Worth reading
66In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
23.3
% (year-on-year change in revenue adjusted for the impact of fiscal year-end changes)Wording
Conditional
How definitive the wording is.Results for this period
Interim period (second quarter)1 April 2026–30 September 2026ConsolidatedJapanese GAAPNet Sales1,275,022¥ millionProgress 53.8%
Operating profit72,659¥ millionProgress 48.1%
Ordinary income163,632¥ millionProgress 55.5%
Net income attributable to owners of the parent179,313¥ millionProgress 59.8%
The width of the band at each stage is based on revenue. The narrower it becomes toward the bottom, the smaller the proportion of revenue that remains as profit. The dotted outline is the full-year forecast and the band inside it is the result for this period. The progress rate is the result divided by the forecast.
Net income per share¥521.76
Financial position at period-end
Total assets6,215,406¥ million
of which net assets 3,093,378 ¥ millionEquity ratio 48.9%vs. prior year-end +0.7pt
塗りつぶした部分が自己資本比率です。総資産のうち、返済のいらない自前の資金がどれだけかを表します。The thin vertical line indicates the level at the end of the previous fiscal year.
Cash inflows and outflows
Operating+150,660
Investment-64,410
Financials+977
Net change+87,227
Stacked from zero: upward is an increase in cash, downward a decrease (in ¥ million).The net change represented by the dotted line is the total of three items, calculated from figures provided by the company.
Cash and cash equivalents at end of period¥289,767 million
Segment revenueDry bulk ¥326,743 million (YoY +49.6%), Energy Business ¥189,007 million (YoY +55.0%), Chemical Logistics Business ¥248,524 million (YoY +90.9%), Container shipping business ¥54,362 million (YoY +23.4%), Automobile Transportation, Port and Logistics Business ¥333,290 million (YoY +30.4%), Real Estate Business ¥30,608 million (YoY +33.4%), Ferry, domestic RORO shipping, and cruise operations ¥40,145 million (YoY +5.8%), Related Businesses ¥34,793 million (YoY +25.4%), Other ¥17,547 million (YoY +61.8%)
Segment profitDry bulk ¥19,701 million, Energy Business ¥33,603 million (YoY +8.8%), Chemical Logistics Business ¥12,048 million (YoY -16.4%), Container shipping business ¥73,428 million (YoY +206.2%), Automobile Transportation, Port and Logistics Business ¥13,081 million, Real Estate Business ¥9,231 million (YoY +146.7%), Ferry, domestic RORO shipping, and cruise operations ¥-8,026 million, Related Businesses ¥2,150 million (YoY +68.8%), Other ¥5,403 million (YoY +208.6%)
Outlook and shareholder returns
Full-year earnings forecast
Net Sales¥2,370,000 million (YoY +29.9%)
Operating profit¥151,000 million (YoY +18.9%)
Ordinary income¥295,000 million (YoY +67.8%)
Net income¥300,000 million (YoY +40.7%)
Revision to Earnings ForecastNet Sales 2,230,000 Hundred million yen → 2,370,000 Hundred million yen（+6.3%） / Operating profit 1,350 Hundred million yen → 1,510 Hundred million yen（+11.9%） / Ordinary income 2,250 Hundred million yen → 2,950 Hundred million yen（+31.1%） / Net income 2,400 Hundred million yen → 3,000 Hundred million yen（+25.0%） / Revision from Latest Published Value None
Annual Dividend Forecast200 Yen (without taking the stock split into account) → 205 Yen (without taking the stock split into account)（+2.5%）
Shareholder Return PolicyThe company has introduced progressive dividends and will make decisions with a target total payout ratio, including dividends, of 40%. It targets ROE of more than 10%.
Factors Behind Changes in Business Performance
The ongoing depreciation of the yen, solid cargo demand, tighter vessel supply and demand, higher container shipping freight rates, and increased investment income accounted for under the equity method contributed to results. Meanwhile, higher marine fuel oil prices, the situation in the Middle East, port congestion, and the absence of one-off gains from existing projects put pressure on earnings in some businesses.
Disclosure regarding the going concern assumption
None applicable
Change in accounting policy
基準改正に伴う変更 Noneそれ以外の変更 None見積りの変更 None修正再表示 None
Changes in the scope of consolidation0 additions, 0 exclusions (no material changes)
Material subsequent eventsAt a meeting held on 9 November 2026, the Board of Directors resolved to repurchase up to 9 million shares for a maximum of ¥50 billion, with the repurchase period running from 10 November 2026 to 31 March 2027. The Board also resolved to conduct a 3-for-1 stock split of its common shares, effective 1 January 2027.
Breakdown of extraordinary income (loss)Extraordinary income Gain on sale of property, plant and equipment ¥20,644 million, Other extraordinary income ¥14,740 million / Extraordinary loss Loss on sale of non-current assets ¥816 million, Contract cancellation penalties ¥1,903 million, Other extraordinary losses ¥2,008 million
Depreciation and amortization¥120,275 million
Availability of Supplementary Financial Results MaterialsYes
Availability of Financial Results BriefingYes (for analysts)
Issued Shares at Period-End363,052,227
Treasury Shares at Period-End19,175,013
| Item | Details |
|---|---|
| Fiscal Period Classification | Interim period (second quarter) |
| Accounting standards | Japanese GAAP |
| Consolidated / non-consolidated | Consolidated |
| Period Covered | 1 April 2026–30 September 2026 |
| Net Sales | ¥1,275,022 million |
| Operating profit | ¥72,659 million |
| Ordinary income | ¥163,632 million |
| Profit attributable to owners of the parent | ¥179,313 million |
| Net income per share | ¥521.76 |
| Equity ratio | End of the current fiscal period 48.9 / End of previous period 48.2 |
| Total assets | ¥6,215,406 million |
| Net assets | ¥3,093,378 million |
| Cash flows from operating activities | ¥150,660 million |
| Cash flows from investing activities | ¥-64,410 million |
| Cash flows from financing activities | ¥977 million |
| Cash and cash equivalents at end of period | ¥289,767 million |
| Full-year earnings forecast | Net Sales ¥2,370,000 million (YoY +29.9%) / Operating profit ¥151,000 million (YoY +18.9%) / Ordinary income ¥295,000 million (YoY +67.8%) / Net income ¥300,000 million (YoY +40.7%) |
| Revision to Earnings Forecast | Net Sales 2,230,000 Hundred million yen → 2,370,000 Hundred million yen（+6.3%） / Operating profit 1,350 Hundred million yen → 1,510 Hundred million yen（+11.9%） / Ordinary income 2,250 Hundred million yen → 2,950 Hundred million yen（+31.1%） / Net income 2,400 Hundred million yen → 3,000 Hundred million yen（+25.0%） / Revision from Latest Published Value None |
| Annual Dividend Forecast | 200 Yen (without taking the stock split into account) → 205 Yen (without taking the stock split into account)（+2.5%） |
| Shareholder Return Policy | The company has introduced progressive dividends and will make decisions with a target total payout ratio, including dividends, of 40%. It targets ROE of more than 10%. |
| Segment revenue | Dry bulk ¥326,743 million (YoY +49.6%), Energy Business ¥189,007 million (YoY +55.0%), Chemical Logistics Business ¥248,524 million (YoY +90.9%), Container shipping business ¥54,362 million (YoY +23.4%), Automobile Transportation, Port and Logistics Business ¥333,290 million (YoY +30.4%), Real Estate Business ¥30,608 million (YoY +33.4%), Ferry, domestic RORO shipping, and cruise operations ¥40,145 million (YoY +5.8%), Related Businesses ¥34,793 million (YoY +25.4%), Other ¥17,547 million (YoY +61.8%) |
| Segment profit | Dry bulk ¥19,701 million, Energy Business ¥33,603 million (YoY +8.8%), Chemical Logistics Business ¥12,048 million (YoY -16.4%), Container shipping business ¥73,428 million (YoY +206.2%), Automobile Transportation, Port and Logistics Business ¥13,081 million, Real Estate Business ¥9,231 million (YoY +146.7%), Ferry, domestic RORO shipping, and cruise operations ¥-8,026 million, Related Businesses ¥2,150 million (YoY +68.8%), Other ¥5,403 million (YoY +208.6%) |
| Depreciation and amortization | ¥120,275 million |
| Breakdown of extraordinary income (loss) | Extraordinary income Gain on sale of property, plant and equipment ¥20,644 million, Other extraordinary income ¥14,740 million / Extraordinary loss Loss on sale of non-current assets ¥816 million, Contract cancellation penalties ¥1,903 million, Other extraordinary losses ¥2,008 million |
| Disclosure regarding the going concern assumption | None applicable |
| Change in accounting policy | Changes due to revisions to standards None / Other changes None / Change in accounting estimate None / Restatement None |
| Changes in the scope of consolidation | 0 additions, 0 exclusions (no material changes) |
| Material subsequent events | At a meeting held on 9 November 2026, the Board of Directors resolved to repurchase up to 9 million shares for a maximum of ¥50 billion, with the repurchase period running from 10 November 2026 to 31 March 2027. The Board also resolved to conduct a 3-for-1 stock split of its common shares, effective 1 January 2027. |
| Availability of Supplementary Financial Results Materials | Yes |
| Availability of Financial Results Briefing | Yes (for analysts) |
| Issued Shares at Period-End | 363,052,227 |
| Treasury Shares at Period-End | 19,175,013 |
| Factors Behind Changes in Business Performance | The ongoing depreciation of the yen, solid cargo demand, tighter vessel supply and demand, higher container shipping freight rates, and increased investment income accounted for under the equity method contributed to results. Meanwhile, higher marine fuel oil prices, the situation in the Middle East, port congestion, and the absence of one-off gains from existing projects put pressure on earnings in some businesses. |
Items this document does not state (5)
Operating MarginPayout ratioRegional salesOrders received and order backlogImpairment loss
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.Due to changes in the fiscal year-ends of 384 consolidated subsidiaries, the current interim period includes 9 months, from 1 January to 30 September 2026, for those subsidiaries, so the ordinary year-on-year comparison is not provided. The adjusted results reflect contributions from solid cargo demand, tighter vessel supply and demand, and the ongoing depreciation of the yen, while higher fuel costs and declines in earnings in some businesses are also cited as factors.
How to read this page
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