Financials Nippon Express Holdings, Inc.

Equities

9147

JP3688370000

Air Freight & Logistics

Market Closed - Japan Exchange Other stock markets 06:30:00 10/03/2026 GMT			5-day change	1st Jan Change
3,706.00 ^JPY	+1.23%		-1.17%	+10.59%

03-02	Nippon Express Holdings, Inc. Resolves Dividend for the Year Ended December 31, 2025, Effective Date March 12, 2026	CI
02-27	Rapidus Corporation announced that it has received ¥267.6 billion in funding from a group of investors	CI

Projected Income Statement: Nippon Express Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,080,352	1,763,282	2,619,746	2,239,017	2,577,643	2,574,826	2,669,383	2,720,708
Change	-	-15.24%	48.57%	-14.53%	15.12%	-0.11%	3.67%	1.92%
EBITDA ¹	118,873	125,973	213,680	212,653	232,516	243,287	281,156	290,719
Change	-	5.97%	69.62%	-0.48%	9.34%	4.63%	15.57%	3.4%
EBIT ¹	59,224	68,754	128,716	81,256	49,078	51,481	93,071	100,391
Change	-	16.09%	87.21%	-36.87%	-39.6%	4.9%	80.79%	7.87%
Interest Paid ¹	-2,864	-	-3,153	-6,242	-10,095	-16,509	-11,000	-12,000
Earnings before Tax (EBT) ¹	38,392	79,283	164,096	61,208	51,885	41,768	84,908	93,302
Change	-	106.51%	106.98%	-62.7%	-15.23%	-19.5%	103.29%	9.89%
Net income ¹	17,409	54,049	109,809	37,050	31,733	2,693	56,232	62,005
Change	-	210.47%	103.17%	-66.26%	-14.35%	-91.51%	1,988.09%	10.27%
Announcement Date	28/04/20	14/02/22	14/02/23	14/02/24	14/02/25	13/02/26	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2020 Q3	2020 Q4	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	527,707	513,693	545,031	559,188	659,063	643,136	655,796	664,665	656,149	578,016	553,850	543,486	563,665	617,601	632,292	650,300	677,450	645,280	626,709	636,607	694,130	657,774	654,502	653,584	702,444
Change	-	-2.66%	6.1%	2.6%	17.86%	-2.42%	1.97%	1.35%	-1.28%	-11.91%	-4.18%	-1.87%	3.71%	9.57%	2.38%	2.85%	4.17%	-4.75%	-2.88%	1.58%	9.04%	-5.24%	-0.5%	-0.14%	7.48%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	15,916	14,180	20,125	16,175	32,454	35,823	31,912	32,934	28,047	20,961	16,060	18,128	8,656	3,474	15,750	15,800	14,054	11,416	17,374	9,249	11,502	18,592	25,294	25,072	25,418
Change	-	-10.91%	41.93%	-19.63%	100.64%	10.38%	-10.92%	3.2%	-14.84%	-25.26%	-23.38%	12.88%	-52.25%	-59.87%	353.37%	0.32%	-11.05%	-18.77%	52.19%	-46.77%	24.36%	61.64%	36.05%	-0.88%	1.38%
Charge d'intérêts	-653	-	-	-	-	-736	-	-855	-	-1,704	-	-1,526	-	-2,140	-	-2,809	-2,572	-5,856	-	-3,300	-1,354	-3,000	-3,000	-3,000	-3,000
Earnings before Tax (EBT) ¹	18,064	-	23,561	23,170	-	35,153	-	34,821	-	23,386	17,961	11,102	8,759	4,202	16,872	12,638	18,173	7,118	14,347	7,311	13,337	17,084	23,239	26,444	26,933
Change	-	-	-	-1.66%	-	-	-	-	-	-	-23.2%	-38.19%	-21.1%	-52.03%	301.52%	-25.09%	43.8%	-60.83%	101.56%	-49.04%	82.42%	28.09%	36.03%	13.79%	1.85%
Net income ¹	12,268	-13,869	15,202	15,417	-	21,339	73,325	22,988	-7,843	13,320	12,127	5,073	6,530	822	10,617	7,000	13,294	1,248	7,356	2,986	-423	11,477	15,478	17,561	17,879
Change	-	-213.05%	209.61%	1.41%	-	-	243.62%	-68.65%	-134.12%	269.83%	-8.96%	-58.17%	28.72%	-87.41%	1,191.61%	-34.07%	89.91%	-90.61%	489.42%	-59.41%	-114.17%	2,813.24%	34.86%	13.46%	1.81%
Announcement Date	31/01/20	28/04/20	13/08/21	12/11/21	14/02/22	12/05/22	10/08/22	09/11/22	14/02/23	12/05/23	09/08/23	13/11/23	14/02/24	13/05/24	09/08/24	12/11/24	14/02/25	13/05/25	08/08/25	12/11/25	-	-	-	-	-

¹JPY in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	964,464	1,298,932	1,131,866	1,249,893	1,327,750	1,271,989	1,302,837	1,315,752	1,385,548
Change	-	34.68%	-12.86%	10.43%	6.23%	-4.2%	2.43%	0.99%	5.3%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT ¹	20,875	67,735	42,249	19,224	29,854	28,790	22,691	45,323	58,377
Change	-	224.48%	-37.63%	-54.5%	55.3%	-3.56%	-21.18%	99.74%	28.8%
Charge d'intérêts ¹	-	-1,512	-3,054	-4,714	-5,381	-11,346	-5,163	-6,000	-6,000
Earnings before Tax (EBT) ¹	-	137,067	41,347	21,074	30,811	21,465	20,303	40,323	53,377
Change	-	-	-69.83%	-49.03%	46.2%	-30.33%	-5.41%	98.61%	32.37%
Net income ¹	-	94,664	25,447	11,439	20,294	8,604	-5,911	26,955	35,441
Change	-	-	-73.12%	-55.05%	77.41%	-57.6%	-168.7%	556.01%	31.48%
Announcement Date	13/08/21	10/08/22	09/08/23	09/08/24	14/02/25	08/08/25	13/02/26	-	-

¹JPY in Million

Estimates

Forecast Balance Sheet: Nippon Express Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	244,823	103,752	-106,166	419,306	544,588	569,183	597,100	608,608
Change	-	-57.62%	-202.33%	494.95%	29.88%	4.52%	4.9%	1.93%
Announcement Date	28/04/20	14/02/22	14/02/23	14/02/24	14/02/25	13/02/26	-	-

¹JPY in Million

Estimates

Cash Flow Forecast: Nippon Express Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	103,372	55,877	84,408	72,984	72,995	100,600	100,000	107,500
Change	-	-45.95%	51.06%	-13.53%	0.02%	37.82%	-0.6%	7.5%
Free Cash Flow (FCF) ¹	-5,166	145,471	226,171	126,410	87,123	118,145	163,390	145,060
Change	-	2,915.93%	55.47%	-44.11%	-31.08%	35.61%	38.3%	-11.22%
Announcement Date	28/04/20	14/02/22	14/02/23	14/02/24	14/02/25	-	-	-

¹JPY in Million

Estimates

Forecast Financial Ratios: Nippon Express Holdings, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	5.71%	7.14%	8.16%	9.5%	9.02%	9.45%	10.53%	10.69%
EBIT Margin (%)	2.85%	3.9%	4.91%	3.63%	1.9%	2%	3.49%	3.69%
EBT Margin (%)	1.85%	4.5%	6.26%	2.73%	2.01%	1.62%	3.18%	3.43%
Net margin (%)	0.84%	3.07%	4.19%	1.65%	1.23%	0.1%	2.11%	2.28%
FCF margin (%)	-0.25%	8.25%	8.63%	5.65%	3.38%	4.53%	6.12%	5.33%
FCF / Net Income (%)	-29.67%	269.15%	205.97%	341.19%	274.55%	1,101.13%	290.56%	233.95%
Profitability
ROA	3.76%	4.23%	7.66%	1.77%	1.44%	1.77%	2.5%	2.71%
ROE	3.2%	8.87%	15.9%	4.8%	3.8%	0.3%	6.9%	7.5%
Financial Health
Leverage (Debt/EBITDA)	2.06x	0.82x	-	1.97x	2.34x	2.41x	2.12x	2.09x
Debt / Free cash flow	-47.39x	0.71x	-	3.32x	6.25x	4.82x	3.65x	4.2x
Capital Intensity
CAPEX / Current Assets (%)	4.97%	3.17%	3.22%	3.26%	2.83%	3.86%	3.75%	3.95%
CAPEX / EBITDA (%)	86.96%	44.36%	39.5%	34.32%	31.39%	42.66%	35.57%	36.98%
CAPEX / FCF (%)	-2,001.01%	38.41%	37.32%	57.74%	83.78%	85.15%	61.2%	74.11%
Items per share
Cash flow per share ¹	273	161.6	720.7	714	823.6	779.1	1,053	1,076
Change	-	-40.81%	345.96%	-0.92%	15.35%	-5.4%	28.09%	2.16%
Dividend per Share ¹	51.67	80	133.3	100	100	100	101.1	105.6
Change	-	54.84%	66.67%	-25%	0%	0%	1.11%	4.4%
Book Value Per Share ¹	1,935	2,345	2,797	3,033	3,287	3,421	3,469	3,580
Change	-	21.19%	19.28%	8.41%	8.39%	4.07%	7.67%	3.21%
EPS ¹	61.69	198.4	406.3	139.5	121.5	10.79	232.7	262.7
Change	-	221.62%	104.79%	-65.66%	-12.94%	-91.12%	437.46%	12.9%
Nbr of stocks (in thousands)	278,783	271,450	267,820	263,822	259,800	242,487	242,487	242,487
Announcement Date	28/04/20	14/02/22	14/02/23	14/02/24	14/02/25	13/02/26	-	-