Shibusawa Warehouse, Net Income Forecast for the Fiscal Year Revised Upward by 8%, Highest in Four Terms

Fri Nov 7, 2025 2:00 pm JST

Shibusawa Logistics Corporation <9304> [TSE Prime] announced its financial results in the afternoon session on November 7th (14:00). The consolidated net income for the cumulative second quarter of the fiscal year ending March 2026 (April to September) increased 24.2% from the same period last year, reaching 3.28 billion yen, exceeded the previous forecast of 2.70 billion yen.

In addition, the full-year forecast for consolidated net income has been revised upward 7.8%, from the previous forecast of 5.10 billion yen to 5.50 billion yen (compared to 4.90 billion yen in the previous period), increasing the growth rate from 3.9% to 12.1%, reaches new record high for the first time in four terms.

Based on the first-half performance announced by the company and the full-year plan, our calculation indicates that the consolidated net income for the October to March period (second half) is expected to decrease 2.1% from the same period last year to 2.21 billion yen.

In light of the strong performance, the company has increased its planned annual dividend for the current fiscal year from the original plan of 112.5 yen to 120 yen (compared to 140 yen before the 4-for-1 forward stock split in the previous period).

In the most recent three-month period, from July to September (2Q), the consolidated net income increased 44.5% from the same period last year, reaching 1.46 billion yen. However, the operating profit margin worsened from 7.0% in the same period last year to 5.8%.

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Actual Results

Accumulated Results 2nd Quarter

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Progress Rate vs. First Half	Announce	Accounting Standards
Apr - Sep, 2023	37,094	2,148	2,634	1,752	28.9	51.7	Nov 7, 2023	J-GAAP
Apr - Sep, 2024	39,589	2,678	3,131	2,645	45.1	56.1	Nov 7, 2024	J-GAAP
Apr - Sep, 2025	40,045	2,178	2,680	3,285	57.5	52.5	Nov 7, 2025	J-GAAP
YoY	+1.2%	-18.7%	-14.4%	+24.2%	+27.6%

First Half Results vs. Previous Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Apr - Sep, 2025 Guidance	40,000	2,200	2,700	2,700	48.1	22.50	May 12, 2025	J-GAAP
Apr - Sep, 2025 Results	40,045	2,178	2,680	3,285	57.5	24	Nov 7, 2025	J-GAAP
Revision Rate	+0.1%	-1.0%	-0.7%	+21.7%	+19.6%

Guidance Update

Full Year Update

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2026 Prev	79,000	4,200	5,100	5,100	90.8	45	Aug 7, 2025	J-GAAP
Mar, 2026 New	80,000	4,200	5,100	5,500	97.9	48	Nov 7, 2025	J-GAAP
Revision Rate	+1.3%	0.0%	0.0%	+7.8%	+7.9%

Current Period Guidance

Second Half Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Oct - Mar, 2024	39,031	1,990	2,452	2,263	38.9	20	May 12, 2025	J-GAAP
Oct - Mar, 2025 Guidance	39,955	2,022	2,420	2,215	39.4	24	Nov 7, 2025	J-GAAP
YoY	+2.4%	+1.6%	-1.3%	-2.1%	+1.5%

Current Period Guidance

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Adj. Dividend	Announce	Accounting Standards
Mar, 2024	73,417	4,271	5,091	3,728	61.5	25	May 10, 2024	J-GAAP
Mar, 2025	78,620	4,668	5,583	4,908	84.3	35	May 12, 2025	J-GAAP
Mar, 2026 Guidance	80,000	4,200	5,100	5,500	97.9	48	Nov 7, 2025	J-GAAP
YoY	+1.8%	-10.0%	-8.7%	+12.1%	+16.2%

Quarterly Results

Fiscal Year	Revenue	Operating Profit	Ordinary Profit	Net Profit	Adj. EPS	Operating Profit Margin	Announce	Accounting Standards
Jul - Sep, 2024	20,119	1,415	1,441	1,016	17.3	7.0	Nov 7, 2024	J-GAAP
Oct - Dec, 2024	20,123	1,101	1,400	1,477	25.3	5.5	Feb 12, 2025	J-GAAP
Jan - Mar, 2025	18,908	889	1,052	786	13.5	4.7	May 12, 2025	J-GAAP
Apr - Jun, 2025	20,022	1,011	1,445	1,817	31.6	5.0	Aug 7, 2025	J-GAAP
Jul - Sep, 2025	20,023	1,167	1,235	1,468	25.7	5.8	Nov 7, 2025	J-GAAP
YoY	-0.5%	-17.5%	-14.3%	+44.5%	+48.4%