NIPPON EXPRESS HOLDINGS, INC.
9147・Prime Market・Land Transportation
Business
NIPPON EXPRESS Holdings is a pure holding company that transitioned to a holding company structure in January 2022, with Nippon Express, founded in 1937, as its core subsidiary. Centered on the Logistics Business, which operates trucking, air forwarding, ocean forwarding, and warehousing operations both domestically and internationally, the company operates four business segments: Logistics, Security Transport (NX Cash Logistics), Heavy Cargo Construction (NX Engineering), and Logistics Support (NX Trading, etc.). It has over 275 group companies across five regions—Japan, Americas, Europe, East Asia, and South Asia & Oceania—and reported consolidated revenue of ¥2,574,826 million for the fiscal year ended December 2025. Toward realizing its long-term vision for 2037 of becoming "a logistics company with a global presence," the company aims to raise its overseas sales ratio to 50%.
Business Model
The company provides End-to-End logistics solutions combining air, ocean, land transport, warehousing, and distribution processing to both Japanese and non-Japanese global customers, accumulating freight revenue, warehousing fees, distribution processing fees, and other income. Domestically, profitability is improved through unit price increases via fee revisions and cost efficiency gains from the in-house company system. Overseas, the structure expands revenue scale by broadening the customer base and infrastructure and generating synergies through M&A (cargo-partner, Simon Hegele, etc.). The Logistics Support Business (petroleum sales, real estate leasing, etc.) captures intra-group demand and supplements stable earnings.
Company Strengths
Centered on Nippon Express, founded in 1937, the Japan (Logistics) segment recorded revenue of ¥1,260,364 million and segment profit of ¥44,511 million. Through the effects of fee revisions and cost reductions, profit grew 9.8% year on year, demonstrating the company's foundational position in domestic logistics.
Through the acquisitions of cargo-partner (2023) and Simon Hegele (February 2025, a German healthcare equipment logistics company), revenue in the Europe (Logistics) segment expanded significantly from ¥192,600 million in FY2023 (ending December 2023) to ¥527,949 million in FY2025 (ending December 2025). The company thereby acquired infrastructure in the healthcare and contract logistics fields.
The Heavy Cargo Construction segment, handled by NX Engineering, maintained segment profit of ¥5,307 million against revenue of ¥48,597 million, for a profit margin of 10.9%. Driven by an increase in Shutdown Maintenance Construction work handled and cost reduction effects, the segment functions as a specialized business boasting outstanding profitability within the group.
ENVALITH's Perspective
Performance Trend
Revenue peaked at ¥2,618,659 million in FY2022, then fell to ¥2,239,017 million in FY2023, before leveling off at ¥2,577,643 million in FY2024 and ¥2,574,826 million in FY2025. The full-year FY2026 forecast stands at ¥2,700,000 million (+4.9% year on year), indicating a gradual recovery trajectory. On the profit side, profit attributable to owners of parent fell sharply to ¥2,693 million in FY2025, but recovered rapidly to ¥4,568 million in 1Q FY2026 (+287.3% year on year). As an external factor, resilient air and ocean freight movement (in terms of market conditions) has provided a tailwind, while rising fuel costs and transportation costs stemming from the situation in the Middle East are pressuring profit margins. Self-driven earnings improvement effects from fee revisions, business restructuring, and functional integration are increasingly becoming visible.
Growth Strategy
Aiming for revenue of ¥3,000.0 billion and business profit of ¥150.0 billion in FY2028 through three pillars: global business growth, restructuring of the Japan business, and enhancement of corporate value
Continuously implementing rate revisions both domestically and overseas, while promoting cost reductions through business reorganization and functional integration. Concrete results are reflected in figures, such as the improvement in the Japan segment profit margin to 3.3% in 1Q FY2026 (up from 2.4% in the previous year) and the effect of purchase price adjustments in the petroleum division of Logistics Support.
Creating synergies through joint procurement, cross-selling of sales, and consolidation of business sites with cargo-partner, as well as leveraging the healthcare logistics platform of Simon Hegele (acquired in February 2025). Revenue in the Europe segment in 1Q FY2026 expanded by +16.9% year-on-year. A significant recovery in full-year segment profit to ¥12,600 million (up +162.7% year-on-year) is planned.
Promoting the reduction of dependence on Japanese-affiliated customers and pursuing the acquisition of non-Japanese global accounts. Strengthening the provision of End-to-End solutions for growth industries such as EC-related, automotive-related, and healthcare sectors. The increase in EC-related air cargo in East Asia and South Asia & Oceania represents part of the results of this effort.
Setting ROIC as a management target and promoting structural reform of low-profitability businesses and business sites. Asset efficiency improvement, including the sale of investment real estate, is also underway. The ratio of equity attributable to owners of the parent at the end of 1Q FY2026 improved to 35.4% (from 34.3% at the end of the previous fiscal year). Share buybacks are kept to a minimum (¥2 million) in order to maintain financial discipline.
Last updated: July 17, 2026