Mitsui O.S.K. Lines (9104) Q1 2026 earnings summary

Executive summary

• Q1 FY2025 revenue was ¥432.7B, down ¥3.2B YoY; operating profit was ¥37.0B, ordinary profit ¥52.2B and net income ¥52.8B, with ordinary profit and net income down sharply YoY.

• Weaker dry bulk and containership markets weighed on results, while energy and vehicle transport performed strongly; Q1 business profit exceeded the initial estimate.

• FY2025 ordinary profit and net income forecasts were raised to ¥170.0B and ¥200.0B, respectively, reflecting Q1 results and a lower expected tariff impact.

Financial highlights

• Q1 ordinary profit was ¥52.2B, down ¥56.3B YoY; income before income taxes was ¥61.6B, down ¥53.0B, and net income was ¥52.8B, down ¥54.1B.

• Revenue was ¥432.7B, down 0.7% YoY; operating profit was ¥37.0B, down 8.5%.

• Gross operating income rose to ¥81.1B from ¥79.3B; depreciation and amortization increased to ¥39.2B from ¥28.3B.

• Total assets were ¥5,330.7B at quarter-end, while shareholders’ equity ratio declined to 47.3% from 53.9% at the prior fiscal year-end.

• Interest-bearing debt increased by ¥489.5B to ¥2,336.3B as of June 30, 2025.

Outlook and guidance

• FY2025 forecasts: revenue ¥1,731.0B, operating profit ¥106.0B, ordinary profit ¥170.0B and net income ¥200.0B; ordinary profit rose ¥20.0B and net income ¥30.0B from prior forecasts.

• The initial ¥40.0B tariff-impact estimate was reduced by roughly half after tariff-rate cuts and Q1 results; trade-volume effects remain under monitoring.

• Product transport forecast increased to ¥106.0B, up ¥31.0B; dry bulk forecast is an ordinary loss of ¥1.0B, down ¥8.0B from the prior forecast.

• ONE forecasts $700M in after-tax profit; containership forecast, including charter fees from ONE, is ¥42.0B, up ¥6.0B from the prior forecast.

• FY2025 assumptions include USD/JPY at ¥140 and Red Sea transit restrictions persisting; consolidated forecast assumptions list ¥141.77/US$ and bunker fuel at US$418/MT.