Kawasaki Kisen Kaisha (9107) Q1 2026 earnings summary

Executive summary

• Operating revenues for Q1 FY2025 were ¥244.9 billion, down year-over-year, with net income attributable to owners at ¥29.9 billion, both declining sharply due to a stronger yen, weaker market conditions, and lower containership rates.

• Extraordinary income from vessel and subsidiary share sales partially offset profit declines.

• Comprehensive income turned negative at ¥-6.3 billion, mainly due to lower equity earnings and foreign currency translation losses.

Financial highlights

• Operating income for Q1 FY2025 was ¥19.8 billion, ordinary income was ¥21.6–21.7 billion, both down sharply year-over-year.

• Net income attributable to owners was ¥29.9 billion, aided by extraordinary gains.

• Exchange rate averaged ¥145.32/USD, about ¥10 stronger year-over-year; bunker price was $550/MT.

• Shareholders’ equity ratio remained strong at 74.2%.

• EPS for the quarter was ¥47.40, less than half of the prior year.

Outlook and guidance

• Full-year FY2025 forecast revised upward: operating revenues ¥968.0 billion, operating income ¥90.0 billion, ordinary income ¥120.0 billion, net income ¥115.0 billion.

• Upward revision driven by improved containership outlook, limited tariff impact, and favorable exchange rates.

• Assumes continued Suez Canal avoidance, exchange rate at ¥141.73/USD, bunker price at $566.

• Dividend forecast for FY2025 is ¥120/share, unchanged from previous guidance.

• Management notes ongoing risks from tariffs, Suez Canal disruptions, and global uncertainties.