Yamato Holdings Co., Ltd. · TSE:9064
Yamato — Q3 FY2025/3 Earnings Presentation
46 slides from Yamato's earnings presentation, Feb 3, 2025
Slide 1: Yamato Group IR Presentation Material
Yamato Group IR Presentation Material ＜Third Quarter of the Fiscal year ending March 2025＞ February 3, 2025 Yamato Holdings Co., Ltd. Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 2: Summary of consolidated earnings (Q3 of FY2025/3)
1. Summary of consolidated earnings (Q3 (Oct.-Dec.) of FY2025/3) • Achieved revenue and profit growth in Q3 (Oct.-Dec.) Operating revenue 504.1 bn yen/+3.8 bn yen YoY → Q3 cumulative: 1,344.5 bn yen /(22.2)bn yen YoY Operating profit 41.2 bn yen/+3.2 bn yen YoY → Q3 cumulative: 26.2 bn yen /(24.0)bn
Slide 3: Changes in operating revenues and operating profit (Q3 Oct.-Dec.)
2. Changes in operating revenues and operating profit (Q3 (Oct.-Dec.) of FY2025/3) Operating revenue （Billions of Yen） ＋5.0 (0.0) (0.3) 504.1 500.2 (1.3) ＋0.5 FY2024/3 Express Contract Logistics Global Mobility Other FY2025/3 Q3 (Oct.-Dec.) (EXP) Business (CL) Business Business Business Q3 (Oct.-Dec
Slide 4: Changes in operating revenues and operating profit (Q3 cumulative)
3. Changes in operating revenues and operating profit (Q3 cumulative of FY2025/3) Operating revenue （Billions of Yen） 1,366.8 (19.7) (9.0) ＋7.7 ＋0.0 (1.3) 1,344.5 FY2024/3 Express Contract Logistics Global Mobility Other FY2025/3 Q3 Cumulative (EXP) Business (CL) Business Business Business Q3 Cumula
Slide 5: Key initiatives and future actions
4. Key initiatives and future actions Key initiatives Status in Q3 (Oct.-Dec.) Future Policies • Volume of 3 parcel delivery products from individual • Continue to enhance service line-up and improve the customers remained weak due to sluggish sales environment Expand parcel consumption. However, vo
Slide 6: Retail domain (EXP Business)
5. Retail domain (EXP Business) Base domain • Although volume from individuals remained weak due to sluggish consumption, the volume from small corporate clients turned to an increase, leading to a recovery trend → Continue to aim for higher profitability by securing volume and strengthening the net
Slide 7: Corporate domain (EXP Business)
Base domain 6. Corporate domain (EXP Business) Growth domain • Improvement in unit pricing, through pricing optimization and control of capacity in peak season → Continue to optimize pricing for low-margin clients and strengthen our ability to provide solutions spanning the entire supply chain, to e
Slide 8: Structural reforms of network operations (EXP Business)
7. Structural reforms of network operations (EXP Business) Base domain • Improved transportation and loading efficiency, by reviewing vehicle dispatch planning and operational management processes in the Transportation domain → Continue and fully implement these measures, as well as review trunk-rou
Slide 9: Value creation using freighters
8. Value creation using freighters New domain※ • Strengthen sales structure and focus on capturing external revenues → Promote sales expansion based on success cases, while also working to lower operating costs, and aim for profitability Status in Q3 (Oct.-Dec.) Future Policies Strengthen sales ex
Slide 10: Contract Logistics (CL) Business
9. Contract Logistics (CL) Business Growth domain • Promote M&A strategy while advancing initiatives for organic growth → Positioned Nakano Shokai at the core of the CL Business, and promoting PMI (Post-Merger Integration) to generate synergies. Strengthening the development of CL projects, with a v
Slide 11: Global Business
10. Global Business Growth domain • Made progress in trade lane management (forwarding) focused on profit generation, and in measures to improve profitability of international CL, which led to continued profit growth → Continue to promote profit growth by deepening target domains, and seek dramatic
Slide 12: New business developments towards realizing SX
11. New business developments towards realizing SX New domain • Solve social issues through our business, and create a sustainable business model in which companies can grow together with society → Grow new businesses that achieve both economic value and environmental & social value, to grow corpora
Slide 13: Consolidated earnings forecast (key indicators)
12. Consolidated earnings forecast (key indicators) FY2025/3 FY2024/3 FY2025/3 Forecast Change YoY Change (Billions of Yen) Forecast Actual New Forecast as of November Amount [%] Amount [%] Operating revenue 1,758.6 1,730.0 1,760.0 ＋30.0 ＋1.7 ＋1.3 ＋0.1 Operating profit 40.0 10.0 10.0 0.0 0.0 (30.0)
Slide 14: Sustainable enhancement of corporate value
13. Sustainable enhancement of corporate value • Aim to continuously enhance corporate value (market capitalization), by seeking profit growth through business portfolio transformation, and by strengthening the balance sheet management* in a timely and appropriate manner * Improve capital efficiency
Slide 15: Overview of Consolidated Results for the Third Quarter
Overview of Consolidated Results for the Third Quarter of the Fiscal Year Ending March 2025 Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 16: Operating results (Q3 cumulative of FY2025/3)
14. Operating results (Q3 cumulative of FY2025/3) FY2024/3 FY2025/3 (Billions of Yen) Q3 (Cumulative) Q3 (Cumulative) YoY Change Actual Actual Amount [%] Operating revenue 1,366.8 1,344.5 (22.2) (1.6) Operating profit 50.3 26.2 (24.0) (47.8) Profit margin [%] 3.7 2.0 (1.7) － Ordinary profit 50.6 26.
Slide 17: Operating results (Q3 Oct.-Dec.)
15. Operating results (Q3 Oct.-Dec.) FY2024/3 FY2025/3 (Billions of Yen) YoY Change Q3 Actual Q3 Actual Amount [%] Operating revenue 500.2 504.1 ＋3.8 ＋0.8 Operating profit 38.0 41.2 ＋3.2 ＋8.6 Profit margin [%] 7.6 8.2 ＋0.6 － Ordinary profit 37.9 40.3 ＋2.3 ＋6.3 Profit margin [%] 7.6 8.0 ＋0.4 － Profit
Slide 18: YoY analysis of operating revenue by segment (Q3 cumulative)
16. YoY analysis of operating revenue by segment (Q3 cumulative) 【EXP】 Delivery volume grew mainly for cross-border EC and BtoB-EC, but operating revenue decreased due to a decline in postbox delivery volume etc. 【CL】 Operating revenue decreased due to the negative impact compared to the previous ye
Slide 19: YoY analysis of operating revenue by segment (Q3 Oct.-Dec.)
17. YoY analysis of operating revenue by segment (Q3 (Oct.-Dec.)) 【EXP】 Increase in parcel delivery revenue largely absorbed the decline in revenue from postbox services 【CL】 Operating revenue increased due to progress in acquiring new projects, etc. 【Global】 Operating revenue increased by the incre
Slide 20: Trends of parcel delivery
18. Trends of parcel delivery • Overall volume was increased YoY due to an improvement in the Retail domain and increase in the Corporate domain, despite continued weakness in home delivery demand due to sluggish consumption. • Although the unit price was lower YoY due to the change in volume mix be
Slide 21: Summary of operating expenses (Q3 cumulative)
19. Summary of operating expenses (Q3 Cumulative of FY2025/3) • Overall volume was increased YoY due to an improvement in the Retail domain and increase in the Corporate domain, despite continued weakness in home delivery demand due to sluggish consumption. • Increase in operating costs in the Trans
Slide 22: YoY analysis of operating expenses (Q3 cumulative)
20. YoY analysis of operating expenses (Q3 Cumulative of FY2025/3) (Billions of yen) Other 50.3 operating (34.8) (0.5) expenses Operating Revenue Vehicle ＋2.8 Personnel Eliminations Expenses Expenses 26.2 (22.2) Subcontracting ＋13.3 Expenses ＋20.9 FY2024/3 FY2025/3 Operating Operating Q3 (Cumulative
Slide 23: Summary of operating expenses (Q3 Oct.-Dec.)
21. Summary of operating expenses (Q3 Oct.–Dec.) FY2024/3 FY2025/3 YoY Change (Billions of Yen) Q3 Actual Q3 Actual Amount [%] Operating revenue 500.2 504.1 +3.8 ＋0.8 Operating expenses 462.2 462.8 +0.6 ＋0.1 Subcontracting expenses 180.3 191.3 +10.9 ＋6.1 Commission expenses 101.7 102.6 +0.8 ＋0.9 Del
Slide 24: YoY analysis of operating expenses (Q3 Oct.-Dec.)
22. YoY analysis of operating expenses (Q3 Oct.–Dec.) (Billions of yen) ＋3.8 Vehicle Expenses (1.5) 41.2 38.0 (8.7) (0.1) ＋0.0 Operating Subcontracting Personnel Other Eliminations Revenue Expenses Expenses Operating Expenses ＋10.9 FY2024/3 FY2025/3 Q3 (Oct.-Dec.) Operating Operating Q3 (Oct.-Dec.)
Slide 25: Operating expenses (Quarterly / YoY change)
23. Operating expenses (Quarterly / YoY change) FY2024/3 FY2025/3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 (Billions of Yen) Apr.- YoY Change July- YoY Change Oct.- YoY Change Jan.- YoY Change Apr.- YoY Change July- YoY Change Oct.- YoY Change June Amount [%] Sep. Amount [%] Dec. Amount [%] Mar. Amount [%] June Amount
Slide 26: Investment plan and status
24. Investment plan and status • Revised forecast to 70 billion yen in light of the current business environment and the investment efficiency of the project Forecast for FY2025/3 Q3 Cumulative Objective Results Previous Forecast New Forecast Change 47.1 bn yen 80 bn yen 70 bn yen (10) bn yen Facili
Slide 27: Operating results forecast for FY2025/3
25. Operating results forecast for FY2025/3 【Operating revenues】 Revised up from the previous forecast, reflecting the current situation, future outlook, and the impact from consolidating Nakano Shokai 【Ordinary profit】 Revised up from the previous forecast, reflecting the booking of gains on invest
Slide 28: Operating results forecast for FY2025/3 (breakdown of operating expenses)
26. Operating results forecast for FY2025/3 (Breakdown of operating expenses and others) FY2025/3 FY2024/3 FY2025/3 (Billions of Yen) Forecast Forecast Change YoY Change Actual New Forecast as of November 2024 Amount [%] Amount [%] Operating revenue 1,758.6 1,730.0 1,760.0 ＋30.0 ＋1.7 ＋1.3 ＋0.1 Oprea
Slide 29: Operating results forecast for FY2025/3 Q4 (Jan.-Mar.)
Reference-1 Operating results forecast for FY2025/3 Q4 (Jan.-Mar.) FY2024/3 FY2025/3 YoY Change (Billions of Yen) Q4 Actual Q4 Forecast Amount [%] Operating revenue 391.7 415.4 +23.6 ＋6.0 Operating expenses 402.1 431.7 +29.6 ＋7.4 Subcontracting expenses 151.8 169.7 +17.9 ＋11.8 Commission expenses 82
Slide 30: Structural reform of network operations (Status of cost per parcel)
Reference-2 Structural reform of network operations (Status of cost per parcel) Transportation domain (Trunk-route and intra-regional transportation, Terminal operations) Q1 (Apr.-June) Q2 (July-Sep.) Q3 (Oct.-Dec.) (0.4) yen: +6.0 yen: +4.3 yen: Cost per parcel in transportation domain (Q3) from
Slide 31: Consolidation and enlargement of last-mile pickup & delivery facilities
Reference-3 Structural reform of network operation (Consolidation and enlargement of last-mile pickup & delivery facilities) Trend of no. of last-mile facilities 2,995 Revised the number of last-mile pickup/delivery 2,915 Approx. 2,870 2,848 2,831 2,800 facilities (forecast) at the end of this fis
Slide 32: Continuation of nationwide next-day delivery of Nekopos
Reference-4 Continuation of nationwide next-day delivery of "Nekopos" and nationwide sales of "Kuroneko Yu-Packet” • Continued to offer the nationwide next-day delivery service “Nekopos”, which delivers items in the same no. of days as TA-Q-BIN, in order to meet customers’ need for speedy delivery *
Slide 33: Initiatives to create new value: EV Life Cycle Services
Reference-5 Initiatives to create new value ~EV Life Cycle Services and electric power business • Create a sustainable society by helping clients achieve decarbonization (electrification + shift to renewable energy) using the know-how built up through Yamato’s own decarbonization efforts Needs from
Slide 34: Segment results (Mobility Business)
Reference-6 Segment results (Mobility Business) • Promoting sales expansion of “EV Life Cycle Services*” and vehicle maintenance services that allow clients to continue their operations without suspensions, which contributes to higher utilization of vehicles as well as safe operations *A one-stop se
Slide 35: Segment results (Other)
Reference-7 Segment results (Other) • Promoting initiatives to expand the value provided to the entire supply chain of clients, utilizing Yamato Group's IT, call center and financial services functions (Key group companies: Yamato System Development Co., Ltd., Yamato Contact Service Co., Ltd. etc.)
Slide 36: Supplementary Materials: Results for Q3
Supplementary Materials ＜Results for the Third Quarter of the Fiscal Year Ending March 2025＞
Slide 37: Operating results by segment
1. Operating results by segment FY2025/3 Q3 (Cumulative) Contract Mobility (Billions of Yen) Express Business Global Business Other Total Reconciliation Consolidated Logistics Business Operating Revenues Unaffiliated Customers 1,185.7 60.9 63.9 15.0 18.8 1,344.5 － 1,344.5 Inter-segment 28.8 3.7 2.8
Slide 38: Delivery volume and unit price
2. Delivery volume and unit price TA-Q-BIN・TA-Q-BIN Compact・EAZY Q1 Q2 Q3 Q3 1H Apr.-June YoY[%] July-Sep. YoY[%] YoY[%] Oct.-Dec. YoY[%] Cumulative YoY[%] Delivery Volume (Thousands)* 451,245 ＋2.0 492,926 ＋5.0 944,172 ＋3.5 567,480 ＋3.9 1,511,652 ＋3.7 EAZY 113,558 (2.3) 117,477 (1.3) 231,035 (1.8) 1
Slide 39: Employee breakdown
3. Employee breakdown FY2024/3 FY2025/3 Q3 Q3 (Number) Change Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 90,082 95,818 185,900 89,099 86,119 175,218 (983) (9,699) (10,682) (5.7) Express Business 81,314 89,816 171,130 78,608 79,692 158,300 (2,706
Slide 40: Financial position and cash flows
4. Financial position and cash flows Balance sheet (Billions of Yen) As of March 31, 2024 As of December 31, 2024 YoY Change Total assets 1,135.8 1,312.9 +177.0 Current assets 496.3 604.8 +108.5 Cash and deposits 195.0 204.5 +9.4 Notes and accounts receivable 212.0 299.8 +87.7 – trade, and contract
Slide 41: Capital expenditure and depreciation
5. Capital expenditure and depreciation FY2024/3 FY2025/3 (Billions of Yen) Q3 (Cumulative) Q3 (Cumulative) Change [%] [%] Actual Actual Amount [%] Capital Expenditure 44.6 100.0 47.1 100.0 ＋2.4 ＋5.6 Vehicles 1.1 2.5 4.6 9.8 ＋3.4 ＋310.7 Office / Buildings and Accompanying Facilities 24.9 56.0 23.1 4
Slide 42: Supplementary Materials: Forecast for FY ending March 2025
Supplementary Materials ＜Forecast for the Fiscal Year Ending March 2025＞
Slide 43: Operating revenue by segment
1. Operating revenue by segment FY2024/3 FY2025/3 (Billions of Yen) Change Actual [%] Forecast [%] Amount [%] Express Business 1,548.5 88.1 1,535.0 87.2 (13.5) (0.9) Contract Logistics Business 89.0 5.1 94.0 5.3 ＋4.9 ＋5.5 Global Business 74.0 4.2 86.0 4.9 ＋11.9 ＋16.1 Mobility Business 20.1 1.1 20.0
Slide 44: Operating profit by segment
2. Operating profit by segment FY2024/3 FY2025/3 (Billions of Yen) Change Actual [%] Forecast [%] Amount [%] Express Business 11.3 28.4 (16.7) (159.0) (28.0) － Contract Logistics Business 9.7 24.3 6.6 62.9 (3.1) (32.0) Global Business 6.6 16.7 9.7 92.4 ＋3.0 ＋45.6 Mobility Business 4.1 10.3 3.3 31.4
Slide 45: Employee Breakdown
3. Employee Breakdown FY2024/3 FY2025/3 (Number) Actual Forecast Change Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 88,917 88,513 177,430 87,900 82,400 170,300 (1,017) (6,113) (7,130) (4.0) Express Business 80,338 82,728 163,066 77,000 76,000 153
Slide 46: Disclaimer
Disclaimer 免責事項 This material is intended for informational purposes only and is not a solicitation or offer to buy or sell securities or related financial 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 instruments. Ultimately it is the responsibility of investors to select and buy