Interim report
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( Unaudited translation of " Kessan Tanshin " , provided for reference only ) August 7 , 2026 MOL Mitsui O.S.K. Lines , Ltd. Financial Highlights : The First Quarter Ended June 30 , 2026 1. Consolidated Financial Highlights ( from April 1 , 2026 to June 30 , 2026 ) ( All financial information has been prepared in accordance with accounting principles generally accepted in Japan ) ( 1 ) Operating Results Revenues Operating profit Ordinary profit Profit attributable to owners of parent Net income per share Diluted net income per share Q1 / FY2026 ( \ Million ) Q1 / FY2025 730,987 432,704 38,516 37,078 52,153 52,233 61,056 52,817 ( ¥ ) 177.69 177.44 152.89 152.66 ( Note ) Effective from the first quarter of the current consolidated fiscal year , 384 consolidated subsidiaries whose fiscal year - end was December 31 in the previous fiscal year either changed their fiscal year - end to March 31 or were consolidated based on provisional financial statements as of March 31 , the consolidated fiscal year - end . As a result of this change in accounting period , the period subject to consolidation for these consolidated subsidiaries in the first quarter of the current fiscal year is the six - month period from January 1 , 2026 to June 30 , 2026 . ( 2 ) Financial Position Q1 / FY2026 6,202,420 3,035,960 48.0 % Total assets Total net assets Shareholders ' equity * / Total assets * Shareholders ' Equity is defined as follows . Shareholders ' Equity = Total Net Assets - ( Share option + Non - controlling interests ) 2. Dividends FY2025 FY2026 FY2026 ( Forecast ) ( \ Million ) FY2025 5,962,245 2,929,073 48.2 % ( ¥ ) Q1 Q2 Dividend per share Q3 Year - end Total 85.00 115.00 200.00 1 100.00 - 105.00 205.00
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(¥ Million) 1H/FY2026 FY2026 Revenues 1,235,000 2,230,000 Operating profit 65,000 135,000 Ordinary profit 126,000 225,000 Profit attributable to owners of parent 137,000 240,000 (¥) Net income per share 398.66 698.27 3. Forecast for the Fiscal Year Ending March 31, 2027 (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 2
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(1) Analysis of Operating Results (¥ Billion) Three months Year-on-year comparison / VarianceFrom April 1, 2025 to June 30, 2025 From April 1, 2026 to June 30, 2026 Revenues 432.7 730.9 298.2 / 68.9% Operating profit 37.0 38.5 1.4 / 3.9% Ordinary profit 52.2 52.1 (0.0) / (0.2%) Profit attributable to owners of parent 52.8 61.0 8.2 / 15.6% Exchange rate ¥145.25/US$ ¥159.14/US$ ¥13.89/US$ Bunker price* US$544/MT US$917/MT US$373/MT *Average price for all the major fuel grades 4. Business Performance The average exchange rate against the dollar for the first quarter of the current fiscal year decreased by ¥13.89/US$ to ¥159.14/US$ from the same period of the previous fiscal year. The average bunker price for the first quarter of the current fiscal year increased by US$373/MT to US$917/MT from the same period of the previous fiscal year. Due to the change in accounting period of 384 consolidated subsidiaries from the first quarter of the current consolidated fiscal year, the amounts for these consolidated subsidiaries reflect the consolidation of their results for the six-month period from January 1, to June 30, 2026. As a result, we recorded revenue of ¥730.9 billion, an operating profit of ¥38.5 billion, an ordinary profit of ¥52.1 billion and profit attributable to owners of parent of ¥61.0 billion. (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 3
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Upper: Segment Revenue, Lower: Segment Ordinary Profit (¥ Billion) Three months Year-on-year comparison / VarianceFrom April 1, 2025 to June 30, 2025 From April 1, 2026 to June 30, 2026 Dry Bulk Business 107.1 177.1 70.0 / 65.3% (3.4) 10.7 14.1 / －% Energy Business 61.3 115.2 53.9 / 87.9% 22.0 15.0 (6.9) / (31.6%) Chemical Logistics Business 65.1 164.8 99.6 / 152.9% 7.0 8.4 1.3 / 19.7% Product Transport Business 150.0 208.5 58.4 / 39.0% 30.7 7.0 (23.7) / (77.2%) Containership Business 22.2 31.1 8.8 / 39.8% 7.3 5.2 (2.1) / (28.6%) Wellbeing & Lifestyle Business 29.1 36.3 7.2 / 24.8% 0.6 1.9 1.3 / 211.0% Real Property Business 10.8 16.7 5.8 / 53.6% 1.8 4.6 2.8 / 149.1% Associated Businesses 13.7 17.1 3.3 / 24.5% 0.5 1.2 0.6 / 113.9% Others 6.0 11.7 5.6 / 93.0% 1.4 1.8 0.3 / 24.5% 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 rose sharply from late April, supported by robust shipments of iron ore from Western Australia and Brazil, and bauxite from West Africa, as well as an increasing number of vessels avoiding long-haul voyages due to concerns over fuel supplies amid the uncertain situation in the Middle East. From June onwards, the upward trend paused as iron ore shipments from Western Australia stabilized, but market conditions remained firm. For Panamax and smaller bulkers, market conditions rose from late April, underpinned by solid cargo movements of coal in the Pacific region, South American grain bound for China, and steel products from China. From June onwards, the upward trend paused, mainly due to the easing of port congestion in South America and the stabilization of coal shipments from Australia. However, market conditions remained firm. In the open-hatch vessel business of our consolidated subsidiary, Gearbulk Holding AG, profitability improved due to firm transport demand for the main cargo of pulp, enhanced vessel allocation efficiency, and the securing of project cargo transport contracts. Accordingly, the Dry Bulk Business recorded an increase in profit compared to the previous fiscal year. (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 4
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(B) Energy Business <Tankers> In the crude oil tanker market, the vessel supply-demand balance tightened due to an increase in ton-miles resulting from alternative procurement of Middle Eastern cargoes and a decrease in effective vessel supply, following the deterioration of the situation in the Middle East and the de facto closure of the Strait of Hormuz. Accordingly, market conditions remained above the level of the previous fiscal year. In the LPG carrier market, as in the crude oil tanker market, the vessel supply-demand balance tightened against the backdrop of an increase in ton-miles resulting from a shift in demand to North American cargoes following disruptions to loadings of Middle Eastern cargoes, as well as congestion in the Panama Canal. Accordingly, market conditions remained above the level of the previous fiscal year. Accordingly, the Tanker Business recorded an increase in profit compared to the previous fiscal year. <Offshore> The FPSO business continued to secure stable profit from existing long-term charter contracts. In addition, the steady progress of FPSO construction projects at MODEC, Inc., an equity-method affiliate, resulted in an increase in profit compared to the previous fiscal year. <Liquefied Gas> The LNG and Ethane Carrier Business recorded a decrease in profit compared to the previous fiscal year due to the absence of a one-time profit associated with the refinancing of an existing project recorded in the previous fiscal year. The Gas Infrastructure Business recorded a decrease in profit compared to the previous fiscal year, partly due to the termination of contracts. Accordingly, the Energy Business recorded a decrease in profit compared to the previous fiscal year. (C) Chemical Logistics Business In the Methanol Tanker and Product Tanker Businesses, earnings increased as Waterfront Shipping Limited, an equity-method affiliate of the Company, continued to perform solidly. In addition, the deterioration of the situation in the Middle East led to an increase in cargoes loading in the United States, temporarily tightening vessel supply and demand, and resulting in firm market conditions. In the Chemical Tanker Business, although cargo volumes from each loading port fluctuated due to the impact of U.S. tariffs and the situation in the Middle East, earnings improved as freight rates rose from April onward, reflecting an improvement in market conditions for U.S. Gulf loadings. In addition, earnings increased year on year due to the impact of the change in the fiscal year-end of the Company’s consolidated subsidiary MOL Chemical Tankers Pte. Ltd., which resulted in a six-month accounting period from January 1 to June 30, 2026. In the Tank Terminal Business, while the burden of goodwill amortization and other expenses associated with the acquisition of shares in LBC Tank Terminals Group Holding Netherlands Coöperatief U.A. continued, performance remained stable, supported by increased export demand from the United States for petroleum products and chemicals following the escalation of tensions in the Middle East. (D) Product Transport Business <Containerships> In the Containership Business, although freight market rates rose from May onward against the backdrop of strong cargo demand, mainly on routes from Asia to North America and Europe, Ocean Network Express Pte. (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 5
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Ltd., an equity-method affiliate, recorded a decrease in profit compared to the previous fiscal year due to the impact of higher fuel costs arising from Middle East tensions. Handling volumes at domestic container terminals remained broadly firm. <Vehicle Transport> Although demand for vehicle transport remained firm, profit decreased compared to the previous fiscal year due to the suspension of vessel deployments to Persian Gulf routes following the closure of the Strait of Hormuz, higher fuel costs, and vessel deployment restrictions resulting from congestion at certain ports. <Other Product Transport> In the overseas container terminal business, although higher fuel costs arising from Middle East tensions had an impact, handling volumes remained firm, as Vietnam’s overall import and export cargo volumes increased against the backdrop of a partial shift of supply chains to Vietnam due to U.S.-China trade friction. In the Logistics Business, the impact of Middle East tensions on supply chains continued, and handling volumes of air and ocean cargo were lower compared to the previous fiscal year. Accordingly, the Product Transport Business recorded a decrease in profit compared to the previous fiscal year. (E) Wellbeing & Lifestyle Business <Real Property> Daibiru Corporation the core of the Group's real property business, recorded an increase in profit compared to the previous fiscal year, driven by firm profit from its existing portfolio of office and commercial buildings, as well as profit contributions from newly acquired properties (Capital House and Warwick Court in the United Kingdom). <Ferries and Coastal RoRo Ships> At MOL Sunflower Ltd., profit decreased compared to the same period of the previous fiscal year due to a reduction in the number of sailings caused by rough weather, a decline in cargo volumes amid sluggish cargo conditions, and the impact of higher fuel costs. <Cruise> At MOL Cruises, Ltd., profit decreased compared to the previous fiscal year, as it has taken time to capture demand for MITSUI OCEAN FUJI. Accordingly, the Wellbeing & Lifestyle Business recorded an increase in profit compared to the previous fiscal year. (F) Associated Businesses The tugboat business recorded an increase in profit compared to the previous fiscal year, as the number of operations remained firm. (G) Others Other businesses, including ship operation, ship management, and financing, recorded an increase in profit compared to the previous fiscal year. (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 6
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(For consolidated cumulative second quarter of the fiscal year 2026) (¥ Billion) Previous outlook (As announced on April 30, 2026) Current outlook (As of announcement of Q1 financial results) Previous outlook Comparison / Variance Revenues 1,100.0 1,235.0 135.0 / 12.3% Operating profit 45.0 65.0 20.0 / 44.4% Ordinary profit 51.0 126.0 75.0 / 147.1% Profit attributable to owners of parent 77.0 137.0 60.0 / 77.9% Exchange rate ¥151.55/US$ ¥158.09/US$ ¥6.54/US$ Bunker price *1 US$610/MT US$624/MT US$14/MT Compliant fuel price *2 US$730/MT US$791/MT US$61/MT Previous outlook (As announced on April 30, 2026) Current outlook (As of announcement of Q1 financial results) Previous outlook Comparison / Variance Revenues 2,040.0 2,230.0 190.0 / 9.3% Operating profit 105.0 135.0 30.0 / 28.6% Ordinary profit 145.0 225.0 80.0 / 55.2% Profit attributable to owners of parent 170.0 240.0 70.0 / 41.2% Exchange rate ¥150.77/US$ ¥156.55/US$ ¥5.78/US$ Bunker price *1 US$550/MT US$567/MT US$17/MT Compliant fuel price *2 US$655/MT US$676/MT US$21/MT (2) Outlook for FY2026 As for the Current Forecast, there is no change from the forecast that announced in the news release on August 3,2026. titled "Notice of Revisions in Financial Forecasts for Fiscal Year Ending March 2027". (For consolidated full fiscal year 2026) *1 HSFO (High Sulfur Fuel Oil) average price *2 VLSFO (Very Low Sulfur Fuel Oil) average price The following outlooks by segment have been formulated based on the following assumptions. In the Persian Gulf, both westbound and eastbound navigation is expected to resume around October 2026 despite a limited number of routes, and conditions are expected to recover to pre-conflict levels around January 2027. Navigation in the Red Sea is expected to remain unavailable throughout the fiscal year. (A) Dry Bulk Business For Capesize bulkers, firm cargo movements are expected for iron ore from Western Australia and Brazil, as well as bauxite and iron ore from West Africa. In addition, new vessel completions are projected to remain limited, and market conditions are therefore expected to remain firm. For Panamax and smaller bulkers, market conditions are expected to remain firm, supported by solid cargo (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 7
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movements of coal, grain, and steel products. Meanwhile, there are concerns regarding the potential impact of the Middle East situation and any congestion in the Panama Canal. In the open-hatch vessel business, transport demand for the main cargoes of pulp and project cargo is expected to remain firm. Accordingly, the Dry Bulk Business expects an increase in profit compared to the previous forecast. (B) Energy Business For crude oil tankers, ton-miles are expected to remain at high levels as alternative procurement from North and South America and other regions continues against the backdrop of the unstable situation in the Middle East. Although market conditions are expected to gradually normalize due to new vessel completions and an anticipated increase in effective vessel supply if the situation in the Middle East eases, they are expected to remain firm. For LPG carriers, as with crude oil tankers, the shift in demand to North American cargoes is expected to continue against the backdrop of the unstable situation in the Middle East, and ton-miles are expected to remain at high levels. Additionally, congestion in the Panama Canal is expected to continue, sustaining tight vessel supply-demand conditions, and market conditions are therefore expected to remain firm. The Offshore Business is expected to continue securing stable profit from existing long-term charter contracts. The LNG and Ethane Carrier Business is expected to continue maintaining stable profit through the continuation of existing long-term charter contracts and the commencement of new contracts. The Gas Infrastructure Business expects earnings 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) Chemical Logistics Business In the Product Tanker Business, although uncertainty in market conditions is expected to persist due to the continued instability in the Middle East, performance is expected to remain firm, supported by medium-term contracts. In the Methanol Tanker Business, stable earnings are expected to continue based on existing long-term charter contracts . In the Chemical Tanker Business, although route restrictions and other factors arising from the deterioration of the situation in the Middle East had an impact, profit is expected to exceed the previous forecast, supported by an improvement in market conditions on U.S. exports where demand has increased as an alternative route. In the Tank Terminal Business, while goodwill amortization associated with the acquisition of shares in LBC Tank Terminals Group Holding Netherlands Coöperatief U.A. will continue, performance is expected to remain stable, supported by robust storage demand and existing long-term contracts with customers. Accordingly, the Chemical Logistics Business is expected to record a higher profit compared to the previous forecast. (D) Product Transport Business In the Containership Business, although high fuel costs are anticipated due to continued instability arising from Middle East tensions, profit is expected to increase compared to the previous forecast, supported by freight rate increase against the backdrop of strong cargo demand. Handling volumes at domestic container terminals are expected to remain firm. In the Vehicle Transport Business, although the closure of the Strait of Hormuz is expected to affect vessel deployment plans, we will closely monitor automobile sales and political and economic conditions for efficient (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 8
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operations through agile vessel deployment to meet firm demand for vehicle transport. In the overseas container terminal business, we plan to continue proceeding with the transfer of shares in the remaining terminal companies. Although a partial decrease in profit is expected due to high fuel costs arising from Middle East tensions, profit is expected to increase compared to the previous forecast, supported by firm handling volumes. In the Logistics Business, while the impact of geopolitical risks, including Middle East tensions, and delays in the recovery of demand in certain overseas regions are anticipated, we will work to improve its financial results through measures such as passing on higher costs arising from fluctuations in commodity prices and fuel prices. Accordingly, the Product Transport Business expects an increase in profit compared to the previous forecast. (E) Wellbeing & Lifestyle Business In the Real Property Business, Daibiru Corporation, the core of the Company's real property business, is expected to continue securing firm profit from its existing portfolio of office and commercial buildings, profit contributions from properties acquired in the previous fiscal year (Capital House and Warwick Court in the United Kingdom), profit contribution from the completion of Atrium Place in India, and returns from capital gain investments in Japan and overseas. The ferry and coastal RoRo ships businesses expect to secure a certain level of profit, supported by firm domestic cargo and passenger demand. Although increased fuel costs resulting from Middle East tensions are temporarily weighing on current earnings, the business will continue to strive to improve performance by appropriately reflecting fluctuations in fuel costs in freight rates and other charges, while closely monitoring demand trends. The Cruise Business is in a transitional phase from a one-vessel to a two-vessel operation. It is taking time for marketing and sales promotion activities, and profits are expected to fall below the previous forecast. Accordingly, the Wellbeing & Lifestyle Business expects a decrease in profit compared to the previous forecast. (F) Associated Businesses Associated Businesses, including the tugboat and the trading businesses, expect to secure firm earnings and record an increase in profit compared to the previous forecast. 5. Financial Position Total assets as of June 30, 2026 increased by ¥240.1 billion compared to the balance as of the end of the previous fiscal year, to ¥6,202.4 billion. This was primarily due to the increase in Vessels. Total liabilities as of June 30, 2026 increased by ¥133.2 billion compared to the balance as of the end of the previous fiscal year, to ¥3,166.4 billion. This was primarily due to the increase in Long-term bank loans. Total net assets as of June 30, 2026 increased by ¥106.8 billion compared to the balance as of the end of the previous fiscal year, to ¥3,035.9 billion. This was primarily due to the increase in Foreign currency translation adjustments. As a result, shareholders’ equity ratio decreased by 0.2 percentage points compared to the ratio as of the end of the previous fiscal year, to 48.0%. (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 9
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(¥ Million) As of March 31, 2026 As of June 30, 2026 Assets Current assets Cash and deposits 209,824 194,469 Trade receivables 141,435 169,208 Contract assets 13,050 16,043 Inventories 62,964 82,232 Deferred and prepaid expenses 39,134 45,363 Other current assets 204,984 185,871 Allowance for doubtful accounts (1,448) (2,097) Total current assets 669,944 691,092 Fixed assets Tangible fixed assets Vessels 1,353,598 1,432,976 Buildings and structures 315,877 337,624 Machinery, equipment and vehicles 85,559 89,937 Furniture and fixtures 8,575 9,033 Land 460,049 471,960 Construction in progress 532,185 532,968 Other tangible fixed assets 30,678 34,675 Total tangible fixed assets 2,786,523 2,909,175 Intangible assets Goodwill 133,898 133,700 Other intangible assets 130,208 134,792 Total intangible assets 264,106 268,492 Investments and other assets Investment securities 1,901,737 1,962,296 Long-term loans receivable 135,565 154,986 Long-term prepaid expenses 10,860 9,218 Retirement benefit assets 56,951 57,502 Deferred tax assets 2,887 2,351 Other non-current assets 143,042 157,234 Allowance for doubtful accounts (9,375) (9,929) Total investments and other assets 2,241,670 2,333,660 Total fixed assets 5,292,301 5,511,328 Total assets 5,962,245 6,202,420 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) August 7, 2026 10
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(¥ Million) As of March 31, 2026 As of June 30, 2026 Liabilities Current liabilities Trade payables 134,217 139,086 Bonds due within one year 50,400 400 Short-term bank loans 292,988 286,837 Commercial paper － 20,000 Accrued income taxes 11,510 3,987 Advances received 6,001 5,332 Contract liabilities 37,359 47,796 Provision for bonuses 13,276 8,039 Provision for directors’ bonuses 344 90 Provision for share-based payments 584 724 Provision for contract loss 436 598 Other current liabilities 109,046 118,861 Total current liabilities 656,166 631,754 Fixed liabilities Bonds due after one year 250,800 250,800 Long-term bank loans 1,724,321 1,839,514 Lease liabilities 161,690 200,248 Deferred tax liabilities 138,123 141,330 Retirement benefit liabilities 10,333 10,430 Provision for share-based payments 2,475 1,926 Provision for periodic drydocking 31,301 36,810 Provision for loss on guarantees 1,838 1,867 Provision for contract loss 5,071 4,884 Other fixed liabilities 51,049 46,894 Total fixed liabilities 2,377,005 2,534,706 Total liabilities 3,033,172 3,166,460 Net assets Owners’ equity Common stock 66,691 66,716 Capital surplus 113,909 114,127 Retained earnings 2,125,700 2,147,499 Treasury stock, at cost (99,314) (99,325) Total owners’ equity 2,206,986 2,229,018 Accumulated other comprehensive income Unrealized holding gains on available-for-sale securities, net of tax 61,385 59,282 Unrealized gains on hedging derivatives, net of tax 104,002 115,178 Foreign currency translation adjustments 471,586 545,716 Remeasurements of defined benefit plans, net of tax 30,259 29,388 Total accumulated other comprehensive income 667,233 749,566 Share option 147 136 Non-controlling interests 54,705 57,239 Total net assets 2,929,073 3,035,960 Total liabilities and net assets 5,962,245 6,202,420 (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 11
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(¥ Million) FY2025 (Apr. 1, 2025 - June. 30, 2025) FY2026 (Apr. 1, 2026 - June. 30, 2026) Shipping and other revenues 432,704 730,987 Shipping and other expenses 351,605 623,300 Gross operating income 81,099 107,686 Selling, general and administrative expenses 44,020 69,170 Operating profit 37,078 38,516 Non-operating income Interest income 4,348 9,267 Dividend income 3,857 3,737 Equity in earnings of affiliated companies, net 13,852 13,959 Foreign exchange gain, net － 11,800 Others 8,461 3,115 Total non-operating income 30,520 41,880 Non-operating expenses Interest expenses 9,177 25,227 Foreign exchange loss, net 5,544 － Others 643 3,016 Total non-operating expenses 15,365 28,244 Ordinary profit 52,233 52,153 Extraordinary income Gain on sale of fixed assets 681 13,404 Gain on return of retirement benefit trust 2,420 － Others 7,095 3,653 Total extraordinary income 10,197 17,058 Extraordinary losses Loss on sale of fixed assets 177 470 Loss on retirement of non-current assets 63 294 Loss arising from marine accident 342 － Others 185 375 Total extraordinary losses 768 1,140 Profit before income taxes 61,662 68,071 Income taxes 7,210 6,737 Net income 54,452 61,334 Profit attributable to non-controlling interests 1,635 278 Profit attributable to owners of parent 52,817 61,056 (2) Consolidated Statements of Income (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 12
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(¥ Million) FY2025 (Apr. 1, 2025 - June. 30, 2025) FY2026 (Apr. 1, 2026 - June. 30, 2026) Net income 54,452 61,334 Other comprehensive income Unrealized holding gains (losses) on available-for-sale securities, net of tax (714) (1,981) Unrealized gains (losses) on hedging derivatives, net of tax (26,584) 8,672 Foreign currency translation adjustments (42,620) 46,862 Remeasurements of defined benefit plans, net of tax (2,038) (870) Share of other comprehensive income of affiliated companies accounted for using equity method (58,499) 30,424 Total other comprehensive income (130,456) 83,107 Comprehensive income (76,004) 144,442 (Breakdown) Comprehensive income attributable to owners of parent (76,310) 143,389 Comprehensive income attributable to non-controlling interests 305 1,053 (3) Consolidated Statements of Comprehensive Income (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 13
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(¥ Million) Q1 / FY2025 (Apr. 1 - June. 30, 2025) Reportable Segment Dry Bulk Business Energy Business Chemical Logistics Business Product Transport Business Wellbeing & Lifestyle Business Associated Businesses Sub TotalContainership Business Vehicle Transport, Terminal and Logistics Business Real Property Business Ferries & Coastal RoRo Ships, Cruise Business Revenues 1. Revenues from external customers 107,156 61,363 65,159 22,256 127,793 10,880 18,271 13,742 426,624 2. Inter-segment revenues 65 2 2,768 164 468 1,001 95 7,440 12,008 Total Revenues 107,222 61,366 67,928 22,421 128,261 11,882 18,367 21,183 438,632 Segment profit (loss) (3,448) 22,026 7,086 7,372 23,402 1,884 (1,264) 561 57,619 Q1 / FY2025 (Apr. 1 - June. 30, 2025) Others *1 Total Adjust- ment *2 Consoli- dated *3 Revenues 1. Revenues from external customers 6,079 432,704 － 432,704 2. Inter-segment revenues 3,756 15,764 (15,764) － Total Revenues 9,836 448,468 (15,764) 432,704 Segment profit (loss) 1,489 59,109 (6,875) 52,233 (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 ¥-6,875 million include the following: ¥-11,517 million of corporate profit which is not allocated to segments, ¥5,594 million of adjustment for management accounting and ¥-952 million of inter-segment transaction elimination. * 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income. (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 14
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(¥ Million) Q1 / FY2026 (Apr. 1 - June. 30, 2026) Reportable Segment Dry Bulk Business Energy Business Chemical Logistics Business Product Transport Business Wellbeing & Lifestyle Business Associated Businesses Sub TotalContainership Business Vehicle Transport, Terminal and Logistics Business Real Property Business Ferries & Coastal RoRo Ships, Cruise Business Revenues 1. Revenues from external customers 177,174 115,278 164,808 31,117 177,396 16,713 19,659 17,104 719,252 2. Inter-segment revenues 24 49 2,014 186 416 1,091 91 7,144 11,018 Total Revenues 177,199 115,327 166,823 31,303 177,812 17,805 19,750 24,249 730,270 Segment profit (loss) 10,722 15,062 8,482 5,264 1,742 4,693 (2,767) 1,201 44,401 Q1 / FY2026 (Apr. 1 - June. 30, 2026) Others *1 Total Adjust- ment *2 Consoli- dated *3 Revenues 1. Revenues from external customers 11,735 730,987 － 730,987 2. Inter-segment revenues 4,022 15,041 (15,041) － Total Revenues 15,757 746,028 (15,041) 730,987 Segment profit (loss) 1,854 46,256 5,896 52,153 * 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 ¥5,896 million include the following: ¥-2,721 million of corporate profit which is not allocated to segments, ¥8,609 million of adjustment for management accounting and ¥7 million of inter-segment transaction elimination. * 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income. * 4. For 384 consolidated subsidiaries, due to the change in the consolidation method whereby their fiscal year-end was changed to March 31 or they were consolidated based on provisional financial statements prepared in accordance with the annual closing procedures as of March 31, the consolidated fiscal year-end, the period subject to consolidation for these consolidated subsidiaries in the first quarter of the current consolidated fiscal year is the six-month period from January 1, 2026 to June 30, 2026. As a result, for the first quarter of the current consolidated fiscal year, revenue increased by ¥35,687 million and segment profit decreased by ¥1,109 million in the "Dry Bulk Business"; revenue and segment profit increased by ¥42,312 million and ¥361 million, respectively, in the "Energy Business"; revenue and segment profit increased by ¥73,698 million and ¥2,717 million, respectively, in the "Chemical Logistics Business"; revenue and segment profit increased by ¥8,954 million and ¥438 million, respectively, in the "Containership Business"; revenue increased by ¥34,417 million and segment profit decreased by ¥1,393 million in the "Vehicle Transport, Terminal and Logistics Business"; revenue and segment profit increased by ¥2,969 million and ¥1,544 million, respectively, in the "Real Property Business"; revenue and segment profit increased by ¥1,312 million and ¥44 million, respectively, in the "Ferries & Coastal RoRo Ships, Cruise Business"; and revenue and segment profit increased by ¥8,282 million and ¥1,270 million, respectively, in the "Others". * 5. Notes to changes in reportable segments: Effective from the first quarter of the current consolidated fiscal year, the reportable segments have been changed as follows. (i) The "Chemical Logistics Business" was newly established as a reportable segment by combining the “Product Tanker Business”, “Chemical Tanker Business”, and “Methanol Tanker Business”, which were previously included in the “Energy Business”, with the “Tank Terminal Business”, which was previously included in the “Vehicle Transport, Terminal and Logistics Business”. (ii) Certain consolidated subsidiaries which were previously presented in the “Vehicle Transport, Terminal and Logistics Business” are now included in the “Containership Business”. As a result, Revenues and Segment profit (loss) for the first quarter of the previous consolidated fiscal year have been reclassified and restated to conform to the presentation for the first quarter of the current consolidated fiscal year. (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 15
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(¥ Million) FY2025 (Apr. 1, 2025 - June. 30, 2025) FY2026 (Apr. 1, 2026 - June. 30, 2026) Depreciation and amortization 39,161 78,554 (Notes on the quarterly consolidated cash flow statement) There is no quarterly consolidated statement of cash flows for the three months ended June 30, 2026. Depreciation (including amortization of intangible assets except for goodwill) and amortization for the three months ended June 30, 2026 is as follows: [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) August 7, 2026 16
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1. Review of Quarterly Results Q1 Q2 Q3 Q4 Apr-Jun, 2026 Jul-Sep, 2026 Oct-Dec, 2026 Jan-Mar, 2027 Revenues [¥Million] 730,987 Operating profit (loss) 38,516 Ordinary profit (loss) 52,153 Income (Loss) before income taxes 68,071 Profit (Loss) attributable to owners of parent 61,056 Net income (loss)* per share [¥] 177.69 Net income (loss)* per shareɻ(Diluted basis) 177.44 Total Assets [¥Million] 6,202,420 Total Net Assets 3,035,960 *Profit (Loss) attributable to owners of parent (Note) As a result of the change in accounting period, the period subject to consolidation for the 384 consolidated s ubsidiaries whose fiscal year-end was December 31 in the previous fiscal year is the six-month period from J anuary 1, 2026 to June 30, 2026. Q1 Q2 Q3 Q4 Apr-Jun, 2025 Jul-Sep, 2025 Oct-Dec, 2025 Jan-Mar, 2026 Revenues [¥Million] 432,704 437,068 475,673 479,651 Operating profit (loss) 37,078 34,745 31,796 23,382 Ordinary profit (loss) 52,233 62,373 46,757 14,475 Income (Loss) before income taxes 61,662 73,245 84,180 19,916 Profit (Loss) attributable to owners of parent 52,817 63,392 64,481 32,569 Net income (loss)* per share [¥] 152.89 184.62 187.73 94.81 Net income (loss)* per shareɻ(Diluted basis) 152.66 184.34 187.46 94.66 Total Assets [¥ Million] 5,336,771 5,403,742 5,623,957 5,962,245 Total Net Assets 2,552,435 2,614,480 2,731,102 2,929,073 *Profit (Loss) attributable to owners of parent (Note) In the fourth quarter of consolidated fiscal year 2025, the provisional accounting treatment for the business combination was fin alized, and the figures for the fiscal year 2025 reflect the finalization of the provisional accounting treatment. [ Supplement ] <FY2025> <FY2026> (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 17
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2. Depreciation and Amortization (¥ Million) Vessels Others Total 3. Interest-bearing Debt (¥ Million) Bank loans Bonds Total (Note) In the fourth quarter of consolidated fiscal year 2025, the provisional accounting treatment for the business combination was finalized, and the figures for the fiscal year 2025 reflect the finalization of the provisional accounting treatment. 4. Fleet Capacity (No. of ships) Chemical Logistics Business 154 (84) 47 (19) 5 (-) 206 (103) 203 (106) 150 (Note 2) Partial ownership of a ship is counted as one ship. (Note 3) Since the first quarter of the current consolidated fiscal year, "Product Tankers", "Chemical Tankers", and "Methanol Tankers" are excluded from "Energy Business", and are included in "Chemical Logistics Business", due to the restructuring of a part of the organization. As a result, the fleet capacity as of Mar. 31, 2026 is adjusted to conform to the presentation for the first quarter of the current consolidated fiscal year. 5. Exchange Rates (Against the US dollar) ¥13.89 [9.6%] ¥17.58 [12.1%] (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. 6. Average Bunker Prices 172,176 2,327,469 2,017,309 301,200 - 177,007 27 13 As of Mar.31, 2026 109360 Wellbeing & Lifestyle Business Associated Businesses and Others Total Ferries & Coastal RoRo Ships, Cruise Ships Others No. of ships No. of ships No. of ships Owned As of Jun.30, 2026 109,042 119,455 -- Containerships Product Transport Business (Note 1) The number of vessels presented includes vessels for which certain equity method affiliates (mainly those of whom the Company owns 50%) Three months ended Jun.30, 2025 Change are involved in procurement, construction, financing, and operation. The figures in parentheses indicate the number of vessels in which the equity method affiliates are involved. 452 3 5 489 As of Mar.31, 2026 17 64 930 6 As of Jun.30, 2026 16 64 947 Chartered 20,000 (50,000) 40,413 Car carriers Others Commercial papers 20,000 ¥149.91 Energy Business 267 101 57 9 No. of ships No. of ships No. of ships 104 52 52 18 372 153 109 27 ¥144.81 ¥162.39 2,126,351 2,495,517 Dry Bulk Business No. of ships No. of ships Dry Bulk Carriers (including Steaming Coal Carriers) Crude Oil Tankers, LPG/Ammonia Carriers, Wind Power, Offshore, LNG / Ethane Carriers, Gas Infrastructure Product Tankers, Chemical Tankers, Methanol Tankers 2,614,972 251,200 217,420 1- 59 168,246 1,832,893 Chartered Others Purchase Prices US$544/MT US$917/MT US$373/MT Others ¥159.88 Average rates ¥145.25 ¥159.14 Three months ended Jun.30, 2026 FY2025 -- Increase / (Decrease)Three months ended Jun.30, 2025 Three months ended Jun.30, 2026 Term-end rates 201,200 121,200 JPY Depreciated JPY Depreciated Owned FY2025 21,955 14,795 24,598 Three months ended Jun.30, 2025 Three months ended Jun.30, 2026 Increase / (Decrease) As of Jun.30, 2025 56,599 As of Jun.30, 2026As of Mar.31, 2026 Increase / (Decrease) 78,554 39,39339,161 32,001 7,160 129,346 38,899 (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 18
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7䠊䠊Market Information (1) Dry Bulker Market (Baltic Dry Index) (Index: January 1985 = 1,000) Source : Clarksons Research Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 930 892 1,532 1,363 1,342 1,686 1,819 2,000 2,124 1,996 2,184 2,339 1,777 2,041 2,047 2,443 3,049 2,775 (Note) The Graph and the table have different fluctuation ranges as the graph reflects daily figures while the table shows monthly averages. Source : Clarksons Research Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 30,382 39,419 38,906 42,724 39,203 37,608 25,759 37,414 80,604 87,610 124,183 105,185 85,980 155,841 403,020 464,930 402,333 367,591 (Note) The Graph and the table have different fluctuation ranges as the graph reflects weekly figures while the table shows monthly averages. (3) Containership Market (China Containerized Freight Index) (Index: January 1, 1998 = 1,000) Source : Clarksons Research (2) Tanker Market (Daily Earnings) : VLCC AG/Japan trade (US$ Charter Rate/day) AverageMonthly Average 2,3552026 1,6842025 (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 2026 313,282 2025 57,416 (Unaudited translation of "Kessan Tanshin", provided for reference only) August 7, 2026 19