Supplementary Material for the 3rd Quarter of the FY ending March 2026

January 30, 2026

FY2025

(Ending March 31, 2026)

Financial Highlights

for Third Quarter

Contents

１．Overview of Third Quarter Financial Results ・・・・・・・ｐ.２-３

２．Forecasts for FY2025 ・・・・・・・ｐ.４-５

３．Activities ・・・・・・・ｐ.６

（For Reference） Financial Outlook ・・・・・・・・・ｐ.７

１.Overview of Third Quarter Financial Results

１.Overview of Third Quarter Financial Results

• The market for Capesize (180,000 DWT type) vessels was firm, supported by strong iron ore and bauxite shipments to China, and temporarily rose to nearly USD 45,000 in December. Toward the year-end, however, the market turned downward due to concerns over seasonal factors after the beginning of the year, including shipment disruptions caused by the rainy season in South America and the Chinese New Year.

• The market for Panamax or smaller-sized vessels remained relatively firm, supported by record-high steel exports from China etc., but declined from December, in line with the market for larger vessels.

• Although the yen remained generally weak against the U.S. dollar, it appreciated by approximately 4 yen year-on-year, resulting in a decrease in revenues. Meanwhile, net profit increased mainly due to extraordinary gains, including gains on the sale of older vessels as part of fleet renewal efforts.

  Coastal Shipping

• As for steel-product cargoes, transportation volume showed a slight year-on-year increase, reflecting partial recovery in both the construction and manufacturing sectors. Meanwhile, transportation volume of steel-making raw materials decreased year-on-year due to the continued impact of production adjustments at domestic steel mills.

• Operating profit increased by approximately 0.9 billion yen year-on-year, supported by lower fuel costs and the capture of spot

transportation demand.

ï¼’.Forecasts for FY2025