Mitsui O.S.K. Lines (9104) Q3 2025 earnings summary

Executive summary

• Q1–Q3 revenue rose 8.2% YoY to ¥1,318.6bn; operating profit increased 52.7% to ¥122.3bn, ordinary profit to ¥374.8bn, and net income 80.8% to ¥368.1bn.

• Strong containership and energy performance drove profit growth; car carriers also contributed to the YoY increase.

• Q1–Q3 net income per share was ¥1,019.35, compared with ¥562.61 in the prior-year period.

Financial highlights

• Gross operating income for the nine months was ¥239.8bn, up from ¥186.8bn YoY.

• Total assets were ¥4,623.3bn and total net assets ¥2,604.2bn at December 31, 2024; shareholders’ equity ratio was 56.0%, versus 57.1% at the prior fiscal year-end.

• Shareholders’ equity ratio was 47% including estimated lease obligations of ¥900bn.

• Interest-bearing debt rose ¥289.4bn to ¥1,594.1bn at December 31, 2024.

• Q1–Q3 average exchange rate was ¥152.21/US$, versus ¥142.19/US$ a year earlier; average bunker price was US$608/MT.

Outlook and guidance

• FY2024 revenue forecast remained ¥1,790bn; operating profit forecast rose to ¥154bn.

• Ordinary profit forecast increased ¥45bn to ¥410bn and net income forecast increased ¥50bn to ¥400bn; exchange-rate assumption was ¥155/US$.

• Energy forecast rose ¥4bn to ¥104bn and product transport rose ¥46bn to ¥290bn, including a ¥50bn increase in containerships to ¥207bn.

• ONE raised its FY after-tax profit forecast by $939m to $4,034m; gradual recovery after Chinese New Year was expected despite recent vessel supply-demand weakening.

• Forecast assumes Red Sea disruptions continue through fiscal year-end; dry bulk ordinary profit forecast was cut ¥4bn to ¥14bn.