Nippon Yusen Kabushiki Kaisha (9101) Q4 2026 earnings summary

Executive summary

• FY2025 recurring/operating profit was JPY 211.1 billion and net income JPY 211.7 billion, supported by Automotive and Energy segments despite Middle East disruptions, tariff impacts, and tax policy changes.

• Revenues for FY2025 were JPY 2,423.6 billion, down 6.4% year-over-year; total assets increased by JPY 874.8 billion to JPY 5,201.6 billion, mainly from goodwill and vessel acquisitions.

• Year-end dividend increased by JPY 5 per share, totaling JPY 230 per share including a commemorative dividend; share buybacks totaled JPY 480 billion, reducing shares outstanding by 20%.

• FY2026 outlook projects revenues of JPY 2,605.0 billion, recurring profit of JPY 185.0 billion, and net income of JPY 195.0 billion, with a dividend forecast of JPY 200 per share and a 40% payout ratio.

• Major investments under the medium-term plan increased to JPY 1.6 trillion, with significant allocations to share repurchases, dividends, and growth investments.

Financial highlights

• FY2025 sales were JPY 2,423.6 billion, down JPY 165 billion year-over-year; recurring profit decreased 57.0% to JPY 211.1 billion.

• Operating income rose JPY 279.7 billion year-over-year; net income increased JPY 265.9 billion.

• Shareholders' equity ratio declined to 59.1% from 67.6% the previous year; profit per share was JPY 504.85.

• Cash and cash equivalents at year-end rose to JPY 210.8 billion; net cash from operating activities was JPY 473.3 billion.

• Compared to the February forecast, sales, ordinary income, and net income all exceeded expectations.

Outlook and guidance

• FY2026 revenues projected at JPY 2,605.0 billion (+7.5%), operating profit of JPY 145.0 billion (+4.6%), but recurring profit and net income expected to decline by 12.4% and 7.9%, respectively.

• Dividend forecast for FY2026 is JPY 200 per share, with interim and year-end dividends of JPY 100 each and a minimum annual dividend policy.

• Assumptions include continued Middle East tensions, rerouting via Cape of Good Hope, and a foreign exchange rate of JPY 155/USD.