Nippon Express (9147) Q1 2026 earnings summary

Executive summary

• Q1 FY2026 revenue rose 1.1% year-over-year to ¥652.3 billion, with operating income up 32.3% and profit attributable to owners of parent surging 287.3%, driven by cost reductions, strong domestic logistics, and steady air and ocean freight, despite a weaker yen and global supply chain disruptions from Middle East tensions.

• Americas and East Asia segments saw profit declines due to weak logistics demand and low profitability in new operations, while Logistics Support remained strong.

Financial highlights

• Consolidated segment income (business profit) reached ¥15.7 billion, up ¥1.7 billion year-over-year.

• Operating income was ¥14.9 billion, up ¥3.6 billion (+32.3%).

• Profit attributable to owners of parent was ¥4.8 billion, up 288.3% year-over-year.

• Gross profit increased 7.7% year-over-year to ¥60.3 billion, with a gross margin of 9.2%.

• Basic earnings per share rose to ¥18.84 from ¥4.56 a year earlier.

Outlook and guidance

• FY2026 revenue forecast is ¥2,700.0 billion (+4.9% year-over-year), with business profit of ¥90.0 billion (+36.4%) and operating income of ¥100.0 billion (+94.2%).

• Profit attributable to owners of parent projected at ¥60.0 billion (+183.4% year-over-year).

• ROE expected at 7.0% (+6.7pt), ROIC at 5.3% (+2.2pt).

• Full-year forecasts remain unchanged despite ongoing Middle East uncertainties, but interim profit forecasts were revised downward due to rising logistics costs.