丸運 (9067) FY2026 Q3 Earnings Report

Quick View

Executive Summary

The defining feature of the quarter was that, despite a trend toward higher revenue and operating income, net income declined due to extraordinary losses and a higher tax burden. Revenue was ¥35.38B (+2.4% YoY), Operating Income was ¥1.14B (+18.3%), and Ordinary Income was ¥1.29B (+19.7%), indicating an improvement in core earnings power. However, Net Income declined to ¥0.76B (¥0.74B attributable to owners of the parent, -11.9% YoY). The main factors were the recognition of an extraordinary loss of ¥0.20B and an increase in the effective tax rate, highlighting that improvements at the operating level have not been reflected in bottom-line earnings.

Factors Driving Performance Changes

【Revenue】Revenue was ¥35.38B (+2.4% YoY), securing an increase in revenue. By segment, Freight Transportation generated ¥17.09B (+0.7%), while Energy Transportation generated ¥12.59B (+4.6%); both core businesses expanded, together accounting for approximately 84% of total revenue. Energy Transportation grew relatively more strongly and was the primary driver of the increase in revenue.

【Profit and Loss】Operating Income increased to ¥1.14B (+18.3% YoY), and Ordinary Income rose to ¥1.29B (+19.7%), with non-operating income, including ¥0.09B in dividends received, also contributing. Meanwhile, Net Income declined to ¥0.76B (-10.6% YoY) due to the recognition of an extraordinary loss of ¥0.20B, including losses on the disposal and sale of fixed assets, and income taxes of ¥0.39B, representing an effective tax rate of approximately 34%. Segment profit also improved, with Freight Transportation at ¥0.60B (+21.6%) and Energy Transportation at ¥0.43B (+26.5%). Thus, the structure was one of higher revenue and profit on a core operating basis, while final profit declined due to extraordinary items.

Segment Analysis

Segment profit, based on Ordinary Income, was ¥0.60B for Freight Transportation (¥0.49B in the previous year, +21.6%) and ¥0.43B for Energy Transportation (¥0.34B in the previous year, +26.5%), indicating improved profit margins in both core segments. Profit margins were nearly identical at 3.5% for Freight Transportation and 3.4% for Energy Transportation. Together with their revenue composition ratios of 48.3% and 35.6%, respectively, this confirms a structure in which both businesses contribute relatively evenly as the pillars of performance. Other Businesses recorded revenue of ¥0.02B and an unusually high profit margin of 145.5%; however, given its immaterial scale, its impact on consolidated performance is limited.

Key Financial Indicators

【Profitability】The Operating Income Margin improved to 3.2% from 2.8% in the previous year, while the Net Profit Margin declined to 2.2% from 2.5%, indicating that the improvement at the operating level has not translated into the final profit margin. ROE (annualized) was 3.8%, with the higher tax burden acting as a downward pressure. 【Cash Flow Quality】Separate disclosure of Operating CF and Investing CF could not be confirmed. Cash and deposits were ¥2.22B, slightly below ¥2.34B in the previous year, while short-term borrowings increased to ¥0.94B from ¥0.25B. 【Investment Efficiency】Investment securities increased to ¥3.85B from ¥2.64B (+46.0%), while property, plant and equipment totaled ¥24.44B, accounting for approximately 63.0% of total assets. 【Financial Soundness】The Equity Ratio remained high at 68.6% (68.9% in the previous year), while long-term borrowings were immaterial at ¥0.03B. BPS was ¥911.22, reflecting the accumulation of net assets, compared with ¥879.90 in the previous year.

Cash Flow Analysis

As separate disclosure of Operating CF, Investing CF, and Financing CF could not be confirmed from this material, cash movements are analyzed based on changes in the balance sheet. Cash and deposits decreased slightly to ¥2.22B from ¥2.34B in the previous year, while short-term borrowings increased by ¥0.69B from ¥0.25B to ¥0.94B, indicating a growing reliance on short-term funding. At the same time, investment securities increased by ¥1.21B from ¥2.64B to ¥3.85B, suggesting an expansion of asset management utilizing cash on hand and short-term financing. Long-term borrowings decreased from ¥0.12B to ¥0.03B, and the shortening of the maturity profile of liabilities should be noted as a change in the funding structure.

Quality of Earnings

There was a gap between Ordinary Income of ¥1.29B and Net Income of ¥0.76B, mainly due to the recognition of an extraordinary loss of ¥0.20B, including losses on the disposal and sale of fixed assets, and income taxes of ¥0.39B. Dividends received accounted for ¥0.09B of the ¥0.16B in non-operating income. While stable income from investment securities supplemented Ordinary Income, extraordinary income of ¥0.06B, comprising gains on the sale of investment securities and fixed assets, and extraordinary losses were of a similar scale and, on a net basis, acted to reduce Net Income. Comprehensive Income was ¥1.56B, substantially exceeding Net Income of ¥0.76B, primarily due to a ¥0.73B increase in valuation differences on securities. The resulting meaningful difference between income statement earnings and changes in asset values should be considered when assessing earnings quality.

Earnings Forecasts and Guidance

The Full-Year earnings forecast calls for Revenue of ¥47.10B, Operating Income of ¥1.23B (-2.9% YoY), and Ordinary Income of ¥1.40B (-0.1% YoY). Cumulative Ordinary Income through Q3 reached ¥1.29B, representing a high progress rate of approximately 92.0% against the Full-Year forecast of ¥1.40B. Cumulative Operating Income was ¥1.14B, equivalent to a progress rate of approximately 92.7% against the Full-Year forecast of ¥1.23B. However, the fact that the Full-Year forecast itself assumes a decline in profit compared with the previous year suggests the possibility that the forecast presumes temporary cost increases or demand fluctuations in Q4. No revision to the earnings forecast has been announced.

Shareholder Returns

The dividend consists of an interim dividend of ¥5.0 and a forecast year-end dividend of ¥14.0. Although the stated annual forecast of ¥8.00 appears, based on consistency with Full-Year EPS and other figures, to refer to the standalone year-end amount, the disclosed figure is ¥8.00 for the full year. An increase in dividends is planned compared with the previous year's annual dividend, including the interim dividend of ¥5. The Payout Ratio calculated based on Net Income of ¥0.76B (¥0.74B attributable to owners of the parent) and approximately 28.96 million shares outstanding, excluding treasury shares, is high. As Operating CF has not been disclosed, confirmation of actual Operating CF is necessary to assess the cash backing for the dividend. No share repurchases have been confirmed, and shareholder returns are centered on dividends.

Risk Factors

1. Refinancing Risk: Short-term borrowings increased by +276.0% from ¥0.25B to ¥0.94B, accelerating the shortening of the maturity profile of liabilities. Long-term borrowings are immaterial at ¥0.03B, making the refinancing trend for short-term funds an area requiring close monitoring.

2. Market Valuation Risk: Investment securities increased by +46.0% from ¥2.64B to ¥3.85B, while valuation differences on securities contributed ¥0.73B to the current period. Changes in market values may affect future Comprehensive Income and net assets.

3. Concentration Risk in the Earnings Structure: Approximately 84% of Revenue depends on the two segments of Freight Transportation and Energy Transportation, creating a structure in which demand trends in both businesses have a significant impact on overall performance.

Industry Benchmark (For Reference; Compiled by the Company)

Profitability and Return

The Company's profitability is below the industry median, with the gap particularly large for the Net Profit Margin.

Growth and Capital Efficiency

The Revenue Growth Rate also slightly underperforms the industry median, placing the Company's growth speed in the lower half of the industry.

※Source: Compiled by the Company

Key Points from the Earnings Results

1. Operating Income Margin was 3.2%, and Ordinary Income increased by +19.7% YoY, indicating improved core earnings power. However, Net Income declined by -10.6% due to extraordinary losses and the tax burden, creating a gap between improvement at the operating level and final profit.

2. Cumulative Ordinary Income through Q3 represented a high progress rate of approximately 92.0% against the Full-Year forecast of ¥1.40B. While the pace of progress is considered steady, the Full-Year forecast itself assumes a modest decline in profit compared with the previous year.

3. Short-term borrowings increased sharply (+276.0%) while investment securities expanded (+46.0%), indicating from the earnings data that changes in the funding structure and asset management policy are being reflected in the financial composition.

Theoretical Share Price (Reference Value)

Sensitivity: ¥718–¥759 at ±1% for the cost of equity, and ¥732–¥741 at ±0.1 for ω.

Notes:

• Because forecast ROE is below the cost of equity, the theoretical value is below Book Value Per Share.
• Net assets as of the quarter-end are used; there is a timing difference relative to the Full-Year forecast.

(Calculation model: Residual Income Model (Ohlson-type, explicit 5-year fade) / Interest rate reference month: 2026-07 / Mechanically calculated solely from publicly disclosed data; this is not a forecast of the market share price or a recommendation of any specific investment action, nor does it predict or guarantee future share prices.)

---

This report is an earnings analysis document automatically generated by AI through analysis of XBRL earnings summary data. It does not recommend investment in any specific security. The industry benchmarks are reference information compiled by the Company based on publicly disclosed earnings data. Investment decisions should be made at your own responsibility, and after consulting a professional as necessary.

---End of Report---