Nippon Yusen Kabushiki Kaisha (9101) Q2 2025 earnings summary

Executive summary

• Q2 FY2024 revenue rose to JPY1,316.8 billion, up 12.7% year-over-year, with net income at JPY265.8 billion, up 134.5% year-over-year.

• Operating profit for 1H FY2024 was JPY115.6 billion, up 17.0% year-over-year.

• Equity in earnings of affiliates, mainly from ONE, contributed JPY186.6 billion to non-operating income.

• Interim dividend maintained at JPY130 per share; share repurchase program increased to JPY130 billion, with JPY68.3 billion already executed by October 2024.

• Comprehensive income declined 32.9% year-over-year to JPY219.3 billion due to negative other comprehensive income items.

Financial highlights

• Recurring profit reached JPY289.2 billion, up 81.6% year-over-year.

• EPS for the period was JPY585.60, up from JPY224.99 in the prior year.

• ONE reported Q2 net profit of $1,999 million, up 969% year-over-year, with strong demand in Asia-North America and Asia-Europe trades.

• Shareholders' equity ratio improved to 67% as of Sep 2024.

• Interest-bearing debt reduced to JPY728.8 billion.

Outlook and guidance

• Full-year FY2024 revenue forecast at JPY2,540.0 billion, down JPY30.0 billion from previous guidance.

• Recurring profit and net income forecasts unchanged at JPY410.0 billion and JPY390.0 billion, respectively.

• Annual dividend forecast at JPY260 per share, with a 30% payout ratio target.

• ONE expects FY2024 net profit of $3,095 million, up from previous forecast of $2,745 million.

• Assumptions include a full-year exchange rate of ¥146.95/US$ and bunker oil price of US$599.10/MT.