Seino Holdings Co (9076) Q2 2025 earnings summary

Executive summary

• H1 FY2025 revenue rose 5.1% YoY to ¥331,604m, operating profit increased 15.5% to ¥13,075m and ordinary profit grew 7.7% to ¥13,159m.

• Net income attributable to owners fell 13.5% to ¥6,434m, reflecting equity-method and additional fixed-asset disposal losses; comprehensive income declined 72.3% to ¥4,544m, partly on lower securities valuation gains.

Financial highlights

• Gross profit rose 8.0% to ¥38,199m and gross margin improved 0.3pt to 11.5%; SG&A expenses were ¥25,124m.

• Operating profit exceeded plan by 9.0%; operating margin improved to 3.9% from 3.6%.

• H1 net income included ¥833m in equity-method investment losses and ¥888m in additional fixed-asset disposal losses.

• Operating expenses rose 4.7% to ¥318,528m, below revenue growth; subcontracting and handling fees increased 7.0%, while fuel expense fell 3.2%.

• Basic EPS was ¥38.25, down from ¥41.72 a year earlier.

Outlook and guidance

• FY2025 guidance was raised to revenue of ¥731,304m, operating profit of ¥33,175m, ordinary profit of ¥33,939m and net income of ¥19,707m.

• Revised guidance implies YoY growth of 13.8% in revenue, 41.8% in operating profit, 38.5% in ordinary profit and 35.3% in net income; forecast EPS is ¥117.08 and ROE is 4.6%.

• The operating profit forecast increased ¥2,275m versus May; MD Logistics is expected to contribute H2 revenue of ¥58,000m and operating profit of ¥2,382m before consolidation adjustments.

• Annual dividend guidance remained ¥100 per share; October freight kg unit price reached 104.9% YoY, close to the H2 assumption of 105.0%.