Supplementary Material for the FY ended March 2026

April 30, 2026

FY2025

(Ending March 31, 2026)

Financial Highlights

Contents

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1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

1. Highlights of Results in FY 2025

   【Unit：100 million yen】 (Consolidated)	Revenues	Operating Profit	Ordinary Profit	Profit Attributable to Owners of Parent
   1H	1,115	92	85	110
   2H	1,183	113	126	130
   Full Year （ROE）	2,298	205	210	241 （13.8%）

   Review of Full Year Performance

   First Half：The shipping market remained firm; however, operating profit declined year-on-year due to the impact of prolonged port congestion.

   0

   
   
   

   Operating Profit（Unit：100 million yen）

   207

   The dry bulk market softened early in the fiscal year due to uncertainty over

   U.S. trade policies, but the impact was viewed as limited, and the market remained generally firm from June onward.

   Despite market differentials and a stronger yen, earnings were constrained mainly by prolonged port congestion particularly for large vessels resulting in a year-on-year decline in operating profit.

   Second Half: The shipping market exceeded initial assumptions from the beginning of the calendar year, leading to a year-on-year increase in operating profit.

   The Capesize market strengthened from November, supported by solid iron ore and bauxite shipments to China, and remained relatively firm after the New Year compared with typical seasonal trends.

   Despite USD/JPY exchange rate saw increased volatility due to heightened Middle East tensions, the average exchange rate in the second half resulted in weaker yen, supporting higher operating profit.

   In addition, gains from the planned sale of aging vessels were recorded as extraordinary income,

   resulting in a 5.5 billion yen year-on-year increase in profit attributable to owners of parent.

   Full-year ROE reached 13.8%, exceeding 10% for the fifth consecutive fiscal year.

   The year-end dividend is expected to be ¥205 per share, an increase of ¥45 per share.

   The year-end dividend forecast has been revised upward from ¥160 per share to ¥205 per share. Together with the interim dividend, the annual dividend is expected to be total ¥310 per share.

   
   
   

2. Overview of Results in FY2025

   International Shipping

   • As for large vessels, transportation demand for iron ore loaded in Brazil and bauxite loaded in West Africa bound for China remained strong. As transportation distances continued to increase, market conditions improved.

   • Due to a slightly stronger yen on a full-year average basis and a decrease in operating days, revenues declined year-on-year.

   • Foreign exchange valuation gains on foreign currency-denominated assets, together with gains on the sale of aging vessels as

     planned, led to in an increase of 5.5 billion yen in profit attributable to owners of parent.

     Coastal Shipping

   • Transportation volume of electric power related cargoes increased due to continued operation of thermal power plants.

   • Transportation volumes of steel raw materials and cement related cargoes declined due to production adjustments at steel mills and weaker construction demand due to labor shortages and rising material costs.

   • As a result of improved profitability through efficient vessel operations and relatively stable fuel prices until February, operating profit increased by 1.1 billion yen year-on-year.

     【Consolidated】	FY2024
     Unit：100 million yen） 1Q 2Q 3Q 4Q （Result） （Result） （Result） （Result）					Full Year （Result）
     Revenues	623	664	607	580	2,474
     Operating Profit	58	59	52	34	202
     International Shipping	54	47	40	21	163
     Coastal Shipping	5	11	11	13	40
     Ordinary Profit	70	31	68	21	190
     Profit Atributable to Owners of Parent	57	35	54	40	186

     FY2025						Changes Y-o-Y	Previous Forecast as of January 2025 Full Year Changes （Forecast）
     1Q 2Q 3Q 4Q （Result） （Result） （Result） （Result）				Full Year （Result）
     548	567	597	585	2,298		▲ 176	2,240	＋ 58
     37	55	58	54	205		＋ 3	189	＋ 16
     29	44	43	40	155		▲ 8	139	＋ 16
     9	12	15	14	50		＋ 11	51	▲ 0
     29	56	62	64	210		＋ 20	171	＋ 39
     60	51	71	59	241		＋ 55	208	＋ 33

     （

     Exchange Rate（Yen/US$）	¥153.33	¥153.67	¥149.33	¥155.00	¥152.83
     Bunker Price*（US$/MT）	$556	$617	$550	$532	$564
     Market Capesize	$22,665	$24,909	$18,301	$12,998	$19,759
     Panamax	$16,380	$13,940	$10,557	$9,591	$12,629
     Handysize	$13,051	$13,321	$12,244	$9,058	$11,922

     ¥145.67	¥147.33	¥152.00	¥156.33	¥150.33
     $553	$499	$434	$447	$481
     $18,681	$24,684	$28,875	$22,902	$23,793
     $11,849	$15,929	$16,030	$15,395	$14,823
     $10,592	$13,025	$14,989	$12,411	$12,756

     ▲¥2.50		¥150.00	+¥0.33
     ▲$83		$474	+$7
     +$4,034		$23,108	+$685
     +$2,194		$14,359	+$464
     +$834		$12,546	+$210

     
     
     

     * Bunker oil price is the average price of all oil types.

     
     
     

3. Forecasts for FY2026

   Earnings Forecast

   • The dry bulk market is expected to remain firm, supported by continued strong demand for iron ore shipments from Brazil and bauxite shipments from West Africa. Iron ore exports from the Simandou mine in Guinea, which commenced last November, is expected to contribute to longer average sailing distances and provide upward momentum to market conditions.

     【Consolidated】	FY2025
     (Unit：100 million yen)	1H （Result）	2H （Result）	Full Year （Result）
     Revenues	1,115	1,183	2,298
     Operating Profit	92	167	205
     International Shipping	72	123	155
     Coastal Shipping	21	44	50
     Ordinary Profit	85	190	210
     Profit Atributable to Owners of Parent	110	190	241

     FY2026
     1H （Forecast）	2H （Forecast）	Full Year （Forecast）
     1,170	1,130	2,300
     121	110	231
     104	84	188
     17	26	43
     119	100	219
     99	132	231

     Changes Y-o-Y

     +2

     +26 +34 ▲ 8

     +9

     ▲ 10

   • Rising fuel prices are a concern due to heightened tensions in the Middle East. However, freight rates for dedicated vessels in the international shipping segment are largely linked to bunker prices, and for free vessels, the impact on medium to long term earnings is expected to be limited through hedging using forward transactions. In contrast, in the coastal shipping segment, higher fuel prices are anticipated to be a risk factor, and a decline in earnings is expected.

※1 Exchange rate depriciaton of 1 yen against US$ will increase ordinary income by approx. 0.3 billion yen for FY2026.

※2 Bunker oil price is the average price of all oil types.

Dividend Forecast: The forecast annual dividend is ¥295 per share (interim: 145 yen, year-end: 150 yen).

The full-year dividend, including the interim dividend, is planned to be distributed based on a dividend payout ratio of 30% of consolidated business results.