Nippon Yusen Kabushiki Kaisha (9101) Q2 2026 earnings summary

Executive summary

• FY2025 Q2 revenues were JPY 1,182.1 billion, down 10.2% year-on-year, with recurring profit at JPY 126.8 billion and net income at JPY 102.2 billion, mainly due to lower equity income from ONE and challenging market conditions.

• Comprehensive income decreased 67.0% year-on-year to JPY 72.5 billion.

• The business environment remains uncertain, impacted by tariffs, port fees, and exchange rate fluctuations.

• Major M&A in logistics and LNG fleet expansion are key growth initiatives.

Financial highlights

• First-half FY2025 revenue: JPY 1,182.1 billion, down JPY 134.7 billion year-on-year; recurring profit: JPY 126.8 billion, down JPY 162.4 billion; net income: JPY 102.2 billion, down JPY 163.6 billion.

• Gross margin for the six months was JPY 206.5 billion.

• Profit per share for the period was JPY 239.34, down from JPY 585.60 year-on-year.

• Cash and cash equivalents at period end were JPY 280.4 billion, up JPY 130.6 billion from the start of the year.

• Equity method investment income from ONE dropped from JPY 163.1 billion to JPY 20.3 billion year-on-year.

Outlook and guidance

• Full-year FY2025 revenue forecast: JPY 2,350.0 billion (unchanged); recurring profit forecast: JPY 190.0 billion (down JPY 50.0 billion); net income forecast: JPY 210.0 billion (down JPY 30.0 billion).

• Annual dividend forecast revised down by JPY 10 to JPY 225 per share, including a JPY 25 commemorative dividend.

• Share repurchase program of up to JPY 150 billion ongoing, with 15.48 million shares repurchased as of October 2025.

• Assumptions: average exchange rate JPY 146.59/USD, bunker oil price USD 539.80/MT.