Mitsubishi Logistics (9301) Q4 2025 earnings summary

Executive summary

• FY2024 revenue rose 11.6% year-over-year to ¥284.0B, surpassing forecasts, with strong performance in logistics and real estate.

• Operating profit increased 7.2% to ¥20.3B, while net profit attributable to owners grew 14.7% to ¥31.8B, aided by gains on asset and investment security sales.

• ROE reached 8.2%, exceeding the 7% target.

• Ordinary profit declined 23.6% to ¥18.6B due to higher non-operating expenses.

• Comprehensive income dropped sharply to ¥1.1B from ¥72.4B, mainly due to lower valuation of available-for-sale securities.

Financial highlights

• Logistics segment revenue up 9.3% year-over-year, led by international transportation (+23.6%) and land transportation (+7.2%).

• Real estate segment revenue surged 23.8%, driven by new facilities and condominium sales.

• Operating profit in logistics fell 4.8% due to lower international transportation margins and higher personnel costs; real estate operating profit rose 25.8%.

• Extraordinary income doubled to ¥31.6B, mainly from asset and investment security sales.

• Total assets declined to ¥626.0B, reflecting asset sales and lower investment security values; equity ratio stable at 59.8%.

Outlook and guidance

• FY2025 revenue forecast at ¥290.0B (+2.1%), with logistics expected to grow 7.5% and real estate to decline 24.2% due to fewer condominium sales.

• Operating profit projected at ¥20.0B (-1.5%), with logistics profit up 22.6% and real estate profit down 22.6%.

• Profit attributable to owners forecast to rise 26.8% to ¥40.4B, supported by further cross-shareholding reductions.

• Basic earnings per share forecast at ¥90.13 for the first half and ¥115.41 for the full year.

• Annual dividend forecast (pre-stock split basis) is ¥160.00 per share for FY2025.