SG Holdings (9143) Q4 2026 earnings summary

Executive summary

• Operating revenue grew 11.2% year-over-year to ¥1,644.7B, operating income rose 2.7% to ¥90.2B, and net income attributable to owners increased 1.6% to ¥59.0B, meeting expectations.

• ROE improved to 10.5% (+0.5pt YoY), exceeding the initial plan.

• Progress was made in the first year of the Mid-Term Management Plan, despite challenges in Global Logistics.

• Extraordinary items included a loss from the transfer of equity in Shanghai Runbow and gains from shareholdings and compensation for business site eviction.

• Comprehensive income increased 24.0% year-over-year to ¥73.2B.

Financial highlights

• Operating margin was 5.5%, ordinary income ¥91.7B (+3.3% YoY).

• Total assets increased to ¥1,229.0B, mainly due to the Morrison acquisition.

• Equity ratio declined to 44.4% from 55.8% due to Morrison consolidation, treasury stock purchases, and dividend payments.

• Cash flows from operating activities were ¥124.8B; free cash flow was negative at ¥91.9B due to large investments.

• Cash and cash equivalents at year-end decreased to ¥92.9B.

Outlook and guidance

• FY2027/3 revenue forecast is ¥1,740.0B (+5.8% YoY), operating income ¥97.0B (+7.4%), and net income forecast at ¥60.0B (+1.6% YoY).

• Delivery and Logistics segments expected to grow moderately; Global Logistics segment forecasted to rise 18.2% in revenues.

• Dividend per share to increase by ¥1 to ¥54.

• No change to consolidated targets; segment forecasts adjusted for cost allocation.