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

Mitsui O.S.K. Lines Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary1 Aug, 2025

Executive summary

  • Q1 FY2025 consolidated revenue was ¥432.7 billion, down 0.7% year-over-year, with net income at ¥52.8 billion, a decrease of 50.6% from the same quarter last year.

  • Operating profit fell 8.5% to ¥37.0 billion; ordinary profit dropped 51.9% to ¥52.2 billion.

  • Net income per share was ¥152.89, compared to ¥295.27 in Q1 FY2024.

  • Profit declines were mainly due to weaker dry bulk and containership markets, impacted by a sluggish Chinese economy and U.S. tariff policies, while energy and car carrier businesses remained firm.

  • Total assets rose to ¥5,330.7 billion, mainly due to increased goodwill from acquisitions.

Financial highlights

  • Revenue decreased by ¥3.2 billion year-over-year; operating profit fell by ¥3.4 billion.

  • Ordinary profit and profit attributable to owners of parent both halved year-over-year.

  • Gross operating income increased to ¥81.1 billion from ¥79.3 billion year-over-year.

  • Depreciation and amortization rose to ¥39.2 billion from ¥28.3 billion year-over-year.

  • Interest-bearing debt increased by ¥489.5 billion to ¥2,336.3 billion as of June 30, 2025.

Outlook and guidance

  • Full-year FY2025 revenue forecast is ¥1,731.0 billion, up ¥31.0 billion from the previous forecast.

  • Net income for FY2025 is projected at ¥200.0 billion, an upward revision of ¥30.0 billion from the prior forecast.

  • Interim dividend raised to ¥85/share and year-end dividend to ¥90/share, totaling ¥175/share (30% payout ratio).

  • Upward revisions are driven by improved outlook in product transport, especially containerships and car carriers.

  • Exchange rate assumption for FY2025 revised to ¥141.77/US$; bunker price to US$418/MT.

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Frequently asked questions

Mitsui O.S.K. Lines Ltd. (MOL) is a global marine logistics company with a diverse fleet that includes dry bulkers, tankers, LNG carriers, containerships, ferries & coastal RoRo ships, and cruise ships. The company's operations are extensive, with its dry bulkers handling a wide range of cargo such as iron ore, coal, grains, wood, wood chips, cement, fertilizer, and salt. Its tankers are responsible for the transportation of crude oil and refined petroleum products, while its LNG carriers manage the transport of liquefied natural gas. Beyond these, MOL offers services in transporting coal for electric power companies in Japan, and its diversified operations also encompass the transport of electric products, automotive parts, clothes, furniture, food products, and automobiles. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.

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