Supplementary Material for the 2nd Quarter of the FY ending March 2026

October 31, 2025

FY2025

(Ending March 31, 2026)

Financial Highlights

for First Half

Contents

（For Reference）Financial Outlook ・・・・・・・・・ｐ.10

1. Highlights of Financial Results in FY2025

   Operating Profit (Units: 100 million yen)

   First half results：Operating profit of 9.2 billion yen supported by the solid market condition

   
   
   

   • Dry bulk demand remained solid, led by iron ore from Brazil and bauxite from West Africa. However, concerns over U.S. trade policy

     
     
     

     limited gains, and the first half market average fell short of the level recorded in the same period of last year.

   • Eased Panama Canal restrictions increased vessel supply for small vessel, supported by export of minor bulk and steel product.

   • Operating profit declined year-on-year due to the stronger yen but exceeded the previous forecast and reached 9.2 billion yen.

     Forecast for the full year: We expect to secure net profit exceeding the previous year's

     level, with ROE projected to remain above 10% for the fifth consecutive period

   • Although seasonal factors may lead to a downturn early next year, the international shipping division is currently stable, with iron ore and bauxite demand anticipated to sustain market conditions.

   • The coastal shipping division continues its profit growth trend, supported by declining fuel costs.

   • Full-year consolidated ROE is projected to exceed 10% for the fifth consecutive period.

     Dividend forecast increased：Annual dividend is expected to be 245 yen per share, with the dividend payout ratio of approximately 30%

   • Interim dividend：105 yen per share as previously announced.

   • Year-end dividend：140 yen per share, increased from the previous forecast 105 yen. Combined with interim dividend, annual dividend forecast is 245 yen per share.

2. Overview of First Half Financial Results

   International Shipping

   Although concerns over U.S. tariffs and U.S.-China trade friction initially raised fears of declining transport demand, the impact on the dry bulk market proved limited, and freight rate surged from June. China's strong steel exports and raw material imports supported the market. While market results fell short of last year's across all vessel types, they exceeded

   initial expectations. Operating profit declined due to weaker market, yen appreciation, and prolonged port congestions, but net profit rose thanks to gains from selling aging ships.

   Coastal Shipping

   Coastal Shipping recorded higher power-related cargo volumes on the back of increased summer electricity demand. Together with cost savings from declining fuel prices, operating profit increased by 0.5 billion compared to the same period last year.

   
   
   

3. Forecasts for FY2025