Interim report
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Consolidated Financial Results for Three Months Ended June 30 , 2026 ( Japanese GAAP ) ( Unaudited ) Nippon Yusen Kabushiki Kaisha ( NYK Line ) Securities Code : Listing : URL : Head Office : Representative : Contact : 9101 Prime Market of Tokyo Stock Exchange https://www.nyk.com/english/ Tokyo , Japan Takaya Soga , President Midori Yanase , General Manager , IR Group Tel : + 81-3-3284-5151 Start scheduled date of paying Dividends August 5 , 2026 Preparation of Supplementary Explanation Material : Financial Results Presentation Held : Yes Yes ( for Analysts and Institutional Investors ) ( Amounts rounded down to the nearest million yen ) 1. Consolidated Financial Results for the Three Months Ended June 30 , 2026 ( April 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated Operating Results ( Percentage figures show year on year changes ) Revenues Operating profit Three months ended June 30 , 2026 Three months ended June 30 , 2025 ( Note ) Comprehensive income : million yen 727,656 600,926 % 21.1 -7.8 million yen 57,708 33,976 % 69.8 -48.4 Recurring profit million yen 71,222 55,943 % 27.3 -55.5 Profit attributable to owners of parent million yen % 67,109 33.5 50,287 -54.4 Three Months ended June 30 , 2026 : ¥ 100,567 million ( - % ) , Three Months ended June 30 , 2025 : \ -20,016 million ( - % ) Three months ended June 30 , 2026 Three months ended June 30 , 2025 Profit per share yen 166.10 116.74 Profit per share - fully diluted yen ( Note ) The figures for the three months ended June 30 , 2025 reflect the finalization of accounting treatment related to business combinations . ( 2 ) Consolidated Financial Position As of June 30 , 2026 - Total assets Equity Shareholders ' equity ratio million yen 5,396,846 5,201,670 million yen 3,181,605 3,143,437 % 57.7 As of March 31 , 2026 59.1 ( Reference ) Shareholders ' equity : As of June 30 , 2026 : ¥ 3,114,678 million , As of March 31 , 2026 : ¥ 3,071,994 million 2. Dividends Date of record 1st Quarter End 2nd Quarter End yen yen Dividend per share 3rd Quarter End yen Year - end Total Year ended March 31 , 2026 Year ending March 31 , 2027 115.00 yen 115.00 yen 230.00 Year ending March 31 , 2027 ( Forecast ) 120.00 120.00 240.00 ( Note ) Revision of forecast for dividends in this quarter : Yes
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(Percentage figures show year on year changes) Revenues Operating profit Recurring profit Profit attributable to owners of parent Profit per share million yen % million yen % million yen % million yen % yen Cumulative second quarter ending September 30, 2026 1,440,000 21.8 102,000 49.9 160,000 26.1 155,000 51.6 383.82 Year ending March 31,2027 2,881,000 18.9 185,000 33.5 250,000 18.4 240,000 13.3 594.49 1. Changes in accounting policy in accordance with changes in accounting standard: Yes 2. Changes other than No.1: Yes 3. Changes in accounting estimates: None 4. Restatements: None 1. Total issued shares (including treasury stock) As of June 30, 2026 405,321,700 As of March 31, 2026 408,780,000 2. Number of treasury stock As of June 30, 2026 1,766,082 As of March 31, 2026 3,288,388 3. Average number of shares (cumulative quarterly period) Three months ended June 30, 2026 404,039,973 Three months ended June 30, 2025 430,752,647 3. Consolidated Financial Results Forecast for the Year Ending March 31, 2027 (April 1, 2026 to March 31, 2027) (Note) Revision of forecast in this quarter: Yes 4. Notes (1) Significant changes in the scope of consolidation during the period: None New: None Exclusion: None (2) Particular accounting methods used for preparation of quarterly consolidated financial statements: None (3) Changes in accounting policy, changes in accounting estimates, and restatements (4) Total issued shares (Ordinary shares) *Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None *Assumptions for the forecast of consolidated financial results and other particular issues Foreign exchange rate: (for the second quarter) ¥157.00/US$ (for the third and the fourth quarter) ¥156.00/US$ (for full year) ¥157.22/US$ Bunker fuel price: (for the second quarter) US$784.22/MT (for the third quarter) US$751.52/MT (for the fourth quarter) US$707.32/MT (for full year) US$741.44/MT *Bunker fuel price is on average basis for all the major fuel grades. The above forecast is based on currently available information and assumptions that NYK Line deems to be reasonable. NYK Line offers no assurance that the forecast will be realized. Actual results may differ from the forecast as a result of various factors. Refer to pages 2-7 of the attachment for assumptions and other matters related to the forecast. (Methods for obtaining supplementary materials and content of financial results disclosure) NYK Line is to hold a financial result presentation meeting for analysts and institutional investors. The on-demand audio presentation and presentation material are available on the NYK website. (https://www.nyk.com/english/ir/library/result/2026/)
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1. Qualitative Information on Quarterly Results …………………………………………………………… 2 (1) Review of Operating Results ……………………………………………………………………………… 2 (2) Explanation of the Financial Position …………………………………………………………………… 6 (3) Explanation of the Consolidated Earnings Forecast and Future Outlook ………………………… 6 2. Consolidated Financial Statements ……………………………………………………………………… 8 (1) Consolidated Balance Sheet ……………………………………………………………………………… 8 (2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income …… 10 (3) Notes Regarding Consolidated Financial Statements ………………………………………………… 12 (Changes in Accounting Policies) ……… … … ………………………………………… ………………… 12 (Segment Information)……………………………………………………………………………………… 13 (Notes in the Event of Significant Changes in Shareholders’ Capital) ……………………………… 14 (Notes Regarding Going Concern Assumption) ………………………………………………………… 14 (Notes on Consolidated Statement of Cash Flows) ………………………………………………… 14 3. Other Information …………………………………………………………………………………………… 15 (1) Quarterly Operating Results ……………………………………… ……………………………………… 15 (2) Foreign Exchange Rate Information ……………………………………………………………………… 15 (3) Balance of Interest-Bearing Debt ………………………………………………………………………… 15 Index of the Attachments - 1 -
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(Billions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Change Percentage Change Revenues 600.9 727.6 126.7 21.1% Operating Profit 33.9 57.7 23.7 69.8% Recurring Profit 55.9 71.2 15.2 27.3% Profit attributable to owners of parent 50.2 67.1 16.8 33.5% Three months ended Jun 30, 2025 Three months ended Jun 30, 2026 Change Average exchange rates ¥145.32/US$ ¥159.89/US$ ¥14.57 Average bunker fuel prices US$578.60/MT US$722.71/MT US$144.11 1. Qualitative Information on Quarterly Results (1) Review of Operating Results In the first three months of the fiscal year ending March 31, 2027 (April 1, 2026 to June 30, 2026), the company reported revenues, operating profit, recurring profit, and profit attributable to owners of parent of ¥727.6 billion (increased by ¥126.7 billion from the first three months of the previous fiscal year), ¥57.7 billion (increased by ¥23.7 billion), ¥71.2 billion (increased by ¥15.2 billion), ¥67.1 billion (increased by ¥16.8 billion), respectively. Non-operating income includes equity in earnings of unconsolidated subsidiaries and affiliates of ¥16.5 billion, of which ¥1.3 billion was earned by OCEAN NETWORK EXPRESS PTE. LTD. (ONE), an equity-method affiliate of the Company. Changes in the average exchange rate between the U.S. dollar and yen as well as the average bunker fuel price during the first three months of the current and previous fiscal years are shown in the following tables. Note: Exchange rates and bunker fuel prices are our internal figures. - 2 -
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(Billions of yen) Three Months Ended Revenues Recurring profit June 30, 2025 June 30, 2026 Change Percentage Change June 30, 2025 June 30, 2026 Change Liner & Logistics Liner Trade 44.5 47.1 2.6 5.9% 12.0 10.0 -2.0 Logistics 185.2 271.1 85.9 46.4% 3.2 (2.4) -5.6 Automotive 128.0 144.3 16.2 12.7% 28.8 16.8 -12.0 Dry Bulk 135.8 174.8 39.0 28.7% (2.7) 19.4 22.2 Energy 48.1 66.7 18.6 38.8% 12.0 23.9 11.8 Others 81.9 57.4 -24.5 -29.9% 2.9 4.5 1.5 Overview by Business Segment Business segment information for the three months ended June 30, 2026 (April 1, 2026 to June 30, 2026) is as follows. The figures for the first quarter of the previous fiscal year reflect the finalization of provisional accounting treatment related to the business combinations. In addition, the Company has partially changed its reportable segments beginning with the first quarter of the current fiscal year. Following the business separation of Nippon Cargo Airlines Co., Ltd., the Air Cargo Transportation Business, which was previously included in the Liner & Logistics Business, has been reclassified into the Others Business. In conjunction with a review of the business portfolio and management classification, the Steaming Coal Business, which was previously included in the Energy Business, has been reclassified into the Dry Bulk Business. Accordingly, the segment information for the first quarter of the previous fiscal year has been reclassified based on the revised reportable segment classification. In addition, to more appropriately reflect the operating results of each reportable segment, the Company has reviewed the method of allocating a portion of corporate expenses to each segment and changed the method of allocating interest expense and other items attributable to each segment. The segment information for the first quarter of the previous fiscal year has also been reclassified based on the revised allocation method. - 3 -
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Liner Trade Business Container Shipping Business: Fuel prices increased, reflecting a rise in crude oil prices due to the closure of the Strait of Hormuz. Meanwhile, the freight market level was higher year on year, supported by solid transportation demand. At ONE, although revenue was higher year on year, the profit level was lower year on year due to higher fuel costs and other factors. Terminal Business: At the terminals in Japan, the handling volumes decreased year on year. As a result of the above, the Liner Trade Business overall increased revenues but decreased profits year on year. Logistics Business Air Freight Forwarding Business: The handling volumes increased year on year, supported by strong demand, particularly in the Asia-Pacific region. Meanwhile, the profit level also remained solid and increased year on year. Ocean Freight Forwarding Business: While the handling volumes significantly increased year on year, the profit level declined year on year mainly because purchasing prices rose ahead of selling prices. Logistics Business: While the profit level increased year on year in the Asia region, the overall profit level declined year on year due to lower handling volumes in certain regions and other factors. In addition, goodwill amortization and other expenses were recorded in connection with the acquisition of the healthcare logistics business in Europe completed in fiscal year ended March 31, 2026. As a result of the above, the Logistics Business overall increased revenues but decreased profits year on year. Automotive Business Car Carriers Business: The number of vehicles transported generally remained at the same level year on year. Although revenue increased due to the year-on-year depreciation of the yen against the U.S. dollar among other factors, the profit level declined year on year due to higher operating costs resulting from route changes following the closure of the Strait of Hormuz, increased fuel costs, port congestion, and other factors. Auto Logistics Business: The number of vehicles handled increased year on year in Europe and Asia. As a result of the above, the Automotive Business overall increased revenues but decreased profits year on year. Dry Bulk Business The market level for each vessel type was significantly higher year on year. In addition, the business was affected by the year-on-year depreciation of the yen and the valuation-related effects associated from the sharp increase in fuel prices following the closure of the Strait of Hormuz, and other factors. As stated above, the Dry Bulk Business overall increased both revenues and profits year on year. - 4 -
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Energy Business VLCC (Very Large Crude Carrier), VLGC (Very Large Gas Carrier) and Petrochemical Tanker: The market level rose year on year due to the closure of the Strait of Hormuz, with the VLCC market reaching a historically high level in particular. In the VLGC and Petrochemical 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 solid, supported by medium- to long-term contracts that generate stable earnings. Offshore Business: FPSO vessels (Floating, Production, Storage and Offloading) and shuttle tankers operated steadily. Meanwhile, the business was affected by the absence of the one-off profit associated with the commencement of operations of a new FPSO recorded in the same period of the previous fiscal year. As a result of the above, the Energy Business overall increased both revenues and profits year on year. Others Business Vessel & Technical Service Business: The bunker fuel sales business performed well, supported by tighter supply and demand conditions resulting from the closure of the Strait of Hormuz and higher bunker fuel prices. Cruise Business: Some cruises were rerouted or canceled due to the approach of typhoons. In addition, while expenses related to Asuka III were recorded in the same period of the previous fiscal year in preparation for the commencement of operations, revenue and profit increased year on year as Asuka III entered full-scale operation during the same period of the current fiscal year, establishing a two-vessel operating structure together with Asuka II. As described above, the Air Cargo Transportation Business has been reclassified as the Others Business due to the change in reportable segments. Accordingly, the results for the same period of the previous fiscal year include the results of the Air Cargo Transportation Business. As a result of the above, the Others Business overall decreased revenues but increased profits year on year. The Others Business also includes the treasury management division, which procures and provides funds to meet the financing needs of each business and records interest income on loans to each business. - 5 -
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(2) Explanation of the Financial Position Status of Assets, Liabilities and Equity As of the end of the first quarter of the current fiscal year, total assets amounted to ¥5,396.8 billion, an increase of ¥195.1 billion from the end of the previous fiscal year due to factors including increases in construction in progress and investment securities. Total liabilities amounted to ¥2,215.2 billion, an increase of ¥157.0 billion from the end of the previous fiscal year due to factors including a ¥160.1 billion increase in interest bearing debt to ¥1,361.6 billion caused mainly by an inecrease in long-term loans borrowings. In the equity section, retained earnings increased by ¥1.4 billion and shareholders’ equity, which is the aggregate of shareholders’ capital and accumulated other comprehensive income, amounted to ¥3,114.6 billion. This amount combined with the non-controlling interests of ¥66.9 billion brought total equity to ¥3,181.6 billion. Based on this result, the debt-to-equity ratio (D/E ratio) came to 0.44, and the equity ratio was 57.7%. (3) Explanation of the Consolidated Earnings Forecast and Future Outlook ① Forecast of the Consolidated Financial Results The following segment forecasts have been prepared based on the assumption that the closure of the Strait of Hormuz will continue through the end of September 2026. Liner Trade Business Container Shipping Business: In addition to freight market levels in the first quarter exceeding the initial forecast, freight market conditions from the second quarter 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. This forecast is based on the assumption that vessels will continue to use the Cape of Good Hope route to avoid the Suez Canal throughout the fiscal year. Logistics Business Air Freight Forwarding Business / Ocean Freight Forwarding Business: Supported by solid cargo movement, both handling volumes and unit prices are expected to exceed the initial forecast. Contract Logistics Business: 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. In addition, higher expenses, primarily in anticipation of future business expansion, are expected. Automotive Business 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 Business In addition to the profit level in the first quarter exceeding the initial forecast, market conditions from the second quarter 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 Business VLCC & VLGC: The market levels are expected to remain above the initial forecast. LNG carrier: The business is expected to remain firm, backed by stable earnings generated from medium- and long-term contracts. - 6 -
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(Billions of yen) Initial forecast (May 11, 2026) Revised forecast Change Percentage Change Cumulative second quarter ending September 30, 2026 Revenues 1,285.0 1,440.0 155.0 12.1% Operating Profit 69.0 102.0 33.0 47.8% Recurring Profit 83.0 160.0 77.0 92.8% Profit attributable to owners of parent 91.0 155.0 64.0 70.3% Fiscal Year ending March 31, 2027 Revenues 2,605.0 2,881.0 276.0 10.6% Operating Profit 145.0 185.0 40.0 27.6% Recurring Profit 185.0 250.0 65.0 35.1% Profit attributable to owners of parent 195.0 240.0 45.0 23.1% Based on the above, the Company has revised its forecasts of consolidated financial results for the first half and the full fiscal year as follows. Assumptions for the forecast of consolidated financial results: Foreign Exchange Rate (for the second quarter) ¥157.00/US$ (for the third and the fourth quarter) ¥156.00/US$ (for full year) ¥157.22/US$ Bunker Fuel Price * (for the second quarter) US$784.22/MT (for the third quarter) US$751.52/MT (for the fourth quarter) US$707.32/MT (for full year) US$741.44/MT *Bunker fuel price is on average basis for all the major fuel grades ② Dividends for the Fiscal Year ending March 31, 2027 The Company regards the stable return of profits to shareholders as one of the most important management priorities, and determines profit distribution based on a targeted consolidated dividend payout ratio of 40% and the minimum annual dividend of ¥200 per share, by comprehensively considering the outlook for business performance and other factors. In addition, the Company will make decisions on the implementation of flexible additional shareholder returns, including the acquisition of its own stock, after considering investment opportunities and the business environment. In accordance with this policy, the Company plans to increase the interim and the year-end dividends for the current fiscal year by ¥20 per share each from the initial forecast to ¥120 per share each. As a result, the annual dividend is expected to be ¥240 per share - 7 -
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(Millions of yen) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 214,584 225,987 Notes and operating accounts receivable-trade and contract assets 398,050 409,095 Inventories 72,572 94,054 Deferred and prepaid expenses 36,877 43,762 Other 147,206 155,763 Allowance for doubtful accounts (3,830) (4,035) Total current assets 865,461 924,627 Non-current assets Vessels, property, plant and equipment Vessels, net 911,111 913,438 Buildings and structures, net 253,327 256,984 Machinery, equipment, and vehicles, net 58,731 59,548 Furniture and fixtures, net 15,778 15,855 Land 106,919 106,805 Construction in progress 276,625 325,823 Other, net 8,158 8,712 Total vessels, property, plant and equipment 1,630,650 1,687,166 Intangible assets Leasehold right 6,823 6,819 Software 7,543 7,589 Goodwill 250,566 246,075 Other 28,362 27,880 Total intangible assets 293,296 288,365 Investments and other assets Investment securities 1,975,423 2,022,765 Long-term loans receivable 44,751 79,481 Net defined benefit asset 297,028 296,366 Deferred tax assets 12,211 12,770 Other 88,080 90,493 Allowance for doubtful accounts (5,640) (5,730) Total investments and other assets 2,411,854 2,496,146 Total non-current assets 4,335,800 4,471,678 Deferred assets 408 541 Total assets 5,201,670 5,396,846 2. Consolidated Financial Statements (1) Consolidated Balance Sheet - 8 -
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(Millions of yen) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Notes and operating accounts payable-trade 269,166 263,514 Current portion of bonds payable 20,000 10,000 Short-term loans payable 155,156 216,788 Commercial papers 40,000 － Leases liabilities 41,557 42,090 Income taxes payable 34,332 21,455 Contract liabilities 63,411 71,190 Provision for bonuses 22,063 17,550 Provision for directors’ bonuses 576 412 Provision for stock payment 250 250 Provision for losses related to contracts 369 220 Other 226,971 229,699 Total current liabilities 873,855 873,173 Non-current liabilities Bonds payable 122,000 155,000 Long-term loans payable 609,512 731,563 Leases liabilities 213,237 206,212 Deferred tax liabilities 150,240 160,023 Net defined benefit liability 16,014 16,171 Provision for directors’ retirement benefits 663 712 Provision for stock payment 75 153 Provision for periodic dry docking of vessels 35,533 38,540 Provision for losses related to contracts 712 278 Provision for related to business restructuring 56 53 Other 36,330 33,359 Total non-current liabilities 1,184,377 1,342,068 Total liabilities 2,058,233 2,215,241 Equity Shareholders’ capital Common stock 144,319 144,319 Capital surplus 39,657 40,529 Retained earnings 2,117,971 2,119,441 Treasury stock (16,487) (9,220) Total shareholders’ capital 2,285,461 2,295,070 Accumulated other comprehensive income (loss) Unrealized gain (loss) on available-for-sale securities 62,025 66,330 Deferred gain (loss) on hedges 29,787 29,460 Foreign currency translation adjustments 548,040 582,926 Remeasurements of defined benefit plans 146,679 140,890 Total accumulated other comprehensive income (loss) 786,533 819,607 Non-controlling interests 71,442 66,927 Total equity 3,143,437 3,181,605 Total liabilities and equity 5,201,670 5,396,846 - 9 -
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(Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Revenues 600,926 727,656 Cost and expenses 498,404 581,283 Gross profit 102,522 146,372 Selling, general and administrative expenses 68,545 88,664 Operating profit 33,976 57,708 Non-operating income Interest income 1,724 1,879 Dividend income 4,866 4,844 Equity in earnings of unconsolidated subsidiaries and affiliates 23,785 16,562 Other 2,541 1,413 Total non-operating income 32,918 24,699 Non-operating expenses Interest expenses 4,916 8,586 Foreign exchange losses 5,072 582 Other 962 2,015 Total non-operating expenses 10,951 11,185 Recurring profit 55,943 71,222 Extraordinary income Gain on sales of non-current assets 7,826 17,394 Other 1,337 3,137 Total extraordinary income 9,163 20,531 Extraordinary losses Loss on sales of non-current assets 15 85 Loss on retirement of non-current assets 391 141 Impairment losses 177 － Other 79 109 Total extraordinary losses 663 336 Profit before income taxes 64,443 91,417 Total income taxes 13,608 24,205 Profit 50,834 67,211 Profit attributable to non-controlling interests 547 102 Profit attributable to owners of parent 50,287 67,109 (2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income (Consolidated Statement of Income) - 10 -
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(Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Profit 50,834 67,211 Other comprehensive income Unrealized gain (loss) on available-for-sale securities 5,541 4,467 Deferred gain (loss) on hedges 593 (1,085) Foreign currency translation adjustments 6,449 6,565 Remeasurements of defined benefit plans (2,694) (5,793) Share of other comprehensive income of associates accounted for using equity method (80,742) 29,200 Total other comprehensive income (70,851) 33,355 Comprehensive income (20,016) 100,567 (Breakdown) Comprehensive income attributable to owners of parent (22,159) 100,183 Comprehensive income attributable to non- controlling interests 2,143 383 (Consolidated Statement of Comprehensive Income) - 11 -
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(3) Notes Regarding Consolidated Financial Statements (Changes in Accounting Policies) (Application of the Accounting Standard for Interim Financial Reporting) The Company and its consolidated subsidiaries have applied the Accounting Standard for Interim Financial Reporting (ASBJ Statement No. 37) and the related Implementation Guidance from the beginning of the first quarter of the current fiscal year, and have changed the method for recognizing impairment losses on unlisted investment securities from the method under which impairment losses recognized in an interim period are not reversed in subsequent interim periods to the method under which such impairment losses are reassessed and reversed when appropriate at each interim reporting date. This accounting policy has been applied prospectively from the beginning of the first quarter of the current fiscal year in accordance with the transitional treatment provided in Paragraph 35 of the Accounting Standard and Paragraph 73 of the related Implementation Guidance. This change had no impact on profit or loss for the first quarter of the current fiscal year. (Application of accounting treatment under International Financial Reporting Standards for an equity- method Affiliate) NYK STOLT TANKERS, S.A., an equity-method affiliate of the Company, previously prepared its consolidated financial statements in accordance with Japanese GAAP. However, from the beginning of the previous fiscal year, it has prepared its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS). Accordingly, the Company has applied the equity method based on the consolidated financial statements of NYK STOLT TANKERS, S.A. prepared in accordance with IFRS. As this change in accounting policy has been applied retrospectively, the interim consolidated financial statements for the first quarter of the previous fiscal year, which are presented as comparative information, have been retrospectively adjusted. As a result, the accounting policies applied to the comparative information differ from those applied in the interim consolidated financial statements for the first quarter of the previous fiscal year as originally disclosed. The impact of this change on profit or loss for the first quarter of the previous fiscal year and the first quarter of the current fiscal year was immaterial. - 12 -
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(Millions of yen) Liner & Logistics Auto- motive Dry Bulk Energy Others Total Adjustment (*1) Consolidated Total (*2)Liner Trade Logistics Revenues (1) Revenues from customer 43,057 184,573 127,861 134,252 48,018 63,163 600,926 - 600,926 (2) Inter-segment revenues 1,476 658 181 1,583 110 18,827 22,838 (22,838) - Total 44,534 185,231 128,042 135,836 48,128 81,990 623,765 (22,838) 600,926 Segment income (loss) 12,063 3,212 28,892 (2,774) 12,089 2,943 56,427 (483) 55,943 (Millions of yen) Liner & Logistics Auto- motive Dry Bulk Energy Others Total Adjustment (*1) Consolidated Total (*2)Liner Trade Logistics Revenues (1) Revenues from customer 45,707 270,485 144,031 172,547 66,583 28,300 727,656 - 727,656 (2) Inter-segment revenues 1,464 693 303 2,332 210 29,177 34,181 (34,181) - Total 47,172 271,178 144,334 174,880 66,793 57,478 761,837 (34,181) 727,656 Segment income (loss) 10,016 (2,402) 16,851 19,427 23,963 4,529 72,386 (1,164) 71,222 (Segment Information) Ⅰ. Three months ended June 30, 2025 (April 1, 2025 - June 30, 2025) 1. Revenues and income or loss by reportable segment (Notes) 1. Adjustments of segment income (loss) are internal exchanges or transfer to other amount among segments 328 million yen and other corporate expenses -811 million yen. The general and administrative expenses and non- operating expenses which do not belong to any single segment are treated as other corporate expenses. 2. Segment income (loss) is adjusted on recurring profit on the quarterly consolidated statement of income. 3. The segment information for the first quarter of the previous fiscal year reflects the finalization of accounting treatment related to business combinations. Ⅱ. Three months ended June 30, 2026 (April 1, 2026 - June 30, 2026) 1. Revenues and income or loss by reportable segment (Notes) 1. Adjustments of segment income (loss) are internal exchanges or transfer to other amount among segments -0 million yen and other corporate expenses -1,163 million yen. The general and administrative expenses and non- operating expenses which do not belong to any single segment are treated as other corporate expenses. 2. Segment income (loss) is adjusted on recurring profit on the quarterly consolidated statement of income. 2. Matters regarding changes to the reportable segments (Changes in Reportable Segments Classification) The Company has partially changed its reportable segment classification beginning with the first quarter of the current fiscal year. Following the business separation of Nippon Cargo Airlines Co., Ltd., the Air Cargo Transportation Business, which was previously included in the Liner & Logistics Business, has been reclassified into the Other Business. In conjunction with a review of the business portfolio and management classification, the Steaming Coal Business, which was previously included in the Energy Business, has been reclassified into the Dry Bulk Business. Accordingly, the segment information for the first quarter of the previous fiscal year has been reclassified based on the revised reportable segment classification. - 13 -
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(Revision of Segment Expense Allocation) Beginning with the first quarter of the current fiscal year, to more appropriately reflect the operating results of each reportable segment, the Company has reviewed the method of allocating a portion of corporate expenses to each segment and changed the method of allocating interest expense and other items attributable to each segment. The impact of these changes on segment profit was immaterial. The segment information for the first quarter of the previous fiscal year has also been reclassified based on the revised allocation method. (Notes in the Event of Significant Changes in Shareholders’ Capital) Three months ended Jun 30, 2026 (April 1, 2026 - June 30, 2026) Not applicable (Notes Regarding Going Concern Assumption) Three months ended Jun 30, 2026 (April 1, 2026 - June 30, 2026) Not applicable (Millions of yen) Three months ended June 30, 2025 Three months ended June 30, 2026 Depreciation and amortization 43,350 49,103 Amortization of goodwill 1,113 3,799 (Notes on Consolidated Statement of Cash Flows) While we do not prepare consolidated statement of cash flows for the first quarter of the current fiscal year. Depreciation and amortization (including amortization of intangible assets excluding goodwill) and amortization of goodwill for the first quarter of the current fiscal year were as follows. (Note) The figures for the first quarter of the previous fiscal year reflect the finalization of provisional accounting treatment related to the business combinations. - 14 -
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(Millions of yen) Apr 1, 2026 - Jun 30, 2026 Jul 1, 2026 - Sep 30, 2026 Oct 1, 2026 - Dec 31, 2026 Jan 1, 2027 - Mar 31, 2027 1Q 2Q 3Q 4Q Revenues 727,656 Operating profit (loss) 57,708 Recurring profit (loss) 71,222 Profit (loss) attributable to owners of parent 67,109 Total assets 5,396,846 Equity 3,181,605 (Millions of yen) Apr 1, 2025 - Jun 30, 2025 Jul 1, 2025 - Sep 30, 2025 Oct 1, 2025 - Dec 31, 2025 Jan 1, 2026 - Mar 31, 2026 1Q 2Q 3Q 4Q Revenues 600,926 581,174 629,971 611,615 Operating profit (loss) 33,976 25,872 39,592 39,159 Recurring profit (loss) 55,943 62,692 45,761 46,737 Profit (loss) attributable to owners of parent 50,287 48,044 48,176 65,242 Total assets 4,345,870 4,410,379 4,986,469 5,201,670 Equity 2,856,675 2,905,569 2,960,092 3,143,437 Three months ended June 30, 2025 Three months ended June 30, 2026 Change Year ended March 31, 2026 Average exchange rate during the period ¥145.32/US$ ¥159.89/US$ ¥14.57 ¥150.23/US$ Exchange rate at the end of the period ¥144.81/US$ ¥162.39/US$ ¥17.58 ¥159.88/US$ (Millions of yen) As of March 31, 2026 As of June 30, 2026 Change Loans 764,669 948,352 183,683 Corporate bonds 142,000 165,000 23,000 Commercial papers 40,000 - (40,000) Leases liabilities 254,795 248,302 (6,493) Total 1,201,464 1,361,654 160,189 3. Other Information (1) Quarterly Operating Results Year ending March 31, 2027 Year ended March 31, 2026 (Note) 1. The above operating results (revenues, operating profit (loss), recurring profit (loss) and profit (loss) attributable to owners of parent) are based on the results for the first quarter and the cumulative results for the first six, nine and twelve months, and are computed by taking the difference between the two adjacent periods. 2.The figures for the previous fiscal year (each of the first through fourth quarter) reflect the results after retrospective application of the changes in accounting policies and the finalization of provisional accounting treatment related to the business combinations. (2) Foreign Exchange Rate Information (3) Balance of Interest-Bearing Debt - 15 -