Interim report
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DISCLAIMER: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. October 31, 2025 Consolidated Financial Results for the Six Months Ended September 30, 2025 (Under Japanese GAAP) Company name: TOTO Corporation Listing: Tokyo Stock Exchange / Nagoya Stock Exchange / Fukuoka Stock Exchange Securities code: 5332 URL: https://jp.toto.com Representative: Please refer to the website. Inquiries: Please refer to the website. Telephone: +81-3-6836-2024 Scheduled date to file semi-annual securities report: November 7, 2025 Scheduled date to commence dividend payments: December 1, 2025 Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes (Yen amounts are rounded down to millions, unless otherwise noted.) 1. Consolidated financial results for the six months ended September 30, 2025 (from April 1, 2025 to September 30, 2025) (1) Consolidated operating results (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Six months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % September 30, 2025 349,372 (1.8) 20,781 (13.9) 23,089 1.8 8,790 (48.1) September 30, 2024 355,735 4.7 24,142 58.1 22,671 (0.8) 16,949 1.6 Note: Comprehensive income For the six months ended September 30, 2025: (8,351) million yen [-%] For the six months ended September 30, 2024: 39,783 million yen [9.7%] Basic earnings per share Diluted earnings per share Six months ended Yen Yen September 30, 2025 52.67 52.64 September 30, 2024 99.92 99.85 (2) Consolidated financial position Total assets Net assets Equity-to-asset ratio As of Millions of yen Millions of yen % September 30, 2025 764,371 493,450 63.8 March 31, 2025 813,924 530,404 64.1 Reference: Equity As of September 30, 2025: 487,892 million yen As of March 31, 2025: 522,057 million yen 2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended March 31, 2025 - 50.00 - 50.00 100.00 Fiscal year ending March 31, 2026 - 50.00 Fiscal year ending March 31, 2026 (Forecast) 50.00 100.00 Note: Revisions to the forecast of cash dividends most recently announced: None 3. Forecast of consolidated financial results for the fiscal year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes.) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Basic earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Fiscal year ending March 31, 2026 734,500 1.4 49,000 1.1 50,000 (0.7) 29,000 138.3 175.91 Note: Revisions to the earnings forecasts most recently announced: Yes
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For detailed information on the consolidated financial results, please refer to the material on financial results released today and the semi-annual securities report scheduled to be filed on November 7, 2025. Regarding the revisions to the consolidated financial results forecasts, please refer to “Notice Regarding the Difference Between Forecasts and Actual Results of Consolidated Performance for the Six Months Ended September 30, 2025 and Revisions to Consolidated Financial Results Forecasts for the Year Ending March 31, 2026” and “the financial results briefing materials” released today. * Notes (1) Significant changes in the scope of consolidation during the period: None (2) Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements:None (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations : None (ii) Changes in accounting policies due to other reasons : None (iii) Changes in accounting estimates : None (iv) Restatement : None (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of September 30, 2025 166,358,397 shares As of March 31, 2025 176,981,297 shares (ii) Number of treasury shares at the end of the period As of September 30, 2025 1,945,347 shares As of March 31, 2025 7,316,765 shares (iii) Average number of shares outstanding during the period(cumulative from the beginning of the fiscal year) Six months ended September 30, 2025 166,910,559 shares Six months ended September 30, 2024 169,640,625 shares * Semi-annual financial results reports are exempt from review conducted by certified public accountants or an audit firm. * Proper use of earnings forecasts, and other special matters (Cautions on forward-looking statements, etc.) The forward-looking statements, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. However, the Company makes no guarantee that these forecasts will be achieved. Actual financial results, etc. may differ substantially due to various factors.
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1. Semi-annual consolidated financial statements (1) Semi-annual consolidated balance sheet (Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and deposits 122,750 95,050 Notes and accounts receivable - trade, and contract assets 101,468 95,684 Merchandise and finished goods 91,992 86,165 Work in process 15,996 15,746 Raw materials and supplies 26,641 25,874 Other 16,217 14,198 Allowance for doubtful accounts (495) (232) Total current assets 374,570 332,487 Non-current assets Property, plant and equipment Buildings and structures, net 99,505 95,022 Machinery, equipment and vehicles, net 81,362 77,560 Land 26,988 26,874 Other, net 53,561 50,757 Total property, plant and equipment 261,418 250,215 Intangible assets 36,460 36,617 Investments and other assets Investment securities 67,536 68,295 Other 74,112 77,143 Allowance for doubtful accounts (173) (387) Total investments and other assets 141,475 145,050 Total non-current assets 439,354 431,884 Total assets 813,924 764,371
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(Millions of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities Notes and accounts payable - trade 82,583 77,433 Short-term borrowings 23,657 23,159 Income taxes payable 8,207 5,381 Provision for bonuses for directors (and other officers) 215 94 Accrual for loss on inspection and repair of products 536 396 Provision for loss on business restructuring 268 - Other 115,312 110,700 Total current liabilities 230,782 217,167 Non-current liabilities Long-term borrowings 1,016 1,515 Retirement benefit liability 17,690 17,439 Other 34,029 34,799 Total non-current liabilities 52,737 53,753 Total liabilities 283,519 270,921 Net assets Shareholders' equity Share capital 35,579 35,579 Capital surplus 29,537 29,216 Retained earnings 360,408 332,773 Treasury shares (13,590) (5,176) Total shareholders' equity 411,935 392,392 Accumulated other comprehensive income Valuation difference on available-for-sale securities 25,480 28,421 Foreign currency translation adjustment 61,541 45,110 Remeasurements of defined benefit plans 23,101 21,968 Total accumulated other comprehensive income 110,122 95,500 Share acquisition rights 218 145 Non-controlling interests 8,128 5,412 Total net assets 530,404 493,450 Total liabilities and net assets 813,924 764,371
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(2) Semi-annual consolidated statements of income (cumulative) and semi-annual consolidated statements of comprehensive income (cumulative) Semi-annual consolidated statement of income (cumulative) (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Net sales 355,735 349,372 Cost of sales 229,795 225,747 Gross profit 125,939 123,625 Selling, general and administrative expenses 101,797 102,843 Operating profit 24,142 20,781 Non-operating income Interest income 497 420 Dividend income 1,384 1,211 Share of profit of entities accounted for using equity method 449 681 Foreign exchange gains - 449 Other 351 705 Total non-operating income 2,682 3,468 Non-operating expenses Interest expenses 119 309 Loss on retirement of non-current assets 550 517 Foreign exchange losses 3,016 - Other 466 333 Total non-operating expenses 4,153 1,160 Ordinary profit 22,671 23,089 Extraordinary income Gain on sale of investment securities 3,774 4,564 Total extraordinary income 3,774 4,564 Extraordinary losses Loss on sale of investment securities - 34 Loss on valuation of investment securities 0 1 Restructuring expenses - 13,232 Total extraordinary losses 0 13,268 Profit before income taxes 26,445 14,385 Income taxes - current 7,286 6,598 Income taxes - deferred 1,976 1,122 Total income taxes 9,262 7,721 Profit 17,182 6,663 Profit (loss) attributable to non-controlling interests 232 (2,127) Profit attributable to owners of parent 16,949 8,790
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Semi-annual consolidated statement of comprehensive income (cumulative) (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Profit 17,182 6,663 Other comprehensive income Valuation difference on available-for-sale securities (3,993) 2,944 Foreign currency translation adjustment 26,444 (16,022) Remeasurements of defined benefit plans, net of tax (585) (1,097) Share of other comprehensive income of entities accounted for using equity method 735 (840) Total other comprehensive income 22,600 (15,015) Comprehensive income 39,783 (8,351) Comprehensive income attributable to Comprehensive income attributable to owners of parent 38,990 (5,831) Comprehensive income attributable to non-controlling interests 793 (2,520)
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(3)Semi-annual consolidated statement of cash flows (Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from operating activities Profit before income taxes 26,445 14,385 Depreciation 18,064 16,953 Increase (decrease) in allowance for doubtful accounts (122) (14) Increase (decrease) in provision for bonuses for directors (and other officers) (159) (120) Increase decrease in accrual for loss on inspection and repair of products (69) (139) Increase (decrease) in provision for loss on business restructuring (160) (250) Increase (decrease) in retirement benefit liability (1,173) (195) Interest and dividend income (1,881) (1,632) Interest expenses 119 309 Loss on retirement of non-current assets 550 283 Loss (gain) on sale of investment securities (3,774) (4,530) Loss (gain) on valuation of securities 0 1 Restructuring expenses - 2,974 Decrease (increase) in accounts receivable - trade, and contract assets 6,842 3,561 Decrease (increase) in inventories 489 2,675 Increase (decrease) in trade payables 365 (3,658) Other, net (3,549) (2,897) Subtotal 41,986 27,704 Interest and dividends received 2,406 2,245 Interest paid (119) (241) Income taxes paid (6,688) (9,346) Net cash provided by (used in) operating activities 37,585 20,362
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(Millions of yen) Six months ended September 30, 2024 Six months ended September 30, 2025 Cash flows from investing activities Payments into time deposits (1,792) (1,631) Proceeds from withdrawal of time deposits 1,929 1,830 Purchase of property, plant and equipment (25,399) (18,906) Proceeds from sale of property, plant and equipment 41 7 Purchase of intangible assets (2,940) (2,925) Purchase of short-term and long-term investment securities (217) (788) Proceeds from sale and redemption of short-term and long- term investment securities 5,826 8,046 Long-term loan advances (2) - Proceeds from collection of long-term loans receivable 1 2 Other, net (394) 167 Net cash provided by (used in) investing activities (22,948) (14,195) Cash flows from financing activities Proceeds from issuance of commercial papers 43,200 73,200 Redemption of commercial papers (43,200) (73,200) Proceeds from long-term borrowings - 500 Repayments of long-term borrowings - (500) Dividends paid (8,481) (8,483) Dividends paid to non-controlling interests (350) (195) Purchase of treasury shares (5) (20,001) Other, net (802) (596) Net cash provided by (used in) financing activities (9,640) (29,276) Effect of exchange rate change on cash and cash equivalents 4,890 (4,461) Net increase (decrease) in cash and cash equivalents 9,887 (27,571) Cash and cash equivalents at beginning of period 102,636 120,702 Cash and cash equivalents at end of period 112,523 93,131
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(4) Notes on semi-annual consolidated financial statements Notes on assumptions for going concern Not applicable Notes on significant changes in the amount of shareholders’ equity (Acquisition of treasury shares) Based on the resolution at its Board of Directors meeting held on April 28, 2025, the Company acquired 5,312,900 treasury shares. As a result of this acquisition of treasury shares, the amount of treasury shares increased by 19,999 million yen for the six months ended September 30, 2025. With the acquisition of treasury shares on August 20, 2025, the Company completed the purchase of treasury shares based on the above resolution at the Board of Directors meeting. (Cancellation of own shares) Based on the resolution at its Board of Directors meeting held on April 28, 2025, the Company has canceled 10,622,900 treasury shares as of September 30, 2025. As a result of this cancellation of treasury s hares, capital surplus and treasury shares decreased by 28,266 million yen each for the six months ended September 30, 2025. As the balance of other capital surplus became negative due to the cancellation of treasury shares, other capital surplus was set to zero, and the negative amount was deducted from other retained earnings. The original scheduled date (January 30, 2026) was changed because the share buyback was completed earlier than planned. As a result of these factors, the balance of capital surplus at the end of the six months ended September 30, 2025 is 29,216 million yen, the balance of retained earnings is 332,773 million yen, and the balance of treasury shares is 5,176 million yen.