FINANCIAL SUMMARY

(All financial information has been prepared in accordance with IFRS Accounting Standards)

FY2027 Semi-Annual

(April 1, 2026 through September 30, 2026)

English translation from the original Japanese-language document

TOYOTA MOTOR CORPORATION

FY2027 Semi-Annual Consolidated Financial Results

(All financial information has been prepared in accordance with IFRS Accounting Standards)

English translation from the original Japanese-language document

November 5, 2026

 

Company name		:		Toyota Motor Corporation
Stock exchanges on which the shares are listed		:		Tokyo and Nagoya Stock Exchanges in Japan
Code number		:		7203
URL		:		https://global.toyota/jp/
Representative		:		Kenta Kon, President
Contact person		:		Katsuhiro Mori, General Manager, Accounting Division Tel. (0565)28-2121
Filing date of semi-annual securities report		:		November 12, 2026
Payment date of cash dividends		:		November 26, 2026
Supplemental materials prepared for financial results		:		yes
Earnings announcement for financial results		:		yes

(Amounts are rounded to the nearest million yen)

 

1.	Consolidated Results for FY2027 First Half (April 1, 2026 through September 30, 2026)

 

(1)	Consolidated financial results (For the six months ended September 30)

 

		(% of change from previous first half)
		Sales revenues								Operating income								Income before income taxes								Net income								Net income attributable to Toyota Motor Corporation								Comprehensive income
		Million yen				%				Million yen				%				Million yen				%				Million yen				%				Million yen				%				Million yen				%
FY2027 first half			26,962,462				9.5				2,191,124				9.2				2,954,403				19.2				2,305,496				24.9				2,236,446				26.1				2,173,301				-7.4
FY2026 first half			24,630,753				5.8				2,005,692				-18.6				2,478,127				-9.3				1,845,135				-1.1				1,773,426				-7.0				2,348,135				45.5

 

		Earnings per share attributable to Toyota Motor Corporation – Basic				Earnings per share attributable to Toyota Motor Corporation – Diluted
		Yen				Yen
FY2027 first half			185.97				185.97
FY2026 first half			136.07				136.07

 

(2)	Consolidated financial position

 

		Total assets				Total shareholders’ equity				Toyota Motor Corporation shareholders’ equity				Ratio of Toyota Motor Corporation shareholders’ equity
		Million yen				Million yen				Million yen				%
FY2027 first half			101,980,759				38,306,382				37,447,031				36.7
FY2026			105,522,331				41,020,068				39,918,854				37.8

 

2.	Cash Dividends

 

		Annual cash dividends per common share
		End of first quarter				End of second quarter				End of third quarter				Year-end				Total
		Yen				Yen				Yen				Yen				Yen
FY2026			—				45.00				—				50.00				95.00
FY2027			—				50.00
FY2027 (forecast)											—				50.00				100.00

 

(Note)		Revisions to the forecast of cash dividends since the latest announcement: none

 

3.	Forecast of Consolidated Results for FY2027 (April 1, 2026 through March 31, 2027)

 

		(% of change from FY2026)
		Sales revenues								Operating income								Income before income taxes								Net income attributable to Toyota Motor Corporation								Earnings per share attributable to Toyota Motor Corporation –   Basic
		Million yen				%				Million yen				%				Million yen				%				Million yen				%				Yen
Full-year			53,500,000				5.6				3,900,000				3.6				4,960,000				-3.7				3,570,000				-7.2			299.95

 

(Note)		Revisions to the forecast of consolidated results since the latest announcement: yes

Notes

(1)	Significant changes in the scope of consolidation during the period: yes

Excluded: 70 companies (Hino Motors, Ltd. and its consolidated subsidiaries)

 

(2)	Changes in accounting policies and changes in accounting estimates

 

(i)

Changes in accounting policies required by IFRS Accounting Standards: none

 

(ii)

Changes other than (2)-(i) above: none

 

(iii)

Changes in accounting estimates: none

 

(3)	Number of shares issued and outstanding (common stock)

 

(i)

Number of shares issued and outstanding at the end of each period (including treasury stock):

FY2027 first half 14,594,987,460 shares, FY2026 15,794,987,460 shares

 

(ii)

Number of treasury stock at the end of each period:

FY2027 first half 2,816,740,147 shares, FY2026 2,761,602,986 shares

 

(iii)

Average number of shares issued and outstanding in each period:

FY2027 first half 12,025,798,623 shares, FY2026 first half 13,033,161,110 shares

 

(Note)

Toyota Motor Corporation has adopted a share-based compensation plan using a Stock-Granting Employee Stock Ownership Plan (ESOP) Trust. Toyota Motor Corporation shares held by the Trust are included in both the number of shares of treasury stock at the end of the fiscal period, as well as the shares of treasury stock to be deducted when calculating the average number of shares during the period.

These semi-annual consolidated financial results are not subject to certified public accountant’s or audit firm’s review.

Cautionary Statement with Respect to Forward-Looking Statements, and Other Information

This report contains forward-looking statements that reflect the plans and expectations of Toyota Motor Corporation and its consolidated subsidiaries (“Toyota”). These forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause Toyota’s actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. These factors include, but are not limited to: (i) changes in economic conditions, market demand, and the competitive environment affecting the automotive markets in Japan, North America, Europe, Asia and other markets in which Toyota operates; (ii) fluctuations in currency exchange rates, particularly with respect to the value of the Japanese yen, the U.S. dollar, the euro, the Australian dollar, the Canadian dollar and the British pound, fluctuations in stock prices, and interest rates fluctuations; (iii) changes in funding environment in financial markets and increased competition in the financial services industry; (iv) Toyota’s ability to market and distribute effectively; (v) Toyota’s ability to realize production efficiencies and to implement capital expenditures at the levels and times planned by management; (vi) changes in the laws and regulations, as well as other government actions, in the markets in which Toyota operates that affect Toyota’s operations, particularly laws, regulations and government actions relating to vehicle safety including remedial measures such as recalls, environmental protection, vehicle emissions and vehicle fuel economy, and tariffs and other trade policies, as well as current and future litigation and other legal proceedings, government proceedings and investigations; (vii) political and economic instability in the markets in which Toyota operates; (viii) Toyota’s ability to timely develop and achieve market acceptance of new products that meet customer demand; (ix) any damage to Toyota’s brand image; (x) Toyota’s reliance on various suppliers for the provision of supplies; (xi) increases in prices of raw materials; (xii) Toyota’s reliance on various digital and information technologies, as well as information security; (xiii) fuel shortages or interruptions in electricity, transportation systems, labor strikes, work stoppages or other interruptions to, or difficulties in, the employment of labor in the major markets where Toyota purchases materials, components and supplies for the production of its products or where its products are produced, distributed or sold; (xiv) the impact of natural calamities, epidemics, political and economic instability, fuel shortages or interruptions in social infrastructure, wars, terrorism and labor strikes, including their negative effect on Toyota’s vehicle production and sales; (xv) the impact of climate change and the transition towards a low-carbon economy; and (xvi) the ability of Toyota to hire or retain sufficient human resources.

A discussion of these and other factors which may affect Toyota’s actual results, performance, achievements or financial position is contained in Toyota Motor Corporation’s annual report on Form 20-F, which is on file with the United States Securities and Exchange Commission.

In order to convey top management’s aspirations and the company’s direction to all those whose lives are touched by Toyota, Toyota communicates what Toyota is really like through “Toyota Times.”

“Toyota Times” (https://toyotatimes.jp/en/)

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

TABLE OF CONTENTS

 

Financial Results and Position			2
1. Consolidated Financial Results for FY2027 First Half			2
2. Consolidated Financial Position for FY2027 First Half			4
Unaudited Condensed Semi-Annual Consolidated Financial Statements			5
1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position			5
2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income			7
3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity			9
4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows			10
5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements			11
(1) Going Concern Assumption			11
(2) Segment Information			12
(3) Assets Held for Sale			15
(4) Significant Subsequent Events			16

Supplemental Material for Financial Results for FY2027 First Half

 

—1—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

Financial Results and Position

1. Consolidated Financial Results for FY2027 First Half

Financial Results

Consolidated vehicle unit sales in Japan and overseas decreased by 25 thousand units, or 0.5%, to 4,758 thousand units in FY2027 first half (the first half ended September 30, 2026) compared with FY2026 first half (the first half ended September 30, 2025). Vehicle unit sales in Japan increased by 54 thousand units, or 5.6%, to 1,024 thousand units in FY2027 first half compared with FY2026 first half. Meanwhile, overseas vehicle unit sales decreased by 79 thousand units, or 2.1%, to 3,734 thousand units in FY2027 first half compared with FY2026 first half.

The results of operations for FY2027 first half were as follows:

 

The changes in operating income were as follows:

 

 

—2—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

Segment Operating Results

(1) Automotive:

Sales revenues for the automotive operations segment increased by 1,880.5 billion yen, or 8.5%, to 23,981.1 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 112.7 billion yen, or 7.6%, to 1,598.2 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to the effects of changes in exchange rates.

(2) Financial services:

Sales revenues for the financial services operations segment increased by 431.7 billion yen, or 18.5%, to 2,762.0 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 21.9 billion yen, or 4.9%, to 472.3 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to increase in loan balance.

(3) All other:

Sales revenues for all other businesses increased by 203.0 billion yen, or 27.6%, to 938.9 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 60.1 billion yen, or 87.3%, to 129.0 billion yen in FY2027 first half compared with FY2026 first half.

Geographic Information

(1) Japan:

Sales revenues in Japan increased by 1,239.2 billion yen, or 11.8%, to 11,752.5 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 136.2 billion yen, or 12.2%, to 1,253.3 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to the effects of changes in exchange rates.

(2) North America:

Sales revenues in North America increased by 1,453.6 billion yen, or 13.9%, to 11,922.1 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 234.0 billion yen to 166.1 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to the decrease in expenses and expense reduction efforts.

(3) Europe:

Sales revenues in Europe increased by 609.1 billion yen, or 19.4%, to 3,755.6 billion yen in FY2027 first half compared with FY2026 first half, and operating income increased by 18.4 billion yen, or 9.2%, to 219.2 billion yen in FY2027 first half compared with FY2026 first half. The increase in operating income was mainly due to marketing efforts.

(4) Asia:

Sales revenues in Asia increased by 225.8 billion yen, or 5.1%, to 4,677.3 billion yen in FY2027 first half compared with FY2026 first half. However, operating income decreased by 7.1 billion yen, or 1.6%, to 437.1 billion yen in FY2027 first half compared with FY2026 first half. The decrease in operating income was mainly due to the increase in expenses and others.

(5) Other (Central and South America, Oceania, Africa and the Middle East):

Sales revenues in other regions increased by 331.0 billion yen, or 14.2%, to 2,658.2 billion yen in FY2027 first half compared with FY2026 first half. However, operating income decreased by 0.9 billion yen, or 0.5%, to 200.9 billion yen in FY2027 first half compared with FY2026 first half. The decrease in operating income was mainly due to the effects of marketing activities.

 

—3—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

2. Consolidated Financial Position for FY2027 First Half

Financial Position

The financial position for FY2027 first half was as follows:

Total assets decreased by 3,541.5 billion yen, or 3.4%, to 101,980.7 billion yen at the end of FY2027 first half compared with the end of FY2026. Liabilities decreased by 827.8 billion yen, or 1.3%, to 63,674.3 billion yen at the end of FY2027 first half compared with the end of FY2026. Shareholders’ equity decreased by 2,713.6 billion yen, or 6.6%, to 38,306.3 billion yen at the end of FY2027 first half compared with the end of FY2026.

Overview of Cash Flow

Cash and cash equivalents decreased by 3,175.1 billion yen, or 25.1%, to 9,484.4 billion yen at the end of FY2027 first half compared with the end of FY2026.

The increases or decreases for each cash flow activity compared with FY2026 first half are as follows:

Cash flows from operating activities

Net cash flows from operating activities resulted in an increase in cash by 1,603.9 billion yen for FY2027 first half. Net cash provided by operating activities decreased by 1,340.6 billion yen from 2,944.6 billion yen for FY2026 first half.

Cash flows from investing activities

Net cash flows from investing activities resulted in a decrease in cash by 535.3 billion yen for FY2027 first half. Net cash used in investing activities decreased by 2,982.2 billion yen from 3,517.5 billion yen for FY2026 first half.

Cash flows from financing activities

Net cash flows from financing activities resulted in a decrease in cash by 4,207.8 billion yen for FY2027 first half. Net cash used in financing activities increased by 3,845.8 billion yen from 362.0 billion yen for FY2026 first half.

 

—4—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

Unaudited Condensed Semi-Annual Consolidated Financial Statements

1. Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position

 

		Yen in millions
		March 31, 2026				September 30, 2026
Assets
Current assets
Cash and cash equivalents			12,659,622				9,484,484
Trade accounts and other receivables			3,795,986				3,992,002
Receivables related to financial services			13,478,474				13,803,471
Other financial assets			3,982,445				4,742,012
Inventories			5,134,996				5,502,113
Income tax receivable			235,425				256,847
Other current assets			1,520,330				1,602,353
Subtotal			40,807,277				39,383,283
Assets held for sale			2,016,804				—
Total current assets			42,824,081				39,383,283
Non-current assets
Investments accounted for using the equity method			5,342,548				5,479,308
Receivables related to financial services			25,488,182				25,796,075
Other financial assets			11,135,799				10,625,490
Property, plant and equipment
Land			1,351,625				1,353,576
Buildings			6,284,907				6,665,074
Machinery and equipment			17,509,377				17,462,542
Vehicles and equipment on operating leases			9,705,647				9,920,198
Construction in progress			1,719,808				1,476,037
Total property, plant and equipment, at cost			36,571,364				36,877,427
Less - Accumulated depreciation and impairment losses			(19,504,000	)			(19,727,538	)
Total property, plant and equipment, net			17,067,365				17,149,889
Right of use assets			901,232				872,524
Intangible assets			1,392,755				1,314,755
Deferred tax assets			555,596				557,933
Other non-current assets			814,773				801,502
Total non-current assets			62,698,250				62,597,476
Total assets			105,522,331				101,980,759

 

—5—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

		Yen in millions
		March 31, 2026				September 30, 2026
Liabilities
Current liabilities
Trade accounts and other payables			5,856,945				5,892,462
Short-term and current portion of long-term debt			17,581,104				17,554,663
Accrued expenses			2,112,571				2,049,839
Other financial liabilities			2,384,008				2,488,148
Income taxes payable			711,675				542,097
Liabilities for quality assurance			2,097,943				2,152,345
Provisions			431,191				501,524
Other current liabilities			1,735,034				1,818,514
Subtotal			32,910,472				32,999,592
Liabilities directly associated with assets held for sale			694,547				—
Total current liabilities			33,605,019				32,999,592
Non-current liabilities
Long-term debt			25,624,365				25,645,156
Other financial liabilities			1,157,413				1,177,630
Retirement benefit liabilities			1,022,483				993,367
Deferred tax liabilities			1,584,505				1,267,270
Provisions			498,463				544,972
Other non-current liabilities			1,010,015				1,046,388
Total non-current liabilities			30,897,244				30,674,784
Total liabilities			64,502,263				63,674,377
Shareholders’ equity
Common stock			397,050				397,050
Additional paid-in capital			456,742				367,024
Retained earnings			38,709,858				38,539,051
Other components of equity			4,544,019				3,986,585
Other comprehensive income associated with assets held for sale			266,596				—
Treasury stock			(4,455,410	)			(5,842,678	)
Total Toyota Motor Corporation shareholders’ equity			39,918,854				37,447,031
Non-controlling interests			1,101,214				859,351
Total shareholders’ equity			41,020,068				38,306,382
Total liabilities and shareholders’ equity			105,522,331				101,980,759

 

—6—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

2. Unaudited Condensed Semi-Annual Consolidated Statement of Income and

 Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

 Unaudited Condensed Semi-Annual Consolidated Statement of Income

 

		Yen in millions
		For the first half ended September 30, 2025				For the first half ended September 30, 2026
Sales revenues
Sales of products			22,324,109				24,231,768
Financial services			2,306,644				2,730,695
Total sales revenues			24,630,753				26,962,462
Costs and expenses
Cost of products sold			19,001,590				20,465,943
Cost of financial services			1,464,512				1,826,024
Selling, general and administrative			2,158,959				2,479,372
Total costs and expenses			22,625,061				24,771,338
Operating income			2,005,692				2,191,124
Share of profit (loss) of investments accounted for using the equity method			272,624				358,362
Other finance income			292,746				1,007,861
Other finance costs			(25,010	)			(492,457	)
Foreign exchange gain (loss), net			(52,787	)			(145,384	)
Other income (loss), net			(15,138	)			34,897
Income before income taxes			2,478,127				2,954,403
Income tax expense			632,993				648,907
Net income			1,845,135				2,305,496
Net income attributable to
Toyota Motor Corporation			1,773,426				2,236,446
Non-controlling interests			71,709				69,050
Net income			1,845,135				2,305,496
		Yen
Earnings per share attributable to Toyota Motor Corporation
Basic			136.07				185.97
Diluted			136.07				185.97

 

—7—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

 

		Yen in millions
		For the first half ended September 30, 2025				For the first half ended September 30, 2026
Net income			1,845,135				2,305,496
Other comprehensive income, net of tax
Items that will not be reclassified to profit (loss)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income			391,463				186,239
Remeasurements of defined benefit plans			(9,750	)			(9,078	)
Share of other comprehensive income of equity method investees			(13,531	)			26,402
Total of items that will not be reclassified to profit (loss)			368,181				203,563
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations			182,985				(333,335	)
Net changes in revaluation of financial assets measured at fair value through other comprehensive income			27,957				(61,366	)
Share of other comprehensive income of equity method investees			(76,123	)			58,944
Total of items that may be reclassified subsequently to profit (loss)			134,819				(335,758	)
Total other comprehensive income, net of tax			503,001				(132,195	)
Comprehensive income			2,348,135				2,173,301
Comprehensive income for the period attributable to
Toyota Motor Corporation			2,258,145				2,117,333
Non-controlling interests			89,990				55,968
Comprehensive income			2,348,135				2,173,301

 

—8—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

3. Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity

For the first half ended September 30, 2025

 

		Yen in millions
		Common stock				Additional paid-in capital				Retained earnings				Other components of equity				Treasury stock				Toyota Motor Corporation shareholders’ equity				Non- controlling interests				Total shareholders’ equity
Balances at April 1, 2025			397,050				492,368				35,841,218				3,610,133				(4,415,943	)			35,924,826				954,088				36,878,913
Comprehensive income
Net income			—				—				1,773,426				—				—				1,773,426				71,709				1,845,135
Other comprehensive income, net of tax			—				—				—				484,719				—				484,719				18,281				503,001
Total comprehensive income			—				—				1,773,426				484,719				—				2,258,145				89,990				2,348,135
Transactions with owners and other
Dividends paid			—				—				(652,446	)			—				—				(652,446	)			(95,069	)			(747,515	)
Repurchase of treasury stock			—				—				—				—				(39,959	)			(39,959	)			—				(39,959	)
Reissuance of treasury stock			—				1,358				—				—				508				1,866				—				1,866
Equity transactions and other			—				(312	)			—				—				—				(312	)			15,826				15,514
Total transactions with owners and other			—				1,046				(652,446	)			—				(39,451	)			(690,852	)			(79,242	)			(770,095	)
Reclassification to retained earnings			—				—				99,619				(99,619	)			—				—				—				—
Balances at September 30, 2025			397,050				493,414				37,061,816				3,995,233				(4,455,394	)			37,492,119				964,835				38,456,954

For the first half ended September 30, 2026

 

		Yen in millions
		Common stock				Additional paid-in capital				Retained earnings				Other components of equity				Other comprehensive income associated with assets held for sale				Treasury stock				Toyota Motor Corporation shareholders’ equity				Non- controlling interests				Total shareholders’ equity
Balances at April 1, 2026			397,050				456,742				38,709,858				4,544,019				266,596				(4,455,410	)			39,918,854				1,101,214				41,020,068
Comprehensive income
Net income			—				—				2,236,446				—				—				—				2,236,446				69,050				2,305,496
Other comprehensive income, net of tax (Note 1)			—				—				—				(119,113	)			—				—				(119,113	)			(13,082	)			(132,195	)
Total comprehensive income			—				—				2,236,446				(119,113	)			—				—				2,117,333				55,968				2,173,301
Transactions with owners and other
Dividends paid			—				—				(651,697	)			—				—				—				(651,697	)			(59,996	)			(711,692	)
Repurchase of treasury stock			—				—				—				—				—				(3,851,890	)			(3,851,890	)			—				(3,851,890	)
Reissuance of treasury stock			—				1,662				—				—				—				1,129				2,791				—				2,791
Retirement of treasury stock (Note 3)			—				(3,019	)			(2,460,473	)			—				—				2,463,492				—				—				—
Equity transactions and other (Note 1,2)			—				(88,361	)			—				—				—				—				(88,361	)			(237,835	)			(326,196	)
Total transactions with owners and other			—				(89,718	)			(3,112,169	)			—				—				(1,387,268	)			(4,589,156	)			(297,831	)			(4,886,987	)
Reclassification to retained earnings (Note 1)			—				—				704,916				(704,916	)			—				—				—				—				—
Transfer from other comprehensive income associated with assets held for sale (Note 1)			—				—				—				266,596				(266,596	)			—				—				—				—
Balances at September 30, 2026			397,050				367,024				38,539,051				3,986,585				—				(5,842,678	)			37,447,031				859,351				38,306,382

(Note 1)

The change primarily includes the impact of the disposition of shares in Toyota Industries Corporation and the deconsolidation of Hino Motors, Ltd.

(Note 2)

The change primarily includes the impact of the acquisition of shares in Toyota Motor Hamura, Inc.

(Note 3)

The change includes a reclassification from retained earnings to additional paid-in capital.

 

—9—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

4. Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows

 

		Yen in millions
		For the first half ended September 30, 2025				For the first half ended September 30, 2026
Cash flows from operating activities
Net income			1,845,135				2,305,496
Depreciation and amortization			1,131,414				1,288,088
Interest income and interest costs related to financial services, net			(392,440	)			(439,802	)
Share of profit (loss) of investments accounted for using the equity method			(272,624	)			(358,362	)
Income tax expense			632,993				648,907
Changes in operating assets and liabilities, and other			(232,255	)			(1,612,553	)
Interest received			1,339,585				1,499,811
Dividends received			295,880				310,356
Interest paid			(805,043	)			(903,058	)
Income taxes paid, net of refunds			(598,035	)			(1,134,959	)
Net cash provided by (used in) operating activities			2,944,609				1,603,924
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others			(957,692	)			(899,729	)
Additions to equipment leased to others			(1,405,941	)			(1,490,212	)
Proceeds from sales of fixed assets excluding equipment leased to others			15,008				14,790
Proceeds from sales of equipment leased to others			686,709				788,953
Additions to intangible assets			(151,495	)			(145,344	)
Additions to public and corporate bonds and stocks			(1,233,188	)			(2,395,036	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and corporate bonds			1,919,732				4,880,576
Other, net			(2,390,660	)			(1,289,322	)
Net cash provided by (used in) investing activities			(3,517,528	)			(535,325	)
Cash flows from financing activities
Increase (decrease) in short-term debt			(249,899	)			(64,601	)
Proceeds from long-term debt			6,061,836				7,111,557
Payments of long-term debt			(5,404,003	)			(6,540,060	)
Dividends paid to Toyota Motor Corporation common shareholders			(652,446	)			(651,697	)
Dividends paid to non-controlling interests			(95,069	)			(59,996	)
Repurchase of treasury stock			(39,959	)			(3,851,890	)
Other, net			17,474				(151,187	)
Net cash provided by (used in) financing activities			(362,065	)			(4,207,873	)
Effect of exchange rate changes on cash and cash equivalents			65,502				(35,865	)
Net increase (decrease) in cash and cash equivalents			(869,482	)			(3,175,138	)
Cash and cash equivalents at beginning of period			8,982,404				12,659,622
Cash and cash equivalents at end of period			8,112,922				9,484,484

 

—10—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

5. Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

(1) Going Concern Assumption

None

 

—11—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

(2) Segment Information

(i) Outline of reporting segments

The operating segments reported below are the segments of Toyota for which separate financial information is available and for which operating income/loss amounts are evaluated regularly by executive management in deciding how to allocate resources and in assessing performance.

The major portions of Toyota’s operations on a worldwide basis are derived from the Automotive and Financial services business segments. The Automotive segment designs, manufactures and distributes sedans, minivans, compact cars, SUVs, trucks and related parts and accessories. The Financial services segment consists primarily of financing and vehicle leasing operations to assist in the merchandising of Toyota’s products as well as other products. The All other segment includes telecommunications and other businesses.

(ii) Segment operating results

For the first half ended September 30, 2025:

 

		Yen in millions
		Automotive				Financial services				All other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			22,000,056				2,306,644				324,053				—				24,630,753
Inter-segment revenues and transfers			100,504				23,689				411,793				(535,985	)			—
Total			22,100,559				2,330,333				735,846				(535,985	)			24,630,753
Operating expenses			20,615,083				1,879,874				666,986				(536,882	)			22,625,061
Operating income (loss)			1,485,476				450,459				68,861				896				2,005,692

For the first half ended September 30, 2026:

 

		Yen in millions
		Automotive				Financial services				All other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			23,865,191				2,730,695				366,577				—				26,962,462
Inter-segment revenues and transfers			115,940				31,378				572,341				(719,658	)			—
Total			23,981,130				2,762,072				938,918				(719,658	)			26,962,462
Operating expenses			22,382,927				2,289,692				809,912				(711,193	)			24,771,338
Operating income (loss)			1,598,203				472,381				129,006				(8,465	)			2,191,124

Accounting policies applied by each segment are in conformity with those of Toyota’s condensed semi-annual consolidated financial statements. Transfers between industry segments are made at individually negotiated prices.

 

—12—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

(iii) Geographic information

For the first half ended September 30, 2025:

 

		Yen in millions
		Japan				North America				Europe				Asia				Other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			5,155,251				10,284,525				3,039,153				3,895,951				2,255,874				—				24,630,753
Inter-segment revenues and transfers			5,358,041				183,985				107,361				555,573				71,331				(6,276,291	)			—
Total			10,513,292				10,468,510				3,146,514				4,451,524				2,327,204				(6,276,291	)			24,630,753
Operating expenses			9,396,132				10,536,375				2,945,768				4,007,238				2,125,276				(6,385,728	)			22,625,061
Operating income (loss)			1,117,161				(67,865	)			200,746				444,285				201,928				109,436				2,005,692

For the first half ended September 30, 2026:

 

		Yen in millions
		Japan				North America				Europe				Asia				Other				Inter-segment Elimination/ Unallocated Amount				Consolidated
Sales revenues
Revenues from external customers			5,296,528				11,753,152				3,627,093				3,696,800				2,588,891				—				26,962,462
Inter-segment revenues and transfers			6,456,062				168,993				128,538				980,551				69,362				(7,803,507	)			—
Total			11,752,590				11,922,145				3,755,631				4,677,350				2,658,253				(7,803,507	)			26,962,462
Operating expenses			10,499,207				11,755,957				3,536,427				4,240,179				2,457,267				(7,717,698	)			24,771,338
Operating income (loss)			1,253,383				166,188				219,204				437,171				200,986				(85,808	)			2,191,124

“Other” consists of Central and South America, Oceania, Africa and the Middle East.

The above amounts are aggregated by region based on the location of the country where Toyota Motor Corporation or consolidated subsidiaries are located. Transfers between geographic areas are made at individually negotiated prices.

 

—13—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

(iv) Sales revenues by location of external customers

 

		Yen in millions
		For the first half ended September 30,
		2025				2026
Japan			3,739,050				3,836,002
North America			10,321,494				11,803,198
Europe			3,004,242				3,580,968
Asia			3,865,728				3,855,319
Other			3,700,239				3,886,975
Total			24,630,753				26,962,462

“Other” consists of Central and South America, Oceania, Africa and the Middle East, etc.

 

—14—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

(3) Assets Held for Sale

(i) The business integration of Mitsubishi Fuso Truck and Bus Corporation and Hino Motors, Ltd.

At the end of the year ended March 31, 2026, the assets, liabilities, and related other comprehensive income of Hino Motors, Ltd. (“Hino”) (automotive segment) and its consolidated subsidiaries were reclassified as held for sale, and were presented as assets held for sale, liabilities directly associated with assets held for sale, and other comprehensive income associated with assets held for sale. For the first half ended September 30, 2026, Toyota lost control of Hino as a result of the business integration. The loss of ¥95,445 million associated with the loss of control is included in “Other finance costs” in the condensed semi-annual consolidated statement of income.

(ii) Review of capital relationship with Toyota Industries Corporation

At the end of the year ended March 31, 2026, Toyota reclassified its holdings of Toyota Industries Corporation (“Toyota Industries”) (automotive segment) shares and related other comprehensive income as held for sale. Accordingly, investments accounted for using the equity method were included in assets held for sale, and related other comprehensive income was included in other comprehensive income associated with assets held for sale. For the first half ended September 30, 2026, Toyota completed the sale of its shares in Toyota Industries.

 

—15—

TOYOTA MOTOR CORPORATION FY2027 Semi-Annual Financial Summary

 

(4) Significant Subsequent Events

Retirement of treasury stock

At the Meeting of the Board of Directors held on Nov 5, 2026, TMC resolved to retire its treasury stock pursuant to Article 178 of the Companies Act.

 

Details of matters relating to retirement
Class of stock to be retired		Shares of common stock of TMC
Total number of shares to be retired		1,200,000,000 shares
Scheduled date of retirement		The last day of the fiscal quarter in which the completion date of the repurchase of shares pursuant to the resolutions of the board of directors’ meetings held on August 4, 2026 and November 5, 2026 falls.

 

—16—

Supplemental Material for Financial Results for FY2027 First Half (Consolidated)

< IFRS >

 

		FY2026																								FY2027												FY2027
		1Q (2025/4-6)				2Q (2025/7-9)				First Half 6 months (2025/4-9)				3Q (2025/10-12)				4Q (2026/1-3)				12 months (‘25/4-‘26/3)				1Q (2026/4-6)				2Q (2026/7-9)				First Half 6 months (2026/4-9)				Forecast 12 months (‘26/4-‘27/3)
Vehicle Production (thousands of units)			2,301				2,321				4,622				2,362				2,309				9,293				2,355				2,282				4,637	(Note 1)
(Japan) –including Daihatsu & Hino			994				1,013				2,007				1,076				1,065				4,149				1,023				1,032				2,055
[Daihatsu & Hino]			[210	]			[211	]			[422	]			[242	]			[243	]			[907	]			[195	]			[180	]			[374	]
(Overseas) –including Daihatsu & Hino			1,306				1,308				2,615				1,286				1,243				5,144				1,332				1,250				2,582
[Daihatsu & Hino]			[86	]			[101	]			[188	]			[111	]			[105	]			[404	]			[105	]			[102	]			[207	]
North America			557				524				1,081				511				458				2,050				550				497				1,047
Europe			197				185				382				217				216				815				194				168				362
Asia			423				466				888				459				455				1,802				454				450				903
Central and South America			101				97				197				66				78				342				107				97				204
Africa			30				37				67				33				36				135				27				39				66
Vehicle Sales (thousands of units)			2,411				2,372				4,783				2,519				2,293				9,595				2,395				2,364				4,758				9,700	(Note 1)
(Japan) –including Daihatsu & Hino			481				488				970				546				565				2,082				524				500				1,024				2,100
[Daihatsu & Hino]			[130	]			[134	]			[264	]			[148	]			[158	]			[570	]			[118	]			[114	]			[231	]			[500	]
(Overseas) –including Daihatsu & Hino			1,930				1,883				3,813				1,972				1,728				7,513				1,870				1,864				3,734				7,600
[Daihatsu & Hino]			[48	]			[48	]			[96	]			[53	]			[54	]			[203	]			[39	]			[39	]			[78	]			[140	]
North America			794				739				1,533				784				616				2,934				792				737				1,530				3,000
Europe			298				275				573				308				302				1,183				307				282				589				1,220
Asia			421				432				853				471				434				1,759				439				418				857				1,740
Central and South America			129				132				261				103				110				475				139				134				273				550
Oceania			78				76				154				73				61				289				68				80				149				330
Africa			60				77				138				69				68				275				61				76				137				290
Middle East			147				151				298				161				134				594				63				135				198				470
Other			2				1				3				1				1				5				1				1				2
Total Retail Unit Sales (thousands of units) [Toyota, Daihatsu and Hino]			2,829				2,814				5,643				2,964				2,677				11,283				2,714				2,667				5,381				10,990	(Note 1)

 

Supplemental 1