Nippon Yusen Kabushiki Kaisha (9101) Q1 2026 earnings summary

Executive summary

• Q1 FY2025 revenue was JPY 600.9 billion, down JPY 50.7 billion year-on-year, with recurring profit at JPY 59.7 billion and net income at JPY 52.0 billion, both significantly lower than the previous year due to market downturns, exchange rate fluctuations, and tariff impacts.

• Comprehensive income turned negative at -JPY 17.5 billion, compared to JPY 250.2 billion in the prior year.

• Major business divestiture: Air Cargo Transportation Business (NCA) transferred to ANA Holdings as of August 1, 2025.

• Major healthcare logistics acquisition in Europe (Movianto International B.V./Walden Group) for approx. JPY 210–213.4 billion, the largest in company history.

Financial highlights

• Recurring profit dropped by JPY 66.0 billion year-on-year; net income fell by JPY 58.1 billion; operating profit for Q1 was JPY 37.7 billion, down JPY 28.0 billion year-on-year.

• Operating profit margin declined to 6.3% from 10.1% year-on-year.

• Share buyback program repurchased 7,921,200 shares worth JPY 40.7 billion as of July 31, with a maximum acquisition amount of JPY 150 billion through April 2026.

• Equity ratio decreased to 64.6% from 67.6% at the previous fiscal year-end; interest-bearing debt increased by JPY 122.2 billion to JPY 860.6 billion as of June 30, 2025.

• EPS for the quarter was JPY 120.90, down from JPY 240.93 year-on-year.

Outlook and guidance

• Full-year revenue forecast revised to JPY 2,350 billion, down JPY 30 billion from previous guidance; recurring profit forecast at JPY 240 billion, down JPY 15 billion; net income forecast at JPY 240 billion, down JPY 10 billion.

• Interim and year-end dividends maintained at JPY 115 and JPY 120 per share, respectively, totaling JPY 235 per share for the year, with a 40% payout ratio.

• U.S. tariff policy impact now factored into forecasts, with an estimated annual negative impact of JPY 24 billion across segments.

• Share buyback program continues with a maximum acquisition amount of JPY 150 billion (up to 48 million shares) through April 2026.

• Air Cargo Transportation Business excluded from forecasts after Q1 due to divestiture.