November 5, 2026

1. Overview of the Q2 Results for FY 2026

1H Review (year-on-year comparison)

Revenues: JPY 1,505.0 billion (up JPY 322.9 billion)

Logistics: Revenue growth due to the increase in the handling volumes in Air Freight & Ocean Freight forwarding and the acquisition of the healthcare logistics business in Europe conducted in FY2025. (up JPY 178.0 billion)

Recurring profit: JPY 213.2 billion (up JPY 94.6 billion)

Liner Trade: Strong transportation demand, particularly on North American routes, coupled with port congestion, tightened the supply-and-demand conditions, resulting in the freight market level remaining significantly higher YoY. (up JPY 64.6 billion)

Profit Attributable

to Owners of JPY 203.4 billion (up JPY 105.1 billion)

Shareholder Interim dividend JPY 165 (Increase JPY 45 from previous forecast) returns: (per share)

1. Overview of the Q2 Results for FY 2026

Recurring profit by segment (YoY)

Liner Trade	JPY 97.9 billion (up 64.6 billion)
Logistics	Strong transportation demand, particularly on North American routes, coupled with port congestion, tightened the supply-and-demand conditions, resulting in the freight market level remaining significantly higher YoY.
Logistics	JPY -0.8 billion (down 7.1 billion)
Logistics	Air Freight Forwarding:
Logistics	The handling volumes increased YoY, supported by strong demand, particularly in the Asia Pacific region. The profit level increased YoY as well.
Logistics	Ocean Freight Forwarding:
Logistics	While the handling volumes increased YoY, the profit level declined YoY mainly because purchasing prices rose ahead of selling price.
Logistics	Contract Logistics:
Logistics	• While the profit level remained broadly unchanged YoY in the Asia region, the overall profit level declined YoY due to lower handling volumes in certain regions and other factors.
Logistics	• Goodwill amortization and other expenses were recorded in connection with the acquisition of the healthcare logistics business in Europe completed in FY2025.

• Goodwill amortization and other expenses were recorded in connection with the acquisition of the healthcare logistics business in Europe completed in FY2025.

1. Overview of the Q2 Results for FY 2026

Recurring profit by segment (YoY)

Automotive JPY 35.1 billion (down 13.8 billion)

Revenue increased, with the number of vehicles transported remaining generally at the same level YoY, JPY depreciating YoY, etc. However, the profit level declined YoY due to higher operating costs resulting from route changes following the closure of the Strait of Hormuz, increased fuel costs, port congestion, etc.

Dry Bulk JPY 29.7 billion (up 31.2 billion)

The market level for each vessel type was significantly higher YoY. In addition, the business was affected by JPY depreciation YoY and the valuation-related effects associated from the sharp increase in fuel prices following the closure of the Strait of Hormuz, etc. The profit level increased YoY.

Energy JPY 45.4 billion (up 15.0 billion)

VLCC/VLGC:

Due to the closure of the Strait of Hormuz, the VLCC market reached a historically high level. The VLGC market remained strong since increased shipments from North America, as alternatives to shipments from Middle East, lengthened transport distances and tightened supply-demand conditions.

LNG Carrier: The results remained steady, supported by medium- to long-term contracts.

Offshore:

FPSOs and shuttle tankers performed steadily, while profit declined YoY due to the absence of one-off profits associated with the commencement of operations of a new FPSO.

Summary of Q2 Results

(Billions of yen)	FY2025							FY2026			Year-on-year
(Billions of yen)	Q1	Q2	1H	Q3	Q4	2H	Full-Year	Q1	Q2	1H	Year-on-year
Revenues	600.9	581.1	1,182.1	629.9	611.6	1,241.5	2,423.6	727.6	777.3	1,505.0	322.9
Operating Profit	33.9	25.8	59.8	39.5	39.1	78.7	138.6	57.7	57.1	114.8	55.0
Recurring Profit	55.9	62.6	118.6	45.7	46.7	92.4	211.1	71.2	142.0	213.2	94.6
Profit attributable to owners of parent	50.2	48.0	98.3	48.1	65.2	113.4	211.7	67.1	136.3	203.4	105.1
Exchange Rate	¥145.32	¥147.04	¥146.18	¥153.20	¥155.34	¥154.27	¥150.23	¥159.89	¥161.04	¥160.47	¥14.29
Bunker Prices (All Grades)	$578.60	$558.15	$568.27	$525.56	$496.90	$511.72	$539.11	$722.71	$795.39	$759.88	$191.61

• The figures for FY2025 reflect the finalization of provisional accounting treatment related to the business combinations.

Q2 Comparison by Segment

Operating Segment (Billions of yen)		FY2025							FY2026			Year-on-year
Operating Segment (Billions of yen)		Q1	Q2	1H	Q3	Q4	2H	Full-Year	Q1	Q2	1H	Year-on-year
Liner & Logistics	Liner Trade	44.5	45.4	89.9	45.8	45.0	90.9	180.9	47.1	47.9	95.1	5.1
Liner & Logistics	Liner Trade	12.0	21.2	33.3	2.5	10.2	12.8	46.1	10.0	87.9	97.9	64.6
Liner & Logistics	Logistics	185.2	195.6	380.8	213.7	210.1	423.8	804.7	271.1	287.7	558.8	178.0
Liner & Logistics	Logistics	3.2	3.0	6.2	2.8	0.2	3.1	9.4	(2.4)	1.5	(0.8)	-7.1
Automotive		128.0	125.9	254.0	141.4	131.4	272.8	526.8	144.3	161.8	306.1	52.1
Automotive		28.8	20.1	49.0	27.0	19.6	46.7	95.7	16.8	18.3	35.1	-13.8
Dry Bulk		135.8	143.5	279.3	154.1	143.9	298.0	577.4	174.8	186.0	360.8	81.5
Dry Bulk		(2.7)	1.2	(1.5)	4.7	7.7	12.4	10.9	19.4	10.3	29.7	31.2
Energy		48.1	49.8	97.9	52.6	59.1	111.8	209.7	66.7	70.2	137.0	39.0
Energy		12.0	18.2	30.3	9.6	12.4	22.0	52.3	23.9	21.4	45.4	15.0
Others		81.9	44.0	126.0	47.1	49.2	96.4	222.4	57.4	56.9	114.4	-11.5
Others		2.9	0.4	3.3	1.7	(0.1)	1.6	5.0	4.5	3.6	8.2	4.8
Elimination/Corporate		(22.8)	(23.2)	(46.1)	(24.9)	(27.4)	(52.4)	(98.6)	(34.1)	(33.3)	(67.5)	-21.4
Elimination/Corporate		(0.4)	(1.6)	(2.1)	(2.8)	(3.4)	(6.3)	(8.5)	(1.1)	(1.2)	(2.3)	-0.2
Consolidated		600.9	581.1	1,182.1	629.9	611.6	1,241.5	2,423.6	727.6	777.3	1,505.0	322.9
Consolidated		55.9	62.6	118.6	45.7	46.7	92.4	211.1	71.2	142.0	213.2	94.6

(Upper)Revenues (Lower) Recurring Profit

（Note 1）The figures for FY2025 reflect the finalization of provisional accounting treatment related to the business combinations.

（Note 2）The Company has partially changed its reportable segments from FY2026 Q1. The segment information for FY2025 has been reclassified.

-The Air Cargo Transportation Business, which was previously included in the Liner & Logistics Business, has been reclassified into the Others Business.

• The Steaming Coal Business, which was previously included in the Energy Business, has been reclassified into the Dry Bulk Business.

（Note 3）The Company has reviewed the method of allocating a portion of expenses from FY2026 Q1. The segment information for FY2025 has been reclassified.

• The method of allocating a portion of corporate expenses / the method of allocating interest expenses

Analysis of Change in Recurring Profit between FY2025 and FY2026

Analysis by factor

(billion yen)
Foreign Exchange	17.5	¥160.47/$Depreciated by ¥14.29
Bunker Prices	(7.4)	$759.88/MTIncreased by $191.61/MT
Market Effects, etc.	81.6	Impact of the closure of the Strait of Hormuz, goodwill amortization following M&A, etc.
Foreign Exchange Gains/Losses	3.0
Others	(0.1)
Total	94.6

(billion yen)

Analysis by business

Category	P/L Increase (billion yen)	P/L Decrease (billion yen)	Results (billion yen)
1H Results for FY2025			118.6
Liner Trade ONE etc.	64.6
Logistics		-7.0
Automotive		-13.9
Dry Bulk	31.2
Energy	15.1
Others	4.9
1H Results for FY2026			213.2

2. Forecast for Full-Year FY2026

Forecast

Full-Year Forecast (vs. previous forecast)

Revenues

JPY 3.0 trillion (up JPY 119.0 billion)

Recurring profit

JPY 335.0 billion (up JPY 85.0 billion)

Profit Attribute to Owners of Parent

JPY 330.0 billion (up JPY 90.0 billion)

Assumptions for FY2026 Forecast

•

Closure of the Strait of Hormuz: Expected to persist by the end of March 2027.

•

Rerouting via the Cape of Good Hope to avoid the Suez Canal: Expected to persist by the end of March 2027. (Container shipping gradually resume transit via the Suez Canal.)

Shareholder Returns

Dividend forecast (per share)

Interim: JPY 165 | Year-end: JPY 165 | Annual JPY 330

(Both the interim and year-end dividend forecasts are increased by JPY 45 from the previous forecast.)

• The amounts have been determined in line with a targeted consolidated payout ratio of 40% as set forth in the basic shareholder return policy.

Share Buyback:

• We will consider implementing additional shareholder returns flexibly, taking investment opportunities and business environment into account.

2. Forecast for Full-Year FY2026

Full-Year Forecast (vs. previous forecast)

Liner Trade JPY 149.0 billion (up 66.0 billion)

In addition to freight market levels in the Q2 exceeding our previous forecast, freight market conditions are expected to remain above the previous forecast, particularly in the third quarter. As a result, the full-year profit level is expected to exceed the previous forecast.

Logistics JPY -4.0 billion (down JPY 3.0 billion)

・Air Freight Forwarding:

Supported by solid cargo movement, full-year handling volumes are expected to exceed the previous forecast.

・Ocean Freight Forwarding:

The full-year profit level is expected to fall below the previous forecast due to lower profitability resulting from a greater-than-assumed rise in purchasing prices, and other factors.

・Contract Logistics:

Mainly due to the expected decrease in handling volumes in certain regions, the fullyear profit level is expected to be lower than the previous forecast.

2. Forecast for Full-Year FY2026

Recurring profit by segment (compared to the previous forecast)

Automotive: JPY 78.0 billion (down JPY 3.0 billion)

Reflecting an anticipated increase in costs associated with the continued closure of the Strait of Hormuz for longer than our previous forecast, the full-year profit level is expected to be lower than the previous forecast.

Dry Bulk: JPY 49.0 billion (up JPY 13.0 billion)

Market conditions for each vessel type from the Q3 onward are also expected to remain above our previous forecast. As a result, the full-year profit level is expected to exceed the previous forecast.

Energy: JPY 68.0 billion (up JPY 12.0 billion)

VLCC/VLGC

The market levels are expected to remain above our previous forecast.

LNG carrier

While the business is supported by stable earnings from medium- to long-term contracts, the full-year profit level is expected to fall below the previous forecast due to various effects associated with the closure of the Strait of Hormuz continuing longer than previously assumed.

Summary of Forecast for FY2026

(Billions of yen)	FY2025(Result)					FY2026(Forecast)					Year-on-Year	Change from Prev. Forecast
(Billions of yen)	Q1	Q2	1H	2H	Full-Year	Q1 (Result)	Q2 (Result)	1H (Result)	2H	Full-Year	Year-on-Year	Change from Prev. Forecast
Revenues	600.9	581.1	1,182.1	1,241.5	2,423.6	727.6	777.3	1,505.0	1,495.0	3,000.0	576.4	119.0
Operating Profit	33.9	25.8	59.8	78.7	138.6	57.7	57.1	114.8	95.2	210.0	71.4	25.0
Recurring Profit	55.9	62.6	118.6	92.4	211.1	71.2	142.0	213.2	121.8	335.0	123.9	85.0
Profit attributable to owners of parent	50.2	48.0	98.3	113.4	211.7	67.1	136.3	203.4	126.6	330.0	118.3	90.0
Exchange Rate	¥145.32	¥147.04	¥146.18	¥154.27	¥150.23	¥159.89	¥161.04	¥160.47	¥155.50	¥157.98	¥7.75	¥0.76
Bunker Prices (All Grades)	$578.60	$558.15	$568.27	$511.72	$539.11	$722.71	$795.39	$759.88	$844.77	$802.32	$263.21	$60.88

• The figures for FY2025 reflect the finalization of provisional accounting treatment related to the business combinations.

Sensitivity to recurring profit (6 months for Q3-4)

Exchange rate：Approx. JPY 1.23 billion increase per ¥1/$ depreciation* Buker prices ：Approx. JPY 0.38 billion increase per ＄10/MT decrease

• Equity in earnings/losses of affiliates denominated in foreign currency is translated at the average exchange rate for the period.

Forecast by Segment for FY2026

Operating Segment (Billions of yen)		FY2025 (Result)							FY2026 (Forecast)					Year-on-year
Operating Segment (Billions of yen)		Q1	Q2	1H	Q3	Q4	2H	Full-year	Q1 (Result)	Q2 (Result)	1H (Result)	2H	Full-year	Year-on-year
Liner & Logistics	Liner Trade	44.5	45.4	89.9	45.8	45.0	90.9	180.9	47.1	47.9	95.1	91.9	187.0	6.1
Liner & Logistics	Liner Trade	12.0	21.2	33.3	2.5	10.2	12.8	46.1	10.0	87.9	97.9	51.1	149.0	102.9
Liner & Logistics	Logistics	185.2	195.6	380.8	213.7	210.1	423.8	804.7	271.1	287.7	558.8	533.7	1,092.5	287.8
Liner & Logistics	Logistics	3.2	3.0	6.2	2.8	0.2	3.1	9.4	(2.4)	1.5	(0.8)	(3.2)	(4.0)	(13.4)
Automotive		128.0	125.9	254.0	141.4	131.4	272.8	526.8	144.3	161.8	306.1	316.4	622.5	95.7
Automotive		28.8	20.1	49.0	27.0	19.6	46.7	95.7	16.8	18.3	35.1	42.9	78.0	(17.7)
Dry Bulk		135.8	143.5	279.3	154.1	143.9	298.0	577.4	174.8	186.0	360.8	360.2	721.0	143.6
Dry Bulk		(2.7)	1.2	(1.5)	4.7	7.7	12.4	10.9	19.4	10.3	29.7	19.3	49.0	38.1
Energy		48.1	49.8	97.9	52.6	59.1	111.8	209.7	66.7	70.2	137.0	132.0	269.0	59.3
Energy		12.0	18.2	30.3	9.6	12.4	22.0	52.3	23.9	21.4	45.4	22.6	68.0	15.7
Others		81.9	44.0	126.0	47.1	49.2	96.4	222.4	57.4	56.9	114.4	122.6	237.0	14.6
Others		2.9	0.4	3.3	1.7	(0.1)	1.6	5.0	4.5	3.6	8.2	1.8	10.0	5.0
Elimination/Corporate		(22.8)	(23.2)	(46.1)	(24.9)	(27.4)	(52.4)	(98.6)	(34.1)	(33.3)	(67.5)	(61.5)	(129.0)	(30.4)
Elimination/Corporate		(0.4)	(1.6)	(2.1)	(2.8)	(3.4)	(6.3)	(8.5)	(1.1)	(1.2)	(2.3)	(12.7)	(15.0)	(6.5)
Consolidated		600.9	581.1	1,182.1	629.9	611.6	1,241.5	2,423.6	727.6	777.3	1,505.0	1,495.0	3,000.0	576.4
Consolidated		55.9	62.6	118.6	45.7	46.7	92.4	211.1	71.2	142.0	213.2	121.8	335.0	123.9

• (Upper) Revenue (Lower) Recurring Profit

（Note 1）The figures for FY2025 reflect the finalization of provisional accounting treatment related to the business combinations.

（Note 2）The Company has partially changed its reportable segments from FY2026 Q1. The segment information for FY2025 has been reclassified.-The Air Cargo Transportation Business, which was previously included in the Liner & Logistics Business, has been reclassified into the Others Business.- The Steaming Coal Business, which was previously included in the Energy Business, has been reclassified into the Dry Bulk Business.

（Note 3）The Company has reviewed the method of allocating a portion of expenses from FY2026 Q1. The segment information for FY2025 has been reclassified. - The method of allocating a portion of corporate expenses / the method of allocating interest expenses 13

Forecast by Segment for FY2026

Linear & Logistics	Operating Segment (Billions of yen)	Previous Forecast			Revised Forecast			Change from Prev. Forecast
Linear & Logistics	Operating Segment (Billions of yen)	1H	2H	Full-year	1H (Result)	2H	Full-year	1H	2H	Full-year
Linear & Logistics	Liner Trade	94.5	88.5	183.0	95.1	91.9	187.0	0.6	3.4	4
Linear & Logistics	Liner Trade	62.0	21.0	83.0	97.9	51.1	149.0	35.9	30.1	66
Linear & Logistics	Logistics	540.5	544.0	1,084.5	558.8	533.7	1,092.5	18.3	(10.3)	8
Linear & Logistics	Logistics	(2.0)	1.0	(1.0)	(0.8)	(3.2)	(4.0)	1.2	(4.2)	(3.
Linear & Logistics	Automotive	287.0	302.0	589.0	306.1	316.4	622.5	19.1	14.4	33
Linear & Logistics	Automotive	34.0	47.0	81.0	35.1	42.9	78.0	1.1	(4.1)	(3.
Linear & Logistics	Energy Bulk	336.5	325.5	662.0	360.8	360.2	721.0	24.3	34.7	59
Linear & Logistics	Energy Bulk	29.0	7.0	36.0	29.7	19.3	49.0	0.7	12.3	13
Linear & Logistics	Energy	127.0	123.0	250.0	137.0	132.0	269.0	10.0	9.0	19
Linear & Logistics	Energy	35.0	21.0	56.0	45.4	22.6	68.0	10.4	1.6	12
Linear & Logistics	Others	118.0	116.5	234.5	114.4	122.6	237.0	(3.6)	6.1	2
Linear & Logistics	Others	6.0	3.0	9.0	8.2	1.8	10.0	2.2	(1.2)	1
Linear & Logistics	Elimination/corporate	(63.5)	(58.5)	(122.0)	(67.5)	(61.5)	(129.0)	(4.0)	(3.0)	(7.
Linear & Logistics	Elimination/corporate	(4.0)	(10.0)	(14.0)	(2.3)	(12.7)	(15.0)	1.7	(2.7)	(1.
Linear & Logistics	Consolidated	1,440.0	1,441.0	2,881.0	1,505.0	1,495.0	3,000.0	65.0	54.0	119

(Upper) Revenues (Lower) Recurring profit

3. Progress of Medium-Term Management Plan (FY2023-26)

Key Financial Indicators

	FY2025 (Result)	FY2025 (Result)	FY2026 (Previous Forecast)*1	FY2026 (Forecast)	FY2030 (Forecast) *2
Recurring Profit (billion yen)	211.1	213.2	250.0	335.0	440.0
Interest-bearing Debt (billion yen)	1,201.4	1,553.2	1,841.0	1,763.5	-
Shareholders' Equity (billion yen)	3,071.9	3,198.4	3,180.0	3,238.0	-
Shareholders' Equity Ratio (incl. Charter fee liabilities *3)	59% (52%)	56% (50%)	53% (48%)	54% (48%)	58% (53%)
ROIC *4	6.4%	-	4.8%	7.8%	7.6%
ROE	7.1%	-	7.7%	10.5%	10.3%
DER (incl. Charter fee liabilities *3)	0.39 (0.62)	0.49 (0.70)	0.57 (0.80)	0.54 (0.76)	-
Cash Flow from Operating Activities (billion yen)	473.3	119.1	306.5	350.0	-
Cash Flow from Investing Activities (billion yen)	-371.2	-347.3	-900.0	-800.0	-
(Depreciation and amortization) (billion yen)	(175.1)	(99.8)	(194.0)	(211.5)	-

1 Forecast as of FY2026 Q1 (August 5th, 2026). ROIC, DER, and depreciation and amortization are based on the forecast presented in the financial results for FY2025 (announced on May 11, 2026).

*2 Based on the outlook for FY2030 in the Medium-term management plan announced on May 8th, 2025

*3 Our estimated Charter fee liabilities:Approx. JPY 700.0Bn are added to each fiscal year

*4 ROIC = (Operating income after tax + Extraordinary profit & loss after tax + Equity in earnings of affiliates + Dividend income) ÷ (Invested capital)

Note: The forecast figures in this table assume that NS United Kaiun Kaisha, Ltd. will be consolidated into NYK’s balance sheet at the end of FY2026.

Business Investment Policy

◼ The total amount of investments to be made until FY2026 is approx. JPY1.6 trillion for investment targets, leading to stable shareholder return in the future.

◼ As of the end of 2nd quarter FY2026, approx. JPY1.5 trillion worth of investment projects were authorized for launch during the period of the Medium-term Management Plan.

New markets & customers

Existing markets & customers

JPY30 bn
• Auto logistics: JPY17 bn

New market/customers
• Electric vehicle logistics solutions
• Domestic value chain
• Domestic regional transport logistics
• Renewable energy transport

Core business
• Sea business area
• Cargo business targets
• Global network customers and society
• Ship business assets

New business
• Sphericalized fleet design, operation and management
• Hydrogen and ammonia value chain
• Carbon dioxide value chain
• Offshore wind value chain
• Space related businesses

JPY100 bn
• Offshore wind power generation: JPY43 bn
• Hydrogen/ammonia: JPY32 bn

LNG carriers: JPY300 bn
Dry bulk carriers: JPY120 bn

Existing technologies & services

New technologies & services

New technologies/services
• Low decarbonized transport
• Vessel finance recycles
• LNG value chain
• Supply chain optimization

JPY460 bn
• Vessel decarbonization: JPY290 bn
• M&A, etc.: JPY140 bn

	Investment Plan Initial Medium-term Management Plan	Progress (vs initial plan)	Latest Investment Plan	Major Investment target
Core Business	JPY560 bn	120%	JPY730 bn	Expansion of LNG Carrier Fleet / Investment in LNG upstream projects / Investment into NYK Energy Ocean* / Fleet Replacement
New technologies/ services	JPY460 bn	150%	JPY740 bn	M&A by Yusen Logistics (including acquisition of Healthcare Logistics Business)/ LNG-Fueled Fleet Expansion / Tender Offer for NS United
New business	JPY100 bn	65%	JPY100 bn	Investment into CTV operator Development of Ammonia Fueled Vessel / Equity investment in leading LNG bunkering Avenir
New market/customers	JPY30 bn	150%	JPY45 bn	M&A in Auto-Logistics Business
Total	JPY1.2 tn	120%	JPY1.62 tn

*NYK Energy Ocean Corporation (NEO): New Company that will take over ENEOS Ocean’s non-crude-oil shipping business.

Cash Allocation

◼ Formulated a strategic cash allocation plan to achieve both improved capital efficiency and sustainable growth based on the latest status of various cash flows

Medium-term Management Plan Latest Plan
Cash Inflows Cash Outflows Cash Inflows Cash Outflows
Share repurchase
Share repurchase
¥200 bn
Financing CF Financing CF ¥480 bn
¥610 bn+ ¥610 bn+
Ordinary dividends
Ordinary dividends
¥230 bn
¥440 bn
Reinvestment in existing
Reinvestment in existing
Operating CF businesses, and Operating CF
businesses, and
(FY2023–FY2026) investments in new (FY2023–FY2026)
investments in new
business and M&A
¥820 bn+ ¥1,740 bn+ business and M&A
¥1.2 tn+
¥1,520 bn+(*)
(incl. ¥140 bn of
management allocation
such as M&A) Additional
Manage-Shareholder
ment Return/
allocation Investment
Cash on hand Cash on hand
Management Allocation
Additional shareholder
¥200 bn ¥200 bn ¥110 bn+
return

Shareholder Return Policy

■ Share repurchase totaling JPY480.0 billion have been conducted since FY2023, contributing to an estimated appropriately 25% increase in EPS.

■ The dividend policy was revised from FY2025 to a 40% payout ratio, with a minimum dividend of JPY200 per share.

■ Going forward, we will continue to emphasize the balance between investment and shareholder returns, while considering implementing additional shareholder returns flexibly.

	Policy at the release of Medium-term Management Plan	FY2023 (Results)	FY2024 (Results)	FY2025 (Results)	FY2026 (Forecast)	Summary of the plan for FY2023-2026
Dividend payout ratio policy	30% (increase from 25%)	30%	30%	40%	40%	• The policy was revised as appropriate during the plan period. • The increase in minimum dividend strengthened dividend predictability.
Min. dividend per share	JPY100	JYP100	JPY100	JPY200	JPY200	• The policy was revised as appropriate during the plan period. • The increase in minimum dividend strengthened dividend predictability.
Annual dividend per share	-	JPY140	JPY325	JPY230 (including commemorative dividend of JPY25)	JPY330	• The policy was revised as appropriate during the plan period. • The increase in minimum dividend strengthened dividend predictability.
Total dividend amount	JPY230.0 billion for FY2023–2026	JPY66.2 bn	JPY142.9 bn	JPY 95.0 bn	JPY132.0 bn	JPY440.0 bn
Share repurchase (maximum limit)	A total of JPY200.0 billion for FY2023–2024	JPY200.0 bn	JPY130.0 bn	JPY150.0 bn	Consider additional returns flexibly	JPY480.0 bn
(Reference)
Profit attributable to owners of parent	-	JPY228.6 bn	JPY477.7 bn	JPY211.7 bn	JPY 330.0 bn
Total payout ratio1	-	116%	57%	116%	40%
EPS (Earnings Per Share)	-	JPY468	JPY1,070	JPY504	JPY817
Total issued shares (including treasury stock)	Approx. 510 million shares	Share repurchase / cancellations reduced shares outstanding by approx. 20%		Approx. 400 million shares	-

*1 Calculated based on the amount of the share repurchase quota (total value of shares to be acquired) announced for each fiscal year.

4. Toward the Next Medium-Term Management Plan

Toward the Next Medium-Term Management Plan

◼ In the next Medium-Term Management Plan starting in FY2027, we will continue growth investments while reaping the benefits of investments so far, thereby building a stable earnings base and sustainably improving capital efficiency.

◼ We plan to enhance our disclosures to provide stakeholders with a clearer understanding of our future growth scenario of our business, including quantitative segment information.

Expecting contributions from growth investments following strengthening of the earnings bases 1 of businesses other than container shipping

⚫ Under the current Medium-Term Management Plan, we have strengthened our business foundation through M&A in Logistics, Dry Bulk, and Energy, as well as LNG-fueled fleet expansion in Automotive.

⚫ In the next Medium-Term Management Plan, investments made to date will begin contributing to earnings in earnest, increasing stable earnings and resilience to container shipping market volatility.

⚫ We will clearly present a sustainable growth trajectory and build trust regarding future EPS growth in the capital market.

2 Investment and business portfolio management further emphasizing return on capital

⚫ Continue with investments in key investment fields as well as in new businesses that will be the next growth drivers.

⚫ Promote business portfolio management through focused and disciplined capital allocation emphasizing return on capital.

⚫ As a pioneer in decarbonization in the shipping industry, we will pursue a competitive edge by continuing to make long-term investments in the transition of marine fuels, including development of the ammonia value chain.

3 Improve ROE by maintaining disciplined capital policy and raising earning power

⚫ Keeping management conscious of cost of capital and share price in mind, we will continue with the disciplined capital policy and pursue improvement in ROE by enhancing our earning power.

⚫ We will continue to strike a balance between growth investments and shareholder returns under the current shareholder return policy.

⚫ We will also maintain the policy to adeptly consider and implement measures for additional returns and flexibly consider reviewing the return level by taking into account a stable increase in earnings during the next Medium-Term Management Plan period.

Segment-Overview

1. Logistics

		FY2025(Result)
		Q1	Q2	1H	Q3	Q4	2H	Full-year
Ocean Freight Forwarding	TEU (1,000TEUs)	159	168	328	179	160	339	666
Ocean Freight Forwarding	Year-on-Year	4%	4%	4%	5%	0%	3%	3%
Air Freight Forwarding	Weight (1,000 tons)	72	73	145	85	75	160	305
Air Freight Forwarding	Year-on-Year	-1%	-8%	-5%	1%	6%	3%	-1%

FY2026(Forecast)					Prev. Forecast
Q1 (Result)	Q2 (Result)	1H (Result)	2H	Full-year	(Full-year)
184	174	358	389	747	771
16%	4%	9%	15%	12%
78	86	164	163	327	323
9%	18%	13%	2%	7%

Segment-Overview

2. Dry Bulker and Tanker- Market trend and forecast

		FY2025(Result)							FY2026(Forecast)					Prev. Forecast Full-year
		Q1	Q2	1H	Q3	Q4	2H	Full-Year	Q1 (Result)	Q2 (Result)	1H (Result)	2H	Full-Year	Prev. Forecast Full-year
Dry Bulk Carriers	BDI	1,464	1,981	1,722	2,173	1,955	2,064	1,893	2,756	3,043	2,899	2,545	2,722	2,389
Dry Bulk Carriers	Cape	22,189	28,012	25,101	31,962	26,429	29,195	27,148	39,938	44,922	42,430	34,000	38,215	32,610
Dry Bulk Carriers	Panamax	11,846	15,907	13,877	15,976	15,382	15,679	14,778	19,242	20,267	19,754	20,000	19,877	18,311
Dry Bulk Carriers	Handymax	12,161	17,122	14,641	17,407	14,555	15,981	15,311	19,358	21,264	20,311	19,500	19,906	17,840
Dry Bulk Carriers	Handy	10,585	13,032	11,808	14,932	12,385	13,659	12,734	14,930	16,452	15,691	15,250	15,471	13,708
Tankers	VLCC	41,414	47,817	44,616	103,991	215,842	159,917	102,266	425,449	639,038	532,244	300,000	416,122	267,612
Tankers	VLGC	44,864	65,606	55,235	55,382	76,305	65,844	60,539	166,419	209,518	187,968	87,500	137,734	91,605

• Dry Bulk Charter Market（Spot Time Charter） (Unit : $/day)

• Cape: 5 Trade Average, all figures after FY2025 calculated based on 182K DWT basis

• Panamax: 5 Trade Average, Handymax: 11 Trade Average, Handy: 7TradeAverage

• Tanker Market （Spot Time Charter）(Unit : $/day)

• VLCC and VLGC: Middle East Gulf - Far East trade

Segment-Overview

3. Automotive Business

	FY2025(Result)
	Q1	Q2	1H	Q3	Q4	2H	Full-year
All Trade (10,000 Cars)	113	106	219	116	100	216	435
Year-on-year	1%	-2%	-0%	-1%	-7%	-4%	-2%

FY2026(Forecast)					Prev. Forecast
Q1 (Result)	Q2 (Result)	1H (Result)	2H	Full-Year	(Full-year)
111	110	222	212	434	440
-2%	4%	1%	-2%	0%

Including Intra-European Trade (incl. space-chartered trade)

Fleet in Operation

Operating Segment		Type of Vessel	Mar, 2025 (Results)	Sep, 2025 (Results)	Mar, 2026 (Result)
Operating Segment		Type of Vessel	Total	Total	Owned (incl. co-owned)		Chartered		Total
Operating Segment		Type of Vessel	Vessels	Vessels	Vessels	Kt (DWT)	Vessels	Kt (DWT)	Vessels	Kt (DWT)
Liner & Logistics	Liner Trade	Container Ships	50	50	24	1,597	24	2,752	48	4,349
Liner & Logistics	Logistics	Coastal Ships, Ferries	11	11	5	29	6	34	11	63
Automotive		Car Carriers	127	129	65	1,182	69	1,266	134	2,448
Dry Bulk		Capesize Bulkers	116	111	29	5,915	72	14,251	101	20,166
Dry Bulk		Panamax Bulkers	94	99	39	3,432	48	4,137	87	7,570
Dry Bulk		Handysize Bulkers	139	146	52	2,528	87	4,525	139	7,054
Dry Bulk		Wood Chip Carriers	33	33	11	547	21	1,147	32	1,695
Dry Bulk		Multi-Purpose Carriers	57	51	22	408	29	403	51	812
Dry Bulk		Coastal Cement Carriers	4	4	4	35	0	0	4	35
Subtotal of Dry Bulk			443	444	157	12,868	257	24,465	414	37,334
Energy	Tankers		67	103	70	7,218	36	2,829	106	10,047
Energy	LNG Carriers		89	93	83	7,168	13	948	96	8,117
Energy	Shuttle Tankers		27	29	28	3,626	0	0	28	3,626
Energy	FPSO		5	6	6	1,682	0	0	6	1,682
Energy	FSO		2	2	2	248	0	0	2	248
Energy	Drill Ships		1	1	1	58	0	0	1	58
Energy	LNG Bunkering Vessel		3	3	3	10	0	0	3	10
Energy	CTV (Crew Transfer Vessel)		60	60	39	2	21	1	60	3
Energy	SOV (Service Operation Vessel)		-	1	1	4	0	0	1	4
Subtotal of Energy			254	298	233	20,019	70	3,779	303	23,799
Others		Cruise Ships	1	2	2	11	0	0	2	11
Total			886	934	486	35,708	426	32,298	912	68,007

*In parentheses: Alternative fuels

Automotive	Car Carriers (LNG)	13	13	13	219	1	18	14	238
Dry Bulk	Capesize Bulkers (LNG)	4	5	6	1,232	1	210	7	1,443
Dry Bulk	Panamax Bulkers (LNG)	1	2	1	95	2	191	3	286
Energy	Tankers (LPG, methanol, ammonia ready)	8	10	10	796	1	59	11	856
Energy	Shuttle Tankers (LNG)	2	2	2	247	0	0	2	247
Energy	LNG Bunkering Vessel (LNG)	2	2	2	7	0	0	2	7
Energy	CTV (methanol)	0	1	0	0	1	0	1	0
Others	Cruise Ships (LNG)	0	1	1	3	0	0	1	3
Total		30	36	35	2,603	6	480	41	3,083

Period: 1 July 2026 – 30 September 2026

4 November 2026

Q2 FY2026 Business Initiatives

Improved profitability by adapting to market conditions across all trades, achieving higher overall utilization. Increased cargo volume and earnings by deploying extra loaders in line with demand, optimizing space allocation and return on our assets.

Optimized the service network to minimize delays and improve operational efficiency amid prolonged port congestion.

Adapted operations to the evolving situation in the Red Sea and the Middle East, including securing alternative feeder networks. Placed top priority on safety while supporting customers in maintaining their supply chains.

Revamped the global website to give customers easier access to services and key digital solutions and expanded content to support their businesses.

Business Environment for the Quarter

• On the Transpacific trade, strong cargo demand persisted through the end of the quarter, supported by US inventory restocking. The Latin America and intra-Asia trades also remained solid. By comparison, demand on the Asia-Europe trade saw an increase, but lacked momentum amid weak consumer spending, with no notable pick-up ahead of China’s Golden Week.

• Extreme weather and port congestion continued to disrupt supply chains, with successive major typhoons in East Asia causing prolonged delays at key ports. On the Transpacific trade, water shortages also led to transit restrictions at the Panama Canal. On the Asia-Europe trade, more vessels returned to the Suez Canal route, but European ports were heavily congested, and low river levels disrupted inland transport. Together, these disruptions absorbed part of the available vessel capacity.

• Supply-demand conditions diverged markedly between the two main East-West trades. On the Transpacific trade, strong demand and supply constraints tightened the market and drove freight rates higher. The Asia-Europe trade was more mixed with a strong 1H, but rates started to weaken.

Category	CCFI (Spot & Contract)	SCFI (Spot)
Q2 FY23	880	990
Q3 FY23	860	1090
Q4 FY23	1290	2000
Q1 FY24	1450	2630
Q2 FY24	2000	3080
Q3 FY24	1460	2260
Q4 FY24	1360	1770
Q1 FY25	1170	1650
Q2 FY25	1210	1490
Q3 FY25	1080	1450
Q4 FY25	1130	1510
Q1 FY26	1360	2340
Q2 FY26	1870	3410

SCFI: Shanghai Containerized Freight Index, CCFI: China Containerized Freight Index
Figures represent 3-month averages

Financial Summary for Q2 FY2026

Q2 FY2026 net profit rose sharply year-onyear to USD 1,318 million.

Lifting increased on most of the dominant legs, and supply chain bottlenecks such as port congestion kept the supply-demand tight.

As a result, freight rates rose significantly.

Q2 FY2026 Key Figures

Revenue million (USD)	EBITDA million (USD)	EBIT million (USD)
6,274	1,988	1,358

Profit/Loss million (USD)	Lifting Volume '000 (TEU)	Freight Rate per TEU (USD)
1,318	3,396	1,709

Q2 FY2026 Results

Summary

• Revenue increased, driven by higher liftings across multiple trades and higher freight rates amid a tight supply-demand balance.

• Overall costs increased, mainly driven by higher ship costs, variable costs and increased bunker price due to the Middle East conflict.

• Despite higher costs, net profit grew strongly, supported by higher freight rates and increased liftings.

	Q2 FY26	Q2 FY25	Change	million (USD)
	Q2 FY26	Q2 FY25	Change	1H FY26	1H FY25	Change
Revenue	6,274	4,455	1,819	10,812	8,504	2,308
EBITDA	1,988	881	1,107	2,694	1,497	1,197
EBITDA Margin	31.7%	19.7%	12.0%	24.9%	17.6%	7.3%
EBIT	1,358	282	1,076	1,433	320	1,113
EBIT Margin	21.6%	6.3%	15.3%	13.3%	3.7%	9.6%
Profit/Loss	1,318	285	1,033	1,348	371	977
Bunker Price	$749	$518	$231	$709	$526	$183

Category	Profit/Loss (USD million)	Increase (USD million)	Decrease (USD million)
H1 FY2025 Results	371
Lifting		401
Operating Cost			-240
Freight		1568
Variable Cost			-269
Bunker Price			-360
Overhead Cost			-59
Other			-63
H1 FY2026 Results	1348

ONE’s Key Trade Performance

• Transpacific cargo demand remained strong, supported by historically low US inventory-to-sales ratios and robust imports of data center hardware and industrial materials. Port congestion in Asia and water shortages at the Panama Canal further tightened the market, pushing freight rates higher.

• On the Asia-Europe trade, volumes held steady, but the usual rush of shipments ahead of China’s Golden Week did not materialize. Meanwhile, increased capacity deployment and the industry’s gradual return to the Suez Canal route loosened the supply-demand conditions, and freight rates edged down.

• Extreme weather, including typhoons in East Asia, low water levels on European rivers, and water shortages at the Panama Canal, underscored the growing impact of climate change on supply chains and had a significant effect on the supply-demand balance.

• Solid cargo demand, together with port congestion and adverse weather, absorbed effective vessel capacity and tightened the market overall.

Transport Volume by Trade (‘000 TEU)

Category	Asia-North America ('000 TEU)	Asia-Europe ('000 TEU)	Intra-Asia ('000 TEU)	Others ('000 TEU)
Q2 FY24	1011	696	830	754
Q3 FY24	983	656	890	717
Q4 FY24	887	676	845	664
Q1 FY25	889	702	835	739
Q2 FY25	917	762	867	777
Q3 FY25	907	708	877	751
Q4 FY25	907	752	797	739
Q1 FY26	969	769	738	781
Q2 FY26	1035	778	749	834

Average Freight Rate Development (USD/TEU)

Category	Average freight rate (USD/TEU)
Q2 FY24	1696
Q3 FY24	1427
Q4 FY24	1330
Q1 FY25	1199
Q2 FY25	1252
Q3 FY25	1122
Q4 FY25	1154
Q1 FY26	1300
Q2 FY26	1709

Outlook

million (USD)

FY2026 Latest Forecast

	1H Results	2H Forecast	Full Year Forecast
Revenue	10,812	10,188	21,000
EBITDA	2,694	2,006	4,700
EBIT	1,433	767	2,200
Profit/Loss	1,348	652	2,000

		Previous Forecast
1H Forecast	2H Forecast	Full Year Forecast
10,200	9,200	19,400
2,100	1,500	3,600
850	250	1,100
750	150	900

Summary

The full-year forecast has been revised upward to USD 2,000 million (previous forecast: USD 900 million), reflecting strong 1H results and a stronger freight rate outlook for 2H.

Spot rates are expected to ease in 2H as cargo demand softens seasonally, while remaining above the levels assumed in the previous forecast. A modest rise is expected ahead of the Chinese New Year.

The forecast assumes that current conditions in the Strait of Hormuz will continue through the end of FY2026, and that Suez Canal transits gradually resume.

Fleet Structure

as of 30 Sep 2026

≥ 20,000 TEU
12 vessels
264,600 TEU

10,000 – 19,999 TEU
77 vessels
1,017,330 TEU
5,000 – 9,999 TEU
85 vessels
648,077 TEU

≤ 4,999 TEU
106 vessels
341,678 TEU

Key Figures
as of 30 Sep 2026

280
vessels

2,271,685
TEU

Newbuild Deliveries
in Q2 FY2026

27,864 ONE SUCCESS

ONE SUCCESS
2ONE SUMMIT

vessels

27,864
TEU

Orderbook

as of 30 Sep 2026
including long-term charter

Remaining deliveries
in FY2026

51

vessels

5

vessels