Yamato Holdings (9064) Q1 2026 earnings summary

Executive summary

• Q1 FY2026/3 operating revenue rose 7.8% YoY to ¥437.3bn, driven by TA-Q-BIN volume growth and corporate business expansion.

• Operating loss improved by ¥7.7bn YoY to ¥6.4bn, with net loss narrowing to ¥5.4bn.

• Revenue growth supported by pricing optimization, personnel investment, and network enhancements.

• The group advanced its medium-term plan, focusing on TA-Q-BIN network, corporate solutions, and sustainability.

• Domestic sentiment remains weak amid inflation and real wage declines.

Financial highlights

• Q1 operating revenue: ¥437.3bn (+7.8% YoY); operating loss: ¥6.4bn (improved by ¥7.7bn YoY); net loss: ¥5.4bn (improved by ¥4.6bn YoY).

• Segment revenue increases: Express +¥22.3bn, Contract Logistics +¥11.0bn, Global Business +¥2.9bn YoY.

• Operating expenses rose 5.7% YoY to ¥443.8bn, with higher subcontracting and vehicle hiring costs.

• Basic earnings per share: ¥(17.01), improved from ¥(29.49) YoY.

• Ordinary loss: ¥6.7bn, improved from ¥14.9bn loss YoY.

Outlook and guidance

• Full-year forecast unchanged: operating revenue ¥1,880.0bn (+6.7% YoY), operating profit ¥40.0bn (+104.2% YoY), profit margin 2.1%.

• Profit attributable to owners forecast at ¥24.0bn, down 36.7% YoY.

• Basic earnings per share forecast at ¥75.66.

• Focus on pricing optimization, TA-Q-BIN expansion, corporate growth, and cost control.

• No revisions to previously announced forecasts.