Nippon Yusen Kabushiki Kaisha (9101) Q4 2025 earnings summary

Executive summary

• Fiscal 2024 recurring profit reached JPY 490.8 billion, driven by strong container shipping rates amid Red Sea disruptions and robust performance in other segments; net income was JPY 477.7 billion, with revenue rising to JPY 2,588.7 billion.

• Equity in earnings from affiliates, mainly Ocean Network Express, contributed JPY 293.3 billion to non-operating income.

• Shareholder returns expanded with increased share repurchases, a higher payout ratio, and a minimum dividend per share to rise from JPY 100 to JPY 200 from FY2025.

• Medium-term plan targets recurring profit of JPY 440.0 billion and net income of JPY 400.0 billion by FY2030.

Financial highlights

• Fiscal 2024 revenue rose by JPY 201.4 billion year-on-year to JPY 2,588.7 billion; recurring profit increased by JPY 229.5 billion to JPY 490.8 billion; net income up JPY 249.1 billion to JPY 477.7 billion.

• Annual dividend set at JPY 325 per share, including a JPY 15 increase and interim dividend of JPY 130.

• Share buybacks for FY2023–FY2024 totaled JPY 330 billion, with all repurchased shares to be retired.

• Operating cash flow for the four-year period increased from JPY 820 billion to JPY 1.6 trillion.

Outlook and guidance

• Fiscal 2025 forecast: revenue JPY 2,380 billion (down JPY 208.7 billion), recurring profit JPY 255 billion (down JPY 235.8 billion), net income JPY 250 billion (down JPY 227.7 billion).

• Dividend payout ratio to rise from 30% to 40%, minimum dividend increased from JPY 100 to JPY 200.

• Planned share repurchase of JPY 150 billion for fiscal 2025/2026.

• Medium-term plan revised upward, targeting recurring profit of JPY 440 billion and net income of JPY 400 billion by FY2030.

• Forecasts do not include potential impacts from tariffs or U.S. maritime policy; maximum negative risk estimated at JPY 0 to -100 billion across segments.