Japan Post (6178) Q3 2025 earnings summary

Executive summary

• Ordinary income for the nine months ended December 31, 2024 was ¥8,325.9 billion, down 1.3% year-over-year, while net ordinary income rose 35.0% to ¥702.5 billion.

• Net income attributable to Japan Post Holdings increased 19.4% year-over-year to ¥264.9 billion.

• Major subsidiaries showed mixed results: Japan Post Co. posted a net loss, while Japan Post Bank and Japan Post Insurance saw significant net income growth.

• Comprehensive income dropped sharply to ¥57.1 billion from ¥815.4 billion in the prior year period.

Financial highlights

• Ordinary income achievement was 73.8% of the full-year forecast; net ordinary income achievement was 92.4%.

• Net income per share for the nine months was ¥84.46, up from ¥65.53 year-over-year.

• Japan Post Bank net income increased by ¥45.0 billion to ¥308.3 billion; Japan Post Insurance net income rose by ¥19.2 billion to ¥84.4 billion.

• Major asset increases were in cash and due from banks (+¥11,861.6 billion) and securities (+¥1,426.7 billion); loans decreased by ¥3,754.6 billion.

• Liabilities rose to ¥292,470.4 billion, mainly due to higher payables under repurchase agreements (+¥10,076.9 billion).

Outlook and guidance

• Full-year net income forecast is ¥280.0 billion, with 94.6% achieved as of Q3.

• Full-year forecast for fiscal year ending March 31, 2025: ordinary income ¥11,280.0 billion (down 5.9%), net ordinary income ¥760.0 billion (up 13.7%), net income attributable to parent ¥280.0 billion (up 4.2%), EPS ¥89.99.

• Year-end dividend forecast maintained at ¥25.00 per share, total annual dividend forecast at ¥50.00 per share.

• Japan Post Bank and Japan Post Insurance are on track to exceed or meet their full-year net income targets.