Interim report
Page 1
(¥ Million) Q3 / FY2025 Q3 / FY2024 Revenues 1,345,446 1,318,676 Operating profit 102,744 122,621 Ordinary profit 161,468 376,693 Profit attributable to owners of parent 180,511 369,956 (¥) Net income per share 524.36 1,024.40 Diluted net income per share 523.50 1,022.30 (¥ Million) Q3 / FY2025 FY2024 Total assets 5,616,676 4,984,449 Total net assets 2,735,911 2,724,218 Shareholders’ equity* / Total assets 48.1% 53.9% (¥) Dividend per share Q1 Q2 Q3 Year-end Total FY2024 － 180.00 － 180.00 360.00 FY2025 － 85.00 － FY2025 (Forecast) 115.00 200.00 Financial Highlights: The Third Quarter Ended December 31, 2025 1. Consolidated Financial Highlights (from April 1, 2025 to December 31, 2025) (All financial information has been prepared in accordance with accounting principles generally accepted in Japan) (1) Operating Results (Note) In the fourth quarter of consolidated fiscal year 2024, the provisional accounting treatment for the business combination and the application of the equity method was finalized, and the figures for the third quarter of the fiscal year 2024 reflect the finalization of the provisional accouting treatment. (2) Financial Position * Shareholders’ Equity is defined as follows. Shareholders ’ Equity = Total Net Assets - (Share option + Non-controlling interests) 2. Dividends (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 1
Page 2
(¥ Million) FY2025 Revenues 1,830,000 Operating profit 125,000 Ordinary profit 180,000 Profit attributable to owners of parent 200,000 (¥) Net income per share 581.28 3. Forecast for the Fiscal Year Ending March 31, 2026 (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 2
Page 3
(1) Analysis of Operating Results Nine months Year-on-year comparison / VarianceFrom April 1, 2024 to December 31, 2024 From April 1, 2025 to December 31, 2025 Revenue (¥ Billion) 1,318.6 1,345.4 26.7 / 2.0% Operating profit (¥ Billion) 122.6 102.7 (19.8) / (16.2%) Ordinary profit (¥ Billion) 376.6 161.4 (215.2) / (57.1%) Profit attributable to owners of parent (¥ Billion) 369.9 180.5 (189.4) / (51.2%) Exchange rate ¥152.21/US$ ¥147.91/US$ ¥(4.30)/US$ Bunker price * US$608/MT US$529/MT US$(79)/MT *Average price for all the major fuel grades 4. Business Performance The average exchange rate against the dollar for cumulative Q3 of the current fiscal year appreciated by ¥4.30/US$ to ¥147.91/US$ from the same period of the previous fiscal year. The average bunker price for cumulative Q3 of the current fiscal year fell by US$79/MT to US$529/MT from the same period of the previous fiscal year. We recorded revenue of ¥1,345.4 billion, an operating profit of ¥102.7 billion, an ordinary profit of ¥161.4 billion and profit attributable to owners of parent of ¥180.5 billion. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 3
Page 4
Upper: Segment Revenue, Lower: Segment Ordinary Profit (¥ Billion) Nine months Year-on-year comparison / VarianceFrom April 1, 2024 to December 31, 2024 From April 1, 2025 to December 31, 2025 Dry Bulk Business 359.4 337.4 (21.9) / (6.1%) 16.3 1.8 (14.5) / (88.5%) Energy Business 356.5 385.6 29.0 / 8.1% 81.6 65.9 (15.7) / (19.3%) Product Transport Business 463.0 470.9 7.9 / 1.7% 272.3 80.4 (191.8) / (70.4%) Containerships 45.6 40.8 (4.7) / (10.3%) 203.7 21.7 (182.0) / (89.3%) Wellbeing & Lifestyle Business 85.3 91.9 6.6 / 7.8% 9.6 0.9 (8.7) / (90.6%) Real property Business 32.2 35.3 3.0 / 9.5% 10.2 6.0 (4.2) / (40.9%) Associated Businesses 40.4 42.9 2.5 / 6.4% 2.0 2.6 0.5 / 25.3% Others 13.8 16.4 2.5 / 18.5% 3.6 3.0 (0.5) / (16.1%) The following is a summary of business conditions including revenue and ordinary profit/loss per business segment. (A) Dry Bulk Business In the Capesize bulker market, which consists of large bulkers, market conditions remained firm, supported by robust iron ore shipments from Western Australia and Brazil, as well as bauxite shipments from West Africa. Particularly from late November to mid-December, the vessel supply-demand balance tightened due to the factors such as rough weather in China or the main discharging ports, which led to a surge in market rates across all regions. For Panamax and smaller bulkers, market rates remained firm until late November, supported by solid cargo movements of grain and coal. However, from December onwards, rates softened rapidly, partly due to the South American grain crop entering the off-season. In the Open-hatch vessel of Gearbulk Holding AG, a consolidated subsidiary, profitability improved. It was driven by a certain degree of recovery in transport demand for a major cargo of pulp, as well as securing the contracts of high-margin project cargo. Accordingly, the Dry Bulk Business recorded a decrease in profit year-on-year. This was primarily due to an increase in depreciation expenses associated with the consolidation of Gearbulk Holding AG, and the impact of sluggish market conditions for wood chip carriers. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 4
Page 5
(B) Energy Business <Tankers> In the crude oil tanker market, the vessel supply-demand balance tightened from September onwards due to the unwinding of production cuts by OPEC+ nations and increased crude oil supply from major loading areas such as the U.S. and South American countries. Despite some volatility, market remained at a high level compared to the same period of the previous fiscal year. The product tanker market remained firm due to the growth in demand of petroleum products, as well as the decrease of the petroleum products transportation by crude oil tankers resulting from the tightening of their own supply-demand balance. The LPG carriers faced to more complexed trade patterns due to the port fee measures by the United States Trade Representative (USTR) and the tariff issues between the U.S. -China. As a result, ton-miles increased in terms of both sailing distance and transport volume, leading to a tighter vessel supply-demand balance. In addition, the cargo shipments from both Middle East and North America increased steadily. The chemical tanker market softened year-on-year, due to an uncertainty in the global economy stemming from U.S. high-tariff policies and the intensifying situation in the Middle East. Accordingly, the Tanker business recorded a decrease in profit year-on-year. <Offshore> The FPSO business recorded stable profits from existing long-term charter contracts. Profits decreased year- on-year due to the absence of equity in earnings of affiliated companies in relation to the revaluation on shares of MODEC, Inc. upon its transition to an equity-method affiliate, which was recorded in the third quarter of the previous fiscal year. <Liquefied Gas> The LNG and Ethane Carrier business recorded an increase in profit year-on-year due to the delivery of new vessels. The business also continued to secure stable profits through the continuation of existing long-term charter contracts. The Gas Infrastructure business recorded a decrease in profit year-on-year, due to a decline in operational efficiency caused by equipment malfunctions in some projects. (C) Product Transport Business <Containerships> Following the provisional agreement between the U.S. and China to suspend additional tariffs, cargo demand and container freight market temporarily recovered, primarily for routes from China to the U.S. However, the growth in cargo demand subsequently slowed and this coincided with an increase in new-built vessel supply, increasing downward pressure on container freight market conditions; therefore, our equity-method affiliate, OCEAN NETWORK EXPRESS PTE. LTD., recorded a significant decrease in profit year-on-year. <Vehicle Transport> Demand for the transportation of completed cars remained firm supported by global cargo volumes; however, due to the congestion at some ports, rising costs driven by inflation and foreign exchange impacts, profit decreased year-on-year. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 5
Page 6
<Other Product Transport> In the terminal business, handling volumes of the domestic terminal business remained generally firm. Regarding the overseas terminal business, while shifts in production sites progressed due to an uncertainty caused by the U.S. high-tariff policy, handling volumes of the terminal in Vietnam in which we have invested remained at a high level. In the logistics business, although the overall handling volume of air increased, profit decreased year-on-year due to the factors such as a slowdown in cargo movement in the East Asia region resulting from the U.S. high- tariff policy. (D) Wellbeing & Lifestyle Business <Real Property> DAIBIRU CORPORATION, the core of the group's Real Property business, recorded firm profits from its existing portfolio of office and commercial buildings, and newly acquired properties (135 King Street in Australia and Capital House in the U.K.) also contributed to profits. However, profit decreased year-on-year due to the impact of redevelopment of certain properties and the decline in equity in temporary earnings of affiliated companies, which was recorded in the previous fiscal year. <Ferries and Coastal RoRo Ships> At MOL Sunflower Ltd., profit decreased year-on-year, due to a reduction in the number of sailings and a decrease in cargo revenue resulting from weak cargo conditions, although the passenger business, particularly related to the Kansai routes, performed well. <Cruise> The Cruise business recorded a decrease in profit year-on-year due to the factors including an increase in expenses, such as depreciation, following the launch of the MITSUI OCEAN FUJI. (E) Associated Businesses Associated businesses, which include the tugboat business and trading business, secured profits on par with the same period of the previous fiscal year. (F) Others Other businesses, which include ship operations, ship management and financing, recorded a decrease in profit year-on-year. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 6
Page 7
(For consolidated full fiscal year 2025) Previous outlook (As announced on November 4, 2025) Current outlook (As of announcement of Q3 financial results) Previous outlook Comparison / Variance Revenue (¥ Billion) 1,750.0 1,830.0 80.0 / 4.6% Operating profit (¥ Billion) 104.0 125.0 21.0 / 20.2% Ordinary profit (¥ Billion) 152.0 180.0 28.0 / 18.4% Profit attributable to owners of parent (¥ Billion) 180.0 200.0 20.0 / 11.1% Exchange rate ¥145.75/US$ ¥148.94/US$ ¥3.19/US$ Bunker price *1 US$430/MT US$420/MT US$(10)/MT Compliant fuel price *2 US$505/MT US$500/MT US$(5)/MT (2) Outlook for FY2025 *1 HSFO (High Sulfur Fuel Oil) average price *2 VLSFO (Very Low Sulfur Fuel Oil) average price (A) Dry Bulk Business For Capesize bulkers, while seasonal factors such as the rainy season in Brazil and cyclones in Australia are causing a slowdown in shipments, market conditions are expected to remain firm, supported by bauxite shipments from West Africa and new iron ore shipments. For Panamax and smaller bulkers, although the market remained a soft start following the trend from the end of last year, a gradual improvement in the market conditions is expected from March onwards. This outlook is based on an anticipated recovery in demand following the Lunar New Year in China and the start of the South American grain season. In the Open-hatch business, a recovery of transport demand for shipments to the U.S. is expected, as pulp from Brazil has been excluded from the scope of U.S. additional tariffs. In addition, the shipment demand for project cargo is expected to remain firm. Accordingly, Dry Bulk Business expects an increase in profit compared to the previous forecast. (B) Energy Business For crude oil tankers, market conditions are expected to remain firm supported by the continued low level of new-built vessel supply, inventory demand driven by lower crude oil prices, an increase in ton-miles due to the ongoing sanctions against Iranian and Russian crude oil, and increased crude oil supply from the U.S. and South American countries. For the product tankers, market conditions are expected to remain stable as an extension of ton-miles is expected to continue due to ongoing sanctions on Russian petroleum products and instability in the Middle East. For LPG carriers, the market conditions are expected to remain firm. This is supported by an increase in cargo supply resulting from terminal expansions in the U.S. and the tapering of production cuts by OPEC+ countries, combined with steady demand in China and India and limited new-built supply. For chemical tankers, although the market conditions are expected to remain soft affected by the economic slowdown in China and the U.S. high-tariff policies, profit is expected to be in line with the previous forecast. The offshore business is expected to continue securing stable profits from existing long-term charter contracts. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 7
Page 8
The LNG and Ethane Carrier business secures stable revenue from existing long-term charter contracts, while profit is expected to decrease compared to the previous forecast due to the incurrence of repair expenses. The Gas Infrastructure business expects profits to be in line with the previous forecast, supported by the continued stable operation of existing projects. Accordingly, the Energy Business expects an increase in profit compared to the previous forecast. (C) Product Transport Business The containership business expects a decrease in profit year on year; however, although the vessel supply continues to increase, freight rates are assumed to remain firm supported by pre-Lunar New Year front loaded demand in China, and profit is therefore expected to be secured at a level in line with the previous forecast. In the vehicle transport business, we will pursue optimal vessel allocation, responding flexibly and closely monitoring the global economic situation, including changes in the trade policies of major countries and the impact of the U.S. high-tariff policy on consumption. In the terminal business, the handling volume of the domestic container terminal business is expected to remain firm. For the overseas terminal business, divestment of remaining shares in terminal companies is planned. The logistics business expects a decrease in profit year-on-year as the handling volume of cargo from East Asia to the U.S. will decrease due to the impact of the U.S. high-tariff policy. By flexibly responding to changes in trade lanes, such as the diversification of destinations for U.S.-bound cargo, we will aim to secure cargo volumes to improve the profitability. In LBC Tank Terminals Group Holding Netherlands Coöperatief U.A. 's tank terminal business, while stable income is expected from long-term contracts, one-off expenses related to the acquisition of the company’s shares and goodwill amortization will be incurred. Accordingly, the Product Transport Business expects an increase in profit compared to the previous forecast. (D) Wellbeing & Lifestyle Business The Real Property business expects to continue securing firm profits, supported by stable revenues from DAIBIRU CORPORATION’s existing portfolio of office and commercial buildings, as well as profit contributions from newly acquired properties (135 King Street in Australia and Capital House in the U.K.). The Ferry and Coastal RoRo Ship business expects to secure firm profits by capturing further cargo and passenger demand, as all four new LNG-fueled ferries are now in service, providing increased cargo-carrying capacity and well-appointed passenger cabins. The Cruise business is in a transitional phase from a one-vessel to a two-vessel operation. Since time is necessary for marketing and sales promotion activities to translate into higher passenger numbers, profitability is expected to decrease compared to the previous forecast. Accordingly, the Wellbeing & Lifestyle Business expects a decrease in profit compared to the previous forecast. (E) Associated Businesses Associated Businesses, including the tugboat business and the trading business, expect an increase in profit compared to the previous forecast. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 8
Page 9
5. Financial Position Total assets as of December 31, 2025 increased by ¥ 632.2 billion compared to the balance as of the end of the previous fiscal year, to ¥ 5,616.6 billion. This was primarily due to the increase in Goodwill. Total liabilities as of December 31, 2025 increased by ¥ 620.5 billion compared to the balance as of the end of the previous fiscal year, to ¥ 2,880.7 billion. This was primarily due to the increase in Long-term bank loans. Total net assets as of December 31, 2025 increased by ¥ 11.6 billion compared to the balance as of the end of the previous fiscal year, to ¥ 2,735.9 billion. This was primarily due to the increase in Retained earnings. As a result, shareholders’ equity ratio decreased by 5.8 percentage points compared to the ratio as of the end of the previous fiscal year, to 48.1%. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 9
Page 10
(¥ Million) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 163,290 205,562 Trade receivables 135,259 142,335 Contract assets 10,977 12,397 Inventories 56,429 48,478 Deferred and prepaid expenses 30,564 40,726 Other current assets 174,108 198,359 Allowance for doubtful accounts (607) (713) Total current assets 570,022 647,146 Fixed assets Tangible fixed assets Vessels 1,323,023 1,315,728 Buildings and structures 148,157 264,502 Machinery, equipment and vehicles 16,449 61,956 Furniture and fixtures 7,851 8,665 Land 360,576 446,403 Construction in progress 406,226 514,983 Other tangible fixed assets 22,520 27,256 Total tangible fixed assets 2,284,803 2,639,497 Intangible assets Goodwill 33,816 231,740 Other intangible assets 38,380 42,616 Total intangible assets 72,197 274,357 Investments and other assets Investment securities 1,779,474 1,775,885 Long-term loans receivable 99,277 113,161 Long-term prepaid expenses 8,546 9,276 Retirement benefit assets 32,539 26,901 Deferred tax assets 4,153 4,618 Other non-current assets 140,095 133,069 Allowance for doubtful accounts (6,662) (7,237) Total investments and other assets 2,057,425 2,055,675 Total fixed assets 4,414,426 4,969,529 Total assets 4,984,449 5,616,676 6. Consolidated Financial Statements (All financial information has been prepared in accordance with accounting principles generally accepted in Japan) (1) Consolidated Balance Sheets (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 10
Page 11
(¥ Million) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Trade payables 106,735 119,101 Bonds due within one year 15,000 400 Short-term bank loans 201,952 254,488 Commercial paper 30,000 3,000 Accrued income taxes 14,845 19,703 Advances received 4,252 4,448 Contract liabilities 35,263 39,290 Provision for bonuses 11,929 6,864 Provision for directors’ bonuses 399 183 Provision for share-based payments 168 317 Provision for contract loss 256 289 Other current liabilities 102,536 120,074 Total current liabilities 523,340 568,162 Fixed liabilities Bonds due after one year 186,200 300,800 Long-term bank loans 1,271,818 1,656,477 Lease liabilities 110,473 157,642 Deferred tax liabilities 82,698 108,619 Retirement benefit liabilities 10,284 10,583 Provision for share-based payments 1,234 1,662 Provision for periodic drydocking 27,023 28,432 Provision for loss on guarantees 1,591 1,800 Provision for contract loss 4,296 4,275 Other fixed liabilities 41,268 42,308 Total fixed liabilities 1,736,890 2,312,602 Total liabilities 2,260,230 2,880,765 Net assets Owners’ equity Common stock 66,562 66,591 Capital surplus 116,660 113,808 Retained earnings 2,005,121 2,092,981 Treasury stock, at cost (70,149) (99,296) Total owners’ equity 2,118,194 2,174,085 Accumulated other comprehensive income Unrealized holding gains on available-for-sale securities, net of tax 49,408 54,614 Unrealized gains on hedging derivatives, net of tax 111,348 89,199 Foreign currency translation adjustments 396,174 376,428 Remeasurements of defined benefit plans, net of tax 11,335 8,766 Total accumulated other comprehensive income 568,267 529,009 Share option 208 187 Non-controlling interests 37,548 32,628 Total net assets 2,724,218 2,735,911 Total liabilities and net assets 4,984,449 5,616,676 (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 11
Page 12
(¥ Million) FY2024 (Apr. 1, 2024 - Dec. 31, 2024) FY2025 (Apr. 1, 2025 - Dec. 31, 2025) Shipping and other revenues 1,318,676 1,345,446 Shipping and other expenses 1,078,858 1,099,500 Gross operating income 239,817 245,945 Selling, general and administrative expenses 117,196 143,201 Operating profit 122,621 102,744 Non-operating income Interest income 12,374 13,745 Dividend income 5,165 7,087 Equity in earnings of affiliated companies, net 243,892 46,981 Foreign exchange gain, net 424 14,680 Others 9,333 11,059 Total non-operating income 271,190 93,555 Non-operating expenses Interest expenses 12,761 30,309 Others 4,357 4,521 Total non-operating expenses 17,118 34,831 Ordinary profit 376,693 161,468 Extraordinary income Gain on sale of fixed assets 7,093 23,016 Gain on sale of investment securities 5,408 32,682 Gain on step acquisitions 4,708 － Others 4,899 8,609 Total extraordinary income 22,110 64,309 Extraordinary losses Loss on sale of fixed assets 13 272 Loss related to the Anti-Monopoly Act － 4,856 Others 1,527 1,455 Total extraordinary losses 1,540 6,584 Profit before income taxes 397,262 219,192 Income taxes 26,667 38,333 Net income 370,595 180,859 Profit attributable to non-controlling interests 638 348 Profit attributable to owners of parent 369,956 180,511 (2) Consolidated Statements of Income (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 12
Page 13
(¥ Million) FY2024 (Apr. 1, 2024 - Dec. 31, 2024) FY2025 (Apr. 1, 2025 - Dec. 31, 2025) Net income 370,595 180,859 Other comprehensive income Unrealized holding gains (losses) on available-for-sale securities, net of tax (17,449) 4,982 Unrealized gains (losses) on hedging derivatives, net of tax 5,777 (13,155) Foreign currency translation adjustments (13,114) (45,606) Remeasurements of defined benefit plans, net of tax (1,540) (2,569) Share of other comprehensive income of affiliated companies accounted for using equity method 32,123 16,030 Total other comprehensive income 5,796 (40,319) Comprehensive income 376,392 140,540 (Breakdown) Comprehensive income attributable to owners of parent 375,148 141,253 Comprehensive income attributable to non-controlling interests 1,243 (713) (3) Consolidated Statements of Comprehensive Income (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 13
Page 14
(¥ Million) Q3 / FY2024 (Apr. 1 - Dec. 31, 2024) Reportable Segment Dry Bulk Business Energy Business Product Transport Business Wellbeing & Lifestyle Business Associated Businesses Sub TotalContainer ships Vehicle Transport, Terminal and Logistics Real Property Ferries & Coastal RoRo Ships, Cruise Revenues 1. Revenues from external customers 359,451 356,596 45,609 417,406 32,260 53,078 40,425 1,304,828 2. Inter-segment revenues 290 8,100 238 3,599 2,564 287 24,322 39,402 Total Revenues 359,741 364,697 45,848 421,006 34,824 53,365 64,748 1,344,231 Segment profit (loss) 16,391 81,648 203,756 68,616 10,262 (593) 2,089 382,171 Q3 / FY2024 (Apr. 1 - Dec. 31, 2024) Others *1 Total Adjust- ment *2 Consoli- dated *3 Revenues 1. Revenues from external customers 13,847 1,318,676 － 1,318,676 2. Inter-segment revenues 11,193 50,596 (50,596) － Total Revenues 25,040 1,369,272 (50,596) 1,318,676 Segment profit (loss) 3,638 385,809 (9,116) 376,693 (4) Segment Information Business segment information: * 1. “Others” primarily consists of business segments that are not included in reportable segments, such as the ship operations business, the ship management business, the ship chartering business and the financing business. * 2. Adjustment in Segment profit (loss) of ¥ -9,116 million include the following: ¥ -19,250 million of corporate profit which is not allocated to segments, ¥ 9,071 million of adjustment for management accounting and ¥ 1,062 million of inter-segment transaction elimination. * 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income. * 4. In the fourth quarter of the previous consolidated fiscal year, the provisional accounting treatment for the business combination and the application of the equity method was finalized. Accordingly, the figures for the third quarter of the previous consolidated fiscal year have also reflected the finalization of the provisional accouting treatment. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 14
Page 15
(¥ Million) Q3 / FY2025 (Apr. 1 - Dec. 31, 2025) Reportable Segment Dry Bulk Business Energy Business Product Transport Business Wellbeing & Lifestyle Business Associated Businesses Sub TotalContainer ships Vehicle Transport, Terminal and Logistics Real Property Ferries & Coastal RoRo Ships, Cruise Revenues 1. Revenues from external customers 337,479 385,639 40,896 430,056 35,329 56,634 42,998 1,329,034 2. Inter-segment revenues 152 8,274 224 3,215 3,004 286 22,724 37,882 Total Revenues 337,632 393,913 41,120 433,272 38,333 56,921 65,722 1,366,916 Segment profit (loss) 1,891 65,920 21,732 58,761 6,061 (5,153) 2,618 151,832 Q3 / FY2025 (Apr. 1 - Dec. 31, 2025) Others *1 Total Adjust- ment *2 Consoli- dated *3 Revenues 1. Revenues from external customers 16,411 1,345,446 － 1,345,446 2. Inter-segment revenues 11,725 49,607 (49,607) － Total Revenues 28,136 1,395,053 (49,607) 1,345,446 Segment profit (loss) 3,052 154,885 6,583 161,468 * 1. “Others” primarily consists of business segments that are not included in reportable segments, such as the ship operations business, the ship management business, the ship chartering business and the financing business. * 2. Adjustment in Segment profit (loss) of ¥ 6,583 million include the following: ¥ -12,657 million of corporate profit which is not allocated to segments, ¥ 19,715 million of adjustment for management accounting and ¥ -474 million of inter-segment transaction elimination. * 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income. * 4. Information on assets by reportable segments: Segment assets of the Vehicle Transport, Terminal and Logistics segment increased by ¥ 456,846 million compared to the end of the previous consolidated fiscal year due to consolidation of LBC Tank Terminals Group Holding Netherlands Coöperatief U.A in the first quarter. Provisional accounting treatment based on reasonable available information was adopted since the allocation of acquisition costs was not finalized at the end of the third quarter of the consolidated fiscal year. * 5. Significant change in the amount of goodwill: We made LBC Tank Terminals Group Holding Netherlands Coöperatief U.A. consolidated subsidiary in the Vehicle Transport, Terminal and Logistics segment. The increase in goodwill from the event in the first quarter of the consolidated fiscal year was ¥ 203,457 million. Provisional accounting treatment based on reasonable available information was adopted since the allocation of acquisition costs was not finalized at the end of the third quarter of the consolidated fiscal year. * 6. Notes to changes in reportable segments: (i) From the first quarter of the current consolidated fiscal year, “Steaming Coal Business,” which was previously presented in “Energy Business,” is included in “Dry Bulk Business,” due to the restructuring of a part of the organization. (ii) The name of "Car Carriers, Terminal and Logistics" has been changed to "Vehicle Transport, Terminal and Logistics." This change has no impact on segment information. As a result, Revenues and Segment profit (loss) during the third quarter of the previous consolidated fiscal year are reclassified or adjusted to conform to the presentation for the current consolidated fiscal year. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 15
Page 16
* 7. Revision of Reportable Segment Allocation of Costs Related to Reflagging Vessels The Company has revised the allocation of certain costs recorded in operating expenses, which are associated with reflagging a part of its fleet to Japanese flag, to evaluate the performance of each reportable segment more appropriately. This revision is effective from the first quarter of the current consolidated fiscal year and was made in conjunction with the expansion of the MOL group's Japanese-flagged fleet. As a result of this revision, in comparison with the previous method, Segment profit (loss) for the third quarter of the current consolidated fiscal year increased by ¥ 539 Million for “Dry Bulk Business,” ¥ 187 Million for the “Energy Business,” ¥ 137 Million for “Containerships Business,” and ¥ 251 Million for “Vehicle Transport, Terminal and Logistics Business,” while "Adjustment" in Segment profit (loss) decreased by ¥ 1,116 million. (¥ Million) FY2024 (Apr. 1, 2024 - December. 31, 2024) FY2025 (Apr. 1, 2025 - December. 31, 2025) Depreciation and amortization 88,684 118,594 (Notes on the quarterly consolidated cash flow statement) There is no quarterly consolidated statement of cash flows for the nine months ended December 31, 2025. Depreciation (including amortization of intangible assets except for goodwill) and amortization for the nine months ended December 31, 2025 is as follows: (Note) In the fourth quarter of the previous consolidated fiscal year, the provisional accounting treatment for the business combination and the application of the equity method was finalized. Accordingly, the figures for the third quarter of the previous consolidated fiscal year have also reflected the finalization of the provisional accouting treatment. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 16
Page 17
[REFERENCE PURPOSE ONLY] Please note that this document has been translated from the Japanese original for reference purposes only and the financial statements contained is unaudited. In case of any discrepancy or inconsistency between this document and the Japanese original, the latter shall prevail. (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 17
Page 18
1. Review of Quarterly Results Q1 Q2 Q3 Q4 Apr-Jun, 2025 Jul-Sep, 2025 Oct-Dec, 2025 Jan-Mar, 2026 Revenues [¥ Million] 432,704 437,068 475,674 Operating profit (loss) 37,078 34,745 30,921 Ordinary profit (loss) 52,233 62,374 46,861 Income (Loss) before income taxes 61,662 73,246 84,284 Profit (Loss) attributable to owners of parent 52,817 63,392 64,302 Net income (loss)* per share [¥] 152.89 184.62 187.21 Net income (loss)* per shareɻ(Diluted basis) 152.66 184.34 186.94 Total Assets [¥ Million] 5,330,729 5,397,524 5,616,676 Total Net Assets 2,557,921 2,619,967 2,735,911 *Profit (Loss) attributable to owners of parent Q1 Q2 Q3 Q4 Apr-Jun, 2024 Jul-Sep, 2024 Oct-Dec, 2024 Jan-Mar, 2025 Revenues [¥ Million] 435,949 464,679 418,048 456,794 Operating profit (loss) 40,527 48,852 33,242 28,230 Ordinary profit (loss) 108,539 142,383 125,771 43,010 Income (Loss) before income taxes 114,758 147,063 135,441 55,473 Profit (Loss) attributable to owners of parent 106,991 141,600 121,365 55,536 Net income (loss)* per share [¥] 295.27 390.69 337.79 158.19 Net income (loss)* per shareɻ(Diluted basis) 294.64 389.92 337.11 157.90 Total Assets [¥ Million] 4,402,247 4,476,959 4,626,283 4,984,449 Total Net Assets 2,566,940 2,680,900 2,605,913 2,724,218 *Profit (Loss) attributable to owners of parent (Note) In the the fourth quarter of consolidated fiscal year 2024, the provisional accounting treatment for the business combination and the application of the equity method was finalized,and the figures for the fiscal year 2024 reflect the finalization of the provisional accounting treatment. [ Supplement ] <FY2025> <FY2024> (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 18
Page 19
2. Depreciation and Amortization (¥ Million) Vessels Others Total (Note) In the the fourth quarter of consolidated fiscal year 2024, the provisional accounting treatment for the business combination and the application of the equity method was finalized, and the figures for the fiscal year 2024 reflect the finalization of the provisional accounting treatment. 3. Interest-bearing Debt (¥ Million) Bank loans Bonds Total (Note) In the the fourth quarter of consolidated fiscal year 2024, the provisional accounting treatment for the business combination and the application of the equity method was finalized, and the figures for the fiscal year 2024 reflect the finalization of the provisional accounting treatment. 4. Fleet Capacity (No. of ships) (Note 1)Partial ownership of a ship is counted as one ship. (Note 2)As of the first quarter of the fiscal year 2025, the Steaming Coal Carriers and the Coastal Ships have been reclassifie d from the Energy Business segment to the Dry Bulk Business segment. 5. Exchange Rates (Against the US dollar) ¥4.30 [2.8%] ¥1.62 [1.0%] (Note)"Average rates" are average of monthly corporate rates in each term, while "term-end rates" are TTM rates on the last day of each term. <Overseas subsidiaries> ¥6.15 [4.3%] 6. Average Bunker Prices 1 6 - - Dry Bulk Business Energy Business Subtotal Ferries & Coastal RoRo Ships, Cruise Ships Others Product Transport Business Dry Bulk Carriers (including Steaming Coal Carriers) Tankers, Wind Power, Offshore, Liquefied Gas(LNG / Ethane Carriers, etc.) Subtotal Car carriers Containerships 369 355 130 100 30 367 357 133 106 27 937 18 63 935 No.of ships No.of ships No.of ships 14 58 462 64 55 9 107 214Owned Chartered 51 18 259 - 69 Increase / (Decrease)Nine months ended Dec.31, 2024 Nine months ended Dec.31, 2025 Term-end rates ¥142.73 ¥148.88 JPY Depreciated Change Change ¥152.79 As of Dec.31, 2024 Term-end rates ¥158.18 ¥156.56 As of Sep.30, 2024 As of Sep.30, 2025 JPY Appreciated JPY Appreciated Nine months ended Dec.31, 2024 137 Chartered Others As of Dec.31, 2025 Wellbeing & Lifestyle Business Associated Businesses and Others 30,000ࠉ Others As of Dec.31, 2025 As of Mar.31, 2025 437,195 543,9162,390,725ࠉ 301,200ࠉ 175,559ࠉ 27,000) No.of ships No.of ships 1,593,799ࠉ Others Commercial papers 72,930ࠉ 40,000ࠉ Purchase Prices US$608/MT US$529/MT US$(79)/MT As of Mar.31, 2025 Owned ¥149.52 Average rates ¥152.21 ¥147.91 Nine months ended Dec.31, 2025 FY2024 3 5 468 - - 7 17 63 ¥158.18 1,846,809ࠉ 141,838ࠉ 3,000ࠉ 33,721 No.of ships No.of ships No.of ships FY2024 17,527ࠉ 7,807 24,786ࠉ 22,103 Nine months ended Dec.31, 2024 Nine months ended Dec.31, 2025 Increase / (Decrease) 201,200ࠉ As of Dec.31, 2024 1,473,771ࠉ As of Dec.31, 2025 1,282,569ࠉ 198,300ࠉ 127,576ࠉ 102,790ࠉ 88,684ࠉ As of Mar.31, 2025 Increase / (Decrease) 71,157ࠉ 29,910 1,910,966ࠉ 100,000 93,260ࠉ 118,594ࠉ 25,334ࠉ (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 19
Page 20
7䠊䠊Market Information (1) Dry Bulker Market (Baltic Dry Index) (Index: January 1985 = 1,000) Source : Clarksons Research Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1,617 1,650 2,233 1,731 1,895 1,922 1,925 1,716 1,965 1,667 1,540 1,099 930 892 1,532 1,363 1,344 1,686 1, 819 2,000 2,124 1,996 2,184 2,339 (Note)The Graph and the table have different fluctuation ranges as the graph reflects daily figures while the table shows monthly averages. (2) Tanker Market (Daily Earnings) : VLCC AG/Japan trade (US$Charter Rate/day) Source : Clarksons Research Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 38,401 48,169 42,650 36,822 45,605 24,707 22,261 22,896 29,275 33,804 26,594 14,611 30,382 39,419 38,906 42,724 39,203 37,608 25,759 37,414 80,604 87,610 124,183 105,185 (Note)The Graph and the table have different fluctuation ranges as the graph reflects weekly figures while the table shows monthly averages. (3) Containership Market (China Containerized Freight Index) (Index: January 1st 1998 = 1,000) Source : Clarksons Research Average 2025 1,684 Monthly Average 2024 1,747 (Note)CCFI reflects the freight rate trend for container exports from China only, which does not always match the overall trend for container exports from Asia. Monthly Average Average 2025 57,416 2024 32,150 (Unaudited translation of "Kessan Tanshin", provided for reference only) January 30, 2026 20