of yen）
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12/20 Net Sales 2025 Forecast 2024 Results Change Change (%) 2025 Previous Forecast Change 2025 Oct-Dec Forecast Change (YoY) Japan 124,100 116,911 ＋7,188 ＋6.1% 127,000 (2,900) 38,493 ＋902 N.America 397,300 373,099 ＋24,200 ＋6.5% 390,900 ＋6,400 99,139 ＋11,707 Other 68,600 75,348 (6,748) (9.0%) 67,100 ＋1,500 17,078 (2,648) Eliminations or Adjustments － － － － ー － － － Total 590,000 565,358 ＋24,641 ＋4.4% 585,000 ＋5,000 154,710 ＋9,961 *Net sales do not include intersegment internal net sales or transfers Operating Income 2025 Forecast 2024 Results Change Change (%) 2025 Previous Forecast Change 2025 Oct-Dec Forecast Change (YoY) Japan 64,100 60,462 ＋3,637 ＋6.0% 61,500 ＋2,600 19,750 ＋9,329 N.America 17,800 21,891 (4,091) (18.7%) 15,700 ＋2,100 3,634 (1,687) Other 13,200 8,355 ＋4,844 ＋58.0% 12,400 ＋800 1,042 (1,894) Eliminations or Adjustments (100) 3,271 (3,371) － 400 (500) (1,495) (558) Total 95,000 93,981 ＋1,018 ＋1.1% 90,000 ＋5,000 22,931 ＋5,188 Geographic Area Segments for FY2025 （ Jan - Dec) （Millions of yen）
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13/20 Bar graph values show tire production volume composition ratio by region 2024 2025 2025 Previous Forecast1Q 2Q 3Q 4Q Total 1Q 2Q 3Q Jan-Sep 4Q Forecast 2025 Forecast Japan 28.9 29.0 28.9 27.9 114.8 28.8 29.8 28.1 86.8 28.3 115.1 117.6 N.America 18.7 15.5 17.3 15.2 66.8 17.1 17.8 19.2 54.1 17.2 71.3 72.2 Asia 9.6 9.1 9.1 9.1 36.9 9.0 7.8 9.0 25.8 7.6 33.4 32.8 Europe 3.1 2.0 3.3 4.1 12.5 4.2 4.3 4.2 12.6 4.3 16.9 17.2 Total 60.4 55.6 58.6 56.3 230.9 59.1 59.7 60.5 179.4 57.4 236.8 239.8 YoY 96％ 90% 93% 92% 93% 98％ 107% 103% 103% 102% 103% 104% Changes in Tire Production (New Rubber Volume) 5% 4% 6% 7% 7% 7% 7% 16% 16% 16% 16% 15% 13% 15% 31% 28% 30% 27% 29% 30% 32% 48% 52% 49% 50% 49% 50% 46% 0 20 40 60 2024 1Q 2024 2Q 2024 3Q 2024 4Q 2025 1Q 2025 2Q 2025 3Q Japan N.America Asia Europe （1,000 Tons）
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14/20 Year-on-Year when the same period of the previous year = 100 2024 2025 2025 Forecast 2025 Previous Forecast1Q 2Q 3Q Jan-Sep 4Q Total 1Q 2Q 3Q Jan-Sep 4Q Total OE Total 87 97 89 91 90 91 104 98 103 101 107 103 101 RE Japan 77 85 85 82 88 84 97 107 109 104 112 107 110 RE Overseas 88 99 93 93 101 95 99 98 92 96 101 97 98 N.America 93 100 99 98 98 98 105 100 100 101 110 103 104 Europe 71 85 69 74 106 80 67 99 40 68 69 69 71 SE Asia 92 101 98 97 113 100 103 103 94 100 99 99 105 Total 86 97 91 91 96 92 99 99 96 98 104 100 101 （%） Change in Tire Sales Quantity by Region （ YoY ）
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15/20 Change in Dubai Crude Oil and Natural Rubber TSR #20 Prices (SICOM) Price Changes in Major Raw Materials 2024 2025 2025 Forecast1Q 2Q 3Q Jan-Sep 4Q Total 1Q 2Q 3Q Jan-Sep Natural Rubber (0.6) (0.7) (1.8) (3.0) (2.8) (5.8) (2.8) (2.6) (0.3) (5.7) (4.7) Petroleum Products +0.8 (0.3) (2.9) (2.4) (1.7) (4.1) (0.3) +0.4 +2.2 +2.3 +3.4 Other Raw Materials (0.2) +0.1 (0.3) (0.4) (0.3) (0.7) +0.3 (0.1) (0.3) (0.1) (0.0) Total +0.1 (0.9) (5.0) (5.8) (4.9) (10.6) (2.8) (2.3) +1.7 (3.5) (1.3) (Billions of yen) Price Changes & Impact of Raw Materials (Operating Income Basis) 0 100 200 300 0 50 100 150 2019 Jan 2019 Jul 2020 Jan 2020 Jul 2021 Jan 2021 Jul 2022 Jan 2022 Jul 2023 Jan 2023 Jul 2024 Jan 2024 Jul 2025 Jan 2025 Jul Dubai Crude Oil (left) Natural Rubber TSR#20 (right)（USD/bbl） （USC/kg）
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16/20 Changes in Capital Investment and Depreciation Note) Figures for capital expenditure do not include right-of-use assets, whereas figures for depreciation do. 24.5 16.6 26.4 15.5 9.6 9.0 9.2 4.5 34.1 25.6 35.6 20.030.8 35.1 37.1 26.5 2023 2024 2025 Plan 2025 Jan-Sep Capital Investment Tire Capital Investment Other Depreciation （Billions of yen） Capital Investment and Depreciation 2021 37.8 2022 47.3 2023 34.1 2024 25.6 194.0B yen 5-year total CAPEX Capital Investment
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17/20 Changes in Interest - Bearing Debt Balance and Capital Ratio Capital Ratio 52.7％ 53.5％ 61.2％ 65.4％ 69.3％ 280.2 320.9 395.2 472.6 493.8 128.8 135.4 102.7 108.4 91.6 0.46 0.42 0.26 0.23 0.19 0.26 0.29 0.13 0.05 0.03 0.0 0.5 1.0 1.5 2.0 2.5 0 500 2021YE 2022YE 2023YE 2024YE 2025 End of 3Q Net Assets（Billions of yen） Interest-Bearing Debt Balance（Billions of yen） Debt / Equity Ratio（Ratio） Net Debt / Equity Ratio（Ratio）
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1．Financial Results for 3rd Quarter of FY2025 2．Financial Forecast for FY2025 3. Topics
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19/20 Increase supply capacity - Ramp up production of large-diameter LTR tires in the U.S. - Renovate aging equipment - Expand capacity through construction of a new plant (under consideration) Strengthen development capabilities - Expand THiiiNK-enabled products - Launch Serbian R&D Center Update capital policy - Allocate funds in a way to enhance capital efficiency - Progressively return profits to shareholders [Implemented value-added strategy] - Aggressively promoted priority products - Discontinued low-profit products [Re-engineered business framework] - Closed Silverstone plant - Reviewed sales structures in Japan/Europe - Established mass production framework at Serbia Plant - Transferred equity interests in manufacturing plant in China [Promoted capital policy] - Specified dividend on equity ratio - Substantially reduced investment securities Medium - Term Business Plan Building on the better - than - expected results of the Medium - Term ‘21 Plan, we will set out the vision for the next phase of growth. The next plan will be announced in Feb. ‘26.Medium-Term ‘21 Plan (FY2021–FY2025) FY2025 forecast 95.0 B yen FY2025 forecast 16.1% FY2024 results 68.7% FY2024 results 17.2% FY2025 forecast 30.8% Key measures implemented and outcomes Operating income 60.0 B yen or over OP margin 14% or over ROE 12% or over % of sales from priority products 55% or over Dividend payout ratio 30% or higher New technological framework “THiiiNK” Serbian R&D Center (artist’s rendition) Next medium-term business plan (FY2026–) Targets
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20/20 （Launched in Sep. ‘25） ◼ Studless tires for SUVs that pursue the ultimate in driving performance on deep snow and icy or snowy roads ◼ Added 6 sizes in 16/17-inch categories ◼ Offers enhanced wear resistance and lower rolling resistance, key requirements for electric route buses ⚫ Wear resistance: Up 8%* ⚫ Rolling resistance: Down 4%* ◼ The wear-resistant NCP (nano composite polymer) compound reconciles the traditionally conflicting performances of wear resistance and rolling resistance * Both compared with our existing model (M638) Product Information New Released NANOENERGY M648 EV for electric route buses More sizes Expanded the size range of OBSERVE W/T-R studless tires for SUVs Good Design Award 2025 ◼ Granted to the three models for their optimal balance of functionality and design ⚫ OPEN COUNTRY R/T TRAIL Featuring bold styling, superior traction performance, and noise suppression for a comfortable ride ⚫ OPEN COUNTRY H/T Ⅱ Available with a “White Letter / White Ribbon” sidewall design and incorporating proprietary material design technology to reduce rolling resistance ⚫ PROXES LuKⅡ Combining handling stability with quietness, while proprietary material design technology improves wet braking performance and lowers rolling resistance
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21/20
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The forward-looking statements contained in these business outlooks and plans are based on information available at the current time and contain potential risks and uncertainties. Therefore, please keep in mind that actual results may, due to a variety of factors, differ from those expressed in the forward-looking statements.