Nippon Yusen Kabushiki Kaisha (9101) Q4 2026 earnings summary

Executive summary

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

• FY2025 revenues were JPY 2,423.6 billion, down JPY 165 billion year-over-year; profits rose in some segments but fell overall.

• Announced a year-end dividend increase to JPY 230 per share, including a commemorative dividend, with a 40% payout policy.

• Total assets increased by JPY 874.8 billion to JPY 5,201.6 billion, mainly due to higher goodwill and vessel acquisitions.

• Equity in earnings of unconsolidated subsidiaries and affiliates was JPY 85.0 billion, with OCEAN NETWORK EXPRESS PTE. LTD. contributing JPY 19.0 billion.

Financial highlights

• Operating/recurring income for FY2025: JPY 211.1 billion, down 57% year-over-year.

• Net income for FY2025: JPY 211.7 billion, down 55.7% year-over-year.

• FY2026 forecast: revenues JPY 2,605.0 billion (+7.5%), operating income JPY 145.0 billion (+4.6%), recurring profit JPY 185.0 billion (-12.4%), net income JPY 195.0 billion (-7.9%).

• Dividend for FY2026 projected at JPY 200 per share, maintaining a minimum annual dividend policy.

• Share repurchase totaling JPY 150.0 billion completed, with shares to be retired by May 2026.

Outlook and guidance

• FY2026 assumes continued Middle East disruptions in H1, with normalization in H2; expects temporary profit decline in H1 due to Hormuz closure and logistics acquisition costs.

• Growth investments expected to drive future profits despite short-term expense burdens.

• Assumptions include a foreign exchange rate of JPY 155/USD and bunker fuel price of $741.08/MT.