Nippon Yusen Kabushiki Kaisha (9101) Q3 2026 earnings summary

Executive summary

• Revenue for the first three quarters of FY 2025 was JPY 1,812 billion, down JPY 164.8 billion year-on-year, with recurring profit at JPY 165 billion, a decrease of JPY 271.3 billion year-on-year, and net income attributable to owners at JPY 146.9 billion, down JPY 248.5 billion.

• Comprehensive income decreased 53.5% year-on-year to JPY 219.2 billion.

• Equity in earnings of affiliates, mainly from OCEAN NETWORK EXPRESS PTE. LTD. (ONE), contributed JPY 15.7 billion.

• Share repurchase program ongoing, with 23,486,800 shares repurchased for JPY 120.3 billion as of January 31, 2026.

• Full-year revenue and recurring profit forecasts were revised upward to JPY 2.39 trillion and JPY 195 billion, respectively, while net income forecast remains at JPY 210 billion.

Financial highlights

• Operating profit for Q1-3 FY2025 was JPY 100.1 billion, down JPY 78.0 billion year-on-year.

• Liner Trade recurring profit was JPY 38.5 billion, Air Cargo JPY 2.1 billion, Logistics JPY 9.7 billion, Automotive JPY 77.8 billion, Dry Bulk JPY 2.2 billion, and Energy JPY 42.2 billion.

• Profit per share for the nine months was JPY 347.33, down from JPY 878.46 year-on-year.

• Shareholders' equity ratio decreased to 57.9% from 67.6% at the previous fiscal year-end.

• Total assets increased to JPY 4,980.5 billion, up JPY 660.2 billion from March 31, 2025.

Outlook and guidance

• Full-year recurring profit forecast for Liner Trade revised up by JPY 1 billion to JPY 46 billion, with gradual recovery expected in Q4.

• Automotive recurring profit forecast revised up by JPY 10 billion to JPY 98 billion, reflecting steady cargo movement and postponed US port fees.

• Dividend for the year ending March 2026 is expected to be JPY 225 per share, including a JPY 25 commemorative dividend.

• Share buyback program up to JPY 150 billion, with 23,486,800 shares acquired as of January 2026.

• Profit per share for the year ending March 31, 2026, is forecast at JPY 499.64.