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Presentation materials for financial results9107Kawasaki Kisen Kaisha,Ltd.Transportation and Logistics

FY2025 Full-Year Results Briefing Materials

In FY2025, revenue decreased by ¥29.5 billion year on year, operating income decreased by ¥18.6 billion, and ordinary income decreased by ¥198.9 billion. For FY2026, the Company forecasts revenue of ¥1,020.0 billion and ordinary income of ¥100.0 billion, and will continue the capital policy, growth investments, and shareholder returns set out in its medium-term management plan.

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Direction
Mixed performance
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Scale
1989
¥100 million (year-on-year decrease in ordinary income)
Wording
Conditional
How definitive the wording is.

Contents of this document

Presentation materials for financial resultsFY2025 full-year results10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales10,183 Hundreds of millions of yen
Operating profit¥841 100 million operating income
Ordinary income¥1,091 100 million ordinary income
Net income¥1,329 100 million net income attributable to owners of the parent
Full-year earnings forecast
Net Sales
10,200 Hundreds of millions of yen
Operating profit (loss)
830 Hundreds of millions of yen
Ordinary profit or loss
1,000 Hundreds of millions of yen
Net income or loss attributable to owners of the parent
950 Hundreds of millions of yen
Annual Dividend
¥120 per share
What the company explained in this material
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Exchange rate¥150.82 /USD average rate during the period
  • Fuel oil prices697 USD/MT
  • Closure of the Strait of HormuzClosure continues through the end of June, with transit resuming from July onward
  • Suez CanalNo transit assumed throughout the year; routing via the Cape of Good Hope continues
  • Dry bulk Cape market28,200 USD/day
  • Automobiles transported by car carriers3,560 thousand vehicles FY2026 forecast
New initiatives
  • Participation in and expansion of the liquefied CO2 transportation business
  • Promotion of the offshore wind power support vessel business
  • Basic agreement with India's GAIL and JM Baxi on the joint ownership of 1 LNG carrier
  • Execution of an MoU with Sumitomo Corporation and NYK Line for a newbuild ammonia-fueled bunkering vessel at the Port of Singapore
  • Establishment of an intermediate holding company overseeing the Group's vessel management companies
  • Introduction of an operations management platform
  • Rollout of a DX talent development program for all employees
  • Flexible additional shareholder returns of ¥50.0 billion or more during FY2026
Key KPIsA metric the company considers important as a management benchmark.
  • Number of dry bulk vessels in operation at period-end163 vessels
    Year on year against the same period last yearDown from 178 vessels at the end of FY2024
  • Number of LNG vessels in operation at period-end53 vessels
    Year on year against the same period last yearUp from 46 vessels at the end of FY2024
  • Automobiles transported by car carriers3,390 thousand units
  • Car carrier fleet size99 vessels
    Year on year against the same period last yearUp from 98 vessels at the end of FY2024
  • Total number of vessels operated by the Group440 vessels
    Year on year against the same period last yearDown from 448 vessels at the end of FY2024
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Automobiles transported by car carriers3,390 thousand units
  • Car carrier fleet size99 vessels
Segment results
  • Dry bulk
    Net Sales2,927 Hundreds of millions of yen
    Ordinary profit or loss109 Hundreds of millions of yen
    Year-on-year change in amount
    Net Sales -295 Hundreds of millions of yen
    Year-on-year change in ordinary income-23
  • Energy Resources
    Net Sales1,006 Hundreds of millions of yen
    Ordinary profit or loss96 Hundreds of millions of yen
    Year-on-year change in amount
    Net Sales -12 Hundreds of millions of yen
    Year-on-year change in ordinary income47
  • Product logistics
    Net Sales6,164 Hundreds of millions of yen
    Ordinary profit or loss908 Hundreds of millions of yen
    Year-on-year change in amount
    Net Sales 36 Hundreds of millions of yen
    Year-on-year change in ordinary income-2,027
  • Other
    Net Sales84 Hundreds of millions of yen
    Ordinary profit or loss22 Hundreds of millions of yen
    Year-on-year change in amount
    Net Sales -23 Hundreds of millions of yen
    Year-on-year change in ordinary income12
  • Head office and eliminations
    Ordinary profit or loss-46 Hundreds of millions of yen
Medium-term management plan targets
  • FY2026 ordinary income—Company-wide1,600 Hundreds of millions of yen
  • FY2026 ordinary income—Company-operated businesses900 Hundreds of millions of yen
  • Operating cash flow during the medium-term plan period15,000 Hundreds of millions of yen
  • Investing cash flow during the medium-term plan period6,100 Hundreds of millions of yen
  • Total shareholder returns during the medium-term plan period¥8,000 100 million or more
  • ROIC6～7FY2026 target
  • ROE10 % or more, to be achieved on a sustained basis
  • PBR1 times or more
Financial targets
  • DER
    Actual results16.4
  • Equity ratio
    Actual results76.9
  • ROIC
    Actual results5
    Target6～7%
  • ROE
    Target10
Annual Dividend
FY2025
Annual¥120 per share
Interim¥60 per share
End of period¥60 per share
FY2026 forecast
Annual¥120 per share
Interim¥60 per share
End of period¥60 per share
Acquisition of treasury shares
Actual amount908 Hundreds of millions of yen
Additional shareholder returns during the medium-term plan periodPlans to make additional flexible shareholder returns of ¥50.0 billion or more during FY2026
Three months of the current quarter
Net Sales
¥2,506 100 million FY2025 fourth quarter
Operating profit (loss)
¥154 100 million FY2025 fourth quarter
Ordinary profit or loss
¥204 100 million FY2025 fourth quarter
Net income or loss attributable to owners of the parent
¥303 100 million FY2025 fourth quarter
Contents of this document
ItemDetails
Document typePresentation materials for financial results
Fiscal Period CoveredFY2025 full-year results
Net Sales10,183 Hundreds of millions of yen
Operating profit¥841 100 million (operating income)
Ordinary income¥1,091 100 million (ordinary income)
Net income¥1,329 100 million (net income attributable to owners of the parent)
Three months of the current quarterNet Sales ¥2,506 100 million (FY2025 fourth quarter) / Operating profit (loss) ¥154 100 million (FY2025 fourth quarter) / Ordinary profit or loss ¥204 100 million (FY2025 fourth quarter) / Net income or loss attributable to owners of the parent ¥303 100 million (FY2025 fourth quarter)
Full-year earnings forecastNet Sales 10,200 Hundreds of millions of yen / Operating profit (loss) 830 Hundreds of millions of yen / Ordinary profit or loss 1,000 Hundreds of millions of yen / Net income or loss attributable to owners of the parent 950 Hundreds of millions of yen / Annual Dividend ¥120 per share
Segment resultsSegment Dry bulk / Net Sales 2,927 Hundreds of millions of yen / Ordinary profit or loss 109 Hundreds of millions of yen / Year-on-year change in amount Net Sales -295 Hundreds of millions of yen / Year-on-year change in ordinary income -23, Segment Energy Resources / Net Sales 1,006 Hundreds of millions of yen / Ordinary profit or loss 96 Hundreds of millions of yen / Year-on-year change in amount Net Sales -12 Hundreds of millions of yen / Year-on-year change in ordinary income 47, Segment Product logistics / Net Sales 6,164 Hundreds of millions of yen / Ordinary profit or loss 908 Hundreds of millions of yen / Year-on-year change in amount Net Sales 36 Hundreds of millions of yen / Year-on-year change in ordinary income -2,027, Segment Other / Net Sales 84 Hundreds of millions of yen / Ordinary profit or loss 22 Hundreds of millions of yen / Year-on-year change in amount Net Sales -23 Hundreds of millions of yen / Year-on-year change in ordinary income 12, Segment Head office and eliminations / Net Sales Not disclosed / Ordinary profit or loss -46 Hundreds of millions of yen
Key KPIsIndicator name Number of dry bulk vessels in operation at period-end / Value 163 vessels / Year on year against the same period last year Down from 178 vessels at the end of FY2024, Indicator name Number of LNG vessels in operation at period-end / Value 53 vessels / Year on year against the same period last year Up from 46 vessels at the end of FY2024, Indicator name Automobiles transported by car carriers / Value 3,390 thousand units / Year on year against the same period last year Not disclosed, Indicator name Car carrier fleet size / Value 99 vessels / Year on year against the same period last year Up from 98 vessels at the end of FY2024, Indicator name Total number of vessels operated by the Group / Value 440 vessels / Year on year against the same period last year Down from 448 vessels at the end of FY2024
Unit price and quantity metricsIndicator name Automobiles transported by car carriers / Value 3,390 thousand units, Indicator name Car carrier fleet size / Value 99 vessels
Assumptions Underlying the Business OutlookItem Exchange rate / Value ¥150.82 /USD (average rate during the period), Item Fuel oil prices / Value 697 USD/MT, Item Closure of the Strait of Hormuz / Value Closure continues through the end of June, with transit resuming from July onward, Item Suez Canal / Value No transit assumed throughout the year; routing via the Cape of Good Hope continues, Item Dry bulk Cape market / Value 28,200 USD/day, Item Automobiles transported by car carriers / Value 3,560 thousand vehicles (FY2026 forecast)
Medium-term management plan targetsItem FY2026 ordinary income—Company-wide / Value 1,600 Hundreds of millions of yen, Item FY2026 ordinary income—Company-operated businesses / Value 900 Hundreds of millions of yen, Item Operating cash flow during the medium-term plan period / Value 15,000 Hundreds of millions of yen, Item Investing cash flow during the medium-term plan period / Value 6,100 Hundreds of millions of yen, Item Total shareholder returns during the medium-term plan period / Value ¥8,000 100 million or more, Item ROIC / Value 6～7, Item ROE / Value 10 % or more, to be achieved on a sustained basis, Item PBR / Value 1 times or more
Financial targetsItem DER / Actual results 16.4 % (at the end of FY2025), Item Equity ratio / Actual results 76.9 % (at the end of FY2025), Item ROIC / Actual results 5 % (FY2026 forecast, Company-wide) / Target 6～7%, Item ROE / Target 10 % or higher
Annual DividendFY2025 Annual ¥120 per share / Interim ¥60 per share / End of period ¥60 per share / FY2026 forecast Annual ¥120 per share / Interim ¥60 per share / End of period ¥60 per share
Acquisition of treasury sharesActual amount 908 Hundreds of millions of yen / Additional shareholder returns during the medium-term plan period Plans to make additional flexible shareholder returns of ¥50.0 billion or more during FY2026
New initiativesParticipation in and expansion of the liquefied CO2 transportation business, Promotion of the offshore wind power support vessel business, Basic agreement with India's GAIL and JM Baxi on the joint ownership of 1 LNG carrier, Execution of an MoU with Sumitomo Corporation and NYK Line for a newbuild ammonia-fueled bunkering vessel at the Port of Singapore, Establishment of an intermediate holding company overseeing the Group's vessel management companies, Introduction of an operations management platform, Rollout of a DX talent development program for all employees, Flexible additional shareholder returns of ¥50.0 billion or more during FY2026
Items this document does not state (14)
Gross Profit MarginOperating profit marginSelling, general and administrative expensesProgress against full-year forecastSelf-assessment against the planBreakdown of Factors Affecting the ChangeNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookPayout ratioCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A

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.

The decline in operating income in FY2025 was primarily attributable to lower earnings in the automobile carrier business, while the decline in ordinary income was mainly due to a substantial decrease in earnings in the containership business. Factors cited for the containership business include U.S. trade policy, conditions in the Middle East, higher vessel expenses associated with newbuild deliveries, and lower freight rates. Ordinary income is expected to decline in FY2026 due to geopolitical concerns, including conditions in the Middle East, and foreign exchange valuation losses.

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FY2025 Full-Year Results Briefing Materials | Kawasaki Kisen Kaisha,Ltd. (9107) timely disclosure | Komori