Mitsui O.S.K. Lines (9104) Q2 2026 earnings summary

Executive summary

• First half FY2025 consolidated revenue was ¥869.7 billion, down 3.4% or ¥30.8 billion year-over-year, with net income at ¥116.2 billion, a decrease of 53.3% or ¥132.3 billion from the prior year.

• Ordinary profit for 1H FY2025 was ¥114.6 billion, exceeding the previous forecast by ¥9.6 billion but down 54.3% year-over-year.

• Operating profit for 1H FY2025 was ¥71.8 billion, down 19.6% year-over-year.

• The company finalized provisional accounting for a business combination and equity method application, impacting prior period figures.

• Downward revision for full-year FY2025 forecast, with net income now expected at ¥180.0 billion, a reduction of ¥20.0 billion from the previous forecast.

Financial highlights

• 1H FY2025 revenue: ¥869.7 billion (down ¥30.8 billion or 3.4% YoY); net income: ¥116.2 billion (down ¥132.3 billion or 53.3% YoY).

• Ordinary profit: ¥114.6 billion (down ¥136.3 billion or 54.3% YoY), but up ¥9.6 billion from the previous forecast.

• Net income per share for the period was ¥337.25, nearly flat year-over-year.

• Total assets increased to ¥5,397.5 billion, while total net assets decreased to ¥2,619.9 billion.

• Average exchange rate for 1H FY2025: ¥146.09/$; average bunker price: $546/MT.

Outlook and guidance

• Full-year FY2025 revenue forecast: ¥1,750.0 billion; net income forecast: ¥180.0 billion, both revised downward.

• Operating profit for FY2025 is forecast at ¥104.0 billion; net income per share projected at ¥523.16.

• Ordinary profit forecast for FY2025: ¥152.0 billion, down ¥18.0 billion from the previous forecast.

• Interim dividend of ¥85/share and year-end dividend of ¥115/share planned, totaling ¥200/share (down from ¥360 in FY2024 but up ¥25/share from prior guidance).

• Dry Bulk and Energy businesses expect improved profits versus prior forecasts, while Product Transport and Wellbeing & Lifestyle expect declines.