Consolidated Financial Results for the Year Ended March 31, 2026[PDF: 300KB]

April 30, 2026

Company name: Yamato Holdings Co., Ltd.

Listing: Tokyo Stock Exchange

Stock code:9064

URL: https://www.yamato-hd.co.jp/

Representative: Yutaka Nagao, Representative Director Chairman

Contact: Masaru Nomura, Senior Managing Executive Officer and CFO Tel: +81-3-3541-4141 (from overseas)

Scheduled date of annual general meeting of shareholders: June 19, 2026 Scheduled date to commence dividend payments: May 29, 2026

Scheduled date to file annual securities report: June 12, 2026 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: Yes

(Amounts less than 1 million yen are discarded)

1. Consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31,2026)

   1. Consolidated operating results (cumulative)

      (Percentages represent year-on-year changes)

      	Operating revenue		Operating profit		Ordinary profit		Profit attributable to owners of parent
      For the fiscal year ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
      March 31, 2026	1,865,675	5.8	28,304	99.2	26,258	34.1	13,662	(64.0)
      March 31, 2025	1,762,696	0.2	14,206	(64.5)	19,587	(51.6)	37,937	0.8

      (Note) Comprehensive income: For the fiscal year ended March 31, 2026: 15,474 million yen ((69.4)%)

      For the fiscal year ended March 31, 2025: 50,607 million yen (20.5%)

      	Basic earnings per share	Diluted earnings per share	Return on equity	Ratio of ordinary profit to total assets	Ratio of operating profit to net sales
      For the fiscal year ended March 31, 2026 March 31, 2025	Yen 43.07 111.87	Yen － －	% 2.4 6.5	% 2.1 1.6	% 1.5 0.8

      (Reference) Share of profit (loss) of entities accounted for using equity method: For the fiscal year ended March 31, 2026: (2,526) million yen

      For the fiscal year ended March 31, 2025: (371) million yen

   2. Consolidated financial position

      	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
      As of	Millions of yen	Millions of yen	%	Yen
      March 31, 2026	1,280,170	582,057	44.6	1,803.21
      March 31, 2025	1,267,428	600,350	46.5	1,806.52

      (Reference) Equity: As of March 31, 2026: 571,033 million yen

      As of March 31, 2025: 589,259 million yen

   3. Consolidated cash flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of period
   Fiscal year ended	Millions of yen	Millions of yen	Millions of yen	Millions of yen
   March 31, 2026	72,218	(7,270)	(37,073)	237,822
   March 31, 2025	47,732	(44,356)	9,421	208,057

2. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Payout ratio (Consolidated)	Ratio of dividends to net assets (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen — —	Yen	Yen — —	Yen	Yen	Millions of yen	%	%
   Fiscal year ended March 31, 2025		23.00		23.00	46.00	15,411	41.1	2.6
   Fiscal year ended March 31, 2026		23.00		23.00	46.00	14,588	106.8	2.5
   Fiscal year ending March 31, 2027 (Forecast)	—	23.00	—	23.00	46.00		60.7

3. Consolidated earnings forecast for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31,

(Percentages represent year-on-year changes)

1. Significant changes in the scope of consolidation during the period: Yes Newly included: None

   Excluded: 1 company (Yamato Investment (Hong Kong) Ltd.)

   (Note) For details, please see “3. Consolidated Financial Statements and Significant Notes Thereto, (5) Notes to Consolidated

   Financial Statement, (Significant matters forming the basis of preparing the consolidated financial statements)” on page 23 of the attached materials.

2. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

3. Number of issued shares (common shares)

   1. Number of issued shares as of the end of the period (including treasury shares)

      As of March 31, 2026: 360,496,492 shares

      As of March 31, 2025: 360,496,492 shares

   2. Number of treasury shares as of the end of the period

      As of March 31, 2026: 43,819,931 shares

      As of March 31, 2025: 34,311,351 shares

   3. Average number of shares during the period (cumulative from the beginning of the fiscal year) Fiscal year ended March 31, 2026: 317,217,692 shares

      Fiscal year ended March 31, 2025 339,121,659 shares

      (Note) For details of the number of shares used to calculate consolidated basic earnings per share, please see “3. Consolidated

      Financial Statements and Significant Notes Thereto, (5) Notes to consolidated financial statements (Per share information)” of the attached materials to the financial results report on page 28.

      • Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.

      • Proper use of earnings forecasts and other noteworthy events

      • Descriptions of the above financial projections and other data are based on information currently available to the Company and certain assumptions that the Company considers to be reasonable. Actual financial results may differ significantly from the projections for various reasons. For points to note when using such assumptions and financial projections, please see “1. Overview of Operating Results and Others,

4. Future outlook” on page 9 of the attached materials.

• The Company plans to post supplementary materials on financial results on the Company’s website promptly after the announcement of the financial results.

Attached Materials Index

1. Overview of Operating Results and Others 2

   1. Summary of Operating Results 2

   2. Financial Conditions 8

   3. Status of cash flows 8

   4. Future outlook 9

   5. Operational and financial issues to be addressed 10

2. Fundamental Approach to Selection of Accounting Standards 12

3. Consolidated Financial Statements and Significant Notes Thereto 13

   1. Consolidated Balance Sheet 13

   2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income 16

   3. Consolidated Statement of Changes in Equity 19

   4. Consolidated Statement of Cash Flows 21

   5. Notes to Consolidated Financial Statements 23

      (Notes to premise of going concern) 23

      (Significant matters forming the basis of preparing the consolidated financial statements) 23

      (Segment information, etc.) 24

      (Per share information) 28

      (Material subsequent event) 28

4. Supplementary Information 29

Operating Revenue by Segment 29

1. ‌Overview of Operating Results and Others
   1. ‌Summary of Operating Results

      During the fiscal year ended March 31, 2026, personal consumption clearly remained sluggish due to factors such as the continued decline in real wages amid the higher likelihood of inflation. The business environment remains challenging, with labor shortages becoming more serious, and the surge in energy and raw material costs due to tensions escalating in the Middle East toward the fiscal year-end, and the future outlook remains uncertain.

      Under these circumstances, the Yamato Group is promoting initiatives based on the medium-term management plan "Sustainability Transformation 2030 ~1st Stage~", to create “economic value”, as well as “environmental value” and “social value” to make our society more sustainable, including growing profits in the base domain by strengthening the TA-Q-BIN network, expanding the corporate business by providing business solutions, commercializing new business models to address the diversifying needs of customers and society, and strengthening the Group’s management platform, in order to achieve sustainable corporate value enhancement through the concept of “Helping to enrich our society”, which is part of our Management Philosophy.

      Our consolidated financial results for the fiscal year ended March 31, 2026 are as follows:

      (Millions of yen)

      Item	Fiscal year ended March 31, 2025	Fiscal year ended March 31, 2026	Change	Growth (%)
      Operating revenue	1,762,696	1,865,675	102,979	5.8
      Operating profit	14,206	28,304	14,098	99.2
      Ordinary profit	19,587	26,258	6,670	34.1
      Profit attributable to owners of parent	37,937	13,662	(24,275)	(64.0)

      For the fiscal year ended March 31, 2026, operating revenue was 1,865,675 million yen, up 102,979 million yen year-on-year. This was due to progress made in initiatives to reform the revenue mix, including the increase in TA-Q-BIN volume from small corporate and individual customers covered by the TA-Q-BIN domain, pricing

      optimization with large corporate clients covered by the Corporate domain, as well as the expansion of the Corporate business.

      Operating expenses were 1,837,370 million yen, up 88,880 million yen year-on-year. This was due to factors including investments in human capital to strengthen the TA-Q-BIN network, such as raising the compensation of our employees and partners, as well as executing network investments including the reallocation of pickup and delivery facilities, and the rise in procurement unit costs. Meanwhile, we focused on cost control by reviewing operations in the Transportation domain.

      As a result, for the fiscal year ended March 31, 2026, operating profit was 28,304 million yen, which was a 14,098 million yen increase year-on-year. Profit attributable to owners of parent totaled 13,662 million yen, a decline of 24,275 million compared with the previous fiscal year, mainly related to the booking in the previous fiscal year of extraordinary income associated with a large-scale sale-and-leaseback of the head office building and other assets, despite continued efforts to improve capital efficiency through the securitization of assets and the sale of strategic shareholdings during the current fiscal year.

      Initiatives for the Entire Yamato Group

      1. Reinforcement of the TA-Q-BIN network and the enhancement of value provided

         In order to transform the TA-Q-BIN business—our Base domain—into a structure that can stably generate profits, we are working to optimize pricing in line with the value provided. We are also creating an environment where Sales Drivers can engage directly with customers and focus on providing better services, as well as developing products and services that address customer needs, reallocating pickup and delivery bases in line with the characteristics of each local market, and expanding the “Nekosapo” network of community-based stores that offer services beyond TA-Q-BIN shipping and receiving. Effective October 2025, we revised the reported fares for TA-Q-BIN, and in November launched the "TA-Q-BIN Same-Day Delivery Service", which delivers packages accepted in the morning on the same day, and introduced new intra-prefecture tariffs. We are also enhancing transportation efficiency to strengthen the TA-Q-BIN network. In order to improve transportation and loading efficiency and optimize operating costs, while also addressing customer needs and ensuring appropriate workstyles for our transportation partners, we are reviewing our transportation methods, for example by switching to relay-based transportation systems using designated relay points for long-distance routes, promoting modal shifts such as the use of dedicated cargo aircraft, and reassessing terminal operations through the appropriate allocation of sorting personnel.

      2. Expanding the business for corporates

         We aim to drive profit growth for the Yamato Group by integrating value-add services such as warehouse operations and international forwarding to our transportation and delivery network, thereby supporting the business expansion of our corporate clients. In the Contract Logistics business, which addresses the full scope of logistics and management challenges for corporate clients, we are expanding our value proposition by operating B2B logistics inventory and delivery hubs as well as integrated logistics centers for e-commerce businesses. In October 2025, we opened an integrated business solution hub in Koriyama City, Fukushima Prefecture, combining Yamato Group's transportation terminal with a logistics center equipped with high value-added functions. We will roll out similar hubs in areas where there is demand, to deliver new value to customers and local communities.

         By integrating international transportation and overseas contract logistics services provided through our Global business, we are enhancing our ability to support clients across their entire supply chain. We are strengthening our sales capabilities mainly in North America, China and Southeast Asia, and are working to improve the efficiency of international forwarding, enhance the proposals we make to cross-border e-commerce clients, and capture logistics demand arising from higher domestic demand, while also considering M&A and strategic business alliances.

      3. Commercialization of “Green Mobility”

         The Yamato Group has been accumulating expertise and know-how regarding environmental and social challenges, in areas such as reducing greenhouse gas emissions, building sustainable and efficient logistics systems, and promoting employee health management, by addressing issues such as the intensifying of transportation capacity shortage in the medium-to-long term and climate change, and by actively working to solve these issues together with our business partners.

         We will refine these initiatives into a “Green Mobility” business model, and offer them to clients as solutions to enhance the sustainability of supply chains, thereby driving new growth for the Yamato Group.

         From the perspectives of “vehicles” and “energy,” we are addressing the environmental needs of corporate clients who operate vehicles, through Yamato’s “EV Lifecycle Service,” a comprehensive package that includes vehicle maintenance services, procurement of EVs, expertise in their efficient utilization, supply of renewable energy-derived electricity, and an energy management system developed by the Yamato Group.

         From the perspective of “people,” we are supporting initiatives such as health management and accident prevention efforts for employees of transportation companies, who tend to face higher health risks, through the online medical service “MY MEDICA”. In July 2025, we entered into a partnership agreement with a non-profit organization that supports the safety and health of transportation and logistics professionals, and are promoting the reduction of health-related accidents among truck operators through joint seminars and system integration. Furthermore, by providing shared transportation and delivery services, based on our trunk-route transportation and using an open platform that digitally matches cargo-owner companies with logistics providers, we are working to improve logistics efficiency across industries, an initiative driven mainly by Sustainable Shared Transport Inc. In August 2025, we signed a cooperation agreement with the federation of cooperative associations comprising approximately 1,600 regional logistics companies nationwide, and are promoting the expansion of logistics networks connecting regions across Japan, as well as enhancing the use of joint transportation and delivery services.

      4. Strengthening the Group's management platform

         The Yamato Group continues to promote its human resource strategy and digital strategy as the foundation for achieving sustainable corporate value enhancement, and strengthen sustainable management and corporate governance.

         As for our human resource strategy, we are continuing to promote investments aimed at further raising the compensation of employees, including Sales Drivers, and enhancing the work environment. to achieve sustainable growth. At Yamato Transport Co., Ltd., we are expanding the use of fan-equipped vests as a countermeasure against heatstrokes, starting in June 2025, and promoting the installation of WBGT (Wet Bulb Globe Temperature) measurement devices at our business locations nationwide, as well as starting a trial implementation of wearable devices that detect heatstroke risk. In addition, to further strengthen our front-line organization and personnel who engage directly with customers, we are reallocating human resources to TA-Q-BIN sales offices and corporate sales branches, while streamlining administrative operations and organizational structures, as well as developing leadership talent. To heighten employee motivation, we are introducing a scheme in which compensation is determined based on performance, for employees in roles such as sales and planning. In addition, in light of the aging of large truck drivers in Japan’s logistics industry, we

         have started collaborating with partners to build a recruitment and training platform for Vietnamese large truck drivers utilizing the Specified Skilled Worker program, with the aim of realizing sustainable logistics.

         As for our digital strategy, we have strengthened our DX promotion structure and are working on DX promotion that is integrated with our business, such as expanding the value we provide to customers and reforming the way we “sort", “transport” and “work”, and reforming back-office operational processes, by utilizing our digital infrastructure. Yamato Transport Co., Ltd. has launched a trial aimed at developing a last-mile delivery model utilizing autonomous delivery robots in large-scale condominiums. As condominiums grow in size and residents’ needs for parcel receipt become more diverse, we are assessing the operation and effectiveness of such new delivery methods. In addition, by effectively leveraging technological advances, including generative AI, we are conducting training programs to develop personnel who are able to serve as the core drivers of AI utilization in each organization, with the aim of improving operational efficiency in back-office and administrative functions, as well as creating additional value for customers.

         In order to strengthen sustainable management, we are strengthening our efforts to address the materialities we identified, based on our two visions “Green Logistics that connects, and delivers the future” and “Contributing to the realization of a society that ‘Leaves No One Behind’ through Co-creation and fair business activities” to enhance corporate value over the medium to long term, and realize a sustainable society.

         In the domain of the environment, we are continuing to promote measures such as “introducing EVs”, “introducing solar power generation equipment” and “improving the usage rate of renewable energy-based electricity”, in order to achieve the target of “48% reduction in greenhouse gas in 2030, compared to fiscal year ended March 2021” and “virtually zero greenhouse gas emissions (own emissions) by 2050”, as well as working to grasp net emissions in the supply chain (Scope 3), and setting reduction targets.

         Moreover, in the domain of the society, we continue to place the highest priority on respect for human life, and are strengthening initiatives for the safety and health of our employees and partners, while promoting the development of a work environment in which a diverse range of employees can play an active role. We are confronting various social issues, and promoting the establishment of a sustainable supply chain based on appropriate relationships, holding regular discussions with our business partners, and developing systems, processes, and mechanisms for the early detection and resolution of issues.

         As for enhancing our corporate governance, we are continuing to work on separating management supervision and execution, as well as maintaining and improving management transparency. We are working to enhance corporate value in a sustainable manner, through constructive dialogue with shareholders and investors, and enriching the disclosure of information.

         Business Strategies of Each Segment Express Business

         1. The Express Business provides domestic transportation and delivery services, mainly TA-Q-BIN, to individual and corporate customers. We are working to expand TA-Q-BIN parcel volume from small corporate clients and individual customers served by the TA-Q-BIN business, while optimizing pricing in line with the value provided for large corporate clients served by the Corporate business. At the same time, we are focused on creating an environment where Sales Drivers can engage directly with customers and concentrate on providing better service, developing products and services tailored to customer needs, reallocating pickup and delivery bases in line with local market characteristics, and expanding the “Nekosapo” network of community-based stores that offer services beyond TA-Q-BIN shipping and receiving. We are also enhancing transportation efficiency to strengthen the TA-Q-BIN network.

         2. In the fiscal year ended March 31, 2026, in light of cost increases due to changes in the external environment, we promoted initiatives to strengthen sales efforts targeting small corporate clients and individual consumers in the TA-Q-BIN segment, as well as addressing the diverse transportation needs of large corporate clients in the Corporate segment, and charging appropriate pricing based on the value-add provided. Specifically, effective October 2025, we revised the reported fares for TA-Q-BIN, and in November launched the TA-Q-BIN Same-Day Delivery Service, which delivers packages accepted in the morning on the same day, and introduced new intra-prefecture tariffs. In addition, we promoted initiatives such as expanding “Okihai” services in collaboration with e-commerce operators, to provide a more convenient parcel receiving experience to a larger number of customers, reduce redeliveries, improve logistics efficiency, and reduce greenhouse gas emissions. Furthermore, to meet the growing demand for small parcel deliveries, we promoted the sales expansion of “Koneko-bin 420,” a new service enabling nationwide flat-rate shipping (excluding Okinawa Prefecture) through the advance purchase of dedicated packaging.

            As for strengthening the TA-Q-BIN network, in order to improve transportation and loading efficiency and optimize operating costs, while also addressing customer needs and ensuring appropriate workstyles for our transportation partners, we are reviewing our transportation methods, for example by switching to relay-based transportation systems using designated relay points for long-distance routes, promoting modal shifts such as the use of dedicated cargo aircraft, and improving the allocation of sorting personnel.

         3. Operating revenue from customers was 1,557,978 million yen, up 1.5% year on year, driven by growth in

         TA-Q-BIN volume from small corporate and individual customers covered by the TA-Q-BIN segment, as well as progress in setting appropriate pricing for large corporate clients covered by the Corporate segment. Operating profit increased 15,198 million yen year-on-year to become 2,299 million yen.

         Contract Logistics Business

         1. In the Contract Logistics Business, we provide solutions that integrate our value-add services such as warehouse operations to our transportation and delivery network, thereby supporting corporate clients in resolving their business challenges and driving growth.

         2. In the fiscal year ended March 31, 2026, we proposed higher value-add supply chain solutions such as the operation of inventory and delivery hubs for B2B transactions and integrated logistics centers for e-commerce operators, while also working to improve the quality and productivity of our operations, leveraging the expertise of Nakano Shokai Co., Ltd., which we made a consolidated subsidiary. Moreover, in October 2025, we opened an integrated business solution hub in Koriyama City, Fukushima Prefecture, combining Yamato Group's transportation terminal with a logistics center equipped with high value-added functions.

         3. Operating revenue from customers was 164,602 million yen, up 69.6% year-on-year, due to factors including winning new mandates and Nakano Shokai Co., Ltd. becoming a consolidated subsidiary. Operating profit increased 634 million yen year-on-year to become 6,217 million yen.

         Global Business

         1. In the Global Business, domestic and overseas operating companies collaborate to provide solutions that optimize the entire global supply chain of corporate clients, by combining international forwarding, international express, contract logistics at overseas locations, and other services. Recognizing the changes in supply chains as an opportunity, we are working to further expand our business in areas where the Yamato Group has strengths, such as the automotive, high-tech and food industries, while leveraging our vast customer base in Japan, which we have built up through our TA-Q-BIN services, and strengthening our sales capabilities particularly in Japan, North America, China and Southeast Asia.

         2. During the fiscal year ended March 31, 2026, we further strengthened collaboration between our domestic operating companies and overseas group entities, establishing an integrated framework for business operations. At the same time, we continued to promote initiatives such as improving mixed cargo loading efficiency in international forwarding, enhancing proposals to the growing cross-border e-commerce operators, and capturing logistics demand driven by domestic consumption growth in key focus regions.

         3. Operating revenue from customers was 97,552 million yen, up 13.5% year-on-year, driven by factors including progress made in sales expansion of international forwarding operations. Operating profit decreased 877 million yen year-on-year to become 8,150 million yen.

         (Reference)

         (Million parcels / units)

         Category	For the fiscal year ended March 31, 2025	For the fiscal year ended March 31, 2026	Change	Growth (%)
         TA-Q-BIN/TA-Q-BIN Compact/EAZY	1,961	1,941	(20)	(1.0)
         Nekopos/Kuroneko Yu-Packet	391	451	60	15.4
         Kuroneko Yu-Mail	110	95	(14)	(13.6)

         Mobility Business

         1. In the Mobility Business, we are addressing the environmental needs of corporate clients who operate vehicles, through Yamato’s “EV Lifecycle Service,” a comprehensive package that includes vehicle maintenance services, procurement of EVs, expertise in their efficient utilization, supply of renewable energy-derived electricity, and an energy management system developed by the Yamato Group.

            We also provide vehicle maintenance services that support the safe operation of transportation companies and help extend their vehicle operating hours by minimizing downtime.

         2. In the fiscal year ended March 31, 2026, we strengthened the sales coverage and expanded sales of the “EV Lifecycle Service”. Moreover, by reviewing the operation process we worked to develop an environment in which vehicle maintenance staff can focus on their main line of work, as well as expanding sales of vehicle maintenance services and to charge the appropriate unit prices.

         3. Operating revenue from customers was 22,033 million yen, up 7.5% year-on-year, due to factors including the increase in the number of contracted vehicles, as well as the charging of appropriate pricing. Operating profit was 5,221 million yen, up 1,440 million yen year-on-year, due to factors including the focus on cost optimization.

         Other

         1. Yamato Group's IT, call center, financial services, and other functions support our efforts to expand the value we provide to the entire supply chain of our clients. In the fiscal year ended March 31, 2026, we continued to promote the provision of IT and other services that help clients improve operational efficiency and end-user convenience.

         2. Operating revenue from customers was 23,507 million yen, down 3.9% year-on-year. Operating profit was 6,629 million yen, down 1,571 million yen year-on-year.

         Other Initiatives

         1. The Yamato Group places utmost priority on protecting human life and conducts a range of safety measures. Accordingly, its transport safety management practices in that regard involve drawing up its Safety Management Regulations, building up its transport safety management systems, and formulating annual plans, all centered on respective Group companies whose main operations involve transport. Starting in October 2025, Yamato Transport Co., Ltd. began upgrading approximately 46,000 drive recorders installed in its pickup and delivery vehicles to further enhance safety awareness and driving skills through the visualization of driving conditions. In addition, we are continuing to hold “Children’s Traffic Safety Classes” at kindergartens and elementary schools, and promote Group-wide initiatives such as the “Zero Traffic Accidents Campaign”, to raise overall safety awareness.

         2. The Yamato Group believes that enriching local communities serves as the foundation for the Group's growth and development, and actively engages in corporate citizenship activities, with the goal of promoting the healthy and sustainable development of local communities and ensuring a high quality of life for those who live there. In terms of the environment, as a corporate group with a nationwide network, we have been conducting the "Kuroneko Yamato Environmental Class" since 2005 to support environmental education for children, who will lead the next generation, and to help preserve local natural environments for the future. To date, we have held over 3,600 sessions, with a cumulative total of roughly 270,000 participants. With regard to local communities, we have been hosting the Music TA-Q-BIN "Kuroneko Family Concert" since 1986. This initiative is aimed at expressing gratitude to our customers and local residents by delivering real, authentic and high-quality music to people of all ages and regions. 367 concerts have been held so far, with a cumulative total of around 600,000 attendees.

         3. Aspiring to be a company that continually evolves in step with society, and led by the Yamato Welfare Foundation, the Yamato Group conducts various activities to help realize a society in which disabled people can experience the joy of working autonomously. Specifically, we engage in ongoing programs that support economic independence of people with disabilities, such that include actively employing people with disabilities

         at the Swan Bakery which makes and sells bread, and operating job-finding support facilities where they take part in training to acquire skills and knowledge necessary for employment.

   2. ‌Financial Conditions

      Total assets were 1,280,170 million yen as of March 31, 2026, up 12,742 million yen from the end of the previous fiscal year. This was largely attributable to the 30,158 million yen increase in cash and deposits, the decrease of 10,479 million yen in land due to the securitization of non-current assets based on our real estate strategy, and the amortization of 13,434 million yen of goodwill following the valuation of goodwill in the Contract Logistics business. In addition, due to the shifting of part of our vehicle sourcing to leases, mainly in the Express business, Vehicles declined by 7,525 million yen, while leased assets increased by 13,298 million yen.

      Liabilities increased 31,035 million yen to 698,113 million yen from the end of the previous fiscal year. This was mainly due to the 17,441 million yen increase in lease liabilities due to the acquisition of leased assets, and the 7,096 million yen increase in short-term borrowings due to factors including the increase in borrowings as working capital following the increase in installment sales in the Other segment.

      Total net assets were 582,057 million yen, down 18,293 million yen from the end of the previous fiscal year. The major factors included the profit attributable to owners of the parent being 13,662 million yen, the payout of 14,807 million yen of dividends of surplus, and the 18,915 million yen purchase of our own shares.

      As a result, the equity ratio changed to 44.6%, from 46.5% in the previous fiscal year.

   3. ‌Status of cash flows

      Net cash generated by operating activities amounted to 72,218 million yen, which was 24,485 million yen higher than the previous fiscal year. This was mainly due to the 24,936 million yen decline in profit before income taxes, and the 19,145 million yen increase in depreciation and goodwill amortization, which are not cash items, and the 18,533 million yen increase in loss (gain) on sale of non-current assets and loss (gain) on sale of investment securities, which are P&L items that are included in cashflow related to investing activities. Moreover, there was a 14,729 million yen increase in the balance of accrued consumption taxes due to the increase in accrued consumption taxes, and a 14,910 million yen increase in income taxes paid.

      Net cash used in investing activities amounted to 7,270 million yen, which was a decrease of 37,086 million yen compared with the previous fiscal year. There was a 17,393 million yen decrease in expenditure for the purchase of property, plant and equipment, due to the shifting of vehicle sourcing to leases, and an expenditure of 35,307 million yen for the acquisition of shares of subsidiaries following the change in scope of consolidation in the Contract Logistics business in the previous fiscal year, and a 12,013 million yen decline in income from the sale of investment securities.

      Net cash used in financing activities was 37,073 million yen, which was an increase in payment of 46,494 million yen compared to the previous fiscal year. This was largely attributable to the 57,883 million yen decrease in proceeds from borrowings, and the 12,178 million yen decrease in spending to acquire our own shares.

      As a result of the above, cash and cash equivalents were 237,822 million yen as of March 31, 2026, up 29,765 million yen from the end of the previous fiscal year.

   4. ‌Future outlook

      The business environment surrounding Yamato Group remains uncertain, due to instability in global affairs and volatility in financial markets. In addition, costs are expected to continue rising due to changes in the external environment, including the impact of inflation and the shortage in transportation capacity becoming more serious over the medium to long term. Furthermore, in the medium to long term, we anticipate trends such as further expansion of e-commerce, increasing geopolitical risks, continued population decline, aging and depopulation of rural areas, as well as labor shortages and climate change becoming more serious.

      Under these circumstances, Yamato Group has defined its aspiration for 2030 as becoming a “value-creating company that contributes to the realization of a sustainable future”, with the aim of achieving sustainable growth in corporate value through our management philosophy of “Helping to enrich our society”.

      We have positioned the medium-term management plan "Sustainability Transformation 2030 ~1st Stage~", which covers the period until the fiscal year ending March 2027, as the “three-year period to strengthen the TA-Q-BIN network and transform the business portfolio”, and are generating “economic value” through initiatives such as reinforcing the TA-Q-BIN network to enhance the value we provide, growth of the Corporate business by providing solutions that cover the entire supply chain, commercializing new business models to meet the diversifying needs of customers and society, and strengthening the Group's management platform, while also promoting the creation of “environmental value” and “social value” by contributing to the sustainability of society.

      In the TA-Q-BIN network, which is Yamato’s base domain, we will expand the value we provide in line with increasingly diverse customer needs, while steadily advancing the optimization of pricing that appropriately reflects rising costs and value provision. In addition, we will accelerate our newly introduced “AI and data-driven management,” improving productivity across the entire operation through optimal allocation of management resources based on data, and higher efficiency in back-office operations. Furthermore, we will strengthen our earnings capability by creating new customer experience value.

      At the same time, we will accelerate the transformation of our business portfolio. By making full use of the management resources built up through the TA-Q-BIN business, and by providing solutions that support the resolution of challenges across the entire supply chain, we will focus on expanding the Corporate business (Contract Logistics business and Global business), which we position as a growth area. In addition, by maximizing synergies within the Group, including capturing decarbonization demand of clients who use vehicles in their operations through the commercialization of “Green Mobility,” we will place them on a growth trajectory as new pillars of earnings.

      For the full year, we are forecasting consolidated financial results of 1,920,000 million yen in operating revenue, 42,000 million yen in operating profit, 42,000 million yen in ordinary profit, and 24,000 million in profit attributable to owners of parent.

   5. ‌Operational and financial issues to be addressed

      The Yamato Group is operating in a business environment in which the future outlook remains uncertain, due to factors such as the instability in global affairs, as well as volatility in the financial markets. Meanwhile, cost hikes are expected to continue due to changes in the external environment, such as the impact of inflation, and the shortage in transportation capacity becoming more serious over the medium to long term. Moreover, we are anticipating medium- to long-term changes including the further expansion of EC, the heightening of geopolitical risks, the declining birthrate and the aging society, the depopulation of rural areas, as well as labor shortage and climate change intensifying. Against this backdrop, the Yamato Group has set our aspiration for 2030 as becoming a “value-creating company that contributes to the realization of a sustainable future”, to realize the sustainable enhancement of corporate value through "helping to enrich our society" as stated in our management philosophy. We are positioning the medium-term management plan “Sustainability Transformation 2030 ~1st Stage~” which lasts until the fiscal year ending March 2027, as the “three years to strengthen the TA-Q-BIN network and transforming the business portfolio,” and will promote the following initiatives:

      1. Reinforcement of the TA-Q-BIN network and the enhancement of value provided

         Although the parcel delivery industry continues to expand alongside the growth of e-commerce, the core domain—comprising individuals and small businesses—is being affected by the declining population and sluggish consumer spending. In addition, with the advancement of e-commerce and demographic shifts, changes are taking place in both the volume of last-mile pickup and delivery operations, and the flow of parcels between urban and rural areas in the Transportation domain. These developments are leading to a downward trend in the profitability of the TA-Q-BIN network.

         In response to these conditions, we are transforming our revenue structure and strategically setting the appropriate pricing that reflects the value-added services we provide, to convert the business structure of our core TA-Q-BIN business so that it can generate profit in a stable manner. We are also focusing on creating an environment in which our Sales Drivers can focus on delivering high-quality services to customers, as well as reorganizing pickup and delivery bases based on the market characteristics of each region, and developing products and services that meet customers’ needs including services that go beyond the sending and receiving of TA-Q-BIN parcels.

         In the Transportation domain, we will strengthen the TA-Q-BIN network as a social infrastructure to make it more efficient and sustainable, respond to customer needs, improve transportation and loading efficiency, minimize fixed costs, and control variable costs in accordance with the workload. To achieve this, we will review the methods of transportation between terminals, as well as between terminals and pickup/delivery bases in accordance with changes in parcel volume, and appropriately allocate sorting staff.

      2. Expansion of the Corporate business domain

         With the intensifying of various risk factors, including environmental issues, and blocs being formed around the world in politics and the economy, as well as in the supply chain, and companies being required to address such changes, the Yamato Group sees such changes as opportunities, and is positioning the solution business, in which we seek to solve challenges faced by customers throughout the entire supply chain, as a growth area.

         In the Contract Logistics business, which addresses the entire logistics operations and management challenges of corporate clients, the Yamato Group will expand the value we provide, including the operation of inventory and distribution centers in B2B logistics, and integrated logistics centers for e-commerce operators, by also leveraging the expertise of Nakano Shokai Co., Ltd., which became a consolidated subsidiary. In addition, as a foundation for business growth, we will promote the utilization and expansion of “Integrated Business Solution Centers,” which combine sorting, transportation and delivery functions with logistics functions across logistics bases nationwide. By utilizing these centers, which are integrated with a robust nationwide transportation and delivery network, and by contributing to the optimization of clients’ entire supply chains and their business strategies, we will further drive the expansion of Corporate business.

         In the Global business, by integrating international transportation with overseas Contract Logistics, the Yamato Group is advancing the value provision across clients’ entire supply chains. We will strengthen our sales capabilities primarily in North America, China and Southeast Asia, and will promote efficiency improvements in international forwarding, strengthen proposals to cross-border e-commerce operators, and capture logistics demand associated with the expansion of domestic demand in Japan, while also considering M&A and strategic business alliances.

      3. Commercialization of new business models

         Toward the realization of a sustainable future, the Yamato Group has been addressing environmental and social challenges, including the medium to long-term shortage of transportation capacity becoming more serious, as well as climate change, and has actively collaborated with business partners to resolve these challenges, thereby accumulating knowledge and expertise in areas such as the reduction of greenhouse gas (GHG) emissions, building efficient logistics systems, and employee health management. We will further refine these capabilities as our “Green Mobility” business model, thereby driving new growth for the Yamato Group.

         Specifically, we will promote the expansion of “EV Lifecycle Services” that support the introduction and operation of EVs, as well as energy-related businesses, including the supply of renewable energy mainly through Yamato Energy Management Co., Ltd. In addition, through initiatives such as the development of an open platform for joint transportation and delivery in which diverse stakeholders participate, and health management support services for automobile transportation operators, the Yamato Group will contribute to improving sustainability across the logistics industry and resolving its challenges.

      4. Strengthening our Group management platform

         The Yamato Group will continue to promote its HR, digital and environmental & social strategies, as well as initiatives such as strengthening sustainable management and corporate governance.

         As for our HR strategy, the Yamato Group is promoting investments aimed at further improving employee compensation, including Sales Drivers, as well as enhancing the work environment. Moreover, in order to further strengthen frontline organizations and personnel who engage directly with customers, we are promoting the allocation of personnel to TA-Q-BIN sales offices and corporate sales branches, while improving operational efficiency in administrative departments and streamlining organizational structures, and are focusing on the development of leadership personnel. Furthermore, to enhance employee engagement, we will promote revisions to our remuneration scheme so that compensation is determined based on performance, for employees in functions such as sales and planning.

         As for our digital strategy, we will fully implement the newly introduced “AI and data-driven management,” aiming to improve productivity across the entire operation through the optimal allocation of management resources based on data utilization, and greater efficiency in back-office operations, while strengthening earnings capability by creating new customer experience value. In addition, we will promote the development of talent that serves as the core drivers of AI utilization across each organization.

         In strengthening sustainable management, based on the two visions of "Connect. Deliver the future via green logistics" and helping to create a society that "leaves no one behind" through co-creation and fair business activities, which aim to enhance corporate value over the medium to long term and realize a sustainable society, the Yamato Group will continue to strengthen initiatives addressing the key issues that we have identified materiality.

         In the environmental domain, toward the achievement of “net zero greenhouse gas (GHG) emissions by 2050 (own emissions)” and “48% reduction in greenhouse gas emissions by 2030 (compared with the fiscal year ended March 2021),” the Yamato Group will continue to promote initiatives such as the “introduction of EVs,” the “installation of solar power generation equipment,” and “increase the use of electricity derived from renewable energy,” while also working on the identification of actual GHG emissions across the supply chain (Scope 3) and setting reduction targets.

         In the social domain, we will continue to place the highest priority on respecting and protecting human life, and strengthen initiatives related to the safety and health of employees and partners, while promoting the development of workplace environments where diverse employees can thrive. Furthermore, we will address social challenges, and promote the development of a sustainable supply chain based on appropriate relationships, by engaging in regular communication with business partners, as well as establishing frameworks, processes, and systems for the early identification and resolution of issues.

         In enhancing our corporate governance, we will continue to separate management supervision and execution, while maintaining and enhancing management transparency. We will sophisticate the management and administration of our business, and strive to sustainably enhance our corporate value through constructive dialogue with shareholders and investors and the enrichment of our disclosure.

      5. Embedding business management with a stronger focus on capital efficiency

   The Yamato Group uses operating profit margin, ROE (return on equity) and ROIC (return on invested capital) as its management metrics, in order to achieve capital profitability that is above our cost of capital, by embedding management that places a stronger focus on capital efficiency, together with promoting the strategic initiatives outlined in 1 to 4 above. In addition to improving the profitability of our business and accelerating profit growth, we will work to strengthen balance sheet management and optimize cash flow, thereby enhancing capital efficiency, and building the foundation for improving EPS (earnings per share) and growing shareholder value.

   During the current medium-term management plan period, we will make growth investments in our facility strategy and the promotion of AI and DX that contributes to making our operations more efficient, while making environmental investments in EVs, solar power generation equipment etc., to realize a low-carbon society by providing customers with logistics services that have low environmental impact, as well as improving the energy efficiency of our operations. In the growth areas of Contract Logistics and Global businesses, we will make use of M&A and strategic business alliances, together with organic growth measures.

   In order to financially support the above plans, we will strengthen balance sheet management, consider the securitization etc. of non-current assets, while being mindful of our financial soundness and efficiency, including the status of cash generation, the status of cash & deposits, shareholders’ equity ratio etc., as well as making effective use of funds within the Group, and raising funding through loans from financial institutions and bond issuances if necessary. From the perspective of financial soundness, we will use around 45% for the shareholders’ equity ratio, and around 0.3-0.5 times for the D/E (debt to equity) ratio as our benchmarks. As for shareholder return, we will target 40% or above in dividend payout ratio, based on profit attributable to owners of parent. We will flexibly consider share buybacks, based on factors including progress in growth investments, cash flow trends, our share price, etc.

2. ‌Fundamental Approach to Selection of Accounting Standards

   The Yamato Group has adopted Japanese GAAP because the Group engages in business primarily in Japan. However, we intend to give ongoing consideration to IFRS (International Financial Reporting Standards) and other accounting standards aligned with upcoming expansion into other locations overseas.

3. ‌Consolidated Financial Statements and Significant Notes Thereto

1. ‌Consolidated Balance Sheet

   (Millions of yen)

   As of March 31, 2025 As of March 31, 2026

   Assets

   Cash and deposits 208,654 238,812

Current assets

(Millions of yen)

(Millions of yen)

As of March 31, 2025 As of March 31, 2026

1. ‌Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

   (Consolidated Statement of Income)

   (Millions of yen)

   March 31, 2025 March 31, 2026
   Operating revenue	1,762,696	1,865,675
   Operating costs	1,692,669	1,776,935
   Operating gross profit	70,026	88,740
   Selling, general and administrative expenses
   Personnel expenses	26,458	28,873
   Provision for bonuses	1,385	1,410
   Retirement benefit expenses	1,153	742
   Provision for share awards for directors (and other officers)	148	269
   Commission expenses	8,726	7,567
   Taxes and dues	10,798	10,735
   Provision of allowance for doubtful accounts	707	532
   Depreciation	2,977	3,883
   Other	6,153	8,843
   Total selling, general and administrative expenses	55,820	60,435
   Operating profit	14,206	28,304
   Non-operating income
   Interest income	394	520
   Dividend income	1,367	1,349
   Gain on investments in investment partnerships	2,513	－
   Green Innovation Fund Project Subsidy	643	936
   Gain on disposal of vehicle	455	444
   Other	2,821	2,626
   Total non-operating income	8,196	5,877
   Non-operating expenses
   Interest expenses	1,604	2,483
   Share of loss of entities accounted for using equity method	371	2,526
   Foreign exchange losses	－	1,559
   Other	838	1,355
   Total non-operating expenses	2,814	7,923
   Ordinary profit	19,587	26,258
   Extraordinary income
   Gain on sale of non-current assets	23,858	18,104
   Gain on sale of investment securities	14,728	2,680
   Other	10	169
   Total extraordinary income	38,596	20,954

   Fiscal year ended Fiscal year ended

   	Fiscal year ended March 31, 2025		Fiscal year ended
   Extraordinary losses
   Loss on sale of non-current assets		－		790
   Loss on retirement of non-current assets		587		876
   Impairment losses		631		1,225
   Amortization of goodwill		－		13,434
   Provision of allowance for doubtful accounts		93		－
   Head office relocation expenses		743		－
   Other		1,336		1,031
   Total extraordinary losses		3,392		17,358
   Profit before income taxes		54,791		29,854
   Income taxes - current		17,254		11,340
   Income taxes - deferred		(819)		4,799
   Total income taxes		16,435		16,140
   Profit		38,355		13,713
   Profit attributable to non-controlling interests		417		51
   Profit attributable to owners of parent		37,937		13,662

   (Millions of yen) March 31, 2026

   (Consolidated Statement of Comprehensive Income)

   (Millions of yen)

   Fiscal year ended Fiscal year ended

   March 31, 2025 March 31, 2026
   Profit	38,355	13,713
   Other comprehensive income
   Valuation difference on available-for-sale securities	(6,351)	5,142
   Foreign currency translation adjustment	1,324	1,635
   Remeasurements of defined benefit plans, net of tax	17,376	(4,985)
   Share of other comprehensive income of entities accounte for using equity method	d (96)	(31)
   Total other comprehensive income	12,252 1,760
   Comprehensive income	50,607 15,474
   Comprehensive income attributable to

   Comprehensive income attributable to owners of parent 50,420 15,344

   Comprehensive income attributable to non-controlling interests

   187

   130

2. ‌Consolidated Statement of Changes in Equity

Fiscal year ended March 31, 2025

(Millions of yen)

Fiscal year ended March 31, 2026

(Millions of yen)

‌371 2,526

216 －

March 31, 2026

485 12

Increase (decrease) in cash and cash equivalents resulting from change in fiscal year of consolidated subsidiaries

458 －

Cash and cash equivalents at end of period 208,057 237,822

‌Not applicable.

1. Scope of consolidation

   1. Number of consolidated subsidiaries: 31 Names of major consolidated subsidiaries:

      Yamato Transport Co., Ltd. Okinawa Yamato Transport Co., Ltd.

      YAMATO BOX CHARTER CO., LTD Nakano Shokai Co., Ltd.

      YAMATO TRANSPORT U. S. A., INC. Yamato International Logistics Co., Ltd. Yamato Autoworks Co., Ltd. Yamato System Development Co., Ltd

      .

      The liquidation of Yamato Investment (Hong Kong) Ltd. has been completed in the fiscal year ended March 31, 2026, and has been excluded from the scope of consolidation.

   2. Non-consolidated subsidiaries, etc.

      OTL ASIA SDN. BHD. and certain other subsidiaries are not included within the scope of consolidation. The total assets, operating revenue, profit, and retained earnings of these non-consolidated subsidiaries are immaterial and, even taken together as a group, they do not exert a significant influence on the consolidated financial statements.

2. Application of equity method

   1. Number of affiliates accounted for using equity method: 5 Names of major equity method affiliates:

      RH Co., Ltd. Packcity Japan Co., Ltd. Yamato Lease Co., Ltd. Yamato Staff Supply Co., Ltd.

      The partial transfer of shares of GDEX BHD. owned by the Yamato Group has been completed during the fiscal year ended March 31, 2026, therefore GDEX BHD. and 34 of its subsidiaries etc. have been excluded from the scope of application of equity method.

   2. Non-consolidated subsidiaries and affiliates not accounted for using equity method

      Entities not subject to the equity method such as OTL ASIA SDN. BHD. and certain other non-consolidated subsidiaries and YAMATO UNYU (THAILAND) CO., LTD. and certain other affiliated companies are excluded from the scope of entities accounted for using the equity method because they do not exert a significant influence on the consolidated financial statements even when taken together as a group, given immateriality of their profit, retained earnings and other financial results corresponding to the ownership held by the Company.

   3. Special note on the application of equity method

      The fiscal year-end dates of certain entities accounted for using the equity method differ from the consolidated fiscal year-end date, and accordingly the financial statements have been prepared on the basis of the financial statements and provisional financial results for the respective fiscal years of each of those entities.

3. Information on Financial Year-End Dates and Related Matters of Consolidated Subsidiaries

   Out of the consolidated subsidiaries, YAMATO TRANSPORT U.S.A. and 8 other entities use December 31 as their fiscal period-end, and IS Tosu Development II TMK uses June 30. In preparing the consolidated financial statements, the financial statements that have been provisionally settled in accordance with the current fiscal year as of the consolidated fiscal year-end dates were used.

   In the fiscal year ended March 31, 2026, the fiscal year-end of Nakano Shokai Co., Ltd. was changed from September 30 to March 31, and the consolidated fiscal year-end has been aligned.

   ‌(Segment information, etc.)

   1. Segment information

      1. Summary of reportable segment

         The reportable segments of the Yamato Group are constituent units of the Yamato Group whose separate financial information can be obtained. The Board of Directors of the Company periodically examines these segments to decide on the allocation of management resources and evaluate business performance.

         The Yamato Group has established its management structure under the pure holding company, based on the medium-term management plan “Sustainability Transformation 2030 ~1st Stage~”, which was formulated with the fiscal year ending March 31, 2027 as the final year, and has divided its segments based on its main lines of business and related services.

         As a result, our four reporting segments are “Express Business”, “Contract Logistics Business”, “Global Business” and “Mobility Business”.

         Type of services by reportable segment

         Reportable segment	Type of services
         Express Business	Parcel deliveries for individual and corporate clients, truck transportation business, roll box pallet charter transportation business
         Contract Logistics Business	Third party logistics, real estate
         Global Business	Truck transportation for corporate clients, planning and operation of logistics centers, customs clearance, air freight forwarding
         Mobility Business	Vehicle maintenance, fuel sales, non-life insurance agency
         Other	Development and operation management of IT systems, call center business, financial service

      2. Method of calculating operating revenue, profit/loss, assets and other items by reportable segment The accounting method used for reported business segments complies with accounting policy that has been adopted in preparing the consolidated financial statements.

         (Change in method of calculation)

         To better assess profit and loss by reporting segment, the allocation method for head office-related expenses of Yamato Transport Co., Ltd., a consolidated subsidiary, has been changed in the fiscal year ended March 31, 2026. If this change had been applied retroactively to the fiscal year ended March 31, 2025, segment profit (loss) would have increased by 2,303 million yen in the Express business, and decreased by 374 million yen in the Contract Logistics business and by 1,928 million yen in the Global business. This change has no impact on the figures reported in the Consolidated Statement of Income.

      3. Information regarding the amounts of operating revenue, profit/loss, assets and other items by reportable segment

         Fiscal year ended March 31, 2025

         (Millions of yen)

         	Express Business	Contract Logistics Business	Global Business	Mobility Business	Other (Note 1)	Total	Reconciliation (Note 2)	Amount recorded in consolidated financial statements (Note 3)
         Operating revenue Operating revenue from customers Inter-segment operating revenue or transfers	1,534,710 38,232	97,074 8,673	85,950 3,855	20,505 33,128	24,455 46,494	1,762,696 130,383	－ (130,383)	1,762,696 －
         Total	1,572,943	105,747	89,805	53,634	70,949	1,893,080	(130,383)	1,762,696
         Segment profit (loss)	(12,899)	5,582	9,027	3,781	8,200	13,693	512	14,206
         Segment assets (Note 4)	963,280	104,503	64,231	29,394	106,105	1,267,515	(87)	1,267,428
         Others
         Depreciation	38,595	3,649	2,439	926	2,021	47,632	953	48,586
         Amortization of goodwill	－	368	－	－	－	368	－	368
         Investment in entities accounted for using equity method	901	－	－	－	－	901	10,997	11,898
         Increases of property, plant and equipment and intangible assets (Note 4)	68,574	44,701	3,185	575	1,216	118,253	8,065	126,319

         Notes:

         1. Other includes Yamato System Development Co., Ltd. (information systems development) etc.

         2. Adjustments made are as follows.

            1. The adjustment of 512 million yen of segment profit includes group-wide expenses which have not been allocated to each reportable segment (general administrative expenses of the Company, which is a pure holding company) of negative 6,935 million yen, as well as eliminations of transactions among segments of 7,448 million yen.

            2. The adjustment of negative 87 million yen of segment assets includes eliminations of inter-segment receivables and payables, etc. of negative 106,420 million yen and group-wide assets of 106,333 million yen not allocated to each reportable segment.

            3. The adjustment of 10,997 million yen of investment in entities accounted for using the equity method pertains to the amount of investment in those entities accounted for using equity method which are not allocated to respective reportable segments.

            4. The adjustment of 8,065 million yen of increases of property, plant and equipment and intangible assets is the Company’s capital investment amount.

         3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

         4. The segment assets and the increase in property, plant and equipment and intangible assets of the Express Business includes the 364,511 million yen of segment assets of the Headquarter of Yamato Transport Co., Ltd., as well as the 12,688 million yen

            increase in its property, plant and equipment and intangible assets.

            Fiscal year ended March 31, 2026

            (Millions of yen)

            	Express Business	Contract Logistics Business	Global Business	Mobility Business	Other (Note 1)	Total	Reconciliation (Note 2)	Amount recorded in consolidated financial statements (Note 3)
            Operating revenue Operating revenue from customers Inter-segment operating revenue or transfers	1,557,978 41,573	164,602 22,192	97,552 4,006	22,033 44,401	23,507 42,861	1,865,675 155,036	－ (155,036)	1,865,675 －
            Total	1,599,552	186,795	101,558	66,435	66,369	2,020,712	(155,036)	1,865,675
            Segment profit (loss)	2,299	6,217	8,150	5,221	6,629	28,517	(212)	28,304
            Segment assets (Note 4)	970,538	99,913	62,100	53,959	114,300	1,300,812	(20,641)	1,280,170
            Others
            Depreciation	40,358	6,275	2,874	1,511	1,862	52,883	317	53,200
            Amortization of goodwill (Note 5)	－	14,906	－	－	－	14,906	－	14,906
            Investment in entities accounted for using equity method	1,258	－	－	－	－	1,258	4,344	5,603
            Increases of property, plant and equipment and intangible assets (Note 4)	47,256	14,086	5,389	2,024	1,123	69,880	5	69,886

            Notes:

            1. Other includes Yamato System Development Co., Ltd. (information systems development) etc.

            2. Adjustments made are as follows.

               1. The adjustment of negative 212 million yen of segment profit includes group-wide expenses which have not been allocated

                  to each reportable segment (general administrative expenses of the Company, which is a pure holding company) of negative 5,981 million yen, as well as eliminations of transactions among segments of 5,768 million yen.

               2. The adjustment of negative 20,641 million yen of segment assets includes eliminations of inter-segment receivables and payables, etc. of negative 161,561 million yen and group-wide assets of 140,919 million yen not allocated to each reportable segment.

               3. The adjustment of 4,344 million yen of investment in entities accounted for using the equity method pertains to the amount of investment in those entities accounted for using equity method which are not allocated to respective reportable segments.

               4. The adjustment of 5 million yen of increases of property, plant and equipment and intangible assets is the Company’s capital investment amount.

            3. An adjustment was made between segment profit and operating profit in the consolidated statement of income.

            4. The segment assets and the increase in property, plant and equipment and intangible assets of the Express Business includes the 370,128 million yen of segment assets of the Headquarter of Yamato Transport Co., Ltd., as well as the 13,563 million yen

               increase in its property, plant and equipment and intangible assets.

            5. Goodwill amortization includes 13,434 million yen of amortization of goodwill that was booked as extraordinary losses.

   2. Information regarding impairment losses of non-current assets, goodwill, etc. for each reporting segment

      Fiscal year ended March 31, 2025

      (Millions of yen)

      	Express Business	Contract Logistics Business	Global Business	Mobility Business	Other	Total	Corporate or eliminations	Consolidated
      Impairment Loss	455	9	166	-	-	631	-	631

      Fiscal year ended March 31, 2026

      (Millions of yen)

      	Express Business	Contract Logistics Business	Global Business	Mobility Business	Other	Total	Corporate or eliminations	Consolidated
      Impairment Loss	193	1,030	1	-	-	1,225	-	1,225

      	Express Business	Contract Logistics Business	Global Business	Mobility Business	Other	Total	Corporate or eliminations	Consolidated
      Amortization in fiscal year	-	368	-	-	-	368	-	368
      Balance at end of fiscal period	-	15,827	-	-	-	15,827	-	15,827

   3. Information on amortization amounts and unamortized balances of goodwill by reportable segment Fiscal year ended March 31, 2025

   Fiscal year ended March 31, 2026

   	Express Business	Contract Logistics Business	Global Business	Mobility Business	Other	Total	Corporate or eliminations	Consolidated
   Amortization in fiscal year	-	14,906	-	-	-	14,906	-	14,906
   Balance at end of fiscal period	-	920	-	-	-	920	-	920

   Note: Amortization in fiscal year includes the 13,434 million yen of amortization of goodwill that was booked as extraordinary loss.

   ‌(Per share information)

   	Fiscal year ended March 31, 2025	Fiscal year ended March 31, 2026
   Net assets per share (Yen)	1,806.52	1,803.21
   Basic earnings per share (Yen)	111.87	43.07

   Notes: 1. The Company’s shares held by the Board Benefit Trust (BBT), which is booked as the shares held in own name in the shareholders’ equity section are included in the shares held in own name that are deducted from the number of shares

   outstanding as of the end of the fiscal period, when calculating net assets per share, and is included in the shares held in own

   name that are deducted from the average number of shares during the period, when calculating net profit per share. The number of shares held in own name as of the end of the fiscal periods that were deducted when calculating net assets per share was

   471,000 shares as of the end of the previous fiscal year, and 469,000 shares as of the end of this fiscal year. The average number of shares held in own name during the fiscal periods that were deducted when calculating net profit per share was 473,000 shares as of the end of the previous fiscal year, and 469,000 shares as of the end of this fiscal year.

   1. Diluted earnings per share is not presented since no potential shares exist.

   2. The basis for calculating “basic earnings per share” is as follows.

   	Fiscal year ended March 31, 2025	Fiscal year ended March 31, 2026
   Profit attributable to owners of parent (Millions of yen)	37,937	13,662
   Amount not belonging to ordinary shareholders (Millions of yen)	－	－
   Profit attributable to owners of parent concerning common shares (Millions of yen)	37,937	13,662
   Average number of common shares during the period (Thousands of shares)	339,121	317,217

   ‌(Material subsequent event)

   Not applicable.

4. ‌Supplementary Information‌