Yamato Holdings (9064) Q3 2025 earnings summary

Executive summary

• Q3 operating revenue was 504.1 bn yen (+0.8% YoY) and operating profit was 41.2 bn yen (+8.6% YoY); cumulative Q3 revenue was 1,344.5 bn yen (−1.6% YoY), and cumulative operating profit was 26.2 bn yen (−47.8% YoY).

• Profit attributable to owners in Q3 was 40.0 bn yen (−3.6% YoY); cumulative profit was 28.8 bn yen (−38.5% YoY).

• Growth in Global and Contract Logistics businesses offset declines in postbox delivery products; revenue decline was driven by lower contract logistics and post-box delivery volumes, despite growth in cross-border EC and BtoB-EC parcel delivery.

• Gains from sale of investment securities and investment partnerships helped absorb the absence of prior-year fixed asset sales.

• Major acquisition: Nakano Shokai became a consolidated subsidiary, expanding the contract logistics segment.

Financial highlights

• Q3 operating revenue: 504.1 bn yen (+3.8 bn yen YoY); operating profit: 41.2 bn yen (+3.2 bn yen YoY).

• Cumulative Q3 operating revenue: 1,344.5 bn yen (−22.2 bn yen YoY); operating profit: 26.2 bn yen (−24.0 bn yen YoY).

• Basic EPS: 84.40 yen (down from 132.75 yen YoY); comprehensive income: 28,964 million yen (down 43.5% YoY).

• Free cash flow for Q3 cumulative was 5.3 bn yen, down from 73.7 bn yen YoY.

• Ordinary profit: 26,719 million yen (down 47.2% YoY).

Outlook and guidance

• Full-year operating revenue forecast revised up to 1,760.0 bn yen (+1.3–1.7% YoY), reflecting the Nakano Shokai acquisition.

• Operating profit forecast unchanged at 10.0 bn yen; ordinary profit revised up to 13.0 bn yen (+30%), and net income to 18.0 bn yen (+260%).

• Basic EPS forecast for the year: 53.08 yen.

• Volume forecast for 3 parcel delivery products revised upward; unit price forecast revised downward.

• Continued focus on cost optimization, pricing negotiations, and network efficiency improvements.