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Kawasaki Kisen Kaisha (9107) investor relations material
Kawasaki Kisen Kaisha Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating revenues for the first half of FY2025 were ¥500.5–500.6 billion, down ¥37.4 billion or 7.0% year-over-year, with operating income at ¥42.9 billion, a decrease of ¥18.1 billion or 29.7% year-over-year.
Net income attributable to owners was ¥68.6 billion, down ¥114.5 billion or 62.5% year-over-year, mainly due to lower equity-method income from ONE and decreased segment profits.
Ordinary income declined to ¥59.6–59.7 billion, down ¥127.6 billion or 68.1% year-over-year.
Extraordinary income was recorded from gains on vessel and subsidiary share sales, totaling ¥14.1 billion.
Comprehensive income decreased 46.7% to ¥62.0 billion.
Financial highlights
Equity capital at end-Q2 FY2025 was ¥1,683.9 billion; interest-bearing liabilities were ¥312.2 billion; debt-equity ratio improved to 18.5%; equity ratio was 75.6%.
Gross profit for the period was ¥83.9 billion, down from ¥99.8 billion year-over-year.
Off-balance sheet assets and liabilities (charter hire) estimated at ¥600–700 billion; adjusted consolidated equity ratio 58–60%.
Net cash provided by operating activities was ¥188.6 billion; cash and cash equivalents rose to ¥327.5 billion.
Profit per share for the six months was ¥108.61, down from ¥268.58 year-over-year.
Outlook and guidance
FY2025 forecast: operating revenues ¥984.0 billion (down ¥63.9 billion YoY), operating income ¥86.0 billion (down ¥16.8 billion YoY), ordinary income ¥100.0 billion (down ¥208 billion YoY), net income ¥105.0 billion (down ¥200.3 billion YoY).
Annual dividend forecast maintained at ¥120 per share, with interim and year-end dividends of ¥60 each.
Assumes continued use of Cape of Good Hope route, no Suez Canal resumption, and U.S. TR port charges not factored in.
Operating cash flow forecast through FY2026 remains at ¥1.5 trillion; investment plan unchanged at ¥610 billion.
Management expects generally firm demand in dry bulk and car carrier businesses but notes ongoing risks from global trade policies and geopolitical tensions.
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