Yamato Holdings Co., Ltd. · TSE:9064
Yamato — FY2026/3 Earnings Presentation
35 slides from Yamato's earnings presentation, Apr 30, 2026
Slide 1: Yamato Group IR Presentation Material
Yamato Group IR Presentation Material ＜Fiscal year ended March 31, 2026＞ April 30, 2026 Yamato Holdings Co., Ltd. Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 2: 0. Executive summary
0. Executive summary Although balance sheet management progressed, we take the shortfall against our initial forecast seriously. Under the new management structure, boldly carry out a “comprehensive review with no sacred cows,” “business portfolio transformation,” and “AI and data-driven management,
Slide 3: Point 1: Summary of FY2026/3 financial results
Point1： Summary of FY2026/3 financial results 2
Slide 4: 1-1. Consolidated financial results for the fiscal year ended March 2026
1-1. Consolidated financial results for the fiscal year ended March 2026 Although balance sheet management progressed, we take the shortfall against our initial forecast seriously. Will boldly implement measures to enhance the “earnings power” of our core business FY2026/3 Forecast as Operating Profit
Slide 5: 1-2. Factors that affected consolidated operating profit in FY2026/3
1-2. Factors that affected consolidated operating profit in FY 2026/3 Although operating profit exceeded both the previous fiscal year and the revised forecast in the third quarter, it fell short of the initial forecast by 11.6 billion yen due to factors such as lower sales volume and delays in optimizi
Slide 6: 1-3. Current assessment of Return on Capital
1-3. Current assessment of Return on Capital Firmly addressing the current situation where return on capital falls below the cost of capital, and will outline a roadmap toward early value creation Core business profitability: Trends in ROIC Trend in ultimate return on capital (ROE) Assumed Cost of Eq
Slide 7: Point 2: Key Initiatives for FY2027/3
Point2： Key Initiatives for FY2027/3 6
Slide 8: 2-1. Key Initiatives for FY2027/3
2-1. Key Initiatives for FY2027/3 Thoroughly embed a mindset that places return on capital as the top priority, and rebuild our earnings power through “comprehensive review with no sacred cows,” “business portfolio transformation,” “AI and data-driven management” and Creating group synergies Rebuild
Slide 9: 2-2. Comprehensive review with no sacred cows
2-2. Comprehensive review with no sacred cows Streamlining past investments and assets owned. Furthermore, to rebuild our "earnings power," implementing measures to achieve the results of structural reforms earlier, under the president’s direct oversight FY March 2026 results In progress (FY March 2
Slide 10: 2-3. Business portfolio transformation
2-3. Business portfolio transformation Achieve rapid recovery of the Express business, and concentrate funds generated on the CL and Global businesses. Dramatically improve the Group’s overall return on capital by shifting toward high value-add businesses Express Business Rigorously pursue profitabil
Slide 11: 2-4. AI and data-driven management
2-4. AI and data-driven management Promote company-wide AI utilization and the establishment of AI governance to drive revenue growth and optimize operating costs through data Business model transformation 1 Top-line growth (Sales Evolution) 2 Optimization of operating costs (Logistics Evolution) ‧R
Slide 12: Point 3: FY2027/3 earnings forecast
Point3： FY2027/3 earnings forecast 11
Slide 13: 3-1. FY2027/3 earnings forecast
3-1. FY2027/3 earnings forecast Promote a "comprehensive review with no sacred cows”, aiming to restore operating profit to 42 billion yen. First step towards achieving a return on capital that exceeds the cost of capital at an early stage will be to ensure the normalization of our earnings structure
Slide 14: 3-2. Factors affecting consolidated operating profit in FY2027/3
3-2. Factors that affected consolidated operating profit in FY 2027/3 Align the four profit growth drivers with the new management structure’s “three key policies”, and accelerate their implementation. Profit improvement (+33.7 billion yen) through the rebuilding of our "earnings power" will more than o
Slide 15: 3-3. Inflation/investments in human capital including partners
3-3. Inflation∕investments in human capital Including partners To maintain a sustainable network, strategically implement personnel investments in partner companies etc. (¥20 billion) In response to external risks arising from uncertainties such as the situation in the Middle East, we will prepare fo
Slide 16: 3-4. Pricing optimization
3-4. Pricing optimization Through a two-pronged approach, with higher unit prices and more detailed contracts in the Corporate division, and increased volume in the TA-Q-BIN division, generate 21 billion yen of profit contribution Trends of TA-Q-BIN※（YoY[%]） Average unit price Volume Corporate divisi
Slide 17: 3-5. Optimizing operating costs
3-5. Optimizing operating costs Through President-led structural reforms and detailed revenue management, completely eliminate downward rigidity in costs. Build a robust revenue structure through AI and data-driven network optimization and rigorous on-site execution Transportation: Fundamental revie
Slide 18: 3-6. Growth of the Corporate business
3-6. Growth of the Corporate business Promote ”Business portfolio transformation" and develop CL and Global businesses into new pillars of growth for the Group. Drive top-line growth through high-value-add solutions that integrate domestic and international transportation & distribution networks wit
Slide 19: 3-7. Financial strategy to maximize capital efficiency①
3-7. Financial strategy to maximize capital efficiency① Advance transition to an "asset-light" business model, and strengthen network through asset replacement and the consolidation of facilities. Maintain an optimal capital structure, while enhancing return on capital through growth investments, and
Slide 20: 3-8. Financial strategy to maximize capital efficiency②
3-8. Financial strategy to maximize capital efficiency② Optimally allocate funds, generated from the recovery of our core business and asset disposals, toward growth investments and shareholder returns. Growth investments will be carefully selected based on appropriate hurdle rates for each business,
Slide 21: Supplementary Materials
Supplementary Materials ＜Fiscal year ended March 31, 2026＞ 20
Slide 22: Supplement 1. Operating results
Supplement 1. Operating / results FY2025/3 FY2026/3 Main factors of change (loss) (Billions of Yen) YoY Change Actual Actual / YoY Amount （%） Operating revenue 1,762.6 1,865.6 ＋102.9 ＋5.8 １ Non-operating P/L Operating profit 14.2 28.3 ＋14.0 ＋99.2 Gain on investment partnerships ―/ (2.5) Non-operating
Slide 23: Supplement 2. Consolidated Cash Flow
Supplement 2. Consolidated Cash Flow FY2025/3 FY2026/3 (Billions of yen) (Billions of Yen) Actual Actual Amount Cash flows from operating activities 47.7 72.2 ＋24.4 (7.2) (18.9) Cash flows from ＋72.2 (44.3) (7.2) ＋37.0 Own Shares (18.1) 237.8 investing activities Acquisition Others Free cash flows※ 3.3
Slide 24: Supplement 3. Consolidated balance sheet
Supplement 3. Consolidated balance sheet (Billions of Yen) As of March 31, 2025 As of March 31, 2026 YoY Change Total assets 1,267.4 1,280.1 ＋12.7 Current assets 521.1 556.1 ＋35.0 Cash and deposits 208.6 238.8 ＋30.1 Notes and accounts receivable 219.7 223.9 ＋4.1 ‒ trade, and contract assets Non-curr
Slide 25: Supplement 4. Operating results by segment
Supplement 4. Operating results by segment FY2026/3 Express Contract Logistics Mobility (Billions of Yen) Global Business Other Total Reconciliation Consolidated Business Business Business Operating Revenues 1,599.5 186.7 101.5 66.4 66.3 2,020.7 (155.0) 1,865.6 Unaffiliated Customers 1,557.9 164.6 97.
Slide 26: Supplement 5. Trends of parcel delivery
Supplement 5. Trends of parcel delivery Delivery volume Unit price FY2025/3 FY2026/3 FY2025/3 FY2026/3 (Thousands of Units) YoY[%] (Yen) YoY[%] Actual Actual Actual Actual TA-Q-BIN/TA-Q-BIN Compact/EAZY 1,961,213 1,941,154 (1.0) TA-Q-BIN/TA-Q-BIN Compact/EAZY 711 726 ＋2.1 TA-Q-BIN domain 891,931 911
Slide 27: Supplement 6. Summary of operating expenses
Supplement 6. Summary of operating expenses FY2025/3 FY2026/3 (Billions of Yen) Actual Actual YoY Change Amount [%] Operating revenue 1,762.6 1,865.6 ＋102.9 ＋5.8 Operating expenses 1,748.4 1,837.3 ＋88.8 ＋5.1 Subcontracting expenses 693.7 772.6 ＋78.8 ＋11.4 Commission expenses 364.5 390.4 ＋25.8 ＋7.1 D
Slide 28: Supplement 7. Employee breakdown
Supplement 7. Employee breakdown FY2025/3 FY2026/3 Actual Actual Change (Number) Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 88,102 84,720 172,822 87,347 87,349 174,696 (755) ＋2,629 ＋1,874 ＋1.1 Express Business 77,786 78,389 156,175 76,551 81,351
Slide 29: Supplement 8. Shareholder return
Supplement 8. Shareholder return Dividend 40％ or above Total Consider flexible buyback shares, in payout prioritize dividend stability and continuity, payout order to improve capital efficiency while also being mindful of DOE. ratio Also aim to grow dividend per share ratio (yen) 100 year Anniversary 4
Slide 30: Supplement 9. Operating Results Forecast
Supplement 9. Operating Results Forecast FY2026/3 FY2027/3 (Billions of Yen) YoY Change Actual Forecast Amount [%] Operating revenue 1,865.6 1,920.0 ＋54.3 ＋2.9 Operating profit 28.3 42.0 ＋13.6 ＋48.4 Profit margin [%] 1.5 2.2 ＋0.7 － Ordinary profit 26.2 42.0 ＋15.7 ＋59.9 Profit attributable to owners of P
Slide 31: Supplement 10. Operating Results Forecast (by segment)
Supplement 10. Operating Results Forecast（by segment） FY2026/3 FY2027/3 (Billions of Yen) YoY Change Actual [%] Forecast [%] Amount [%] Operating revenues 1,557.9 83.5 1,593.8 83.0 ＋35.8 ＋2.3 Express Business Operating profit 2.2 8.1 12.1 28.1 ＋9.8 ＋426.3 Contract Logistics Operating revenues 164.6 8
Slide 32: Supplement 11. Operating Results Forecast (Breakdown of Operating Expenses)
Supplement 11. Operating Results Forecast (Breakdown of Operating Expenses) FY2026/3 FY2027/3 (Billions of Yen) YoY Change Actual Forecast Amount [%] Operating revenue 1,865.6 1,920.0 ＋54.3 ＋2.9 Operating expenses 1,837.3 1,878.0 ＋40.6 ＋2.2 Subcontracting expenses 772.6 803.3 ＋30.6 ＋4.0 Commission e
Slide 33: Supplement 12. Operating Results Forecast (Employee breakdown)
Supplement 12. Operating Results Forecast（Employee breakdown） FY2026/3 FY2027/3 Actual Forecast Change (Number) Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 87,347 87,349 174,696 84,700 84,300 169,000 (2,647) (3,049) (5,696) (3.3) Express Business
Slide 34: Supplement 13. One-time amortization of goodwill (Nakano Shokai Co., Ltd.)
Supplement 13. One-time amortization of goodwill (Nakano Shokai Co., Ltd.) Adjusted our business plan to reflect current conditions, and conducted a one-time amortization of goodwill. Going forward, we will strengthen efforts to improve profitability across the entire Group Booking of a one-time goodwi
Slide 35: 免責事項
免責事項 この内容は、投資判断の参考となる情報の提供を⽬的としたもので、投資勧誘を⽬的としたものではありません。提供情報の内容については 万全を期しておりますが、完全性、正確性を保証するものではありません。いかなる情報も、不的確な記載や誤植等を含む可能性があります。 銘柄の選択、投資の最終決定は、ご⾃⾝の判断でなさるようにお願いいたします。当社としては⼀切の責任を負いかねますのでご承知ください。 Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.