Yamato Holdings (9064) Q2 2026 earnings summary

Executive summary

• Operating revenue for the first half of FY2026/3 rose to ¥906.7 billion, up 7.9% year-over-year, driven by TA-Q-BIN volume growth and expansion in the corporate business domain.

• Operating loss improved to ¥3.7 billion from a loss of ¥15.0 billion in the prior year, reflecting revenue mix reforms, pricing optimization, and cost control.

• Profit attributable to owners was a loss of ¥4.8 billion, a significant improvement from a loss of ¥11.2 billion year-over-year.

• Profitability improved through investments in human capital, network strengthening, and operational reviews.

• The group advanced its medium-term plan, focusing on sustainability, digital transformation, and logistics network upgrades.

Financial highlights

• Operating revenue: ¥906.7 billion (+7.9% YoY); operating loss: ¥3.7 billion (improved by ¥11.2 billion YoY); profit attributable to owners: ¥4.8 billion loss (improved by ¥6.2 billion YoY).

• Ordinary loss: ¥3.7 billion (improved by ¥9.9 billion YoY); basic earnings per share: -15.38 yen.

• Operating expenses increased by ¥55.1 billion (+6.4% YoY), mainly in subcontracting and personnel.

• Cash flows from operating activities improved to ¥15.3 billion; free cash flow was negative at ¥17.7 billion due to capital investments.

• Total assets decreased to ¥1,223.6 billion as of September 30, 2025, with an equity ratio of 45.6%.

Outlook and guidance

• Full-year FY2026/3 forecast unchanged: operating revenue ¥1,880.0 billion (+6.7% YoY), operating profit ¥40.0 billion (+181.6% YoY), profit attributable to owners ¥24.0 billion.

• Ordinary profit forecast: ¥40.0 billion (+104.2% YoY); basic earnings per share forecast: 75.66 yen.

• Dividend forecast unchanged at 46.00 yen per share for the year.

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

• Medium-term plan targets operating revenue of ¥1,940.0 billion and operating profit of ¥60.0 billion by FY2027/3.