Nippon Yusen Kabushiki Kaisha (9101) Q1 2027 earnings summary

Executive summary

• Q1 FY2026 revenue rose to JPY 727.6 billion, up 21.1% year-over-year, with recurring profit at JPY 71.2 billion and profit attributable to owners at JPY 67.1 billion, both showing strong growth.

• Operating profit increased 69.8% to JPY 57.7 billion, and comprehensive income improved to JPY 100.6 billion from a prior loss.

• Logistics saw revenue growth from increased handling volumes and a European healthcare logistics acquisition; Dry Bulk and Energy segments benefited from improved market conditions and JPY depreciation.

• Automotive segment profit declined due to higher operating and fuel costs linked to route changes and the Strait of Hormuz closure.

• Segment reclassifications were implemented, notably moving Air Cargo Transportation to Others and Steaming Coal to Dry Bulk.

Financial highlights

• Q1 recurring profit increased by JPY 15.2 billion year-over-year to JPY 71.2 billion; profit attributable to owners rose by JPY 16.8 billion to JPY 67.1 billion.

• Operating profit margin increased, with operating profit at JPY 57.7 billion (up JPY 23.7 billion year-over-year).

• EPS for the quarter was JPY 166.10, up from JPY 116.74 a year earlier.

• Total assets grew to JPY 5,396.8 billion, and equity reached JPY 3,181.6 billion.

• Exchange rate averaged ¥159.89/$, with bunker prices at $722.71/MT, both up significantly from the prior year.

Outlook and guidance

• Full-year FY2026 revenue forecast raised to JPY 2,881.0 billion, recurring profit to JPY 250.0 billion, and profit attributable to owners to JPY 240.0 billion.

• Dividend forecast increased to JPY 240 per share, with interim and year-end dividends both up by JPY 20.

• Assumptions include continued Middle East tensions, rerouting via the Cape of Good Hope, and a full-year exchange rate of ¥157.22/US$ with average bunker fuel price of US$741.44/MT.

• Segment guidance: Liner Trade and Dry Bulk profits revised upward, Automotive and Logistics revised downward due to cost pressures and lower volumes.