Nippon Yusen Kabushiki Kaisha (9101) Q2 2027 earnings summary

Executive summary

• H1 FY2027 revenue was ¥1,505.0bn, operating profit ¥114.8bn, recurring profit ¥213.3bn and parent-attributable profit ¥203.5bn; all increased YoY.

• Recurring profit included ¥112.0bn of equity-method earnings, including ¥80.5bn from OCEAN NETWORK EXPRESS (ONE).

Financial highlights

• H1 revenue rose 27.3% YoY; operating profit rose 91.9%, recurring profit 79.8% and parent-attributable profit 106.9%.

• Q2 revenue was ¥777.4bn, operating profit ¥57.2bn, recurring profit ¥142.0bn and parent-attributable profit ¥136.4bn.

• H1 EPS was ¥503.86 versus ¥230.16 a year earlier; gross profit was ¥294.5bn versus ¥198.3bn.

Outlook and guidance

• FY2027 forecast: revenue ¥3,000bn, operating profit ¥210bn, recurring profit ¥335bn and parent-attributable profit ¥330bn; revised Oct. 29, with no further revision this quarter.

• Forecast exceeded the Aug. 5 outlook by ¥119bn revenue, ¥25bn operating profit, ¥85bn recurring profit and ¥90bn parent-attributable profit.

• FY2027 dividend forecast is ¥330/share, split equally between interim and year-end; each was raised ¥45/share.

• Full-year assumptions include Hormuz closure through Mar. 2027, ¥157.98/US$ and bunker fuel at US$802.32/MT; some Suez voyages are assumed to resume gradually.

• Liner Trade and Dry Bulk outlook improved; Logistics, Automotive and LNG carrier profit expectations weakened versus prior forecasts.