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Nippon Express HoldingsNIPPON EXPRESS HOLDINGS, INC.9147東証プライム陸運業FY ending Dec 2025, consolidated, IFRS

Nippon Express Holdings FY ending Dec 2025 results

About 47% of Nippon Express Holdings's sales come from Japan, with Europe and Distribution support making up much of the rest.

Out of every ¥100 of sales, about ¥2 is left as operating profit.

Revenue changed -0.1% from the prior year, operating profit +4.9%.

Revenue and profit pattern

Revenue down, profit up

Revenue -0.1% · profit +4.9%, calculated from disclosed figures.

Operating leverage: -44.80× (profit growth ÷ revenue growth)

What changed from last year

FY ending Dec 2024 → FY ending Dec 2025

Revenue
-0.1%¥2.58T → ¥2.57T
Gross profit
+8.6%¥221.7B → ¥240.7B
Operating income
+4.9%¥49.1B → ¥51.5B
Net income attributable to owners
-91.5%¥31.7B → ¥2.69B
Operating cash flow
-8.4%¥227.9B → ¥208.7B
Free cash flow
-19.0%¥154.9B → ¥125.5B

Results at a glance

  • Revenue for the FY ending Dec 2025 was ¥2.57T, essentially flat against ¥2.58T the year before (-0.1%).
  • Operating income grew from ¥49.1B to ¥51.5B (+4.9%), and gross profit was up +8.6%.
  • Net income attributable to owners, however, dropped from ¥31.7B to ¥2.69B, a -91.5% change.
  • Operating cash flow came to ¥208.7B (-8.4%) and free cash flow to ¥125.5B (-19.0%).

What drove the change

  • The acquisition of Simon Hegele added sales in Europe, while the integration of the domestic less-than-truckload business in Japan took sales away, leaving revenue roughly unchanged.
  • Operating profit improved thanks to cost cuts in the Japan business and higher volumes in distribution support (logistics products, vehicle maintenance, real estate). Europe's profit fell on rising costs.
  • Pretax income fell mainly because of currency effects, and operating cash flow shrank as income tax payments rose.

Things to watch

  • A global slowdown driven by US trade policy or instability in the Middle East could cut customers' shipping demand.
  • The company expects business-to-business freight demand in Japan, its core market, to decline as the population ages and shrinks.
  • If acquired businesses fall short of plan, the company may have to book goodwill impairment losses.

Annual Securities Report, 4th fiscal period (2025/01/01-2025/12/31) / 経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析 · Annual Securities Report, 4th fiscal period (2025/01/01-2025/12/31) / 事業等のリスク

Where the money goes

FY ending Dec 2024 → FY ending Dec 2025

Where ¥100 of sales goes

For every ¥100 Nippon Express Holdings sells, how much goes where, and how much is kept.

FY ending Dec 2025
Cost of sales
¥91
SG&A
¥7
Operating profit
¥2
Net profit kept
¥0

Annual margin trends

Gross margin9.3%
FY ending Dec 2022: 10.5%10.5%FY ending Dec 2023: 10.2%10.2%FY ending Dec 2024: 8.6%8.6%FY ending Dec 2025: 9.3%9.3%FY22FY23FY24FY25
Operating margin2.0%
FY ending Dec 2022: 5.9%5.9%FY ending Dec 2023: 2.7%2.7%FY ending Dec 2024: 1.9%1.9%FY ending Dec 2025: 2.0%2.0%FY22FY23FY24FY25
Net margin0.1%
FY ending Dec 2022: 4.1%4.1%FY ending Dec 2023: 1.7%1.7%FY ending Dec 2024: 1.2%1.2%FY ending Dec 2025: 0.1%0.1%FY22FY23FY24FY25

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

Which businesses earn the money

Revenue by business segment, and the profit each one keeps.

FY ending Dec 2025

Profit by segment

※ Segment figures include inter-segment sales and do not sum to the company total

Sources

Show source documents (4)

  • EDINET (FSA Japan)

    有価証券報告書－第4期(2025/01/01－2025/12/31)

    ID S100XTG82026-03-25Open

  • EDINET (FSA Japan)

    有価証券報告書－第3期(2024/01/01－2024/12/31)

    ID S100VI6W2025-03-28Open

  • EDINET (FSA Japan)

    有価証券報告書－第2期(2023/01/01－2023/12/31)

    ID S100T5AK2024-03-28Open

  • EDINET (FSA Japan)

    訂正有価証券報告書－第1期(2022/01/01－2022/12/31)

    ID S100QS2V2023-05-19Open

Extracted from XBRL: 43 / Derived from other figures: 1

Spotted an error? Report it (corrections keep the original record)

Other periods

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