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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Mitsui O.S.K. Lines
Mitsui O.S.K. Lines (9104) investor relations material
Mitsui O.S.K. Lines Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary9 Nov, 2026
Executive summary
Favorable shipping markets and stronger stable-revenue businesses lifted FY2026 PBT guidance to ¥345.0bn, ¥145.0bn above the initial plan.
Shareholder returns target a ~40% total payout ratio; FY2026 returns are planned at ¥70.0bn in dividends and ¥50.0bn in buybacks. A 3-for-1 split takes effect Jan. 1, 2027.
Financial highlights
H1 FY2026 revenue was ¥1,275.0bn, operating profit ¥72.7bn, ordinary profit ¥163.6bn and parent-attributable profit ¥179.3bn; year-on-year growth was 46.6%, 1.2%, 42.8% and 54.3%, respectively.
H1 results exceeded prior forecasts by ¥40.0bn in revenue, ¥7.6bn in operating profit, ¥37.6bn in ordinary profit, ¥35.2bn in PBT and ¥42.3bn in net income.
Equity-method affiliate earnings reached ¥97.3bn, including ¥64.1bn from OCEAN NETWORK EXPRESS; net income was ¥180.6bn and reported EPS ¥521.76.
H1 average exchange rate was ¥160.12/US$ and average all-grade bunker price was $865/MT.
Outlook and guidance
FY2026 forecast: revenue ¥2,370.0bn, operating profit ¥151.0bn, ordinary profit ¥295.0bn, PBT ¥345.0bn and net income ¥300.0bn; versus the prior outlook, revenue rose ¥140bn, operating profit ¥16bn, ordinary profit ¥70bn and parent profit ¥60bn.
Full-year forecast assumes Strait of Hormuz, Persian Gulf and Red Sea navigation remains unavailable; FX is ¥157.58/US$, HSFO $716/MT and VLSFO $832/MT.
Annual dividend forecast is ¥205/share before the split: ¥100 interim and ¥105 year-end, equivalent to ¥35/share post-split at year-end.
FY2026 core operating cash flow forecast rose to ¥380.0bn from ¥360.0bn; market-driven and hybrid businesses are forecast to contribute ¥51.0bn and ¥239.0bn.
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Latest events from Mitsui O.S.K. Lines
- LBC adds terminal earnings and growth options to an integrated chemical logistics platform.9104
M&A announcement - Q1 revenue rose 68.9% as FY2026 ordinary profit guidance climbed to ¥225bn.9104Q1 2027
- Phase 2 prioritizes earnings delivery, disciplined investment and stronger shareholder returns.9104Status update
- Revenue rose, but profits fell; FY2026 earnings are forecast lower, with dividends at ¥205/share.9104Q4 2026
- Containership headwinds cut FY guidance, while the annual dividend rose to ¥200 per share.9104Q2 2026
- Q1 profit fell sharply, but FY2025 forecasts rose on stronger energy and vehicle results.9104Q1 2026
- H1 profit growth lifted FY guidance, alongside a JPY 100bn buyback.9104Q2 2025
- FY2024 record earnings give way to a tariff- and market-pressured FY2025 outlook.9104Q4 2025
- Containership and energy strength lifted FY2024 profit guidance and the annual dividend.9104Q3 2025
Next Mitsui O.S.K. Lines earnings date
Investor Day 202630 Nov, 2026
Mitsui O.S.K. Lines
Next Mitsui O.S.K. Lines earnings date
Investor Day 202630 Nov, 2026
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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.