Slides
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SCH Grow the new Story . New logistics , nurturing a new society together . SG Holdings Co. , Ltd. Results Presentation for FY2027 / 3 Q1 August 7 , 2026
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 3. Appendix 10–24 1 1. Executive Summary 1– 4 2. Progress of Each Segment 5– 9
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. Note (1) Amounts less than 100 million yen are rounded down. 2 Financial Highlights for FY 2027/3 Q1 Q1 Results • Revenue and income increased year on year in Q1 • Delivery Business: Revenue increased due to growth in the number of packages. Income progressed steadily • Logistics Business: Low-temperature logistics drove performance, with income remained solid • Global Logistics Business: Revenue and income increased, supported by strong cargo volume and the upward trend in air freight rates Full-Year Forecast • While the Global Logistics Business is expected to remain solid, uncertainty remains regarding the outlook for the Group’s overall business environment. Accordingly, the full-year earnings forecast remains unchanged at this time (Units: billions of yen) FY2027/3 H1 earnings forecast YoY change YoY change +79.9 +95.2 Operating income 20.0 +2.6 36.0 97.0 +6.7 Ordinary income 20.5 +2.6 34.0 95.0 +3.2 Net income attributable to owners of the parent 12.2 +2.1 20.0 60.0 +0.9 ROE 11.0% +0.5pt ROIC 6.8% (0.2)pt FY2027/3 Q1 FY2027/3 earnings forecast Operating revenue 447.3 846.0 1,740.0
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. Notes (1) Amounts less than 100 million yen are rounded down. (2) Transportation Management System. A value-added transportation service other than express package delivery services utilizing the Group’s logistics network. Including TMS sales from the Logistics Business and Global Logistics Business. (3) Excluding TMS. (4) Refers to Meito/Hutech. Meito/Hutech is a collective term for Group companies engaged in low-temperature logistics in the Logistics Business. 3 Analysis of Changes in Operating Income 447.3 [Express Package Delivery, TMS] ➢ Average unit price : 653 yen [(6) yen YoY] ➢ Total number of packages : 349 million packages [YoY 106.8%] ➢ TMS sales : 34.1 billion yen [YoY 104.8%] FY2026/3 Q1 FY2027/3 Q1 Express Package Delivery TMS(2) Low- temperature logistics(4) Ambient temperature logistics(3) Impact of deconsolidation of a subsidiary in the previous fiscal year Expolanka Morrison Other(3) Other +1.5 (2.8)+12.8 +0.9 +1.9 +14.3 +48.6 +0.2 +2.5 367.4 447.3Logistics Business Global Logistics Business Delivery Business (Units: billions of yen) Underlying revenue growth +14.3
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. ・ Operating revenue +16.7 billion yen - Express package delivery sales +12.8 billion yen - TMS sales +1.5 billion yen ・ Personnel expenses +6.7 billion yen ・ Outsourcing expenses +7.7 billion yen * See page 15 for details of expenses Delivery Business [Low-temperature logistics] Meito/Hutech ・ Operating income +0.2 billion yen [Ambient temperature logistics] ・ Impact of deconsolidation of a subsidiary in the previous fiscal year (0.1) billion yen Logistics Business [Expolanka] ・ Operating income +1.4 billion yen [Morrison] ・ Operating income +3.6 billion yen ・ Amortization of goodwill, etc. +1.4 billion yen Global Logistics Business Notes (1) Amounts less than 100 million yen are rounded down. (2) TMS sales include TMS sales from the Logistics Business and Global Logistics Business. (3) Changes in expenses indicates YoY differences. (4) The changes in operating income for Meito/Hutech, Expolanka and Morrison do not include amortization of goodwill, etc. or royalty expenses. Analysis of Changes in Operating Income 4 17.4 20.0 (Units: billions of yen) FY2026/3 Q1 FY2027/3 Q1 Delivery Business Logistics Business Real Estate Business Global Logistics Business Other Businesses Adjustments(1.0) (0.0) +2.5 +0.0 +0.0 +1.1Including the impact of the revision to the timing of recording bonus accruals (1.6) billion yen
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 3. Appendix 10–24 1. Executive Summary 1– 4 2. Progress of Each Segment 5– 9 5
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (Units: billions of yen) FY2027/3 Q1 YoY (%) FY2027/3 earnings forecast Progress rate Assessment Major Factors Behind Changes (YoY) Operating revenue 268.4 106.7% 1,090.0 25% Operating income 12.6 92.6% 76.0 17% Operating margin 4.7% － 7.0% － Operating revenue 51.0 99.5% 210.0 24% Operating income 1.9 98.0% 7.5 26% Operating margin 3.8% － 3.6% － Operating revenue 112.7 227.9% 380.0 30% Operating income 2.7 2,047.8% 4.0 68% Operating margin 2.4% － 1.1% － Operating revenue 1.7 98.0% 13.0 13% Operating income 1.2 101.0% 6.5 19% Operating margin 71.3% － 50.0% － Operating revenue 13.2 101.4% 47.0 28% Operating income 0.7 109.9% 2.0 38% Operating margin 5.7% － 4.3% － Real Estate Business Other Businesses Delivery Business Logistics Business Global Logistics Business Results by Segment 6 - Revenue increased due to sales activities and productivity improvements - Overall performance remained solid despite the impact of changes in the size mix on unit prices and temporary factors - Performance remained solid due to increased handling volume and progress in initiatives to receive appropriate fees in the low-temperature logistics - Revenue increased due to the consolidation of Morrison beginning in Q2 of the previous fiscal year - Yield improved by capitalizing on the upward trend in air freight rates, while cargo volume also exceeded the plan - Remained in line with the previous year - Income increased due to factors including higher sales of new vehicles, primarily large trucks Note (1) Amounts less than 100 million yen are rounded down.
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 7 Note (1) Delivery services provided at locations where consumers (individual customers) stop by. Delivery Business: Q1 Progress ➢ Cross-border e-commerce remained solid due to an increase in packages from existing customers. Both Hikyaku Cool Express ® and Real Commerce ® , which are high-value-added services, made steady progress as a result of sales activities and other initiatives Breakdown of Changes in Operating Income [Q1 Progress: Package Volume] [Q1 Progress: Average Unit Price] Impact of the Middle East Situation Current Status Outlook / Measures • Fuel costs and outsourcing expenses increased due to higher fuel prices • Absorbed the impact on income through sales activities and productivity improvements • In Japan, although progress in sourcing alternative supplies of crude oil has reduced the risk of supply shortages, uncertainty remains regarding energy- related costs • The introduction of a surcharge will continue to be considered as part of efforts to prepare for significant fluctuations in the business environment FY2026/3 Q1 Actual vs FY2027/3 Q1 Actual → • Despite rising costs, performance remained on par with the previous year through sales activities and productivity improvements * A temporary negative impact on income of (1.6) billion yen is expected in the first half due to a revision to the timing of recording accrued bonuses FY2027/3 Q1 Plan vs FY2027/3 Q1 Actual → • Despite unplanned cost increases due to higher fuel prices, income exceeded the plan due to growth in the number of packages and productivity improvements • TMS is progressing steadily YoY +7% YoY (1) % Progress in Growth Areas FY2026/3 Q1 FY2027/3 Q1Domestic e-commerce/ BtoB, etc. Cross-border e-commerce 326 +6 +17 349 (Units: millions of packages) YoY +22% FY2026/3 Q1 FY2027/3 Q1Appropriate freight tariffs collection effect Impact of package size, etc. 659 yen 653 yen+2 yen +1 yen Cross-border e-commerce unit price improvement (9) yen YoY +6% Service FY2027/3 Full-year Target FY2027/3 Q1 Actual Cross-border e-commerce* ー ー 30 million packages 122.3% Hikyaku Cool Express 53 million packages 114% 10 million packages 108.4% Real Commerce (1) 4 million packages 207% 0.9 million packages 418.6% (YoY) (YoY) *The focus in the current fiscal year will be on sustainable growth with an emphasis on profitability, as the Mid-Term Management Plan package volume target for cross-border e-commerce was achieved in FY2026/3 ◼ The number of packages increased as cross-border e-commerce remained strong and packages in other areas also grew. Growth areas also performed solidly ◼ Despite the impact of the size mix on average unit price, operating income exceeded the plan, supported by a balanced management of package volume and costs
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. FY2026/3 1Q Actual FY2027/3 1Q Actual YoY (%) Logistics Business (Total)(2) Operating revenue 48.5 51.0 105.2％ Operating income (excluding amortization of goodwill, etc.) 2.9 3.0 103.2％ Operating margin 6.1% 6.0％ (0.1)pt Low- temperature logistics Operating revenue 30.3 32.3 106.5% Operating income(3) 1.6 1.9 117.0% Operating margin 5.6% 6.1％ +0.6pt 8 Logistics Business: Q1 Progress Impact of the Middle East Situation Breakdown of Changes in Operating Income Current Status Outlook / Measures • The impact was minimal because fuel surcharges have already been introduced for transportation and power costs in low-temperature logistics • In ambient temperature logistics, costs were incurred ahead of schedule due to the early delivery of material handling equipment and other items for new projects (minimal impact on income) • Measures have been implemented to address changes in the business environment, including rising fuel prices, and no significant impact is expected Notes (1) Amounts less than 100 million yen are rounded down. (2) The comparison is based on figures excluding the results of a subsidiary deconsolidated in the previous fiscal year (operating revenue: 2.8 billion yen; operating income: 0.1 billion yen). (3) Operating income in low-temperature logistics includes royalty expenses payable to SG Holdings. Operating income shown on page 16 excludes such expenses in order to present the stand-alone results. FY2026/3 Q1 Actual vs FY2027/3 Q1 Actual → • Low-temperature logistics remained solid due to increased handling volumes and other factors, while the segment as a whole finished in line with the previous year, reflecting the impact of the deconsolidation of subsidiaries in the previous fiscal year FY2027/3 Q1 Plan vs FY2027/3 Q1 Actual • Despite upfront costs related to new projects in ambient logistics, performance exceeded the plan, supported by increased handling volumes and progress in receiving appropriate fees in low-temperature logistics [Breakdown of Logistics Business] Progress in Low-Temperature and Ambient Temperature Logistics ➢ Ambient temperature logistics: Income declined due to upfront costs related to new projects and the accelerated procurement of equipment. However, preparations for monetization from Q2 onward progressed steadily. (Five new large-scale projects have already been secured and are expected to contribute to earnings from the second half onward) ➢ Low-temperature logistics: Volume increased due to the expansion of joint delivery services driven by growing demand for frozen foods and a broader product range in convenience store deliveries, while the collection of appropriate fees progressed ７つのシナジー進捗も、施策によって濃淡はあるものの上記の影響で既 (Units: billions of yen) Meito Transportation (Joint Delivery Volume) Hutech norin (DC Business) 102.9% 101.9% ◼ Performance remained solid, due to increased handling volumes in low-temperature logistics and progress in initiatives to receive appropriate fees ◼ From Q2 onward, low-temperature logistics is expected to continue growing through new business opportunities and deeper engagement with existing customers, while ambient logistics is expected to improve profitability as projects move into full-scale operation Low-Temperature Logistics: Key Volume Trends (vs. Q1 FY2026/3)
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 9 Global Logistics Business: Q1 Progress Notes (1) EFL is a general term for Group companies with forwarding functions that are subsidiaries of Expolanka. (2) The handling volume of Morrison includes results before consolidation as reference figures. Impact of the Middle East Situation Outlook / Measures Breakdown of Changes in Operating Income Progress of Key Actions FY2026/3 Q1 Actual vs FY2027/3 Q1 Actual • Income increased due to the commencement of consolidation of Morrison • Yield improved due to rising air freight rates • Performance was strong due to successful cargo volume acquisition through enhanced sales efforts FY2027/3 Q1 Plan vs FY2027/3 Q1 Actual • Yield improved as air freight rates increased more than expected • Secured more cargo volume than planned through enhanced sales efforts [Cargo Handling Volume and Unit Selling Price: FY2026/3 Q1 vs. FY2027/3 Q1 / FY2027/3 Q1 Plan vs. Actual] (1)(2) EFL Morrison Air YoY (%) vs. plan Cargo volume 110% 96% Unit selling price 128% 126% Ocean YoY (%) vs. plan Cargo volume 106% 94% Unit selling price 109% 107% Air YoY (%) vs. plan Cargo volume 125% 115% Unit selling price 108% 105% Ocean YoY (%) vs. plan Cargo volume 117% 101% Unit selling price 98% 102% ➢ EFL cost structure reform is progressing in line with the plan ➢ Expansion of cargo volume at Morrison and creation of synergies are advancing • The upward trends in freight rates and yield are expected to gradually normalize going forward • Structural reforms and synergy initiatives will be steadily advanced, considering changes in the business environment arising from U.S. tariff policies, geopolitical risks, and other factors EFL cost structure reform • Structural reforms aimed at reducing costs by USD 24 million are underway • Cost reductions of USD 2.3 million were realized as of Q1 Strengthening Morrison’s sales capabilities • Strengthened sales activities, primarily targeting major semiconductor manufacturers • Secured cargo volume above planned levels through successful sales activities Promotion of synergy creation • Steadily progressed toward achieving the FY2027/3 target of USD 12.0 million • The effect as of Q1 was USD 4.0 million ◼ EFL’s cost structure reform is progressing in line with the plan. Morrison is also progressing steadily, with the benefits of enhanced sales initiatives becoming evident ◼ Improved yields amid favorable air freight market conditions also contributed to Q1 performance. Structural reforms will continue to be implemented from Q2 onward while closely monitoring market conditions
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 3. Appendix 10–24 10 1. Executive Summary 1– 4 2. Progress of Each Segment 5– 9 (1) Consolidated Balance Sheet P.11 (8) [Reference] Results of Morrison P.18 (2) Consolidated Statement of Cash Flows P.12 (9) Consolidated Earnings and Dividend Forecast (Reshown) P.19 (3) Consolidated Statement of Cash Flows - General Breakdown P.13 (10) Consolidated Earnings Forecast (FY2027/3 H1) (Reshown) P.20 (4) Summary of Consolidated Financial Results (Single Quarters) P.14 (11) Earnings Forecast by Segment (Reshown) P.21 (5) Delivery Business - Summary of Financial Results (Single Quarters) P.15 (12) Profit Growth Driven by Synergy Effect P.22 (6) Results of Meito/Hutech P.16 (13) Status of Products and Services P.23 (7) Results of Expolanka P.17 (14) Status of Employees, Vehicles and Locations P.24
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (1) Consolidated Balance Sheet 11 (Units: billions of yen) (Units: billions of yen) Current assets 383.4 397.4 Liabilities 680.3 694.6 Cash and deposits 96.7 94.6 Accounts payable 101.2 106.6 Accounts receivable and other receivables 230.6 249.2 Interest-bearing debt 394.4 392.9 Inventories 28.0 27.9 Other 184.6 195.1 Other current assets 28.1 25.6 Non-current assets 845.5 843.9 Net assets 548.6 546.7 Property, plant and equipment 544.3 543.8 Portion attributable to owners of the parent 546.1 544.3 Goodwill 145.5 144.5 Non-controlling interests 2.4 2.3 Other non-current assets 155.5 155.5 Total assets 1,229.0 1,241.4 1,229.0 1,241.4 44.4% 43.9% FY2026/3 FY2027/3 Q1 FY2026/3 FY2027/3 Q1 Equity ratio Total liabilities and net assets Note (1) Amounts less than 100 million yen are rounded down.
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (2) Consolidated Statement of Cash Flows 12 Notes (1) Amounts less than 100 million yen are rounded down. (2) Free cash flows = cash flows from operating activities + cash flows from investing activities. (3) The balance does not match the amount of cash and deposits on the consolidated balance sheet due to the existence of time deposits with maturities exceeding three months as of FY2027/3 Q1. (Units: billions of yen) Cash flows from operating activities 30.2 27.9 Cash flows from investing activities (133.9) (4.3) Free cash flows(2) (103.7) 23.6 Cash flows from financing activities 84.1 (21.9) Net increase (decrease) in cash and cash equivalents (19.8) (0.1) Cash and cash equivalents at the end of the period(3) 96.9 92.7 FY2026/3 Q1 FY2027/3 Q1
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (3) Consolidated Statement of Cash Flows - General Breakdown 13 FY2027/3 Q1 (Units: billions of yen) • Cash flows from operating activities 27.9 • Cash flows from investing activities (4.3) Major components: Major components: Income before income taxes 19.3 Proceeds from withdrawal of time deposits 1.9 Depreciation and amortization 12.5 Proceeds from sales of securities 1.6 Amortization of goodwill 2.3 Purchases of property, plant and equipment (6.9) Net changes in accrued bonuses 14.0 Purchases of intangible assets (1.5) Foreign exchange losses (gains) (1.7) Net changes in trade notes and accounts receivable (17.6) • Cash flows from financing activities (21.9) Net changes in trade notes and accounts payable 7.3 Major components: Net changes in deposits received (1.6) Net changes in short-term bank loans 2.4 Net changes in accrued expenses 3.4 Repayment of long-term bank loans (5.2) Net changes in accrued consumption taxes 8.5 Repayments of lease obligations (2.7) Income taxes paid (19.0) Cash dividends paid (16.4) Note (1) Amounts less than 100 million yen are rounded down.
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (4) Summary of Consolidated Financial Results (Single Quarters) 14 (Units: billions of yen) Operating revenue 367.4 447.3 + 79.9 121.7% Operating expenses 349.9 427.2 + 77.2 122.1% Personnel expenses 122.0 134.6 + 12.5 110.3% Outsourcing expenses 168.6 226.6 + 58.0 134.4% Fuel expenses 4.3 5.4 + 1.1 125.9% Depreciation and amortization 10.9 12.5 + 1.5 114.4% Other expenses 43.9 47.9 + 3.9 109.0% Operating income 17.4 20.0 + 2.6 114.9% [Operating margin] [ 4.8% ] [ 4.5% ] Ordinary income 17.8 20.5 + 2.6 115.0% 10.1 12.2 + 2.1 120.8%Net income attributable to owners of the parent FY2026/3 Q1 FY2027/3 Q1 YoY change YoY (%) Note (1) Amounts less than 100 million yen are rounded down.
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 15 (5) Delivery Business - Summary of Financial Results (Single Quarters) Notes (1) Amounts less than 100 million yen are rounded down. (2) Operating revenue is presented as “operating revenue from external customers.” Operating expenses show operating expenses to total segment operating revenue, including “intersegment operating revenue and transfers.” (Units: billions of yen) Operating revenue 251.7 268.4 + 16.7 106.7% Operating expenses 248.8 266.1 + 17.3 107.0% Personnel expenses 87.3 94.1 + 6.7 107.7% Outsourcing expenses 126.2 134.0 + 7.7 106.1% Fuel expenses 3.1 3.9 + 0.7 124.0% Depreciation and amortization 6.1 6.6 + 0.4 107.9% Other expenses 25.8 27.4 + 1.6 106.2% Operating income 13.7 12.6 (1.0) 92.6% [Operating margin] [ 5.4% ] [ 4.7% ] FY2026/3 Q1 FY2027/3 Q1 YoY change YoY (%)
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (6) Results of Meito/Hutech 16 Logistics Business (Units: billions of yen) Operating revenue 30.3 32.3 + 1.9 106.5% Operating costs 27.5 29.7 + 2.1 107.8% Operating gross profit 3.0 3.3 + 0.3 111.1% Selling, general and administrative expenses 1.0 1.1 + 0.0 103.2% Operating income 1.9 2.2 + 0.2 115.6% FY2026/3 Q1 FY2027/3 Q1 YoY change YoY (%) Notes (1) Amounts less than 100 million yen are rounded down. (2) Operating revenue shows “operating revenue from external customers.” Operating costs and selling, general and administrative expenses show operating expenses to total operating revenue, including “group internal operating revenue.” However, selling, general and administrative expenses are presented excluding royalty expenses payable to SGH. Operating income is calculated based on this figure.
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (7) Results of Expolanka 17 Global Logistics Business Notes (1) Amounts less than 100 million yen are rounded down. (2) Rounded down to the nearest whole number. (3) Average rate for the period (Cumulative AR). (4) Operating revenue is presented as “operating revenue from external customers.” Operating costs and selling, general and administrative expenses show operating expenses to total operating revenue, including “group internal operating revenue.” (Units: billions of yen) Operating revenue 38.8 53.1 + 14.3 137.0% Operating costs 31.1 43.7 + 12.6 140.5% Operating gross profit 7.6 9.5 + 1.8 124.2% Selling, general and administrative expenses 7.5 8.0 + 0.4 105.6% Operating income 0.0 1.5 + 1.4 1,701.9% Air volume (kt)(2) 31 34 + 2 109.5% Ocean volume (kTEU)(2) 41 44 + 2 106.1% [Reference] Exchange rate (1$/yen)(3) 144.59 159.49 － 110.3% FY2026/3 Q1 FY2027/3 Q1 YoY (%)YoY change
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (8) [Reference] Results of Morrison 18 Global Logistics Business (Units: billions of yen) Operating revenue 34.3 48.6 + 14.3 141.7% Operating costs 27.2 39.0 + 11.7 143.1% Operating gross profit 7.1 10.4 + 3.3 146.8% Selling, general and administrative expenses 5.4 7.8 + 2.4 145.6% Operating income 1.6 3.6 + 1.9 215.9% Air volume (kt)(2) 44 55 + 11 125.3% Ocean volume (kTEU)(2) 20 23 + 3 116.6% [Reference] Exchange rate (1$/yen)(3) 144.59 159.49 － 110.3% FY2026/3 Q1 (April-June 2025) FY2027/3 Q1 (April-June 2026) YoY change YoY (%) Notes (1) Amounts less than 100 million yen are rounded down. (2) Rounded down to the nearest whole number. (3) Average rate for the period (Cumulative AR). (4) The results for FY2026/3 Q1 are reference figures as these are results before consolidation. (5) Operating revenue for FY2027/3 Q1 is presented as “operating revenue from external customers.” Operating costs and selling, general and administrative expenses show operating expenses to total operating revenues, including “group internal operating revenue.”
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 19 (9) Consolidated Earnings and Dividend Forecast (Reshown) (Units: billions of yen) 1,644.7 1,740.0 + 95.2 106% 90.2 97.0 + 6.7 107% [ 5.5% ] [ 5.6% ] 91.7 95.0 + 3.2 104% 59.0 60.0 + 0.9 102% 10.5% 11.0% + 0.5pt － 7.0% 6.8% (0.2)pt － (Units: yen) Interim 26 27 Year-end 27 27 Total 53 54 ROE ROIC Dividend per share + 1 － Net income attributable to owners of the parent Ordinary income [Operating margin] Operating income Operating revenue FY2026/3 results FY2027/3 earnings forecast YoY change YoY (%) Note (1) Amounts less than 100 million yen are rounded down.
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 20 (10) Consolidated Earnings Forecast (FY2027/3 H1) (Reshown) (Units: billions of yen) Operating revenue 782.5 846.0 + 63.4 108% Operating income 38.5 36.0 (2.5) 93% [Operating margin] [ 4.9% ] [ 4.3% ] Ordinary income 38.1 34.0 (4.1) 89% Net income attributable to owners of the parent 23.3 20.0 (3.3) 86% FY2026/3 H1 results FY2027/3 H1 earnings forecast YoY change YoY (%) Note (1) Amounts less than 100 million yen are rounded down.
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (11) Earnings Forecast by Segment (Reshown) 21 Note (1) Amounts less than 100 million yen are rounded down. (Units: billions of yen) 1,644.7 1,740.0 + 95.2 106% Delivery Business 1,048.5 1,090.0 + 41.4 104% Logistics Business 202.7 210.0 + 7.2 104% Global Logistics Business 321.5 380.0 + 58.4 118% Real Estate Business 15.4 13.0 (2.4) 84% Other Businesses 56.4 47.0 (9.4) 83% 90.2 97.0 + 6.7 107% Delivery Business 70.1 76.0 + 5.8 108% Logistics Business 6.2 7.5 + 1.2 120% Global Logistics Business 0.1 4.0 + 3.8 2,917% Real Estate Business 10.3 6.5 (3.8) 63% Other Businesses 2.6 2.0 (0.6) 76% Adjustments 0.6 1.0 + 0.3 147% FY2026/3 results FY2027/3 earnings forecast YoY change YoY (%) Total operating revenue Total operating income
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. Logistics Business/Global Logistics Business(12) Profit Growth Driven by Synergy Effect 22 Notes (1) Excluding royalty expenses paid to SGH. (2) Consolidated figures for Morrison for FY2024 are based on the year ended December 2024. From FY2025 onward, the fiscal year-end is changed to March. 2024年度 ベース 2025年度 実績 2026年度 予想 2027年度 中計 最終年度 2030年度 長期 ビジョン エクスポランカ社 Morrison社 フォワーディング シナジー+利益成長 Approx. USD 90mio Approx. USD 60mio +USD 90mio SGHビジョン2030 Approx. USD 43mio Approx. USD 70mio 24.3期 ベース 25.3期 実績 26.3期 実績 27.3期 予想 28.3期 中計最終年度 29.3期 ターゲット シナジー＋利益成長 +7.5bn yen +2.5bn yen +3.0bn yen +1.0bn yen +5.5bn yen FY2024/3 Baseline FY2025/3 Actual FY2026/3 Actual FY2028/3 End of Mid-term Plan FY2029/3 Target FY2027/3 Forecast FY2024 Baseline FY2025 Actual FY2027 End of Mid-term Plan FY2030 SGH Vision 2030 FY2026 Forecast ■ Low-temperature logistics solutions (Meito/Hutech)(1) ■Freight Forwarding (Expolanka, Morrison) Approx. USD 150mio Synergy + Profit growth Synergy + Profit growthExpolanka Morrison(2) Freight Forwarding (Expolanka + Morrison ) Operating income (before amortization of goodwill, etc.) growth outlook ［Current Status］ • EFL’s cost structure reform is progressing in line with the plan. Morrison is also progressing steadily, with the benefits of its enhanced sales initiatives becoming evident • Efforts are being made to create synergies and improve the business structure, with the aim of achieving the targets set out in the Mid-term Management Plan ［Current Status］ • Performance remained solid due to an increase of handling volume and progress in initiatives to ensure appropriate fee collection in low- temperature logistics • In FY2027/3, further enhancement of profitability management will be pursued, with priority placed on strengthening the business foundation
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (13) Status of Products and Services 23 Notes (1) Amounts less than 100 million yen are rounded down. (2) Hikyaku Express shows the number of packages Sagawa Express Co., Ltd. notified to the Ministry of Land, Infrastructure, Transport and Tourism. (3) Other shows the number of packages by Hikyaku Large Size Express. Delivery Business: Status of number of packages and unit price (Units: millions of packages, yen) 326 349 + 22 106.8% Hikyaku Express(2) 317 339 + 22 107.0% Other(3) 9 9 + 0 102.1% Average unit price 659 653 (6) 99.2% ［Reference］FY2027/3 Q1 YoY change in weekdays: Weekdays -1, Saturdays +1, Sundays and holidays ±0 Status of TMS (Units: billions of yen) Sales 32.5 34.1 + 1.5 104.8% Total number of packages FY2026/3 Q1 FY2027/3 Q1 YoY (%) FY2026/3 Q1 FY2027/3 Q1 YoY (%) YoY change YoY change
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. (14) Status of Employees, Vehicles and Locations 24 Notes (1) Average number of employees during the period. (2) Total number of service centers and delivery centers. (Units: employees, vehicles, locations) 105,764 106,787 + 1,023 [ 45,281 ] [ 45,701 ] [ + 420 ] 71,467 72,175 + 708 [ 29,609 ] [ 29,862 ] [ + 253 ] 21,924 22,229 + 305 [ 13,940 ] [ 14,059 ] [ + 119 ] 7,994 7,875 (119) [ 68 ] [ 60 ] [ (8) ] 99 100 + 1 [ 2 ] [ 2 ] [ － ] 3,585 3,712 + 127 [ 1,457 ] [ 1,526 ] [ + 69 ] 695 696 + 1 [ 205 ] [ 192 ] [ (13) ] Number of vehicles 25,757 25,738 (19) Number of major locations 833 835 + 2 Transfer centers 22 22 － Sales offices 429 429 － Small stores(2) 382 384 + 2 Global Logistics Business Total number of employees [number of partner employees(1) within] FY2026/3 FY2027/3 Q1 Change from the end of the previous year Delivery Business Logistics Business Real Estate Business Other Businesses Corporate (common)Sagawa Express
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Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. Disclaimer This document has been prepared to provide corporate information, etc. on SG Holdings Co., Ltd. (hereinafter referred to as “the Company”) and SG Holdings Group companies (hereinafter referred to as “the Group”), and is not intended for solicitation for the shares or other securities issued by the Company in Japan or overseas. Furthermore, this document may not be published or communicated to a third party in whole or in part without the Company’s permission. This document contains forward looking statements such as the forecasts, plans and targets related to the Company. These statements include but are not limited to those containing the terms “forecast,” “prediction,” “expectation,” “intent,” “plan,“ “possibility,“ and synonyms thereof. These statements are based on information available to the Company and forecasts, etc. as of the date the document was prepared. Furthermore, these statements were made under certain assumptions (suppositions). These statements or assumptions (suppositions) may be objectively inaccurate or not be realized in the future. Uncertainties and risks that may cause such a situation include but are not limited to: interest rate fluctuations; decline of share prices; fluctuation of exchange rates; fluctuation of the value of assets held; decline of credit standing; slowing of corporate production activities or personal consumption in Japan or abroad; rise of oil prices; rise of labor costs; low growth of the e-commerce market; systemic, administrative, personnel or legal violation risks; occurrence of fraud or scandal; ruin of image or loss of trust due to rumors or gossip; risk of business strategies or management plans not succeeding; new risks associated with the expansion of business, etc.; changes in the economic and financial environment; changes in competitive conditions; occurrence of large-scale disasters, etc.; risks associated with business alliance and outsourcing; decrease of deferred tax assets; and various other factors. The statements made are current as of the date of this document (or date otherwise specified), and the Company has no obligation or intent to keep this information updated. The future outlook may not necessarily match actual results as a result of these factors. Furthermore, information on companies, etc. other than the Group shown in this document cites publicly available information, etc. and the Company has neither verified nor does it warrant the accuracy, appropriateness, etc. of such information. Please note that “Hikyaku Cool Express (飛脚クール便®),” “Real Commerce (リアルコマース®),” “Hikyaku Express (飛脚宅配便®)” and “Hikyaku Large Size Express (飛脚ラージサイズ宅配便®)” mentioned in this document are registered trademarks of SG Holdings Co., Ltd. in Japan. 25