Mitsui O.S.K. Lines (9104) Q3 2026 earnings summary

Executive summary

• Consolidated revenue for FY2025 Q1–Q3 was ¥1,345.4 billion, up 2.0% year-over-year, but net income fell sharply to ¥180.5 billion, down 51.2% from the previous year.

• Operating profit for Q1–Q3 was ¥102.7 billion, down 16.2% year-over-year, and ordinary profit dropped 57.1% to ¥161.4 billion.

• Profitability declined mainly due to a significant drop in the containership and dry bulk businesses.

• The company revised its full-year outlook upward, now expecting revenue of ¥1,830.0 billion and net income of ¥200.0 billion.

Financial highlights

• Net income per share for Q3 FY2025 was ¥524.36, nearly flat year-over-year.

• Total assets increased to ¥5,616.7 billion, and total net assets rose to ¥2,735.9 billion as of December 31, 2025.

• Shareholders' equity ratio declined to 48.1% from 53.9% at the previous fiscal year-end.

• Depreciation and amortization for the nine months ended December 31, 2025, rose to ¥118.6 billion from ¥88.7 billion year-over-year.

• Interest-bearing debt increased by ¥543.9 billion to ¥2,390.7 billion as of December 31, 2025.

Outlook and guidance

• Full-year revenue forecast revised upward to ¥1,830.0 billion, with net income expected at ¥200.0 billion, up ¥20.0 billion from the previous forecast.

• Upward revision driven by firm energy and vehicle transport businesses, while Wellbeing & Lifestyle Business expects a decrease.

• Year-end dividend maintained at ¥115 per share, total annual dividend at ¥200 per share.

• Exchange rate assumptions for FY2025 are ¥148.94/US$, and bunker price assumptions are US$420/MT for HSFO and US$500/MT for VLSFO.