Worth reading
65In 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
350
¥100 million (increase in ordinary income/loss from the May announcement)Wording
Avoiding a definitive answer
How definitive the wording is.Contents of this document
Financial results presentationFY2026 First Quarter10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥2,868 100 million
Operating profit¥195 100 million
Ordinary income¥240 100 million
Net income¥233 100 million
Results for the three months of the current quarter
Net Sales
¥2,868 100 million
Operating profit (loss)
¥195 100 million
Ordinary profit or loss
¥240 100 million
Quarterly profit attributable to owners of the parent
¥233 100 million
Full-year earnings forecast
Net Sales
¥10,700 100 million
Operating profit (loss)
¥850 100 million
Ordinary profit or loss
¥1,350 100 million
Net income or loss attributable to owners of the parent
¥1,350 100 million
What the company explained in this material
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
Exchange rate153.5
Exchange rate unityen/USD (period average)
Fuel oil prices718
Fuel oil price unitUSD/MT
Strait of HormuzAssumes conditions will normalize by the end of September and transit will resume from October onward
Suez CanalAssumes no transit throughout the year and continued use of routes via the Cape of Good Hope
Market assumptionsAs stated in the Appendix
New initiatives
- Conducting a share repurchase and planning to cancel the repurchased shares
- Strengthening investment in growth-driving businesses and environmental investment, taking advantage of opportunities arising from the transition to a low-carbon and decarbonized economy
- Continuing fleet optimization, improvements in operational and vessel-allocation efficiency, flexible vessel allocation, and efficient operations
Key KPIsA metric the company considers important as a management benchmark.
- Capital Adequacy¥17,373 100 million
- Interest-Bearing Debt¥2,968 100 million
- DER17.1 %Year on year against the same period last yearUp 0.7 percentage points
- Equity ratio75.9 %Year on year against the same period last yearDown 1.0 percentage point year on year
- Exposure ratio (Capesize vessels)13 %
- Exposure ratio (medium- and small-sized vessels)15 %
Unit price and quantity metricsThese figures show sales broken down by price and volume.
Automobiles transported by car carriers
FY2026 first-quarter results863 thousand units
FY2025 first-quarter results850 thousand units
Car carrier fleet size
FY2026 first-quarter results98 vessels
FY2025 first-quarter results95 vessels
Segment results
Dry bulk
Net Sales
¥903 100 million
Ordinary profit or loss
¥90 100 million
Year on year against the same period last year
Change in revenue¥196 100 million
Change in ordinary income/loss¥93 100 million
Energy Resources
Net Sales
¥298 100 million
Ordinary profit or loss
¥32 100 million
Year on year against the same period last year
Change in revenue¥63 100 million
Change in ordinary income/loss¥5 100 million
Product logistics
Net Sales
¥1,660 100 million
Ordinary profit or loss
¥108 100 million
Year on year against the same period last year
Change in revenue¥159 100 million
Change in ordinary income/loss¥-134 100 million
Car Carrier Business
Net Sales
¥1,014 100 million
Ordinary profit or loss
¥21 100 million
Year on year against the same period last year
Change in revenue¥84 100 million
Change in ordinary income/loss¥-130 100 million
Container shipping business
Net Sales
¥186 100 million
Ordinary profit or loss
¥54 100 million
Year on year against the same period last year
Change in revenue¥22 100 million
Change in ordinary income/loss¥-12 100 million
Other
Net Sales
¥5 100 million
Ordinary profit or loss
¥4 100 million
Year on year against the same period last year
Change in revenue¥0 100 million
Change in ordinary income/loss¥5 100 million
Medium-term management plan targets
Operating cash flow during the medium-term plan period¥1.5 trillion
Investing cash flow during the medium-term plan period¥610 billion
Total shareholder returns during the medium-term plan period¥880 billion or more
ROEAt least 15% over the long term
PBREstablishing a level of at least 1.0x
Equity ratioAround 50% in the short term, including off-balance-sheet charter hire
Financial targets
ROIC6% (FY2026 forecast)
ROEAt least 15% over the long term
PBRAt least 1.0x
Equity ratioTargeting around 50%, including off-balance-sheet charter hire
Risk amount incorporated into the outlookThe amount representing the range of variation the company expects in its forecast.
Exchange Rate Fluctuations±¥1.3 billion per ¥1 change
Fuel oil price fluctuation±¥640 million per USD10 change
Annual Dividend
Annual Dividend¥120 per share
Interim¥60 per share
End of period¥60 per share
Acquisition of treasury shares
Repurchase authorization amount1,300
Amount unit¥100 million (maximum)
Number of shares under the buyback program44,429,000
Share unitShares (maximum)
PeriodFrom 1 June 2026 through 30 September 2026
Acquired as of the end of July 2026
862
Amount unit¥100 million
Number of Shares33,277,600
Share unitShares
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | FY2026 First Quarter |
| Net Sales | ¥2,868 100 million |
| Operating profit | ¥195 100 million |
| Ordinary income | ¥240 100 million |
| Net income | ¥233 100 million |
| Results for the three months of the current quarter | Net Sales ¥2,868 100 million / Operating profit (loss) ¥195 100 million / Ordinary profit or loss ¥240 100 million / Quarterly profit attributable to owners of the parent ¥233 100 million |
| Full-year earnings forecast | Net Sales ¥10,700 100 million / Operating profit (loss) ¥850 100 million / Ordinary profit or loss ¥1,350 100 million / Net income or loss attributable to owners of the parent ¥1,350 100 million |
| Segment results | Dry bulk Net Sales ¥903 100 million / Ordinary profit or loss ¥90 100 million / Year on year against the same period last year Change in revenue ¥196 100 million / Change in ordinary income/loss ¥93 100 million / Energy Resources Net Sales ¥298 100 million / Ordinary profit or loss ¥32 100 million / Year on year against the same period last year Change in revenue ¥63 100 million / Change in ordinary income/loss ¥5 100 million / Product logistics Net Sales ¥1,660 100 million / Ordinary profit or loss ¥108 100 million / Year on year against the same period last year Change in revenue ¥159 100 million / Change in ordinary income/loss ¥-134 100 million / Car Carrier Business Net Sales ¥1,014 100 million / Ordinary profit or loss ¥21 100 million / Year on year against the same period last year Change in revenue ¥84 100 million / Change in ordinary income/loss ¥-130 100 million / Container shipping business Net Sales ¥186 100 million / Ordinary profit or loss ¥54 100 million / Year on year against the same period last year Change in revenue ¥22 100 million / Change in ordinary income/loss ¥-12 100 million / Other Net Sales ¥5 100 million / Ordinary profit or loss ¥4 100 million / Year on year against the same period last year Change in revenue ¥0 100 million / Change in ordinary income/loss ¥5 100 million |
| Key KPIs | Indicator name Capital Adequacy / Value ¥17,373 100 million / Year on year against the same period last year Not disclosed, Indicator name Interest-Bearing Debt / Value ¥2,968 100 million / Year on year against the same period last year Not disclosed, Indicator name DER / Value 17.1 % / Year on year against the same period last year Up 0.7 percentage points, Indicator name Equity ratio / Value 75.9 % / Year on year against the same period last year Down 1.0 percentage point year on year, Indicator name Exposure ratio (Capesize vessels) / Value 13 % / Year on year against the same period last year Not disclosed, Indicator name Exposure ratio (medium- and small-sized vessels) / Value 15 % / Year on year against the same period last year Not disclosed |
| Unit price and quantity metrics | Automobiles transported by car carriers FY2026 first-quarter results 863 thousand units / FY2025 first-quarter results 850 thousand units / Car carrier fleet size FY2026 first-quarter results 98 vessels / FY2025 first-quarter results 95 vessels |
| Assumptions Underlying the Business Outlook | Exchange rate 153.5 / Exchange rate unit yen/USD (period average) / Fuel oil prices 718 / Fuel oil price unit USD/MT / Strait of Hormuz Assumes conditions will normalize by the end of September and transit will resume from October onward / Suez Canal Assumes no transit throughout the year and continued use of routes via the Cape of Good Hope / Market assumptions As stated in the Appendix |
| Risk amount incorporated into the outlook | Exchange Rate Fluctuations ±¥1.3 billion per ¥1 change / Fuel oil price fluctuation ±¥640 million per USD10 change |
| Medium-term management plan targets | Operating cash flow during the medium-term plan period ¥1.5 trillion / Investing cash flow during the medium-term plan period ¥610 billion / Total shareholder returns during the medium-term plan period ¥880 billion or more / ROE At least 15% over the long term / PBR Establishing a level of at least 1.0x / Equity ratio Around 50% in the short term, including off-balance-sheet charter hire |
| Financial targets | ROIC 6% (FY2026 forecast) / ROE At least 15% over the long term / PBR At least 1.0x / Equity ratio Targeting around 50%, including off-balance-sheet charter hire |
| Annual Dividend | Annual Dividend ¥120 per share / Interim ¥60 per share / End of period ¥60 per share |
| Acquisition of treasury shares | Repurchase authorization amount 1,300 / Amount unit ¥100 million (maximum) / Number of shares under the buyback program 44,429,000 / Share unit Shares (maximum) / Period From 1 June 2026 through 30 September 2026 / Acquired as of the end of July 2026 Amount 862 / Amount unit ¥100 million / Number of Shares 33,277,600 / Share unit Shares |
| New initiatives | Conducting a share repurchase and planning to cancel the repurchased shares, Strengthening investment in growth-driving businesses and environmental investment, taking advantage of opportunities arising from the transition to a low-carbon and decarbonized economy, Continuing fleet optimization, improvements in operational and vessel-allocation efficiency, flexible vessel allocation, and efficient operations |
Items this document does not state (13)
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 employeesPayout 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.First-quarter operating income/loss was broadly in line with the year-earlier period. Profit growth in the dry bulk business, supported by firm market conditions, and the benefits of yen depreciation were offset by higher costs, including rising fuel prices due to the situation in the Middle East. Ordinary income/loss increased mainly because of foreign exchange effects, while quarterly net income/loss declined due to a decrease in extraordinary income. The full-year forecast was raised based on the expected increase in profit in the dry bulk business and an expected improvement in earnings from higher container shipping rates from the latter half of the first quarter through the second quarter.
How to read this page
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