Yamato Holdings (9064) investor relations material

Executive summary

• Operating profit for FY2026/3 rose 99.2% year-over-year to ¥28.3bn, but fell short of the initial forecast by ¥11.6bn due to lower sales volume and delayed cost optimization.

• Operating revenue rose 5.8% year-over-year to ¥1,865,675 million, driven by growth in TA-Q-BIN and corporate business initiatives.

• Profit attributable to owners of parent dropped 64% year-over-year to ¥13.6bn, impacted by extraordinary losses and the absence of prior-year extraordinary gains.

• New management is implementing a comprehensive review, business portfolio transformation, and AI/data-driven management to rebuild earnings power.

• Strategic focus included strengthening the TA-Q-BIN network, expanding corporate and global business, and advancing sustainability and digital transformation.

Financial highlights

• Operating revenue: ¥1,865,675 million (+5.8% YoY); operating profit: ¥28,304 million (+99.2% YoY), but ¥11.6bn below the initial forecast.

• Ordinary profit: ¥26,258 million (+34.1% YoY); profit attributable to owners of parent: ¥13,662 million (-64.0% YoY).

• Comprehensive income: ¥15,474 million (-69.4% YoY).

• ROE declined to 2.4% from 6.5% year-over-year; ROIC improved to 2.6% from 1.4%.

• Free cash flow surged to ¥64.9bn from ¥3.3bn year-over-year.

Outlook and guidance

• FY2027/3 operating revenue forecasted at ¥1,920,000 million (+2.9% YoY), operating profit at ¥42,000 million (+48.4% YoY), and profit attributable to owners at ¥24,000 million (+75.7% YoY).

• ROE and ROIC expected to rise to 4.2% and 3.7%, respectively.

• Key drivers: pricing optimization, cost control, corporate business growth, and indirect cost management.

• Continued focus on strengthening TA-Q-BIN, expanding corporate and global business, and commercializing new business models.

• Risks from fuel price surges and external shocks are not factored into forecasts.