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

Executive summary

• Nine-month revenue was ¥1,345.4 billion, up 2.0% YoY, while ordinary profit fell 57.1% to ¥161.4 billion and net income declined 51.2% to ¥180.5 billion.

• FY2025 guidance was raised to revenue of ¥1,830.0 billion, operating profit of ¥125.0 billion, ordinary profit of ¥180.0 billion, income before taxes of ¥240.0 billion and net income of ¥200.0 billion.

Financial highlights

• Nine-month operating profit was ¥102.7 billion, down 16.2% YoY; business profit fell ¥216.7 billion to ¥149.7 billion, and ordinary profit declined ¥215.2 billion to ¥161.4 billion.

• Total assets were ¥5,616.7 billion and total net assets ¥2,735.9 billion at December 31, 2025; the equity ratio was 48.1%, down from 53.9% at the prior fiscal year-end.

• Interest-bearing debt rose ¥543.9 billion to ¥2,390.7 billion, mainly from increased bank loans; nine-month depreciation and amortization increased to ¥118.6 billion from ¥88.7 billion.

Outlook and guidance

• FY2025 forecasts were raised by ¥25.0 billion for income before taxes to ¥240.0 billion and by ¥20.0 billion for net income to ¥200.0 billion; ordinary profit is forecast at ¥180.0 billion.

• Dry Bulk forecast rose ¥3.0 billion to ¥4.0 billion, Energy rose ¥9.0 billion to ¥74.0 billion, and Product Transport rose ¥9.0 billion to ¥97.0 billion; Wellbeing & Lifestyle forecasts a ¥3.0 billion loss.

• Guidance assumes ¥148.94/US$ and bunker prices of US$420/MT for HSFO and US$500/MT for VLSFO; Red Sea restrictions are assumed to continue through fiscal year-end.

• The containership outlook remains ¥25.0 billion; ONE forecasts $310 million in after-tax profit and expects gradual freight-rate improvement after Chinese New Year.