Seino Holdings Co (9076) Q3 2025 earnings summary

Executive summary

• Nine-month revenue rose 11.3% YoY to ¥541,684m, operating income rose 20.2% to ¥24,713m, and net income attributable to owners rose 7.8% to ¥14,192m.

• Excluding MD Logistics, revenue increased 4.9% and operating income 13.2%; growth also reflected stronger vehicle sales and continued freight-rate increases.

• Transport volumes softened after Q2 pre-buying while unit rates continued to rise; a tender offer of up to ¥41.8bn was announced to repurchase shares.

• Comprehensive income declined 36.9% YoY to ¥13,985m for the nine-month period.

Financial highlights

• Gross profit was ¥65,217m, up 13.8% YoY; operating margin rose 0.4pt to 4.6%.

• Ordinary profit rose 14.0% YoY to ¥24,978m.

• Basic EPS for the nine months was ¥84.34, up from ¥74.91 a year earlier.

• Full-year progress was 74.1% for revenue, 74.5% for operating income and 72.0% for net income.

Outlook and guidance

• FY2025 forecast: revenue ¥731,304m, operating profit ¥33,175m, ordinary profit ¥33,939m, net income ¥19,707m and EPS ¥117.08; forecasts remain unchanged.

• Annual dividend forecast remains ¥100 per share; the stated dividend policy is DOE of 4%.

• FY2026 growth drivers include a full-year MD Logistics contribution, wider appropriate freight rates and an estimated ~11% EPS lift from the buyback; outlook remains subject to economic conditions.

• Roadmap 2028 targets include ROE of at least 8%, operating margin of at least 10% and annual EPS growth of 15–20%.