ENVALITH
丸八倉庫株式会社 logo

Maruhachi Warehouse Company, Limited

9313・Standard Market・Warehousing & Harbor Transportation Services

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丸八倉庫株式会社 logo
Maruhachi Warehouse Company, Limited9313

Business

Maruhachi Warehouse Co., Ltd. is a company listed on the Tokyo Stock Exchange Standard Market, founded in 1934. The group, which includes two consolidated subsidiaries (Tohoku Maruhachi Transportation Co., Ltd. and Maruhachi Create Co., Ltd.), operates a Logistics Business (warehousing, transportation, and freight forwarding) and a Real Estate Business (leasing and management of rental apartments, office buildings, etc.). The Logistics Business has offices in the Greater Tokyo area (Koto Ward, Soka, Tokorozawa, Yachimata, etc.) and in Tohoku (Sendai), providing corporate clients with tailor-made, logistics-concierge-style solutions leveraging its 3PL expertise. The Real Estate Business owns and operates rental apartments, commercial buildings, and other properties primarily within Tokyo's 23 wards, securing stable rental income.

Business Model

In the Logistics Business, the main revenue sources are warehouse storage fees, cargo handling fees, and transportation fees, with earnings secured through maintaining high utilization rates and optimizing pricing. In the Real Estate Business, rental income from Rental Apartments, office buildings, and other properties accumulates steadily. In FY2025 (ending November 2025), the sales composition was 86.4% Logistics and 13.6% Real Estate. Capital expenditure funds are procured through operating cash flow and borrowings from financial institutions, and the company's strategy is to expand its earnings base by building up assets through the acquisition of new warehouses and Rental Apartments.

Company Strengths

Leveraging the 3PL expertise accumulated over more than 90 years since founding, the company proposes solutions that comprehensively resolve customers' logistics challenges. Utilization rates at each sales office remain stable and at a high level, with steady progress in acquiring new customers. In FY2025 (ending November 2025), the Logistics Business segment secured profit of ¥698 million.

The company operates multiple sales offices in Koto Ward, Soka, Tokorozawa, Yachimata, Sendai, and other locations. In FY2025 (ending November 2025), a new warehouse in Tokorozawa City, Saitama Prefecture, and a new document storage center in Yachimata City, Chiba Prefecture, became fully operational, enhancing storage capacity. The transportation network in the Tohoku region operated by Tohoku Maruhachi Unyu Co., Ltd. further complements this, giving the company a wide-area service capability.

As of the end of FY2025 (ending November 2025), the equity ratio stood at a high 62.7%, with net assets of ¥12,842 million against total assets of ¥20,446 million, indicating strong financial soundness. Even during a period of major investment, EBITDA has been maintained at a level exceeding ¥1.0 billion, moving from ¥1,119 million in FY2022 (ending November 2022) to ¥1,072 million in FY2025 (ending November 2025).

ENVALITH's Perspective

In the first half of FY2026 (ending November 2026), net sales came to ¥2,525 million (up 2.9% year on year), operating profit ¥320 million (up 15.5%), ordinary profit ¥332 million (up 38.4%), and interim net income attributable to owners of the parent ¥265 million (up 66.1%), marking substantial improvement across all profit line items. Full-year guidance was also revised upward, and the company now expects net sales of ¥5,100 million, operating profit of ¥650 million, ordinary profit of ¥660 million, and net income of ¥480 million (up 54.3% year on year). The upfront investment cost burden borne in FY2025 (ended November 2025) has run its course, and the effects of fee rationalization together with the launch of new equipment are driving the profit recovery.

Of the interim net income attributable to owners of the parent of ¥265 million, gains on sale of investment securities of ¥147 million (recorded as extraordinary income) contributed significantly to the boost in net income. On the other hand, an impairment loss of ¥61 million was also recorded due to a change in the estimate of asset retirement obligations. The underlying earnings power on an ordinary profit basis stands at ¥332 million, and it is necessary to scrutinize the core business's earning capacity excluding the impact of extraordinary gains and losses. Achieving the full-year net income forecast of ¥480 million will require an accumulation of core business earnings in the second half.

The company revised its year-end dividend forecast for FY2026 (ending November 2026) upward from ¥24 to ¥28 (full-year dividend of ¥28), strengthening its stance on shareholder returns. As an external factor, the logistics industry continues to face cost-increase pressure from labor shortages and rising prices across the board, and the sustainability of price pass-through via fee rationalization will be key to maintaining earnings. Meanwhile, in the real estate leasing industry, although there is an upward trend in some rent levels in the market environment, risks of supply-demand fluctuation remain depending on economic conditions. The focus of evaluation will be on confirming progress toward achieving the EBITDA target for the final year of the medium-term plan (2026).

Growth Strategy

In the final phase of the new medium-term management plan (2022-2026), the company is expanding the revenue base of both the Logistics Business and the Real Estate Business

The company continues to promote rate optimization for storage fees, cargo handling fees, and warehouse rental fees, while maintaining high utilization rates at existing warehouses. In the first half of FY2026 (ending November 2026), storage fee, cargo handling fee, and warehouse rental fee revenue all increased year-on-year, with the earnings improvement effect becoming evident.

The new warehouse in Tokorozawa City, Saitama Prefecture, and the new document storage center in Yachimata City, Chiba Prefecture, are operating smoothly. The business foundation is being strengthened to enhance future earnings power, and the penetration of the effects of new capital investment is one of the factors behind the upward revision of the full-year earnings forecast.

Two Rental Apartment buildings acquired in Tokyo's 23 wards in 2025 have transitioned to stable operation, increasing real estate rental income. In the first half of FY2026 (ending November 2026), the Real Estate Business segment recorded net sales of ¥350 million (up ¥32 million year-on-year) and segment profit of ¥174 million (up ¥23 million year-on-year), expanding its contribution.

The year-end dividend forecast for FY2026 (ending November 2026) has been revised upward from an initial ¥24 to ¥28 (annual dividend of ¥28). The dividend increase, linked to the upward revision of earnings, strengthens the company's stance on shareholder returns, representing a ¥4 increase from the previous period's actual dividend of ¥24.

Last updated: July 17, 2026