Nippon Yusen Kabushiki Kaisha (9101) Q3 2025 earnings summary

Executive summary

• Q3 FY2024 revenue reached JPY 1,976.9 billion, up JPY 187.7 billion year-over-year, with recurring profit at JPY 436.4 billion and net profit at JPY 395.4 billion, both showing significant increases from the prior year.

• Equity in earnings of affiliates, mainly from OCEAN NETWORK EXPRESS (ONE), contributed JPY 228.4 billion to non-operating income.

• Share buyback program acquired 25.8158 million shares for approximately JPY 125 billion as of January 2025, targeting a maximum of JPY 130 billion, with all repurchased shares to be retired.

• Comprehensive income increased 54.6% year-over-year to JPY 471.7 billion.

• Revenue and profit growth were driven by favorable exchange rates, robust cargo movements in container vessels, and strong air transport and automotive business performance.

Financial highlights

• Recurring profit surged 117.9% year-over-year to JPY 436.4 billion, led by Liner Trade (+JPY 204.8 billion) and Air Cargo (+JPY 13.8 billion).

• Net income increased by JPY 241.9 billion year-over-year to JPY 395.4 billion.

• EPS for the nine months was JPY 878.46, up from JPY 309.89 a year earlier.

• Shareholders' equity ratio improved to 65.9% from 62.3% at the previous fiscal year-end.

• Interest-bearing debt decreased by JPY 136.9 billion to JPY 776.9 billion.

Outlook and guidance

• Full-year revenue forecast revised upward to JPY 2,580.0 billion, recurring profit to JPY 480.0 billion, and net income to JPY 450.0 billion.

• Dividend forecast raised to JPY 180 at year-end, totaling JPY 310 per share for the year, reflecting a 30% payout ratio.

• Profit per share for the year ending March 31, 2025, projected at JPY 1,005.81.

• Upward revisions in all business segments except logistics, with liner trade seeing the largest increase.

• Air Cargo subsidiary Nippon Cargo Airlines to be deconsolidated after March 31, 2025.