Nippon Yusen Kabushiki Kaisha · TSE:9101
Nippon Yusen Kabushiki Kaisha — Nippon Yusen Kabushik New — FY2024 Earnings Presentation
41 slides from Nippon Yusen Kabushiki Kaisha's earnings presentation, May 8, 2025
Slide 1: Financial Results for FY2024, and Forecast for Full-year FY2025
Financial Results for FY2024, and Forecast for Full-year FY2025 May 8, 2025 ©NYK Group. All rights reserved.
Slide 2: Contents
1. Progress of Medium-Term Management Plan: Summary Contents p.3-8 2. Overview of Full-Year Financial Results for FY2024 p.9-15 Forecast for Full-Year FY2025 p.16-21 3. Progress of Medium-Term Management Plan: Details p.22-26 (Key financial indicators, Investment plan, Cash allocation and Shareholde
Slide 3: 1. Progress of Medium-Term Management Plan: Summary
1. Progress of Medium-Term Management Plan: Summary ©NYK Group. All rights reserved. 3
Slide 4: Progress of Medium-Term Management Plan
Progress of Medium-Term Management Plan Strategical Progress in FY 2023 and FY 2024 Expansion of LNG carrier fleet by signing of new charter contracts and delivery of new Advancement of vessels（Long-term charter contracts wih JERA/SINOPEC, deliveries of new vessels for QatarEnergy/Kyushu Electic Pow
Slide 5: Progress of Medium-Term Management Plan
Progress of Medium-Term Management Plan Full-year results for FY2024 significantly exceeded the plan with recurring profit reaching JPY490.8 billion. The results were achieved primarily because freight rates of the container shipping rose due to tight supply and demand situation caused by the situat
Slide 6: Progress of Medium-Term Management Plan Shareholder Return Policy
Progress of Medium-Term Management Plan Shareholder returns have been expanded, driven by stronger-than- expected operating results and cash flows. For FY2023 and FY2024, we increased the scale of share repurchase from the initial plan of JPY200.0 billion to JPY330.0 billion, while maintaining a pay
Slide 7: Latest Financial Plan Outlook
Latest Financial Plan Outlook The business results are expected to remain strong toward achieving the outlook for FY2026 presented in the medium-term management plan. Furthermore, the outlook for FY2030 anticipates further buildup of profits beyond the initial forecast, driven by the results of grow
Slide 8: Sustainable growth of current profit targeted in medium to long term
Sustainable growth of current profit targeted in medium to long term Steady progress in line with the sustainable growth targets announced in the Medium-term Management Plan Increasing the Current Profit (billion yen) FY2030 outlook by JPY90.0 billion 1,000 600 500 400 300 200 100 0 2012 2013 2014 2
Slide 9: 2. Overview of Full-Year Financial Results for FY2024 / Forecast for FY2025
2. Overview of Full-Year Financial Results for FY2024 Forecast for Full-Year FY2025 ©NYK Group. All rights reserved. 9
Slide 10: Overview of Full-Year Financial Results for FY2024 Results
Overview of Full-Year Financial Results for FY2024 Results Full-year review (year-on-year comparison) Revenues: JPY2,588.7 billion (up JPY201.4 billion) • Logistics — Revenue increased resulting from an increase in handling volumes. (up JPY109.8 billion) • Automotive/Dry Bulk — Revenue increased due
Slide 11: Overview of Full-Year Financial Results for FY2024 Results
Overview of Full-Year Financial Results for FY2024 Results Recurring profit by segment (year-on-year comparison) Liner Trade: JPY274.3 billion (up JPY206.4 billion) • While shipping capacity following the delivery of new vessels continued to increase, steady cargo volumes and the impact of the situa
Slide 12: Overview of Full-Year Financial Results for FY2024 Results
Overview of Full-Year Financial Results for FY2024 Results Recurring profit by segment (year-on-year comparison) Automotive: JPY113.3 billion (up JPY7.5 billion) • Despite the ongoing port congestion and route change caused by, among other factors, the conflict on the Middle East, the business captu
Slide 13: Summary of Results for FY2024 Results
Summary of Results for FY2024 Results Change FY2023 FY2024 Previous Year-on- from Forecast year Prev. (Billions of yen) Q1 Q2 Q3 Q4 Full-Year Q1 Q2 Q3 Q4 Full-Year Q4 Forecast Revenues 567.5 600.8 620.8 598.0 2,387.2 651.7 665.1 660.1 611.7 2,588.7 201.4 603.1 8.6 Operating 47.1 51.6 45.4 30.4 174.6
Slide 14: Comparison by Segment Results
Comparison by Segment Results Operating Change Previous FY2023 FY2024 Year- From Segment Forecast on-year Q4 Previous (Billions of yen) Q1 Q2 Q3 Q4 Full-Year Q1 Q2 Q3 Q4 Full-Year Forecast 56.4 55.2 41.3 39.3 192.3 44.5 47.6 44.8 43.3 180.4 -11.9 42.9 0.4 Liner & Logistics Liner Trade 31.6 15.0 -1.3
Slide 15: Analysis of Change in Recurring Profit between FY2023 and FY2024
Analysis of Change in Recurring Profit between FY2023 and FY2024 Results Analysis by factor Analysis by business (billion yen) P/L Increase Results （billion yen） 増加 減少 合計 P/L Decrease \152.73/$ 550 Foreign Exchange 16.9 Depreciated by ¥8.91 500 15.3 7.5 0.0 5.0 490.8 $618.78/MT 206.4 -0.2 Bunker Oil
Slide 16: Forecast for Full-Year FY2025 Forecast
Forecast for Full-Year FY2025 Forecast Full-year forecast (year-on-year comparison) The forecasts do not take into account the impact of changes in external factors such as tariff measures Revenues: JPY2,380.0 billion (down JPY208.7 billion) in various countries and U.S. maritime policy. • Air Cargo
Slide 17: Forecast for Full-Year FY2025 Forecast
Forecast for Full-Year FY2025 Forecast Recurring profit by segment (year-on-year comparison) Estimated impact of tariffs, etc is shown below. Liner Trade: JPY81.0 billion (down JPY193.3 billion) Down JPY0 billion - JPY45.0 billion • Container Shipping: Rerouting via the Cape of Good Hope resulting f
Slide 18: Forecast for Full-Year FY2025 Forecast
Forecast for Full-Year FY2025 Forecast Recurring profit by segment (year-on-year comparison) Estimated impact of tariffs, etc is shown below. Automotive: JPY96.0 billion (down JPY17.3 billion) Down JPY0 billion - JPY20.0 billion • Despite strong cargo demand, currently very tight demand for shipping
Slide 19: Summary of Forecast for FY2025 Forecast
Summary of Forecast for FY2025 Forecast FY2024(Result) FY2025(Forecast) Year-on- 1H 2H Year Full-year 1H 2H Full-Year (Billions of yen) Q1 Q2 Q3 Q4 1,316.8 1,271.8 Revenues 2,588.7 1,180.0 1,200.0 2,380.0 -208.7 651.7 665.1 660.1 611.7 115.6 95.1 Operating Profit 210.8 60.0 75.0 135.0 -75.8 65.8 49.
Slide 20: Full-year Forecast (by Business Segment)
Full-year Forecast (by Business Segment) Forecast Operating FY2024 (Result) FY2025 (Forecast) Segment Year-on- (Billions of yen) Q1 Q2 1H Q3 Q4 2H Full-year 1H 2H Full-year year 44.5 47.6 92.2 44.8 43.3 88.2 180.4 89.0 88.5 177.5 -2.9 Liner & Logistics Liner Trade 53.7 122.9 176.6 73.5 24.1 97.6 274
Slide 21: Analysis of Change in Recurring Profit between FY2024 and FY2025
Analysis of Change in Recurring Profit between FY2024 and FY2025 Forecast Analysis by factor Analysis by business (billion yen) P/L Increase Results （billion yen） 増加 減少 合計 P/L Decrease 520 \140.00/$ for FY2025 Foreign Exchange - 34.5 To be appreciated by \12.73 490.8 470 $560.09/MT Bunker Oil Prices
Slide 22: 3. Progress of Medium-Term Management Plan
3. Progress of Medium-Term Management Plan ©NYK Group. All rights reserved. 22
Slide 23: Key Financial Indicators
Key Financial Indicators FY2024 FY2023 FY2024 FY2025 FY2026 FY2030 (Previous (Result) (Result) (Forecast) (Forecast) *2 (Forecast) *2 Forecast) *1 Recurring Profit 261.3 410.0 490.8 255.0 270.0 440 (billion yen) Interest-bearing Debt 913.8 743.0 738.5 1,163.0 (billion yen) - - Shareholders' Equity 2
Slide 24: Business Investment Policy
Business Investment Policy Increase the total amount of investments to be made until FY2026 to JPY1.4 trillion for investment targets, leading to stable shareholder return in the future. As of March 31, 2025, approx. JPY950 billion worth of investment projects were authorized for launch during the p
Slide 25: Cash Allocation
Cash Allocation Formulate a strategic cash allocation plan to achieve both capital efficiency and sustainable growth. Reflect the current status of various cash flows, including dividend income from ONE in FY2025 (including a special dividend from ONE of US$2.0 billion in FY2025*). *ONE 100% base *
Slide 26: Shareholder Return Policy
Shareholder Return Policy Shareholder returns have been significantly expanded, driven by the stronger-than-expected operating results and cash flows. In FY2023 and FY2024, we increased the scale of share repurchase from the initial plan of JPY200.0 billion to JPY330.0 billion, while maintaining a d
Slide 27: Appendix
Appendix ©NYK Group. All rights reserved. 27
Slide 28: Segment-Overview: Liner & Logistics Segment - Air Cargo Transportation
Segment-Overview: Liner & Logistics Segment 1．Air Cargo Transportation（NCA） FY2024(Result) FY2023 1H 2H Full-year Full- (Result) year Q1 Q2 Q3 Q4 Revenue 92.6 93.1 161.1 185.7 (Billions of yen) 46.6 46.0 49.4 43.6 Recurring Profit 8.3 12.7 5.7 21.0 (Billions of yen) 3.4 4.8 10.7 1.9 Chargeable Weigh
Slide 29: Segment-Overview: Liner & Logistics Segment - Logistics
Segment-Overview: Liner & Logistics Segment 2．Logistics FY2023 FY2024(Result) FY2025(Forecast) (Result) 1H 2H Full-year 1H 2H Full-year Full-year Q1 Q2 Q3 Q4 TEU 316 330 609 646 340 346 686 Ocean (1,000TEUs) 154 162 170 160 Export Year-on- 3% 10% -6% 6% 7% 5% 6% Year 2% 3% 10% 9% Weight 152 155 275
Slide 30: Dry Bulker and Tanker - Market trend and forecast
Segment-Overview Segment 3．Dry Bulker and Tanker - Market trend and forecast FY2023 FY2024 (Result) FY2025(Forecast) Full-year (Result) Q1 Q2 1H Q3 Q4 2H Full-Year 1H 2H Full-Year BDI 1,608 1,849 1,869 1,859 1,435 1,118 1,276 1,568 1,635 1,525 1,580 Dry Bulk Carriers Cape 20,621 22,701 24,889 23,795
Slide 31: Automotive Business
Segment-Overview Segment 4．Automotive Business FY2024 (Result) FY2025(Forecast) FY2023 (Result) 1H 2H Full-year 1H 2H Full-Year Q1 Q2 Q3 Q4 219 224 All Trade 451 444 219 227 446 (10,000 Cars) 112 108 117 108 -3% 0% Year-on-year 0% -2% -0% 1% 0% -0% -7% -3% 4% Including Intra-European Trade (incl. sp
Slide 32: Fleet in Operation
Fleet in Operation Mar, 2024 Sep, 2024 Mar, 2025 (Result) (Results) (Results) Operating Owned Type of Vessel Chartered Total Segment Total Total (incl. co-owned) Vessels Vessels Vessels Kt (DWT) Vessels Kt (DWT) Vessels Kt (DWT) Liner & Liner Trade Container Ships 50 50 26 1,665 24 2,752 50 4,418 Lo
Slide 33: Financial Results for FY2024 (Ocean Network Express)
Financial Results for FY2024 April 30, 2025 33
Slide 34: Index
Index 1. FY2024 Full Year Results P.3 2. Liftings, Utilization, P.4 and Freight Index in Major Trades 3. FY2025 Full Year Forecast P.5 4. ONE’s Response to Recent Changes in the P.6 Business Environment 5. Reference (Fleet Structure, Service Structure & P.7 New Order) 6. Appendix: Change of Demand a
Slide 35: FY2024 Results
1. FY2024 Results Outline Freight rates remained stable amid strong cargo demand. However, following the Lunar New Year, spot rates began to decline due to delayed demand recovery and vessel oversupply. For the full year, ONE’s profit was US$4,244 million, significantly improved from the last year.
Slide 36: Liftings, Utilization and Freight Index in Major Trades
2. Liftings, Utilization and Freight Index in Major Trades FY2023 FY2024 Liftings / Utilization by Trades 1Q 2Q 1H 3Q 4Q 2H Full Year 1Q 2Q 1H 3Q 4Q 2H Full Year Results Results Results Results Results Results Results Results Results Results Results Results Results Results Asia - North America Lifti
Slide 37: FY2025 Full Year Forecast
3. FY2025 Full Year Forecast Outline • Considering the prevailing geopolitical landscape and the significant economic instability introduced by recent tariff developments in April, forecasting a precise full-year profit figure for FY2025 presents considerable challenges. • In this context, our basel
Slide 38: ONE's Response to Recent Changes in the Business Environment
4. ONE’s Response to Recent Changes in the Business Environment ➢Cargo movements from Asia to North America in January and February increased by 13.4% year-on-year, driven by robust demand. This surge appears to reflect strong U.S.consumer spending and front loading in anticipation of tariff hikes.
Slide 39: Reference (Fleet Structure, Service Structure & New Order)
5. Reference（Fleet Structure, Service Structure & New Order) Fleet Structure Service Structure （FY2024 4Q Structure of dominant and non-dominant space allocation） Current Orders of New Vessels(Including Long-Term Chartered Vessels) ©2025 Ocean Network Express Pte. Ltd. All Rights Reserved 7
Slide 40: Appendix Change of Demand and Freight index
6. Appendix Change of Demand and Freight index Liftings Freight Index (TEU) (FY2018 1Q=100) TPEB : Transpacific Eastbound ©2025 Ocean Network Express Pte. Ltd. All Rights Reserved 8
Slide 41: Legal Disclaimer
Legal Disclaimer The above statements and any others in this document that refer to future plans, earning forecasts, strategy, policy and expectations are “forward-looking statements”, which are made based on the information currently available and certain assumptions. Words such as, without limitat
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