Yamato Holdings Co., Ltd. · TSE:9064
Yamato — Q3 FY2026/3 Earnings Presentation
27 slides from Yamato's earnings presentation, Feb 2, 2026
Slide 1: Yamato Group IR Presentation Material – Q3 FY March 2026
Yamato Group IR Presentation Material ＜3rd Quarter of the Fiscal year ending March 2026＞ February 2, 2026 Yamato Holdings Co., Ltd. Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 2: Summary of consolidated earnings (FY2026/3)
1. Summary of consolidated earnings (FY2026/3) ‧Achieved revenue and profit growth for both the third quarter and the first nine months of the fiscal year ‧Revised full-year forecast to reflect market conditions and the progress made in initiatives Q3 Q3 YoY Change YoY Change FY2026/3 Forecast Change Yo
Slide 3: Reasons for increase/decrease in operating profit (YoY)
2. Reasons for increase/decrease in operating profit (YoY) ‧ Achieved a ¥12.3 billion increase in profit for the first three quarters (April-Dec), thanks to the effects of measures such as “pricing optimization”, despite the pressure on profit from continuing “human capital investment including at our pa
Slide 4: Expansion of TA-Q-BIN revenue (TA-Q-BIN domain)
3. Expansion of TA-Q-BIN revenue (TA-Q-BIN domain) ‧In the TA-Q-BIN domain, which has a relatively high unit price, aim to expand volume and boost operating profit →While raising unit prices, achieved volume increase for five consecutive quarters. Continuing to focus on sales reinforcement and cost op
Slide 5: Pricing optimization (Corporate domain)
4. Pricing optimization (Corporate domain） ‧Further enhance profitability by charging appropriate pricing in accordance with value provided → Corporate unit prices continue to rise. Promote “Refinement of corporate contracts” to further optimize pricing Operating revenue Operating Profit Progress and c
Slide 6: Optimizing operating costs
5. Optimizing operating costs ‧Transportation efficiency declined and transportation cost deteriorated, as volumes fell below projections during peak demand periods ‧Despite delays implementing transportation efficiency measures, processes are advancing to realize benefits in the next fiscal period Trends
Slide 7: Growth of the Corporate business
6. Growth of the Corporate business ‧Aim to expand value provision and support our clients’ business growth, thereby driving Yamato's own profit growth → Steadily building up project pipeline in both the CL and Global businesses to achieve higher revenues and profit ※ Operating revenue Progress and ch
Slide 8: Reducing indirect costs
7. Reducing indirect costs ‧Promote cost reduction through streamlining of administrative departments via business process reform and by reviewing investment efficiency →Continue to focus on controlling indirect costs, aiming for structural cost reduction through the promotion of data-driven managemen
Slide 9: Consolidated earnings forecast (main KPIs)
8. Consolidated earnings forecast (main KPIs) FY2026/3 FY2025/3 FY2026/3 Forecast Change YoY Change (Billions of Yen) Previous Actual New forecast forecast Amount [%] Amount [%] Operating revenue 1,762.6 1,880.0 1,860.0 (20.0) (1.1) ＋97.3 ＋5.5 Operating profit 14.2 40.0 28.0 (12.0) (30.0) ＋13.7 ＋97.1
Slide 10: Consolidated earnings forecast (reasons for change in operating profit)
9. Consolidated earnings forecast (Reasons for increase/decrease in Operating profit (YoY)) ‧The full-year operating profit forecast has been revised primarily due to the lower-than-expected effects of measures to optimize operating costs. Current forecast （Billions of Yen） FY2026/3 ＋3.5 ＋0 Forcast：28
Slide 11: Financial strategy to maximize capital efficiency (Reprint)
10. Financial strategy to maximize capital efficiency (Reprint) · Shift from a defensive to an offensive financial strategy, focused on capital efficiency · Thoroughly streamline the balance sheet which serves as a stock, to generate capital for growth, while optimally allocating to disciplined growth inv
Slide 12: Policy for the next fiscal year onwards (New management structure)
11.Policy for the next fiscal year onwards (New management structure) ‧Re-evaluate the effectiveness of initiatives from both “front line” and “financial” perspectives, and steadily enhance profitability ‧Strictly discipline capital allocation, and pursue high-quality profit growth exceeding the cost of
Slide 13: Supplementary Materials
Supplementary Materials ＜3rd Quarter of the Fiscal year ending March 2026＞
Slide 14: Operating results (Q3 cumulative of FY2026/3)
12. Operating results (Q3 cumulative of FY2026/3) FY2025/3 FY2026/3 YoY Change Main factors of change (loss) (Billions of Yen) Q3 (Cumulative) Q3 (Cumulative) / YoY Actual Actual Amount [%] Operating revenue 1,344.5 1,438.7 ＋94.2 ＋7.0 Operating profit 26.2 38.5 ＋12.3 ＋46.9 Interest and dividend incom
Slide 15: Consolidated Cash Flow
13. Consolidated Cash Flow ① Improved cash generation capability driven by a recovery in core business earnings ② Execute strategic growth investments and shareholder returns FY2025/3 FY2026/3 (billions of yen) Q3 Q3 (Billions of Yen) Main factors/ YoY change (Cumulative) (Cumulative) YoY １ Actual A
Slide 16: Consolidated balance sheet
14. Consolidated balance sheet ‧Maintain financial soundness and optimize the equity ratio through the utilization of interest-bearing debt and share buybacks ‧Strengthen balance sheet management and promote asset optimization initiatives (Billions of Yen) As of March 31, 2025 As of December 31, 2025
Slide 17: Operating results by segment
15. Operating results by segment FY2026/3 Q3 (Cumulative) Contract Express Mobility (Billions of Yen) Logistics Global Business Other Total Reconciliation Consolidated Business Business Business Operating Revenues 1,238.0 141.3 77.8 50.9 50.5 1,558.8 (120.0) 1,438.7 Unaffiliated Customers 1,205.9 124.
Slide 18: Trends of parcel delivery
16. Trends of parcel delivery ‧ 3 parcel delivery products : Progressed in expanding volume in the TA-Q-BIN domain and optimizing pricing in the Corporate domain ‧ Nekopos : Captured new demand and expanded volume through size expansion and the launch of “Okihai” services ‧ Kuroneko Yu-Mail : Contin
Slide 19: Summary of operating expenses (Q3 cumulative of FY2026/3)
17. Summary of operating expenses(Q3 cumulative of FY2026/3) FY2026/3 FY2025/3 YoY Change (Billions of Yen) Q3 (Cumulative) Q3 (Cumulative) Actual Actual Amount [%] Operating revenue 1,344.5 1,438.7 ＋94.2 ＋7.0 Operating expenses 1,318.2 1,400.1 ＋81.9 ＋6.2 Subcontracting expenses 521.3 593.4 ＋72.1 ＋1
Slide 20: Employee breakdown
18. Employee breakdown FY2025/3 FY2026/3 Q3 Q3 Change (Number) Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 89,099 86,119 175,218 87,392 87,786 175,178 (1,707) ＋1,667 (40) (0.0) Express 78,608 79,692 158,300 76,743 81,529 158,272 (1,865) ＋1,837 (2
Slide 21: Capital expenditure
19. Capital expenditure (bn yen) FY2026/3 FY2026/3 Q3 Vs. Previous New Forecast Projects (excluding M&A) (Cumulative) Actual Forecast Purpose 46.1 70.0 (10.0) Improving operational efficiency and Facilities strategy reducing fixed costs and creating a 7.1 14.0 (8.0) comfortable work environment Growth
Slide 22: Operating Results Forecast
20. Operating Results Forecast FY2026/3 FY2025/3 FY2026/3 Forecast Change YoY Change (Billions of Yen) Previous Actual New forecast forecast Amount [%] Amount [%] Operating revenue 1,762.6 1,880.0 1,860.0 (20.0) (1.1) ＋97.3 ＋5.5 Operating profit 14.2 40.0 28.0 (12.0) (30.0) ＋13.7 ＋97.1 Profit margin [
Slide 23: Operating Results Forecast (by segment)
21. Operating Results Forecast（by segment） FY2025/3 FY2026/3 (Billions of Yen) YoY Change Actual [%] Forecast [%] Amount [%] Operating Revenues 1,534.7 87.1 1,555.2 83.6 ＋20.4 ＋1.3 Express Business Operating profit (12.8) (94.2) 2.2 8.0 ＋15.0 － Contract Logistics Operating Revenues 97.0 5.5 163.0 8.8
Slide 24: Operating Results Forecast (Breakdown of Operating Expenses and others)
22. Operating Results Forecast (Breakdown of Operating Expenses and others) FY2026/3 FY2025/3 FY2026/3 Forecast Change YoY Change (Billions of Yen) Forecast as of Actual New forecast Oct. 2025 Amount [%] Amount [%] Operating revenue 1,762.6 1,880.0 1,860.0 (20.0) (1.1) ＋97.3 ＋5.5 Operating expenses
Slide 25: Operating Results Forecast (Breakdown of Operating Expenses for Q4)
23. Operating Results Forecast (Breakdown of Operating Expenses for Q4) FY2025/3 FY2026/3 (Billions of Yen) YoY Change Q4 Actual Q4 Actual Amount [%] Operating revenue 418.1 421.2 +3.0 ＋0.7 Operating expenses 430.2 431.8 +1.6 ＋0.4 Subcontracting expenses 172.4 173.6 +1.1 ＋0.7 Commission expenses 85.
Slide 26: Operating Results Forecast (Employee breakdown)
24. Operating Results Forecast（Employee breakdown） FY2025/3 FY2026/3 Actual Forecast (Number) Change Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 88,102 84,720 172,822 86,700 86,400 173,100 (1,402) ＋1,680 ＋278 ＋0.2 Express 77,786 78,389 156,175 76
Slide 27: Disclaimer
Disclaimer This material is intended for informational purposes only and is not a solicitation or offer to buy or sell securities or related financial instruments. Ultimately it is the responsibility of investors to select and buy securities and the Company assumes no responsibility for investors who