Takeuchi raised its full-year forecasts on 13 October, lifted its dividend and approved a share buyback of up to ¥15bn, alongside interim results for the six months to August 2026. The company expects operating profit of ¥44.5bn for the year to February 2027, against ¥37.3bn in its April forecast.
First half: sales up, tariffs still a drag
Sales rose 16.0% to ¥132.4bn in the six months to August, and operating profit rose 3.4% to ¥24.2bn. Net profit attributable to owners of the parent rose 6.3% to ¥18.1bn.
US tariffs cut operating profit by ¥1.7bn in the half, the company said. Higher tariff costs of ¥7.7bn were offset in part by ¥3.3bn of price pass-through and ¥2.6bn of tariff refunds. Higher freight costs tied to rising oil prices also weighed. US segment profit fell 4.3% to ¥4.2bn, which Takeuchi attributed partly to a larger share of sales going to a big rental company that qualifies for volume discounts.
The guidance reset
The full-year sales forecast rises to ¥261.0bn from ¥244.0bn, and the net profit forecast to ¥31.5bn from ¥25.9bn.
| Metric | April forecast | Revised forecast |
|---|---|---|
| Sales | ¥244.0bn | ¥261.0bn |
| Operating profit | ¥37.3bn | ¥44.5bn |
| Ordinary profit | ¥36.5bn | ¥44.2bn |
| Net profit attributable to owners of parent | ¥25.9bn | ¥31.5bn |
Takeuchi names US tariff refunds as the main profit driver: ¥2.6bn in the second quarter, ¥4.2bn in the third and ¥6.8bn for the full year. Sales growth and a weaker yen also help. Against that, it expects higher sea freight from fuel surcharges and Panama Canal transit limits, and bigger discounts to support US sales. The second-half assumptions are ¥150 to the dollar, ¥204 to the pound and ¥175 to the euro.
The revised plan puts total full-year unit sales 4.0% above the company's April forecast; the same disclosure shows the revised forecast at 9.9% growth on the previous year. It cites rental-company sales in North America that ran well above expectations and a recovery in France and Italy dealer orders in Europe. In Asia-Oceania it expects units to come in 21.8% below its earlier forecast, because the closure of its former Australian distributor hurt sales for longer than planned.
Shareholder returns
The year-end dividend forecast rises to ¥135 per share from ¥110, which would take the full-year dividend to ¥245, against ¥220 previously forecast and ¥210 last year. From this year Takeuchi will pay twice a year, and the interim dividend is ¥110. The company says it aims to raise its consolidated payout ratio gradually toward 40%.
The board also resolved to buy back up to 2.2 million shares, 4.8% of shares outstanding excluding treasury stock, for up to ¥15bn. Purchases run on the Tokyo Stock Exchange from 14 October to 19 February 2027.
Cash and order data
Operating cash flow was an outflow of ¥11.1bn in the half, against an inflow of ¥3.5bn a year earlier, as receivables rose ¥24.0bn. Cash and equivalents fell ¥22.0bn to ¥34.2bn. Net assets were ¥198.7bn, with an equity ratio of 83.9%. The interim earnings release is outside the scope of review by a certified public accountant or audit firm.
Orders rose 48.1% to ¥146.0bn, helped by a large order from a US rental company, and the order backlog stood at ¥57.2bn. Takeuchi will stop disclosing orders and backlog after the year to February 2027, saying quarterly swings had become too large for them to be a useful guide to sales. An investor and analyst briefing is scheduled for 21 October.