President & CEO & COO
Tomio Miyazaki
Fiscal year 2025 was marked by the need to respond to U.S. tariff policies. At the same time, geopolitical risks intensified in various regions around the world, including Ukraine and the Middle East, making the outlook for the global economy increasingly uncertain. The automotive industry also experienced significant changes in its business environment, including a slowing pace of electrification, the rise of Chinese manufacturers, and the emergence of supply chain risks.
Despite these challenges, we achieved net sales of ¥162.3 billion, operating profit of ¥11.2 billion, ordinary profit of ¥12.4 billion, and net income attributable to owners of the parent of ¥8.8 billion in fiscal year 2025, reaching record-high sales and profits for the second consecutive year. In addition, our U.S. operations returned to profitability for the first time in eight years as a result of progress in our production transfer project. We believe these achievements reflect our ability to respond effectively to changes in the business environment, as well as our steady efforts to enhance productivity, strengthen quality management, and improve overall operational performance as an automotive parts manufacturer.
On April 27, we announced our new medium-term management plan, “T.RAD-2026.” As a specialized manufacturer of heat exchangers, we will further advance our multi-pathway strategy to address the diverse needs of all powertrain types. We will focus on expanding sales of our multi-function radiator, for which we have already secured orders, while further strengthening our presence in the automotive parts market. Looking ahead, we also see significant opportunities for heat exchanger technologies beyond the automotive sector. Over the medium to long term, we will pursue growth opportunities in data centers, humanoid robots, and space-related applications.
In fiscal year 2025, our ROE reached 17.2%, exceeding our initial target of 15%. Under the new medium-term management plan, we will further advance growth investments and capital-efficient management, aiming to achieve net sales of ¥200 billion or more and ROE of 20% or more in fiscal year 2030. With regard to dividends, we have set a target of progressive dividends with a payout ratio of 50% or more and DOE of 5% or more. We will also continue to steadily strengthen shareholder returns.
In 2026, we will celebrate the 90th anniversary of our founding. Under our management philosophy of contributing to the realization of a sustainable society that is friendly to the global environment through the provision of superior thermal energy conversion technologies and services, we will continue to build upon the world-class technologies and expertise we have cultivated over the years and strive to achieve the next stage of growth.
We respectfully ask for your continued understanding and support.
Biography
President & CEO & COO
Tomio Miyazaki
Biography
April 2002 Joined Honda Motor Co., Ltd.
August 2002 Joined Wako Fundamental Technology Research Center of Honda R&D Co., Ltd.
October 2009 Joined Jinya Co., Ltd. as Representative Director & President
April 2012 Founded Jinya Connect Co., Ltd. as Representative Director & CEO
June 2014 Appointed Outside Director of T.RAD Co., Ltd.
June 2017 Appointed Director in charge of Business Planning Department of T.RAD Co., Ltd.
April 2018 Founded T.RAD Connect Co., Ltd. as Director
June 2018 Appointed Representative Director, President & COO of T.RAD Co., Ltd.
March 2019 Appointed Representative Director & President of T.RAD Connect Co., Ltd. (current role)
June 2022 Appointed Representative Director, President, CEO & COO of T.RAD Co., Ltd. (current role)
October 2023 Appointed Director & Owner of Jinya Connect Co., Ltd. (current role)
Managing Director
Tatsuya Kikuyama
Biography
April 1986 Joined Toyo Radiator Co., Ltd. (currently the Company)
April 2006 General Manager of Heat Exchanger Designing Dept., Construction & Industrial Machine Group Product Development Center of the Company
April 2012 President of T.RAD North America, Inc.
January 2015 Deputy General Manager of Sales/Marketing and Technical Division (in charge of Technical) of the Company
January 2016 General Manager of Sales/Marketing and Technical Division (in charge of Technical) [supervising Development] of the Company
April 2018 Executive Officer Deputy General Manager of Sales/Marketing and Technical Division (in charge of Sales) of the Company
April 2020 Managing Executive Officer Supervising Sales/Marketing General Manager of Sales/Marketing Division of the Company
January 2024 Managing Director Supervising Sales/Marketing and Technical General Manager of Sales/Marketing Division, General Manager of Technical Division of the Company (current role)
June 2024 Director and Managing Executive Officer Supervising Sales/Marketing and Technical General Manager of Sales/Marketing Division, General Manager of Technical Division of the Company (current role)
June 2026 Supervising Quality and General Manager of Quality Division of the Company (current role)
Outside Director
Yoshisada Takahashi
Biography
Apr. 1978 Joined Komatsu Ltd.
Jun. 1995 Plant Manager of Komatsu Brasil International Ltda.
Apr. 2006 Executive Officer and Plant Manager of Awazu Plant, Production Division of Komatsu Ltd.
Apr. 2008 Executive Officer and Plant Manager of Osaka Plant, Production Division of Komatsu Ltd.
Apr. 2012 Managing Executive Officer, President of Production Division, Supervising Environment of Komatsu Ltd.
Apr. 2016 Senior Executive Officer, Chief Information & Innovation Officer, President of Information Strategy Division, Supervising Production and Industrial Machinery Business of Komatsu Ltd.
Apr. 2017 Executive Vice President, Chief Information & Innovation Officer, President of Information Strategy Division, Supervising Industrial Machinery Business of Komatsu Ltd.
Apr. 2019 Advisor to President of Komatsu Ltd.
Jun. 2019 Outside Director of the Company (current role)
Jul. 2019 Consultant of Komatsu Ltd. (current role)
Sep. 2019 Consultant of Ishikawa Prefecture (in charge of industry promotion) (current role)
Jun. 2022 Outside Director of T-Gaia Corporation
Outside Director
Ryuichi Murata
Biography
Apr. 1971 Joined The Mitsubishi Bank, Limited
Jan. 2006 Member of the Board of Directors, Senior Managing Executive Officer of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
May. 2007 Deputy President of The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Jun. 2009 Director, Deputy President of Mitsubishi UFJ Lease & Finance Company Limited (currently Mitsubishi HC Capital Inc.)
Jun. 2010 Representative Director, President & CEO of Mitsubishi UFJ Lease & Finance Company Limited (currently Mitsubishi HC Capital Inc.)
Jun. 2012 Representative Director, Chairman of Mitsubishi UFJ Lease & Finance Company Limited (currently Mitsubishi HC Capital Inc.)
Jun. 2016 Outside Audit & Supervisory Board Member of NORITAKE CO., LIMITED (current role)
Jun. 2017 Advisor of Mitsubishi UFJ Lease & Finance Company Limited (currently Mitsubishi HC Capital Inc.)
Jun. 2017 External Director of Kintetsu Group Holdings Co., Ltd.
Jun. 2018 Outside Director of Eisai Co., Ltd.
Jul. 2018 Senior Advisor to Mitsubishi UFJ Lease & Finance Company Limited (currently Mitsubishi HC Capital Inc.)
Jun. 2021 Outside Director of the Company (current role)
Apr. 2026 Honorary Advisor to Mitsubishi HC Capital Inc. (current role)
Outside Director
Jinning Tu
Biography
Oct. 2006 Joined Anderson Mori & Tomotsune
Jan. 2013 Joined Wintell & CO (Shanghai China)
Aug. 2013 Joined Anderson Mori & Tomotsune
Jan. 2018 Appointed as Senior Foreign Counsel for Partner Treatment of Anderson Mori & Tomotsune
Jan. 2021 Appointed as Partner Anderson Mori & Tomotsune (current role)
Jun. 2023 Outside Director of the Company (current role)
Full Time Audit & Supervisory Board Member
Kosei Tamura
Biography
Apr. 1986 Joined Toyo Radiator Co., Ltd. (currently the Company)
Apr. 2005 General Manager of Automotive Sales Dept. No. 1 of the Company
Jun. 2013 General Manager of SMART Project of the Company
Mar. 2014 General Manager of Sales and Technical Management Dept. of the Company
Jan. 2016 General Manager (shukan) of Business Planning Office of the Company
Apr. 2017 General Manager (shitsucho) of Business Planning Office of the Company
Apr. 2018 Executive Officer in charge of Human Resources, General Affairs and Related Businesses, and General Manager of Human Resources and General Affairs Dept.
Apr. 2021 Executive Officer, General Manager of Purchasing Div.
Mar. 2022 Managing Executive Officer, Supervising Purchasing
Apr. 2023 Full-time Advisor
Jun. 2023 Full Time Audit & Supervisory Board Member of the Company (current role)
Full Time Audit & Supervisory Board Member
Satoshi Iwasaki
Biography
Apr. 1989 Joined Toyo Radiator Co., Ltd. (currently the Company)
Apr. 2014 General Manager of Hatano Works Production Dept. of the Company
Apr. 2016 Deputy Plant Manager of Shiga Works, and General Manager of Production Dept. of the Company
Oct. 2016 Plant Manager of Shiga Works, and General Manager of Production Dept. of the Company
Apr. 2019 Plant Manager of Shiga Works, Deputy General Manager of Production Purchasing Division (in charge of Production) of the Company
Jul. 2019 Plant Manager of Shiga Works, Deputy General Manager of Production Purchasing Division (in charge of Production), and Deputy Plant Manager of Production Engineering Center of the Company
Jan. 2020 Plant Manager of Hatano Works, General Manager of Quality Control Dept., Deputy General Manager of Production Purchasing Division (in charge of Production), and Deputy Plant Manager of Production Engineering Center of the Company
Jan. 2022 Deputy General Manager of Production Division, and General Manager Supervising Production of the Company
Apr. 2023 Managing Executive Officer, Supervising Purchasing, and General Manager of Purchasing Division of the Company
May 2025 Full-time Advisor of the Company
Jun 2025 Full Time Audit & Supervisory Board Member of the Company (current role)
Outside Audit & Supervisory Board Member
Mikio Endo
Biography
Sep. 1978 Joined Toyama Co., Ltd.
Sep. 1998 Chief Executive Officer of Toyama Co., Ltd.
May 2006 Representative Director, Chairperson of Toyama Co., Ltd.
Oct. 2008 Mayor of Zama City, Kanagawa Prefecture
Jan. 2021 Senior Advisor to Kikko Corporation
Jun. 2021 Outside Audit & Supervisory Board Member of the Company (current role)
Outside Audit & Supervisory Board Member
Hisashi Fujii
Biography
Apr. 2003 Joined Shin Nihon & Co. (currently Ernst & Young ShinNihon LLC)
Apr. 2006 Registered as a certified public accountant
Dec. 2011 Registered as an attorney at law
Dec. 2011 Joined Shibadaimon Law Office
Oct. 2015 Reemployment Surveillance Inspector, Ministry of Defense (part-time) (current role)
Aug. 2017 Joined Link Partners Law Firm (current role)
Jul. 2019 Outside Audit & Supervisory Board Member of YOSHIDUMI HOLDINGS, Inc. (current role)
Apr. 2022 Outside Audit & Supervisory Board Member of Think-Lands Co., Ltd. (current role)
Oct. 2023 Outside Audit & Supervisory Board Member of CareRitz Technologies Inc. (current role)
Dec. 2023 Outside Director of Linc’well Inc. (current role)
Jun. 2024 Auditor of Sasaki Taiju Scholarship Foundation (current role)
Aug. 2024 Outside Director of M.D.B Corporation (current role)
Jun. 2025 Outside Director of REDCLIFF, Inc. (current role)
Jan. 2026 Provisional Audit & Supervisory Board Member of the Company
Jun. 2026 Outside Audit & Supervisory Board Member of the Company (current role)
Managing Executive Officer
Yasushi Hotta
Managing Executive Officer
Hirokazu Urano
Managing Executive Officer
Kaoru Kinoshita