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Nippon Yusen Kabushiki Kaisha (9101) investor relations material
Nippon Yusen Kabushiki Kaisha Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Nov, 2025
Executive summary
FY2025 Q2 revenue and profit declined year-on-year, mainly due to a sharp drop in equity method investment income from ONE, lower freight rates, and economic uncertainty from tariff policies and new port fees.
The business environment remains uncertain, with ongoing impacts from tariff policies, port fees, exchange rate fluctuations, and new maritime regulations.
The company is investing in mid-to-long-term growth, including the largest-ever M&A in logistics and expansion of the LNG carrier fleet to 130 vessels by FY2028.
Comprehensive income for the first half decreased 67.0% year-over-year to ¥72.5 billion.
Equity in earnings of unconsolidated subsidiaries and affiliates was ¥62.6 billion, with ONE contributing ¥20.3 billion.
Financial highlights
First-half revenue was JPY 1,182.1 billion, down JPY 134.7 billion year-on-year; recurring profit was JPY 126.8 billion, down JPY 162.4 billion; net income was JPY 102.2 billion, down JPY 163.6 billion.
Gross margin for the six months was ¥206.5 billion.
Profit per share for the period was ¥239.34, down from ¥585.60 year-over-year.
Cash and cash equivalents at period end were ¥280.4 billion, up ¥130.6 billion from the start of the year.
Net cash provided by operating activities was ¥292.2 billion, investing activities used ¥75.7 billion, and financing activities used ¥84.8 billion.
Outlook and guidance
Full-year revenue forecast is JPY 2,350.0 billion, unchanged from previous forecast; recurring profit forecast revised down to JPY 190.0 billion (down JPY 50.0 billion); net income forecast revised down to JPY 210.0 billion (down JPY 30.0 billion).
Annual dividend forecast is JPY 225 per share, including a JPY 25 commemorative dividend; year-end dividend revised to JPY 110 per share.
Forecasts revised downward mainly due to lower profit expectations in Liner Trade, Logistics, Automotive, and Dry Bulk segments.
Assumptions: average exchange rate ¥146.59/US$, bunker oil price US$539.80/MT for the year.
Sensitivity: every ¥1/USD depreciation increases recurring profit by approx. JPY 0.79 billion; every $10/MT decrease in bunker prices increases recurring profit by JPY 0.35 billion.
ONE's contribution to equity earnings decline
Key drivers for increased interest-bearing debt
Future strategy for Air Cargo Transportation
Logistics profit outlook post-Movianto acquisition
Strategy to achieve FY2026 8.1% ROE target
Suez Canal reopening: impact on vessel scrapping?
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Next Nippon Yusen Kabushiki Kaisha earnings date
Q3 20264 Feb, 2026
Next Nippon Yusen Kabushiki Kaisha earnings date
Q3 20264 Feb, 2026
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Frequently asked questions
Nippon Yusen Kabushiki Kaisha (NYK Line) is a prominent logistics and transportation company based in Tokyo, Japan. The company specializes in a broad range of services that encompass the transportation of crude oil, petroleum products, liquid products, dry bulk products, and other goods through ocean, land, and air transport. NYK Line's operations extend to global logistics, including liner trade and air cargo transportation, as well as bulk shipping activities that involve the transportation of cars, the development of car terminals, and the construction of inland transportation networks. It also engages in the management of commercial and residential buildings. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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