Yamatane Corporation (TSE: 9305), a Tokyo-based group combining warehousing and logistics, rice and grain wholesale (food), and real-estate leasing operations, reported its full-year results for the fiscal year ended March 31, 2026 on May 13, 2026. Consolidated net sales rose 9.6% year-on-year to ¥88,674 million, building on the prior year's 25.4% advance. The more striking story was on the earnings lines: operating profit climbed 55.1% to ¥5,864 million, ordinary profit advanced 50.2% to ¥5,481 million, and net profit attributable to owners of the parent surged 77.8% to ¥5,498 million, up from ¥3,091 million in FY2025. Earnings per share rose to ¥255.13 from ¥149.76 (both figures calculated on the post-split basis following the 2-for-1 stock split executed on June 1, 2025).
The profit acceleration significantly outpaced revenue growth, reflecting operating leverage across the group's three segments and improved margin execution. Comprehensive income for the year totalled ¥9,009 million (+54.5%), well above the underlying net profit figure, partly due to favourable moves in unrealised gains on securities and other comprehensive-income items. Total assets expanded to ¥177,610 million from ¥167,044 million, while net assets rose to ¥63,533 million from ¥58,384 million. The equity ratio improved to 35.8% from 35.0%, and book value per share (also on a post-split basis) climbed to ¥3,007.40 from ¥2,637.73.
Logistics and food wholesale both contributed to profit growth
Yamatane operates three main segments. The Logistics segment — encompassing warehousing, transportation, and harbour-handling services — is the group's largest earnings contributor and benefited from increased volumes and higher storage tariffs. The Food Wholesale segment, centred on rice and grain trading, saw revenue driven higher by rising commodity prices and expanded procurement networks, which in turn expanded margin. The Real-Estate segment, comprising leased offices and logistics facilities, delivered steady rental income underpinned by high occupancy. The strong FY2026 result also reflects the consolidation of four newly added subsidiaries — Yamatane Document Management, Kyokuto, Nosan Best Partner, and Shinriki — which broadened the group's service scope and contributed incremental revenue in their first year of consolidation.
Dividend raised; FY2027 guidance calls for revenue growth but profit moderation
Yamatane raised its annual dividend for FY2026 to ¥75 per share (¥35 interim + ¥40 year-end), up from an adjusted ¥105 in FY2025 (the FY2025 figure was the pre-split amount; on a split-adjusted basis the effective comparison is roughly ¥52.50). The payout ratio was 29.4% of consolidated net profit, and the net-assets dividend yield was 2.7%. For FY2027, the company further lifts the forecast dividend to ¥85 per share (¥35 interim + ¥50 year-end), implying a payout ratio of approximately 40.6%.
On the outlook, Yamatane guides FY2027 net sales of ¥98,560 million (+11.1%), but expects profits to moderate from the FY2026 peak. Operating profit is guided at ¥4,110 million (−29.9%), ordinary profit at ¥3,610 million (−34.1%), and net profit at ¥4,400 million (−20.0%), equivalent to EPS of ¥209.26. Management attributes the profit step-down to higher costs associated with business expansion, integration of the newly consolidated subsidiaries, and investment in infrastructure. Despite the guided profit decline, the progressive dividend increase underscores management's confidence in the group's medium-term earnings capacity.
| Metric | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Net sales (¥ million) | 88,674 | 80,922 | +9.6% |
| Operating profit (¥ million) | 5,864 | 3,780 | +55.1% |
| Ordinary profit (¥ million) | 5,481 | 3,650 | +50.2% |
| Net profit attrib. to owners (¥ million) | 5,498 | 3,091 | +77.8% |
| EPS (¥, post-split) | 255.13 | 149.76 | +70.4% |
| Comprehensive income (¥ million) | 9,009 | 5,832 | +54.5% |
| Total assets (¥ million) | 177,610 | 167,044 | +6.3% |
| Net assets (¥ million) | 63,533 | 58,384 | +8.8% |
| Equity ratio | 35.8% | 35.0% | +0.8pp |
| Book value per share (¥, post-split) | 3,007.40 | 2,637.73 | +14.0% |
| Annual dividend (¥, post-split) | 75 | 105* | — |
| FY2027 guidance — net sales (¥ million) | 98,560 | — | +11.1% |
| FY2027 guidance — operating profit (¥ million) | 4,110 | — | −29.9% |
| FY2027 guidance — net profit (¥ million) | 4,400 | — | −20.0% |
| FY2027 guidance — EPS (¥) | 209.26 | — | — |
| FY2027 dividend forecast (¥) | 85 | — | +13.3% |
* FY2025 dividend shown at pre-split amount (¥105); split-adjusted equivalent is ¥52.50.
JapanStockPulse provides informational content only and does not constitute investment advice. Figures are taken from the company's published earnings short report and may be subject to subsequent revision.