Mitsui O.S.K. Lines (9104) investor relations material

Executive summary

• Q1 FY2026 revenue rose to ¥730.9 billion, up 68.9% year-over-year, with net income increasing to ¥61.1 billion and operating profit up 3.9% to ¥38.5 billion.

• Ordinary profit was ¥52.1 billion, remaining stable year-over-year.

• The period included a change in accounting period for 384 subsidiaries, consolidating six months of results and impacting comparability.

• All major business segments except Energy and Product Transport recorded profit increases year-over-year.

• The company revised its full-year forecast upward, projecting revenue of ¥2,230.0 billion and net income of ¥240.0 billion.

Financial highlights

• Revenue increased 68.9% year-over-year in Q1 to ¥730.9 billion, with operating profit at ¥38.5 billion.

• Ordinary profit was ¥52.1 billion, and net income attributable to owners of parent rose to ¥61.1 billion.

• Net income per share reached ¥177.69, up from ¥152.89 year-over-year.

• Total assets were ¥6,202.4 billion, with a shareholders’ equity ratio of 48.0%.

• Exchange rate averaged ¥159.14/$, and bunker prices surged to $917/MT from $544/MT year-over-year.

Outlook and guidance

• Full-year revenue forecast raised to ¥2,230.0 billion, net income to ¥240.0 billion, and ordinary profit to ¥225.0 billion.

• Operating profit forecast for FY2026 is ¥135.0 billion.

• Upward revision reflects strong Q1 and improved segment forecasts.

• Segment outlooks expect continued firm conditions in Dry Bulk, Energy, and Chemical Logistics, with mixed trends in Product Transport and Wellbeing & Lifestyle.

• Assumes normalization of navigation around the Strait of Hormuz by January 2027.