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

April 30, 2026

Company name: NS UNITED KAIUN KAISHA, LTD.

Listing: Tokyo Stock Exchange (TSE) Prime Market Securities code: 9110 URL: https://www.nsuship.co.jp

Representative: Kazuma Yamanaka, President and Representative Director

Inquiries: Hirokazu Sone, Group Manager, Finance and Accounting Group Phone: 81-3-6895-6400 Scheduled date of annual general meeting of shareholders: June 25, 2026

Scheduled date to commence dividend payments: June 26, 2026 Scheduled date to file annual securities report: June 23, 2026 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing: No

(Amounts are rounded to the nearest million yen.)

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.)

      	Revenues		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	229,784	(7.1)	20,529	1.5	21,046	10.7	24,095	29.4
      March 31, 2025	247,408	6.1	20,224	(6.4)	19,015	(14.3)	18,621	3.5

      Note:	Comprehensive Income
      	For the fiscal year ended March 31, 2026: 29,883 million yen	54.0%
      	For the fiscal year ended March 31, 2025: 19,399 million yen	4.0%

      	Profit per Share	Diluted Profit per Share	Return on Equity	Ratio of Ordinary Profit to Total Assets	Ratio of Operating Profit to Revenues
      Fiscal year ended March 31, 2026 March 31, 2025	Yen 1,022.46 790.18	Yen - -	% 13.8 11.9	% 7.2 6.6	% 8.9 8.2

      Reference: Share of Profit of Entities Accounted for Using Equity Method For the fiscal year ended March 31, 2026: 13 million yen

      For the fiscal year ended March 31, 2025: 17 million yen

   2. Consolidated Financial Position

      	Total Assets	Net Assets	Equity Ratio	Net Assets per Share
      As of	Millions of yen	Millions of yen	%	Yen
      March 31, 2026	296,361	187,200	63.2	7,943.82
      March 31, 2025	287,948	162,738	56.5	6,905.75

      Reference:	Equity
      	As of March 31, 2026:	187,200 million yen
      	As of March 31, 2025:	162,738 million yen

   3. Consolidated Cash Flows

   	Cash Flows from Operating Activities	Cash Flows from Investing Activities	Cash Flows from Financing Activities	Cash and Cash Equivalents at end of Period
   Fiscal year ended	Millions of yen	Millions of yen	Millions of yen	Millions of yen
   March 31, 2026	35,422	1,997	(28,188)	65,625
   March 31, 2025	34,851	(8,246)	(17,811)	55,784

2. Cash Dividends

   	Annual Dividends per Share					Total Cash Dividends (Total)	Payout Ratio (Consolidated)	Ratio of Dividends to Net Assets (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   Fiscal year ended March 31, 2025	-	115.00	-	125.00	240.00	5,656	30.4	3.6
   Fiscal year ended March 31, 2026	-	105.00	-	205.00	310.00	7,305	30.3	4.2
   Fiscal year ending March 31, 2027 (Forecast)	-	145.00	-	150.00	295.00		-

   Note: The Company's Articles of Incorporation stipulate that the second quarter-end and the fiscal year-end are dividend record dates.

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2027 (from April 1, 2026 to March 31, 2027)

(Percentages indicate year-on-year changes.)

Reference: Overview 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.)

   	Revenues		Operating Proft		Ordinary Profit		Profit
   Fiscal year ended	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
   March 31, 2026	197,328	(8.8)	12,752	(12.8)	15,725	(1.8)	17,177	13.9
   March 31, 2025	216,437	5.8	14,630	(17.3)	16,011	(22.2)	15,077	(9.7)

   	Profit per share	Diluted Profit per Share
   Fiscal year ended March 31, 2026 March 31, 2025	Yen 728.92 639.80	Yen - -

2. Non-consolidated Financial Position

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

• Proper use of financial results forecast and other special matters

The forward-looking statements including the financial results forecast contained herein are based on information currently

available to the Company, as well as certain assumptions deemed reasonable by the Company. As such, the Company does not intend to guarantee the achievement of the forecast. In addition, actual results may differ significantly from the forecast due to various factors. For preconditions for the financial results forecast and precautions when using the financial results forecast,

please see "1. Overview of Financial Results (1) Overview of Operating Results."

(Supplementary material on financial results)

Supplementary material for financial results will be posted on the Company's website, April 30, 2026.

1．Overview of Financial Results

(1) Overview of Operating Results

1. Overview of the fiscal year ended March 31, 2026

   (Millions of yen)

   	Fiscal year ended March 31, 2025	Fiscal year ended March 31, 2026	Amount Change (Percentage change)
   Revenues	247,408	229,784	(17,624) (7.1%)
   Operating Profit	20,224	20,529	305 1.5%
   Ordinary Profit	19,015	21,046	2,031 10.7%
   Profit Attributable to Owners of Parent	18,621	24,095	5,474 29.4%

   Exchange rate (￥/US$) (12 months average)	152.83	150.33	(2.50) (1.6%)
   Bunker price* (US$/MT) (12 months average)	564	481	(83) (14.7%)

   *Average price for all the major fuel grades

   For the consolidated results for the fiscal year ended March 31, 2026, revenues were 229,784 million yen (down 17,624 million yen year-on-year), operating profit was 20,529 million yen (up 305 million yen year-on-year), ordinary profit was 21,046 million yen (up 2,031 million yen year-on-year). Profit attributable to owners of parent was 24,095 million yen (up 5,474 million yen year-on-year).

   During the fiscal year under review, the global economy remained relatively firm overall. This was supported by the easing of prolonged inflation, moves toward normalization of monetary policy in certain countries and regions, and the resilient performance of the U.S. economy. On the other hand, it remains unclear how U.S. trade policies, including tariff measures, and the responses of other countries will affect the global economy and trade trends going forward. Under these circumstances, our revenues decreased partly due to the yen's appreciation compared to the same period of the previous fiscal year. However, profits attributable to owners of parent increased year on year. This was partly due to the gains in sales from the steady execution of the planned sales of aging vessels from the beginning of the fiscal year.

   In the international shipping business, as for Capesize bulk carriers (180,000 DWT type), the market recovered from the decline seen at the end of the previous fiscal year, supported by steady shipments of iron ore from major ports in Brazil and Australia as well as transportation demand for bauxite from West Africa. Although a temporary adjustment phase was observed around the middle of the fiscal year, the market subsequently resumed an uptrend toward the year-end peak season, and in December the average daily time charter rate for the five major routes temporarily reached the mid $44,000 level.

   Overall, the market remained firm throughout the fiscal year.

   The market for Panamax or smaller sized vessels (20,000-80,000 DWT type) was temporarily weak in the first half of the fiscal year due to uncertainty over the outlook for the Chinese economy. However, the supply-demand balance tightened due to increased grain shipments from South America, and the market turned to a recovery trend from the middle of the fiscal year onward. In the second half as well, cargo movements for coal and grain remained resilient, and the market was generally firm. As for VLGCs (Very Large Gas Carriers), despite a temporary adjustment phase, the market remained generally firm for the full fiscal year, supported by stable LPG transportation demand.

   In the coastal shipping business, transportation volume of electric power-related cargoes, including biomass-related cargoes, exceeded the initial plan, supported by the continued operation of thermal power plants in response to electricity supply

   demand conditions. Transportation volume of steelmaking raw materials declined due to production adjustments at steel mills. Transportation volume of cement-related cargoes decreased, reflecting weaker construction demand amid higher material costs and labor shortages.

   In the tanker business, transportation volume of LNG increased on the back of growing industrial LNG demand, while transportation volume of LPG declined due to the return of one chartered vessel and weaker domestic demand caused by a mild winter.

   Under these circumstances, supported by efforts to enhance operational efficiency, the performance of the coastal shipping business improved, year on year, with increases in both revenue and profit.

   Marine transportation services comprise almost the entire business of the Company's group, with the international shipping business accounting for approximately 90% of consolidated revenues and the coastal shipping business accounting for approximately 10%.

2. Outlook for the fiscal year ending March 31, 2027

As for the business environment in the fiscal year ending March 31, 2027, it remains difficult at this point to foresee how each country's trade policies (including tariff measures) and the responses thereto, as well as heightened geopolitical risks, will affect cargo transportation demand and trade patterns. In terms of cargo movements, although there are concerns about the impact of restrictions on passage through major routes, overall transportation demand for dry bulk cargoes such as iron ore and bauxite is expected to remain firm.

As for tonnage supply, delivery of new vessels for the time being is expected to remain at a relatively low level, particularly for large vessels, as shipowners continue to carefully assess environmental regulations and which next generation fuels will become mainstream, amid persistently high newbuilding prices. In addition, costs resulting from the expansion of environmental regulations and schemes such as the EU ETS, together with developments regarding the introduction of the IMO's mid-term measures for greenhouse gas emission reductions (including GFI regulations) may impose operational constraints and affect profitability. The Company will conduct business operations paying close attention to possible business risks in the future.

The outlook for the Group's consolidated results for the fiscal year ending March 31, 2027 is as follows: revenues of 230,000 million yen, operating profit of 23,100 million yen, ordinary profit of 21,900 million yen, and profit attributable to owners of parent of 23,100 million yen. This forecast is based on the forecast exchange rate of, first half 155 yen to a U.S. dollar, second half 150 yen to a U.S. dollar, and the average bunker price (all grades) of 584 U.S. dollars per ton.

(2) Overview of Financial Position

1. Overview of assets, liabilities, and net assets

   Total assets as of March 31, 2026 amounted to 296,361 million yen, up 8,413 million yen from the end of the previous fiscal year. Of this amount, current assets increased by 17,939 million yen, mainly due to an increase in securities. Non-current assets decreased by 9,527 million yen, mainly due to a decrease in vessels.

   Total liabilities decreased by 16,049 million yen to 109,161 million yen. Current liabilities increased by 4,257 million yen, mainly due to an increase in trade notes and accounts payable. Non-current liabilities decreased by 20,306 million yen, mainly due to a decrease in long-term borrowings.

   Total net assets increased by 24,462 million yen from the end of the previous fiscal year to 187,200 million yen, mainly due to an increase in retained earnings resulting from profit attributable to owners of parent, net of dividends paid.

2. Overview of cash flows

Net cash provided by operating activities amounted to 35,422 million yen (compared with 34,851 million yen provided in the previous fiscal year). This was mainly due to profit before income taxes and depreciation.

Net cash provided by investing activities amounted to 1,997 million yen (compared with 8,246 million yen used in the previous fiscal year). This was mainly due to proceeds from sales of vessels amounting to 7,712 million yen.

Net cash used in financing activities amounted to 28,188 million yen (compared with 17,811 million yen used in the previous fiscal year). This was mainly due to a net outflow of 22,662 million yen, the difference between proceeds from long-term borrowings and repayments of long-term borrowings.

Cash and cash equivalents at end of period, after taking into account effect of exchange rate change on cash and cash equivalents, amounted to 65,625 million yen, an increase of 9,841 million yen from the end of the previous fiscal year.

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