Mitsubishi Logistics (9301) Q3 2025 earnings summary

Executive summary

• Revenue rose 11.3% year-over-year to ¥214.2 billion, driven by growth in both logistics and real estate segments.

• Operating income increased 2.4% year-over-year to ¥16.2 billion, with logistics down and real estate up.

• Net income attributable to shareholders fell 9.3% year-over-year to ¥22.3 billion, despite higher special gains.

• Acquisition of Cavalier Logistics in the US/UK expanded pharmaceutical logistics and contributed to segment growth.

• ITL Corporation goodwill impairment and lower dividends reduced ordinary profit by 39.3% year-over-year.

Financial highlights

• Operating margin declined as logistics segment profit fell 9.7% year-over-year, while real estate profit rose 23.0%.

• Special gains from asset and securities sales totaled ¥23.5 billion, up sharply from ¥14.2 billion last year.

• Comprehensive income turned negative at -¥3.3 billion, mainly due to valuation losses on securities.

• Cash and equivalents at period-end were ¥54.6 billion, down from ¥58.4 billion at the previous year-end.

Outlook and guidance

• Full-year revenue forecast revised to ¥270 billion (+6.1% year-over-year), with net income expected at ¥30.6 billion (+10.1%).

• Guidance reflects impairment losses at ITL Corporation and updated business conditions.