Yamato Holdings (code 9064) cut its full-year operating revenue forecast by ¥23bn to ¥1.895tn on 4 November, and left every profit line untouched. The parcel group says tighter operating costs will absorb the lost revenue. Its own interim numbers show that effort has not yet been enough.
What changed
The previous forecast, issued on 3 August 2026, was ¥1.918tn, so the cut is 1.2%. Operating profit stays at ¥42bn, ordinary profit at ¥42bn and net profit attributable to owners at ¥16bn. The company's annual dividend forecast of ¥46 per share is also unchanged.
| Measure | Previous forecast | Revised forecast |
|---|---|---|
| Operating revenue | ¥1.918tn | ¥1.895tn |
| Operating profit | ¥42bn | ¥42bn |
| Ordinary profit | ¥42bn | ¥42bn |
| Net profit attributable to owners | ¥16bn | ¥16bn |
Yamato gives two reasons for the lower revenue outlook: the first half and an expectation that volumes from large corporate customers will stay sluggish in the second half. For the first half, it blames continued stagnation in consumer spending amid rising prices, falling volumes from large corporate customers, and demand weakened by natural disasters including earthquakes and typhoons. These are the company's explanations, not independent measures of the economy.
A miss at the half-year mark
Interim operating revenue was ¥906.85bn against a forecast of ¥920bn, flat on the year. The operating loss was ¥1.749bn, against a forecast of break-even and a loss of ¥3.782bn a year earlier. The ordinary loss was ¥826mn. The net loss attributable to owners was ¥10.56bn, against a forecast loss of ¥9.5bn.
Yamato says its cost work improved profit on the year but did not cover higher energy and materials costs plus the revenue lost to lower volumes. Special losses of ¥10.49bn included an ¥8.09bn loss on sales of affiliate shares. The statement separately records that Yamato sold all its shares in Yamato Credit Finance, which left the consolidation scope.
Volumes down, pricing and cost cuts up
The group's main parcel category fell 3.9% to 916 million items. Small-parcel delivery products rose 15.9% to 251 million, and mail products fell 9.1% to 43 million. The Express segment's revenue slipped 0.6% to ¥750.8bn, and its operating loss narrowed by ¥650mn to ¥16.1bn.
Operating expenses fell ¥1.95bn to ¥908.6bn. Yamato credits real-time-data dispatch consolidation in transport and a more efficient last-mile collection and delivery network. It also cites repricing for large corporate customers. The guidance note names the same levers for the second half: data-driven transport efficiency and last-mile efficiency, which it says will offset the lower revenue and secure the profit level planned at the start of the year.
The margin test
The full-year operating profit target of ¥42bn compares with ¥28.3bn last year, and the company's forecast table shows growth of 48.4%. It sits against a first-half operating loss. Yamato's guidance note adds that actual results may differ from the forecast, which rests on information available to the company and assumptions it considers reasonable. The earnings summary has not been reviewed by auditors, a point the document itself makes.