TOYOTA TSUSHO CORPORATION
8015・Prime Market・Wholesale Trade
Business
Toyota Tsusho Corporation is a general trading company with 815 consolidated subsidiaries and 227 equity-method affiliates, engaged in the buying, selling, manufacturing, processing, and sale of various goods, as well as business investment and service provision both in Japan and overseas. The company operates under an eight-division structure comprising Metal+ (Plus), Circular Economy, Supply Chain, Mobility, Green Infrastructure, Digital Solutions, Lifestyle, and Africa, and while maintaining automotive-related business at its core, it is expanding into renewable energy, resource recycling, healthcare, digital infrastructure, and other areas. Major customers span a wide range, led by the Toyota Motor Group, and including automakers, parts manufacturers, energy companies, African local governments, and consumers. Revenue for FY2026 (ending March 2026) reached ¥11,561,935 million, and the company also has a distinctive regional dimension, with the Africa business generating profit for the period of ¥94,018 million.
Business Model
In addition to gross profit from merchandise trading, the company builds up added value by internalizing value chain functions—manufacturing, processing, logistics, finance, etc.—within its own group. It also has a three-layer structure that earns dividends and equity-method income from investments in equity-method affiliates (¥150,160 million in the Circular Economy segment alone in FY2026 (ending March 2026)) and from business investments such as renewable energy IPPs. Total capital expenditure for FY2026 (ending March 2026) was ¥224,934 million, mainly consisting of investment in wind power generation-related facilities.
Company Strengths
Building on a long-standing transactional relationship with the Toyota Motor group, the company operates directly-run Toyota dealerships in 36 African countries. In FY2026 (ending March 2026), it achieved its 36th country through the acquisition of a dealership business in Ghana. Net income in the Mobility segment rose 11.5% year on year to ¥63,900 million, while net income in the Africa segment rose 18.2% year on year to ¥94,018 million, with this franchise underpinning stable profit growth.
In April 2025, Eurus Energy Holdings absorbed and merged with Terus Energy, becoming Japan's No.1 power generation operator by wind and solar generation capacity. The bulk of FY2026 (ending March 2026) capital expenditure of ¥224,934 million is directed toward wind power-related facilities, and the company has built a structure to complete the entire renewable energy value chain of "generating, aggregating, and delivering" within its own group.
In July 2025, the company made U.S.-based Radius Recycling, Inc. a wholly owned subsidiary, acquiring over 100 recycled resource collection sites and electric arc furnaces across the U.S., Canada, and other locations. By combining the company's recycling technology, quality control, and closed-loop expertise with Radius's network, it has established a framework to create synergies across three areas: metal scrap, end-of-life vehicles (ELV), and vehicle batteries. This has established a vertically integrated, circular recycling business foundation that is difficult for competitors to replicate in a short period.
ENVALITH's Perspective
Performance Trend
In FY2026 (ending March 2026), revenue was ¥11,561,935 million (up 12.1% year on year), profit for operating activities was ¥545,235 million (up 9.7%), and profit attributable to owners of the parent was ¥370,516 million (up 2.2%), achieving increases in both revenue and profit for the fifth consecutive fiscal year. The main driver of the revenue acceleration was an increase in vehicle sales (in Africa and Australasia) and the expansion of the Circular Economy segment following the consolidation of Radius Recycling. On the other hand, profit growth lagged behind revenue growth, as selling, general and administrative expenses increased from ¥616,794 million to ¥712,229 million, and impairment losses on fixed assets also expanded from ¥3,486 million to ¥16,404 million. As an external factor, the continued depreciation of the yen (a positive contribution of ¥153,732 million from exchange differences on translation of foreign operations) pushed up comprehensive income, resulting in a substantial increase in comprehensive income for the period to ¥704,235 million (up 127.1% from ¥310,054 million in the previous period). Total assets expanded sharply to ¥8,523,667 million (up 20.8% year on year), while ROE declined to 12.8% (from 14.2% in the previous period).
Growth Strategy
A diversified growth strategy pursuing a step-change across four axes: resource circulation, renewable energy, Africa, and digital
The Company completed the full consolidation of Radius Recycling, Inc. (US) in July 2025. Leveraging over 100 recycled resource collection sites and electric arc furnaces across North America, the Company is generating synergies across three areas: metal scrap, end-of-life vehicles (ELV), and automotive batteries. Circular Economy segment assets expanded to ¥1,397,734 million, establishing a business foundation for achieving carbon neutrality.
Eurus Energy Holdings Corporation and Terra Energy Co., Ltd. completed a management integration in April 2025, making the combined entity the No.1 wind and solar power generation operator in Japan by capacity. The Company is building out a service platform that expands the value chain of renewable energy from "generating" to "aggregating and preparing" and "delivering."
The Company has launched a Green Data Center Business in Wakkanai, Hokkaido, utilizing renewable energy derived from wind power generation. The project aims to contribute to reducing grid load, promoting local production and consumption of renewable energy, and decentralizing data centers regionally, thereby creating new value at the intersection of energy and digital infrastructure. Construction is scheduled to begin in April 2026, with full-scale operation expected during 2027.
In December 2025, the Company acquired Toyota Motor Corporation and Hino Motors dealership operations in Ghana, expanding its directly-operated dealership network in Africa to 36 countries. In addition to strengthening the Mobility value chain—including after-sales service and insurance operations—the continued expansion of the Healthcare Business (pharmaceutical manufacturing, wholesale, and retail) through CFAO SAS contributed to the Africa segment achieving profit for the period of ¥94,018 million (up 18.2% year on year).
Following a resolution of the Board of Directors on April 30, 2026, the Company plans to conduct a tender offer to acquire approximately 11.19% of its total issued shares (118,095,402 shares) at ¥5,620 per share (with a maximum acquisition price of ¥663,696,721,240), with all acquired shares to be retired after acquisition. Combined with the continuation of progressive dividends and a total shareholder return ratio policy of 40% or more (for FY2026 (ending March 2026) through FY2028 (ending March 2028)), the Company aims to improve EPS and capital efficiency.
The Company, together with Aisin Corporation and Minth Group Limited, established ATM Automotive Parts Inc. in Ontario, Canada in February 2026 as a three-way joint venture. Leveraging aluminum extrusion technology, the joint venture aims to capture growing demand for battery holding and fixing structural components for EVs and PHVs, and to establish a competitive production framework for the U.S. market.
Last updated: July 19, 2026