J P M O R G A N Asia Pacific Equity Research 07 August 2026 Toyo Tire (5105) 2Q results: North America business weaker than expected, full-year guidance lowered Negative: Operating profit was ¥16.9 billion in 2Q FY2026, down QoQ, and more than 20% below our estimate, leaving a negative impression. Management lowered its full-year operating profit guidance from ¥94.0 billion to ¥90.0 billion due to weak demand in the North America replacement tire market. In 1Q FY2026, domestic sales fell due to ERP system r ...