Iino Kaiun Kaisha : Supplementary Report for Financial Results of FY2025

‌Supplementary Report

for Financial Results of FY2025

May 8, 2026

Prime Market of Tokyo Stock Exchange (Stock Code: 9119)

‌Table of Contents

FY2025 Results P. 03

Financial Forecasts for FY2026 P. 07 Market Forecasts for FY2026 (Apr. 2026 - Mar. 2027) P. 10

Previous Medium-Term Management Plan (FY2023-2025) P. 15

（Numerical Financial Targets P.16 / Shareholder Returns (Dividends) P.18 / Sustainability and Business Initiatives P.19 / Announcement regarding the Formulation of a New Medium-Term Management Plan P.21）

Reference Information P. 22

（ Business Performance P.23 / Status of Facilities and Investment Plan P.28 / Existing Vessels and Orderbook P.30）

The Adventure to Our Sustainable Future 2

‌IINO Building (Left) Hibiya Fort Tower (Right)‌

Rotor Sail -Equipped Bulk Carrier "YODOHIME"

FY2025 Results

‌Financial Highlights

FY2026 Full-year forecasts:

(Billion Yen)

（Billion Yen）

Net sales

Operating Ordinary Profit Profit

Net Income

The full-year forecast was prepared on the assumption that traffic through the Strait of Hormuz will resume in June 2026 and that shipping activities involving the Middle East will recover to approximately

Profit

Net Sales Operating

Ordinary Profit

Net Income

1H 65.0 3.2 1.1 7.6

Full Year 129.0 9.1 6.7 12.1

FY2025 result

their previous levels over the subsequent

two months.

In addition, as disclosed on March 6, 2026, the Company plans to record a gain on the sale of fixed assets (extraordinary income) in the first quarter in connection with the transfer of one very large crude carrier (already reflected in the forecast).

FY2024 141.9 17.1 17.4 18.4

VS

FY2026 forecast

1.3% ▲32.3% ▲60.3% ▲21.4%

Go to P.8 for details

Dividend forecast for FY2026:

Full-year dividend of 46 yen per share

forecast

FY2025

(Yen/share)

In light of the current fiscal year's performance exceeding the most recent earnings forecast announced on February 5, 2026, and based on a dividend payout ratio of 40%, the year-end dividend for

FY2025 will be ¥35 per share, an increase of ¥4 from the previous dividend forecast. As a result, the annual dividend is planned to be ¥59 per share.

Under the new Medium-term Management Plan, while maintaining a dividend payout ratio of 40% as a guideline based on full-year performance, the Company has newly introduced a dividend floor of ¥30 per share in order to enhance dividend stability and predictability in the shipping industry, which is subject to significant market fluctuations.

Go to P.18 for details

‌Financial Results by Consolidated and Segments

*Compliant fuel oil (Very Low Sulfur Fuel Oil)

‌Operating Profit (FY2024 vs FY2025)

（Billion Yen）

18

Chemical

17.1 Tanker

16

14

Medium and Small Gas Carrier

0.9

Decreased

3.7 Billion Yen

0.1

Others

▲0.3

13.4

12

▲4.4

0.0

▲0.2 Oil Tanker

Dry Bulk Large Gas Real

0.1

Carrier

Carrier

Estate

10

8

6

4

2

0

FY2024

FY2025

▲0.2

conditions remained firm from the summer onward.

Medium and Small Gas Carrier

Despite efforts to secure stable earnings, profit decreased due to overlapping dry-docking work.

Real Estate +0.9

Profits increased due to the absence of acquisition-related expenses for the second UK property recognized in the previous fiscal year, along with improved earnings from domestic building operations, etc.

Other ▲0.3

Profits decreased due to the impact of a stronger yen compared with

1 2 3 4 5 6 7 8 9

the previous fiscal year, reflecting changes in the average

exchange rate during the period.

The Adventure To Our Sustainable Future

‌Financial Forecasts for FY2026 (Apr. 2026 - Mar. 2027)‌

Consolidated Financial Forecasts

‌Financial Forecasts for FY2026‌

*Against the backdrop of heightened market uncertainty stemming from the situation in the Middle East, the TC rate has been temporarily suspended since March 6. Actual results for FY2025 are based on figures through February 2026.

Ratio of Market Exposure (Spot*⁶) in Fleet

（As of May 8, 2026; updated at the time of 2Q and 4Q financial results）

Oil Tankers 0 %

Chemical Tankers 46 %

Large LPG Carriers 0 %

Panamax and Small Handy Dry Bulk Carriers 60 %

Dedicated and Woodchip Carriers 0 %

Oil tankers, large LPG carriers, dedicated carriers, and woodchip carriers are engaged only in medium-and long-term contracts and are therefore not affected by short-term market conditions.

*Due to fleet deployment restrictions resulting from developments in the Middle East, the spot exposure of chemical tankers is expected to increase temporarily.

*¹ Compliant fuel oil (Very Low Sulfur Fuel Oil)

*² The actual figures are based on the 1-year Time Charter Rate for Stainless Steel Chemical Tankers (Source: Clarksons Research). Beginning with this period, the reference data have been changed to 19,900 dwt ECO vessels, and past figures have also been retrospectively adjusted.

*3 The actual result refers to the VLGC spot rate published by Clarksons Research. *4 The actual result refers to the Pacific Round data from the Tramp Data Service. *5 Exchange rate sensitivity excludes foreign exchange gains/losses

*⁶ Contract on a per-voyage basis. (not long-term)

‌Operating Profit (FY2025 vs FY2026 Forecasts (As of May 8, 2026))

Breakdown of Operating Profit Changes

FY2025 vs FY2026 Forecasts

（Billion Yen）

Oil Tanker +0.5

Chemical Tanker ▲3.9

Large Gas Carrier ▲0.8

Dry Bulk Carrier +0.1

+0.1

Medium and Small

Gas Carrier

Although there will be a decline in operating days due to vessel sales,

（Billion Yen）

18.0

16.0

14.0

13.4

Chemical

Tanker

12.0

Decrease 4.3

billion yen

10.0

▲3.9

Real Estate

0.5

8.0

▲0.8

▲0.3

0.1

Medium and Oil

0.1

Dry bulk Carrier

Others

▲0.0

9.1

Small Gas Tanker

Carrier

6.0

4.0

2.0

0.0

FY2025

FY2026(F)

profit is expected to increase as a result of more favorable

contract renewals.

In addition to an expected softening of market conditions due to the slowdown in the Chinese economy, spot freight rates have risen amid route changes associated with the Middle East situation; however, profits are expected to decline as increases in costs, including fuel expenses, outweigh those rate increases.

Newly built ethane carriers will commence operations and contribute to profits. Meanwhile, freight rate-linked contract vessels have been converted to fixed-rate contracts, contributing to stable earnings; however, as gains from market conditions cannot be captured, earnings are expected to decrease.

Market conditions are expected to remain firm. One newly built chartered vessel is scheduled for delivery in the second half of the fiscal year and is expected to contribute to profit.

Profits are expected to increase due to a reversal of the increase in expenses resulting from a higher number of dry-docking activities in the previous fiscal year.

Real Estate ▲0.3

Profits are expected to decrease due to downtime associated with construction work at Iino Hall and an increase in repair and maintenance expenses.

1 2 3 4 5 6 7 8 9

Other ▲0.0 Performance is expected to remain largely unchanged.

The Adventure To Our Sustainable Future

‌Market Forecasts for FY2026‌

‌Chemical Tanker Market Forecast for FY2026

"While there are supporting factors for market conditions, such as the extension of transport distances via the Cape of Good Hope, uncertainty remains high in the Middle East region, and the outlook continues to be unclear."

(Compiled by the Company from various sources)

Chemical Tanker Spot Rate Index

*Due to the impact of the situation in the Middle East, freight rates have surged; however, this reflects only freight rates on certain routes and does not necessarily represent actual conditions. In addition, fuel costs have increased, and the changes in freight rates do not directly translate into earnings.

Source: Clarksons

• The number of newly built chemical tankers is expected to increase. (As of the end of FY2026, the orderbook-to-existing fleet ratio is approximately 12%.)

  Chemical Tanker Freight Rate

  ($/MT) for freight

  200

  Against the backdrop of market uncertainty resulting from the situation in the Middle East, freight rates for Middle East loadings and the TC rate have been temporarily suspended from calculation since March 6.

  ($/day) for TC Rate

  30,000

  25,000

  150

  20,000

  100

  15,000

  10,000

  50

  【Left】15kmt Arabian Gulf / Main Ports in Far East

  【Left】15kmt Arabian Gulf / Rotterdam

  【Right】1yr TCRate 19,900 dwt Stainless -ECO*

  5,000

  0 0

  Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26

  ＊From 3Q 2026, the reference data has been changed to the 19,900 dwt ECO vessel, and past data has also been revised retroactively.

• Meanwhile, new demand from loading regions serving as alternatives to the Middle East, together with the continued instability in and around the Red Sea, has led to a structural extension of transport distances via the Cape of Good Hope, which supports market conditions.

• For competing product tankers, market conditions have strengthened against the backdrop of heightened tensions in the Middle East and strengthened sanctions, including those against Russia, and inflows into the chemical tanker market are expected to be limited.

• In addition to the situation in the Red Sea, uncertainty surrounding Middle East routes remains high amid rising geopolitical risks stemming from the effective closure of the Strait of Hormuz.

  ‌Chemical Tanker Market Data for FY2026

  https://w

  ww.a

  strisa

  dviso

  ry.com

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  out-

  2

  Existing Vessels and Orderbook of Chemical Tanker and product Tanker (MR)

  Existing Vessels

  Orderbook

  Type of Vessel

  End of End of Mar. 31, 2024 2025 2026

  2026

  (Apr. to Dec.)

  Existing Vessels vs.

  2027 2028~ Total

  Total

  Or ok

  derbo

  *Handy: 10-54,999DWT / Small: <10,000DWT

  Source: Clarksons

  (Compiled by the Company from various sources)

  Chemical tanker supply/demand

  10%

  5%

  0%

  -5% Chemical tanker supply

  IMO-class fleet supply

  Demand（tonne mile）

  -10%

  -15%

  2021

  2022

  2023

  2024

  2025

  2026(F)

  *IMO-Class fleet supply: Includes product tanker capable of carrying chemical products

  *Chemical tanker supply: Vessels in the IMO-Class fleet carrying chemical products

  Seaborne Trade

  （million tonnes）

  400

  Organics

  Veg/Animal Oils & Fats

  Inorganics* Other Cargoes**

  300

  200

  100

  0

  2021

  2022

  2023

  2024

  2025 2026(F)

  * Three main inorganic chemicals only - phosphoric acid, sulphuric acid, caustic soda solution

  ** Estimate of trades in "other" cargoes e.g. lube oils, potable alcohols etc.

  Palm Oil* Freight Rate

  ($/t)

  100

  Straits/WC India

  East Malaysia-Mid China

  70

  40

  10

  Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-25 Apr-26

  *One of the cargoes carried by chemical tankers on the return voyage (backhaul) Middle East - Far East route

  MR tankers Freight Rate

  ($/day) 70,000

  Clean MR Avg. Earnings

  60,000 Clean 47-48k 12month T/C Chem 19k STS 12month T/C

  50,000

  40,000

  30,000

  20,000

  10,000

  0

  Apr-24

  Oct-24

  Apr-25

  Oct-25

  Apr-26

  ≪Number of Vessels≫
  Chemical	Handy Chemical Tanker	1,903	1,969	1,993	186	133	61	380	19%
  Tanker*	Small Chemical Tanker	2,355	2,417	2,431	97	54 b	20	171	7%
  Product Tanker	MR Tanker	1,766	1,838	1,866	82	105	83	270	15%
  ≪Mil. DWT≫
  Chemical Tanker*	Handy Chemical Tanker	42.6	44.1	44.7	4.4	3.3	1.7	9.4	21%
  Product Tanker	Small Chemical Tanker	9.9	10.2	10.3	0.6	0.4	0.1	1.1	11%
  	MR Tanker	85.5	89.1	90.5	4.1	5.1	4.0	13.2	15%

  ‌Dry Bulk Carrier Market Forecast for FY2026

  "Based on firm cargo movements and continued progress in the scrapping of aging vessels, market conditions are expected to remain firm."

• Market conditions, which rose mainly for medium- to large-sized vessels from the second half of FY2025, may enter a temporary adjustment phase going forward; however, the impact of the effective closure of the Strait of Hormuz is expected to be limited for the dry bulk market as a whole, and overall market conditions are expected to remain firm.

  Dry Bulk Seaborne Trade

  (mil. MT)

  5,000

  Coal

  Iron ore

  Grain

  Minor bulks

  4,000

  3,000

  2,000

  1,000

  0

  2021

  2022

  2023

  2024

  2025

  2026(F)

• On the supply side, although newly built vessel deliveries are expected to exceed the previous year, progress in scrapping of aging vessels and increased slow steaming in response to environmental regulations are not expected to significantly disrupt the supply-demand balance.

• Seaborne trade is expected to remain flat for iron ore and coal, against the backdrop of low-level stabilization in the Chinese economy centered on domestic demand; however, demand for minor bulks, including grain and fertilizers, is expected to remain resilient overall.

Dry bulk carrier spot charter rate ($/day)

Panamax

(82,000DWT / Average of 4 trip charter routes)

Handysize

(38,000DWT / Average of 6 trip charter routes)

25,000

25,000

20,000

20,000

15,000

15,000

10,000

10,000

5,000

5,000

0 0

Feb Apr Jun Aug Oct Dec Feb Apr Jun Aug Oct Dec

2024

2025

2026

2024

2025

2026

(Compiled by the Company from various sources)

‌The Domestic (Central Tokyo) Office Market Forecast for FY2026

(Compiled by the Company from various sources)

Office Vacancy Rate

50.0%

Main 5 districts

Main 5 districts (new building) Chiyoda-ku

Average of buildings owned by IINO in Japan (Using leased area of the office area)

25.0%

0.0%

2023/12

2024/6

2024/12

2025/6

2025/12

Office Rents

Yen/Tsubo

¥35,000

Tokyo 5 District

Chiyoda-Ku

Tokyo 5 District(New Building)

¥30,000

¥25,000

¥20,000

¥15,000

Mar-24

Sep-24

Mar-25

Sep-25

Mar-26

"Although there will be a certain level of new supply in FY2026, market conditions are expected to remain firm."

• The office leasing market for central Tokyo is trending steadily, with a continued decline in vacancy rates and an upward trend in average rents.

• Demand is being supported by corporate needs for office spaces, locations, and high-quality buildings aimed at improving employee comfort and securing talented personnel.

  Tokyo Central 5 District Real Estate Market Outlook

  150

  Rent Index (Left)

  Vacant Rate (Right)

  15.0%

  125

  10.0%

  100

  75

  5.0%

  50

  0.0%

  2022 2023 2024 2025 2026(F)

  Source: Japan Real Estate Institute

• On the supply side, a clear polarization in competitiveness among office buildings has emerged due to factors such as area and location, building age, and building specifications. Although there will be a certain level of new supply during FY2026, office demand is expected to continue to increase; as a result, vacancy rates are expected to remain at extremely low levels, and average rents are expected to continue rising.

‌Review of the Medium-Term Management Plan (FY2023-2025)‌

‌Previous Plan: Status of Achievement of Major Numerical Targets (KPIs)‌

（Billion Yen）

※a Figures verified by a third party. Actual results for FY2025 are currently being compiled; as of the end of the third quarter of FY2025, the reduction rate was ▲15.2%.

※b The figures for fFY2023 and FY2024 have been revised following third-party verification. Actual results for FY2025 are currently being compiled.

*¹ Operating Profit + Depreciation + Dividend Income and Equity in Earnings of Affiliates of main business investments *² Net Operating Profit After Adjusted Taxes÷ Invested capital *³ Serious accidents stipulated by the company (Vessels, Buildings and Information Systems)

*⁴ 2030 reduction targets cover Scope 1 and 2, and are based on intensity (freight ton-miles) for the shipping business and on total volume for the real estate business. Targets for 2050 include Scope 3. *⁵ All of the KPI values are for land-based positions at the Company without consolidation. Human Resource strategies will be promoted throughout the IINO Group.

‌Previous Plan: Status of Numerical Financial Targets (Details)

（Billion Yen）

*¹ Unit price of Very Low Sulfur Fuel Oil (in Singapore)

*² Operating Profit + Depreciation + Dividend Income and Equity in Earnings of Affiliates of main business investments

*³ Net Operating Profit After Adjusted Taxes ÷ Invested Capital

‌Shareholder Returns (Dividends)‌

In light of the Company's performance exceeding the most recent earnings forecast announced on February 5, 2026, and in line with its dividend policy based on a payout ratio of 40%, the year-end dividend for FY2025 is planned to be ¥35 per share, an increase of ¥4 from the most recent dividend forecast, bringing the total annual dividend to ¥59 per share.

30％

40％

Payout

Ratio

Divided Floor 30 yen

Interim Dividend (Yen) Year-end Dividend (Yen) Payout Ratio (%)

Including special

dividend of 5 yen

23

24

25

30.0%*1

23

33

31

38

70 50.0%

60

50

40

30.0%

20

10

0

FY2021 FY2022 FY2023 FY2024 FY2025 FY2026(F)

20.0%

*¹ Actual figures before applying retrospective adjustments due to changes in accounting policy.

‌Sustainability and Business Topics‌

Business Infrastructure Strategy

Allocate Management Resources to

Growth Businesses

Expansion of Global Business

Promotion of Environmental Initiatives and Investments

Acceleration of DX

社会的価値の創

Formulation and Implementation of Plan to Realize a Decarbonized Society

Strengthening of Human Capital

造

Addressing Respect for Human Rights

Strengthening governance

Ship and building management quality improvement

Improve cost competitiveness

The Company, in collaboration with Electric Power Development Co., Ltd. (J-POWER), conducted a trial voyage using biofuel on the fuel transport vessel YODOHIME, which is equipped with a wind-assisted propulsion system (rotor sail). This initiative represents the first trial voyage using biofuel on a vessel equipped with a wind-assisted propulsion system undertaken by a domestic electric power company.

The fuel used in this trial was a blended fuel (B24), consisting of 24% biofuel mixed with very low sulfur fuel oil (VLSFO). Biofuel can be used with existing marine diesel engines without modification and contributes to the reduction of CO₂ emissions as a cleaner alternative to fossil fuels.

Creating Social Value

Creating Economic Value

Initiatives and progress until May 2026

‌Sustainability / ESG and DX Promotion Initiatives

E S

Establishment of the IINO Group Sustainability Policy in March 2024

Responding to Climate Change

-Norsepower rotor sails (a wind propulsion system) have been installed on two vessels.

-Procurement of credits and acquisition of "Saitama Prefecture Forest CO₂ absorption certificate.

-Commencement of Operations at a Solar Power Plant (as a joint project with JAPEX).

-Received an A-minus rating in CDP2025.

Waste Reduction Initiatives

-Mineral water production equipment has been installed on 32 vessels.

-NS Toranomon Building receives "Minato City trash cutting excellent enterpriser aCity".

Preserving Biodiversity

-After the signing of the Saitama Prefecture Forestation Agreement in February 2023, tree-planting events were held every year.

-Participation in the Task Force on Nature-related Financial Disclosures (TNFD) Forum and registration for TNFD Adopter.

-Implemented disclosures aligned with the four pillars of the TNFD recommendations-Governance, Strategy, Risk and Impact Management, and Metrics and Targets.

Strengthening Governance

-Since June 2023, outside directors have accounted for 50.0% of the Board, and female directors have made up 25%.

-Continue to comply with TSE Prime Market standards.

-Additional to the existing executive compensation system. ⇒For details

1. Performance -linked remuneration based on the score assigned by the CDP score, an international NPO that supports environment disclosure.

2. Bonuses paid in consideration of the occurrence of major accidents.

Anti-Corruption Initiatives

-IINO Joined Maritime Anti-Corruption Network.

-In February 2024, IINO Group Competition Law Compliance Policy was established.

(Competition Law training was conducted in July 2024)

-In February 2024, established external whistleblower system.

Other Initiatives

-Publication of the status of dialogue with Investors (FY2024). ⇒ For details

-The progress of initiatives under "Promote Action to Implement Management that is Conscious of Cost

of Capital and Stock Price" has been disclosed on P.19-23 of the Supplementary Report for Financial Results FY2025 3Q.

Strengthening human capital

-Conducted 3rd engagement survey for employees in December 2025. The attendance rate currently under calculation.

We will use the results of our analysis to identify internal needs and improve employee engagement.

Respect for human rights

-Conducted supplier survey in 2024.

-Achieved "Silver" in the EcoVadis Sustainability Rating

-Conducted awareness training for Group executives and employees in FY2025. The participation rate for fiscal year 2025 reached 100%, achieving the KPI.

Social Contribution Initiatives

-The lunchtime concert is held at the IINO Building once a month.

-In September 2023, established IINO Group Social Contribution Policy.

-Sponsored the Hibiya Gardening Show for three consecutive years.

Creating a Good Workplace

-New dress code was applied. - Expanded floor space and renovated the head office.

G

DX

-Obtained the Highest "Platinum" Rating under WELL Certification.

Promotion of Maritime Innovation

-To maximize safe operations, voyage profitability, and reduce environmental impact, the Voyage Optimization system has been introduced on chemical tankers.

-Invited as a panelist to CMA Shipping, one of the largest maritime events in the United States, as the

only Japanese shipping company, and participated in a maritime technology panel discussion.

2023-2025年度 2030年度

新中期経営計画期間

DX推進

・船舶・ビル管理の品質向上

・ESG推進サポート

・競争力強化のための事業変革 独 自の発想力を活かした変革を継続

・新たな価値創造のための協業

・プロセスイノベーション

・プロダクトイノベーション

-Participated in the Tokyo Logistics cluster of the Tokyo Metropolitan Government-hosted program TiB Catapult, and presented the Company's innovation activities at the event for the first time.

Utilization of Generative AI

-The Company aims to streamline operations and improve productivity through the implementation of in-house study sessions and the company-wide promotion of the use of generative AI.

-We have begun creating business support tools using generative AI.

Development of Digital Infrastructure

-Starlink* installed and operational on 33 company-managed vessels.

*satellite internet that enables high-speed data communication between ship and land.

-AI security system 'AI Security asilla / asilla BIZ' introduced at IINO Building.

-The initial implementation of the talent management system has been completed. Human resources information will be centrally managed and utilized with a view to achieving more advanced human resources strategies.

‌Announcement regarding the Formulation of a New Medium-Term Management Plan‌

New Medium-Term Management Plan "Transformation for a Sustainable Future"

Theme: Transformation to deliver both capital efficiency

and growth investment

Period: April 2026 - March 2031 (five years)

The Group has formulated a five-year Medium-Term Management Plan aimed at achieving further growth. For details, please refer to the information on the Company's website.

https://contents.xj-storage.jp/xcontents/AS00371/5bd1be52/5642/448e/97a9/fed9679

a8d5f/20260501180544430s.pdf

‌Reference: Business Performance‌

‌Consolidated Net Sales and Profits / Operating Profit by Segment (By Fiscal Year)‌

(Billion yen)

141.3

138.0

141.9

127.3

129.0

23.4

21.8

104.1

20.9

20.0

19.7

19.1

17.1

17.4

18.4

12.5

16.9

15.4

13.4

12.1

9.4

9.1

7.5

6.7

30

(Billion yen)

Net Sales

Operating Profit Ordinary Profit Net Income

150

(Billion yen) 30

25

20 100 20

15

10 50 10

5

0

FY2021 FY2022*

0

FY2023 FY2024 FY2025 FY2026(F)

0

FY2021 FY2022*

Oceangoing and Short-sea / Domestic Shipping

Real Estate

16.2

15.5

13.6

9.1

3.4

4.2

3.8

3.5

4.4

3.5

FY2023 FY2024 FY2025

*Results are retrospectively adjusted due to changes in accounting policy

‌Operating Profit by Segment by Quarter

（Billion Yen）

Shipping Business Real Estate Business

（Billion Yen）

Operating Profit

4-Quarter Moving Average

1.1 1.2

0.9

0.9

1.0 1.1 1.0

1.0 1.0

0.9

1.0 1.0

1.0 1.1 1.1 1.2

0.7

0.9

0.7

0.5

Operating Profit 4-Quarter Moving Average

5.1 5.2

4.8

4.6

4.1

4.0

3.5

3.6

3.2

2.7 2.8

2.8

2.5

2.4

2.0

1.9

1.6

1.2

0.2

-0.4

5.2 5.6

4.4

4.6

3.6

3.6

2.8

2.6

2.0

1.6

1.2

0.4

0.6

-0.4

FY2021 FY2022 FY2023 FY2024 FY2025

-0.4

FY2021 FY2022 FY2023 FY2024 FY2025

*Results are retrospectively adjusted due to changes in accounting policy

‌Consolidated Equity Ratio/ Share Price and Market Capitalization / Consolidated Cash Flow

Total Assets Shareholders' Equity Shareholders' Equity Ratio ROE

45.0%

47.5%

45.6%

41.6%

36.9%

346.7

293.2

306.4

247.1

265.5

23.3%

13.2%

14.6%

16.3%

10.1%

91.3

110.7

132.1

145.5

158.2

(Billion yen) 400

350

300

250

200

150

100

50

0

Fiscal Year

2021

2022

2023

2024

2025

FY2021 FY2022 FY2023 FY2024 FY2025

50%

40%

30%

20%

10%

0%

(Billion yen)

Share Price and Market Capitalization

(Billion yen) Share Price(Yen)

Market Value

Share Price

1,751

1,226

190.7

1,004

997

826

133.5

109.3 108.6

250 2,000

200

1,500

150

100

50

0

End of FY2021 End of FY2022 End of FY2023 End of FY2024 End of FY2025

1,000

500

0

* From FY2027 onwards, the adoption of the new lease accounting standards is expected to result in the inclusion of off-balance-sheet charter liabilities. If applied at the end of FY2025, the impact would be approximately 35.0 billion yen, with an equity ratio of about 41%. Please note that this figure is an estimate calculated by our company based on certain assumptions and may differ from the actual figures when the standard is formally applied.

※The Group secures sufficient funding instruments from commercial banks and it is expected that the Group can raise necessary funds for business expansion, working capital and capital investments. In addition, the Group has concluded commitment line contracts including multi-year contracts of 18 billion yen in total and US$60 million in domestic bank to complement liquidity.

‌Reference:

Status of Facilities and Investment Plan

‌Status of Facilities (Buildings for Lease / Tonnage in Operation)

Buildings for Lease

(As of Mar. 31, 2026)

Tonnage in Operation

(As of Mar. 31, 2026)

Land

（㎡ ）

(tsubo）

（㎡ ）

Leasable Space

Floor Space

（㎡ ）

Chiyoda

Minato

1. IINO Building 103,826.88 52,204.43 15,791.84 7,766.15 Oct. 2011

   Type of vessel	Total		Owned (Includes the vessel capacity owned by group companies and shared interests with partners)			Chartered (Includes short-term chartered vessels)
   	No.	DWT	No.	DWT	%	No.	DWT	%

   Oil Tanker	4	1,237,350	4	1,237,350	100%	0	0	0%
   Chemical Tanker	33	1,109,206	19	657,645	59%	14	451,561	41%
   Large Gas Carrier	9	512,845	8	449,091	88%	1	55,134	12%
   LPG Carrier	7	385,177	7	330,043	86%	1	55,134	14%
   Ethane Carrier	2	127,668	1	63,546	50%	1	63,754	50%

2. Tokyo Fujimi Building 10,686.60 7,345.60 2,222.04 2,411.71 Sep. 1983

3. Hibiya Fort Tower 105,609.21 47,825.84 14,467.31 7,688.50 Jun. 2021

   Rikyu Building

4. Shiodome Shiba- 35,015.25 21,248.95 6,427.81 3,418.09 Jul. 2006

   Building

5. NS Toranomon 9,210.56 7,164.86 2,167.37 1,122.53 Apr. 2016

Building

Bunkyo 6. IINO Takehaya 4,852.98 3,190.60 965.16 1,074.87 Mar. 1988

Dry Bulk Carrier 23 1,390,304 3 255,724 18% 20 1,134,580 82%

7. BRACTON HOUSE -

UK

approx.

2,027

1980s

- -

(renovated

3,510

25,701

Dallas

YARDS OFFICE-B

22,548

U.S.A.

Portland

10. PRESS BLOCK - approx.

- - Oct. 2025

‌Investment Plan (Owned(O) / Chartered(C))‌

Red letters: deploys on mid- to long-term contract Underlined: Completed or delivered

*Chartering: The operation of vessels chartered from other companies, rather than vessels owned by the shipping company.

‌Reference: Existing Vessels and Orderbook

‌Existing Vessels and Orderbook‌

(Source: Clarksons Research)

‌Cautionary statement regarding the document

The performance forecasts and forward-looking statements contained in this material are based on judgments made by the Company using information available as of the date hereof. Due to a variety of factors, including potential risks and uncertainties, and revisions to accounting standards and tax systems, actual results may differ from the forward-looking statements described herein.