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Earnings presentation9107Kawasaki Kisen Kaisha,Ltd.Transportation and Logistics

FY2026 Second-Quarter Earnings Presentation Materials

In the first half of FY2026, revenue, operating profit/loss, ordinary profit/loss and net profit/loss all exceeded the year-earlier period. The full-year forecast was revised upward from the figures announced in August, with ordinary profit/loss and net profit/loss each increased by ¥55 billion to ¥190 billion.

Worth reading
71In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.
Direction
Improvement
Direction inferred from the company’s description.
Scale
550
¥100 million (increase in ordinary profit/loss and net profit/loss versus the August announcement)
Wording
Conditional
How definitive the wording is.

Contents of this document

Earnings presentationFiscal 2026 second quarter10 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥6,020 100 million+20.3%
Operating profit¥512 100 million+19.1%
Ordinary income¥1,183 100 million +98.5%ordinary income
Net income¥1,245 100 million +81.3%interim net income attributable to owners of the parent
Results for the three months of the current quarter
Net Sales
¥3,151 100 million
Operating profit (loss)
¥316 100 million
Ordinary profit or loss
¥943 100 million
Interim net income (loss) attributable to owners of parent
¥1,011 100 million
Full-year earnings forecast
Net Sales
¥11,700 100 million
Operating profit (loss)
¥910 100 million
Ordinary profit or loss
¥1,900 100 million
Net income or loss attributable to owners of the parent
¥1,900 100 million
What the company explained in this material
Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
  • First half · self-operated business¥74 100 million
  • First half · container ship business¥309 100 million
  • Second half · self-operated business¥-64 100 million
  • Second half · container ship business¥231 100 million
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
  • Exchange rate155.85 Yen/Dollar
  • Fuel oil prices805 USD/MT
  • Strait of Hormuz
    DetailsNormalisation expected by the end of March 2027, with passage resuming from April 2027 onward assumed
  • Suez Canal
    DetailsNo passage assumed for the full year, with the route via the Cape of Good Hope assumed to continue
New initiatives
  • Business-by-business management control, organisation of the three financial statements, business value management, and more sophisticated investment management
  • Strengthening environmental investment by using the transition to a low-carbon and decarbonised economy as an opportunity
  • 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¥17,468 100 million
  • Interest-Bearing Debt¥3,225 100 million
  • DER18.5 %
    Year on year against the same period last yearUp 2.0 points (versus the end of FY2025)
  • Equity ratio75.5 %
    Year on year against the same period last yearDown 1.4 points (versus the end of FY2025)
  • Projected operating cash flow during the medium-term management plan period¥1.5 1 trillion
  • Projected investing cash flow during the medium-term management plan period¥6,100 100 million
  • Total shareholder returns during the medium-term management plan period¥8,800 100 million or more
Unit price and quantity metricsThese figures show sales broken down by price and volume.
  • Vehicle carrier transport volume · first half1,725 thousand units
    Year on year against the same period last year+20.0%
  • Vehicle carrier fleet size · first half99 vessels
    Year on year against the same period last year+1.0%
Segment results
Dry bulk
Net Sales
¥1,895 100 million
Ordinary profit or loss
¥160 100 million
Year on year against the same period last year
Net Sales¥452 100 million increase
Energy Resources
Net Sales
¥602 100 million
Ordinary profit or loss
¥48 100 million
Year on year against the same period last year
Net Sales¥110 100 million increase
Product logistics
Net Sales
¥3,515 100 million
Ordinary profit or loss
¥981 100 million
Year on year against the same period last year
Net Sales¥459 100 million increase
Other
Net Sales
¥6 100 million
Ordinary profit or loss
¥6 100 million
Head office and eliminations
Ordinary profit or loss
¥-12 100 million
Medium-term management plan targets
  • ROIC
    Target value7
    Target fiscal yearFY2026 forecast
  • PBR
    Target value1
    Target fiscal yearOutlook
  • ROE
    Target value15
    Target fiscal yearOutlook
  • Equity ratio (including off-balance-sheet charter hire)
    Target value50
    Target fiscal yearShort term
Financial targets
  • ROIC7 %
    CategoryFY2026 forecast
  • ROE15 % or higher
    CategoryLong-term goal
  • Equity ratio (including off-balance-sheet charter hire)50 Around %
    CategoryShort-term target
Annual Dividend
Annual Dividend¥120 per share
Interim¥60 per share
End of period¥60 per share
Acquisition of treasury shares
1,225
Number of Shares44,429
Share unitthousand shares
Amount unit¥100 million
PeriodAnnounced on 29 May 2026, ended on 18 September. Cancellation on 2 October
Contents of this document
ItemDetails
Document typeEarnings presentation
Fiscal Period CoveredFiscal 2026 second quarter
Net Sales¥6,020 100 million (YoY +20.3%)
Operating profit¥512 100 million (YoY +19.1%)
Ordinary income¥1,183 100 million (ordinary income) (YoY +98.5%)
Net income¥1,245 100 million (interim net income attributable to owners of the parent) (YoY +81.3%)
Results for the three months of the current quarterNet Sales ¥3,151 100 million / Operating profit (loss) ¥316 100 million / Ordinary profit or loss ¥943 100 million / Interim net income (loss) attributable to owners of parent ¥1,011 100 million
Full-year earnings forecastNet Sales ¥11,700 100 million / Operating profit (loss) ¥910 100 million / Ordinary profit or loss ¥1,900 100 million / Net income or loss attributable to owners of the parent ¥1,900 100 million
Segment resultsDry bulk Net Sales ¥1,895 100 million / Ordinary profit or loss ¥160 100 million / Year on year against the same period last year Net Sales ¥452 100 million increase / Energy Resources Net Sales ¥602 100 million / Ordinary profit or loss ¥48 100 million / Year on year against the same period last year Net Sales ¥110 100 million increase / Product logistics Net Sales ¥3,515 100 million / Ordinary profit or loss ¥981 100 million / Year on year against the same period last year Net Sales ¥459 100 million increase / Other Net Sales ¥6 100 million / Ordinary profit or loss ¥6 100 million / Head office and eliminations Ordinary profit or loss ¥-12 100 million
Breakdown of Factors Affecting the ChangeFactors First half · self-operated business / Amount ¥74 100 million, Factors First half · container ship business / Amount ¥309 100 million, Factors Second half · self-operated business / Amount ¥-64 100 million, Factors Second half · container ship business / Amount ¥231 100 million
Key KPIsIndicator name Capital Adequacy / Value ¥17,468 100 million / Year on year against the same period last year Not disclosed, Indicator name Interest-Bearing Debt / Value ¥3,225 100 million / Year on year against the same period last year Not disclosed, Indicator name DER / Value 18.5 % / Year on year against the same period last year Up 2.0 points (versus the end of FY2025), Indicator name Equity ratio / Value 75.5 % / Year on year against the same period last year Down 1.4 points (versus the end of FY2025), Indicator name Projected operating cash flow during the medium-term management plan period / Value ¥1.5 1 trillion / Year on year against the same period last year Not disclosed, Indicator name Projected investing cash flow during the medium-term management plan period / Value ¥6,100 100 million / Year on year against the same period last year Not disclosed, Indicator name Total shareholder returns during the medium-term management plan period / Value ¥8,800 100 million or more / Year on year against the same period last year Not disclosed
Unit price and quantity metricsIndicator name Vehicle carrier transport volume · first half / Value 1,725 thousand units / Year on year against the same period last year 20 thousand units, Indicator name Vehicle carrier fleet size · first half / Value 99 vessels / Year on year against the same period last year 1 vessels
Assumptions Underlying the Business OutlookItem Exchange rate / Value 155.85 Yen/Dollar, Item Fuel oil prices / Value 805 USD/MT, Item Strait of Hormuz / Details Normalisation expected by the end of March 2027, with passage resuming from April 2027 onward assumed, Item Suez Canal / Details No passage assumed for the full year, with the route via the Cape of Good Hope assumed to continue
Medium-term management plan targetsItem ROIC / Target value 7 % / Target fiscal year FY2026 forecast, Item PBR / Target value 1 times or more / Target fiscal year Outlook, Item ROE / Target value 15 % or higher / Target fiscal year Outlook, Item Equity ratio (including off-balance-sheet charter hire) / Target value 50 Around % / Target fiscal year Short term
Financial targetsItem ROIC / Value 7 % / Category FY2026 forecast, Item ROE / Value 15 % or higher / Category Long-term goal, Item Equity ratio (including off-balance-sheet charter hire) / Value 50 Around % / Category Short-term target
Annual DividendAnnual Dividend ¥120 per share / Interim ¥60 per share / End of period ¥60 per share
Acquisition of treasury sharesNumber of Shares 44,429 / Share unit thousand shares / Amount 1,225 / Amount unit ¥100 million / Period Announced on 29 May 2026, ended on 18 September. Cancellation on 2 October
New initiativesBusiness-by-business management control, organisation of the three financial statements, business value management, and more sophisticated investment management, Strengthening environmental investment by using the transition to a low-carbon and decarbonised economy as an opportunity, 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 planNumber 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 first-half results benefited from firm market conditions in the dry bulk business, an improvement in the container ship business due to higher short-term freight rates, and an increase in the equity-method gain from ONE. The full-year forecast was revised upward based on expectations of higher profit in the dry bulk business and improved earnings in the container ship business due to higher short-term freight rates.

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FY2026 Second-Quarter Earnings Presentation Materials | Kawasaki Kisen Kaisha,Ltd. (9107) timely disclosure | Komori