6-K - TM - Equibles

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of November, 2025

Commission File Number 001-14948

Toyota Motor Corporation

(Translation of Registrant’s Name Into English)

1, Toyota-cho, Toyota City,

Aichi Prefecture 471-8571,

Japan

(Address ofPrincipal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Material Contained in this Report:

I.	The registrant’s Unaudited Condensed Consolidated Financial Statements for the periods ended<br>September 30, 2025, prepared in accordance with IFRS, which materially conform to the Consolidated Financial Statements filed with the Japanese-language first half Securities Report, as filed with the Director of the Kanto Local Finance Bureau<br>on November 13, 2025.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Toyota Motor Corporation
By:	/s/ Yoshihide Moriyama
	Name:	Yoshihide Moriyama
	Title:	General Manager,
		Capital Strategy & Affiliated Companies Finance Division

Date: November 28, 2025

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

November 28, 2025

TOYOTA MOTOR CORPORATION

Japanese-language First Half Securities Report for the period ended September 30, 2025, as filed with the Director of the Kanto Local Finance Bureau of the Ministry of Finance of Japan on November 13, 2025, and which includes the following:

I.	Corporate information
A.	Corporate overview
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1.	History of changes in major business indices
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2.	Overview of business
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B.	Business
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1.	Risk factors
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2.	Management’s analysis of financial position, results of operations and cash flows<br>
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3.	Material contracts
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C.	Company information
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1.	Share information
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2.	Directors and corporate auditors
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D.	Financial information
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1.	Condensed quarterly consolidated financial statements and notes
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2.	Other
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II.	Information on Guarantors
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Auditors Report

Certificate

TOYOTA MOTOR CORPORATION

Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position

		Yen in millions
	Notes	March 31,2025			September 30,2025
Assets
Current assets
Cash and cash equivalents			8,982,404			8,112,922
Trade accounts and other receivables			3,679,722			3,801,122
Receivables related to financial services			11,453,249			11,910,921
Other financial assets			6,935,759			8,805,350
Inventories			4,598,232			4,821,814
Income tax receivable			216,528			227,836
Other current assets			1,212,783			1,262,757
Total current assets			37,078,676			38,942,722
Non-current assets
Investments accounted for using the equity method			5,798,051			5,777,572
Receivables related to financial services			22,171,786			23,199,276
Other financial assets			9,882,841			10,148,449
Property, plant and equipment
Land			1,428,122			1,491,464
Buildings			6,170,063			6,467,191
Machinery and equipment			16,621,243			17,153,009
Vehicles and equipment on operating leases			8,051,945			8,647,282
Construction in progress			1,596,145			1,445,899
Total property, plant and equipment, at cost			33,867,518			35,204,845
Less - Accumulated depreciation and impairment losses			(18,533,826	)		(19,174,977	)
Total property, plant and equipment, net			15,333,693			16,029,868
Right of use assets			583,068			663,542
Intangible assets			1,363,266			1,367,271
Deferred tax assets			517,869			536,739
Other non-current assets			872,101			909,439
Total non-current assets			56,522,674			58,632,156
Total assets			93,601,350			97,574,878

The accompanying notes are an integral part of these condensed semi-annual consolidated financial statements.

TOYOTA MOTOR CORPORATION

Unaudited Condensed Semi-Annual Consolidated Statement of Financial Position

		Yen in millions
	Notes	March 31,2025			September 30,2025
Liabilities
Current liabilities
Trade accounts and other payables			5,527,347			5,764,146
Short-term and current portion of long-term debt			15,829,516			16,235,532
Accrued expenses			1,827,933			1,857,933
Other financial liabilities			1,869,117			2,677,163
Income taxes payable			505,500			574,797
Liabilities for quality assurance			1,965,748			1,998,031
Other current liabilities			1,909,059			1,923,591
Total current liabilities			29,434,220			31,031,192
Non-current liabilities
Long-term debt			22,963,363			23,628,745
Other financial liabilities			435,594			394,497
Retirement benefit liabilities			1,019,568			1,028,940
Deferred tax liabilities			1,659,433			1,744,667
Other non-current liabilities			1,210,260			1,289,883
Total non-current liabilities			27,288,217			28,086,732
Total liabilities			56,722,437			59,117,924
Shareholders’ equity
Common stock			397,050			397,050
Additional paid-in capital			492,368			493,414
Retained earnings			35,841,218			37,061,816
Other components of equity			3,610,133			3,995,233
Treasury stock			(4,415,943	)		(4,455,394	)
Total Toyota Motor Corporation shareholders’ equity			35,924,826			37,492,119
Non-controlling interests			954,088			964,835
Total shareholders’ equity			36,878,913			38,456,954
Total liabilities and shareholders’ equity			93,601,350			97,574,878

The accompanying notes are an integral part of these condensed semi-annual consolidated financial statements.

TOYOTA MOTOR CORPORATION

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
	Notes		For the first<br>half endedSeptember 30,<br>2024			For the first<br>half endedSeptember 30,<br>2025
Sales revenues
Sales of products		VIII		21,263,215			22,324,109
Financial services		VIII		2,019,235			2,306,644
Total sales revenues		VIII		23,282,450			24,630,753
Costs and expenses
Cost of products sold				17,134,152			19,001,590
Cost of financial services				1,281,362			1,464,512
Selling, general and administrative				2,402,719			2,158,959
Total costs and expenses				20,818,233			22,625,061
Operating income				2,464,217			2,005,692
Share of profit (loss) of investments accounted for using the equity method				264,315			272,624
Other finance income				270,945			292,746
Other finance costs				(53,694	)		(25,010	)
Foreign exchange gain (loss), net				(226,811	)		(52,787	)
Other income (loss), net				13,097			(15,138	)
Income before income taxes				2,732,069			2,478,127
Income tax expense				866,418			632,993
Net income				1,865,651			1,845,135
Net income (loss) attributable to
Toyota Motor Corporation				1,907,113			1,773,426
Non-controlling interests				(41,462	)		71,709
Net income				1,865,651			1,845,135
			Yen
Earnings per share attributable to Toyota Motor Corporation
Basic and Diluted		IX		142.15			136.07

The accompanying notes are an integral part of these condensed semi-annual consolidated financial statements.

TOYOTA MOTOR CORPORATION

Unaudited Condensed Semi-Annual Consolidated Statement of Income and

Unaudited Condensed Semi-Annual Consolidated Statement of Comprehensive Income

		Yen in millions
	Notes	For the first<br>half ended<br>September 30,<br>2024			For the first<br>half ended<br>September 30,<br>2025
Net income			1,865,651			1,845,135
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<br>value through other<br>comprehensive income			58,283			391,463
Remeasurements of defined benefit plans			(5,209	)		(9,750	)
Share of other comprehensive income of equity method investees			(51,348	)		(13,531	)
Total of items that will not be reclassified to profit (loss)			1,726			368,181
Items that may be reclassified subsequently to profit (loss)
Exchange differences on translating foreign operations			(512,676	)		182,985
Net changes in revaluation of financial assets measured at fair value through other comprehensive<br>income			83,151			27,957
Share of other comprehensive income of equity method investees			176,539			(76,123	)
Total of items that may be reclassified subsequently to profit (loss)			(252,986	)		134,819
Total other comprehensive income, net of tax			(251,260	)		503,001
Comprehensive income			1,614,391			2,348,135
Comprehensive income for the period attributable to
Toyota Motor Corporation			1,653,798			2,258,145
Non-controlling interests			(39,407	)		89,990
Comprehensive income			1,614,391			2,348,135

The accompanying notes are an integral part of these condensed semi-annual consolidated financial statements.

TOYOTA MOTOR CORPORATION

Unaudited Condensed Semi-Annual Consolidated Statement of Changes in Equity

For the first half ended September 30, 2024

			Yen in millions
	Notes		Commonstock		Additional<br>paid-incapital			Retained<br>earnings			Other<br>componentsof equity			Treasurystock			Toyota MotorCorporationshareholders’equity			Non-controllinginterests			Totalshareholders’equity
Balances at April 1, 2024				397,050		491,802			32,795,365			4,503,756			(3,966,982	)		34,220,991			1,018,347			35,239,338
Comprehensive income
Net income				—		—			1,907,113			—			—			1,907,113			(41,462	)		1,865,651
Other comprehensive income, net of tax				—		—			—			(253,316	)		—			(253,316	)		2,055			(251,260	)
Total comprehensive income				—		—			1,907,113			(253,316	)		—			1,653,798			(39,407	)		1,614,391
Transactions with owners and other
Dividends paid		VII		—		—			(606,338	)		—			—			(606,338	)		(94,686	)		(701,024	)
Repurchase of treasury stock				—		—			—			—			(903,464	)		(903,464	)		—			(903,464	)
Reissuance of treasury stock				—		1,356			—			—			866			2,222			—			2,222
Retirement of treasury stock				—		(1,953	)		(727,264	)		—			729,217			—			—			—
Equity transactions and other				—		1,303			—			—			—			1,303			13,896			15,200
Total transactions with owners and other				—		707			(1,333,602	)		—			(173,381	)		(1,506,276	)		(80,790	)		(1,587,065	)
Reclassification to retained earnings				—		—			248,256			(248,256	)		—			—			—			—
Balances at September 30, 2024				397,050		492,509			33,617,132			4,002,185			(4,140,363	)		34,368,513			898,150			35,266,663
For the first half ended September 30, 2025
			Yen in millions
	Notes		Commonstock		Additional<br>paid-incapital			Retained<br>earnings			Other<br>componentsof equity			Treasurystock			Toyota MotorCorporationshareholders’equity			Non-controllinginterests			Totalshareholders’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		VII		—		—			(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

The accompanying notes are an integral part of these condensed semi-annual consolidated financial statements.

TOYOTA MOTOR CORPORATION

Unaudited Condensed Semi-Annual Consolidated Statement of Cash Flows

			Yen in millions
	Notes		For the firsthalf ended<br>September 30,2024			For the firsthalf ended<br>September 30,2025
Cash flows from operating activities
Net income				1,865,651			1,845,135
Depreciation and amortization				1,127,964			1,131,414
Interest income and interest costs related to financial services, net				(392,225	)		(392,440	)
Share of profit (loss) of investments accounted for using the equity method				(264,315	)		(272,624	)
Income tax expense				866,418			632,993
Changes in operating assets and liabilities, and other				(1,011,456	)		(232,255	)
Interest received				1,324,780			1,339,585
Dividends received				492,691			295,880
Interest paid				(747,311	)		(805,043	)
Income taxes paid, net of refunds				(1,445,020	)		(598,035	)
Net cash provided by (used in) operating activities				1,817,177			2,944,609
Cash flows from investing activities
Additions to fixed assets excluding equipment leased to others				(848,071	)		(957,692	)
Additions to equipment leased to others				(1,944,559	)		(1,405,941	)
Proceeds from sales of fixed assets excluding equipment leased to others				21,125			15,008
Proceeds from sales of equipment leased to others				1,169,262			686,709
Additions to intangible assets				(140,020	)		(151,495	)
Additions to public and corporate bonds and stocks				(2,331,054	)		(1,233,188	)
Proceeds from sales of public and corporate bonds and stocks and upon maturity of public and<br>corporate bonds				2,156,345			1,919,732
Other, net		X		(1,168,778	)		(2,390,660	)
Net cash provided by (used in) investing activities				(3,085,752	)		(3,517,528	)
Cash flows from financing activities
Increase (decrease) in short-term debt				(27,289	)		(249,899	)
Proceeds from long-term debt				6,559,072			6,061,836
Payments of long-term debt				(5,232,659	)		(5,404,003	)
Dividends paid to Toyota Motor Corporation common shareholders		VII		(606,338	)		(652,446	)
Dividends paid to non-controlling interests				(94,686	)		(95,069	)
Reissuance (repurchase) of treasury stock				(903,464	)		(39,959	)
Other, net				15,611			17,474
Net cash provided by (used in) financing activities				(289,752	)		(362,065	)
Effect of exchange rate changes on cash and cash equivalents				(222,277	)		65,502
Net increase (decrease) in cash and cash equivalents				(1,780,603	)		(869,482	)
Cash and cash equivalents at beginning of period				9,412,060			8,982,404
Cash and cash equivalents at end of period				7,631,457			8,112,922

The accompanying notes are an integral part of these condensed semi-annual consolidated financial statements.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

I.	Reporting entity

Toyota Motor Corporation (“TMC”) is a limited liability, joint-stock company located in Japan, and TMC’s principal executive offices are registered in Toyota City, Aichi Prefecture. For the first half ended September 30, 2025, the condensed semi-annual consolidated financial statements of the group consist of TMC, its consolidated subsidiaries (collectively, “Toyota”) and their interests in associates and joint ventures.

Toyota and its associates are primarily engaged in the design, manufacture, and sale of sedans, minivans, compact cars, SUVs, trucks and related parts and accessories throughout the world. In addition, Toyota and its associates provide financing, vehicle leasing and certain other financial services primarily to its dealers and their customers to support the sales of vehicles and other products manufactured by Toyota and its associates.

II.	Basis of preparation

1. Compliance with IFRS Accounting Standards

Toyota’s condensed semi-annual consolidated financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The condensed semi-annual consolidated financial statements should be read in conjunction with Toyota’s consolidated financial statements for the fiscal year ended March 31, 2025, since the condensed semi-annual consolidated financial statements do not include all the information required in the annual consolidated financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”).

The condensed semi-annual consolidated financial statements were approved on November 5, 2025 by the Board of Directors.

2. Basis of measurement

Toyota’s condensed semi-annual consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities measured at fair value and assets and liabilities associated with defined benefit plans.

3. Functional currency and presentation currency

The condensed semi-annual consolidated financial statements are presented in Japanese yen, which is the functional currency of TMC. All financial information presented in Japanese yen has been rounded to the nearest million Japanese yen, except when otherwise indicated. Amounts may not sum to totals due to rounding.

III.	Material accounting policies

Toyota’s condensed semi-annual consolidated financial statements are prepared based on the same accounting policies as those applied and described in the consolidated financial statements for the fiscal year ended March 31, 2025.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

IV.	Significant accounting judgments and estimates

The preparation of the condensed semi-annual consolidated financial statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of accounting policies, the reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates. These estimates and underlying assumptions are reviewed on a continuous basis. Changes in these accounting estimates are recognized in the period in which the estimates were revised and in any future periods affected.

The condensed semi-annual consolidated financial statements are prepared based on generally the same judgments and estimations as those applied and described in Toyota’s consolidated financial statements for the fiscal year ended March 31, 2025.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

V.	Segment information

1. 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.

2. Segment operating results

For the first half ended September 30, 2024:

	Yen in millions
	Automotive		Financialservices		All other		Inter-segment<br>Elimination/<br>Unallocated<br>Amount			Consolidated
Sales revenues
Revenues from external customers		20,986,201		2,019,235		277,014		—			23,282,450
Inter-segment revenues and transfers		105,979		23,777		376,325		(506,081	)		—
Total		21,092,180		2,043,012		653,339		(506,081	)		23,282,450
Operating expenses		19,024,419		1,710,524		579,260		(495,969	)		20,818,233
Operating income		2,067,761		332,488		74,080		(10,112	)		2,464,217
For the first half ended September 30, 2025:
	Yen in millions
	Automotive		Financialservices		All other		Inter-segment<br>Elimination/<br>Unallocated<br>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		1,485,476		450,459		68,861		896			2,005,692

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 in accordance with terms and conditions in the ordinary course of business.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

3. Geographic information

For the first half ended September 30, 2024:

	Yen in millions
	Japan		North America			Europe		Asia		Other		Inter-segment<br>Elimination/<br>Unallocated<br>Amount			Consolidated
Sales revenues
Revenues from external customers		5,112,835		9,352,535			2,795,866		3,921,657		2,099,556		—			23,282,450
Inter-segment revenues and transfers		5,428,655		172,854			93,251		548,410		20,906		(6,264,076	)		—
Total		10,541,491		9,525,389			2,889,117		4,470,067		2,120,463		(6,264,076	)		23,282,450
Operating expenses		9,019,053		9,411,613			2,673,166		3,979,639		1,979,862		(6,245,100	)		20,818,233
Operating income		1,522,438		113,776			215,951		490,428		140,601		(18,977	)		2,464,217
For the first half ended September 30,<br>2025:
	Yen in millions
	Japan		North America			Europe		Asia		Other		Inter-segment<br>Elimination/<br>Unallocated<br>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

“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 TMC or consolidated subsidiaries are located. Transfers between geographic areas are made in accordance with terms and conditions in the ordinary course of business.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

4. Sales revenues by location of external customers

	Yen in millions
	For the first half ended September 30,
	2024		2025
Japan		3,674,817		3,739,050
North America		9,366,010		10,321,494
Europe		2,717,418		3,004,242
Asia		3,955,029		3,865,728
Other		3,569,176		3,700,239
Total		23,282,450		24,630,753

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

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

VI.	Fair value measurements

1. Definition of fair value hierarchy

In accordance with IFRS Accounting Standards, Toyota classifies fair value measurement into the following three levels based on the observability and significance of the inputs used.

Level 1:	Quoted prices in active markets for identical assets or liabilities
Level 2:	Fair value measurement based on inputs other than quoted prices included within Level 1 that are observable for the<br>assets or liabilities, either directly or indirectly
Level 3:	Fair value measurement based on models using unobservable inputs for the assets or liabilities

2. Method of fair value measurement

The fair value of assets and liabilities is determined using relevant market information and appropriate valuation methods.

The methods and assumptions for measuring the fair value of assets and liabilities are as follows:

(1) Cash and cash equivalents -

Cash equivalents include money market funds and other investments with original maturities of three months or less. In the normal course of business, substantially all cash and cash equivalents and time deposits are highly liquid and are carried at amounts which approximate fair value due to their short duration.

(2) Trade accounts and other receivables and Trade accounts and other payables -

These receivables and payables are carried at amounts which approximate fair value due to their short duration.

(3) Receivables related to financial services -

The fair value of receivables related to financial services is estimated by discounting expected cash flows to present value using internal assumptions, including prepayment speeds, expected credit losses and collateral value.

As unobservable inputs are utilized, the fair value of receivables related to financial services is classified as Level 3.

(4) Other financial assets -

(Public and corporate bonds)

Public and corporate bonds include government bonds. Japanese bonds and foreign bonds, including U.S., European and other bonds, represent 32% and 68% (as of March 31, 2025) and 36% and 64% (as of September 30, 2025) of public and corporate bonds, respectively. Toyota primarily uses quoted market prices for identical assets to measure the fair value of these securities.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

(Stocks)

Listed stocks on the Japanese stock markets represent 79% (as of March 31, 2025) and 69% (as of September 30, 2025) of stocks that Toyota holds. Toyota primarily uses quoted market prices for identical assets to measure fair value of these securities. Therefore, stocks with an active market are classified as Level 1.

Fair value of stocks with no active market is measured by using the market approach or other appropriate methods. Therefore, stocks with no active market are classified as Level 3.

Price book-value ratios (“PBR”) of comparable companies, discount ratios of discounted cash flow valuation method and others are the significant unobservable inputs relating to the fair value measurement of stocks classified as Level 3. The fair value increases (decreases) as PBR of a comparable company rises (declines) or the discount rate declines (rises). The estimated increase or decrease in fair value of stocks if the unobservable inputs were to be replaced by other reasonable alternative assumptions are not significant.

These estimates are based on valuation methods that are considered appropriate in each case. The significant assumptions involved in the estimations include the financial condition and future prospects and trends of the investees and the outcome of the referenced transactions. Due to the uncertain nature of these assumptions or by using different assumptions and estimates, the fair value may be impacted materially.

The shares classified as Level 3 are measured by the responsible department using quarterly available information in accordance with Toyota’s consolidated financial accounting policies and reported to the supervisors along with the basis of the change in fair value.

(Investment trusts)

Marketable investment trusts are measured using market prices. Therefore, marketable investment trusts are classified as Level 1. Other investment trusts are calculated based on the quoted price obtained from the financial institutions with which Toyota has transactions. Therefore, other investment trusts are classified as Level 2.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

(5) Derivative financial instruments -

Toyota employs derivative financial instruments, including foreign exchange forward contracts, foreign currency options, interest rate swaps, interest rate currency swap agreements and interest rate options primarily to manage its exposures to fluctuations in interest rates and foreign currency exchange rates. Toyota primarily estimates the fair value of derivative financial instruments using industry-standard valuation models that require observable inputs including interest rates and foreign exchange rates, and the contractual terms. The usage of these models does not require significant judgment to be applied. These derivative financial instruments are classified as Level 2. In other certain cases when market data are not available, key inputs to the fair value measurement include quotes from counterparties, and other market data. Toyota assesses the reasonableness of changes of the quotes using observable market data. These derivative financial instruments are classified as Level 3. Toyota’s derivative fair value measurements consider assumptions about counterparty and Toyota’s own non-performance risk, using such as credit default probabilities.

(6) Short-term and long-term debt -

The fair values of short-term and long-term debt including the current portion, except for certain secured loans provided by securitization transactions using special-purpose entities (“Loans Based on Securitization”), are estimated based on the discounted amounts of future cash flows using Toyota’s current borrowing rates for similar liabilities. As these inputs are observable, the fair value of these debts is classified as Level 2.

The fair values of certain Loans Based on Securitization are primarily estimated based on current market rates and credit spreads for debt with similar maturities. Internal assumptions including prepayment speeds and expected credit losses are used to estimate the timing of cash flows to be paid on the underlying securitized assets. In cases where these valuations utilize unobservable inputs, the fair value of the Loans Based on Securitization is classified as Level 3.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

3. Financial instrument measured at fair value on recurring basis

The following table summarizes the fair values of the assets and liabilities measured at fair value on a recurring basis. Transfers between levels of the fair value are recognized at the date of the event or change in circumstances that caused the transfer:

	Yen in millions
	March 31, 2025
	Level 1		Level 2			Level 3		Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds		110,516		110,488			10,710		231,713
Stocks		—		—			46,215		46,215
Investment trusts		286,799		331,429			—		618,228
Derivative financial instruments		—		458,579			24,800		483,378
Total		397,315		900,495			81,724		1,379,534
Financial assets measured at fair value through other comprehensive income
Public and corporate bonds		4,487,174		4,571,862			19,401		9,078,437
Stocks		3,054,754		—			192,131		3,246,885
Other		10,947		—			—		10,947
Total		7,552,875		4,571,862			211,532		12,336,269
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments		—		(319,881	)		—		(319,881	)
Total		—		(319,881	)		—		(319,881	)
	Yen in millions
	September 30, 2025
	Level 1		Level 2			Level 3		Total
Other financial assets:
Financial assets measured at fair value through profit or loss
Public and corporate bonds		128,015		111,656			12,782		252,453
Stocks		—		—			58,697		58,697
Investment trusts		324,338		290,587			—		614,925
Derivative financial instruments		—		419,200			39,557		458,757
Total		452,352		821,443			111,036		1,384,832
Financial assets measured at fair value through other comprehensive income
Public and corporate bonds		4,627,972		3,895,368			19,669		8,543,009
Stocks		3,428,302		—			232,894		3,661,195
Other		11,222		—			—		11,222
Total		8,067,495		3,895,368			252,563		12,215,426
Other financial liabilities:
Financial liabilities measured at fair value through profit or loss
Derivative financial instruments		—		(312,333	)		—		(312,333	)
Total		—		(312,333	)		—		(312,333	)

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

4. Changes in financial instruments classified as level 3 and measured at fair value on recurring basis

The following table summarizes the changes in Level 3 assets and liabilities measured at fair value on a recurring basis for the periods ended September 30, 2024 and 2025:

	Yen in millions
	For the first half ended September 30, 2024
	Public and corporate<br>bonds			Stocks			Derivative<br>financial instruments			Total
Balance at beginning of year		31,170			401,089			—			432,259
Total gains (losses)
Net income (loss)		(98	)		(12,028	)		—			(12,126	)
Other comprehensive income (loss)		—			491			—			491
Purchases and issuances		3,503			20,689			—			24,191
Sales and settlements		(5,520	)		(52	)		—			(5,572	)
Transfer to (from) Level 3		(140	)		—			—			(140	)
Others		330			(1,828	)		—			(1,498	)
Balance at end of period		29,244			408,362			—			437,606
Unrealized gains or losses included in profit or loss on assets held at September 30		(103	)		(12,028	)		—			(12,130	)
Total		(103	)		(12,028	)		—			(12,130	)
	Yen in millions
	For the first half ended September 30, 2025
	Public and corporate<br>bonds			Stocks			Derivative<br>financial instruments			Total
Balance at beginning of year		30,111			238,346			24,800			293,257
Total gains (losses)
Net income (loss)		89			5,232			14,864			20,185
Other comprehensive income (loss)		—			17,462			—			17,462
Purchases and issuances		4,069			16,156			—			20,225
Sales and settlements		(4,880	)		(1,413	)		—			(6,293	)
Transfer to (from) Level 3		1,017			—			—			1,017
Others		2,046			15,808			(106	)		17,748
Balance at end of period		32,452			291,591			39,557			363,599
Unrealized gains or losses included in profit or loss on assets held at September 30		83			5,232			—			5,315
Total		83			5,232			—			5,315

Net income (loss) in public and corporate bonds, stocks and derivative financial instruments, other than transactions related to financial services, are each included in “Other finance income” and “Other finance costs” in the accompanying condensed semi-annual consolidated statement of income. Transactions related to financial services are included in each of “Sales revenues - Financial services” and “Cost of financial services” in the condensed semi-annual consolidated statement of income.

In the reconciliation table above, derivative financial instruments are presented as net of assets and liabilities.

The substantial majority of “others” is comprised of foreign currency translation adjustments for the first half ended September 30, 2024 and 2025.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

5. Financial assets and liabilities measured at amortized cost

The following table summarizes the carrying amount and the fair value of financial assets and liabilities measured on an amortized cost basis:

	Yen in millions
	March 31, 2025
	Carryingamount			Fair value
			Level 1			Level 2		Level 3		Total
Receivables related to financial services		33,625,035			—		—		34,004,152		34,004,152
Interest-bearing liabilities
Long-term debt (Including current portion)		32,795,058			—		25,706,416		6,972,698		32,679,114
	Yen in millions
	September 30, 2025
	Carryingamount			Fair value
			Level 1			Level 2		Level 3		Total
Receivables related to financial services		35,110,197			—		—		35,674,579		35,674,579
Interest-bearing liabilities
Long-term debt (Including current portion)		34,059,192			—		27,109,333		6,999,551		34,108,884

Of financial assets and liabilities that are measured on an amortized cost basis, those with carrying values that approximate fair value are excluded from the table above.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

VII.	Dividends

The paid dividend amounts are as follows:

For the first half ended September 30, 2024

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Record date	Effective date
The Board of<br>Directors Meeting<br>on May 8, 2024	Common shares		606,338		45.00	March 31, 2024	May 24, 2024

For the first half ended September 30, 2025

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Record date	Effective date
The Board of<br>Directors Meeting<br>on May 8, 2025	Common shares		652,446		50.00	March 31, 2025	May 26, 2025

Dividends of which the record date falls within the first half ended September 30, and the effective date is after the first half ended September 30 are as follows:

For the first half ended September 30, 2024

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Record date	Effective date
The Board of<br>Directors Meeting<br>on November 6,<br>2024	Common shares		525,991		40.00	September 30, 2024	November 26, 2024

For the first half ended September 30, 2025

Resolution	Type of shares	Total amount ofdividends<br>(yen in millions)		Dividend per share<br>(yen)		Record date	Effective date
The Board of<br>Directors Meeting<br>on November 5,<br>2025	Common shares		586,527		45.00	September 30, 2025	November 26, 2025

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

VIII.	Sales revenues

The table below shows Toyota’s sales revenues from external customers by business and by product category.

	Yen in millions
	For the first half ended September 30,
	2024		2025
Sales of products
Automotive
Vehicles		18,000,053		18,967,372
Parts and components for production		767,784		741,433
Parts and components for after service		1,683,682		1,725,844
Other		534,682		565,406
Total automotive		20,986,201		22,000,056
All other		277,014		324,053
Total sales of products		21,263,215		22,324,109
Financial services		2,019,235		2,306,644
Total sales revenues		23,282,450		24,630,753
IX.	Earnings per share
---	---

Reconciliation of the difference between basic and diluted earnings per share attributable to Toyota Motor Corporation are as follows:

	Yenin millions		Thousands<br>of shares		Yen
	Net incomeattributable toToyota MotorCorporation		Weighted-averagecommon shares		Earnings per shareattributable toToyota MotorCorporation
For the first half ended September 30, 2024
Net income attributable to Toyota Motor Corporation		1,907,113
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		1,907,113		13,416,065		142.15
For the first half ended September 30, 2025
Net income attributable to Toyota Motor Corporation		1,773,426
Basic and Diluted earnings per share attributable to Toyota Motor Corporation		1,773,426		13,033,161		136.07

“Diluted earnings per share attributable to Toyota Motor Corporation” equals “Basic earnings per share attributable to Toyota Motor Corporation” for the first halves ended September 30, 2024 and 2025, because there were no potential dilutive shares during such periods.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

X.	Supplemental cash flow information

“Other, net” in cash flows from investing activities includes a net increase in time deposits of ¥1,297,130 million and a net increase in time deposits of ¥2,402,130 million for the first half ended September 30, 2024 and 2025, respectively.

XI.	Contingencies

Guarantees -

Toyota enters into contracts with Toyota dealers to guarantee customers’ payments of their installment payables that arise from installment contracts between customers and Toyota dealers, as and when requested by Toyota dealers. Toyota is required to execute its guarantee primarily when customers are unable to make required payments.

The maximum potential amount of future payments as of September 30, 2025 is ¥1,913,773 million. Liabilities for guarantees totaling ¥7,144 million have been provided as of September 30, 2025. Under these guarantee contracts, Toyota is entitled to recover any amount paid by Toyota from the customers whose original obligations Toyota has guaranteed.

Legal proceedings -

Toyota and other automakers have been named in certain class actions relating to Takata airbag issues. The actions against Toyota in Brazil and Argentina are being litigated.

Toyota is named as a defendant in an economic loss class action lawsuit in Australia in which damages are claimed on the basis that diesel particulate filters in certain vehicle models are defective. Toyota received an unfavorable judgment in the court of first instance on April 7, 2022, in the appeal court on March 27, 2023, and in the High Court on November 6, 2024. The judgments included a finding that there was a perceived reduction in vehicle value of certain vehicle models. The High Court ordered that the case be remitted to the court of first instance for a re-assessment of reduction in vehicle value damages. Other claims of economic loss in this class action lawsuit continue to be litigated at the court of first instance. In estimating the provision Toyota should record in the condensed semi-annual consolidated financial statements as a result of the aforementioned judgments, Toyota has considered various factors including the legal and factual circumstances of the case, the contents of the judgement of the court of first instance, the Federal Court of Australia, and the High Court of Australia, and the views of legal counsel. The currently estimated probable economic outflow related to the class action is immaterial to Toyota’s consolidated financial position, results of operations and cash flows. At this stage, however, the final outcome and therefore ultimate financial liability for Toyota on account of this matter cannot be predicted with certainty.

TOYOTA MOTOR CORPORATION

Notes to Unaudited Condensed Semi-Annual Consolidated Financial Statements

In April 2020, Toyota reported possible anti-bribery violations related to a Thai subsidiary to the SEC and the Department of Justice (“DOJ”) and has cooperated with these investigations. In June 2025, the DOJ and the SEC informed Toyota that each agency has closed its investigation into the matter.

Toyota also has various other pending legal actions and claims, including without limitation personal injury and wrongful death lawsuits and claims in the United States, as well as intellectual property litigation, and is subject to government investigations from time to time.

Beyond the amounts accrued with respect to all aforementioned matters, Toyota is unable to estimate a range of reasonably possible loss, if any, for the pending legal matters because (i) many of the proceedings are in evidence gathering stages, (ii) significant factual issues need to be resolved, (iii) the legal theory or nature of the claims is unclear, (iv) the outcome of future motions or appeals is unknown and/or (v) the outcomes of other matters of these types vary widely and do not appear sufficiently similar to offer meaningful guidance. Therefore, for all of the aforementioned matters, which Toyota is in discussions to resolve, any losses that are beyond the amounts accrued could have an adverse effect on Toyota’s financial position, results of operations or cash flows.