Mitsui O.S.K. Lines (9104) Q1 2027 earnings summary

Executive summary

• Q1 FY2026 revenue rose 68.9% year over year to ¥730.9bn; operating profit was ¥38.5bn, ordinary profit ¥52.1bn, and profit attributable to owners of parent ¥61.1bn.

• Results included six months of results for 384 subsidiaries following an accounting-period change, affecting comparability and increasing revenue by ¥35.7bn.

• FY2026 ordinary profit guidance increased ¥80bn to ¥225bn, with net income guidance raised ¥70bn to ¥240bn.

Financial highlights

• Q1 FY2026 revenue was ¥730.9bn, up 68.9% year over year; operating profit was ¥38.5bn, up 3.9%.

• Ordinary profit was ¥52.1bn, down 0.2%; profit attributable to owners of parent rose 15.6% to ¥61.1bn.

• Average exchange rate was ¥159.14/USD; bunker prices rose to $917/MT from $544/MT year over year.

• Total assets were ¥6,202.4bn and shareholders’ equity ratio was 48.0% at quarter-end.

• Net gearing improved to 1.06 from 1.11 in FY2025; Q1 ROE was 8.1%.

Outlook and guidance

• FY2026 revenue forecast rose ¥190bn to ¥2,230bn; operating profit forecast is ¥135bn, ordinary profit ¥225bn, and net income ¥240bn.

• Core operating cash flow forecast is ¥427.5bn.

• Segment forecasts: Dry Bulk ¥25bn, Energy ¥55bn, Chemical Logistics ¥21bn, Product Transport ¥108bn, and containership business ¥58bn.

• Forecast assumes partial Hormuz reopening in October 2026, passage restrictions lifted in January 2027, and Red Sea restrictions continuing through FY-end.

• FY2026 dividend forecast remains ¥205/share: ¥100 interim and ¥105 year-end.