Yamato Holdings Co., Ltd. · TSE:9064
Yamato — FY2025/3 Earnings Presentation
43 slides from Yamato's earnings presentation, May 1, 2025
Slide 1: Yamato Group IR Presentation Material
Yamato Group IR Presentation Material < Fiscal year ended March 31, 2025 > May 1, 2025 Yamato Holdings Co., Ltd. Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 2: Consolidated Operating Results
Consolidated Operating Results < Fiscal year ended March 31, 2025 > Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 3: Consolidated operating results (Summary)
1. Consolidated operating results (Summary) 【 Results for the fiscal year ended March 31, 2025 】 Operating Revenue 1.7626 tn yen/ ＋4 bn yen YoY 922.2 bn yen for the 2nd half (Oct. –Mar.) / + 30.2 bn yen Operating prpfit 14.2 bn yen/ (25.8) bn yen YoY 29.2 bn yen for the 2nd half (Oct. –Mar.) / + 1.5
Slide 4: Reasons for increase/decrease in operating revenues and profit (2nd half FY2025/3)
2. Reasons for increase/decrease in operating revenues and operating profit (2nd half of FY2025/3) ①Progress made in initiatives to expand the Corporate business, including M&A From the second half, ②Progress in shifting revenue structure from postbox-delivery services the effects of measures are re
Slide 5: Reasons for increase/decrease in operating revenues and profit (FY2025/3)
3. Reasons for increase/decrease in operating revenues and operating profit (FY2025/3) Operating Revenue EXP Business + 11.8 bn yen (2) bn yen (13.8) bn yen 1.7626 tn yen 1.7586 tn yen + 8 bn yen FY2024/3 EXP Business CL Business Global Business Other business YoY YoY YoY Mobility FY2025/3 Actual Yo
Slide 6: Progress regarding priority issues
4. Progress regarding priority issues Profit growth Priority issue drivers in Status in 4th quarter (Jan-Mar) FY2026/3 ・Despite the lack of growth in the parcel delivery industry, Yamato was able to grow TA-Q-BIN Growth in parcel volume, for which pricing is relatively high, thanks to the strengthen
Slide 7: Initiatives to Improve Corporate Value
Initiatives to Improve Corporate Value < Mid-term policy > < Fiscal year ended March 31, 2026 > Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 8: Direction of our management
5. Direction of our management （republished） Yamato Group’s aspiration (~2030) A value-creating company that contributes to the realization of a sustainable future Management Philosophy Yamato helps enrich our society by Economic value × Environmental value × Social value enhancing our social infras
Slide 9: Positioning of Medium-term Management Plan SX 2030 1st Stage
6. Positioning of Medium-term Management Plan “SX 2030～1st Stage～” （republished） Period to reinforce TA-Q-BIN network, and reform business portfolio FY2021/3 FY2022/3 FY2023/3 FY2024/3 FY2025/3～FY2027/3 FY2028/3～FY2031/3 Growth of EC, technological advances, heightening of geopolitical risks, increa
Slide 10: Management policy to achieve corporate value growth over the medium-term
7. Management policy to achieve corporate value growth over the medium-term Promote business portfolio transformation and strengthen balance sheet management, in order to grow profit as well as improving the quality of earnings, thereby delivering returns on capital that exceed the cost of capital （
Slide 11: Business portfolio transformation
8. Business portfolio transformation ・Assess current position and future direction for each business, based on business growth potential and capital efficiency (ROIC) ・Conduct regular monitoring and review of business portfolio to achieve profit growth for the entire Group （*Size of circles：Reflects
Slide 12: Analysis of current state
9. Analysis of current state Although PBR exceeds 1x, recovering capital efficiency remains a challenge. Major priority is to boost operating profit and restore ROIC, which indicates the earning power of the business, to a level above WACC ROE Assumed Cost of Equity * Capital efficiency ・ROE 6.5％：
Slide 13: Consolidated results expected (Key Indicators)
10. Consolidated results are expected (Key Indicators) Promote the transformation of the business portfolio and the strengthening of balance sheet management to growing profits and improving capital return FY2025/3 FY2026/3 YoY Change (Billions of Yen) Actual Forecast Amount [%] Operating revenue 1,
Slide 14: Policy for FY2026/3
11. Policy for FY2026/3 Will aim for significant profit growth in FY March 2026, with the following 3 profit growth drivers Profit growth drivers Policy ・Reform our revenue structure, and charge the appropriate pricing based on Pricing optimization value-add, in order to boost operating profit Growt
Slide 15: Pricing optimization (transformation of revenue structure)
12. Pricing optimization (transformation of revenue structure) Transform our revenue structure, and charge appropriate pricing in accordance with value-add, to boost operating profit Trends in delivery volume * Trends in average unit price * Progress made, and issues, in FY2025/3 (YoY increase) (YoY
Slide 16: Growth of the Corporate business
13. Growth of the Corporate business (transformation of revenue structure) ・Grow operating profit by proposing and winning large DC and FC mandates*1 in Japan, leveraging our transportation and delivery network and operational expertise for corporates, and by creating value-add for clients' global b
Slide 17: Optimization of operating costs
14. Optimization of operating costs ・ Reinforce TA-Q-BIN network, which is a social infrastructure, to make it more efficient and sustainable （no change in policy） ・ Address customer needs, improve transportation and loading efficiency, control fixed costs, and control variable costs in accordance w
Slide 18: Strengthen balance sheet management
15. Strengthen balance sheet management ・In addition to improving business profitability, strengthen balance sheet management by making effective use of existing assets, making new investments with a focus on return on investment, and flexible share buybacks, to build the foundation for better capit
Slide 19: Shareholder return
16. Shareholder return ・Announced*1 a full-year dividend of 46 yen per share, along with the execution of a 50 billion yen share buyback program for FY2025/3. On track to reach the 100 billion yen shareholder return target for the Medium term Management Plan period (FY2025/3 to FY2027/3) ・The full-y
Slide 20: Overview of Consolidated Results for the Fiscal Year Ended March 31, 2025
Overview of Consolidated Results for the Fiscal Year Ended March 31, 2025 Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 21: Operating results
17. Operating results Profit attributable to owners of parent increased due to the recording of gains on sales of investment securities and real estate conducted as balance sheet management. FY2024/3 FY2025/3 YoY Change (Billions of Yen) Actual Actual Amount [%] Main factors / YoY Operating revenue
Slide 22: Consolidated cash flow
18. Consolidated cash flow ① In addition to operating cash flow, generated cash from sales of real estate and investment securities as a balance sheet management measures. ② Made investments to grow corporate business and strengthen the TA-Q-BIN network (FCF remains positive). ③ Sold investment secu
Slide 23: Consolidated balance sheet
19. Consolidated balance sheet ① Assets increased due to M&A for corporate business growth. ② At the same time, reduced fixed assets by 25 billion yen through balance sheet management measures. ③ Lowered the equity ratio to 46.5% through the use of interest-bearing debt and the acquisition of treasu
Slide 24: Operating results forecast (overview, volume, unit price)
20. Operating results forecast (overview, volume, unit price) 【Operating revenue】 Increase revenues by the optimization of pricing and the growth of corporate business, through the reform of revenue structure 【Operating profit】 Increase profit by the optimization of operating costs, in addition to t
Slide 25: Investment plan
21. Investment plan • Steadily implement strategic investments (including facilities) and environmental investments to improve corporate value over the medium to long term. FY2025/3 FY2026/3 Actual Forecast Projects (excluding M&A) Purpose 84.6 bn yen 80 bn yen ・Improving operational efficiency and
Slide 26: Accelerating data-driven management
22. Accelerating data-driven management • Utilize big data accumulated through the TA-Q-BIN business to create value and sophisticate the business Integrate DX (Digital Transformation) into our business, with an eye toward creating new businesses Sophisticate the business Fully utilize data related
Slide 27: Supplementary Materials
Supplementary Materials
Slide 28: Operating results by segment
1. Operating results by segment FY2025/3 Contract Mobility (Billions of Yen) Express Business Global Business Other Total Reconciliation Consolidated Logistics Business Operating Revenues Unaffiliated Customers 1,534.7 97.0 85.9 20.5 24.4 1,762.6 － 1,762.6 Inter-segment 38.2 8.6 3.8 33.1 46.4 130.3
Slide 29: YoY analysis of operating revenue by segment
2. YoY analysis of operating revenue by segment 【EXP】 Although operating revenue decreased due to a decline in postbox delivery volume, parcel revenues increased due to progress in efforts to reform the revenue structure 【CL】 Operating revenue increased due to acquisition of new projects in the food
Slide 30: Trends of parcel delivery
3. Trends of parcel delivery ① Regarding 3 parcel delivery, the volume of TA-Q-BIN domain increased YoY from Q3. In addition, the unit price in the corporate domain continued to improve. ② The decrease in volume of Nekopos/ Kuroneko Yu-Packet was suppressed by continuing the Next-day delivery※ of Ne
Slide 31: Delivery volume and unit price (quarterly)
4. Delivery volume and unit price (quarterly) TA-Q-BIN・TA-Q-BIN Compact・EAZY Q1 Q2 Q3 Q4 Full year Apr.-June YoY[%] July-Sep. YoY[%] Oct.-Dec. YoY[%] Jan.-Mar. YoY[%] YoY[%] Delivery Volume (Thousands)* 451,245 ＋2.0 492,926 ＋5.0 567,480 ＋3.9 449,560 ＋5.0 1,961,213 ＋4.0 EAZY 113,558 (2.3) 117,477 (1.
Slide 32: Summary of operating expenses
5. Summary of operating expenses ① Although wages and unit cost increased, operating cost decreased due to the optimization in accordance with the workload mainly in the last-mile domain. ② Increased in upfront costs associated with the implementation of strategies in the medium-term management plan
Slide 33: YoY analysis of operating expenses
6. YoY analysis of operating expenses (billions of yen) +4.0 40 (33.8) (0.0) Operating revenue Other Vehicle operating Subcontracting expenses expenses Personnel expenses +41.6 expenses +12.0 Eliminations 14.2 +10.1 FY 2024/3 Operating FY 2025/3 Operating Actual expenses profit Actual + 29.9 (25.8)
Slide 34: YoY analysis of operating expenses (quarterly)
7. YoY analysis of operating expenses (quarterly) FY2024/3 FY2025/3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 (Billions of Yen) Apr.- YoY Change July- YoY Change Oct.- YoY Change Jan.- YoY Change Apr.- YoY Change July- YoY Change Oct.- YoY Change Jan.- YoY Change June Amount [%] Sep. Amount [%] Dec. Amount [%] Mar. A
Slide 35: Employee breakdown
8. Employee breakdown FY2024/3 FY2025/3 (Number) Change Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 88,917 88,513 177,430 88,102 84,720 172,822 (815) (3,793) (4,608) (2.6) Express Business 80,338 82,728 163,066 77,786 78,389 156,175 (2,552) (4,33
Slide 36: Capital expenditure and depreciation
9. Capital expenditure and depreciation FY2024/3 FY2025/3 (Billions of Yen) Change Actual [%] Actual [%] Amount [%] Capital Expenditure 62.9 100.0 84.6 100.0 ＋21.7 ＋34.5 Vehicles 5.5 8.9 8.0 9.5 ＋2.4 ＋44.3 Office / Buildings and Accompanying Facilities 32.0 51.0 42.3 50.1 ＋10.3 ＋32.1 Automatic Sorti
Slide 37: Structural reform of network operations (cost per parcel)
10. 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.) Q4 (Jan.-Mar.) (0.4) yen: +6.0 yen: +4.3 yen: +1.8 yen: Cost per parcel in transportation
Slide 38: Structural reform of network operations (last-mile facilities)
11. Structural reform of network operations (consolidation and enlargement of last-mile pickup & delivery gacilities) Trend of no. of last-mile facilities In FY2025/3, promoted the consolidation and 2,915 2,870 2,848 2,831 2,806 enlargement of facilities, while assessing profitability and operatio
Slide 39: FY2026/3 forecast (operating expenses and Others)
12. FY2026/3 forecast (operating expenses and Others) FY2025/3 FY2026/3 (Billions of Yen) YoY Change Actual Forecast Amount [%] Operating revenue 1,762.6 1,880.0 ＋117.3 ＋6.7 Opreating expenses 1,748.4 1,840.0 ＋91.5 ＋5.2 Subcontracting expenses 693.7 753.1 ＋59.3 ＋8.5 Commission expenses 364.5 372.4 ＋
Slide 40: FY2026/3 forecast (operating revenue by segment)
13. FY2026/3 forecast (operating revenue by segment) FY2025/3 FY2026/3 (Billions of Yen) Change Actual [%] Forecast [%] Amount [%] Express Business 1,534.7 87.1 1,569.9 83.5 ＋35.1 ＋2.3 Contract Logistics Business 97.0 5.5 167.1 8.9 ＋70.0 ＋72.1 Global Business 85.9 4.9 97.3 5.2 ＋11.3 ＋13.2 Mobility B
Slide 41: FY2026/3 forecast (operating profit by segment)
14. FY2026/3 forecast (operating profit by segment) FY2025/3 FY2026/3 (Billions of Yen) Change Actual [%] Forecast [%] Amount [%] Express Business (12.8) (94.2) 10.5 26.6 ＋23.3 － Contract Logistics Business 5.5 40.8 10.4 26.3 ＋4.8 ＋86.3 Global Business 9.0 65.9 8.7 22.0 (0.3) (3.6) Mobility Business
Slide 42: FY2026/3 forecast (employee breakdown)
15. FY2026/3 forecast (employee breakdown) FY2025/3 FY2026/3 (Number) Actual Forecast Change Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 88,102 84,720 172,822 87,200 87,000 174,200 (902) ＋2,280 ＋1,378 ＋0.8 Express Business 77,786 78,389 156,175 7
Slide 43: 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