Nippon Express (9147) investor relations material

Business plan and corporate value

• FY2028 targets: revenue ¥3,000bn, business profit ¥150bn, overseas revenue ¥1,200bn, and ROE of at least 10%; Logistics Japan business margin target 5.9%.

• Priorities are global growth, rebuilding domestic businesses, and sustainability management, alongside stronger profitability and a shift toward end-to-end solutions.

Capital allocation and asset sales

• Target ¥500bn in sales of investment properties and other assets during the plan through FY2028; ¥167.2bn sold in 2024–2026, including ¥50bn in 2026.

• Additional real estate sales are expected to generate ¥210bn in after-tax cash; ¥110bn is planned for buybacks and ¥100bn for new management allocations.

• Plans call for selling all investment property except lease warehouses during the current plan, while continuing to divest low-yield business-use property.

Global growth and integration

• Jan–Aug 2026 forwarding volumes rose 8.3% YoY to 651,000 tonnes for air and 3.7% to 582,000 TEU for ocean; FY2028 targets are 1.3m tonnes and 1.4m TEU, respectively.

• Overseas contract logistics revenue is forecast at ¥276bn in FY2026, up 73.3% from FY2023; its overseas revenue share is forecast to reach 46.8%.

• Growth initiatives link Pan-Asia, Indian Ocean Rim, and Central and Eastern Europe strategies; the Indian Ocean Rim has an FY2028 revenue target of ¥80bn.

• Metro Supply Chain’s FY2025 revenue was ¥160bn and business profit ¥6.5bn; the acquisition is intended to expand North American operations and global contract logistics capabilities.