Interim report
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Note : This document has been translated from the Japanese original for reference purposes only . In the event of any discrepancy between this translated document and the Japanese original , the original shall prevail . NX NIPPON EXPRESS Company name : Code : Representative : Contact : Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31 , 2026 ( IFRS ) NIPPON EXPRESS HOLDINGS , INC . 9147 URL President and Representative Director and CEO Executive Officer August 7 , 2026 Listed stock exchanges : Tokyo https://www.nipponexpress-holdings.com/en/ ( English ) https://www.nipponexpress-holdings.com/ja/ ( Japanese ) Satoshi Horikiri Koichiro Kamegawa ( TEL ) + 81-3-5801-1000 Financial Planning Division , Accounting Division Scheduled date for release of Semi - annual Report : August 7 , 2026 Scheduled date of dividend payment : September 7 , 2026 Availability of supplementary briefing material on interim financial results : Available Schedule of annual financial results briefing session : Available ( for institutional investors and analysts ) ( Millions of yen , rounded down ) 1. Consolidated Financial Results for the Six Months Ended June 30 , 2026 ( January 1 , 2026 to June 30 , 2026 ) ( 1 ) Consolidated Business Results Operating profit ( Percentages indicate year - on - year changes ) Profit attributable to Total comprehensive Revenue ¥ million Six Months Ended 1,356,614 % 6.7 ¥ million % 44,796 56.7 Profit before tax ¥ million 37,359 % 75.7 owners of parent ¥ million 24,282 186.8 % income ¥ million 34,631 % June 30 , 2026 Six Months Ended 1,271,989 1.8 28,589 49.6 21,264 1.5 8,467 ( 25.4 ) ( 5,298 ) June 30 , 2025 Six Months Ended June 30 , 2026 Six Months Ended Basic earnings per Diluted earnings per share ¥ 100.42 share ¥ June 30 , 2025 33.21 ( Note ) During the previous fiscal year , the Company finalized the provisional accounting treatment for the business combination , and figures for the six months ended June 30 , 2025 have been adjusted to reflect this finalized accounting treatment . ( 2 ) Consolidated Financial Position As of June 30 , 2026 As of December 31 , 2025 2. Dividends Information Total assets ¥ million 2,357,655 2,414,985 Ratio of equity attributable to owners of parent to total assets ¥ million 835,843 829,490 % 35.5 34.3 Total equity ¥ million 855,421 849,075 Equity attributable to owners of parent Annual dividend per share Fiscal Year Ended December 31 , 2025 Fiscal Year Ending December 31 , 2026 Fiscal Year Ending December 31 , 2026 ( Forecast ) First Quarter Second Quarter Third Quarter Year End Yearly ¥ ¥ 50.00 ¥ ¥ ¥ 50.00 100.00 50.00 50.00 100.00 ( Note ) Revision of dividend projection from recently announced figures : None
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3. Forecast of Consolidated Financial Results for Fiscal Year E nding December 31, 2 026 (January 1, 2 026 to Decemb er 31, 2 026) (Percentages indicate year-on-year changes for full-year and changes vs. for the same quarter of the previous year) Revenue Operating profit Profit before tax Profit attributable to owners of parent Basic earnings per share ¥ million % ¥ millio n % ¥ millio n % ¥ millio n % ¥ Full year 2 ,750,000 6 .8 1 20,000 1 33.1 1 05,000 1 51.4 7 0,000 － 289.50 (Notes)1. Revision of consolidated results forecast from recently announced figures: Yes 2. During the previous fiscal year, the Company finalized the provisional accounting treatment for the business combination, and the year-on-year changes have been adjusted to reflect this finalized accounting treatment. * Notes (1) Significant changes in the scope of consolidation during the period: None (2) Changes in accounting policies, changes in accounting estimates 1) Change in accounting policies required under IFRS: None 2) Any changes in accounting policies other than 1) above: None 3) Changes in accounting estimates: None (3) Total number of issued shares (common stock) 1) Total number of issued shares at end of period (including treasury shares) As of June 30, 2 026 243,000,000 shares As of December 31, 2 025 243,000,000 shares 2) Total number of treasury shares at end of period As of June 30, 2 026 3,533,080 shares As of December 31, 2 025 513,478 shares 3) Average number of shares during period Fiscal Year Ended June 30, 2 026 241,799,979 shares Fiscal Year Ended June 30, 2 025 254,978,157 shares (Note) The Company introduced an Executive Compensation BIP (Board Incentive Plan) Trust. Company shares owned by the Trust are included in the treasury shares at the end of the period. Number of shares owned by the Executive Compensation BIP Trust: As of June 30, 2026: 386,678 shares As o f December 31, 2025: 389,610 shares (These shares are included in the total number of treasury shares as of the end of the period presented above.) * This consolidated earnings report is not subject to audit by certified public accountants or an audit firm. * Explanation for the appropriate use of financial forecasts and other special notes * This document contains revised forecast of consolidated financial results compared with the forecasts announced on May 13, 2026. * The forward-looking statements and other results forecasts stated herein are based on information available at the time this report was prepared, as well as certain assu mptions considered reasonable. Accordingly, actual business performance may differ significantly from forecasts due to a number of factors. Please refer to 1. Summary of Business Results, (3) Explanation of Consolidated Financial Results Forecasts and Other Forward-Looking Information on page 4 for financial forecast assumptions and the use of the forecasts. * We plan to hold a briefing session online for institutional investors and analysts on August 7, 2 026. The materials to be distributed at that meeting will be posted on our corporate website.
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○Attachments: Table of Contents 1. Summary of Business Results P. 2 (1) Summary of Business Results during the period P. 2 (2) Summary of Financial Position P. 3 (3) Explanation of Consolidated Financial Results Forecasts and Other Forward-Looking Information P. 4 2. Condensed Interim Consolidated Financial Statements P. 5 (1) Condensed Interim Consolidated Statement of Financial Position P. 5 (2) Condensed Interim Consolidated Statement of Profit or Loss and Condensed Interim Consolidated Statement of Comprehensive Income P. 7 (3) Condensed Interim Consolidated Statement of Changes in Equity P. 9 (4) Condensed Interim Consolidated Statement of Cash Flows P.11 (5) Notes to the Condensed Interim Consolidated Financial Statements P.12 (Notes Regarding Going Concern Assumption) P.12 (Segment Information) P.12 3. Reference Materials P.15 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －1－
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1. Summary of Business Results During the previous fiscal year, the Company finalized the provisional accounting treatment for the business combination, and conducted a comparison with the six months ended June 30, 2025 and reported amounts to reflect the revised calculation. (1) Summary of Business Results during the period During the six months ended June 30, 2026, the global economy continued its gradual recovery overall, although weakness was seen in some countries and regions. On the other hand, uncertainty over the outlook increased further due to soaring energy prices caused by the worsening situation in the Middle East and supply chain disruptions stemming from supply constraints. Amid these economic conditions, in the logistics industry, although international logistics saw some disruptions in air an d ocean transportation against the backdrop of the worsening situation in the Middle East, which affected transportation routes and lead times, cargo movement remained firm, particularly for shipments from Asia, and was generally steady. In domestic logistics, although cargo movement improved due to a reco very in consumer spending and capital expenditures, upward pressure on logistics costs, including rising personnel expenses and crude oil prices, remained strong, and conditions continued to be challenging. The Company will need to continue to pay close attention to the impacts on the supply chain resulting from instability in the international situation, as well as ch anges in the logistics environment, including increases in various costs. In response to this business environment, for the six months ended June 30, 2 026, the NX Group reported a year-on-year increase in revenue and profit, mainly due to steady performance in air an d ocean freight, as well as th e effects of price revisions, business restructuring and functional integration. As a result, the NX Group reported revenues of ¥1,356.6 billion, increased by ¥84.6 billion, or 6.7%, year on year. Operating profit amounted to ¥44.7 billion, increased by ¥16.2 billion, or 56.7%, year on year. Profit before tax amounted to ¥37.3 billion, increased by ¥16.0 billion, or 75.7%, year on year, while profit attributable to owners of parent amounted to ¥24.2 billion, increased by ¥15.8 billion, or 186.8%. The business results for each reportable segment are as fo llows. 1) Japan (Logistics) Revenue increased by ¥17.4 billion, or 2.8%, year on year to ¥643.4 billion, due to the effects of price revisions, benefits from cost reductions, and increases in air freight and warehousing volumes. Segment income increased by ¥8.5 billion, or 44.3%, year on year to ¥27.8 billion. 2) The Americas (Logistics) Revenue increased by ¥1.1 billion, or 1.7%, year on year to ¥70.4 billion, due to an in crease in warehousing volume, particularly for apparel- and automotive-related transportation. However, segment income decreased by ¥1.4 billion, or 41.0%, year on year to ¥2.0 billion, due to a d ecrease in air freight volume, particularly in pharmaceutical-related transportation. 3) Europe (Logistics) Revenue increased by ¥51.4 billion, or 20.6%, year on year to ¥301.1 billion, due to an in crease in air freight volume, particularly in automotive- and e-commerce-related shipments. Segment income increased by ¥0.6 billion, or 17.8%, year on year to ¥4.1 billion. NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －2－
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4) East Asia (Logistics) Revenue increased by ¥12.9 billion, or 16.0%, year on year to ¥93.5 billion, due to an in crease in air freight volume, particularly in e-commerce-related shipments. However, segment income decreased by ¥0.01 billion, or 0.5%, year on year to ¥2.6 billion due to impacts of increases in various costs. 5) South Asia & Ocean ia (Logistics) Revenue increased by ¥23.3 billion, or 31.6%, year on year to ¥97.1 billion, due to increases in air freight volume, particularly in electronics- and apparel-related shipments, and ocean freight volume, particularly in automotive-related shipments. Segment income increased by ¥2.2 billion, or 116.2%, year on year to ¥4.2 billion. 6) Security Transportation Revenue increased by ¥0.6 billion, or 2.0%, year on year to ¥35.1 billion due to the effects of price revisions and cost reductions from operational improvements, offsetting a reduction in the number of scheduled transportations. Segment income increased by ¥0.05 billion, or 3.6%, year on year to ¥1.4 billion 7) Heavy Haulage & Construction Revenue increased by ¥3.2 billion, or 13.1%, year on year to ¥28.0 billion, due to increases in wind power generation-related and shutdown maintenance projects. Segment income increased by ¥1.4 billion, or 62.7%, year on year to ¥3.7 billion. 8) Logistics Support Revenue decreased by ¥16.0 billion, or 7.2%, year on year to ¥208.6 billion, due to a d ecline in the volume of petroleum handled resulting from the deterioration of the situation in the Middle East. However, segment income increased by ¥1.9 billion, or 26.6%, year on year to ¥9.4 billion., driven by purchase price adjustments in the petroleum. (2) Summary of Financial Position 1) Assets, Liabilities, and Equity Total assets as of June 30, 2026 amounted to ¥2,357.6 billion, decreased by ¥57.3 billion, or 2.4%, compared with the end of the previous fiscal year. Current assets decreased by ¥57.7 billion, or 5.6%, to ¥975.5 billion, while non-current assets ware ¥1,382.0 billion, at the same level as at th e end of the previous fiscal year. The decrease in current assets was mainly due to a d ecrease in cash and cash equivalents. Current liabilities decreased by ¥2.4 billion, or 0.3% to ¥757.0 billion, while non-current liabilities decreased by ¥61.2 billion, or 7.6% to ¥745.1 billion from the end of the previous fiscal year. The decrease in current liabilities was mainly due to a d ecrease in trade payables and other liabilities. The decrease in non-current liabilities was mainly due to a d ecrease in bonds and borrowings. Total equity as of June 30, 2026 amounted to ¥855.4 billion, increased by ¥6.3 billion, or 0.7%, compared with the end of the previous fiscal year. NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －3－
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2) Cash Flows Cash and cash equivalents as of June 30, 2026 amounted to ¥223.4 billion, decreased by ¥59.9 billion from the end of the previous fiscal year. Net cash provided by operating activities amounted to ¥76.0 billion, representing a decrease in proceeds of ¥12.4 billion compared to the same period in the previous fiscal year. This result was mainly due to an in crease in trade receivables. Net cash used in investing activities amounted to ¥28.9 billion, representing a decrease in outlays of ¥43.4 billion compared to the same period in the previous fiscal year. This result was mainly due to a d ecrease in cash o utflows for purchase of shares of subsidiaries resulting in change in scope of consolidation. Net cash used in financing activities amounted to ¥110.5 billion, representing an increase in outlays of ¥44.8 billion compared to the same period in the previous fiscal year. This result was mainly due to a d ecrease in proceeds from long-term borrowings. (3) Explanation of Consolidated Financial Results Forecasts and Other Forward-Looking Information The NX Group has made the following revisions to consolidated financial results forecasts for the fiscal year ending December 31, 2026, published originally on May 13, 2 026 b ased on recent business performance trends. Please refer to 3. Reference Materials: Financial Results Forecast, FY2026 o n page 17 for more related to co nsolidated financial results forecasts. 1) Revisions to Financial Results Forecasts Revisions to Forecasts of Consolidated Financial Results for the Fiscal Year E nding December 31, 2 026 (January 1, 2 026 to Decemb er 31, 2 026) (Millions of yen, rounded down) Revenue Operating profit Profit before tax Profit attributable to owners of parent Basic earnings per share ¥ million ¥ millio n ¥ millio n ¥ millio n ¥ Previous forecast (A) (May 13,2026) 2,700,000 1 00,000 90,000 60,000 247.04 Revised forecast (B) 2,750,000 120,000 105,000 70,000 289.50 Difference (B-A) 50,000 20,000 15,000 10,000 Difference (%) 1.9 20.0 16.7 16.7 2) Reasons for Revision to Financial Results Forecasts With respect to our financial results forecasts for the fiscal year ending December 31, 2 026, we now expect cargo volume in international logistics to recover, particularly cargo originating in Asia, wh ile domestic logistics will likely remain firm. In addition, we anticipate gain on sales stemming from the accelerated disposal of low-yield real estate, while forecasting revenue, operating profit, profit before tax, and profit attributable to owners of parent to exceed the previously announced forecasts. Accordingly, we have made the above-mentioned revisions to financial results forecasts. *Note Regarding Financial Results Forecasts Results forecast and other forward-looking statements in this document have been prepared according to judgments based on information available at the time. These statements contain elements of risk and uncertainties. Accordingly, results may differ from forecasts. NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －4－
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2. Condensed Interim Consolidated Financial Statements (1) Condensed Interim Consolidated Statement of Financial Position (Unit: Millions of yen) FY2025 (as of December 31, 2 025) Second Quarter of FY2026 (as of June 30, 2 026) Assets Current assets Cash and cash equivalents 283,394 223,464 Trade and other receivables 558,579 574,065 Inventories 12,916 14,812 Income taxes receivable 3,613 1,736 Other financial assets 128,809 110,870 Other current assets 44,054 50,515 Subtotal 1,031,368 975,466 Non-current assets held for sale 1,957 98 Total current assets 1,033,325 975,564 Non-current assets Property, plant and equipment 546,555 543,066 Investment property 61,604 56,042 Goodwill and intangible assets 179,850 175,889 Right-of-use assets 417,479 418,936 Investments accounted for using equity method 45,207 44,125 Other financial assets 108,927 120,300 Deferred tax assets 12,525 14,379 Other non-current assets 9,509 9,348 Total non-current assets 1,381,660 1,382,090 Total assets 2,414,985 2,357,655 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －5－
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(Unit: Millions of yen) FY2025 (as of December 31, 2 025) Second Quarter of FY2026 (as of June 30, 2 026) Liabilities and equity Liabilities Current liabilities Trade and other payables 293,321 272,834 Bonds and borrowings 59,506 103,677 Lease liabilities 133,212 136,897 Other financial liabilities 107,832 95,999 Income taxes payable 34,006 18,184 Provisions 11,197 10,951 Other current liabilities 118,750 118,478 Subtotal 757,827 757,024 Liabilities d irectly asso ciated with n on-current assets held for sale 1,691 72 Total current liabilities 759,519 757,097 Non-current liabilities Bonds and borrowings 317,823 266,878 Lease liabilities 368,285 362,654 Other financial liabilities 21,974 22,016 Retirement benefit liability 50,714 49,513 Provisions 17,065 17,215 Deferred tax liabilities 20,339 14,424 Other non-current liabilities 10,187 12,435 Total non-current liabilities 806,390 745,136 Total liabilities 1,565,909 1,502,233 Equity Share capital 70,175 70,175 Treasury shares (1,197) (16,426) Other components of equity 143,192 151,640 Retained earnings 617,320 630,454 Total equity attributable to owners of parent 829,490 835,843 Non-controlling interests 19,585 19,577 Total equity 849,075 855,421 Total liabilities and equity 2,414,985 2,357,655 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －6－
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(2) Condensed Interim Consolidated Statement of Profit or Loss and Condensed Interim Consolidated Statement of Comprehensive Income Condensed interim consolidated statement of profit or loss (Unit: Millions of yen) Six months ended June 30, 2 025 (January 1, 2 025 to June 30, 2 025) Six months ended June 30, 2 026 (January 1, 2 026 to June 30, 2 026) Revenue 1,271,989 1,356,614 Cost of sales 1,156,027 1,242,897 Gross profit 115,961 113,716 Selling, general and administrative expenses 84,244 66,948 Other income 10,110 10,359 Other expenses 12,490 10,040 Share of profit (loss) of investments accounted for using equity method (748) (2,290) Operating profit 28,589 44,796 Finance income 4,021 3,369 Finance expenses 11,346 10,807 Profit before tax 21,264 37,359 Income tax expense 12,370 11,979 Net profit 8,893 25,379 Profit attributable to Owners of parent 8,467 24,282 Non-controlling interests 426 1,097 Net profit 8,893 25,379 Earnings per share Basic earnings per share (yen) 33.21 100.42 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －7－
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Condensed interim consolidated statement of comprehensive income (Unit: Millions of yen) Six months ended June 30, 2 025 (January 1, 2 025 to June 30, 2 025) Six months ended June 30, 2 026 (January 1, 2 026 to June 30, 2 026) Net profit 8,893 25,379 Other comprehensive income Items that will not be reclassified to profit or loss Financial assets measured at fair v alue through other comprehensive income (1,964) 3,888 Share of other comprehensive income of investments accounted for using equity method (4) 0 Total of items that will not be reclassified to profit or loss (1,968) 3,889 Items that may be reclassified to profit or loss Fair value of effective portion of cash flow hedges (6) (3,284) Exchange differences on translation of foreign operations (11,799) 8,177 Share of other comprehensive income of investments accounted for using equity method (417) 469 Total of items that may be reclassified to profit or loss (12,223) 5,362 Total other comprehensive income after tax (14,192) 9,251 Comprehensive income (5,298) 34,631 Comprehensive income attributable to Owners of parent (4,833) 33,444 Non-controlling interests (465) 1,186 Comprehensive income (5,298) 34,631 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －8－
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(3) Condensed Interim Consolidated Statement of Changes in Equity Six Months Ended June 30, 2025 (January 1, 2 025 to Ju ne 30, 2 025) (Unit: Millions of yen) Equity attributable to owners of parent Share capital Capital surplus Retained earnings Treasury shares Other components of equity Financial assets measured at fair value through other comprehensive income Exchange differences on translation of foreign operations Fair value of effective portion of cash flow hedges Balance as of January 1, 2 025 70,175 － 669,416 (2 ,941) 34,989 82,232 (23) Net profit 8,467 Other comprehensive income (1,966) (1 0,905) (6) Comprehensive income － － 8,467 － (1,966) (1 0,905) (6) Purchase of treasury shares (27,747) Disposal of treasury shares 0 3 Dividends (13,009) Share-based compensation transactions 30 Increase (decrease) by business combination Changes in ownership interests in subsidiaries (5) － Transfer from retained earnings to capital surplus － － Transfer from other components of equity to retained earnings 1,436 (1,436) Other － － Total transactions with owners － 24 (1 1,573) (2 7,743) (1,436) － － Balance as of June 30, 2 025 70,175 2 4 6 66,310 (3 0,685) 31,586 71,327 (29) Equity attributable to owners of parent Non-controlling interests Total equity Other components of equity Total Share of other comprehensive income of investments accounted for using equity method Total Balance as of January 1, 2 025 100 1 17,298 8 53,949 1 9,099 8 73,048 Net profit － 8,467 426 8,893 Other comprehensive income (422) (1 3,300) (1 3,300) (891) (1 4,192) Comprehensive income (422) (1 3,300) (4 ,833) (465) (5 ,298) Purchase of treasury shares － (27,747) (27,747) Disposal of treasury shares － 3 3 Dividends － (13,009) (1 ,017) (1 4,027) Share-based compensation transactions － 30 30 Increase (decrease) by business combination － － 827 827 Changes in ownership interests in subsidiaries － (5) (99) (105) Transfer from retained earnings to capital surplus － － － Transfer from other components of equity to retained earnings (1,436) － － Other － － － － Total transactions with owners － (1,436) (4 0,728) (290) (4 1,018) Balance as of June 30, 2 025 (321) 1 02,561 8 08,386 1 8,343 8 26,730 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －9－
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Six Months Ended June 30, 2 026 (Jan uary 1, 2 026 to Ju ne 30, 2 026) (Unit: Millions of yen) Equity attributable to owners of parent Share capital Capital surplus Retained earnings Treasury shares Other components of equity Financial assets measured at fair value through other comprehensive income Exchange differences on translation of foreign operations Fair value of effective portion of cash flow hedges Balance as of January 1, 2 026 70,175 － 617,320 (1 ,197) 33,757 109,629 14 Net profit 24,282 Other comprehensive income 3,895 8,081 (3,284) Comprehensive income － － 24,282 － 3,895 8,081 (3,284) Purchase of treasury shares (15,235) Disposal of treasury shares 0 6 Dividends (12,143) Share-based compensation transactions 22 Increase (decrease) by business combination Changes in ownership interests in subsidiaries 20 6 4 Transfer from retained earnings to capital surplus 178 (1 78) Transfer from other components of equity to retained earnings 1,109 (1,109) Other (221) 395 Total transactions with owners － － (11,148) (1 5,228) (714) － － Balance as of June 30, 2 026 70,175 － 630,454 (1 6,426) 36,939 117,710 (3,270) Equity attributable to owners of parent Non-controlling interests Total equity Other components of equity Total Share of other comprehensive income of investments accounted for using equity method Total Balance as of January 1, 2 026 (209) 1 43,192 8 29,490 1 9,585 8 49,075 Net profit － 24,282 1,097 2 5,379 Other comprehensive income 469 9,162 9,162 89 9,251 Comprehensive income 469 9,162 3 3,444 1,186 3 4,631 Purchase of treasury shares － (15,235) (15,235) Disposal of treasury shares － 6 6 Dividends － (12,143) (1 ,245) (1 3,389) Share-based compensation transactions － 22 22 Increase (decrease) by business combination － － － － Changes in ownership interests in subsidiaries － 84 (882) (798) Transfer from retained earnings to capital surplus － － － Transfer from other components of equity to retained earnings (1,109) － － Other 395 173 933 1,107 Total transactions with owners － (714) (2 7,090) (1 ,194) (2 8,285) Balance as of June 30, 2 026 260 1 51,640 8 35,843 1 9,577 8 55,421 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －10－
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(4) Condensed Interim Consolidated Statement of Cash Flows (Unit: Millions of yen) Six months ended June 30, 2 025 (January 1, 2 025 to June 30, 2 025) Six months ended June 30, 2 026 (January 1,2026 to June 30, 2 026) Net cash provided by (used in) operating activities Profit before tax 21,264 37,359 Depreciation and amortization 94,363 100,840 Losses (gains) on sales and valuation of investment securities 254 (1,531) Loss (gain) on sale of property, plant and equipment 352 (1,713) Impairment losses (reversal of impairment losses) － 10 Increase (decrease) in provision for bonuses (2,654) 477 Increase (decrease) in retirement benefit liability (1,483) (69) Interest and dividend income (3,539) (2,507) Interest expenses 5,887 8,148 Share of loss (profit) of investments accounted for using equity method 748 2,290 Decrease (increase) in trade receivables 17,732 (2,658) Decrease (increase) in inventories 282 (1,866) Increase (decrease) in trade payables (11,150) (20,109) Increase (decrease) in consumption taxes payable (303) (6,853) Other (12,247) (29) Subtotal 109,508 111,788 Interest and dividends received 4,473 3,439 Interest paid (5,485) (7,459) Income taxes (paid) refund (19,972) (31,739) Net cash provided by (used in) operating activities 88,523 76,028 Net cash provided by (used in) investing activities Payments into time deposits (3,425) (9,292) Proceeds from withdrawal of time deposits 3,123 4,178 Purchase of property, plant and equipment (32,834) (29,257) Purchase of intangible assets (8,421) (4,000) Proceeds from sale of property, plant and equipment 7,935 8,406 Purchase of equity instruments (40) (6,809) Proceeds from sale and redemption of equity instruments 2,811 3,498 Proceeds fro m sale o f sh ares o f su bsidiaries resu lting in ch ange in sco pe o f consolidation － 5,064 Purchase of shares of subsidiaries resulting in change in scope of consolidation (39,590) － Collection of loans receivable 101 40 Other (2,067) (819) Net cash provided by (used in) investing activities (72,408) (28,990) Net cash provided by (used in) financing activities Proceeds from short-term borrowings 66,857 41,463 Repayments of short-term borrowings (54,939) (37,818) Net increase (decrease) in commercial papers (25,000) － Proceeds from long-term borrowings 118,156 － Repayments of long-term borrowings (30,688) (2,086) Repayments of lease liabilities (68,352) (73,790) Redemption of bonds (30,000) (10,000) Dividends paid (12,989) (12,124) Payments for purchase of treasury shares (27,747) (15,242) Other (986) (973) Net cash provided by (used in) financing activities (65,689) (110,571) Effect of exchange rate change on cash and cash equivalents (8,044) 3,604 Net increase (decrease) in cash and cash equivalents (57,618) (59,929) Cash and cash equivalents at beginning of year 251,339 283,394 Cash and cash equivalents at end of June 193,721 223,464 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －11－
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(5) Notes to the Condensed Interim Consolidated Financial Statements (Notes Regarding Going Concern Assumption) Not applicable. (Segment Information) 1) Overview of reportable segments Reportable segments of the NX Group are organizational units combining area segments and business segments whose individual financial results are available separately, and serve as the basis and subject of regular review by the board of directors for the purpose of allocating management resources and evaluating business performance. The Logistics business consists of five reportable area segments: Japan, The Americas, Europe, East Asia, and South Asia & Oceania. Reportable segments outside of the Logistics business are specialized businesses of Security Transportation, Heavy Haulage & Construction, and Logistics Support, which conducts sales and real estate b usiness related to each b usiness. As a result, the main products and services and main business of each reportable segment are as fo llows. Reportable segments Main products and services Main businesses Japan (Logistics) Railway utilization transportation, chartered truck services, combined delivery services, air freight forwarding, marine and harbor transportation, moving and relocation, warehousing and distribution processing, in-factory work, information asset management, real estate rental, fine arts transportation, heavy haulage and construction Railway forwarding, motor cargo transportation, air freight forwarding, marine transportation, harbor transportation, warehousing, in-factory work, information asset management, real estate The Americas (Logistics) Air freight forwarding, marine and harbor transportation, warehousing and distribution processing, moving and relocation, chartered truck services Air freight forwarding, harbor transportation, warehousing, motor cargo transportation Europe (Logistics) Railway utilization transportation, air freight forwarding, marine and harbor transportation, warehousing and distribution processing, moving and relocation, chartered truck services Railway forwarding, air freight forwarding, harbor transportation, warehousing, motor cargo transportation East Asia (Logistics) Railway utilization transportation, air freight forwarding, marine and harbor transportation, warehousing and distribution processing, moving and relocation, chartered truck services Railway forwarding, air freight forwarding, harbor transportation, warehousing, motor cargo transportation South Asia & Ocean ia (Logistics) Railway utilization transportation, air freight forwarding, marine and harbor transportation, warehousing and distribution processing, moving and relocation, chartered truck services, heavy haulage and construction Railway forwarding, air freight forwarding, harbor transportation, warehousing, motor cargo transportation, heavy haulage and construction Security Transportation Security transportation Security guard, motor cargo transportation Heavy Haulage & Construction Heavy haulage and construction Heavy haulage and construction Logistics Support Sale of petroleum, etc., sale of others, real estate, finance, others Sale of distribution equipment, wrapping and packaging materials, vehicles, petroleum, liquefied petroleum (LP) gas, etc., vehicle maintenance, insurance agency, mediation, planning, designing and management of real estate, investigation and research, logistics finance, employee dispatching NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －12－
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2) Information on reportable segments Six Months Ended June 30, 2 025 (Jan uary 1, 2 025 to Ju ne 30, 2 025) Revenues and segment income (loss) by reportable segment (Unit: Millions of yen) Logistics Japan The Americas Europe East Asia South Asia & Oceania Revenue Revenue from external customers 606,099 6 0,585 2 44,150 7 3,881 6 1,224 Intersegment sales 19,850 8 ,646 5 ,555 6 ,720 1 2,638 Total 625,950 69,232 249,706 80,601 73,862 Segment income (Business income) 19,279 3,479 3,497 2,709 1,966 Other income － － － － － Other expenses － － － － － Share of profit (loss) of investments accounted for using equity method － － － － － Operating profit － － － － － Finance income － － － － － Finance expenses － － － － － Profit before tax － － － － － Security Transportation Heavy Haulage & Construction Logistics Support Total Adjustment (Note) Amount in condensed interim consolidated financial statements Revenue Revenue from external customers 34,034 2 2,913 1 69,100 1 ,271,989 － 1,271,989 Intersegment sales 397 1 ,890 5 5,636 1 11,336 (1 11,336) － Total 34,432 24,804 224,736 1,383,326 (111,336) 1,271,989 Segment income (Business income) 1,414 2,332 7,459 42,139 (10,422) 31,717 Other income － － － － － 10,110 Other expenses － － － － － 12,490 Share of profit (loss) of investments accounted for using equity method － － － － － (748) Operating profit － － － － － 28,589 Finance income － － － － － 4,021 Finance expenses － － － － － 11,346 Profit before tax － － － － － 21,264 (Notes)1. The segment income (business income) adjustment of ¥(10,422) million includes ¥(211) million for the elimination of intersegment income and ¥(10,210) million of corporate expenses that are not attributable to any individual reportable segment. The most significant portion of corporate expenses relates to Company corporate image advertising (as the pure holding company) and our administration of group companies. 2. During the previous fiscal year, the Company finalized the provisional accounting treatment for the business combination, and figures for the six months ended June 30, 2 025 h ave been adjusted to reflect this finalized accounting treatment. NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －13－
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Six Months Ended June 30, 2 026 (Jan uary 1, 2 026 to Ju ne 30, 2 026) Revenues and segment income (loss) by reportable segment (Unit: Millions of yen) Logistics Japan The Americas Europe East Asia South Asia & Oceania Revenue Revenue from external customers 625,214 6 1,124 2 93,919 8 2,527 7 8,494 Intersegment sales 18,230 9 ,302 7 ,255 1 1,007 1 8,702 Total 643,444 70,427 301,175 93,535 97,197 Segment income (Business income) 27,819 2,052 4,120 2,695 4,252 Other income － － － － － Other expenses － － － － － Share of profit (loss) of investments accounted for using equity method － － － － － Operating profit － － － － － Finance income － － － － － Finance expenses － － － － － Profit before tax － － － － － Security Transportation Heavy Haulage & Construction Logistics Support Total Adjustment (Note) Amount in condensed interim consolidated financial statements Revenue Revenue from external customers 34,699 2 6,752 1 53,882 1 ,356,614 － 1,356,614 Intersegment sales 420 1 ,296 5 4,779 1 20,995 (1 20,995) － Total 35,119 28,048 208,661 1,477,609 (120,995) 1,356,614 Segment income (Business income) 1,465 3,794 9,441 55,641 (8,873) 46,767 Other income － － － － － 10,359 Other expenses － － － － － 10,040 Share of profit (loss) of investments accounted for using equity method － － － － － (2,290) Operating profit － － － － － 44,796 Finance income － － － － － 3,369 Finance expenses － － － － － 10,807 Profit before tax － － － － － 37,359 (Note) The segment income adjustment of ¥(8,873) million includes ¥(10) million for the elimination of intersegment income, and ¥(8,863) million of corporate expenses that are not attributable to any individual reportable segment. The most significant portion of corporate expenses relates to Company corporate image advertising (as the pure holding company) and our administration of group companies. NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －14－
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3. Reference Materials Consolidated Reference Materials ○ Reportable Segment Financial Results (Unit: Millions of yen, %) Amount Ratio Japan 643,444 625,950 17,494 2.8 The Americas 70,427 69,232 1,194 1.7 Europe 301,175 249,706 51,468 20.6 East Asia 93,535 80,601 12,933 16.0 South Asia & Oceania 97,197 73,862 23,334 31.6 1,205,779 1,099,353 106,426 9.7 35,119 34,432 687 2.0 28,048 24,804 3,244 13.1 208,661 224,736 (16,075) ( 7.2) 1,477,609 1,383,326 94,283 6.8 (9,658) － 1,356,614 1,271,989 84,624 6.7 Japan [ 4.3 ] 27,819 [ 3.1 ] 19,279 8,540 44.3 The Americas [ 2.9 ] 2,052 [ 5.0 ] 3,479 (1,427) ( 41.0) Europe [ 1.4 ] 4,120 [ 1.4 ] 3,497 623 17.8 East Asia [ 2.9 ] 2,695 [ 3.4 ] 2,709 (14) ( 0.5) South Asia & Oceania [ 4.4 ] 4,252 [ 2.7 ] 1,966 2,285 116.2 [ 3.4 ] 40,939 [ 2.8 ] 30,932 10,007 32.4 [ 4.2 ] 1,465 [ 4.1 ] 1,414 50 3.6 [ 13.5 ] 3,794 [ 9.4 ] 2,332 1,462 62.7 [ 4.5 ] 9,441 [ 3.3 ] 7,459 1,981 26.6 [ 3.8 ] 55,641 [ 3.0 ] 42,139 13,501 32.0 (8,873) (10,422) 1,548 － [ 3.4 ] 46,767 [ 2.5 ] 31,717 15,050 47.5 (Notes)1. Figures in brackets indicate Segment income margin. (Notes)2. During the previous fiscal year, the Company finalized the provisional accounting treatment for the business combination, and figures for the six months ended June 30, 2025 have been adjusted to reflect this finalized accounting treatment. Change Logistics Support Subtotal Adjustment Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 Subtotal Security Transportation Heavy Haulage & Construction Logistics Support Revenues Reportable Segment Logistics Subtotal Security Transportation Heavy Haulage & Construction Subtotal Adjustment Total (120,995) (111,336) Total Segment Income (Business Income) Reportable Segment Logistics NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －15－
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○ Summary of Consolidated Statements of Income Amount Ratio Motor transportation 185,113 13.6 177,460 14.0 7,652 4.3 Marine and harbor transportation 206,093 15.2 202,046 15.9 4,046 2.0 Air transportation 309,909 22.8 259,056 20.4 50,852 19.6 Warehousing & storage 238,244 17.6 214,925 16.9 23,319 10.8 Security transportation 34,331 2.5 33,698 2.6 632 1.9 Heavy haulage & construction 49,795 3.7 42,480 3.3 7,314 17.2 Other 169,316 12.5 163,480 12.9 5,836 3.6 Subtotal 1,192,803 87.9 1,093,148 85.9 99,654 9.1 143,600 10.6 158,407 12.5 (14,807) (9.3) 20,210 1.5 20,433 1.6 (222) (1.1) 1,356,614 100.0 1,271,989 100.0 84,624 6.7 271,622 20.0 240,264 18.9 31,357 13.1 307,777 22.7 259,892 20.4 47,885 18.4 243,639 18.0 232,959 18.3 10,679 4.6 419,857 30.9 422,910 33.2 (3,052) (0.7) 1,242,897 91.6 1,156,027 90.9 86,869 7.5 113,716 8.4 115,961 9.1 (2,245) (1.9) 34,097 2.5 48,305 3.8 (14,207) (29.4) 32,851 2.4 35,939 2.8 (3,087) (8.6) 66,948 4.9 84,244 6.6 (17,295) (20.5) 46,767 3.4 31,717 2.5 15,050 47.5 4,085 0.3 4,054 0.3 30 0.8 6,274 0.5 6,056 0.5 218 3.6 10,359 0.8 10,110 0.8 249 2.5 2,735 0.2 4,538 0.4 (1,803) (39.7) 7,304 0.5 7,951 0.6 (646) (8.1) 10,040 0.7 12,490 1.0 (2,450) (19.6) (2,290) (0.2) (748) (0.1) (1,542) ─ 44,796 3.3 28,589 2.2 16,207 56.7 3,369 0.2 4,021 0.3 (651) (16.2) 10,807 0.8 11,346 0.9 (539) (4.8) 37,359 2.8 21,264 1.7 16,094 75.7 11,979 0.9 12,370 1.0 (391) (3.2) 25,379 1.9 8,893 0.7 16,486 185.4 24,282 1.8 8,467 0.7 15,815 186.8 1,097 0.1 426 0.0 670 157.3 25,379 1.9 8,893 0.7 16,486 185.4 Cost of sales 271,622 20.0 240,264 18.9 31,357 13.1 Selling, general and administrative expenses 34,097 2.5 48,305 3.8 (14,207) (29.4) Total 305,720 22.5 288,570 22.7 17,150 5.9 (Note) During the previous fiscal year, the Company finalized the provisional accounting treatment for the business combination, and figures for the six months ended June 30, 2025 have been adjusted to reflect this finalized accounting treatment. Loss on disposal of non-current assets Net profit Total personnel expenses Profit before tax Income tax expense Net profit Profit attributable to Owners of parent Non-controlling interests Total finance expenses Other Total other expenses Share of profit (loss) of investments accounted for using equity method Operating profit Total finance income Gross profit Personnel expenses Other Selling, general and administrative expenses Total other income Gain on sales of non-current assets Other Segment income (Business income) Revenues by business Distribution & transportation business Goods sales business Other Total Cost of sales Personnel expenses Forwarding costs Vehicle chartering and subcontracting costs Other Total (Unit: Millions of yen, %) Change % of Sales % of Sales Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －16－
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○ Financial Results Forecast, FY2026 (Unit: Millions of yen, %) Amount Ratio Japan 1,280,000 1,260,364 19,635 1.6 The Americas 141,000 138,004 2,995 2.2 Europe 619,000 527,949 91,050 17.2 East Asia 200,000 165,801 34,198 20.6 South Asia & Oceania 197,000 155,437 41,562 26.7 2,437,000 2,247,557 189,442 8.4 70,500 69,504 996 1.4 52,000 48,597 3,402 7.0 443,000 446,727 ( 3,727) ( 0.8) 3,002,500 2,812,386 190,113 6.8 ( 14,939) － 2,750,000 2,574,826 175,173 6.8 Japan [ 4.6 ] 59,000 [ 3.5 ] 44,511 14,488 32.6 The Americas [ 3.6 ] 5,100 [ 4.2 ] 5,768 ( 668) ( 11.6) Europe [ 1.6 ] 10,000 [ 0.9 ] 4,796 5,203 108.5 East Asia [ 3.3 ] 6,500 [ 3.4 ] 5,708 791 13.9 South Asia & Oceania [ 4.1 ] 8,000 [ 2.1 ] 3,257 4,742 145.6 [ 3.6 ] 88,600 [ 2.8 ] 64,042 24,557 38.3 [ 4.3 ] 3,000 [ 3.6 ] 2,493 506 20.3 [ 12.5 ] 6,500 [ 10.9 ] 5,307 1,192 22.5 [ 3.8 ] 17,000 [ 3.6 ] 16,129 870 5.4 [ 3.8 ] 115,100 [ 3.1 ] 87,972 27,127 30.8 (20,100) (21,991) 1,891 － [ 3.5 ] 95,000 [ 2.6 ] 65,980 29,019 44.0 (Note) Figures in square brackets indicate Segment income margin. Subtotal Adjustment Total (252,500) (237,560) Total Segment Income (Business Income) Reportable Segment Logistics Subtotal Security Transportation Heavy Haulage & Construction Logistics Support Revenues Reportable Segment Logistics Subtotal Security Transportation Heavy Haulage & Construction Change Logistics Support Subtotal Adjustment FY2026 FY2025 NIPPON EXPRESS HOLDINGS, INC. (Code 9147): Consolidated Earnings Report for the Second Quarter of the Fiscal Year Ending December 31, 2026 (IFRS) －17－