Kawasaki Kisen Kaisha (9107) investor relations material

Executive summary

• Operating revenues rose to ¥286.8 billion in Q1 FY2026, up 17.1% or ¥41.9 billion year-over-year, driven by strong Dry Bulk and Energy Resource Transport segments and favorable market conditions, but net income attributable to owners declined to ¥23.3–23.4 billion due to the absence of prior-year extraordinary gains and higher costs.

• Ordinary income increased to ¥24.0 billion, up ¥2.3 billion year-over-year, aided by foreign exchange gains, while operating income remained nearly flat at ¥19.5–19.6 billion as higher costs, especially bunker prices, offset revenue gains.

• Comprehensive income surged to ¥42.2 billion from a loss of ¥6.3 billion a year earlier, driven by improved foreign currency translation and equity-method affiliate results.

Financial highlights

• Q1 operating revenues: ¥286.8 billion (+¥41.9 billion, +17.1% YoY).

• Operating income: ¥19.5–19.6 billion (−¥0.2 billion YoY, nearly flat).

• Ordinary income: ¥24.0 billion (+¥2.3 billion YoY, +10.9%).

• Net income attributable to owners: ¥23.3–23.4 billion (−¥6.5 billion YoY, −21.9%).

• EPS declined to ¥37.42 from ¥47.40 YoY.

Outlook and guidance

• Full-year operating revenues forecast at ¥1,070 billion, up 5.1% YoY.

• Ordinary income forecast raised to ¥135.0 billion (+¥35.0 billion from May), net income forecast at ¥135.0 billion (+¥40.0 billion from May), and annual dividend forecast maintained at ¥120/share.

• Share buyback of up to ¥130 billion underway; capital policy prioritizes shareholder returns.

• Full-year bunker price assumption: $718/MT; exchange rate assumption: ¥150/USD.