Yamato Holdings (9064) Q3 2026 earnings summary

Executive summary

• Operating revenue for the nine months ended December 31, 2025, rose 7.0% year-over-year to ¥1,438.7 billion, driven by growth in TA-Q-BIN volume and pricing optimization for corporate clients.

• Operating profit increased 46.9% to ¥38.5 billion, while profit attributable to owners of parent declined 12.8% year-over-year to ¥25.1 billion due to higher taxes, operating expenses, and lower extraordinary gains.

• The company advanced its medium-term plan, focusing on strengthening the TA-Q-BIN network, expanding corporate business, and launching new business models for sustainability.

• Full-year forecast was revised downward due to lower-than-expected volume in the Corporate domain and delays in efficiency measures, despite ongoing compensation for volume shortfall.

Financial highlights

• Q3 cumulative operating revenue rose to ¥1,438.7 billion, up 7.0% year-over-year; operating profit increased to ¥38.5 billion, up 46.9%.

• Profit attributable to owners of parent for Q3 cumulative was ¥25.1 billion, down 12.8% year-over-year due to higher taxes and lower extraordinary gains.

• Full-year operating revenue forecast revised to ¥1,860.0 billion (+5.5% YoY), operating profit to ¥28.0 billion (+97.1% YoY), and profit attributable to owners of parent to ¥15.0 billion (-60.5% YoY).

• Basic earnings per share for the nine months was ¥79.36, with a full-year projection of ¥47.29.

• ROE and ROIC forecast at 2.6%.

Outlook and guidance

• Full-year operating profit forecast revised down from ¥40.0 billion to ¥28.0 billion due to underperformance in Q3 and a cautious Q4 outlook.

• Downward revision reflects lower-than-expected parcel volume from large corporate clients and persistent cost pressures.

• Continued focus on pricing optimization, cost control, and efficiency measures, especially in urban short-distance transportation.

• Strategic capital allocation to growth investments and shareholder returns, with a target equity ratio around 45%.

• Dividend forecast for the year: ¥46.00 per share, unchanged from the previous year.