Meiko Trans Co (9357) Q2 2026 earnings summary

Executive summary

• H1 FY2025 revenue rose 0.9% YoY to ¥40,605 million; operating income increased 7.8% to ¥3,206 million, ordinary income 10.5% to ¥4,264 million and net income 16.8% to ¥2,899 million.

• Comprehensive income surged 113.6% YoY to ¥6,166 million, partly reflecting a higher valuation difference on available-for-sale securities.

• Higher coastal and air cargo handling offset lower shipboard work and weaker cargo handling in Europe and North America.

Financial highlights

• Gross profit was ¥8,909 million, up from ¥8,529 million YoY; basic EPS rose to ¥96.90 from ¥83.13.

• Total assets were ¥161,255 million and net assets ¥132,491 million at September 30, 2025; the equity-to-asset ratio improved to 80.6% from 78.5% at fiscal year-end.

Outlook and guidance

• FY2025 guidance remained unchanged amid uncertainty from trade policies, geopolitical risks and other factors.

• Forecasts for the year ending March 31, 2026: revenue ¥81,000 million, down 0.6% YoY; operating income ¥5,900 million, down 5.9%.

• Ordinary income is forecast at ¥7,500 million, down 6.0% YoY; net income at ¥5,200 million, down 3.3%.

• H1 progress against full-year forecasts: revenue 50.1%, operating income 54.3%, ordinary income 56.9% and net income 55.8%.