Yamato Holdings Co., Ltd. · TSE:9064
Yamato — H1 FY2026/3 Earnings Presentation
27 slides from Yamato's earnings presentation, Oct 30, 2025
Slide 1: Yamato Group IR Presentation Material
Yamato Group IR Presentation Material ＜2nd Quarter of the Fiscal year ending March 2026＞ October 30, 2025 Yamato Holdings Co., Ltd. Copyright© YAMATO HOLDINGS CO., LTD. All rights reserved.
Slide 2: Summary of consolidated earnings (1st half of FY2026/3)
1. Summary of consolidated earnings (1st half of FY2026/3) 【Results for 1st half of FY2026/3】 Operating revenue 906.7 bn yen (+66.3 bn yen YoY) Operating profit (3.7) bn yen (+11.2 bn yen YoY) Profit attributable to owners of parent (4.8) bn yen (+6.2bn yen YoY) ● Operating revenues, operating profit,
Slide 3: Reasons for increase/decrease in operating profit (YoY)
2. Reasons for increase/decrease in operating profit (YoY) · Promoted initiatives that will serve as profit growth drivers, while continuing human capital investments to strengthen the TA-Q-BIN network, and achieved ¥11.2 billion of profit growth in the first half FY2026/3 （Billions of Yen） H1 Actual：(3
Slide 4: Pricing optimization (Corporate domain)
3. Pricing optimization (Corporate domain） · Improving profitability by optimizing pricing based on value-add →Corporate unit price continued to rise. Negotiations with targeted clients are almost completed, and price revisions will be reflected sequentially from October Operating revenue Operating Pr
Slide 5: Expansion of TA-Q-BIN revenue (TA-Q-BIN domain)
4. 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 → Volume increased for the fourth consecutive quarter. Continue to strengthen sales activities while controlling costs based on demand Tr
Slide 6: Optimizing operating costs
5. Optimizing operating costs · Promote cost reduction initiatives through improved transportation efficiency and labor productivity, primarily in the Transportation domain → For transportation costs, made progress in cost optimization of sorting operations and intra-area transportation*. Will seek to
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 ※ Progress＆ challenge in H1 of FY20
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) · Will continue to focus on pricing optimization, expanding TA-Q-BIN revenue, expanding the Corporate business, as well as optimizing operating costs, together with strengthening balance sheet management → Achieve earnings target for this fiscal year, and
Slide 10: Consolidated earnings forecast (reasons for change in operating profit)
9. Consolidated earnings forecast (Reasons for increase/decrease in Operating profit (YoY)) · Invest in human capital to strengthen the TA-Q-BIN network, while promoting profit growth driver initiatives, leading to a 25.7 billion yen profit increase for the full-year （Billions of Yen） 40.0 ＋6.8 ＋25.7 ＋
Slide 11: Background for updating the medium-term management plan
10. Background for updating the medium-term management plan ‧Maintaining the long-term vision and strategic framework, while resetting quantitative plan based on changes in the business environment and progress made so far → Aim for steady enhancement of corporate value, by strengthening profit growt
Slide 12: Updating the medium-term management plan
11. Updating the medium-term management plan · Decisively execute growth strategies from a medium- to long-term perspective to achieve sustainable revenue and profit growth · Enhance capital efficiency through review of assets owned, pursuit of optimal capital structure, disciplined investments, and fle
Slide 13: Financial strategy to maximize capital efficiency
12. Financial strategy to maximize capital efficiency · 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 investments a
Slide 14: Supplementary Materials
Supplementary Materials ＜2nd Quarter of the Fiscal year ending March 2026＞
Slide 15: Operating results (1st half of FY2026/3)
13. Operating results (1st half of FY2026/3) FY2025/3 FY2026/3 YoY Change Main factors of change (loss) (Billions of Yen) H1 Actual H1 Actual / YoY Amount [%] Operating revenue 840.4 906.7 ＋66.3 ＋7.9 Operating profit (15.0) (3.7) ＋11.2 － ‧Interest and dividend income 1.3/ ＋0.1 ‧Interest expenses Non-
Slide 16: Consolidated Cash Flow
14. Consolidated Cash Flow ① Execute capital investments to drive growth in the corporate business and strengthen the TA-Q-BIN network ② Completed the share buyback program of up to 50 billion yen launched in November 2024 → Maintain sound cash position, while executing strategic growth investments
Slide 17: Consolidated balance sheet
15. Consolidated balance sheet ‧Enhance cash management and compress cash and deposits on hand ‧While maintaining financial soundness, control the equity ratio through the use of interest-bearing debt and share buybacks ‧Strengthen balance sheet management and sequentially implement actions to optimi
Slide 18: Operating results by segment
16. Operating results by segment FY2026/3 H1 Contract Express Mobility (Billions of Yen) Logistics Global Business Other Total Reconciliation Consolidated Business Business Business Operating Revenues 776.0 90.0 50.5 33.5 33.6 983.8 (77.0) 906.7 Unaffiliated Customers 755.7 79.5 48.7 10.3 12.3 906.7 －
Slide 19: Trends of parcel delivery
17. Trends of parcel delivery ‧ 3 parcel delivery products : Volume continued to grow in the TA-Q-BIN domain, while ‧ 宅配便3商品 : 宅急便部⾨の数量拡⼤および法⼈部⾨のプライシング適正化が進展 unit pricing turned upward in the Corporate domain ‧ ‧ Nekopos and Kuroneko Yu-Packet 集荷や翌⽇配達などの強みを活かして、ネコポスの数量拡⼤ ネコポス‧クロネコゆうパケット: :Expanding
Slide 20: Summary of operating expenses
18. Summary of operating expenses FY2025/3 FY2026/3 (Billions of Yen) YoY Change H1 Actual H1 Actual Amount [%] Operating revenue 840.4 906.7 ＋66.3 ＋7.9 Operating expenses 855.4 910.5 ＋55.1 ＋6.4 Subcontracting expenses 329.9 378.2 ＋48.2 ＋14.6 Commission expenses 176.7 188.5 ＋11.7 ＋6.6 Delivery commi
Slide 21: Employee breakdown
19. Employee breakdown FY2025/3 FY2026/3 H1 H1 Change (Number) Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 87,755 85,779 173,534 87,657 86,957 174,614 (98) ＋1,178 ＋1,080 ＋0.6 Express 79,321 80,189 159,510 77,028 80,597 157,625 (2,293) ＋408 (1,885
Slide 22: Capital expenditure
20. Capital expenditure (bn yen) FY2026/3 FY2026/3 H1 Actual Forecast Projects (excluding M&A) Purpose (not changed) 29.9 80.0 Improving operational efficiency and reducing Facilities strategy fixed costs and creating a comfortable work 4.3 22.0 environment Growth Increasing the value provided to custo
Slide 23: Operating Results Forecast
21. Operating Results Forecast FY2026/3 FY2025/3 FY2026/3 Forecast Change YoY Change (Billions of Yen) Forecast as of Actual New forecast July 2025 Amount [%] Amount [%] Operating revenue 1,762.6 1,880.0 1,880.0 － － ＋117.3 ＋6.7 Operating profit 14.2 40.0 40.0 － － ＋25.7 ＋181.6 Profit margin [%] 0.8 2.1
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 July 2025 Amount [%] Amount [%] Operating revenue 1,762.6 1,880.0 1,880.0 － － ＋117.3 ＋6.7 Operating expenses 1,748.4
Slide 25: Operating Results Forecast (by segment)
23. Operating Results Forecast（by segment） FY2026/3 FY2025/3 (Billions of Yen) Forecast YoY Change Actual [%] [%] (not changed) Amount [%] Operating Revenues 1,534.7 87.1 1,569.9 83.5 ＋35.1 ＋2.3 Express Business Operating profit (12.8) (94.2) 10.5 26.6 ＋23.3 － Contract Logistics Operating Revenues 97
Slide 26: Operating Results Forecast (Employee breakdown)
24. Operating Results Forecast（Employee breakdown） FY2025/3 FY2026/3 Actual Forecast (Number) (not changed) 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 77,786 78,
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