Fiscal Highlights for the 3rd Quarter, ended December 31, 2025[PDF:203KB]

Consolidated Financial Results for Nine Months Ended December 31, 2025 (Japanese GAAP) (Unaudited) Nippon Yusen Kabushiki Kaisha (NYK Line)

Securities Code: 9101

Listing: Prime Market of Tokyo Stock Exchange

URL: https://www.nyk.com/english/

Head Office: Tokyo, Japan

Representative: Takaya Soga, President

Contact: Yasuaki Okada, General Manager, IR Group Tel: [phone]

Start scheduled date of paying Dividends -Preparation of Supplementary Explanation Material: Yes

Financial Results Presentation Held: Yes (for Analysts and Institutional Investors)

February 4, 2026

(Amounts rounded down to the nearest million yen)

1. Consolidated Financial Results for the Nine Months Ended December 31, 2025 (April 1, 2025 to December 31, 2025)
   1. Consolidated Operating Results

      (Percentage figures show year on year changes)

      	Revenues		Operating	profit	Recurring	profit	Profit attributable to owners of parent
      	million yen	%	million yen	%	million yen	%	million yen	%
      Nine months ended December 31, 2025	1,812,073	-8.3	100,122	-43.8	165,078	-62.2	146,962	-62.8
      Nine months ended December 31, 2024	1,976,959	10.5	178,149	23.5	436,429	117.9	395,485	157.5

      (Note) Comprehensive income: Nine Months ended December 31, 2025: ¥219,194 million (-53.5%), Nine Months ended December 31, 2024: ¥471,696 million (54.6%)

      	Profit per share	Profit per share-fully diluted
      	yen	yen
      Nine months ended December 31, 2025	347.33	-
      Nine months ended December 31, 2024	878.46	-

   2. Consolidated Financial Position

   	Total assets	Equity	Shareholders' equity ratio
   	million yen	million yen	%
   As of December 31, 2025	4,980,525	2,954,391	57.9
   As of March 31, 2025	4,320,269	2,969,973	67.6

   (Reference) Shareholders' equity: As of December 31, 2025: ¥2,885,247 million, As of March 31, 2025: ¥2,918,876 million

2. Dividends

   Date of record	Dividend per share
   	1stQuarter End	2ndQuarter End	3rdQuarter End	Year-end	Total
   	yen	yen	yen	yen	yen
   Year ended March 31, 2025	-	130.00	-	195.00	325.00
   Year ending March 31, 2026	-	115.00	-
   Year ending March 31, 2026 (Forecast)				110.00	225.00

   (Note) Revision of forecast for dividends in this quarter: None

   Breakdown of the year-end dividend for the fiscal year ending March 2026 (forecast): Ordinary dividend: ¥85.00 Commemorative dividend: ¥25.00

3. Consolidated Financial Results Forecast for the Year Ending March 31, 2026 (April 1, 2025 to March 31, 2026)

   (Percentage figures show year on year changes)

   	Revenues		Operating profit		Recurring profit		Profit attributable to owners of parent		Profit per share
   	million yen	%	million yen	%	million yen	%	million yen	%	yen
   Year ending March 31, 2026	2,390,000	-7.7	120,000	-43.1	195,000	-60.3	210,000	-56.0	499.64

   (Note) Revision of forecast in this quarter: Yes

4. Notes

1. Changes of important subsidiaries in the period: Yes New: 1 company (Movianto International B.V.)

   Exclusion: 2 companies (Nippon Cargo Airlines Co., Ltd., one other company)

2. Particular accounting methods used for preparation of quarterly consolidated financial statements: None

3. Changes in accounting policy, changes in accounting estimates, and restatements

   1. Changes in accounting policy in accordance with changes in accounting standard: None

   2. Changes other than No.1: None

   3. Changes in accounting estimates: None

   4. Restatements: None

4. Total issued shares (Ordinary shares)

   As of December 31, 2025	434,101,600	As of March 31, 2025	461,000,000
   As of December 31, 2025	23,228,209	As of March 31, 2025	27,612,504
   Nine months ended December 31, 2025	423,126,559	Nine months ended December 31, 2024	450,202,872

   1. Total issued shares (including treasury stock)

   2. Number of treasury stock

   3. Average number of shares (cumulative quarterly period)

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public accountants or an audit firm: None

*Assumptions for the forecast of consolidated financial results and other particular issues Foreign exchange rates:

(for the fourth quarter) ¥155.00/US$ (for the full year) ¥150.14/US$ Bunker oil prices:

(for the fourth quarter) US$475.08/MT (for the full year) US$534.35/MT

*Bunker oil prices are on average basis for all the major fuel grades.

The above forecast is based on currently available information and assumptions that NYK Line deems to be reasonable. NYK Line offers no assurance that the forecast will be realized. Actual results may differ from the forecast as a result of various factors. Refer to pages 2-7 of the attachment for assumptions and other matters related to the forecast.

(Methods for obtaining supplementary materials and content of financial results disclosure)

NYK Line is to hold a financial result presentation meeting for analysts and institutional investors. The on-demand audio presentation and presentation material are available on the NYK website. (https://www.nyk.com/english/ir/library/result/2025/)

Index of the Attachments

1. Qualitative Information on Quarterly Results 2

   1. Review of Operating Results 2

   2. Explanation of the Financial Position 5

   3. Explanation of the Consolidated Earnings Forecast and Future Outlook 6

2. Consolidated Financial Statements 8

   1. Consolidated Balance Sheet 8

   2. Consolidated Statement of Income and Consolidated Statement of Comprehensive Income 10

   3. Notes Regarding Consolidated Financial Statements 12

   (Segment Information) 12

   (Notes in the Event of Significant Changes in Shareholders' Capital) 14

   (Notes Regarding Going Concern Assumption) 14

   (Notes on Consolidated Statement of Cash Flows) 14

3. Other Information 15

1. Quarterly Operating Results 15

2. Foreign Exchange Rate Information 15

3. Balance of Interest-Bearing Debt 15

1. Qualitative Information on Quarterly Results (1) Review of Operating Results

(Billions of yen)

	Nine months ended December 31, 2024	Nine months ended December 31, 2025	Change	Percentage Change
Revenues	1,976.9	1,812.0	-164.8	-8.3%
Operating Profit	178.1	100.1	-78.0	-43.8%
Recurring Profit	436.4	165.0	-271.3	-62.2%
Profit attributable to owners of parent	395.4	146.9	-248.5	-62.8%

In the first nine months of the fiscal year ending March 31, 2026 (April 1, 2025 to December 31, 2025), revenues amounted to ¥1,812.0 billion (decreased by ¥164.8 billion compared to the first nine months of the previous fiscal year), operating profit amounted to ¥100.1 billion (decreased by ¥78.0 billion), recurring profit amounted to ¥165.0 billion (decreased by ¥271.3 billion), profit attributable to owners of parent amounted to ¥146.9 billion (decreased by ¥248.5 billion).

Equity in earnings of unconsolidated subsidiaries and affiliates of ¥72.4 billion in non-operating income was recorded. Within this amount, equity in earnings of affiliates from OCEAN NETWORK EXPRESS PTE. LTD. (ONE), our equity-method affiliate, was ¥15.7 billion.

Changes in the average exchange rate between the U.S. dollar and Japanese yen as well as the average bunker oil price during the first nine months of the current and previous fiscal years are shown in the following tables.

	Nine months ended Dec 31, 2024	Nine months ended Dec 31, 2025	Change
Average exchange rates	¥152.27/US$	¥148.52/US$	¥-3.75
Average bunker oil prices	US$624.74/MT	US$553.11/MT	US$-71.64

Note: Exchange rates and bunker oil prices are our internal figures.

Overview by Business Segment

Business segment information for the nine months ended December 31, 2025 (April 1, 2025 to December 31, 2025) is as follows.

(Billions of yen)

		Nine Months Ended
		Revenues	Recurring profit
		Dec 31, Dec 31, Change Percentage	Dec 31, Dec 31, Change
		2024 2025 Change	2024 2025
	Liner Trade	137.0 135.8 -1.2 -0.9%	250.2 38.5 -211.7
Liner &	Air Cargo	142.0 41.1 -100.9 -71.1%	19.0 2.1 -16.9
Logistics	Transportation
	Logistics	614.4 594.6 -19.8 -3.2%	20.7 9.7 -10.9
Automotive		405.7 395.4 -10.3 -2.6%	91.6 77.8 -13.8
Dry Bulk		475.6 414.0 -61.6 -13.0%	21.8 2.2 -19.6
Energy		134.9 170.7 35.8 26.5%	32.3 42.2 9.8
Others		153.8 132.0 -21.7 -14.2%	7.0 1.0 -6.0

Liner Trade Business

Container Shipping Business: Following the provisional agreement on U.S.-China tariffs, the freight market level temporarily rose in the first quarter, but amid a continued increase in shipping capacity following the delivery of new vessels, freight rates declined from the second quarter onward. At ONE, the profit level was lower year on year due to the impact of a decrease in freight rates.

Terminal Business: At the terminals in Japan, the handling volumes decreased year on year.

As a result of the above, the Liner Trade Business overall decreased revenues and profits year on year.

Air Cargo Transportation Business

Following the completion of the share exchange between Nippon Cargo Airlines Co, Ltd. and ANA Holdings Inc., effective August 1, 2025, Nippon Cargo Airlines Co, Ltd. is no longer included in the results for the second quarter of the fiscal year ending March 31, 2026 and thereafter.

As a result of the above, the Air Cargo Transportation Business decreased both revenues and profits year on year.