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Financial Results Presentation for Q2 , Fiscal Year Ending December 2026 August 7 , 2026 NIPPON EXPRESS HOLDINGS , INC . Investor Relations Promotion Group Corporate Planning Division NEX NIPPON EXPRESS We Find the Way
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Contents 1 1. Financial Results for Q2, FY2026 P.4- 2. Business Plan 2028 Initiatives P .15 - 3. Forecast For FY2026 P.20- 4. Return to Shareholders P.26- 5. Update on Initiatives to Improve Corporate Value Vol.2 P.28 -
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results for Q2, FY2026 Executive Summary 2 Financial Results for Q2, FY2026 * * * Results Vs. Q2, FY2025 Revenues ¥1356.6 billion +¥84.6 billion +6.7% Consolidated Segment Income (business profit) ¥46.7 billion +¥15.0 billion +47.5% Business Profit Ratio 3.4 ％ - Operating Income ¥44.7 billion +¥16.2 billion +56.7% Interim profit attributable to owners of the parent ¥24.2 billion +¥15.8 billion +186.8% ※ ※*We retrospectively revised business profit for the Europe segment in the first half of the fiscal year ended December 2025 following the completion of the PPA for Simon Hegele. (Impact on business profit for the first half of the fiscal year ended December 2025 : -¥0.2 billion ) ✓ The weakness of the yen against the euro and other foreign currency boosted revenue by approximately 50 billion yen. Amid the situation in the Middle East and other uncertainties in the external environment, air forwarding experienced a year-on-year increase in volume over the first half of the fiscal year, driven in part by robust logistics demand for semiconductor- and AI-related products and cross-border e- commerce. ✓ Ocean forwarding saw robust demand for shipments from Asia to Europe and the Americas, as well as for intra-Asia shipments, and revenue increased on a real basis, driven in part by an increase in shipment volume.. ✓ In terms of profits, in addition to an increase in the volume of forwarding operations, unit gross profit rose due to factors such as demand for air charter services, and cost-cutting measures and other factors led to an increase in all profit figures, including consolidated business profit.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results Forecast for FY2026 Executive Summary 3 ✓ Based on the results for the first half, we have made an upward revision of forecasts for revenue and all profit metrics, including business profit. ✓ For the second half of the fiscal year, in addition to the conditions seen in the first half, we expect the impact of the abolition of Europe’s de minimis regime and an early end to peak-season demand for ocean forwarding services. Accordingly, we have revised downward our forecasts for revenue and business profit. ✓ We have not included Metro Supply Chain Group in the financial results forecasts because the closing date has not yet been determined. ✓ We have included gains on the sale of low-yield real estate and one-time expenses related to structural reforms in the Americas and other regions into our financial results, as the figures have become generally clear at this time. We did not include these figures in the previous financial results forecast. Forecast for FY2026 Forecast Vs. FY2025 Revenues ¥2,750.0 billion +¥175.1 billion +6.8% Consolidated Segment Income (business profit) ¥95.0 billion +¥29.0 billion +44.0% Business Profit Ratio 3.5％ ー Operating Income ¥120.0 billion +¥68.5 billion +133.1% Profit Attributable to Owners of Parent ¥70.0 billion +¥67.3 billion ー ROE 8.5％ +8.2 pt ROIC (Business Profit Before Taxes) 5.3％ ＋1.3 pt ※An error was included in the calculation of ROIC (business profit before taxes) for FY2025. Revised financial results forecasts reflect the correct figure. Incorrect: 3.1% Correct: 4.0% ※ Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results Presentation for Q2, Fiscal Year Ending December 20264 A. Financial Results Highlights for Q2, FY2026 (Jan-Jun) B. Breakdown of Revenues and Operating Income C. Q2, FY2026 vs. Q1, FY2026 D. Income and Expenses by Business E. Air Forwarding Gross Profit F. Ocean Forwarding Gross Profit P.5- P.7- P.9- P.11- P.12- P.14- 1. Financial Results for Q2, FY2026
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 1-A. Financial Results Highlights for Q2, FY2026 (Jan-Jun) 5 ※ (100 million yen, %) (rounded down to 100 million yen) Item Current-Year Results (Jan- Jun 2026) *Prior-Year Results (Jan-Jun 2025) Difference YoY Difference YoY (%) 1H Forecast (Announced May 13) Difference Difference (%) Revenues 13,566 12,719 846 6.7 13,000 566 4.4 Consolidated Segment Income (business profit) 467 317 150 47.5 380 87 23.1 Business Profit Ratio 3.4 2.5 － － 2.9 － － Operating income 447 285 162 56.7 430 17 4.2 Interim profit attributable to owners of the parent 242 84 158 186.8 240 2 1.2 *We retrospectively revised business profit for the Europe segment in the first half of the fiscal year ended December 2025 following the completion of the PPA for Simon Hegele. (Impact on business profit for the first half of the fiscal year ended December 2025 : -¥0.2 billion )
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 1-A. Financial Results Highlights for Q2, FY2026 (Jan-Jun) 6 (100 million yen, %) (rounded down to 100 million yen) [Reference] cargo-partner Jan-Jun results (within Europe; before consolidation): Revenues ¥140.6 billion; Business profit ¥1.6 billion. (Overseas sales revenue figures are shown before inter-segment eliminations.) *We retrospectively revised business profit for the Europe Segment in the first half of the fiscal year ended December 2025 following the completion of the PPA for cargo-partner. (Impact on business profit for the first half of the fiscal year ended December 2025: -¥0.2 billion). Segment Item Current-Year Results (Jan-Jun 2026) *Prior-Year Results (Jan-Jun 2025) Difference YoY Difference YoY (%) 1H Forecast (Announced May 13) Difference Difference (%) Japan Revenues 6,434 6,259 174 2.8 6,260 174 2.8 Segment income (business profit) 278 192 85 44.3 235 43 18.4 Americas Revenues 704 692 11 1.7 670 34 5.1 Segment income (business profit) 20 34 (14) (41.0) 13 7 57.9 Europe Revenues 3,011 2,497 514 20.6 2,840 171 6.0 Segment income (business profit) 41 34 6 17.8 49 (7) (15.9) East Asia Revenues 935 806 129 16.0 830 105 12.7 Segment income (business profit) 26 27 (0) (0.5) 22 4 22.5 South Asia & Oceania Revenues 971 738 233 31.6 860 111 13.0 Segment income (business profit) 42 19 22 116.2 30 12 41.7 Overseas Segment Total Revenues 5,623 4,734 889 18.8 5,200 423 8.1 Segment income (business profit) 131 116 14 12.6 114 17 15.1 Security Transportation Revenues 351 344 6 2.0 350 1 0.3 Segment income (business profit) 14 14 0 3.6 15 (0) (2.3) Heavy Haulage & Construction Revenues 280 248 32 13.1 250 30 12.2 Segment income (business profit) 37 23 14 62.7 29 8 30.9 Logistics Support Revenues 2,086 2,247 (160) (7.2) 2,260 (173) (7.7) Segment income (business profit) 94 74 19 26.6 80 14 18.0 Adjustments Revenues (1,209) (1,113) (96) － (1,320) 110 ― Segment income (business profit) (88) (104) 15 － (93) 4 ― Total Revenues 13,566 12,719 846 6.7 13,000 566 4.4 Segment income (business profit) 467 317 150 47.5 380 87 23.1 ※
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Revenues 7 1-B. Breakdown of Revenues and Operating Income 12,719 174 372 6 32 (160) (96) 516 13,566 (100 million yen) 10,000 10,500 11,000 11,500 12,000 12,500 13,000 13,500 14,000 +¥84.6 billion Q2, 2025 Q2, 2026 Logistics Japan Overseas Business Security Transportation Heavy Haulage & Construction Logistics Support Decrease in adjustment amount Impact of foreign exchange ✓ Logistics Japan posted higher revenues due to growth in air forwarding. ✓ The Overseas Business posted higher revenues with the consolidation of Simon Hegele and increased sales in air forwarding. ✓ Logistics Support reported lower revenue due to declines in logistics product and equipment sales, as well as lower petroleum sales volume.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 20268 1-B. Breakdown of Revenues and Operating Income Operating Income *We retrospectively revised business profit for the Europe segment in the first half of the fiscal year ended December 2025 following the completion of the PPA for Simon Hegele. (Impact on business profit for the first half of the fiscal year ended December 2025 : -¥0.2 billion ) 285 115 5 15 5 (0) 8 8 (17) (6) 27 447 (100 million yen) 200 250 300 350 400 450 500 Business profit:+¥15.0 billon Business Profit FY2025 Q2 Results 317 FY2026 Q2 Results 467 *Domestic Business Overseas Business Increase in adjustment amount Real estate business Increase in fuel costs Impact of foreign exchange Structural reform costs Increase in MA&-related expenses Q2, 2025 Q2, 2026 *Breakdown of revenue from Domestic Business activities by segment Japan +59 Security Transportation 0 Heavy Haulage & Construction +14 Logistics Support +19 Effect of rate revision +20[Rate revision 106, Vehicle chartering and subcontracting costs(86)] Japan Business Total +115 ✓ Domestic Business profit increased, with the impact of rate revisions and cost reductions, among other factors. ✓ Overseas Business profit increased due to higher volume and improved gross profit per unit in air forwarding. ※①Expansion of business profit: Including ¥6.6 billion from Cost-reduction initiatives ②Breakdown of cost control: Cost control impact: +¥3.1 billion Second-career support : ¥ 2.0 billion Decrease in SH company -related expenses Other Gain or Loss on Disposal of Fixed Assets, etc. ※
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 1-C. Financial Results for Q2, FY2026 Q2, FY2026 vs. Q1, FY2026 9 Item FY2026 Q2 Results FY2026 Q1 Results Difference Difference (%) Revenues 7,042 6,523 519 8.0 Consolidated Segment Income (business profit) 310 157 152 97.0 Business Profit Ratio 4.4 2.4 － － Operating income 298 149 148 99.3 Interim profit attributable to owners of the parent 197 45 151 331.5 (100 million yen, %) (rounded down to 100 million yen) *We recorded a lump-sum expense of approximately ¥8.0 billion for non-current asset taxes and related costs in the first quarter of the current fiscal year. ※
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 1-C. Financial Results for Q2, FY2026 Q2, FY2026 vs. Q1, FY2026 (by Segment) 10 Segment Item FY2026 Q2 Results FY2026 Q1 Results Difference Difference (%) Previous Forecast 2026 Q2 (Announced May 13) Difference Difference (%) Japan Revenues 3,295 3,139 155 5.0 3,120 174 5.6 Segment income (business profit) 175 102 72 70.2 132 43 32.7 Americas Revenues 375 328 47 14.3 341 34 10.0 Segment income (business profit) 19 0 18 － 12 7 62.3 Europe Revenues 1,583 1,427 155 10.9 1,412 171 12.2 Segment income (business profit) 23 17 6 37.4 31 (7) (24.6) East Asia Revenues 515 419 95 22.8 410 105 25.7 Segment income (business profit) 19 7 12 162.7 14 4 34.0 South Asia & Oceania Revenues 538 433 105 24.4 426 111 26.2 Segment income (business profit) 27 14 13 88.2 15 12 82.2 Overseas Segment Total Revenues 3,013 2,609 404 15.5 2,590 423 16.3 Segment income (business profit) 90 40 50 124.2 73 17 23.4 Security Transportation Revenues 176 175 1 0.7 174 1 0.7 Segment income (business profit) 5 9 (3) (37.4) 5 0 (5.8) Heavy Haulage & Construction Revenues 176 104 72 69.2 145 30 20.9 Segment income (business profit) 29 8 20 245.2 20 8 43.7 Logistics Support Revenues 1,030 1,056 (25) (2.4) 1,203 (173) (14.4) Segment income (business profit) 50 43 6 15.8 36 14 39.8 Adjustments Revenues (649) (560) (88) － (759) 110 ― Segment income (business profit) (41) (47) 5 71.8 (45) 4 ― Total Revenues 7,042 6,523 519 8.0 6,476 566 8.7 Segment income (business profit) 310 157 152 － 222 87 39.4 (100 million yen, %) (rounded down to 100 million yen)
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 1-D. Income and Expenses by Business 45.00 65.00 85.00 105.00 0 30 60 90 Q1,2022 Q2,2025 Q3,2025 Q4,2025 Q1,2026 Q2,2026 Logistics Overseas Ocean Forwarding Operating Income(Overseas) Gross Profit Per TEU Index(Overseas) 75.00 85.00 95.00 105.00 0 30 60 90 Q1,2022 Q2,2025 Q3,2025 Q4,2025 Q1,2026 Q2,2026 Logistics Overseas Air Forwarding Operating Income(Overseas) Gross Profit Per Tons(Overseas) 75.00 85.00 95.00 105.00 0 30 60 90 Q1,2022 Q2,2025 Q3,2025 Q4,2025 Q1,2026 Q2,2026 Logistics Japan Air Forwarding Operating Income(Japan) Gross Profit per Ton(Japan) 45.00 65.00 85.00 105.00 0 30 60 90 Q1,2022 Q2,2025 Q3,2025 Q4,2025 Q1,2026 Q2,2026 Logistics Japan Ocean Forwarding Operating Income(Japan) Gross Profit Per TEU Index(Japan) 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 020406080100120140 Q2,2025 Q3,2025 Q4,2025 Q1,2026 Q2,2026 Logistics Japan Logistics Operating Income(Japan) Operating Income Prifit(Japan) 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 0 20 40 60 80 100 120 140 Q2,2025 Q3,2025 Q4,2025 Q1,2026 Q2,2026 Logistics Overseas Logistics Operating Income(Overseas) Operating Income Profit(Overseas) Gross Profit Per Ton※ Gross Profit Per TEU Index※ Operating Income Profit Operating Income （100 million yen） 11 Operating Income （100 million yen） Operating Income （100 million yen） Quarterly, Year-on-Year Trend Analysis (Logistics Japan) Quarterly, Year-on-Year Trend Analysis (Logistics Overseas) Air:Profit increased quarter on quarter with rising shipment volumes to East Asia, primarily for semiconductor manufacturing equipment and electronic component -related; gross profit per unit also increased. Profit increased year on year, as volume rose across all markets and the gross profit per unit outperformed the previous fiscal year. Ocean:Profit rose quarter on quarter and year on year with peak season demand for overseas moving and relocation. Commercial saw a slight improvement in gross profit per unit, while profit increased quarter on quarter due to higher volume, particularly for intra - Asia. Profit increased year on year due to higher volume and an increase in gross profit per unit. Air: Profit increased quarter on quarter with rising volume of e-commerce-related cargo from East Asia to Europe, as well as semiconductor equipment and AI-related shipments from Asia; rise in gross profit per unit driven by increase in charter transportation, etc. Profit also increased year on year due to higher volume. Ocean: Profit increased quarter on quarter with rising volume on routes from Asia to Europe and the Americas, as well as on intra-Asia; gross profit per unit also rose. Despite a year-on-year increase in ocean export freight forwarding, profit remained level due to rising costs across the board. Logistics: ： Profit increased quarter on quarter, driven by growth in Simon Hegele’s healthcare business in Europe, expansion among existing customers in Asia, and increased volume in apparel and automobile-related in the Americas. Profit rose year on year due to cost-cutting initiatives, despite rising personnel expenses. Gross Profit Per Ton※ Gross Profit Per TEU Index※ Operating Income Profit Operating Income （100 million yen） Operating Income （100 million yen） Operating Income （100 million yen） *Figures represent the change in each quarter, indexing gross profit per ton/TEU in Q1, 2022 at 100 *Q1 Presentation materials exclude cargo-partner. Refer to P.13 of the supplementary material for related figures. Logistics: Profit decreased, despite higher quarter-on-quarter volume for e-commerce and semiconductor-related shipments, due to seasonal fluctuations (e.g., moving-related) and rising personnel expenses. Profit increased year on year, despite a decline in spot volume (world expo, etc., in the previous fiscal year); increases in moving and other work contributed to the increase. Logistics Japan: QonQ level with Q1 (excluding accounting adjustments for lump-sum recognition of property taxes, etc.); 4.3 billion yen upswing compared to projections Logistics Overseas: Profit amounted to 4.9 billion yen quarter on quarter (including accounting adjustments); 1.6 billion yen upswing compared to projections
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 1-E. Air Forwarding Gross Profit Japan Segment 12 *Air forwarding gross profit: Net sales minus air forwarding costs (international) 89,352 66,631 63,965 68,937 71,715 73,139 100.00 93.22 90.97 89.67 90.54 93.95 0.00 20.00 40.00 60.00 80.00 100.00 0 40,000 80,000 120,000 160,000 Q1, 2022 Q2, 2025 Q3, 2025 Q4, 2025 Q1, 2026 Q2, 2026 Air Export Freight Volume and Gross Profit per Unit Volume (Japan) Gross Profit per Ton Index (Japan) 182 127 119 127 133 141 0 20 40 60 80 100 120 140 160 180 200 220 240 Q1, 2022 Q2, 2025 Q3, 2025 Q4, 2025 Q1, 2026 Q2, 2026 Air Forwarding Gross Profit Unit: 100 million yen YoY: +11.0% *Figures represent the change in each quarter, indexing gross profit per ton in Q1, 2022 at 100. (See Supplementary Materials on P.20 regarding trends since Q2, 2024) YoY:+9.8% *Air forwarding gross profit: Net sales minus air forwarding costs (international) (Tons) +3.41pt QoQ: +2.0% QoQ +6.0％ ✓ Shipment volumes to Asia remained strong, particularly shipments related to semiconductor manufacturing equipment and electronic parts. Volumes increased year on year and quarter on quarter, exceeding expectations. Gross profit per unit increased both year on year and quarter on quarter, as we passed on higher air freight rates to customers.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 202613 1-E. Air Forwarding Gross Profit Overseas Segment 148,525 117,608 122,004 135,169 123,222 128,820 100.00 79.46 76.43 78.09 81.52 94.62 0.00 20.00 40.00 60.00 80.00 100.00 120.00 0 40,000 80,000 120,000 160,000 200,000 Q1, 2022 Q2, 2025 Q3, 2025 Q4, 2025 Q1, 2026 Q2, 2026 Air Export Freight Volume and Gross Profit per Unit Volume (Overseas) Gross Profit per Ton (Overseas) QoQ:+4.5％ 196 123 123 139 132 161 0 20 40 60 80 100 120 140 160 180 200 220 240 Q1, 2022 Q2, 2025 Q3, 2025 Q4, 2025 Q1, 2026 Q2, 2026 Air Forwarding Gross Profit Unit: 100 million yen YoY: +30.6% QoQ: +21.3% YoY:+9.5％ (Tons) +13.10pt *Air forwarding gross profit: Net sales minus air forwarding costs (international) *Figures represent the change in each quarter, indexing gross profit per ton in Q1, 2022 at 100. (See Supplementary Materials on P.20 regarding trends since Q2, 2024.) *Calculated by converting into yen using the average exchange rate for each quarter. *Calculations exclude cargo-partner results. ✓ Volume exceeded both the previous year and expectations, driven by growth in e-commerce cargo from East Asia to Europe, as well as semiconductor equipment- and AI-related cargo from Asia. Gross profit per unit exceeded both the previous year and the previous quarter, supported by charter demand.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 202614 1-F. Ocean Forwarding Gross Profit Japan/Overseas 67,614 57,547 54,821 57,123 54,954 59,198 100.00 58.35 60.06 52.09 59.08 59.19 0.00 20.00 40.00 60.00 80.00 100.00 0 40,000 80,000 120,000 160,000 200,000 240,000 Q1, 2022 Q2, 2025 Q3, 2025 Q4, 2025 Q1, 2026 Q2, 2026 Ocean Export Freight Forwarding Volume and Gross Profit per Unit From Japan Volume (Japan) Gross Profit per TEU Index (Japan) QoQ: +7.7％ 120,548 119,598 119,970 130,380 118,060 125,493 100.00 73.00 77.87 70.52 77.16 82.37 0.00 20.00 40.00 60.00 80.00 100.00 0 40,000 80,000 120,000 160,000 200,000 240,000 Q1, 2022 Q2, 2025 Q3, 2025 Q4, 2025 Q1, 2026 Q2, 2026 Ocean Export Freight Forwarding Volume and Gross Profit per Unit From Overseas Volume (Overseas) Gross Profit per TEU Index (Overseas) YoY: +4.9% YoY: +2.9 % （TEU） （TEU） +0.11 pt +5.21 pt QoQ: +6.3％ *Figures represent the change in each quarter, indexing gross profit per TEU in Q1, 2022 at 100. (See Supplementary Materials on P.20 regarding trends since Q2, 2024) *Overseas segment total is calculated by converting into yen using the average exchange rate for each quarter. *Volume includes non-NVOCC. *Calculations exclude cargo-partner results. *We changed the method for counting ocean forwarding volume originating from Japan in Q1, FY2024. *As of June 2024, we revised certain extraction methods to identify gross profit per unit aggregated from NVOCC Japan. ✓ Volume increased both year on year and quarter on quarter, driven by stronger bidding capabilities that expanded volumes from Japan to Asia and intra-Asia shipments originating overseas. Gross profit per unit increased both year on year and quarter on quarter, as we passed on higher ocean freight rates to customers for both Japan- and overseas-originating shipments.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results Presentation for Q2, Fiscal Year Ending December 202615 A. Business Plan 2028 Basic Policy B. Global Business Growth: Priority Industries C. Global Business Growth: Major KPIs and Policies D. Rebuild Businesses in Japan P.16 P.17 P.18 P.19 2. Business Plan 2028 Initiatives
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 2-A. Business Plan 2028 Basic Policy 16 ⚫ Improve global competitiveness and achieve business growth under groupwide optimization. ⚫ Increase competitiveness and profitability of businesses and enhance financial value through well-balanced strategic policies and a well-defined business portfolio and division of roles. ⚫ Practice sustainability management that contributes solutions to social issues and creates sustainable societies. Transform ourselves into a corporate group that is chosen by customers, society, shareholders, and employees. Basic Policy FY2028FY2023 ¥2,239 billion ¥3,000 billion FY2028 ¥81.2 billion ¥150 billion FY2028FY2023 4.8％ Over 10% FY2023 Business Income ROE Major Strategies and Policies in Business Plan 2028 Overseas Sales FY2028FY2023 ¥585.5 billion ¥1,200 billion ¥370 billionM&A Business Profit Ratio FY2023 3.9％ 5.9％ (Logistics Japan) Accelerate Growth in the Global Market Rebuild Businesses in Japan Sustainability Management Promotion Revenues FY2028
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 2-B. Global Business Growth Priority Industries 17 Priority Industry 2026 Jan-Jun Results 2025 Jan-Jun Results Difference YoY (%) 2028 Targets Technology Core Domain: Electric & Electronics Growth, Pursuit Domains: Industrial Machinery 1,655 [2,721] 1,461 [1,955] 13.3 % [39.2%] 4,000 Mobility Core Domain: Automobile Growth, Pursuit Domains: Construction & Agricultural Machinery, Train, Airplane 1,335 [1,547] 1,272 [1,430] 5.0 % [8.2%] 2,600 Lifestyle Core Domain: Apparel Growth, Pursuit Domains: Furniture, Jewelry, Cosmetics 823 [908] 709 [784] 16.1 % [15.8%] 1,600 Healthcare Growth, Pursuit Domains: Pharmaceuticals, Medical Devices 570 [929] 577 [863] (1.2 %) [7.6%] 1,300 Semiconductor Growth, Pursuit Domains: Semiconductors 422 [536] 314 [378] 34.3 % [41.8%] 1,000 (100 million yen, %) (rounded down to 100 million yen) *Results: Total of Nippon Express Co., Ltd. and four overseas regions (excluding cargo-partner, Simon Hegel and certain domestic group companies) For FY2025 and FY2026, figures shown in parentheses below represent results including cargo-partner, Simon Hegele, and certain domestic group companies. Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 2-C. Global Business Growth Major KPIs and Policies 18 Strengthen Logistics Solutions Offerings 2026 Jan-Jun Results 2025 Jan-Jun Results YoY (%) 2028 Targets Warehousing and distribution processing sales 2,598 [2,915] 2,407 [2,668] +7.9% [+9.3%] 5,900 Expand Forwarding Sales 2026 Jan-Jun Results 2025 Jan-Jun Results YoY (%) 2028 Targets Air Cargo Forwarding Volume 484kt 447kt +8.4 ％ 1,300kt Ocean Forwarding Volume 433 thousand TEU 419 thousand TEU +3.4 % 1,400 thousand TEU (100 million yen, %) (rounded down to 100 million yen) cargo-partner (Share) 2026 Jan-Jun Results 2025 Jan-Jun Results YoY (%) Air Cargo Forwarding Volume 87kt 86kt +2.2％ Ocean Forwarding Volume 75 thousand TEU 74 thousand TEU +0.8% *Results: Total of Nippon Express Co., Ltd. and four overseas regions (excluding cargo-partner and Simon Hegel) For FY2025 and FY2026, figures shown in parentheses below represent results including cargo-partner and Simon Hegele. Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results Presentation for Q2, Fiscal Year Ending December 2026 192 15 8 5 11 41 6 278 19 2-D. Rebuild Businesses in Japan KPI: Japan Logistics Segment Improvement of business profit margin (3.9% → 5.9%) Japan Segment: Business Profit (100 million yen)(rounded down to 100 million yen) Q2, FY2026Q2, FY2025 FY2026 Q2 Results: Japan Logistics Business Profit Ratio 4.3% *Prior-Year Results: 3.1% *Progress analysis (including estimates) Transform Into a More Customer- Oriented Company ・Strengthening account management and promoting end-to-end solution delivery ・Air freight forwarding grew compared to the previous fiscal year Continue to Enhance Domestic Businesses in Japan Transform Into a More Customer-Oriented Company Continue to Enhance Domestic Businesses in Japan Ongoing Transformation and Review of Business Infrastructure Establish an Account Management Structure ⚫ Established a specialized accounting structure for 181 offices (as of June 30,2026) ⚫ Identified additional target customers (excluding 181 companies) to strengthen sales capabilities in each area Strengthen Our Logistics Business ⚫ Installed automation equipment at 37 locations (as of June 30, 2026) Expand Volume in Priority Industries ⚫ Expanded volume in pharmaceuticals/medical and semiconductor Initiatives to Improve Profitability ⚫ Conducted rate revisions to address rising personnel and outsourcing expenses ⚫ Maximized leveraging company strengths and reduced outsourcing cost ratio ➢ Expansion of the area for centralized management of operational resources ⚫ Reduce indirect departmental expenses ➢ Implemented measures to reduce expenses and facility usage charges Initiatives Toward Improved Capital Efficiency ⚫ Decided to reorganize 71 sub-agent operations (cumulative total since FY2023) ➢ 71 companies completed implementation by June 2026 ⚫ Improved profitability and capital efficiency through in-house company system ➢ Set ROIC as a management target figure for each company to achieve overall Nippon Express ROIC target ➢ Each company has established a plan to achieve the ROIC target in FY2028(Approximately 3–5% improvement compared to 2024) <Other> Decrease in volume for pandemic-related supplies, rising personnel expenses, etc. (Including financial closing procedures) Pursued Real Estate Business Rate revisions (1) (2) (3) Improvement in performance of subsidiaries other than Nippon Express （※The entire company (IFRS) includes the head office and business divisions. Figures for the second quarter of FY2026 are calculated using estimated values ） Reduction of SG&A expenses Second career
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results Presentation for Q2, Fiscal Year Ending December 202620 A. Forecast for FY2026 B. Forecast for FY2026 (Profit subtotals ) C. Forecast for FY2026 (by Segment) D. Breakdown of Revenues and Operating Income P.21 P.22 P.23 P.24- 3. Forecast for FY2026
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 (100 million yen, %) (rounded down to 100 million yen) 3-A. Forecast for FY2026 21 Item 1H Results 2H Forecasts (Difference from previous forecast) Full-Year Forecast Prior-Year Results Difference YoY Difference YoY (%) Full-Year Forecast (Announced May 13) Difference Difference (%) Revenues 13,566 13,933 [(66)] 27,500 25,748 1,751 6.8 27,000 500 1.9 Segment income (business profit) 467 482 [(37)] 950 659 290 44.0 900 50 5.6 Business Profit Ratio 3.4 3.5 3.5 2.6 ― ― 3.3 ― ― Operating income 447 752 [182] 1,200 514 685 133.1 1,000 200 20.0 Profit Attributable to Owners of Parent 242 457 [97] 700 26 673 ― 600 100 16.7 Overseas Revenues 5,623 5,946 [6] 11,570 9,871 1,698 17.2 11,140 430 3.9 ROE - - 8.5 0.3 - - 7.0 - - ROIC (Business Profit Before Taxes) - - 5.3 4.0 - - 5.3 - - Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances. [Reference] cargo-partner full-year forecasts (within Europe; before consolidation): Revenues: ¥296.0 billion (+¥48.9 billion YoY); business profit: ¥3.8 billion yen (+¥4.5billion YoY; excludes amortization of intangible assets of ¥0.2 billion) ※An error was included in the calculation of ROIC (business profit before taxes) for FY2025. Revised financial results forecasts reflect the correct figure. Incorrect: 3.1% Correct: 4.0% ※
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved. Financial Results Presentation for Q2, Fiscal Year Ending December 2026 3-B. Forecast for FY2026 (Profit subtotals ) 22 ※ (100 million yen) Item Full-Year Forecast 2H Forecasts （(Announced May 13) Difference Prior-Year Results Difference Overview Business Profit 950 900 +50 659 +290 Additional gain on sale of low-profit real estate 428 190 ＋238 808 (380) Previous period : Including the sale of C-NX Structural reform costs (42) ― (42) (9) (33) Each region Cost related to Metro Supply Chain Group社 (32) ― (32) ― (32) Impairment of goodwill ― ― ― (592) +592 Previous period : Europe region Second career ― ― ― (90) +90 Other (104) (90) (14) (262) +158 Changes related to seismic-resistance measures Decrease in equity in earnings/losses of investments accounted for using the equity method, etc. Operating Income 1,200 1,000 +200 514 685 Profit before income taxes 1,050 900 ＋150 417 632 Corporate Income Tax Expense (350) (300) (50) (391) +41 Previous period : Increase in tax burden due to the impact of goodwill impairment Profit for the period 700 600 ＋100 26 673 Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Segment Item Full-Year Forecast Prior-Year Results Difference YoY Difference YoY (%) Full-Year Forecast (Announced May 13) Difference Difference (%) Japan Revenues 12,800 12,603 196 1.6 12,700 100 0.8 Segment income (business profit) 590 445 144 32.6 550 40 7.3 Americas Revenues 1,410 1,380 29 2.2 1,480 (70) (4.7) Segment income (business profit) 51 57 (6) (11.6) 43 8 18.6 Europe Revenues 6,190 5,279 910 17.2 5,890 300 5.1 Segment income (business profit) 100 47 52 108.5 126 (26) (20.6) East Asia Revenues 2,000 1,658 341 20.6 1,980 20 1.0 Segment income (business profit) 65 57 7 13.9 62 3 4.8 South Asia & Oceania Revenues 1,970 1,554 415 26.7 1,790 180 10.1 Segment income (business profit) 80 32 47 145.6 65 15 23.1 Overseas Segment Total Revenues 11,570 9,871 1,698 17.2 11,140 430 3.9 Segment income (business profit) 296 195 100 51.5 296 ― ― Security Transportation Revenues 705 695 9 1.4 705 ― ― Segment income (business profit) 30 24 5 20.3 30 ― ― Heavy Haulage & Construction Revenues 520 485 34 7.0 520 ― ― Segment income (business profit) 65 53 11 22.5 64 1 1.6 Logistics Support Revenues 4,430 4,467 (37) (0.8) 4,590 (160) (3.5) Segment income (business profit) 170 161 8 5.4 154 16 10.4 Adjustments Revenues (2,525) (2,375) (149) ― (2,655) 130 ― Segment income (business profit) (201) (219) 18 ― (194) (7) ― Total Revenues 27,500 25,748 1,751 6.8 27,000 500 1.9 Segment income (business profit) 950 659 290 44.0 900 50 5.6 (100 million yen, %) (rounded down to 100 million yen) 23 3-C. Forecast for FY2026 (by Segment) Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 202624 3-D. Forecast for FY2026 Breakdown of Revenues and Operating Income Revenue s 25,748 885 34 (37) 27,500 196 9 (149) 813 (100 million yen) 25,000 25,500 26,000 26,500 27,000 27,500 28,000 +¥175.1 billion FY2025 FY2026 Logistics Japan Overseas Business Security Transportation Heavy Haulage & Construction Logistics Support Decrease in adjustment amount Impact of foreign exchange Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances.
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 514 8 12 90 594 (10) (32) (42) 73 1,200 174 88 18 (12) (279) (100 million yen) 200 400 600 800 1000 1200 1400 1600 25 3-D. Forecast for FY2026 Breakdown of Revenues and Operating Income Operating income Business Profit FY2025 Results 659 Forecast for Fiscal Year Ending December 2026 950 Business profit: +¥29.0 billon *Domestic Business Overseas Business Decrease in adjustment amount Real estate business Increase in fuel costs Impact of foreign exchange Other (Gain on sale of real estate and other items in the previous fiscal year) Prior-year Business Portfolio Impairment of goodwill FY2025 FY2026 Breakdown of revenue from Domestic Business activities by segment Japan 104 Security Transportation 5 Heavy Haulage & Construction 11 Logistics Support 8 Effect of rate revision 44[Rate revision 231, Vehicle chartering and subcontracting costs(187)] Japan Business Total 174 Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances. Prior-year Second Career Support Structural reform costs SH Company- Related Expenses M&A Acquisition -Related Expenses
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation forQ2, Fiscal Year Ending December 202626 4. Return to Shareholders A.Return to Sharehorders (Capital Policies and Key Indicators) P.27 Financial Results Presentation for Q2 Fiscal Year Ending December 2026
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation forQ2, Fiscal Year Ending December 2026 4-A. Return to Shareholders(Capital Policies and Key Indicators) 27 Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, Inc. is under no obligation to update said information due to subsequent changes in circumstances. FY2018 （ended March） FY2019 （ended March） FY2020 （ended March） FY2021 （ended March） FY2021 （ended December） FY2022 （ended December） FY2023 （ended December） FY2024 （ended December） FY2025 （ended December） FY2026 （ending December） Dividend per Share (Full-Year) 40 51.67 51.67 61.67 80 133.33 (including ¥50 commemorative dividend) 100 100 100 100 ROE 1.2 (JGAAP) 9.2 (JGAAP) 3.2 (JGAAP) 10.0 (JGAAP) 8.9 (JGAAP) 15.9 (JGAAP) 5.9/4.8 （JGAAP/IFRS) 3.8 (IFRS) 0.3 (IFRS) 8.5 (IFRS) *The difference between IFRS ROE and Japanese GAAP ROE is that gains on sales of marketable securities are not recorded in the PL under IFRS. *The Company conducted a 3-for-1 stock split of shares of common stock, effective January 1, 2025. Figures for prior periods reflect this stock split. *For the fiscal year ending December 2025, the figures include impairment of European goodwill, real estate sales, and share b uybacks. The estimated dividend payout ratio and total return ratio excluding these items is 200.1%. Forecast Forecast • ROE: Over 10％ • Equity ratio: Target 35% Business Plan 2028 Targets • Total return ratio: Over 55% (cumulative total FY2024-FY2028) • Dividend payout ratio: Over 40% • Minimum Dividend: ¥100 （Annual, Per Share） 176.3% 30.1% 83.8% 30.6% 40.3% 32.8% 57.8% 71.7% 82.3% 926.7% 34.5% Forecast 177.5% 50.1% 141.1% 48.3% 58.8% 41.9% 79.5% 98.6% 113.6% 2,770.8% 105.5% Forecast 0.0% 400.0% 800.0% 1200.0% 1600.0% 2000.0% 2400.0% 2800.0% 0 100 200 300 400 500 600 700 800 FY2018 FY2019 FY2020 FY2021(ended March) FY2021(ended December) FY2022 FY2023 JGAAP FY2023 IFRS FY2024 IFRS FY2025 IFRS FY2026 IFRS 100 million yen Total dividend Treasury share acquisition Dividend payout ratio Total return ratio *Total dividend includes commemorative dividend of ¥50 per share *Including impairment of European goodwill, real estate sales, and share buybacks
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results Presentation for Q2, Fiscal Year Ending December 202628 A. Further Strengthening Initiative to Improve Corporate Value B. Cash allocation C. Shareholder Return Policy and M&A Investment Criteria D. Rolling Business Plan Considerations (Conceptual Presentation) P.29 P.30 P.31 P.32 5. Update on Initiatives to Improve Corporate Value Vol.2
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Copyright © 2024 NIPPON EXPRESS HOLDINGS, All rights reserved. Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, I nc. is under no obligation to update said information due to subsequent changes in circumstances. 。 29 5-A. Further Strengthening Initiative to Improve Corporate Value Five-Year Plan Shift to Highly Profitable Business Asset Replacement Optimize Capital Structure Use Financial Leverage Appropriately Business Portfolio Strategy Real Estate Reduce strategic shareholdings Leverage Liabilities ¥150.0billion～ Capital・ Shareholder Return Policies IN Growth・ Investments and M&A Strategy 2024-2028 Sale of low-profit real estate and Investment Properties － IN Restructuring of Non-Core Businesses ¥70.0billion IN Reduce strategic shareholdings ¥450.0billion OUT Investment through M&A OUT Purchase of treasury stock ¥300.0 billion to ¥350.0 billion IN Utilization of Interest-Bearing Debt ¥167.2billion ¥332.8billion Target Transfer of NX Real Estate Co., Ltd and Osaka Warehouse Co., Ltd. Improve ROE During the term of the current business plan, ending FY2028, we intend to sell 500 billion yen worth of investment properties and other assets. Approximately 50% of the after-tax cash expected from the additional sale of real estate will be allocated to additional shareholder returns, and the remaining amount will be used in new management allocations. New Five-Year Plan 2024-2028 ¥500.0billion target － ¥70.0billion ¥450.0billion ¥220.0billion Management Allocations OUT Flexible Allocation of Funds（Growth and productivity improvement investments, shareholder returns, debt repayment, etc.） （New item） ¥100.0billion Expansion New item Results /Forecast 2024-2026 Plan 2027-2028 － － ¥100.0billion We plan to expand the scale of and accelerate initiatives related to improving corporate value toward better capital efficiency, raising our stock price and corporate value, and widening our equity spread. ¥50.0billion） 2024-2026 （Of which,2026 ¥60.7billion ¥9.3billion¥10.0billion） 2024-2026 ¥381.8billion ¥68.2 billion¥206.5billion） 2024-2026 Metro Supply Chain Group acquisition financing ¥110.0billion ¥110.0billion50.0billion） 2024-2026 ¥210.1billion ¥89.9billion～¥120.0billion） 2024-2026¥300.0 billion to ¥350.0 billion ¥110.0 billion to ¥160.0 billion （Of which,2026 （Of which,2026 （Of which,2026 （Of which,2026 Expansion Real Estate ・ We plan to sell all investment property (excluding lease warehouses) within the term of the current business plan. ・We will continue to focus on selling low-yield business- use property. M&A ・We have not changed our investment budget. ・We will engage in M&A transactions in accordance with the new M&A investment policy. Shareholder Returns and Management Allocations ・We expect to generate 210 billion yen in after-tax cash from the additional sale of real estate. ・Of this amount, approximately 50%, or 110 billion yen, will be allocated to share buybacks. ・We will use the remaining 100 billion yen for management allocations, while considering the best options for improving capital efficiency as appropriate. Update on Initiatives to Improve Corporate Value Vol.2
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Copyright © 2026 NIPPON EXPRESS HOLDINGS, All rights reserved. Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, I nc. is under no obligation to update said information due to subsequent changes in circumstances. 。 5-B. Cash allocation Cumulative total for 2024–2028 OUT ¥80.0 billion ¥300.0 billion ¥660.0 billion * ¥270.0 billion ¥70.0 billion ¥450.0 billion ¥150.0 billion ¥350.0 billion Improved financial efficiency through the use of a global CMS Vehicle replacement Warehouse reconstruction Software replacement, etc ※Sustainable investments in environmentally friendly vehicles ¥25.0 billion DX investments ¥50.0 billion Other ¥100.0 billion M&A for inorganic growth (Acquisition of cargo-partner Stock ¥130.0 billion) Revised Capital Investment Increased Capital Investment M&A Investment Sale of strategic shareholdings Borrowings Cash on hand Return to Shareholders （2024～2028） IN ¥1,220.0 billion ¥110.0 billion* February 2026 Update Expanding shareholder returns through additional real estate sales Scheduled to announce a strategic cash allocation, including management allocations, during the February 2027 rolling review of the business plan Revisions OUT ¥70.0 billion ¥370.0 billion ¥70.0 billion ¥450.0 billion ¥150.0 billion ¥350.0 billionNet income（5-year cumulative） ¥210.0billion Depreciation and amortization （excluding right-of-use assets） ¥430.0billion Other Operating CF ¥20.0billion Improved financial efficiency through the use of a global CMS Vehicle replacement Warehouse reconstruction Software replacement, etc ※Sustainable investments in environmentally friendly vehicles ¥25.0 billion DX investments ¥50.0 billion Other ¥100.0 billion M&A for inorganic growth Revised Capital Investment Increased Capital Investment M&A Investment Operating CF （2024～2028） ※Excluding the sale of real estate Sale of strategic shareholdings Borrowings Cash on hand Dividend payout ratio 40% or greater (Excluding the sale of real estate) Minimum dividend (¥100 per share annual) Total return ratio(cumulative) 55% or greater Return to Shareholders （2024～2028） IN ¥1,420.0 billion ¥100.0 billion Growth and productivity improvement investments, shareholder returns, debt repayment, etc. Management Allocations ¥320.0 billion ¥660.0 billion Gain on sale of real estate Total Amount 500.0billion After taxes and other deductions Gain on sale of real estate Total Amount150.0billion After taxes and other deductions Net income（5-year cumulative） ¥210.0billion Depreciation and amortization （excluding right-of- use assets） ¥430.0billion Other Operating CF ¥20.0billion Operating CF （2024～2028） ※Excluding the sale of real estate Dividend payout ratio 40% or greater (Excluding the sale of real estate) Minimum dividend (¥100 per share annual) Total return ratio(cumulative) 55% or greater 30 **Subsequent to the materials released on February 13, 2026, we revised our presentation method for tax deductions related to real estate sales. ¥1,220.0 billion ¥1,420.0 billion ¥300.0 billion Update on Initiatives to Improve Corporate Value Vol.2
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Copyright © 2026 NIPPON EXPRESS HOLDINGS, All rights reserved. Forward-looking figures shown on this page represent current targets and plans, and are not guaranteed results. These forward -looking figures may differ significantly from actual results due to various risks and uncertainties. Nippon Express Holdings, I nc. is under no obligation to update said information due to subsequent changes in circumstances. 。 31 5-C. Shareholder Return Policy and M&A Investment Criteria Update on Initiatives to Improve Corporate Value Vol.2 Dividend Payout Ratio ⚫ We calculate annual dividends per share based on profit for the year, excluding gain on sale of investment property (net of corresponding tax deductions)* ⚫ If the calculated amount falls below the minimum threshold, the minimum dividend will be declared 100 yen per share annually 40% or higher Minimum Dividend ⚫ After the buybacks, we aim in general to increase EPS and then retire the shares Shareholder Return Policy ⚫ We continue to follow the policy of the current business plan, maintaining a dividend payout ratio of 40% or higher and a cumulative total return ratio of 55% or higher ⚫ Cash proceeds from the additional sale of real estate will be returned to shareholders through share buybacks Dividend Policy Allocating proceeds from additional real estate sales to share buybacks Share Buybacks We aim to achieve a 10% ROIC for each investment (business profit before income tax), securing returns as quickly as possible M&A Investment Policy ⚫ In terms of future M&A during the current business plan, we intend to shift our focus from growth investments aimed at expanding scale to investments aimed at strengthening our functional capabilities and improving profitability; accordingly, we will concentrate efforts on these areas ROIC Criteria Invest in deals where the EV/EBITDA multiple— after factoring in synergies—does not exceed the Company's multiple Multiple Criteria FY2026 – FY2028 Total Return Ratio 55% or higher M&A Investment Criteria *Dividend payout ratio for FY2026 based on this criteria: 56.5%
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© 2026 NIPPON EXPRESS HOLDINGS, INC. or its affiliates. Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results Presentation for Q2, Fiscal Year Ending December 2026 32 5-D. Rolling Business Plan Considerations (Conceptual Presentation) A strategy is needed to offset and expand from the approximately ¥10 billion decrease in profits generated by the real estate business through the sale of investment properties. To drive the transformation from an asset-based model to a solution-based model, we will accelerate the expansion of end-to-end solutions through initiatives such as reskilling our workforce, leveraging AI, and pursuing sustainable solutions. Accelerate Business Growth Strategies Through Flexible Management Allocation ■Accelerate Growth in the Global Market ・Provision of End to End Solutions Starting with Account Management ・Growth through M&A ■Rebuild Businesses in Japan ・Improvement of profitability and transformation, streamlining, and replacement of low-profit businesses Business Plan ２０２８ Business Growth Strategy Outline Strengthen Earning Power Update on Initiatives to Improve Corporate Value Vol.2 Expansion of low-profit real estate sales・Acquisition of Treasury Stock・Establishing Management Allocations Transition to a Solutions Company
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Copyright © 2026 NIPPON EXPRESS HOLDINGS,INC., All rights reserved.Financial Results Presentation for Q2, Fiscal Year Ending December 2026 Financial Results Presentation for Q2, Fiscal Year Ending December 2026 33 No information contained in this document is intended to solicit purchase or sale of the Company’s shares. Views, forecasts, and other forward-looking statements contained in this document are based on the Company’s assumptions, judgments and beliefs in light of the information currently available to it. Information is not guaranteed and is subject to change without prior notice. Please note that neither the Company nor the providers of information are liable for any damage resulting from the use of the information contained in this document.