KAWANISHI WAREHOUSE CO.,LTD.

Business Details

Operates warehousing (general & cold storage) centered on storage and cargo handling of freight in Japan, port transportation business centered on the Port of Kobe, freight forwarding business (including non-asset operations), customs clearance & distribution processing, and logistics facility leasing business. Major affiliated companies include Kawanishi Warehouse Co., Ltd. itself, along with Kawanishi Fine Service Co., Ltd., Kawanishi Kowan Co., Ltd., Meisaku Co., Ltd., Maruka Rikuun Co., Ltd., and MT Service Co., Ltd. (newly consolidated in FY2026 (ending March 2026)). This core segment accounts for approximately 81% of the Group's consolidated operating revenue.

Recent Overview

Increased revenue and profit driven by port transportation recovery and M&A contribution; newly consolidated MT Service Co., Ltd. contributed from the fourth quarter

In FY2026 (ending March 2026), the Domestic Logistics Business recorded operating revenue of ¥21,484 million (up 3.7% year on year) and segment profit of ¥1,825 million (up 4.8% year on year). Warehousing saw steady growth in inbound volume and storage volume, with storage balances remaining at a high level. Port transportation business benefited from a recovery in handling volume following the prior period's sluggishness. Freight forwarding business, in addition to expansion of non-asset operations, benefited from the contribution of M&A-acquired MT Service Co., Ltd. from the fourth quarter. Meanwhile, distribution processing business declined from the prior period due to a decrease in handling of sorting operations, etc. Impairment loss decreased sharply from ¥42 million in the prior period to ¥3 million.

Key Products

Growth Drivers

• Recovery in port transportation handling volume (continuation of the reversal from the prior period's sluggishness)
• Steady trends in inbound volume and storage volume in the warehousing business, and maintenance of high storage balances
• Favorable trends in freight forwarding business, including expansion of non-asset operations
• Contribution from M&A-acquired MT Service Co., Ltd. (consolidated from the fourth quarter of FY2026 (ending March 2026))
• Progress on the plan for next-generation logistics facilities under the medium-term management plan Vision 2027
• Restructuring of bases and organization and strengthening of the transportation business through the reconstruction strategy (subsequent event: resolution in April 2026 to acquire shares of GBtechnology Co., Ltd. (51% voting rights, acquisition consideration of ¥918 million))

Risks

• Profit margin pressure from continued increases in personnel expenses and cargo handling costs
• Risk of sharp increases in cargo handling costs during periods of concentrated cargo arrivals
• Fluctuations in port transportation handling volume (dependent on cargo movement trends at the Port of Kobe)
• Declining trend in handling of sorting operations, etc. in distribution processing business
• Risk of increased goodwill amortization burden from integration of M&A-acquired subsidiaries (MT Service, GBtechnology, etc.)
• Impairment loss risk on tangible fixed assets (¥3 million recorded in FY2026 (ending March 2026), a decrease from the prior period but an ongoing risk)
• Risk of logistics disruption due to labor shortages and increased costs for DX response
• Risk of uncertain cargo movement due to US tariff policy and Middle East situation