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NIPPON EXPRESS, Net Income Forecast for the Fiscal Year Revised Downward to an Unexpected 68% Decrease

Wed Nov 12, 2025 3:30 pm JST Earnings

9147 NIPPON EXPRESS HOLDINGS,INC. 【IFRS】

Earnings Report

NIPPON EXPRESS HOLDINGS,INC. <9147> [TSE Prime] announced its financial results (based on IFRS) after the market closed on November 12th (15:30). The consolidated net income for the cumulative third quarter of the fiscal year ending December 2025 (January to September) dropped 36.7% from the same period last year to 11.5 billion yen.

In addition, the full-year forecast for consolidated net income has decreased 70.6%, from the previous forecast of 34.0 billion yen to 10.0 billion yen (compared to 31.7 billion yen in the previous period). This changes the outlook from an anticipated profit increase to a projection of a 68.5% decrease in profit.

Based on the full-year plan announced by the company after the downward revision, our estimate of the consolidated net income for the July to December period (second half) has decreased 94.5%, from the previous forecast of 25.3 billion yen to 1.39 billion yen (compared to 20.3 billion yen in the same period of the previous year). This changes the outlook from an anticipated profit increase to a projection of a 93.2% decrease in profit.

In the most recent three-month period, from July to September (3Q), the consolidated net income significantly dropped to 2.98 billion yen, a 57.2% decrease compared to the same period last year. The operating profit margin worsened from 2.4% in the same period last year to 1.5%.

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Actual Results

Accumulated Results 3rd Quarter
Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Progress Rate vs. First Half Announce Accounting Standards
Jan - Sep, 2023 1,675,352 51,442 52,449 30,520 114.7 85.7 Nov 13, 2023 IFRS
Jan - Sep, 2024 1,900,201 34,908 33,537 18,316 70.0 64.6 Nov 12, 2024 IFRS
Jan - Sep, 2025 1,908,596 38,039 28,776 11,590 46.0 71.9 Nov 12, 2025 IFRS
YoY +0.4% +9.0% -14.2% -36.7% -34.3%

Guidance Update

Second Half Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2025 Prev 1,328,011 32,210 29,535 25,396 104.7 50 Sep 17, 2025 IFRS
Jul - Dec, 2025 New 1,308,011 21,210 18,535 1,396 5.8 50 Nov 12, 2025 IFRS
Revision Rate -1.5% -34.2% -37.2% -94.5% -94.5%

Full Year Update

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2025 Prev 2,600,000 61,000 51,000 34,000 140.2 100 Sep 17, 2025 IFRS
Dec, 2025 New 2,580,000 50,000 40,000 10,000 41.2 100 Nov 12, 2025 IFRS
Revision Rate -0.8% -18.0% -21.6% -70.6% -70.6%

Current Period Guidance

Second Half Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Jul - Dec, 2024 1,327,750 29,971 30,927 20,386 78.0 50 Feb 14, 2025 IFRS
Jul - Dec, 2025 Guidance 1,308,011 21,210 18,535 1,396 5.8 50 Nov 12, 2025 IFRS
YoY -1.5% -29.2% -40.1% -93.2% -92.6%

Current Period Guidance

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Adj. Dividend Announce Accounting Standards
Dec, 2023 2,239,017 60,098 61,208 37,050 139.5 100 Feb 14, 2024 IFRS
Dec, 2024 2,577,643 49,078 51,885 31,733 121.5 100 Feb 14, 2025 IFRS
Dec, 2025 Guidance 2,580,000 50,000 40,000 10,000 41.2 100 Nov 12, 2025 IFRS
YoY +0.1% +1.9% -22.9% -68.5% -66.0%

Quarterly Results

Fiscal Year Revenue Operating Profit Ordinary Profit Net Profit Adj. EPS Operating Profit Margin Announce Accounting Standards
Jul - Sep, 2024 650,308 15,801 12,579 6,969 26.6 2.4 Nov 12, 2024 IFRS
Oct - Dec, 2024 677,442 14,170 18,348 13,417 51.4 2.1 Feb 14, 2025 IFRS
Jan - Mar, 2025 645,280 11,416 7,118 1,248 4.8 1.8 May 13, 2025 IFRS
Apr - Jun, 2025 626,709 17,374 14,347 7,356 28.9 2.8 Aug 8, 2025 IFRS
Jul - Sep, 2025 636,607 9,249 7,311 2,986 11.9 1.5 Nov 12, 2025 IFRS
YoY -2.1% -41.5% -41.9% -57.2% -55.5%

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