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

Executive summary

• Q1 FY2025 consolidated revenue was ¥432.7 billion, down 0.7% year-over-year, with net income at ¥52.8 billion, a decrease of 50.6% from the same quarter last year.

• Operating profit fell 8.5% to ¥37.0 billion; ordinary profit dropped 51.9% to ¥52.2 billion.

• Net income per share was ¥152.89, compared to ¥295.27 in Q1 FY2024.

• Profit declines were mainly due to weaker dry bulk and containership markets, impacted by a sluggish Chinese economy and U.S. tariff policies, while energy and car carrier businesses remained firm.

• Total assets rose to ¥5,330.7 billion, mainly due to increased goodwill from acquisitions.

Financial highlights

• Revenue decreased by ¥3.2 billion year-over-year; operating profit fell by ¥3.4 billion.

• Ordinary profit and profit attributable to owners of parent both halved year-over-year.

• Gross operating income increased to ¥81.1 billion from ¥79.3 billion year-over-year.

• Depreciation and amortization rose to ¥39.2 billion from ¥28.3 billion year-over-year.

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

Outlook and guidance

• Full-year FY2025 revenue forecast is ¥1,731.0 billion, up ¥31.0 billion from the previous forecast.

• Net income for FY2025 is projected at ¥200.0 billion, an upward revision of ¥30.0 billion from the prior forecast.

• Interim dividend raised to ¥85/share and year-end dividend to ¥90/share, totaling ¥175/share (30% payout ratio).

• Upward revisions are driven by improved outlook in product transport, especially containerships and car carriers.

• Exchange rate assumption for FY2025 revised to ¥141.77/US$; bunker price to US$418/MT.