Nippon Yusen Kabushiki Kaisha (9101) Q4 2026 earnings summary

Executive summary

• Recurring profit for FY2025 was JPY211.1 billion, with profit attributable to owners at JPY211.7 billion, supported by Automotive and Energy segments despite tariff and geopolitical headwinds.

• Revenues for FY2025 were JPY2,423.6 billion, down 6.4% year-over-year; operating profit fell 34.3% to JPY138.6 billion.

• Equity in earnings of unconsolidated subsidiaries and affiliates was JPY85.0 billion, with OCEAN NETWORK EXPRESS PTE. LTD. contributing JPY19.0 billion.

• Total assets increased by JPY874.8 billion to JPY5,201.6 billion, mainly due to higher goodwill and vessel acquisitions.

• FY2026 recurring profit is forecast at JPY185.0 billion, with profit attributable to owners at JPY195.0 billion, reflecting ongoing Middle East tensions and goodwill amortization in Logistics.

Financial highlights

• FY2025 revenues were JPY2,423.6 billion, down JPY165.0 billion year-over-year.

• Recurring profit fell by JPY279.7 billion year-over-year; profit attributable to owners dropped by JPY265.9 billion.

• Shareholders' equity ratio declined to 59.1% from 67.6% the previous year.

• Annual dividend for FY2025 set at JPY230 per share, including a commemorative dividend.

• Share repurchase totaling JPY150.0 billion completed and shares to be retired by May 2026.

Outlook and guidance

• FY2026 revenues projected at JPY2,605.0 billion, up JPY181.3 billion year-over-year.

• Recurring profit expected to decline by JPY26.1 billion to JPY185.0 billion; profit attributable to owners to decrease by JPY16.7 billion.

• Annual dividend for FY2026 planned at JPY200 per share, with flexible additional shareholder returns considered.

• Assumes Middle East tensions persist through Q1 FY2026, with rerouting via Cape of Good Hope ongoing.

• Assumptions include a foreign exchange rate of JPY155/USD and bunker fuel price of $741.08/MT.