Nippon Yusen (NYK) raised its profit forecasts for the year to March 2027 on 29 October, with the biggest lift landing below the operating line. Net profit attributable to owners is now guided at ¥330bn, up from ¥240bn in the forecast issued on 5 August. Operating profit is guided at ¥210bn, up from ¥185bn.
A bigger lift below operating profit
The revised full-year figures show the gap. Operating profit rises ¥25bn, or 13.5%. Ordinary profit rises ¥85bn, or 34.0%, to ¥335bn. Net profit rises ¥90bn, or 37.5%. Earnings per share are now guided at ¥817.36, against ¥594.49 before. Sales are guided at ¥3.0tn, up from ¥2.881tn.
| Metric | Previous forecast | Revised forecast | Change |
|---|---|---|---|
| Sales | ¥2.881tn | ¥3.0tn | +¥119bn (4.1%) |
| Operating profit | ¥185bn | ¥210bn | +¥25bn (13.5%) |
| Ordinary profit | ¥250bn | ¥335bn | +¥85bn (34.0%) |
| Net profit attributable to owners | ¥240bn | ¥330bn | +¥90bn (37.5%) |
| Earnings per share | ¥594.49 | ¥817.36 | +¥222.87 |
NYK's notice gives this reason: container-ship freight rates have run above what it assumed in August. That lifts the expected results of Ocean Network Express, which operates the container-ship business and is an equity-method affiliate of NYK, rather than a consolidated subsidiary. The notice also cites firm market conditions in dry bulk and energy shipping. It does not say how much each business adds to the revision.
Interim guidance moves too
NYK also raised its forecast for the six months to 30 September. Operating profit is now guided at ¥114bn, up from ¥102bn, an 11.8% rise. Ordinary profit goes to ¥213bn from ¥160bn, and net profit to ¥203bn from ¥155bn. Interim sales are guided at ¥1.505tn, up from ¥1.44tn.
For reference, NYK's notice lists the same half of the previous year at ¥59.8bn operating profit, ¥118.6bn ordinary profit and ¥98.3bn net profit. Those figures reflect the finalised provisional accounting for a business combination. Full-year results for the year to March 2026 were ¥138.6bn operating profit and ¥211.8bn net profit.
Assumptions behind the numbers
The forecasts assume an exchange rate of ¥157.98 to the dollar for the full year and ¥160.47 for the interim period. Fuel is assumed at $802.32 a tonne for the full year and $759.88 for the interim period, on an all-grade average basis.
These are forecasts, not reported results. The interim figures are also projections for a period that has just ended, so the revisions are a guide to what NYK expects to report. The container rate trend is described only as NYK's own experience against its earlier assumption. For prior context, see Earlier Tokyo Brief coverage.