Yamato Holdings (9064) Q4 2025 earnings summary

Executive summary

• Operating revenue rose to 1,762.6 billion yen for FY2025/3, up 0.2% year-over-year, driven by growth in the Corporate business and TA-Q-BIN parcel volume, offsetting declines in postbox delivery.

• Operating profit declined 64.5% year-over-year to 14.2 billion yen, due to higher costs, upfront expenses for strategic initiatives, and transportation domain reviews, but improved in the second half with cost controls.

• Profit attributable to owners of parent increased 0.8% year-over-year to 37.9 billion yen, aided by gains on sales of investment securities, real estate, and non-current assets.

• EPS rose to 111.87 yen, up 4.64 yen year-over-year, supported by share buybacks.

• Major initiatives included strengthening the TA-Q-BIN network, expanding corporate and global business domains, commercializing new business models, and acquiring Nakano Shokai Co., Ltd.

Financial highlights

• Operating revenue: 1,762.6 bn yen (+0.2% YoY); Operating profit: 14.2 bn yen (–64.5% YoY); Ordinary profit: 19.5 bn yen (–51.6% YoY); Profit attributable to owners: 37.9 bn yen (+0.8% YoY).

• ROE: 6.5% (+0.2 pts YoY); Equity ratio: 46.5% (–3.1 pts YoY); Net assets per share: 1,806.52 yen.

• Free cash flow positive at 3.3 bn yen; cash and deposits at year-end 208.0 bn yen.

• Capital expenditure increased to 84.6 bn yen (+34.5% YoY); depreciation at 48.5 bn yen.

• Dividend payout ratio: 41.1%; annual dividend per share maintained at 46 yen.

Outlook and guidance

• FY2026/3 forecast: Operating revenue 1,880.0 bn yen (+6.7% YoY); Operating profit 40.0 bn yen (+181.6% YoY); Ordinary profit 40.0 bn yen (+104.2% YoY); Profit attributable to owners 24.0 bn yen (–36.7% YoY).

• ROE expected at 4.1%; ROIC at 3.7%.

• Dividend per share forecasted at 46 yen; continued flexible share buybacks planned.

• Key profit growth drivers: pricing optimization, growth in Corporate business, and operating cost optimization.

• Focus on transforming revenue structure and implementing appropriate pricing.