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

Executive summary

• H1 FY2025 revenue was ¥869.7bn, ordinary profit ¥114.6bn and net income ¥116.2bn; ordinary profit exceeded forecast by ¥9.6bn, while revenue and profits fell year over year.

• FY2025 ordinary profit and net income forecasts were cut to ¥152.0bn and ¥180.0bn, respectively.

Financial highlights

• H1 operating profit was ¥71.8bn, down 19.6% year over year; net income fell 53.3% to ¥116.2bn.

• Total assets were ¥5,397.5bn and total net assets ¥2,619.9bn at September 30, 2025; interest-bearing debt rose ¥475.3bn to ¥2,322.1bn.

• H1 operating cash flow was ¥262.7bn; investing activities used ¥514.3bn, mainly for acquisitions.

Outlook and guidance

• FY2025 forecasts: revenue ¥1,750.0bn, operating profit ¥104.0bn, ordinary profit ¥152.0bn, income before taxes ¥215.0bn and net income ¥180.0bn; exchange-rate assumption ¥145/$ .

• Guidance assumes Red Sea transit will not resume until April 2026; lower H2 profit reflects seasonality, weaker containership rates, energy-business non-operation and concentrated repairs and dry dockings.

• Product Transport ordinary profit forecast was cut ¥18.0bn to ¥88.0bn; Energy rose ¥1.0bn to ¥65.0bn, and Dry Bulk rose ¥2.0bn to ¥1.0bn.