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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Yamato Group IR Presentation Material ＜1st Quarter of the Fiscal year ending March 2027＞ August 3, 2026 Yamato Holdings Co., Ltd.
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. ● vs FY2026/3 Q1: +¥1.6 bn ⼗ As a result of efforts to optimize pricing and improve operational efficiency, absorbed cost increases from inflation and personnel investments, reducing the loss from the same period last year ● vs forecast : Progressing in line with expectations ー Lower-than-expected volume mainly in the Corporate domain ⼗ In response to weaker volume, worked to control costs—including by optimizing trunk route transportation—and earnings remained in line with internal projections at the start of the fiscal year ⼗ Achieved revenue growth of ¥5.9bn year-on-year, driven by volume growth in the TA-Q-BIN domain, pricing optimization in the Corporate domain, and expansion of the business for corporates 1. Summary of consolidated earnings (FY2027/3 Q1) Operating revenue grew ¥5.9bn YoY, while operating profit improved by ¥1.6bn, narrowing the net loss. Absorbed the impact of personnel investments and volume fluctuations as planned, with earnings on track to meet the full-year target (operating profit of ¥42bn) 1 (Billions of Yen) FY2026/3 Q1 Actual FY2027/3 Q1 Actual YoY Change [％] Operating revenue 437.3 443.3 ＋5.9 ＋1.4% Operating profit (6.4) (4.8) ＋1.6 － Ordinary profit (6.6) (4.9) ＋1.7 － Profit attributable to owners of Parent (5.4) (5.8) (0.4) － Operating profit Profit attributable to owners of parent Operating revenue ⼗ As part of our asset-light strategy, reviewed held assets and recorded an extraordinary loss of ¥1.6bn
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. 2. Factors that affected consolidated operating profit (FY2027/3 Q1) Operating profit improved, narrowing the loss from the same period last fiscal year, despite personnel investments —such as improvements in employee compensation—and a decline in parcel volume, due to measures including pricing optimization and controlling operating costs 2 Reasons for increase/decrease by profit growth drivers vs FY2026/3 Q1: ＋¥1.6 bn vs forecast : Progressing in line with expectations FY2026 Q1 Actual Inflation/ investments in human capital including partners Optimize pricing Optimize operating costs Growth of business for corporates Indirect Costs Control etc. FY2027 Q1 Actual (Impact of decrease in parcel volume *2) (Billions of Yen) (6.4) (4.8) ＋2.3 ＋1.3 ＋1.3 ＋8.0 (4.8) (5.1) (1.4)(Initial investment for facilities *1) *1: 4 new integrated business solution hubs allocated to: "Optimize operating costs" ¥(0.7)bn, "Growth of business for corporates" ¥(0.5)bn, "Indirect Costs Control etc. " ¥(0.2)bn in the FY2026/3 full-year financial results. *2:Included in "Indirect Costs Control etc. " ⼗ Optimize pricing: ＋¥8.0 bn Positive effect of higher unit prices steadily materialized through rigorous enforcement of appropriate freight rates ー Impact of decrease in parcel volume: ¥(5.1) bn Volume decline primarily in the Corporate domain weighed on profits ⼗ Optimize operating costs: ＋¥1.3 bn Cost optimization measures, such as improving the efficiency of short-distance urban transportation, contributed to earnings ー Lower-than-expected volume Due to sluggish cargo movement, volumes in the Corporate domain fell short of expectations ⼗ Agile countermeasures, such as controlling operating costs In response to weaker volume, worked to control costs—including by optimizing trunk route transportation—and earnings remained in line with internal projections at the start of the fiscal year
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. 3. Risk recognition and countermeasures to achieve earnings forecast 3 Volumes currently falling short of expectations, particularly in the Corporate domain. While maintaining our policy of prioritizing unit prices, we will continue to implement cost-efficiency measures in Q2 onwards, and aim to achieve our full-year targets Overview of risks and countermeasures Full-year consolidated operating profit forecast at start of fiscal year ¥42 bn Current risks Measures to address risksCurrent risks Measures to address risks Lower-than-expected volume Impact from tensions in the Middle East Further improvement in operating costs ー Impact of tensions in the Middle East Although the impact is currently limited due to government subsidies, we are closely monitoring the risk of reduced parcel volumes and rising costs, resulting from mid-to-long term rises in fuel prices and inflation ー Risk of volume shortfall Due to factors including the impact of pricing optimization, volumes have been trending weaker since June, mainly in the Corporate domain ⼗ Maintain policy of pricing optimization We will not adjust pricing simply to secure short-term volume, and will maintain appropriate unit price levels aimed at improving medium- to long-term profitability ⼗ Further improvement in operating costs Strengthen our cost initiatives, such as rapidly expanding the efficiency improvements in urban short-distance transportation —which proved successful inQ1—to the Chubu and Kansai regions
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. 4. Pricing optimization Although we achieved +¥8bn of profit growth in Q1, we see the recent softness in volumes as a risk. We will implement measures such as refining contract terms towards 2H of the fiscal year, aiming to achieve the full-year target of +¥21bn *Total of TA-Q-BIN / TA-Q-BIN Compact / EAZY 4 Quarterly YoY change Average unit price Volume Corporate domain (Large corporates) ● Refine contracts and enhance pricing strategies ‧Clearly separate base rates from options (pick-up times, sorting methods, etc.), and promote an appropriate pricing structure that ensures revenues are in line with costs and the value provided ● Optimization of the client portfolio and capacity allocation ‧Use data to visualize operational burden by client ‧Identify discrepancies between shipment forecasts and actual results, and minimize unnecessary costs by assigning the right level of resources that match the workload TA-Q-BIN domain (Individuals and small corporates) ● Maintaining appropriate unit prices and expanding market share ‧In Q1, both unit prices and volumes were up year-on-year ‧Continue strategy of increasing client usage frequency and market share, while maintaining unit pricing Total parcel results* (YoY) Average unit price ¥727 ↑+¥18/ +2.5％ Volume 449 million ↓(13) million/ (3.0)％
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Improving transportation efficiency in Greater Tokyo Future developments 30% Chubu and Kansai (Scheduled to begin in 2H of fiscal year) ‧Data-driven, flexible dispatching ‧Optimize no. of vehicles 5. Optimizing operating costs 5 Flexible cost control based on workload proved effective in both the transportation and last-mile domains in Q1. Controlled operating costs through measures such as reducing the number of vehicles for short-distance urban transportation. Transportation domain Last-mile domain Streamlining “Short-Distance Urban Transportation” Before：1-to-N operations After：Optimal N-to-N operations ‧Fixed-route dispatching ‧Was leading to excess buffers Stops ⼗ Streamlining “Short-Distance Urban Transportation” As planned, reduced the no. of vehicles in operation in Greater Tokyo by over 30%, generating savings of approx, ¥600mm. Plan to expand initiative to the Kansai and Chubu regions starting in the 2H of the fiscal year ⼗ Improving operational productivity at terminals Reduced outsourcing costs by curbing the use of temporary staff and improving productivity on weekends ⼗ Earlier departure times through improved sorting efficiency at sales offices By enabling earlier Sales Driver (SD) departures, controlled the increase in costs to below the increase in workload · Reducing outsourcing costs through data utilization In order to directly link the time saved to an increase in no, of parcels delivered by SD (resulting in less outsourcing of pick-up & deliveries), we plan to strengthen control over outsourcing based on objective metrics
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. ● Expansion of B2B logistics through the rollout of integrated business solution hubs ‧9 locations are in operation nationwide, including 4 that were newly opened. This provides unique value to corporate clients, by integrating our transportation & delivery network with advanced inventory management and processing capabilities ① Expand sales opportunities by extending the order cutoff time for same-day shipping ② Shorten delivery times through one-stop handling, including various processing and repair services ③ Improved quality and reduced GHG emissions by reducing inter-hub transportation and the number of re-loadings ④ Inventory optimization through the utilization of multiple locations nationwide 6. Growth of the business for corporates By rolling out our integrated business solution hubs nationwide, and by enhancing our forwarding capabilities, we will expand B2B logistics and build a project pipeline that serves as the foundation for our mid-to-long term growth 6 Operating results for FY2027 Q1 actual (Bn yen) 62.5 67.4 FY2026/3Q1 FY2027/3Q1 GlobalCL 37.7 41.1 4.5 FY2026/3Q1 FY2027/3Q1 1.2 1.9 Operating revenue (from unaffiliated customers) Operating profit 3.8 24.8 26.3 2.6 2.6 CL Business Global BusinessProject pipeline (Estimated revenue from upcoming projects) As of 2026/3 As of 2026/6 22.5 47.6 In progressAcquired 4.7 6.4 CL business Global business 27.2 25.2 31.1 3.0 27.1 28.041.2 1.8 (Bn yen) As of 2026/3 As of 2026/6 ● Cross-border e-commerce: Acquiring clients by leveraging high quality customs clearance and delivery capability ‧Leverage “direct connection to the TA-Q-BIN network” from storage and customs clearance in the country of origin, thereby expanding the client base through end-to-end services ● B2B domain: Strengthening forwarding procurement capabilities and securing large-scale mandates ‧Strengthening negotiations with carriers, including international players. Based on optimized procurement costs, driving efforts to secure large-scale forwarding mandates for automotive parts, industrial machinery, and other goods
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. 7. FY2027/3 earnings forecast (Key indicators) 7 (Billions of Yen) FY2026/3 Actual FY2027/3 Previous forecast* FY2027/3 New forecast (Not changed) Forecast Change* YoY Change Amount [%] Amount [%] Operating revenue 1,865.6 1,918.0 1,918.0 － － ＋52.3 ＋2.8 Operating profit 28.3 42.0 42.0 － － ＋13.6 ＋48.4 Profit margin [%] 1.5 2.2 2.2 － － ＋0.7 － Ordinary profit 26.2 42.0 42.0 － － ＋15.7 ＋59.9 Profit attributable to owners of Parent 13.6 16.0 16.0 － － ＋2.3 ＋17.1 ROE [%] 2.4 － 2.8 － － ＋0.4 － ROIC [%] 2.6 － 3.8 － － ＋1.2 － * Figures announced on May 14, 2026 (ROE and ROIC not disclosed)
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Supplementary Materials ＜1st Quarter of the Fiscal year ending March 2027＞ 8
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Gain on liquidation of subsidiaries ―/ （0.1） Loss on sale and retirement of non-current assets (0.2)/ （0.1） Impairment losses (1.6)/ （1.6） (Billions of Yen) FY2026/3 Q1 Actual FY2027/3 Q1 Actual YoY Change Amount （%） Operating revenue 437.3 443.3 ＋5.9 ＋1.4 Operating profit (6.4) (4.8) ＋1.6 － Non-operating P/L (0.1) (0.0) + 0.0 － Ordinary profit (6.6) (4.9) ＋1.7 － Extraordinary P/L 0.0 (1.7) (1.8) － Profit before tax (6.6) (6.7) (0.0) － Corporate tax etc. (1.2) (0.8) ＋0.3 － Profit attributable (5.3) (5.8) (0.4) － Profit attributable to owners of Parent (5.4) (5.8) (0.4) － Supplement 1. Operating results １ 2 Main factors of change (loss) / YoY １ Non-operating P/L 2 Extraordinary P/L 9 Share of profit of entities accounted for using equity method +0.2/ +0.2 Share of loss of entities accounted for using equity method ―/ +0.2 Foreign exchange gain and loss (0.3)/ (0.4)
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Others Supplement 2. Consolidated Cash Flow (Billions of Yen) FY2026/3 Q1 Actual FY2027/3 Q1 Actual Amount Cash flows from operating activities 18.4 9.1 (9.2) Cash flows from investing activities (14.2) (8.1) +6.1 Free cash flows* 4.2 1.0 (3.1) Cash flows from financing activities (31.8) (8.1) +23.7 Cash and cash equivalents at end of period 180.4 231.1 +50.7 Depreciation 12.7 13.2 +0.4 Capital expenditures 15.4 19.7 +4.2Operating CF Investing CF Financing CF Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the period (Billions of yen) * Free cash flows = Cash flows from operating activities + Cash flows from investing activities 10 FCF ＋1.0 ＋9.1 (8.1) 231.1 237.8 (8.1)
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Supplement 3. Consolidated balance sheet (Billions of Yen) As of March 31, 2026 As of June 30, 2026 YoY Change Total assets 1,280.1 1,290.9 +10.7 Current assets 556.1 552.7 (3.3) Cash and deposits 238.8 231.9 (6.8) Notes and accounts receivable ‒ trade, and contract assets 223.9 223.4 (0.5) Non-current assets 723.9 738.1 +14.1 Buildings and structures 176.3 176.8 +0.5 Vehicles 21.8 20.2 (1.6) Leased assets 57.6 65.3 +7.6 Goodwill 0.9 0.8 (0.0) Total liabilities 698.1 718.7 +20.5 Interest-bearing debt 196.0 206.4 +10.4 Total net assets 582.0 572.1 (9.8) Shareholders’ equity 541.5 528.3 (13.1) Accumulated other comprehensive income 29.5 32.9 +3.4 Equity 571.0 561.2 (9.7) Equity Ratio [%] 44.6 43.5 (1.1) D/E Ratio [times] 0.34 0.37 +0.03 11
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Supplement 4. Operating results by segment FY2027/3 Q1 (Billions of Yen) Express Business Contract Logistics Business Global Business Mobility Business Other Total Reconciliation Consolidated Operating Revenues 374.8 45.7 27.1 17.1 15.7 480.5 (37.2) 443.3 Unaffiliated Customers 364.6 41.1 26.3 5.5 5.6 443.3 － 443.3 Inter-segment 10.1 4.5 0.8 11.6 10.0 37.2 (37.2) － Operating Expenses 387.9 43.8 24.4 15.1 14.1 485.5 (37.3) 448.2 Operating Profit (13.1) 1.9 2.6 2.0 1.5 (4.9) 0.1 (4.8) Profit Margin (％) (3.5) 4.2 9.8 11.9 9.7 (1.0) － (1.1) FY2026/3 Q1 (Billions of Yen) Express Business Contract Logistics Business Global Business Mobility Business Other Total Reconciliation Consolidated Operating Revenues 373.3 42.7 25.7 16.2 17.0 475.0 (37.7) 437.3 Unaffiliated Customers 363.2 37.7 24.8 5.0 6.5 437.3 － 437.3 Inter-segment 10.1 5.0 0.9 11.1 10.5 37.7 (37.7) － Operating Expenses 386.7 41.5 23.1 14.5 15.3 481.4 (37.6) 443.8 Operating Profit (13.4) 1.2 2.6 1.6 1.6 (6.3) (0.1) (6.4) Profit Margin (％) (3.6) 2.8 10.1 9.9 9.6 (1.3) － (1.5) Change (Billions of Yen) Express Business Contract Logistics Business Global Business Mobility Business Other Total Reconciliation Consolidated Operating Revenues Amount [%] ＋1.4 ＋2.9 ＋1.4 ＋0.9 (1.3) ＋5.5 ＋0.4 ＋5.9 ＋0.4 ＋6.9 ＋5.5 ＋6.0 (7.7) ＋1.2 － ＋1.4 Unaffiliated Customers ＋1.4 ＋3.4 ＋1.5 ＋0.4 (0.8) ＋5.9 － ＋5.9 Inter-segment (0.0) (0.4) (0.1) ＋0.5 (0.4) (0.4) ＋0.4 － Operating Expenses Amount [%] ＋1.1 ＋2.2 ＋1.3 ＋0.5 (1.1) ＋4.1 ＋0.2 ＋4.3 ＋0.3 ＋5.5 ＋5.9 ＋3.6 (7.8) ＋0.9 － ＋1.0 Operating Profit Amount [%] ＋0.2 ＋0.6 ＋0.0 ＋0.4 (0.1) ＋1.3 ＋0.2 ＋1.6 － ＋57.2 ＋2.0 ＋27.5 (6.9) － － － 12
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Supplement 5. Trends of parcel delivery (Thousands of Units) FY2026/3 Q1 Actual FY2027/3 Q1 Actual YoY[%] TA-Q-BIN/TA-Q-BIN Compact/EAZY 463,175 449,419 (3.0) TA-Q-BIN domain 208,526 216,396 ＋3.8 Corporate domain 254,649 233,022 (8.5) Nekopos/ Kuroneko Yu-Packet 107,305 126,826 ＋18.2 Kuroneko Yu-Mail 27,101 24,314 (10.3) (Yen) FY2026/3 Q1 Actual FY2027/3 Q1 Actual YoY[%] TA-Q-BIN/TA-Q-BIN Compact/EAZY 709 727 ＋2.5 Nekopos/ Kuroneko Yu-Packet 189 192 ＋1.6 Kuroneko Yu-Mail 86 86 － FY2025/3 Unit priceDelivery volume Unit price trend of three parcel delivery products* by domain (YoY)Volume trend of three parcel delivery products* by domain (YoY) FY2026/3 FY2027/3 Total (TA-Q-BIN+Corporate) TA-Q-BIN Corporate * TA-Q-BIN, TA-Q-BIN Compact and EAZY 13 FY2025/3 FY2026/3 FY2027/3
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. (Billions of Yen) FY2026/3 Q1 Actual FY2027/3 Q1 Actual YoY Change Amount [%] Operating revenue 437.3 443.3 ＋5.9 ＋1.4 Operating expenses 443.8 448.2 ＋4.3 ＋1.0 Subcontracting expenses 184.2 184.3 ＋0.0 ＋0.0 Commission expenses 91.6 91.6 (0.0) (0.1) Delivery commission 25.3 25.5 ＋0.2 ＋0.9 Operating outsource 10.0 10.9 ＋0.9 ＋9.4 Other 56.3 55.1 (1.2) (2.2) Vehicle hiring expenses 69.1 69.8 ＋0.6 ＋1.0 Other subcontracting expenses 23.4 22.8 (0.5) (2.4) Personnel expenses 197.4 199.7 ＋2.2 ＋1.2 Employee salary 133.7 135.7 ＋2.0 ＋1.5 Legal welfare expenses 24.7 25.3 ＋0.5 ＋2.4 Retirement benefit expenses 4.1 4.2 ＋0.0 ＋2.1 Bonus/Other personnel expenses 34.6 34.2 (0.4) (1.2) Vehicle expenses 13.3 12.7 (0.5) (4.3) Vehicle repair expenses 6.8 6.7 (0.1) (2.1) Fuel expenses 6.5 6.0 (0.4) (6.7) Other operating expenses 96.8 99.1 ＋2.2 ＋2.4 Depreciation 12.7 13.1 ＋0.4 ＋3.4 System expenses 13.7 13.2 (0.4) (3.3) Facilities expenses 29.3 32.1 ＋2.7 ＋9.6 Other 41.0 40.5 (0.4) (1.2) Total 491.9 496.0 ＋4.0 ＋0.8 Eliminations (48.0) (47.8) ＋0.2 － Operating profit (6.4) (4.8) ＋1.6 － Supplement 6. Summary of operating expenses 14
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Supplement 7. Employee breakdown (Number) FY2026/3 Q1 Actual FY2027/3 Q1 Actual Change Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 88,369 84,988 173,357 87,347 85,807 173,154 (1,022) ＋819 (203) (0.1) Express Business 77,445 78,799 156,244 76,701 79,979 156,680 (744) ＋1,180 ＋436 ＋0.3 Contract Logistics Business 3,879 3,652 7,531 3,795 3,456 7,251 (84) (196) (280) (3.7) Global Business 2,530 223 2,753 2,566 182 2,748 ＋36 (41) (5) (0.2) Mobility Business 1,453 588 2,041 1,421 591 2,012 (32) ＋3 (29) (1.4) Other 3,062 1,726 4,788 2,864 1,599 4,463 (198) (127) (325) (6.8) 15
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. TA-Q-BIN/ TA-Q-BIN Compact/ EAZY Volume (Thousands of Units) 1,941,154 1,950,000 1,944,700 (5,300) (0.3) ＋3,545 ＋0.2 TA-Q-BIN domain (Individuals and small corporates) 911,652 935,400 938,400 ＋3,000 ＋0.3 ＋26,747 ＋2.9 Corporate domain (Large corporates) 1,029,501 1,014,600 1,006,300 (8,300) (0.8) (23,201) (2.3) Unit Price (Yen) 726 737 737 － － ＋11 ＋1.5 Nekopos/ Kuroneko Yu-Packet Volume (Thousands of Units) 451,393 464,100 488,800 ＋24,700 ＋5.3 ＋37,406 ＋8.3 Unit Price (Yen) 190 194 194 － － ＋4 ＋2.1 Kuroneko Yu-Mail Volume (Thousands of Units) 95,082 90,700 90,700 － － (4,382) (4.6) Unit Price (Yen) 86 86 86 － － － － (Billions of Yen) FY2026/3 Actual FY2027/3 Previous forecast* FY2027/3 New forecast Forecast Change* YoY Change Amount [%] Amount [%] Operating revenue 1,865.6 1,918.0 1,918.0 － － ＋52.3 ＋2.8 Operating profit 28.3 42.0 42.0 － － ＋13.6 ＋48.4 Profit margin [%] 1.5 2.2 2.2 － － ＋0.7 － Ordinary profit 26.2 42.0 42.0 － － ＋15.7 ＋59.9 Profit attributable to owners of Parent 13.6 16.0 16.0 － － ＋2.3 ＋17.1 ROE [%] 2.4 － 2.8 － － ＋0.4 － ROIC [%] 2.6 － 3.8 － － ＋1.2 － Supplement 8. Operating Results Forecast 16* Previous forecasts: key figures as of May 14, 2026 (ROE and ROIC not disclosed); volumes and unit prices as of FY2026/3 full-year results.
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Supplement 9. Operating Results Forecast（by segment） (Billions of Yen) FY2026/3 Actual FY2027/3 Forecast [%] [%] YoY Change Amount [%] Express Business Operating revenues 1,557.9 83.5 1,593.8 83.1 ＋35.8 ＋2.3 Operating profit 2.2 8.1 12.1 28.1 ＋9.8 ＋426.3 Contract Logistics Business Operating revenues 164.6 8.8 171.6 8.9 ＋6.9 ＋4.3 Operating profit 6.2 21.8 9.5 22.0 ＋3.2 ＋52.8 Global Business Operating revenues 97.5 5.2 108.6 5.7 ＋11.0 ＋11.3 Operating profit 8.1 28.6 9.9 23.0 ＋1.7 ＋21.5 Mobility Business Operating revenues 22.0 1.2 22.3 1.2 ＋0.2 ＋1.2 Operating profit 5.2 18.3 5.3 12.3 ＋0.0 ＋1.5 Other Operating revenues 23.5 1.3 * 21.7 1.1 (1.8) (7.7) Operating profit 6.6 23.2 6.3 14.6 (0.3) (5.0) Total Operating revenues 1,865.6 100.0 1,918.0 100.0 ＋52.3 ＋2.8 Operating profit 28.5 100.0 43.1 100.0 ＋14.5 ＋51.1 Reconciliation Operating revenues ー － ー － － － Operating profit (0.2) － (1.1) － (0.8) － Consolidated Operating revenues 1,865.6 － 1,918.0 － ＋52.3 ＋2.8 Operating profit 28.3 － 42.0 － ＋13.6 ＋48.4 17* Difference from the figures as of FY2026/3 full-year results (minus ¥2.0 billion) is already reflected in the figures announced on May 14.
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Supplement 10. Operating Results Forecast (Breakdown of Operating Expenses) 18 (Billions of Yen) FY2026/3 Actual FY2027/3 Previous forecast* FY2027/3 New forecast Forecast Change* YoY Change Amount [%] Amount [%] Operating revenue 1,865.6 1,920.0 1,918.0 (2.0) (0.1) ＋52.3 ＋2.8 Operating expenses 1,837.3 1,878.0 1,876.0 (2.0) (0.1) ＋38.6 ＋2.1 Subcontracting expenses 772.6 803.3 805.2 ＋1.9 ＋0.2 ＋32.5 ＋4.2 Commission expenses 390.4 402.7 404.2 ＋1.5 ＋0.4 ＋13.7 ＋3.5 Delivery commission 108.6 121.2 120.8 (0.4) (0.3) ＋12.1 ＋11.2 Operating outsource 45.7 47.4 49.2 ＋1.8 ＋3.8 ＋3.4 ＋7.6 Other 236.0 234.1 234.2 ＋0.1 ＋0.0 (1.8) (0.8) Vehicle hiring expenses 286.3 305.0 305.0 － － ＋18.6 ＋6.5 Other subcontracting expenses 95.9 95.6 96.0 ＋0.4 ＋0.4 ＋0.0 ＋0.1 Personnel expenses 807.6 814.8 813.8 (1.0) (0.1) ＋6.1 ＋0.8 Employee salary 550.9 553.6 553.1 (0.5) (0.1) ＋2.1 ＋0.4 Legal welfare expenses 101.9 102.4 102.6 ＋0.2 ＋0.2 ＋0.6 ＋0.6 Retirement benefit expenses 16.6 16.4 16.5 ＋0.1 ＋0.6 (0.1) (1.0) Bonus/Other personnel expenses 138.1 142.4 141.6 (0.8) (0.6) ＋3.4 ＋2.5 Vehicle expenses 52.2 51.3 51.8 ＋0.5 ＋1.0 (0.4) (0.8) Vehicle repair expenses 26.9 25.0 25.3 ＋0.3 ＋1.2 (1.6) (6.0) Fuel expenses 25.3 26.3 26.5 ＋0.2 ＋0.8 ＋1.1 ＋4.7 Other operating expenses 403.4 416.2 413.0 (3.2) (0.8) ＋9.5 ＋2.4 Depreciation 53.2 54.0 53.9 (0.1) (0.2) ＋0.6 ＋1.3 System expenses 54.8 53.9 53.9 － － (0.9) (1.8) Facilities expenses 120.6 133.4 132.7 (0.7) (0.5) ＋12.0 ＋10.0 Other 174.7 174.9 172.5 (2.4) (1.4) (2.2) (1.3) Total 2,035.9 2,085.6 2,083.8 (1.8) (0.1) ＋47.8 ＋2.3 Eliminations (198.5) (207.6) (207.8) (0.2) － (9.2) － Operating profit 28.3 42.0 42.0 － － ＋13.6 ＋48.4 * Figures as of FY2026/3 full-year results.
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. (Number) FY2026/3 Actual FY2027/3 Forecast (Not changed) YoY Change Full-time Part-time Total Full-time Part-time Total Full-time Part-time Total [%] Total Employees 87,347 87,349 174,696 84,700 84,300 169,000 (2,647) (3,049) (5,696) (3.3) Express Business 76,551 81,351 157,902 73,700 77,800 151,500 (2,851) (3,551) (6,402) (4.1) Contract Logistics Business 3,970 3,633 7,603 4,100 4,300 8,400 ＋130 ＋667 ＋797 ＋10.5 Global Business 2,578 192 2,770 2,600 200 2,800 ＋22 ＋8 ＋30 ＋1.1 Mobility Business 1,411 585 1,996 1,400 600 2,000 (11) ＋15 ＋4 ＋0.2 Other 2,837 1,588 4,425 2,900 1,400 4,300 ＋63 (188) (125) (2.8) Supplement 11. Operating Results Forecast（Employee breakdown） 19
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. ‧Removed approx. ¥40bn of liabilities (incl. ¥31.6bn of interest-bearing debt) from balance sheet (Reducing invested capital) ‧Generated approx. ¥4.5bn of cash (transfer proceeds of ¥3.5bn and tax benefit of approx. ¥1bn) ‧Booked extraordinary loss of approx. ¥9bn in FY2027/3 (Impact on net income: approx. minus ¥8bn; already reflected in May 14 earning forecast) Supplement 12. Share transfer of YAMATO CREDIT & FINANCE (Disclosed on May 14, 2026) 20 Transfer shares of the financial subsidiary to an optimal partner as part of the “comprehensive review with no sacred cows. ” Off-balance approx. ¥40 bn (incl. interest-bearing debt) to improve capital efficiency (ROIC). Name: YAMATO CREDIT & FINANCE CO., L TD. (YCF) Description of business: ● Credit services (individual and comprehensive installment financing services) ● Inter-company accounts receivable settlement services ● Accounts receivable and movable asset-backed financing ● Collection agency services Overview of the target company Net assets: ¥17,280 mm Total assets: ¥59,919 mm Net sales: ¥3,846 mm Operating profit: ¥(71)mm Ordinary profit: ¥48 mm Profit: ¥872 mm Operating results and financial positions (FY2025/3) Overview of the share transfer Details of transfer: Transfer of all shares held by Yamato HD (70% of total outstanding shares) to a wholly-owned subsidiary of Nojima Corporation Date of share transfer execution: September 1, 2026 (Scheduled) Concentrate resources on core business and growth areas Transfer to Best Owner ‧Achieve sustainable growth of YCF through synergies with Nojima Corporation’s business platform Financial impact (B/S optimization and cash generation) ‧Eliminate the burden of recurring system investments and other expenses essential to YCF’s growth ‧Restore profitability in the Express business, and concentrate management resources on the business for corporates
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Copyright© YAMATO HOLDINGS CO., L TD. All rights reserved. Supplement 13. Establishment of the "Corporate Value Enhancement Committee" (Disclosed on July 16,2026) To conduct effective strategic discussions to achieve “sustainable growth” and “the maximization of medium- to long-term corporate value” Main Discussion Themes Composition of the Committee The Committee will conduct multifaceted and continuous deliberations and objective evaluations, primarily focusing on the points below, and will report and recommend findings to the Board of Directors. ● Objective calculation and verification of corporate value from the perspective of capital markets ● Formulation of immediate action plans and determination of communication policies with the market ● Review of past investment projects and business plans, and recommendations for the Medium-term Management Plan based on these findings The Committee is composed of six members in total, consisting of five outside directors and one representative director and president, and will be chaired by Toshiyuki Sakurai, Representative Director and President. Name Position Toshiyuki Sakurai Representative Director and President (Chairperson) Charles Yin Outside Director Junichiro Ikeda Outside Director Tami Kihara Outside Director Christine Edman Outside Director Masayoshi Fujimoto Outside Director 21
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