NIKKON : Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Under Japanese GAAP)

Translation

Company name: NIKKON Holdings Co., Ltd. Listing: Tokyo Stock Exchange

Securities code: 9072 URL: https://www.nikkon-hd.co.jp

Representative: President and Representative Director Masakatsu Kuroiwa Representative Director and Managing

May 8, 2026

Inquiries:

Executive Officer

Yasunori Matsuda Telephone:+81-3-3541-5330

Scheduled date of ordinary general meeting of shareholders: June 29, 2026 Scheduled date to file Securities Report: June 26, 2026

Scheduled date to commence dividend payments: June 12, 2026 Preparation of supplementary material on financial results: None

Holding of financial results briefing: Yes (for analysts)

(Yen amounts are rounded down to millions, unless otherwise noted.)

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

   (1) Consolidated operating results (Percentages indicate year-on-year changes.)

   	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
   Fiscal year ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
   March 31, 2026	269,862	8.9	23,818	2.9	24,853	3.7	18,237	10.2
   March 31, 2025	247,890	11.5	23,155	9.0	23,969	0.4	16,550	(0.4)

   Note: Comprehensive income For the fiscal year ended March 31, 2026: ¥20,183 million [58.5%] For the fiscal year ended March 31, 2025: ¥12,732 million [(53.4)%]

   	Basic earnings per share	Diluted earnings per share	Profit attributable to owners of parent/equity	Ordinary profit/total assets	Operating profit/net sales
   Fiscal year ended	Yen	Yen	%	%	%
   March 31, 2026	152.85	139.88	7.6	5.7	8.8
   March 31, 2025	133.99	123.25	6.8	5.8	9.3

   Reference: Investment profit (loss) on equity method For the fiscal year ended March 31, 2026: ¥527 million

   For the fiscal year ended March 31, 2025: ¥572 million

   Notes: 1. The Company has conducted a stock split at the ratio of two shares to one share, effective as of October 1, 2024. "Basic earnings per share" and "diluted earnings per share" are calculated on the assumption that the said stock split was conducted at the beginning of the previous fiscal year.

2. In the fiscal year ended March 31, 2026, the provisional accounting treatment for business combinations was finalized. Accordingly, figures for the fiscal year ended March 31, 2025 reflect the content of the finalized provisional accounting treatment.

1. 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	436,395	242,805	54.5	2,037.86
   March 31, 2025	431,273	250,635	56.0	1,998.82

   Reference: Equity As of March 31, 2026: ¥237,733 million

   As of March 31, 2025: ¥241,627 million

   Notes: 1. The Company has conducted a stock split at the ratio of two shares to one share, effective as of October 1, 2024. "Net assets per share" is calculated on the assumption that the said stock split was conducted at the beginning of the previous fiscal year.

   2. In the fiscal year ended March 31, 2026, the provisional accounting treatment for business combinations was finalized. Accordingly, figures for the fiscal year ended March 31, 2025 reflect the content of the finalized provisional accounting treatment.

2. Consolidated cash flows

1. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Dividend payout ratio (Consolidated)	Ratio of dividends to net assets (Consolidated)
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   Fiscal year ended March 31, 2025 Fiscal year ended March 31, 2026	− −	54.00 37.00	− −	27.00 38.00	− 75.00	6,630 8,892	40.3 49.1	2.7 3.7
   Fiscal year ending March 31, 2027 (Forecast)	−	56.00	−	56.00	112.00		59.9

   Note: The Company has conducted a stock split at the ratio of two shares to one share, effective as of October 1, 2024. Therefore, the year-end dividend per share for the fiscal year ended March 31, 2025 reflects the effect of this stock split, and the total annual dividend per share is listed as "-". Without considering the stock split, the annual dividends per share for the fiscal year ended March 31, 2025 is ¥108 per share.

2. Forecast of consolidated financial results for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)

(Percentages indicate year-on-year changes.)

• Notes

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

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

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

     Changes in accounting estimates: None

     Restatement: None

  3. Number of issued shares (common shares)

     As of March 31, 2026 126,479,784 shares

     As of March 31, 2025 126,479,784 shares

     As of March 31, 2026 9,821,512 shares

     As of March 31, 2025 5,594,372 shares

     
     
     
     
     
     
     
     
     

     Total number of issued shares at the end of the period (including treasury shares) Number of treasury shares at the end of the period

     Average number of shares outstanding during the period

     Fiscal year ended March 31, 2026 119,313,143 shares

     Fiscal year ended March 31, 2025 123,514,017 shares

     Note: The Company has conducted a stock split at the ratio of two shares to one share as of October 1, 2024. Assuming that the stock split occurred at the beginning of the previous fiscal year, the total number of issued shares at the end of the period, the number of treasury shares at the end of the period, and the average number of shares outstanding during the period are calculated. The number of treasury shares at the end of the period and the number of treasury shares deducted for the calculation of the average number of shares outstanding during the period include the Company's treasury shares held by the trust for which the directors are the beneficiaries (98,400 shares as of March 31, 2025 and 98,400 shares as of March 31, 2026).

     Reference: Summary of non-consolidated financial results

     Non-consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)

     1. Non-consolidated operating results (Percentages indicate year-on-year changes.)

        	Net sales		Operating profit		Ordinary profit		Profit
        Fiscal year ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
        March 31, 2026	12,553	30.6	9,751	35.7	9,498	43.8	9,219	44.0
        March 31, 2025	9,610	(11.5)	7,186	(19.3)	6,605	(31.9)	6,403	(30.1)

        	Basic earnings per share	Diluted earnings per share
        Fiscal year ended	Yen	Yen
        March 31, 2026	77.27	70.68
        March 31, 2025	51.84	47.67

        Note: The Company has conducted a stock split at the ratio of two shares to one share, effective as of October 1, 2024. "Basic earnings per share" and "diluted earnings per share" are calculated on the assumption that the said stock split was conducted at the beginning of the previous fiscal year.

     2. Non-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	272,209	101,894	37.4	872.13
     March 31, 2025	266,548	114,797	43.0	948.38

     Reference: Equity As of March 31, 2026 ¥101,741 million

     As of March 31, 2025 ¥114,644 million

     Note: The Company has conducted a stock split at the ratio of two shares to one share, effective as of October 1, 2024. "Net assets per share" is calculated on the assumption that the said stock split was conducted at the beginning of the previous fiscal year.

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

• Proper use of forecasts of financial results, and other special matters

The forward-looking statements, including forecasts of financial results, contained in these materials are based on information currently available to the Company and on certain assumptions deemed to be reasonable. Actual financial results may differ substantially from the results anticipated in the statements due to various factors.

Index of attached documents

1. Overview of operating results and others 2

   1. Overview of operating results for the fiscal year under review 2

   2. Explanation of financial position for the fiscal year under review 2

   3. Overview of cash flows for the year under review 3

   4. Future outlook 3

   5. Basic policy on distribution of profits, and dividends in period under review and subsequent period 3

2. Basic philosophy for selecting accounting standards 4

3. Consolidated financial statements and significant notes thereto 5

   1. Consolidated balance sheet 5

   2. Consolidated statements of income and consolidated statements of comprehensive income 7

   3. Consolidated statements of changes in equity 10

   4. Consolidated statements of cash flows 12

   5. Notes on consolidated financial statements 14

(Notes on going concern assumption) 14

(Notes on significant changes in the amount of shareholders' equity) 14

(Notes on segment information, etc.) 14

(Per share information) 18

(Subsequent events) 18

1. Overview of operating results and others
   1. Overview of operating results for the fiscal year under review

      During the fiscal year ended March 31, 2026, the Japanese economy showed signs of a moderate recovery trend against the backdrop of strong corporate earnings and favorable household income environment. Meanwhile, tensions in the Middle East continue to persist, including the threat of a U.S.-Israeli attack on Iran or a blockade of the Strait of Hormuz, and the outlook remains uncertain.

      In the logistics industry, although there was a mitigating effect on the burden of energy costs such as gasoline and diesel, the turmoil in the Middle East has led to a surge in crude oil prices. Additionally, the impact of chronic labor shortages and increasing costs such as personnel expenses continues, resulting in a persistently severe business situation.

      Under these circumstances, the Group's consolidated sales for the fiscal year ended March 31, 2026 were 269,862 million yen, up 8.9% from the previous fiscal year.

      Operating profit was 23,818 million yen, up 2.9% from the previous fiscal year. Ordinary profit was 24,853 million yen, up 3.7% from the previous fiscal year.

      Profit attributable to owners of parent was 18,237 million yen, up 10.2% from the previous fiscal year.

      Business results by segment are as follows. Transportation business

      Sales were 124,339 million yen, up 5.4% from the previous fiscal year, due to an increase in business volume. Operating profit

      was 7,523 million yen, up 19.1% from the previous fiscal year, mainly due to the effect of higher sales, despite an increase in outsourcing expenses.

      Warehouse business

      Sales were 42,976 million yen, up 5.1% from the previous fiscal year, due to an increase in the volume of cargo stored, which is the result of our ongoing efforts to establish or expand warehouses. Operating profit was 8,826 million yen, up 3.1% from the previous fiscal year, mainly due to an increase in depreciation.

      Packaging business

      Sales were 57,648 million yen, up 0.5% from the previous fiscal year. Operating profit was 4,429 million yen, up 4.3% from the previous fiscal year, due to the effect of efficiency improvement of operations and a decrease in outsourcing expenses.

      Test business

      Sales were 24,569 million yen, up 1.7% from the previous fiscal year, due to an increase in business volume. Operating profit was 4,016 million yen, up 0.7% from the previous fiscal year, due to increases in personnel expenses and depreciation of new testing facilities.

   2. Explanation of financial position for the fiscal year under review

      (Assets)

      Current assets at the end of the fiscal year under review totaled 85,834 million yen, a decrease of 1,181 million yen from the end of the previous fiscal year. The decrease mainly came from decreases of 1,306 million yen in notes and accounts receivable - trade and 978 million yen in electronically recorded monetary claims - operating, offset by an increase of 727 million yen in cash and deposits. Non-current assets totaled 350,560 million yen, an increase of 6,302 million yen from the end of the previous fiscal year. The increase mainly came from an increase of 8,258 million yen in property, plant and equipment due to the acquisition of warehouses in Suzuka City, Mie Prefecture, Kanda Town, Fukuoka Prefecture, Thailand, and Indonesia, while intangible assets decreased 2,261 million yen due to amortization of goodwill and customer-related intangible assets, etc.

      As a result, total assets were 436,395 million yen, an increase of 5,121 million yen from the end of the previous fiscal year.

      (Liabilities)

      Current assets at the end of the fiscal year under review totaled 59,755 million yen, a decrease of 16,885 million yen from the end of the previous fiscal year. The decrease mainly came from decreases of 13,108 million yen in short-term borrowings, 3,591 million yen in electronically recorded obligations - non-operating and 2,536 million yen in electronically recorded obligations -operating, partially offset by an increase of 1,721 million yen in notes and accounts payable - trade. Non-current liabilities totaled 133,834 million yen, an increase of 29,837 million yen from the end of the previous fiscal year. The increase mainly came from an increase of 30,396 million yen in long-term borrowings.

      (Net assets)

      Net assets at the end of the fiscal year under review totaled 242,805 million yen, a decrease of 7,830 million yen from the end of the previous fiscal year. The decrease mainly came from the acquisition of treasury shares amounting to 14,999 million yen and a decrease of 3,936 million yen in non-controlling interests, partially offset by an increase of 10,515 million yen in retained earnings. As a result, the equity-to-asset ratio at the end of the period under review was 54.5% (56.0% at the end of the previous fiscal year).

   3. Overview of cash flows for the year under review

      Cash and cash equivalents (hereafter referred to as "cash") at the end of the fiscal year under review were 36,705 million yen, an increase of 767 million yen from the end of the previous fiscal year.

      The following is the status and factors of each of the cash flow categories during the fiscal year under review.

      (Cash flows from operating activities)

      Net cash provided by operating activities was 38,157 million yen, an increase of 10,514 million yen from the previous fiscal year. Major factors having a positive impact on cash flow from operating activities included increases of 3,206 million yen in profit before income taxes, 2,497 million yen in cash flows from the increase in depreciation, 3,548 million yen in cash flows from decrease (increase) in trade receivables and 2,609 million yen in cash flows from increase (decrease) in trade payables. Major factor having a negative impact on cash flow from operating activities was an increase of 1,019 million yen in income taxes paid.

      (Cash flows from investing activities)

      Net cash used in investing activities was 25,564 million yen, a decrease of 28,413 million yen from the previous fiscal year. The main reason for this decrease was a decrease of 26,729 million yen in cash flows from the purchase of shares of subsidiaries through M&A.

      (Cash flows from financing activities)

      Net cash used in financing activities was 11,119 million yen, a difference of 30,195 million yen compared with net cash provided by financing activities in the previous fiscal year. Major factors contributing to the increase of outflow were decreases of 43,800 million yen in proceeds from short-term borrowings and 22,110 million yen in proceeds from issuance of bonds with share acquisition rights, and increases of 4,998 million yen in purchase of treasury shares and 4,205 million yen in purchase of treasury shares of subsidiaries. These outflows were partially offset by an increase of 34,000 million yen in proceeds from long-term borrowings and a decrease of 12,200 million yen in repayments of short-term borrowings.

      (Reference) Trends in cash flow indicators

      	Fiscal year ended March 31, 2023	Fiscal year ended March 31, 2024	Fiscal year ended March 31, 2025	Fiscal year ended March 31, 2026
      Equity-to-asset ratio (%)	63.4	63.3	56.0	54.5
      Market value equity- to-asset ratio (%)	44.0	48.0	75.5	113.7
      Interest-bearing debt to cash flow ratio (%)	227.2	256.6	351.1	299.0
      Interest coverage ratio (times)	145.7	124.7	67.4	56.5

      • Equity-to-asset ratio: Equity / Total assets

        Market value equity-to-asset ratio: Market capitalization / Total assets Interest-bearing debt to cash flow ratio (%): Interest-bearing debt / Cash flow Interest coverage ratio: Cash flow / Interest payments

        1. All indicators are based on consolidated financial statements.

        2. Market capitalization is calculated by multiplying the closing stock price at fiscal year-end by the number of shares issued at fiscal year-end (minus treasury shares).

        3. Cash flow from operating activities is used for cash flow.

        4. Interest-bearing debts include all those on the consolidated balance sheet on which interest is being paid. Interest payments are taken from the consolidated statements of cash flows.

   4. Future outlook

      The Company expects that, as for the outlook for the future, although economic activity is showing signs of recovery, supported by inbound demand and other factors, the environment surrounding the Group is expected to remain challenging due to the chronic shortage of labor in Japan as well as the effects of the uncertain international situation.

      Under these circumstances, the fiscal year ending March 31, 2027 is the first year of "The 14th Medium-term Business Plan" formulated by the Group. For the first year of the above Plan, the year ending March 31, 2027, the Company forecasts the following performance, on a consolidated basis: net sales at 285,000 million yen, operating profit at 26,700 million yen, ordinary profit at 27,500 million yen, and profit attributable to owners of parent at 22,300 million yen.

      The financial outlook above is based on the data that are available to the Company and certain assumptions that the Company believes rational. Actual results may vary significantly due to various factors.

   5. Basic policy on distribution of profits, and dividends in period under review and subsequent period

   The Company's basic policy for dividend payments is to aim for a dividend on equity of 4% or more, and to maintain or increase the annual dividend, in principle, without reducing the dividend from the previous fiscal year's result. In accordance with this policy, the year-end dividend for the fiscal year ended March 31, 2026 will be increased by ¥1 per share from the most recent dividend forecast, bringing it to ¥38 per share. The annual dividend will be ¥75 per share, including interim dividend.

   In addition, the Company has changed its dividend policy for the fiscal year ending March 31, 2027, to aim for a dividend on equity of 6% or more, and to maintain or increase the annual dividend, in principle, without reducing the dividend from the previous fiscal year's result. As a result, the Company plans to pay a dividend of ¥112 per share for the fiscal year ending March

   31, 2027 (interim dividend of ¥56 per share and year-end dividend of ¥56 per share).

2. Basic philosophy for selecting accounting standards

   The Group currently prepares the consolidated financial statements according to the generally accepted accounting standards in Japan (Japanese GAAP), as it makes it possible to compare the consolidated financial statements against previous fiscal year and against other companies.

   With regard to future adoption of IFRS, the Group will give due consideration to domestic and international circumstances and take actions accordingly.

3. Consolidated financial statements and significant notes thereto

1. Consolidated balance sheet

   (Millions of yen)

   Assets

   Current assets

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

   Cash and deposits	36,784	37,512
   Notes and accounts receivable - trade	37,079	35,773
   Electronically recorded monetary claims - operating	6,302	5,323
   Merchandise and finished goods	153	164
   Raw materials and supplies	778	969
   Other	5,944	6,107
   Allowance for doubtful accounts	(27)	(16)
   Total current assets	87,015	85,834
   Non-current assets
   Property, plant and equipment Buildings and structures	264,601	280,471
   Accumulated depreciation	(138,573)	(148,238)
   Buildings and structures, net	126,028	132,233
   Machinery, equipment and vehicles	72,251	78,272
   Accumulated depreciation	(58,222)	(62,134)
   Machinery, equipment and vehicles, net	14,029	16,137
   Tools, furniture and fixtures	12,891	14,002
   Accumulated depreciation	(10,509)	(11,517)
   Tools, furniture and fixtures, net	2,381	2,484
   Land	122,156	125,222
   Leased assets	773	797
   Accumulated depreciation	(472)	(478)
   Leased assets, net	300	319
   Construction in progress	7,956	4,714
   Total property, plant and equipment	272,853	281,111
   Intangible assets
   Customer-related intangible assets	16,596	15,450
   Goodwill	9,804	8,447
   Other	4,986	5,227
   Total intangible assets	31,387	29,125
   Investments and other assets Investment securities	28,031	27,302
   Long-term loans receivable	30	741
   Deferred tax assets	4,273	3,766
   Retirement benefit asset	655	1,221
   Other	7,065	7,329
   Allowance for doubtful accounts	(38)	(38)
   Total investments and other assets	40,017	40,323
   Total non-current assets	344,258	350,560
   Total assets	431,273	436,395

   Liabilities

   Current liabilities

   (Millions of yen)

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

   Notes and accounts payable - trade	11,223	12,945
   Electronically recorded obligations - operating	4,296	1,760
   Short-term borrowings	20,466	7,358
   Current portion of bonds payable	10,000	10,000
   Lease liabilities	112	116
   Income taxes payable	4,779	5,333
   Provision for bonuses	4,984	4,834
   Provision for bonuses for directors (and other officers)	249	258
   Notes payable - facilities	51	-
   Electronically recorded obligations - non-operating	4,542	951
   Other	15,934	16,197
   Total current liabilities	76,641	59,755
   Non-current liabilities
   Bonds payable	40,000	40,000
   Convertible-bond-type bonds with share acquisition rights	22,105	22,089
   Long-term borrowings	25,743	56,139
   Lease liabilities	214	232
   Deferred tax liabilities	8,371	8,301
   Retirement benefit liability	5,196	4,357
   Provision for retirement benefits for directors (and other officers)	556	565
   Other provisions	14	21
   Other	1,794	2,125
   Total non-current liabilities	103,996	133,834
   Total liabilities	180,638	193,590
   Net assets
   Shareholders' equity
   Share capital	11,316	11,316
   Capital surplus	12,499	11,207
   Retained earnings	207,939	218,454
   Treasury shares	(10,473)	(25,473)
   Total shareholders' equity	221,280	215,504
   Accumulated other comprehensive income
   Valuation difference on available-for-sale securities	12,332	12,397
   Foreign currency translation adjustment	7,039	8,379
   Remeasurements of defined benefit plans	975	1,451
   Total accumulated other comprehensive income	20,346	22,229
   Share acquisition rights	152	152
   Non-controlling interests	8,855	4,918
   Total net assets	250,635	242,805
   Total liabilities and net assets	431,273	436,395

2. Consolidated statements of income and consolidated statements of comprehensive income Consolidated statements of income

   (Millions of yen)

   	Fiscal year ended	Fiscal year ended
   	March 31, 2025	March 31, 2026
   Net sales
   Transportation income	117,963	124,339
   Warehouse income	40,881	42,976
   Packaging income	57,364	57,648
   Other revenue	31,680	44,897
   Total net sales	247,890	269,862
   Cost of sales
   Transportation cost	103,588	108,497
   Warehouse cost	30,022	31,725
   Packaging cost	49,911	49,812
   Other costs	25,563	36,977
   Total cost of sales	209,086	227,012
   Gross profit	38,803	42,849
   Selling, general and administrative expenses
   Personnel expenses	7,576	8,719
   Provision for bonuses	451	501
   Provision for bonuses for directors (and other officers)	223	258
   Retirement benefit expenses	88	74
   Provision for retirement benefits for directors (and other officers)	80	123
   Other personnel expenses	6,732	7,760
   Depreciation	1,438	2,343
   Taxes and dues	1,397	1,384
   Travel and transportation expenses	387	399
   Provision of allowance for doubtful accounts	(0)	(2)
   Other	4,849	6,186
   Total selling, general and administrative expenses	15,648	19,031
   Operating profit	23,155	23,818
   Non-operating income
   Interest income	192	227
   Dividend income	1,202	1,183
   Rental income	79	79
   Share of profit of entities accounted for using equity method	572	527
   Subsidy income	297	497
   Miscellaneous income	515	394
   Total non-operating income	2,859	2,910
   Non-operating expenses
   Interest expenses	447	790
   Foreign exchange losses	1,253	608
   Miscellaneous expenses	344	477
   Total non-operating expenses	2,045	1,875
   Ordinary profit	23,969	24,853

   (Millions of yen)

   	Fiscal year ended		Fiscal year ended
   	March 31, 2025		March 31, 2026
   Extraordinary income Gain on sale of non-current assets		158	742
   Gain on sale of investment securities		30	1,424
   Gain on revision of retirement benefit plan		-	481
   Total extraordinary income		188	2,648
   Extraordinary losses
   Loss on sale of non-current assets	17		79
   Loss on retirement of non-current assets	1		74
   Loss on sale of investment securities	-		0
   Total extraordinary losses	18		154
   Profit before income taxes	24,140		27,347
   Income taxes - current	7,977		8,755
   Income taxes - deferred	(647)		223
   Total income taxes	7,329		8,978
   Profit	16,810		18,368
   Profit attributable to non-controlling interests	260		131
   Profit attributable to owners of parent	16,550		18,237

   Consolidated statements of comprehensive income
   		(Millions of yen)
   	Fiscal year ended	Fiscal year ended
   	March 31, 2025	March 31, 2026
   Profit	16,810	18,368
   Other comprehensive income
   Valuation difference on available-for-sale securities	(5,145)	32
   Foreign currency translation adjustment	789	1,239
   Remeasurements of defined benefit plans, net of tax	126	476
   Share of other comprehensive income of entities accounted for using equity method	151	66
   Total other comprehensive income	(4,078)	1,814
   Comprehensive income	12,732	20,183
   Comprehensive income attributable to
   Comprehensive income attributable to owners of parent	12,280	20,119
   Comprehensive income attributable to non-controlling interests	451	64

3. Consolidated statements of changes in equity

Fiscal year ended March 31, 2025

(Millions of yen)

Fiscal year ended March 31, 2026

(Millions of yen)

Increase (decrease) in provision for bonuses for directors (and

other officers) 5 8

Increase (decrease) in allowance for doubtful accounts 0 (10)

Increase (decrease) in retirement benefit asset and liability (316) (717)

Cash flows from financing activities

Fiscal year ended March 31, 2025

(Millions of yen) Fiscal year ended

March 31, 2026

(Notes on going concern assumption) No such events occurred.

(Notes on significant changes in the amount of shareholders' equity)

The Company acquired 4,227,100 treasury shares for 14,999 million yen based on a resolution of the Board of Directors meeting held on September 5, 2025.

(Notes on segment information, etc.) [Segment information]

1. Overview of reportable segments

   The Company's reportable segments are components of the Company for which separate financial information is available, and which are evaluated regularly by the Board of Directors to determine allocation of management resources and assess performance. The Company divides the services it provides into four reporting segments according to service type: Transportation, Warehouse, Packaging and Test.

   The Transportation segment engages in the transportation of finished four-wheeled vehicles and motorcycles, automotive parts, housing equipment, agricultural machinery and others. The Warehouse segment engages in the storage of finished four-wheeled vehicles and motorcycles, automotive parts, housing equipment, agricultural machinery and others. The Packaging segment engages in processing for distribution, the delivery of automotive parts and other goods on behalf of other parties, export packing and other operations. The Test segment engages in testing finished four-wheeled vehicles and motorcycles, automotive parts, agricultural machinery and other goods.

2. Methods of calculating amounts of net sales, profit or loss, assets, liabilities, and other items by reportable segment Accounting procedures for the reportable segments are generally identical to those adopted for the consolidated financial statements. Profits in the reportable segments are operating profits. Transactions between the reportable segments are based on market prices.

3. Information regarding net sales, profit or loss, assets, liabilities and other items by reportable segment

   Fiscal year ended March 31, 2025 (Millions of yen)

   	Reportable segments					Other (Note 1)	Total	Adjusted amount (Note 2)	Consolidated financial statements amount
   	Transportation segment	Warehouse segment	Packaging segment	Test segment	Total
   Net sales
   Automobile	43,630	10,038	26,998	23,588	104,255	583	104,838	-	104,838
   Automotive parts	24,939	11,508	11,662	508	48,619	1,424	50,043	-	50,043
   Housing	16,178	3,460	8,001	-	27,639	149	27,789	-	27,789
   Agricultural machinery	4,456	1,913	970	30	7,371	81	7,452	-	7,452
   Food & beverage	1,826	2,495	817	-	5,139	14	5,153	-	5,153
   Newspapers & publications	4,698	0	-	-	4,698	-	4,698	-	4,698
   Other	22,233	10,829	8,914	24	42,001	4,025	46,027	-	46,027
   Revenue generated from customer contracts	117,963	40,245	57,364	24,152	239,726	6,277	246,003	-	246,003
   Other revenue	-	635	-	-	635	1,250	1,886	-	1,886
   Sales to external customers	117,963	40,881	57,364	24,152	240,362	7,527	247,890	-	247,890
   Transactions with other segments	409	301	532	16	1,259	2,526	3,785	(3,785)	-
   Total	118,373	41,182	57,896	24,168	241,621	10,054	251,675	(3,785)	247,890
   Segment profit (loss)	6,314	8,558	4,248	3,989	23,111	(16)	23,095	60	23,155
   Segment assets	132,416	134,337	62,519	18,957	348,231	81,427	429,658	1,614	431,273
   Others items
   Depreciation (Note 2)	4,492	7,023	1,294	880	13,691	1,234	14,926	-	14,926
   Investment in equity method affiliates	2,713	-	192	-	2,906	1,922	4,829	-	4,829
   Increase in property, plant and equipment and intangible assets (Note 2)	7,062	12,713	2,422	1,783	23,982	3,574	27,556	-	27,556

   Notes: 1. The "Other" category refers to business segments that are not included in the reportable segments, and includes customs clearance and automobile repair businesses. Interest income related to operating and non-operating transactions is excluded from "Other" to more appropriately represent the actual situation.

   1. Adjustment of segment profit of 60 million yen is the difference resulting from the elimination of operating and non-operating transactions.

      Adjustment of segment assets of 1,614 million yen primarily includes surplus operating assets (time deposits, etc.) and long-term investment assets (investment securities).

   2. Depreciation includes the amortized amount of long-term prepaid expenses. Increase in property, plant and equipment and

      intangible assets includes the amount of increase in long-term prepaid expenses.

   3. The Company finalized the provisional accounting treatment pertaining to business combinations in the fiscal year under review, and segment information for the previous fiscal year includes amounts that reflect a significant revision of the initial allocation of acquisition costs due to the finalization of said provisional accounting treatment.

      Fiscal year ended March 31, 2026 (Millions of yen)

      	Reportable segments					Other (Note 1)	Total	Adjusted amount (Note 2)	Consolidated financial statements amount
      	Transportation segment	Warehouse segment	Packaging segment	Test segment	Total
      Net sales
      Automobile	47,036	10,820	26,176	23,615	107,648	4,364	112,012	-	112,012
      Automotive parts	25,725	12,454	12,209	815	51,205	5,868	57,073	-	57,073
      Housing	16,816	3,415	8,030	-	28,263	1,862	30,125	-	30,125
      Agricultural machinery	4,841	1,675	1,016	7	7,541	85	7,626	-	7,626
      Food & beverage	1,908	2,238	882	-	5,029	283	5,313	-	5,313
      Newspapers & publications	4,472	0	82	-	4,556	-	4,556	-	4,556
      Other	23,538	11,595	9,250	130	44,515	5,462	49,977	-	49,977
      Revenue generated from customer contracts	124,339	42,201	57,648	24,569	248,759	17,927	266,686	-	266,686
      Other revenue	-	775	-	-	775	2,400	3,175	-	3,175
      Sales to external customers	124,339	42,976	57,648	24,569	249,534	20,327	269,862	-	269,862
      Transactions with other segments	385	295	510	24	1,216	2,559	3,775	(3,775)	-
      Total	124,724	43,272	58,159	24,594	250,750	22,887	273,637	(3,775)	269,862
      Segment profit (loss)	7,523	8,826	4,429	4,016	24,794	(1,064)	23,730	87	23,818
      Segment assets	133,966	139,725	64,230	18,253	356,177	79,257	435,434	960	436,395
      Others items
      Depreciation (Note 2)	4,773	7,684	1,493	1,093	15,044	2,379	17,424	-	17,424
      Investment in equity method affiliates	2,860	-	190	-	3,050	1,541	4,592	-	4,592
      Increase in property, plant and equipment and intangible assets (Note 2)	6,343	10,249	2,876	853	20,322	4,274	24,597	-	24,597

      Notes: 1. The "Other" category refers to business segments that are not included in the reportable segments, and includes customs clearance business, and manufacturing and sales business of packaging materials. Interest income related to operating and non-operating transactions is excluded from "Other" to more appropriately represent the actual situation.

      1. Adjustment of segment profit of 87 million yen is the difference resulting from the elimination of operating and non-operating transactions.

         Adjustment of segment assets of 960 million yen primarily includes surplus operating assets (time deposits, etc.) and long-term investment assets (investment securities).

      2. Depreciation includes the amortized amount of long-term prepaid expenses. Increase in property, plant and equipment and intangible assets includes the amount of increase in long-term prepaid expenses.

4. Information regarding amortization and unamortized balance of goodwill for each reportable segment Fiscal year ended March 31, 2025

   (Millions of yen)

   	Transportation segment	Warehouse segment	Packaging segment	Test segment	Others	Total
   Amortization	466	36	22	-	0	525
   Balance at end of period	3,758	146	89	-	5,809	9,804

   Note: The Company finalized the provisional accounting treatment pertaining to business combinations in the fiscal year under review, and the unamortized balance for the previous fiscal year includes amounts that reflect a significant revision of the initial allocation of acquisition costs due to the finalization of said provisional accounting treatment.

   Fiscal year ended March 31, 2026

   (Millions of yen)

   	Transportation segment	Warehouse segment	Packaging segment	Test segment	Others	Total
   Amortization	594	36	19	-	645	1,296
   Balance at end of period	3,116	109	57	-	5,164	8,447

   (Per share information)

   	Previous fiscal year (April 1, 2024 to March 31, 2025)	Current fiscal year (April 1, 2025 to March 31, 2026)
   Net assets per share	1,998.82 yen	2,037.86 yen
   Basic earnings per share	133.99 yen	152.85 yen
   Basic earnings per share after adjustment for the effects of dilutive potential shares	123.25 yen	139.88 yen

   Notes: 1. The Company has conducted a stock split at the ratio of two shares to one share as of October 1, 2024. Net assets per share, basic earnings per share and basic earnings per share after adjustment for the effects of dilutive potential shares are calculated based on the assumption that the stock split was conducted at the beginning of the previous fiscal year.

   1. Shares of the Company remaining in a trust, which are recorded as treasury shares in shareholders' equity, are included in the treasury shares that are deducted when calculating the average number of shares outstanding during the period for the purpose of calculating basic earnings per share and included in the treasury shares that are deducted from the total number of shares outstanding at the end of the period for the purpose of calculating net assets per share.

      The average number of such treasury shares deducted when calculating basic earnings per share for the period was 98 thousand shares for the previous fiscal year and 98 thousand shares for the current fiscal year. The number of such treasury shares at the end of the period, which was deducted in the calculation of net assets per share, was 98 thousand shares in the previous fiscal year and 98 thousand shares in the current fiscal year.

   2. The basis for calculating basic earnings per share and basic earnings per share after adjustment for the effects of dilutive potential shares during the period is as follows:

(Subsequent events)

No such events occurred.