UPR Corporation
7065・Standard Market・Services
Logistics Business
Core segment centered on rental and sale of pallets and other logistics equipment
| Period | Current | Previous | Change |
|---|---|---|---|
| Net sales (cumulative Q3 FY2026, ending August 2026) | ¥10,526 million | ¥10,468 million (cumulative Q3 FY2025, ending August 2025) | ↑ |
| Segment profit (cumulative Q3 FY2026, ending August 2026) | ¥1,859 million | ¥1,414 million (cumulative Q3 FY2025, ending August 2025) | ↑ |
| Net sales (full year FY2025, ending August 2025) | ¥14,289 million | — | — |
| Segment profit (full year FY2025, ending August 2025) | ¥1,889 million | — | — |
| Net sales (interim FY2026, ending August 2026) | ¥6,907 million | — | — |
| Segment profit (interim FY2026, ending August 2026) | ¥1,295 million | — | — |
| Depreciation (cumulative Q3 FY2026, ending August 2026) | ¥2,004 million | ¥2,332 million (cumulative Q3 FY2025, ending August 2025) | ↓ |
Business Details
Business that rents and sells logistics equipment such as wooden and plastic pallets, nesting racks, and roll boxes. Operates 14 domestic sales offices and approximately 200 depots, with a rental logistics equipment inventory of approximately 5.28 million units. Centered on the expansion of Integrated Palletization (transport rental pallets), the segment also engages in Spot Rental (storage use), sales of logistics equipment, and overseas business (Singapore, Thailand, Malaysia, and Vietnam). This is the core segment, accounting for approximately 90% of consolidated net sales.
Recent Overview
Segment profit up 31.4% year on year on solid Integrated Palletization performance and cost improvements
In the Logistics Business for the cumulative third quarter of FY2026 (ending August 2026) (September 2025 to May 2026), net sales were ¥10,526 million (up 0.6% year on year) and segment profit was ¥1,859 million (up 31.4% year on year). Integrated Palletization remained firm, supported by progress in initiatives under the Household Paper Pallet Joint Use Study Group and utilization of the Company's collection network. Spot Rental was weak due to delays in the recovery of personal consumption and a decline in port cargo volume. On the cost side, the one-year extension of the useful life of plastic pallets (applied from the beginning of the first quarter) reduced depreciation expenses by ¥328 million year on year (the profit-boosting effect for the cumulative third quarter was ¥455 million). Transport costs also trended below plan due to improved transport efficiency.
Key Products
Growth Drivers
- Expansion of Integrated Palletization demand against the backdrop of the enforcement of the revised Act on Improving Logistics Efficiency (April 2025)
- Progress in joint use and joint collection initiatives for dedicated pallets under the Household Paper Pallet Joint Use Study Group
- Improved profitability through promotion of price pass-through to rental unit prices
- Reduction in depreciation expenses due to a one-year extension of the useful life of plastic pallets (boosted profit by ¥455 million in the cumulative third quarter)
- Steady progress and expansion of overseas business (four bases in Asia, led mainly by Thailand)
- Improved rental operations through greater transport efficiency
Risks
- Continued upward trend in depot operating costs and transport costs due to rising labor and energy costs
- Weak demand for Spot Rental (storage use) due to a slowdown in personal consumption caused by price increases
- Soaring logistics material prices and customers holding back on logistics equipment purchases due to the situation in the Middle East
- Delayed recovery in cargo volume at port areas (declining import volumes and weak demand for refrigerated/frozen warehouses)
- Upward pressure on depreciation expenses from an increase in the number of pallets held (risk of renewed expansion after the temporary easing from the change in useful life)
- Intensifying price competition in the pallet rental market
Last updated: November 26, 2025