Seino Holdings (9076): FY2025 Results Summary — Record Revenue and Profit as ROE Recovers to 5.6%

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Note: Seino Holdings labels the fiscal year ended March 2026 as “FY2026/3” in its presentation; this article classifies that year as FY2025 in the title and slug under our site convention, while the labels used in the text, tables and segment data follow the source material.

Seino Holdings reported growth in both revenue and profit for the fiscal year ended March 2026, describing the outcome as record-high results. Operating revenue rose 10.3% to ¥812,965 million and operating profit rose 25.8% to ¥37,605 million, while profit attributable to owners of the parent increased 22.8% to ¥23,638 million. The company attributes the improvement to the full-year consolidation of MD LOGIS and to the expansion of the LTL (less-than-truckload) business, where unit prices rose 3.7%. ROE recovered to 5.6%, above the 5% level, and the planned annual dividend was raised by ¥2 to ¥104.

Consolidated Results (Full-Year Actual)

Gross profit rose 12.9% to ¥97,797 million and the gross margin improved 0.3pt to 12.0%, while selling, general and administrative expenses increased 6.1% to ¥60,192 million. The operating margin improved 0.5pt to 4.6%. Operating revenue came in 0.1% below the company’s forecast, while operating profit was in line with the forecast and profit attributable to owners of the parent exceeded it by 7.4%. Excluding MD LOGIS, the company states that operating revenue rose 2.5% YoY, operating profit rose 17.4% and net income rose 24.6%.

(¥ million)	FY2025/3	FY2026/3	YoY	vs. Forecast
Operating Revenue	737,377	812,965	+10.3%	-0.1%
Gross Profit	86,614	97,797	+12.9%	—
(Gross Margin)	11.7%	12.0%	+0.3pt	—
Selling, General & Administrative Expenses	56,730	60,192	+6.1%	—
Operating Profit	29,883	37,605	+25.8%	+0.0%
(Operating Margin)	4.1%	4.6%	+0.5pt	—
Profit Attributable to Owners of the Parent	19,253	23,638	+22.8%	+7.4%
EPS (JPY)	¥115.41	¥157.00	+36.0%	+6.5%
ROE	4.7%	5.6%	+0.9pt	+0.2pt
Annual Dividend (including an interim dividend of ¥43)	¥102	¥104	+2.0%	+2.0%

On the drivers of the increase, the company notes that LTL revenue rose by ¥75.5 billion on progress in implementing appropriate freight rates and the consolidation effect of MD LOGIS (¥58.5 billion). Operating profit in the Transportation business increased by ¥7.7 billion, helped by improved efficiency in long-haul truck dispatching to control costs and the consolidation effect of MD LOGIS (¥3.0 billion, including ¥0.6 billion of acquisition-related costs booked in the previous fiscal year). Net income increased ¥4.3 billion, reflecting the higher operating profit, a ¥1.9 billion decrease in losses on disposal of fixed assets and recognition of a ¥2.1 billion gain on reversal of retirement benefit trust.

Segment Results

Transportation, the largest segment, posted operating revenue of ¥630,890 million (+13.9% YoY) and operating profit of ¥27,425 million (+32.2% YoY). Revenue increased by ¥76.7 billion, driven by a 3.7% rise in unit prices across all weight and distance categories and the full-year consolidation of MD LOGIS; excluding MD LOGIS, revenue rose 3.7% YoY, or ¥18.2 billion. Vehicle Sales declined on both lines, while Merchandise Sales, Real-Estate Leasing and Other all grew.

Segment (¥ million)	Operating Revenue FY2026/3	YoY	Operating Profit FY2026/3	YoY
Transportation	630,890	+13.9%	27,425	+32.2%
Vehicle Sales	110,346	-4.3%	6,917	-3.4%
Merchandise Sales	40,926	+5.5%	1,314	+12.4%
Real-Estate Leasing	2,456	+4.3%	1,810	+4.6%
Other	28,345	+5.8%	2,270	+24.1%

Key operating indicators disclosed for the Transportation business were LTL cargo volume of 99.4% YoY and a unit price of 103.7% YoY at Seino Transportation (STC), with the Seino Group figures at 99.6% and 103.4% respectively. Logistics revenue was 136.0% YoY excluding outbound shipping fees, and Charter (FCL) revenue at STC was 107.7% YoY. In Vehicle Sales, new car sales volume was 15,742 passenger cars (94.4% YoY) and 2,022 trucks (80.1% YoY); the company cites manufacturer supply constraints, a shift in registration timing following the abolition of the Environmental Performance Tax, and a reaction to the previous year’s strong truck backorder performance.

On the balance sheet, total assets stood at ¥790,066 million at the end of March 2026, up ¥19,225 million. The equity ratio improved from 51.5% to 56.1% and interest-bearing debt fell ¥24,579 million to ¥101,376 million, which the company attributes to the conversion of Euro-yen convertible bonds into shares. Capital expenditure was ¥36.45 billion in the fiscal year ended March 2026, compared with ¥41.37 billion in the previous year.

FY2027 Forecast

For the fiscal year ending March 2027, Seino Holdings forecasts growth in both revenue and profit for a third consecutive year, driven by cargo volume and unit price growth in the Transportation business. The company notes that the impact of the situation in the Middle East remains uncertain and is not yet factored into the forecast. Assumptions for LTL at STC are cargo volume of 101.5% per day, a unit price of 102.8% for general cargo and a day count of 99.3%. EPS is projected at ¥169.08 (+¥12.08) and ROE at 6.1% (+0.5pt). Planned capital expenditure for the year is ¥39.10 billion.

(¥ million)	FY2027/3 (Forecast)	FY2026/3 (Results)	YoY
Operating revenue	825,500	812,965	+12,534 (+1.5%)
Transportation	639,800	630,890	+8,909 (+1.4%)
Vehicle sales	112,000	110,346	+1,653 (+1.6%)
Merchandise sales	41,700	40,926	+773 (+1.9%)
Real-estate leasing	2,500	2,456	+43 (+1.8%)
Other	29,460	28,345	+1,154 (+4.1%)
Operating profit	41,400	37,605	+3,794 (+10.1%)
Transportation	31,840	27,425	+4,414 (+16.1%)
Vehicle sales	6,440	6,917	-477 (-6.9%)
Merchandise sales	1,340	1,314	+25 (+1.9%)
Real-estate leasing	1,850	1,810	+39 (+2.2%)
Other	2,080	2,270	-190 (-8.4%)
Elimination	-2,150	-2,133	-16
Ordinary profit	41,800	37,264	+4,535 (+12.2%)
Profit attributable to owners of the parent	27,500	23,638	+3,861 (+16.3%)

Shareholder Returns

Since the fiscal year ended March 2024 Seino Holdings has applied a dividend policy based on a 4.0% DOE (dividend on equity). For the fiscal year ended March 2026 the planned annual dividend is ¥104 per share (interim ¥43, year-end ¥61), a ¥2 increase from the previous year, maintaining a 4.0% DOE. Under its capital policy the company states that it will maintain a DOE of 4.0% or more and continue to steadily acquire treasury stock.

Dividend per share (¥)	FY2021/3	FY2022/3	FY2023/03	FY2024/03	FY2025/03	FY2026/03 (Planned)
Annual dividend	27	29	56	100	102	104
DOE	1.2%	1.2%	2.3%	4.0%	4.0%	4.0%

ROADMAP 2028 and Topics

Three years into ROADMAP 2028, the company says the Group has grown steadily despite an unstable domestic economy, but that achieving the 8% ROE target will take more time; ROE stood at 5.6% and EPS at ¥157.00 in the fiscal year ended March 2026. Transportation business revenue has grown at a CAGR of 9.9%, reaching ¥501,776 million of organic revenue plus ¥129,114 million from M&A in the fiscal year ended March 2026, with the transportation profit margin at 4.3%. Drivers of ROE improvement identified in the plan include steady growth of the LTL business, growth of the Charter (FTL) and Logistics businesses, M&A and open innovation, and capital policies covering DOE and the equity ratio.

To drive further growth, Seino established six Strategy Departments (LTL / O.P.P., Charter, Logistics, Cold Chain, Last One Mile and International) and a Digital Strategy Office, and it manages the transportation portfolio through a strategic matrix of profitability against market growth. Other initiatives disclosed include a collaborative delivery model between Kyushu Seino Transportation and JP Logistics, the establishment in April 2026 of TGL Sanin Co., Ltd. as a 50:50 equity-method joint venture with Fukuyama Transporting through a joint share transfer of Hinomaru Seino Transportation and Sanin Fukuyama Transporting, a business alliance with AZ-COM Maruwa Holdings, and Japan’s first demonstration of autonomous relay transportation on LTL long-haul routes. Optimization of long-haul truck dispatching delivered a full-year efficiency effect of ¥2.15 billion across 38,700 dispatches.

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