Nippon Express (9147) Q1 2025 earnings summary

Executive summary

• Q1 FY2025 consolidated revenues rose 4.3–4.5% year-over-year to ¥4,605 billion (consolidated) and ¥645.3 billion (logistics), with segment income (business profit) up 21.0% and operating profit up 234.0%.

• Overseas revenues increased 6.5% year-over-year, with a 29.6% rise in overseas segment income.

• Full-year FY2025 revenue forecast is ¥18,560 billion (consolidated) and ¥2,700.0 billion (logistics), with business profit expected to rise 12.3% and operating profit up 63.0%.

• Profit attributable to owners of parent projected to increase 76.6% in 2H FY2025 and 73.3% for the full year.

• Comprehensive income turned negative at ¥(18.3) billion due to foreign currency translation losses.

Financial highlights

• Q1 Japan segment revenues grew 2.3% year-over-year, with business profit up 17.2%.

• Americas segment Q1 revenues declined 6.2% year-over-year, but business profit surged 66.7%.

• Europe segment Q1 revenues increased 8.1% year-over-year, while business profit fell 43.6%.

• East Asia and South Asia & Oceania segments posted double-digit revenue and profit growth year-over-year.

• Security Transportation segment saw a 3.3% revenue decline and a 49.4% drop in business profit year-over-year.

Outlook and guidance

• FY2025 full-year revenues forecasted at ¥18,560 billion (consolidated) and ¥2,700.0 billion (logistics), with business profit of ¥679 billion and operating profit of ¥80.0 billion.

• 1H FY2025 revenues expected to rise 5.6% year-over-year, with business profit up 30.0%.

• 2H FY2025 revenues forecasted to grow 3.9% year-over-year, with business profit up 23.1%.

• Forecasts exclude potential impacts from U.S. tariff policies due to calculation uncertainty.

• Gradual recovery in Japan cargo volume and improved forwarding business profitability anticipated.