Iino Kaiun Kaisha,ltd. TSE:9119

Iino Kaiun Kaisha : Supplementary Report for Financial Results of FY2025 2Q

Published

Source: MarketScreener

Supplementary Report for Financial Results of FY2025 2Q

October 31, 2025

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



Table of Contents

FY2025 2Q Results P. 03

Financial Forecasts for FY2025 P. 07

Market Forecasts for FY2025 P. 10

Mid-term Management Plan (FY2023-2025) P. 16

（Numerical Financial Targets P.18 / Shareholder Returns (Dividends) P.19 / Sustainability and Business Initiatives P.20）

Reference Information P. 22

（ Business Performance P.22 / Status of Facilities and Investment Plan P.26 / Existing Vessels and Orderbook P.29）



The Adventure to Our Sustainable Future 2

‌FY2025 2Q Results


Financial Highlights

FY2025 2Q Results : Net sales and profit decreased YoY due to a softer shipping

market.

（Billion Yen）

FY2025

orecasts: (Billion Yen)

Net sales Operating Ordinary Net

Profit Profit Income

Previous Forecast 130.0

10.2

10.5

11.5

Revised Forecast 126.0

11.8

12.5

12.6

Previous ▲3.1%

+15.7%

+19.0%

+9.6%

Full-year f

Compared to the previous forecast announced on July 31, 2025, although net sales decreased, operating profit increased due to the sustained strength of the large LPG carrier market and the recovery in market conditions for dry bulk carriers. In addition, ordinary profit and profit attributable to owners of the parent company significantly exceeded the previous forecast, partly due to the depreciation of the yen against the U.S. dollar during the six months ended September 30, 2025.

Profit

Net Sales Operating

Ordinary Profit

Net Income

(July 31)

(Oct. 31)

vs Revised

Regarding the dividend for the fiscal year ending March 2026, based on our dividend policy of a 40% payout ratio against full-year earnings, we plan to increase both the interim and year-end dividends by 2 yen from the most recent forecast (announced on May 8, 2025), resulting in an interim dividend of 24 yen a year-end dividend of 24 yen, a year-end and a total annual dividend of 48 yen

Dividend forecast for FY2025:

Full-year dividend of 48 yen per share

Interim

FY2024 Results

25

(Yen/share)

Year-end Total

33 58

(Ordinary dividend : 28 yen) (Ordinary dividend : 53 yen) (Special dividend : 5 yen) (Special dividend : 5 yen)

Year on Year ▲17.4%

▲41.7%

▲26.4%

▲22.4%

FY2025 Forecast (as of October 31)

24

24

48

Difference

▲1

▲9

▲10

Go to P.19 for details

Go to P.8 for details

FY2024 2Q

74.0

9.9

9.0

9.6

FY2025 2Q

61.1

5.8

6.6

7.5

Financial Results by Consolidated and Segments

Consolidated Financial Results

(Billion Yen)

FY2025

FY2024

Year on Year

(A)－(B)

1Q

2Q

1H(A)

1Q

2Q

1H(B)

Difference

Net Sales

29.8

31.3

61.1

38.2

35.8

74.0

▲ 12.9

Operating Profit

2.3

3.5

5.8

5.3

4.6

9.9

▲ 4.1

Ordinary Profit

2.2

4.4

6.6

6.4

2.5

9.0

▲ 2.4

Net Income

3.3

4.2

7.5

6.7

2.9

9.6

▲ 2.2

Exchange Rate (/$)

¥145.32

¥147.04

¥146.18

¥155.02

¥152.77

¥153.89

▲¥7.71

Bunker Price (/MT)*1

$535

$526

$530

$649

$626

$637

▲$107

Financial Results by Segments

(Billion Yen)

FY2025

FY2024

Year on Year

(A')－(B')

1Q

2Q

1H(A')

1Q

2Q

1H(B')

Difference

Net Sales

29.8

31.3

61.1

38.2

35.8

74.0

▲ 12.9

Oceangoing Shipping

23.7

25.2

48.9

32.1

29.6

61.7

▲ 12.8

Domestic /

Short-sea Shipping

2.6

2.7

5.3

2.9

2.8

5.7

▲ 0.4

Real Estate

3.5

3.5

7.0

3.2

3.4

6.7

+0.3

Operating Profit

2.3

3.5

5.8

5.3

4.6

9.9

▲ 4.1

Oceangoing Shipping

1.3

2.6

3.9

4.7

3.4

8.1

▲ 4.2

Domestic /

Short-sea Shipping

▲0.1

▲0.1

▲0.2

0.1

0.2

0.2

▲0.4

Real Estate

1.0

1.1

2.1

0.5

1.0

1.6

+0.6

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

Operating Profit (FY2024 2Q vs. FY2025 2Q)

Breakdown of Operating Profit Changes YoY （Billion Yen）

（Billion Yen）

12

10

9.9

8

Decreased

4.1 Billion Yen

Large Gas Carrier

6

▲2.8

Chemical Tanker

▲0.5

Medium and Small Gas Carrier

Oil Tanker

▲0.4

▲0.3

Dry Bulk

Carrier

▲0.2

0.6 Others

5.8

Real Estate ▲0.4

4

2

0

2Q

FY2024 2Q FY2025

Oil Tanker ▲0.3

Profit declined year-on-year due to a reduction in vessel operational days caused by dry-docking.

Market conditions softened compared to the same period last year due

Chemical Tanker ▲2.8 to the slowdown in the Chinese economy and increased uncertainty

stemming from U.S. tariff policies, among other factors.

Large Gas Carrier ▲0.5

Despite firm market conditions, profit declined due to reduced operations following the sale of a vessel at the end of the previous fiscal year.

after the summer.

Dry Bulk Carrier ▲0.2 Profit declined year-on-year despite a recovery in market conditions

▲0.4

Medium and Small Gas Carrier

Profit declined due to overlapping maintenance repair work associated with dry-docking of multiple vessels.

Real Estate +0.6

Stable earnings were maintained, supported by steady office floor occupancy and the absence of initial costs for the second UK property, which had been recorded in the same period of the previous fiscal year.

1 2 3 4 5 6 7 8 9



Other ▲0.4

Profit declined year-on-year due to the appreciation of the yen and other factors.

The Adventure To Our Sustainable Future

‌Financial Forecasts for FY2025




‌Financial Forecasts for FY2025

Consolidated Financial Forecasts

(Billion Yen)

FY2025 Forecast (as of Oct. 31)

Previous Forecast (as of July 31)

Result of FY2024

Difference

Full-Year (Compared to the

latest forecast)

1Q

2Q

1H

2H

Full-Year

1H

2H

Full-Year

Net Sales

29.8

31.3

61.1

64.9

126.0

62.0

68.0

130.0

141.9 ▲15.9

Operating Profit

2.3

3.5

5.8

6.0

11.8

4.4

5.8

10.2

17.1 ▲5.3

Ordinary Profit

2.2

4.4

6.6

5.9

12.5

3.7

6.8

10.5

17.4 ▲4.9

Net Income

3.3

4.2

7.5

5.1

12.6

4.7

6.8

11.5

18.4 ▲5.8

Exchange Rate (/$)

¥145.32

¥147.04

¥146.18

¥145.00

¥145.59

-

¥140.00

¥141.33

¥152.73

-

Bunker Price (/MT)*¹

¥535

¥526

¥530

¥520

¥525

-

¥520

¥524

¥612

-

Market Assumption of Chemical Tankers*2

19,999dwt 1yr TC Rate (/day)

$18,500

$17,583

$18,042

$19,000

-

-

-

$19,000

$20,625

-

Market Assumption of Middle East - Far East

Large Gas(LPG)Carriers*3(/MT)

$61.7

$81.1

$71.4

$63.9

-

-

-

$62.0

$58.0

-

Market Assumption of Dry Bulk Carriers*4

Panamax(/day)

$11,128

$13,765

$12,489

$13,500

-

-

-

$13,500

$12,386

-

Small Handy(/day)

$10,498

$12,630

$11,598

$12,500

-

-

-

$12,000

$12,191

-

Oil Tankers 0 %

Chemical Tankers*7 31 %

Large LPG Carriers 14 %

Panamax and Small Handy Dry Bulk Carriers 62 %

Dedicated and Woodchip Carriers 0 %

Oil tankers, Dedicated carriers and Wood chip carriers comprise only medium- and long-term contracts that are not affected by market conditions.

Exchange rate*5:

per 1 Yen/$ Change About 80 Million Yen/ 6 Months

Ratio of Market Exposure (spot*⁶) in Fleet

（As of Oct 31, 2025; updated at the time of 2Q and 4Q financial results）

Sensitivity on Ordinary Profit

*¹ Compliant fuel oil (Very Low Sulfur Fuel Oil) *² The actual result refers to the 1yr Timecharter Rate for Stainless Steel Chemical Tankers, as reported by Clarksons Research. *3The 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) *7 Not including time charter and other vessels

Operating Profit (FY2024 vs. FY2025 Forecasts (As of Oct.31))

Breakdown of Operating Profit Changes FY2024 vs FY2025 Forecasts

（Billion Yen）

Oil Tanker ▲0.2

Chemical Tanker ▲3.8

Large Gas Carrier ▲0.1

Profit decreased due to a reduction in vessel operational days caused by dry-docking and a review of vessel-related expenses.

11.8

11.9

（Billion Yen）

18.0

17.1

16.0

14.0

▲3.8

▲0.1

12.0

Chemical Large

▲0.1

▲0.2

Tanker

Gas Carrier

Dry bulk Oil Tanker ▲0.4

0.4

Real Estate

Decrease 5.3

billion yen

Carrier

Medium small Gas Carrier

▲1.2

Others

10.0

8.0

6.0

4.0

2.0

0.0

FY2024

FY2025(F)

12.0



Profit declined due to softer market conditions compared to the previous fiscal year, reduced vessel operational days following a sale of a vessel, and the anticipated downward revision of COA contracts scheduled for renewal.

Despite favorable market conditions and the commencement of operations of a newly delivered ethane carrier, profit declined year-on-year due to the sale of a vessel in the previous fiscal year, which resulted in fewer operating days.

Dry Bulk Carrier ▲0.1 The decline in profit was mitigated by favorable market conditions in Q2.

▲0.4

Medium and Small Gas Carrier

Profit declined due to a decrease in operating days, primaliry caused by an increased number of vessels undergoing dry-docking and the redelivery of certain vessels.

Real Estate +0.4

Profit increased due to the absence of acquisition costs for the second UK property recorded in the previous fiscal year, as well as high occupancy rates in office floors of domestic buildings.

1 2 3 4 5 6 7 8 9

Other ▲1.2 The Japanese yen strengthened compared to the previous fiscal year.

The Adventure To Our Sustainable Future

Latest Shipping Market Information Available Here

Market conditions for chemical tankers, large gas (LPG) carriers, and dry bulk carriers are updated on our website around the middle of each month.



‌Market Forecasts for FY2025


Chemical Tanker Market Forecast for FY2025

The inflow of newbuilding vessels and product tankers is expected to remain limited, and market conditions are projected to stay flat.

(Compiled by the Company from various sources)

Chemical Tanker Spot Rate Index

Source: Clarksons



  • The inflow of newbuilding vessels into the market is limited (orderbook by the end of FY2025 against existing vessels is approximately 2.4%).

    ($/MT)

    for freight

    200

    Chemical Tanker Freight Rate

    ($/day)

    for TC Rate

    25,000

    180

    160 20,000

    140

    120

    100

    80

    60

    15,000

    10,000

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

    40

    20

    0

    Oct-22

    5,000

    【Left】15kmt Arabian Gulf / Rotterdam

    【Right】1yr TCRate 19,999 dwt Stainless Steel

    Chemical Tanker

    Apr-23

    Oct-23

    Apr-24

    Oct-24

    Apr-25

    0

    Oct-25

  • Due to ongoing instability around the Red Sea, vessels continue to take the longer route around the Cape of Good Hope, resulting in extended transport distances and supporting market conditions.

  • Although concerns remain over reduced demand due to China's economic slowdown, market conditions are expected to stay flat, supported by strengthened sanctions against Russia and others. Competing product tanker markets are also projected to remain stable, with limited inflows into the chemical tanker market.

Chemical Tanker Market Data for FY2025

https://

www.

strisa

dvisor

y.com/

ja/abo

ut-2

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

Existing Vessels

Orderbook

Type of Vessel

Existing Vessels vs.

2023 2024 Sep. 2025

2025

(Oct.-Dec.)

2026

2027~

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%

-10%

Chemical tanker supply IMO-class fleet supply Demand（tonne mile）

-15%

2021 2022 2023 2024 2025(F) 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

(Million Tonnes) Seaborne Trade

400 Organics Inorganics* Veg/Animal Oils & Fats Other Cargoes**

300

200

100

0

2021

2022

2023

2024 2025(F) 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.

($/t)

100

Palm Oil* Freight Rate

Straits/WC India

East Malaysia-Mid China

70

40

10

Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 Oct-2

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

Source: Clarksons

($/day)

50,000

40,000

MR tankers Freight Rate

Clean MR Avg. Earnings Clean 47-48k 12month T/C Chem 19k STS 12month T/C

30,000

20,000

10,000

0

Oct-23

Apr-24

Oct-24

Apr-25

Oct-25

≪Number of Vessels≫

Chemical Tanker

Handy Chemical Tanker 1,851 1,900 1,947 47 193 157 397 20%

Small Chemical Tanker 2,310 a 2,362 2,409 34 91 36 161 7%

Product Tanker MR Tanker 1,747 1,766 1,818 26 112 123 261 14%

≪Mil. DWT≫

Chemical Tanker Handy Chemical Tanker 41.0 42.5 43.7 1.1 4.6 4.3 10.0 23%

Product Tanker

Small Chemical Tanker 9.6 9.9 10.1 0.2 0.6 0.2 1.0 10%

MR Tanker 84.5 85.5 88.1 1.3 5.6 6.0 12.9 15%

Large Gas (LPG) Carrier Market Forecast for FY2025

Market conditions are expected to remain firm, supported by limited supply of new vessels and a high number of vessels scheduled for dry-docking.

(Compiled by the Company from various sources)

($/ton)

VLGC Spot Market

（Middle East - Far East）

150

2023

2024

2025

100

50

0

Feb

Apr

Jun

Aug

Oct

Dec

  • Although market conditions temporarily declined due to uncertainty in cargo movements stemming from the U.S.-China trade tensions, they remained firm overall, supported by increased tonne-miles resulting from shifts in trade routes, such as growing shipments from the U.S. to India and from the Middle East to China.

    (Million tonnes)

    160

    LPG Seaborne Trade

    LPG

    % growth

    (Growth rate)

    10%

    120

    8%

    6%

    80

    4%

    40

    2%

    0

    0%

    2021 2022 2023 2024 2025(F) 2026(F)

  • In 2025, 13 new VLGCs are scheduled for delivery. This represents an estimated increase of about 3.3% compared to the existing fleet of 409 vessels as of September 2025. Meanwhile, vessels over 16 years of age account for more than 15% of the fleet, and an increase in scrapping is expected going forward. Additionally, 75 vessels are scheduled for dry-docking in 2025.

  • In 2025, cargo supply is expected to increase due to the expansion of export terminals in the United States and production growth plans in the Middle East, while the impact of new vessel deliveries on market conditions is expected to be limited."

    Dry Bulk Carrier Market Forecast for FY2025

    Market conditions, which remained relatively firm in the second quarter, are expected to soften somewhat in the latter half of the year due to persistently weak demand in China; however, overall conditions are projected to remain relatively resilient.

    (Compiled by the Company from various sources)

    Dry bulk carrier spot charter rate ($/day)

    Panamax Handysize

    (82,000DWT / Average of 4 trip charter routes) (38,000DWT / Average of 6 trip charter routes)

    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

    2023

    2024

    2025

    Apr Jun Aug Oct Dec

    2023 2024 2025

    (million tonnes)

    Dry Bulk Seaborne Trade

    5,000

    Coal Iron ore Grain Minor bulks

    4,000

    3,000

    2,000

    1,000

    0

    2021

    2022

    2023

    2024

    2025(F)

    2026(F)

    • Although discussions on mid-term GHG measures at the IMO MEPC meeting were postponed by one year, the trend toward stricter environmental regulations in the short term remains unchanged. This is expected to accelerate the scrapping of older vessels, and given the anticipated balance with newbuilding deliveries, a significant increase beyond the annual average appears unlikely.

    • Supported by a longer-than-usual South American grain exports, market conditions remained relatively firm throughout Q2. Although a slower recovery in the Chinese economy is expected to exert some downward pressure, the market is projected to remain relatively resilient.

      The Domestic (Central Tokyo) Office Market Forecast for FY2025

      50.0%

      40.0%

      30.0%

      Office Vacancy Rate

      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)

      20.0%

      10.0%

      0.0%

      2023/9

      2024/3

      2024/9

      2025/3

      2025/9

      With vacancy rates continuing to decline and average rents on the rise, market conditions are expected to remain firm.

      (Compiled by the Company from various sources)

    • The office leasing market in central Tokyo remains firm, with vacancy rates continuing to decline and average rents trending upward.

      Yen/Tsubo

      Office Rents

      ¥35,000

      Tokyo 5 District

      Chiyoda-Ku

      Tokyo 5 District(New Building)

      ¥30,000

      ¥25,000

      ¥20,000

      ¥15,000

      Sep-23

      Mar-24

      Sep-24

      Mar-25

      Sep-25

    • In terms of supply and demand, driven by the growing need to enhance office space quality, location, and building grade to improve employee comfort and attract top talent, demand for office space is expanding across companies of all sizes and industries. Consequently, office demand is expected to remain resilient going forward.

      Tokyo Central 5 District Real Estate Market Outlook

      110

      15.0%

      90

      10.0%

      70

      5.0%

      Rent Index Vacant Rate

      50

      0.0%

      2022 2023 2024 2025(F) 2026(F)

    • The office leasing market remains firm at present; however, a growing polarization in competitiveness among buildings is becoming evident, depending on factors such as location, building age, and facilities. While a large volume of new office supply is expected in 2025, supply is projected to temporarily ease thereafter. Nonetheless, several large-scale buildings are scheduled for completion between 2028 and 2029, and continued monitoring of market trends will be necessary.

‌Mid-term Management Plan (FY2023-2025)

For more information for the Mid-term Management Plan "The Adventure to Our Sustainable Future" (URL)



Status of Achievement of Major Numerical Targets (KPIs)

Numerical Financial Targets

（Billion Yen）

FY2022

FY2023

FY2024

FY2025

FY2030

Plan

Result

Plan

Result

Plan

Result

Plan Forecast

（as of Oct. 31）

Ordinary Profit

20.9

11.1

21.8

11.5～12.5

17.4

13.0～14.0

12.5

20.0

EBITDA*¹

34.2

25.5

33.3

27.0～28.0

32.5

28.0～29.0

27.1

44.0

ROE

23.3％

9％

16.3%

9～10％

13.2％

9～10％

8~9%

10％ or more

ROIC*²

11.2％

4.5％

8.6%

4～5％

7.5％

4～5％

5~6%

5％ or more

D/E Ratio (times)

1.04

Max. 1.5

0.90

Max. 1.5

0.84

Max. 1.5

About 1.0

Max. 2.0

Number of Serious Accidents*³

０

０

０

０

0

０

-

-

GHG Reduction Rate Shipping(intensity/from

FY2020)*⁴

▲12.1％

※a

-

▲10.7%

※a

-

▲14.7%

※a

-

-

▲20％

GHG Reduction Rate Real Estate

(total volume/from FY2013)*⁴

▲21.8%

-

▲43.7%

※b

-

▲42.6%

※b

-

-

▲75％

Childcare leave utilization rate*5

83％

-

83％

-

100%

100％

-

-

Ratio of females in career-track positions

(management candidates)*5

16％

-

17.7％

-

19.4%

20％

-

-

Short-term Overseas Training and Expatriate Experience (Cumulative total)*5

54 persons

-

61 persons

-

66 persons

75

persons and more

-

-

Human Rights Training Participation Rate

-

100％

78.7%

100％

100%

100％

-

-

Achieve Carbon Neautrality by 2050

Non-Financial Numerical Targets

※a The figures for FY2020 and FY2023 intensity have been revised due to the third-party verification received in October,2024. Accordingly, the reduction rate for FY2021 through FY2023 have been retroactively revised. The figures for FY2024 reflect the results verified by the third-party assessment.

※b The figure has been revised as a result of the third-party verification. The figures for FY2024 are subject to change following the upcoming third-party verification.

*¹ Operating Profit + Depreciation + Dividend Income and Equity in Earnings of Affiliates of main business investments *² Net Operating Prlofit 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 capital strategies will be promoted throughout the IINO Group.

‌Numerical Financial Targets(Details)

（Billion Yen）

FY 2022

Result

FY2023 FY2024 FY2025 FY2030

Plan Result Plan Result Plan Forecast Plan

(as of Oct. 31)

Exchange Rate Assumptions (/＄)

¥135.07

¥125

¥143.82

¥125

¥152.73

¥125

¥145.59

Bunker Oil Price*1 Assumptions (/MT)

＄802/MT

＄700

$620

$700

$612

$700

$525

Net Sales

141.3

123.0

138.0

120.0～

141.9

125.0～

126.0

190.0

130.0

135.0

Operating Profit

20.0

11.7

19.1

12.0～13.0

17.1

13.0～14.0

11.8

21.0

Shipping

16.2

8.6

15.5

8.5～9.3

13.6

9.3～10.0

8.0

15.0

Real Estate

3.8

3.1

3.5

3.5～3.7

3.5

3.7～ 4.0

3.8

6.0

Ordinary Profit

20.9

11.1

21.8

11.5～12.5

17.4

13.0～14.0

12.5

20.0

Net Income

23.4

10.0

19.7

11.0～12.0

18.4

12.0～13.0

12.6

18.0

EBITDA*2

34.2

25.5

33.3

27.0～28.0

32.5

28.0～29.0

27.1

44.0

ROE

23.3％

9％

16.3%

9～10％

13.2％

9～10％

8~9%

10％ or more

ROIC*3

11.2％

4.5％

8.6%

4～5％

7.5％

4～5％

5~6%

5％ or more

D/E Ratio (times)

1.04

Max. 1.5

0.90

Max. 1.5

0.84

Max. 1.5

About 1.0

Max. 2.0

*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)

Dividend Forecast for FY2025

The Company has decided on a dividend policy based on a payout ratio of 40% for the full-year business performance for the fiscal year ending March 2026, which is the final fiscal year of the current mid-term management plan. For the fiscal year ending March 31, 2026, we expect to pay a total annual dividend of 48 yen (interim 24 yen, year-end 24 yen), which is an increase of ¥2 for both interim and year-end compared to the latest forecast."

Dividend per share(Yen)

Payout ratio

Interim

Year-end

Total

FY2025

Forecast

（as of Oct. 31）

24

24

48

40.3%

Previous Forecast

(as of May 8)

22

22

44

40.5%

FY2024

Result

25

33

(Ordinally dividend : 28 yen) (Special dividend : 5 yen)

58

(Ordinally dividend : 53yen) (Special dividend : 5 yen)

33.4%

Payout ratio

60

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

30％ 40％

Including special dividend of 5 yen

50.0%

40

30.4%

20

16

6

0

30.4%

25

11

38

29.4%*

27

31

30.0%

25

33

33.4%

25

40.3%

24

24

40.0%

30.0%

20.0%

FY2020 FY2021 FY2022 FY2023 FY2024 FY2025(F)



*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



First Very large ethane carrier delivered; second vessel scheduled for delivery in Jan. 2026.

IINO Lines is pleased to announce that the first of two dual-fuel Very Large Ethane Carriers (VLECs), named IINO INEOS VESTÁ (hereinafter "the Vessel"), which will be chartered out to INEOS Europe AG (headquartered in Rolle, Switzerland; hereinafter "INEOS") on a long-term time charter contract, has been delivered today by HD Hyundai Heavy Industries Co., Ltd. (headquartered in Ulsan, South Korea)

Equipped with a dual-fuel main engine, the vessel has a significantly lower CO₂ emissions footprint than conventional heavy fuel oil-powered vessels.

Delivery of the First Very Large Ethane Carrier (VLEC) "IINO

INEOS VESTÁ" for INEOS Europe AG





Creating Social Value

Creating Economic Value

Initiatives and progress until July 2025

Enhancing building value by prioritizing health and wellness for occupants in the new office.

IINO Lines is pleased to announce that the IINO Building, owned by the company, has received WELL Precertification under the WELL Building Standard (hereinafter referred to as "WELL Certification"*).

The WELL Certification is a global standard certification system that evaluates not only the environmental performance of buildings but also the creation of spaces that promote the health and wellness of building users. Under the latest version of the certification, "WELL v2," we have received precertification for "WELL Certification " for our Head Office and "WELL Core " for the building's common areas.

Going forward, we will strive to obtain the Platinum level, the highest rating, under both "WELL Certification " and "WELL Core ".

Regarding the Preliminary Certification of WELL Building Standard for the IINO Building

Selected as a constituent of the JPX-Nikkei Index 400 and the JPX-Nikkei Mid and Small Cap

Index

8/12

Delivery of the First Very Large Ethane Carrier (VLEC) "IINO INEOS

VESTÁ" for INEOS Europe AG

9/8



Regarding the Preliminary Certification of WELL Building Standard for the IINO Building

9/9



Release of Integrated Report 2025

9/30

About the Event Spaces 'Tsunagari Hiroba' and 'Sankaku Hiroba' at the Iino Building

10/1

Emergency Drill of our Operating Vessel

10/9





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 J-credits from domestic forests.

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

-Decided to construct the Solar Power Plant (as a joint project with JAPEX).

- Received an A-minus rating in CDP2024.

Waste Reduction Initiatives

-Mineral water production equipment has been installed on 29 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.

G

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

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.22 of the Supplementary Report for Financial

Results FY2024 3Q.

Strengthening human capital

-Set KPIs for strengthening human capital in line with priority strategies of mid-term management plan.

-Conducted engagement survey for employees in February 2025.

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. We will continue to conduct this regularly and approach any business partners deemed to be high-risk.

-Conducted awareness training for Group executives and employees in FY2024

which is listed as a KPI in the mid-term management plan. (Rate of acceptance in 2024: 100%/ KPI:100%)

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

DX

-New dress code was applied. - Expanded floor space and renovated the head office. -Hosted a workplace tour for families of Iino Kaiun Group employees. -Received WELL Precertification under the WELL Building Standard .

Promotion of Maritime Innovation

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

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

-Panel discussion on maritime innovation held at the "Plug and Play June Summit in Silicon Valley," an event that brings together startups and investors.

Utilization of Generative AI

-To streamline operations and improve productivity, we held an internal study session on generative AI and promoted its company-wide use.

-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 construction of a talent management system has been completed.

The system will integrate personnel information and be used to achieve higher-level HR strategies.



‌Reference: Business Performance


Consolidated Revenue and Profits / Operating Profit by Segment by Fiscal Year

Consolidated Revenue and Profits

Operating Profit by Segment

（By Fiscal year）

(Billion yen)

141.3

138.0

141.9

23.4

21.8

126.0

104.1

20.020.9

19.7

19.1

17.1

18.4

17.4

12.5

11.8

12.6

12.5

9.4

7.5



30

Operating Profit
Ordinary Profit
Net Income
Revenues

160.0

(Billion yen)

Oceangoing and Short-sea/Domestic Shipping
Real Estate

16.2

15.5

13.6

8.0

4.2

3.4

3.8

3.5

3.5

3.8

140.0

15

120.0

20

100.0

10

80.0

10

60.0

5

40.0

20.0

0

FY2021 FY2022 *FY2023 FY2024 FY2025(F)

0.0 0

FY2021 FY2022*

FY2023 FY2024 FY2025(F)

*Results are retrospectively adjusted due to changes in accounting policy

Operating Profit by Segment by Quarter

Shipping Business Real Estate Business

Operating Profit

4-Quarter Moving Average

0.9

1.0

1.0

1.11.2

1.0 1.11.0

1.01.0

1.0

1.1

1.0

1.0

0.9

0.7 .0

1

1.00.9

0.7

0.5

0.9

(Billion Yen)

5.1

5.2

4.8

4.6

4.1 4.1

3.5

3.2

2.72.8

2.8

2.5 2.4

2.0

1.7

1.6

1.2

0.6

0.3 0.30.2

(Billion Yen)

Operating Profit 4-Quarter Moving Average

5.6

5.6

4.6

4.6

3.6

3.6

2.6

2.6

1.6

1.6

0.6

0.6

-0.4

FY2021

(0.4)

-0.4 FY20*22 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025

*Results are retrospectively adjusted due to changes in accounting policy

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

Total Assets

Shareholders' Equity Ratio

Shareholders' Equity ROE

45.0%

48.8%

47.5%

41.6%

293.2

306.4

306.9

36.9%

265.5

247.1

23.3%

16.3%

14.6%

13.2%

91.3

110.7

132.1

145.5

149.7

(Billion yen) 350

300

250

200

150

100

50

0

Share Price and Market Capitalization

Fiscal Year

2021

2022

2023

2024

2025

1H

Operating Activities (A)

15.8

35.3

29.5

30.7

14.4

Investing Activities (B)

△ 3.1

△ 18.5

△ 22.0

△ 30.8

△ 10.4

Free Cash Flow (A+B)

12.7

16.8

7.4

△ 0.1

4.0

Financing Activities

△ 14.8

△13.3

△ 3.9

△ 8.3

△ 6.2

Cash and cash equivalents at end of period

11.7

15.5

19.9

11.6

9.2

FY2021 FY2022 FY2023 FY2024 FY2025 2Q

Consolidated Cash Flow

Consolidated Equity Ratio

50%

40%

30%

20%

10%

0%

(Billion yen)

(Billion yen) 150

100

Share Price(Yen)

Market Value

Share Price

1,226

1,184

1,004

133.5

997

128.9

826

109.3

108.6

90.0

Shareholder's Equity

Interest-bearing Debt

D/E Ratio (times)

91.3

110.6

132.1*

145.5

149.7

120.9

114.7

118.8*

120.7

118.1

1.32

1.04

0.90

0.83

0.79

Dividends of Surplus

2.9

5.5

6.7

5.9

3.5

Purchase of Treasury Stock

-

-

-

-

-

1,000

50

0

End of FY2021 End of FY2022 End of FY2023 End of FY2024 FY2025 2Q

(as of Sep. 30)

500

0

* From FY2027 onwards, the application of the new lease accounting standards is expected to result in the inclusion of off-balance-sheet charter fees. If applied at the end of FY2023, the impact amount would be approximately 40 billion yen, with an equity ratio of about 40%. 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 bank and it is expected the Group can raise necessary funds for business expansion, working capital and capital investment. In addition, the Group has concluded commitment line contracts including multiyear contracts of 18 billion yen in total and US$60 million in domestic bank to complement liquidity.

‌Reference: Status of Facilities and Investment Plan


Buildings for Lease / Tonnage in Operation

Buildings for Lease

(As of Sep. 30, 2025)

Tonnage in Operation

(As of Sep 30, 2025)

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

%

Area

Name

Floor Space

（㎡）

Leasable Space

（㎡） (tsubo）

Land

（㎡）

Built

1. IINO Building

103,826.88

52,204.43

15,791.84

7,766.15

Oct. 2011

2. Tokyo Fujimi Building

10,686.60

7,345.60

2,222.04

2,411.71

Sep. 1983

Oil Tanker

4

1,237,350

4

1,237,350

100%

0

0

0%

3. Hibiya Fort Tower

105,609.21

47,825.84

14,467.31

7,688.50

Jun. 2021

Chemical Tanker

33

1,111,384

16

550,231

50%

17

561,153

50%

Minato

4. Shiodome Shiba-Rikyu Building

35,015.25

21,248.95

6,427.81

3,418.09

Jul. 2006

Large Gas Carrier

8

448,723

7

393,589

88%

1

55,134

12%

Bunkyo

  1. NS Toranomon

    Building

  2. IINO Takehaya Building

9,210.56

4,852.98

7,164.86

3,190.60

2,167.37

965.16

1,122.53

1,074.87

Apr. 2016

Mar. 1988

LPG Carrier

Ethane Carrier

7

1

385,177

63,546

6

1

330,043

63,546

86%

100%

1

0

55,134

0

14%

0%

Chiyoda

UK

London

  1. BRACTON HOUSE - approx.

    1980s

    - - (renovated in 2014)

    2,027.00

    Dry Bulk Carrier

    25

    1,536,843

    3

    255,724

    17%

    22

    1,281,119

    83%

    Dry Bulk Carrier 24 1,486,844 3 255,724 17% 21 1,231,120 83%

  2. 111 STRAND - approx. 3,510 - - 2002

    -

    Medium and Small Gas Carrier

    23

    73,996

    19

    57,444

    78%

    4

    16,552

    22%

    Woodchip Carrier 1 49,999 0 0 0% 1 49,999 100%

    U.S.A

    Dallas

  3. SOUTHSTONE YARDS OFFICE-B

approx. 22,548

- - Apr. 2024

U.S.A. 10. PRESS BLOCK

- approx. - - Oct. 2025

LNG Carrier

1

1,938

1

1,938

100%

0

0

0%

LPG Carrier

20

52,326

16

35,774

68%

4

16,552

32%

Ammonia Carrier

1

17,945

1

17,945

100%

0

0

0%

Molten Sulfer Carrier

1

1,787

1

1,787

100%

0

0

0%

Total

93

4,408,296

49

2,494,338

57%

44

1,913,958

43%

Portland 25,701



Investment Plan (Owned / Chartered)

Allocate Management Resources to Growth Businesses

Red letters: deploys on mid- to long-term

contract

Underlined: Completed or delivered

Expansion of Global Business

*¹ Chartered Vessel: Operating a vessel on lease

Promotion of Environmental from another company.

Initiatives and Investments





















FY2025 (F)

FY2026(F)

After FY2027(F)

Oil Tanker

310,000DWT×1



（Methanol DF/ FY2027）



Chemical Tanker

35,400DWT×１

35,400DWT×１

Large Gas Carrier

99,000㎥×1

(VLEC）

99,000㎥×1





93,000㎥×1

(Ice Class VLGC)

(VLEC）





Dry bulk Carrier

Medium Small Gas Carrier

Real Estate

Redevelopment in Portland, U.S.A.



(Oct. 2025)

FY2025(F)

FY2026(F)

After FY2027(F)

Oil Tanker

Chemical Tanker

35,400DWT×1



(FY2027)

Large Gas Carrier

Dry bulk Carrier

40,000DWT×1



82,000DWT×1



87,000DWT×1

63,500DWT×1

(FY2028)

Medium Small Gas Carrier



5,000㎥ x 1







Owned Chartered*¹

‌Reference: Existing Vessels and Orderbook




Existing Vessels and Orderbook

(Source: Clarksons Research)

Type of Vessel

DWT

Existing Vessels

Orderbook

Existing Vessels (As of Sep. 2025) vs.

Total Orderbook

2023

2024

Sep. 2025

2025

(Oct.-Dec.)

2026

2027~

Total

≪Number of Ships≫

Capesize Bulker

100,000+

1,996

2,029

2,049

12

53

107

172

8%

Panamax Bulker

70-99,999

3,131

3,229

3,311

43

184

214

441

13%

Handysize Bulker

10-44,999

4,453

4,592

4,701

63

145

102

310

7%

VLGC

65,000+CM3

378

399

409

2

31

76

109

27%

Handy Chemical Tanker

10-54,999

1,851

1,900

1,947

47

193

157

397

20%

Small Chemical Tanker

<10,000

2,310

2,362

2,409

34

91

36

161

7%

≪Mil. DWT ≫

Capesize Bulker

100,000+

394.1

400.9

405.1

2.4

11.1

24.2

37.7

9%

Panamax Bulker

70-99,999

254.1

262.2

269.1

3.5

15.2

17.7

36.4

14%

Handysize Bulker

10-44,999

121.8

126.9

130.8

2.1

5.5

3.9

11.5

9%

VLGC

65,000+CM3

20.6

21.8

22.3

0.1

1.8

4.4

6.3

28%

Handy Chemical Tanker

10-54,999

41.0

42.5

43.7

1.1

4.6

4.3

10.0

23%

Small Chemical Tanker

<10,000

9.6

9.9

10.1

0.2

0.6

0.2

1.0

10%



The Adventure to Our Sustainable Future 30