Japan Post (6178) Q2 2025 earnings summary

Executive summary

• Net income attributable to Japan Post Holdings rose 16% year-on-year to ¥139.4 billion for the six months ended September 30, 2024, with net ordinary income up 38.2% to ¥463.3 billion, despite a 1.9% decline in ordinary income to ¥5,511.9 billion.

• Japan Post Bank and Japan Post Insurance saw strong profit growth, while Japan Post Co. posted a larger loss; segment results were mixed with real estate and international logistics improving.

• Comprehensive income turned negative at ¥(1,638) million, compared to ¥50,339 million in the prior year.

• Progress on the JP Vision 2025+ plan is on track, with 49.8% of the full-year net income target achieved in the first half.

Financial highlights

• Net income per share was ¥44.00, up from ¥34.97 last year; net income including non-controlling interests: ¥262.4 billion (+22.9%).

• Total assets increased to ¥303,322,665 million, up ¥4,633,515 million from March 31, 2024.

• Net assets decreased to ¥15,416,255 million, down ¥322,274 million from the previous fiscal year-end; equity ratio declined to 3.3%.

• Interim dividend of ¥25 per share; annual dividend forecast maintained at ¥50 per share.

• Share repurchase program up to ¥350 billion ongoing, with 56.6% completed as of October 31, 2024.

Outlook and guidance

• Full-year consolidated net income forecast unchanged at ¥280.0 billion; net ordinary income forecast at ¥760.0 billion.

• Forecasts for Japan Post Bank and Japan Post Insurance revised upward due to higher interest income and improved investment environment.

• Postal rate revision impact on Japan Post Co. remains uncertain; no change to its full-year forecast.