Slides
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Financial Results for Q1 FY2026 , and Forecast for Full - year FY2026 August 5 , 2026 NYKLINE NIPPON YUSEN KAISHA → NYK GROUP
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©NYK Group. All rights reserved. Contents ©NYK Group. All rights reserved. 1. Overview of Financial results for 1st Quarter FY2026 2. Forecast for Full-year FY2026 3. Tender Offer for Shares of NS United Kaiun ➢ Appendix ✓ Segment Overview (Attachment) Ocean Network Express Financial Results for 1st Quarter FY2026 2 p.9-14 p.3-8 p.20-23 p.15-19
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©NYK Group. All rights reserved. 3 1. Overview of the Q1 Results for FY2026 Results Q1 review (Year-on-Year） Revenues JPY 727.6 billion (up JPY 126.7 billion) Logistics: Revenue growth due to the increase in the handling volumes in Air Freight & Ocean Freight forwarding and the acquisition of the healthcare logistics business in Europe conducted in FY2025. (up 85.9 billion) Recurring profit JPY 71.2 billion (up JPY 15.2 billion) Dry Bulk: The profit level increased YoY with improved market conditions for each vessel type, JPY depreciation, and the valuation-related effects associated from the sharp increase in fuel prices following the closure of the Strait of Hormuz, etc.(up 22.2 billion) Profit Attributable to Owners of Parent JPY 67.1 billion (up JPY 16.8 billion)
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©NYK Group. All rights reserved. 4 1. Overview of the Q1 Results for FY2026 Results Recurring profit by segment (YoY) Liner Trade JPY 10.0 billion (down JPY 2.0 billion) The freight market level was higher YoY , supported by solid transportation demand. Fuel prices increased, reflecting a rise in crude oil prices due to the closure of the Strait of Hormuz. Logistics JPY -2.4 billion (down JPY 5.6 billion) Air Freight Forwarding: The handling volumes increased YoY , supported by strong demand, particularly in the Asia- Pacific region. The profit level also increased YoY . Ocean Freight Forwarding: While the handling volumes significantly increased YoY , the profit level declined YoY mainly because purchasing prices rose ahead of selling prices. Contract Logistics: • While the profit level increased YoY in the Asia region, the overall profit level declined YoY due to lower handling volumes in certain regions and other factors • Goodwill amortization and other expenses were recorded in connection with the acquisition of the healthcare logistics business in Europe completed in FY2025.
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©NYK Group. All rights reserved. 5 1. Overview of the Q1 Results for FY2026 Results Recurring profit by segment (YoY) Automotive JPY 16.8 billion (down JPY 12.0 billion) Revenue increased, with the number of vehicles transported generally at the same level YoY , JPY depreciation YoY , etc. However, the profit level declined YoY due to higher operating costs resulting from route changes following the closure of the Strait of Hormuz, increased fuel costs, port congestion, etc. Dry Bulk JPY 19.4 billion (up JPY 22.2 billion) The market level for each vessel type was significantly higher YoY . In addition, the business was affected by JPY depreciation YoY and thevaluation-related effects associated from the sharp increase in fuel prices following the closure of the Strait of Hormuz, etc.The profit level increased YoY . Energy JPY 23.9 billion (up JPY 11.8 billion) VLCC / VLGC / Product Tanker: The market level rose YoY due to the closure of the Strait of Hormuz, with the VLCC market reaching a historically high level in particular. In the VLGC and Product Tanker businesses, the market level rose as supply-and-demand conditions tightened due to longer transportation distances resulting from increased shipments from North America to offset the decline in shipments from the Middle East. LNG Carrier: The results remained steady, supported by medium- to long-term contracts. Offshore: Though existing FPSOs are operated steadily, the profit level declined YoY due to the absence of one-off profits recorded from the start of operations of new FPSO in FY2025.
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©NYK Group. All rights reserved. 6 Summary of the Q1 Results for FY2026 Results (Billions of yen) Q1 Q2 1H Q3 Q4 2H Full-Year Q1 Revenues 600.9 581.1 1,182.1 629.9 611.6 1,241.5 2,423.6 727.6 126.7 Operating Profit 33.9 25.8 59.8 39.5 39.1 78.7 138.6 57.7 23.7 Recurring Profit 55.9 62.6 118.6 45.7 46.7 92.4 211.1 71.2 15.2 Profit attributable to owners of parent 50.2 48.0 98.3 48.1 65.2 113.4 211.7 67.1 16.8 Exchange Rate ¥145.32 ¥147.04 ¥146.18 ¥153.20 ¥155.34 ¥154.27 ¥150.23 ¥159.89 ¥14.57 Bunker Prices (All Grades) $578.60 $558.15 $568.27 $525.56 $496.90 $511.72 $539.11 $722.71 $144.11 Year-on- year FY2026FY2025 * The figures for FY2025 reflect the finalization of provisional accounting treatment related to the business combinations.
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©NYK Group. All rights reserved. Operating Segment (Billions of yen) Q1 Q2 1H Q3 Q4 2H Full-Year Q1 44.5 45.4 89.9 45.8 45.0 90.9 180.9 47.1 2.6 12.0 21.2 33.3 2.5 10.2 12.8 46.1 10.0 (2.0) 185.2 195.6 380.8 213.7 210.1 423.8 804.7 271.1 85.9 3.2 3.0 6.2 2.8 0.2 3.1 9.4 (2.4) (5.6) 128.0 125.9 254.0 141.4 131.4 272.8 526.8 144.3 16.2 28.8 20.1 49.0 27.0 19.6 46.7 95.7 16.8 (12.0) 135.8 143.5 279.3 154.1 143.9 298.0 577.4 174.8 39.0 (2.7) 1.2 (1.5) 4.7 7.7 12.4 10.9 19.4 22.2 48.1 49.8 97.9 52.6 59.1 111.8 209.7 66.7 18.6 12.0 18.2 30.3 9.6 12.4 22.0 52.3 23.9 11.8 81.9 44.0 126.0 47.1 49.2 96.4 222.4 57.4 (24.5) 2.9 0.4 3.3 1.7 (0.1) 1.6 5.0 4.5 1.5 (22.8) (23.2) (46.1) (24.9) (27.4) (52.4) (98.6) (34.1) (11.3) (0.4) (1.6) (2.1) (2.8) (3.4) (6.3) (8.5) (1.1) (0.6) 600.9 581.1 1,182.1 629.9 611.6 1,241.5 2,423.6 727.6 126.7 55.9 62.6 118.6 45.7 46.7 92.4 211.1 71.2 15.2 Automotive Dry Bulk Energy Others Elimination/ Corporate Consolidated Liner & Logistics Liner Trade Logistics FY2025 FY2026 Year- on-year 7 Q1 Comparison by Segment (Upper) Revenues (Lower) Recurring Profit Results （Note 1）The figures for FY2025 reflect the finalization of provisional accounting treatment related to the business combinations. （Note 2）The Company has partially changed its reportable segments from FY2026 Q1. The segment information for FY2025 has been reclassified. - The Air Cargo Transportation Business, which was previously included in the Liner & Logistics Business, has been reclassified into the Others Business. - The Steaming Coal Business, which was previously included in the Energy Business, has been reclassified into the Dry Bulk Business. （Note 3）The Company has reviewed the method of allocating a portion of expenses from FY2026Q1. The segment information for FY2025 has been reclassified. - The method of allocating a portion of corporate expenses / the method of allocating interest expenses
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©NYK Group. All rights reserved. （billion yen） Foreign Exchange 7.7 ¥159.89/$ Depreciated by ¥14.57 Bunker Prices (2.7) $722.71/MT Increased by $144.11/MT Market Effects, etc. 5.7 Impact of the closure of the Strait of Hormuz, goodwill amortization following M&A, etc. Foreign Exchange Gains/Losses 4.5 Others (0.1) Total 15.2 8 Analysis of Change in Recurring Profit between FY2025 and FY2026 Analysis by factor Analysis by business Results (billion yen)
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©NYK Group. All rights reserved. Revenues JPY 2,881.0 billion (up JPY 276.0 billion) Recurring profit JPY 250.0 billion (up JPY 65.0 billion) Profit Attributable to Owners of Parent JPY 240.0 billion (up JPY 45.0 billion) Shareholder Returns Dividend forecast (per share): Interim: JPY 120 | Year-end: JPY 120 | Annual: JPY 240 (Both the interim and year-end dividend forecasts are increased by JPY 20 from the previous forecast.) • The amounts have been determined in line with a targeted consolidated payout ratio of 40% as set forth in the basic shareholder return policy. Share Buyback: • We will consider implementing additional shareholder returns flexibly, taking investment opportunities and business environment into account. 9 2. Forecast for Full-Year FY2026 Forecast Full-Year Forecast (vs. previous forecast) Assumptions for FY2026 Forecast • Heightened tensions in the Middle East and the closure of the Strait of Hormuz: Expected to persist by the end of September 2026. • Rerouting via the Cape of Good Hope to avoid the Suez Canal: Expected to continue throughout FY2026.
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©NYK Group. All rights reserved. 10 2. Forecast for Full-Year FY2026 Forecast Recurring profit by segment (vs. previous full-year forecast) Liner Trade JPY 83.0 billion (up JPY 34.0 billion) Freight market conditions from Q2 onward are also expected to remain above the initial forecast. As a result, the full-year profit level is expected to exceed the initial forecast. Logistics JPY -1.0 billion (down JPY 1.0 billion) Higher expenses, primarily in anticipation of future business expansion, are expected. Air Freight & Ocean Freight Forwarding: Supported by solid cargo movement, both handling volumes and unit prices are expected to exceed the initial forecast. Contract Logistics: Mainly due to the expected decrease in handling volumes in North America, the full-year profit level is expected to be lower than the initial forecast.
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©NYK Group. All rights reserved. 11 2. Forecast for Full-Year FY2026 Forecast Automotive JPY 81.0 billion (down JPY 3.0 billion) As the closure of the Strait of Hormuz is expected to continue longer than initially anticipated, the full-year profit level is expected to be lower than the initial forecast. Dry Bulk JPY 36.0 billion (up JPY 22.0 billion) Market conditions from Q2 onward are also expected to remain above the initial forecast. As a result, the full-year profit level is expected to exceed the initial forecast. Energy JPY 56.0 billion (up JPY 8.0 billion） VLCC/VLGC: Market conditions are expected to continue at a level exceeding the initial assumptions at the beginning of the fiscal year. LNG Carrier: The business is expected to remain firm, backed by stable earnings from medium- to long-term contracts. * Supplementary note Others Changed the method of allocating interest expense to each segment. (Approx. JPY 1.5 billion profit-increase factor vs. previous full-year forecast for Others) Corporate Allocated the transformation-related expenses, which were previously recorded in Corporate, to each segment. (Approx. JPY 3.0 billion profit-increase factor vs. previous full-year forecast for Elimination/Corporate) Recurring profit by segment (vs. previous full-year forecast)
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©NYK Group. All rights reserved. 12 Summary of Forecast for FY2026 Sensitivity to recurring profit (9 months for Q2-4) Exchange rate: Approx. JPY1.84 billion increase per ¥1/$ depreciation* Bunker prices: Approx. JPY0.58 billion increase per $10/MT decrease * Equity in earnings/losses of affiliates denominated in foreign currency is translated at the average exchange rate for the period Forecast (Billions of yen) Q1 Q2 1H 2H Full-Year Q1 (Result) Q2 1H 2H Full-Year Revenues 600.9 581.1 1,182.1 1,241.5 2,423.6 727.6 712.4 1,440.0 1,441.0 2,881.0 457.4 276.0 Operating Profit 33.9 25.8 59.8 78.7 138.6 57.7 44.3 102.0 83.0 185.0 46.4 40.0 Recurring Profit 55.9 62.6 118.6 92.4 211.1 71.2 88.8 160.0 90.0 250.0 38.9 65.0 Profit attributable to owners of parent 50.2 48.0 98.3 113.4 211.7 67.1 87.9 155.0 85.0 240.0 28.3 45.0 Exchange Rate ¥145.32 ¥147.04 ¥146.18 ¥154.27 ¥150.23 ¥159.89 ¥157.00 ¥158.45 ¥156.00 ¥157.22 ¥6.99 ¥2.22 Bunker Prices (All Grades) $578.60 $558.15 $568.27 $511.72 $539.11 $722.71 $784.22 $753.46 $729.42 $741.44 $202.33 $0.36 Year-on- Year Change from Prev. Forecast FY2025(Result) FY2026(Forecast) * The figures for FY2025 reflect the finalization of provisional accounting treatment related to the business combinations.
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©NYK Group. All rights reserved. Operating Segment (Billions of yen) Q1 Q2 1H Q3 Q4 2H Full-year Q1 Q2 1H 2H Full-year 44.5 45.4 89.9 45.8 45.0 90.9 180.9 47.1 47.4 94.5 88.5 183.0 2.1 12.0 21.2 33.3 2.5 10.2 12.8 46.1 10.0 52.0 62.0 21.0 83.0 36.9 185.2 195.6 380.8 213.7 210.1 423.8 804.7 271.1 269.4 540.5 544.0 1,084.5 279.8 3.2 3.0 6.2 2.8 0.2 3.1 9.4 (2.4) 0.4 (2.0) 1.0 (1.0) (10.4) 128.0 125.9 254.0 141.4 131.4 272.8 526.8 144.3 142.7 287.0 302.0 589.0 62.2 28.8 20.1 49.0 27.0 19.6 46.7 95.7 16.8 17.2 34.0 47.0 81.0 (14.7) 135.8 143.5 279.3 154.1 143.9 298.0 577.4 174.8 161.7 336.5 325.5 662.0 84.6 (2.7) 1.2 (1.5) 4.7 7.7 12.4 10.9 19.4 9.6 29.0 7.0 36.0 25.1 48.1 49.8 97.9 52.6 59.1 111.8 209.7 66.7 60.3 127.0 123.0 250.0 40.3 12.0 18.2 30.3 9.6 12.4 22.0 52.3 23.9 11.1 35.0 21.0 56.0 3.7 81.9 44.0 126.0 47.1 49.2 96.4 222.4 57.4 60.6 118.0 116.5 234.5 12.1 2.9 0.4 3.3 1.7 (0.1) 1.6 5.0 4.5 1.5 6.0 3.0 9.0 4.0 (22.8) (23.2) (46.1) (24.9) (27.4) (52.4) (98.6) (34.1) (29.4) (63.5) (58.5) (122.0) (23.4) (0.4) (1.6) (2.1) (2.8) (3.4) (6.3) (8.5) (1.1) (2.9) (4.0) (10.0) (14.0) (5.5) 600.9 581.1 1,182.1 629.9 611.6 1,241.5 2,423.6 727.6 712.4 1,440.0 1,441.0 2,881.0 457.4 55.9 62.6 118.6 45.7 46.7 92.4 211.1 71.2 88.8 160.0 90.0 250.0 38.9 Year-on- year Liner & Logistics Liner Trade Dry Bulk FY2025 (Result) FY2026 (Forecast) Logistics Automotive Consolidated Energy Others Elimination/ Corporate 13 Forecast by Segment for FY2026 Forecast (Upper) Revenues (Lower) Recurring Profit （Note 1）The figures for FY2025 reflect the finalization of provisional accounting treatment related to the business combinations. （Note 2）The Company has partially changed its reportable segments from FY2026 Q1. The segment information for FY2025 has been reclassified. - The Air Cargo Transportation Business, which was previously included in the Liner & Logistics Business, has been reclassified into the Others Business. - The Steaming Coal Business, which was previously included in the Energy Business, has been reclassified into the Dry Bulk Business. （Note 3）The Company has reviewed the method of allocating a portion of expenses from FY2026Q1. The segment information for FY2025 has been reclassified. - The method of allocating a portion of corporate expenses / the method of allocating interest expenses
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©NYK Group. All rights reserved. 14 Forecast by Segment for FY2026 (Upper) Revenues (Lower) Recurring profit Forecast Operating Segment (Billions of yen) 1H 2H Full-year 1H 2H Full-year 1H 2H Full-year 90.0 85.5 175.5 94.5 88.5 183.0 4.5 3.0 7.5 14.0 35.0 49.0 62.0 21.0 83.0 48.0 (14.0) 34.0 489.5 501.0 990.5 540.5 544.0 1,084.5 51.0 43.0 94.0 (2.0) 2.0 0.0 (2.0) 1.0 (1.0) 0.0 (1.0) (1.0) 273.5 293.5 567.0 287.0 302.0 589.0 13.5 8.5 22.0 40.0 44.0 84.0 34.0 47.0 81.0 (6.0) 3.0 (3.0) 278.5 283.5 562.0 336.5 325.5 662.0 58.0 42.0 100.0 7.0 7.0 14.0 29.0 7.0 36.0 22.0 0.0 22.0 112.5 114.5 227.0 127.0 123.0 250.0 14.5 8.5 23.0 25.0 23.0 48.0 35.0 21.0 56.0 10.0 (2.0) 8.0 95.5 93.0 188.5 118.0 116.5 234.5 22.5 23.5 46.0 5.0 2.0 7.0 6.0 3.0 9.0 1.0 1.0 2.0 (54.5) (51.0) (105.5) (63.5) (58.5) (122.0) (9.0) (7.5) (16.5) (6.0) (11.0) (17.0) (4.0) (10.0) (14.0) 2.0 1.0 3.0 1,285.0 1,320.0 2,605.0 1,440.0 1,441.0 2,881.0 155.0 121.0 276.0 83.0 102.0 185.0 160.0 90.0 250.0 77.0 (12.0) 65.0 Consolidated Energy Others Elimination/ Corporate Dry Bulk Previous Forecast Revised Forecast Logistics Automotive Change from Prev. Forecast Liner & Logistics Liner Trade
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©NYK Group. All rights reserved. ©NYK Group. All rights reserved. 15 3. Tender Offer for Shares of NS United Kaiun
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©NYK Group. All rights reserved. Significance of the Transactions Capturing stable earnings through a key customer base1 ⚫ Dry bulk shipping is the largest segment of the ocean transport market, accounting for approximately 6 billion metric tons of the global maritime freight volume of approximately 13 billion metric tons. ⚫ As a critical business sector that serves as social infrastructure responsible for transporting essential commodities, such as iron ore, coal, and grain, dry bulk shipping is expected to maintain stable demand going forward. ⚫ By combining both companies' fleets, NYK will position itself as one of the world's leading companies in the capesize bulk sector and build a platform to promote strategic initiatives leveraging the scale of the combined fleet. ⚫ By leveraging NS United Kaiun's key customer base centered on the transportation of steel raw materials, together with its long-standing business relationships and high-quality transportation services, NYK will strengthen its stable earnings base even in a business environment susceptible to fluctuations in shipping market conditions. ⚫ Maintaining relationships with the remaining shareholder and key customers provides an important foundation for maintaining and deepening the long-term trusted relationships that NS United Kaiun has established. ⚫ The Transactions will not only allow NYK to continuously capture existing stable transportation demand, but also allow it to accurately identify customers' decarbonization needs and demands for supply chain advancement, thereby creating medium- to long-term collaboration opportunities. ⚫ By incorporating NS United Kaiun's domestic coastal shipping business, which is one of Japan's leading coastal shipping businesses, NYK will strengthen the domestic logistics infrastructure supporting the transportation of steel, energy, and resources, while enhancing connectivity with the international shipping business. ⚫ The domestic coastal shipping business will also be utilized as a platform for implementing next-generation technologies and developing maritime professionals, contributing to enhanced competitiveness of both the domestic coastal shipping business and the international shipping business over the medium to long term. Expanding its presence in a large-scale and resilient market2 Strengthening logistics and next-gen marine transportation infrastructures by collaboration between domestic coastal and international shipping businesses3 16
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©NYK Group. All rights reserved. Overview of the Transactions 17 Outline of the Transactions Profile of the Target Company Target Company NS United Kaiun Kaisha, Ltd. Structure 1. The Tender Offer by NYK to acquire all common shares of NS United Kaiun 2. A Tender Offer for share repurchase to be conducted by NS United Kaiun, for the purpose of acquiring a portion of the shares held by Nippon Steel 3. In the event that NYK is unable to acquire all of NS United Kaiun’s shares through the Tender Offer, a series of squeeze-out procedures to make NYK and Nippon Steel the sole shareholders of NS United Kaiun Anticipated total purchase price 156.8 billion yen Tender Offer price Tender Offer price: 10,600 yen Tender Offer price for share repurchase: 7,676 yen Anticipated Schedule ✓ July 31, 2026: Announcement of planned Tender Offer ✓ From late November 2026 to late December 2026: Commencement of the Tender Offer ✓ Early January 2027: Commencement of the Tender Offer for share repurchase ✓ Mid-April 2027: Effectiveness of share consolidation Transaction Structure Date of Establishment April 1, 1950 Address Otemachi Place East Tower 5F, 3-2, Otemachi 2-Chome, Chiyoda-ku, Tokyo Representative Kazuma Yamanaka Employees Consolidated: 669, Non-consolidated: 261 (As of 2026) Group Fleet ◼ Ocean going: 130 vessels, 13,069 kt (dwt) (As of 2026) ◼ Coastal: 81 vessels, 243 kt (dwt) (As of 2026) Description of Business ◼ International Shipping Business: In addition to bulk cargo transportation, primarily of materials for steelmaking, the company also engages in LPG transportation and ship chartering. ◼ Domestic Coastal Shipping Business: NS United Naiko Kaiun Kaisha, Ltd. and NS United Coastal Tanker Kaisha, Ltd. engage in domestic bulk cargo transportation, LNG and LPG transportation by tanker, and ship chartering. Financial Information of the Target Company 224.1 204.3 216.2 197.1 26.8 28.8 31.3 32.7 250.8 233.1 247.4 229.8 2023/3 2024/3 2025/3 2026/3 外航海運 内航海運 45.6 34.7 32.3 29.9 4.7 5.1 6.0 6.8 50.3 39.7 38.3 36.7 2023/3 2024/3 2025/3 2026/3 外航海運 内航海運 Revenues (billion yen) EBITDA (billion yen) Mar. ’23 Mar. ’24 Mar. ’25 Mar. ’26 Mar. ’23 Mar. ’24 Mar. ’25 Mar. ’26 ■ International Shipping Business ■ Domestic Coastal Shipping Business ■ International Shipping Business ■ Domestic Coastal Shipping Business
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©NYK Group. All rights reserved. Synergies of the Transactions 18 Expanding the dry bulk fleet scale to optimize vessel deployment and strengthen procurement capabilities1 Capturing new transportation demand resulting from decarbonization2 Strengthening logistics and next-gen marine transportation infrastructures by collaboration between domestic coastal and international shipping businesses3 Strengthening growth foundation through mutual utilization of human resources and overseas networks4 ◼ By combining NS United Kaiun Group's fleet of 211 ships and NYK Group's fleet of 414 ships, NYK will realize one of the world's leading fleet scales and pursue enhanced competitiveness and profitability through optimized vessel deployment, improved fleet utilization, and strengthened procurement capabilities. (Number of ships in operation is as of the end of March 2026) ◼ In the field of transporting decarbonization-related cargoes, such as reduced iron, biomass fuel, scrap, liquefied CO₂, ammonia, and hydrogen, NYK will leverage both companies’ technical capabilities, transportation know-how, and customer bases to strengthen its ability to secure projects in the growing market. ◼ With regard to environmental responsiveness, by sharing the technical expertise and operational know-how of methanol DF vessels and ammonia DF vessels, NYK will improve investment efficiency in next-generation vessels and strengthen its ability to respond to the growing demand of decarbonized transportation. ◼ To address crew shortages in Japan and overseas as well as expanding transportation demand in growth regions, NYK will mutually utilize both companies' human resources bases, training and development systems, and overseas networks to promote the optimal allocation of crews and specialized personnel and secure human resources in growth areas. ◼ By combining NS United Kaiun Group's domestic coastal shipping business with NYK Group's logistics capabilities, such as international shipping, land transportation, and warehouse management, NYK will strengthen its ability to provide comprehensive logistics services that support customers' entire supply chains. ◼ Utilizing the domestic coastal shipping business as a platform for the demonstration and implementation of next-generation technologies and developing maritime professionals will enhance competitiveness of both the domestic coastal shipping business and the international shipping business over the medium to long term. In addition to contributing to stable earnings from the existing business, NYK aims to enhance medium - to long - term profitability by creating synergies through PMI.
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©NYK Group. All rights reserved. ◼ Key financial indicators reflecting the investment amount related to the Transactions and the latest FY2026 forecast Key Financial Indicators Reflecting the Impact of the Transactions Key Financial Indicators Cash Flow under the Medium-Term Management Plan Latest figures Change from previous forecast*1 Cash Inflows 2,500.0II +40.0 Cash flow from financing activities 610.0 or more 0.0 Cash flow from operating activities 1,690.0 or more +40.0 Cash on hand 200.0II 0.0 Cash Outflows 2,500.0II +40.0 Share repurchase 480.0II 0.0 Ordinary dividends 400.0II +10.0 Cash flow from investing activities 1,620.0II +140.0 Management allocation 0 or more (110.0) Assumption: The full investment amount for the Transaction is reflected in FY2026, while B/S consolidation is expected to be reflected from FY2027 onward. 19 FY2026 (Previous Forecast)*1 FY2026 (Latest Forecast) Interest-bearing debt 1,728.0 1,841.0 Shareholders’ equity 3,036.0 3,180.0 Shareholders’ equity ratio [incl. charter fee liabilities]*2 54% [48%] 53% [48%] ROE 6.4% 7.7% Cash flow from operating activities 264.0 306.5 Cash flow from investing activities (760.0) (900.0) *1 Previous forecast announced with the financial results for FY2025 (announced on May 11, 2026) *2 Our estimated Charter fee liabilities: Approx. JPY 700.0 bn are added (billion yen, unless otherwise stated) (billion yen)
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©NYK Group. All rights reserved. ©NYK Group. All rights reserved. 20 Appendix
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©NYK Group. All rights reserved. 21 Segment-Overview 1．Logistics Segment Prev. Forecast Q1 Q2 1H Q3 Q4 2H Full-year Q1 (Result) Q2 1H 2H Full- year (Full- year) TEU (1,000TEUs) 159 168 328 179 160 339 666 184 196 381 390 771 763 Year-on- Year 4% 4% 4% 5% 0% 3% 3% 16% 17% 16% 15% 16% Weight (1,000 tons) 72 73 145 85 75 160 305 78 80 158 165 323 322 Year-on- Year -1% -8% -5% 1% 6% 3% -1% 9% 10% 9% 3% 6% Ocean Freight Forwarding Air Freight Forwarding FY2025(Result) FY2026(Forecast)
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©NYK Group. All rights reserved. 22 Segment-Overview 2．Dry Bulker and Tanker - Market trend and forecast Segment Prev. Forecast Q1 Q2 1H Q3 Q4 2H Full-Year Q1 (Result) Q2 1H 2H Full-Year Full-year BDI 1,464 1,981 1,722 2,173 1,955 2,064 1,893 2,756 2,510 2,633 2,145 2,389 1,978 Cape 22,189 28,012 25,101 31,962 26,429 29,195 27,148 39,938 33,500 36,719 28,500 32,610 26,750 Panamax 11,846 15,907 13,877 15,976 15,382 15,679 14,778 19,242 20,000 19,621 17,000 18,311 15,250 Handymax 12,161 17,122 14,641 17,407 14,555 15,981 15,311 19,358 19,000 19,179 16,500 17,840 15,000 Handy 10,585 13,032 11,808 14,932 12,385 13,659 12,734 14,930 14,400 14,665 12,750 13,708 11,750 VLCC 41,414 47,817 44,616 103,991 215,842 159,917 102,266 425,449 350,000 387,725 147,500 267,612 130,625 VLGC 44,864 65,606 55,235 55,382 76,305 65,844 60,539 166,419 100,000 133,210 50,000 91,605 66,000 FY2026(Forecast)FY2025(Result) Dry Bulk CarriersTankers • Dry Bulk Charter Market (Spot Time Charter) (Unit : $/day) • Cape: 5 Trade Average, all figures after FY2025 calculated based on 182K DWT basis • Panamax: 5 Trade Average, Handymax: 11 Trade Average, Handy: 7Trade Average • Tanker Market (Spot Time Charter) (Unit : $/day) VLCC and VLGC: Middle East Gulf - Far East trade
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©NYK Group. All rights reserved. 23 Segment-Overview 3．Automotive Business Including Intra-European Trade (incl. space-chartered trade) Segment Prev. Forecast All Trade (10,000 Cars) 113 106 219 116 100 216 435 111 103 214 226 440 413 Year-on-year 1% -2% -0% -1% -7% -4% -2% -2% -3% -2% 4% 1% (Full-year) FY2025(Result) FY2026(Forecast) 1H 2H Full-year 1H 2H Full-YearQ1 Q1 (Result) Q2Q2 Q3 Q4
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1Copyright © Ocean Network Express Pte. Ltd. All rights reserved. Copyright © Ocean Network Express Pte. Ltd. All rights reserved. Q1 FY2026 Financial Results Period: 1 April 2026 – 30 June 2026 4 August 2026
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2Copyright © Ocean Network Express Pte. Ltd. All rights reserved. Outline 01 Q1 FY2026 Business Initiatives 02 Business Environment for the Quarter 03 Financial Summary 04 Q1 FY2026 Results 05 ONE’s Key Trade Performance 06 Outlook 07 Fleet Structure
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Copyright © Ocean Network Express Pte. Ltd. All rights reserved. 3 Q1 FY2026 Business Initiatives Successfully launched our 2026 East–West service product in April, delivering enhanced reliability through a refined global network while strengthening overall network stability amidst the geopolitical uncertainty and persistent port congestion. Strategically upgraded our service network across various trades. With the launch of our new service network on East-West routes, this enables us to provide enhanced connectivity and service offerings to customers worldwide. Implemented targeted commercial initiatives to strengthen yield performance, supporting overall financial performance, against the backdrop of rising operational costs. Fleet development under “ONE2030” progressing as planned. Continuous deployment of newbuild vessels to enhance the competitiveness of our network while simultaneously reducing our environmental footprint.
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Copyright © Ocean Network Express Pte. Ltd. All rights reserved. 4 Business Environment for the Quarter • Cargo demand shifted significantly over the quarter, from a mixed demand environment in April to a sustained recovery in May and June. In particular, cargo volumes from China increased, supported by front-loading ahead of expected fuel surcharge hikes, potential tariff changes, and inventory restocking, which drove robust demand in the Transpacific trade. The Asia-Europe trade also continued to recover. • The global fleet expanded by more than 300,000 TEU during the quarter, bringing total capacity to over 34 million TEU. However, disruptions in the Strait of Hormuz and persistent port congestion absorbed part of the newly added capacity, limiting the effective increase in market supply. • Supported by strong cargo demand, supply-demand conditions tightened, and freight rates continued to trend upward across various trade lanes. On the Asia-Europe trade, persistent port congestion constrained capacity and tightened conditions further. • The ongoing instability in the Strait of Hormuz continues to disrupt shipping, leaving carriers unable to resume direct Middle East services for the time being. SCFI: Shanghai Containerized Freight Index, CCFI: China Containerized Freight Index Figures represent 3-month averages Market SCFI & CCFI - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 CCFI (Spot & Contract) SCFI (Spot)
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5Copyright © Ocean Network Express Pte. Ltd. All rights reserved. Financial Summary for Q1 FY2026 Revenue million (USD) 4,539 EBITDA million (USD) 707 EBIT million (USD) 76 Profit/Loss million (USD) 31 Lifting Volume ‘000 (TEU) 3,257 Freight Rate per TEU (USD) 1,300 Q1 FY2026 Key Figures— First 3 Months (3M) Q1 FY2026 recorded a profit of USD 31 million, demonstrating resilience in a tough environment. Strong cargo demand drove freight rates up late in the quarter. Meanwhile, Middle East developments raised fuel prices and operating costs. Despite these challenges, ONE maintained high vessel utilization through disciplined execution and capacity management.
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6Copyright © Ocean Network Express Pte. Ltd. All rights reserved. IncreaseProfit/Loss Decrease Lifting Operating Cost Freight -132 Variable Cost -125 Bunker Price -42 Overhead Cost -38 Q1 FY26 Results 31 Other 86 210 172 Q1 FY25 Results Increased due to strong demand on most trades Increased due to higher ship costs Improved across various trades due to tightening supply-demand balance Increased in line with cargo demand Increased due to the impact of the Middle East conflict Increased Year on Year 101 P/L Analysis 6Copyright © Ocean Network Express Pte. Ltd. All rights reserved. Summary • Volume growth year-on-year driven mainly by Transpacific, Asia-Europe, and Latin America trades. Front-loading observed due to possible tariff changes and surging fuel costs. • Freight rates on an improving trend since the start of the period, further accelerating toward the end of the period backed by robust volume growth. • Higher operating costs driven by rising fuel prices due to Middle East conflict. Q1 FY2026 Results Q1 FY26 Q4 FY25 Change Q1 FY25 Change Revenue 4,539 4,042 497 4,049 490 EBITDA 707 719 -12 616 91 EBITDA Margin 15.6% 17.8% -2.2% 15.2% 0.4% EBIT 76 74 2 38 38 EBIT Margin 1.7% 1.8% -0.1% 0.9% 0.8% Profit/Loss 31 55 -24 86 -55 Bunker Price $666 $440 $226 $535 $131 million (USD) million (USD)
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Copyright © Ocean Network Express Pte. Ltd. All rights reserved. 7 963 1,011 983 887 889 917 907 907 969 679 696 656 676 702 762 708 752 769 795 830 890 845 835 867 877 797 738 705 754 717 664 739 777 751 739 781 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Asia-North America Asia-Europe Intra-Asia Others ONE’s Key Trade Performance • Cargo demand in Q1 remained strong, driven primarily by the Transpacific and Latin America routes. • On the Transpacific route, cargo volumes grew from May onward due to accelerated front-loading ahead of possible tariff changes at the end of July, as well as a movement to replenish retail inventories. • The Asia-Europe trade also showed steady recovery. In addition, tighter supply-demand conditions elevated freight rates with services on all routes operating at full capacity. • As overall cargo demand gained strong momentum toward the end of the period, the utilization improved as the supply- and-demand balance tightened. Transport Volume by Trade (‘000 TEU) Average Freight Rate Development (USD/TEU) 3,165 3,323 3,245 3,195 3,2573,0713,2463,2913,142 1,286 1,696 1,427 1,330 1,199 1,252 1,122 1,154 1,300 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26
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8Copyright © Ocean Network Express Pte. Ltd. All rights reserved. FY2026 Latest Forecast Previous Forecast 1H Forecast 2H Forecast Full Year Forecast 1H Forecast 2H Forecast Full Year Forecast Revenue 10,200 9,200 19,400 9,400 9,100 18,500 EBITDA 2,100 1,500 3,600 1,300 1,700 3,000 EBIT 850 250 1,100 50 450 500 Profit/Loss 750 150 900 -50 350 300 Outlook Summary Reflecting the recent increase in freight rates and strong cargo demand, the full-year forecast guidance has been upgraded to USD 900 million (previously: USD 300 million). Spot freight rates have remained on an upward trend since the first quarter. Backed by solid cargo demand, higher freight rate levels are expected to persist particularly through the second quarter across various trades. Despite adjusting our second half outlook for higher fuel costs, the first half profit has been substantially revised upward from the previous guidance. With the situation in the Strait of Hormuz still dynamic, our latest forecast assumes that operating conditions stabilizeto pre-conflict levels in October; and that Cape of Good Hope rerouting continues for the full fiscal year. 8Copyright © Ocean Network Express Pte. Ltd. All rights reserved. million (USD)
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9Copyright © Ocean Network Express Pte. Ltd. All rights reserved. Fleet Structure as of 30 Jun 2026 Key Figures as of 30 Jun 2026 284 vessels 2,260,498 TEU 1 vessel 13,932 TEU 53 vessels 7 vessels Newbuild Deliveries in Q1 FY2026 Orderbook Remaining deliveries in FY2026 as of 30 Jun 2026 including long-term charter ≥ 20,000 TEU 12 vessels 264,600 TEU 10,000 – 19,999 TEU 75 vessels 989,466 TEU 5,000 – 9,999 TEU 85 vessels 651,754 TEU ≤ 4,999 TEU 112 vessels 354,678 TEU
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10Copyright © Ocean Network Express Pte. Ltd. All rights reserved. Disclaimer The information in this presentation is for informational purposes only and does not constitute any recommendation, representation, warranty or guarantee of performance. The information contained herein does not purport to be all-inclusive, or to contain all the information that the recipients may desire. Ocean Network Express Pte. Ltd. (“ONE”) makes no warranties, express or implied, as to the accuracy, completeness, or reliability of the information contained in this presentation. This presentation contains projections and forward-looking statements based on current expectations, and past performance is not an indication or guarantee of future results. Actual results and developments may differ materially due to known and unknown risks, uncertainties, contingencies and market factors beyond ONE’s control. All information and opinions contained in this presentation are based on information available on the date of presentation, and is subject to change without notice. ONE undertakes no obligation to update or revise any statements or data contained herein, whether as a result of new information, future events or otherwise. Recipients should make their own independent risk assessment and seek professional advice where necessary, and should not rely on information contained herein as financial advice or a guarantee or promise of future performance. Information contained herein is not intended to provide professional investment or any other type of advice or recommendation, and does not take into account the particular investment objectives, financial situation or needs of the recipients. ONE disclaims any and all liability for any loss, damage, cost or expenses, whether direct or indirect, consequential or otherwise, arising from or in connection with the use of, or reliance on the information contained herein. Unless stated otherwise, all figures are in USD.
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Copyright © Ocean Network Express Pte. Ltd. All rights reserved.
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©NYK Group. All rights reserved. ©NYK Group. All rights reserved. Legal Disclaimer The above statements and any others in this document that refer to future plans, earning forecasts, strategy, policy and expectations are “forward-looking statements”, which are made based on the information currently available and certain assumptions. Words such as, without limitation, “anticipates,” “estimates,” “expects,” “intends,” “goals,” “plans,” “believes,” “seeks,” “continues,” “may,” “will,” “should,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Our actual results, performance or achievements may differ materially from those indicated by these forward-looking statements as a result of various uncertainties and variable factors. Factors which could cause inconsistency between such forward-looking statements in this document and our actual results include, but not limited to, material changes in the shipping markets, fluctuation of currency exchange rates, interest rates, and bunker oil prices. You can refer the detail to security reports, which is available on EDINET (http://info.edinet-fsa.go.jp/). Any forward-looking statement in this document speaks only as of the date on which it is made, and NYK assumes no obligation to update or revise any forward-looking statements in light of new information or future events. While NYK have made every attempt to ensure that the information contained in this document has been obtained from reliable sources, but no representations or warranty, express or implied, are made that such information is accurate or complete, and no responsibility or liability can be accepted by NYK Line for errors or omissions or for any losses arising from the use of this information. No part of this document shall be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of NYK Line.