Mitsubishi Logistics (9301) Q2 2026 earnings summary

Executive summary

• H1 FY2025 revenue rose 1% year-over-year to ¥136.1bn, but fell short of forecast due to U.S. trade policy and China's slowdown.

• Net profit surged 101% year-over-year to ¥32.8bn, driven by extraordinary gains from investment securities sales.

• Operating profit declined 16% year-over-year to ¥7.5bn, mainly from weaker overseas subsidiary performance.

• Comprehensive income increased 91.5% year-over-year to ¥14.9bn.

• Revised full-year forecasts downward for revenue and operating profit, but net profit was revised upward.

Financial highlights

• H1 FY2025 revenue: ¥136.1bn (+1% YoY); operating profit: ¥7.5bn (-16% YoY); net profit: ¥32.8bn (+101% YoY).

• Sale of investment securities contributed ¥25.2bn to net profit; extraordinary income totaled ¥36.2bn.

• Equity ratio improved to 60.0% from 59.8% at prior year-end.

• Total assets decreased 1% to ¥622.4bn; net assets at ¥378.0bn.

• Basic earnings per share for H1 was ¥92.30, reflecting a five-for-one stock split.

Outlook and guidance

• Full-year revenue forecast revised down to ¥280bn (from ¥290bn); operating profit to ¥16bn (from ¥20bn).

• Net profit forecast raised to ¥45bn (from ¥40.4bn), reflecting higher gains on investment securities.

• Basic earnings per share for the full year is expected to be ¥128.07.

• Recovery of overseas subsidiaries is a key challenge for H2.