Note:

This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

August 1, 2024

Consolidated Financial Results
for the First Three Months Ended June 30, 2024
<Under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Contact:

Yamato Holdings Co., Ltd.
Tokyo Stock Exchange
9064
https://www.yamato-hd.co.jp/
Yutaka Nagao, President
Toshizo Kurisu, Executive Officer and Vice President, Responsible for Finance
Tel: +81-3-3541-4141 (from overseas)
Scheduled date of the commencement of dividend payment:−
Preparation of supplementary materials on financial results:
Yes
Holding of financial results meeting:Yes(Amounts less than 1 million yen are discarded)

1.

Consolidated financial results for the first three months ended June 30, 2024 (from April 1, 2024 to June30, 2024)(1) Consolidated operating results
Operating revenue(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent

Operating profit

For the first threemonths ended

Millions of yen%

Millions of yen

June 30, 2024

405,632(3.5)(14,204)%－

Millions of yen%

Millions of yen%(14,875)－(10,112)

－

(133)

－

June 30, 2023
420,212(0.9)
1,598(33.9)
1,837(26.3)(Note) Comprehensive income:For the first three months ended June 30, 2024: (4,510) million yen (− %)For the first three months ended June 30, 2023: 2,934 million yen (177.8%)
Basic earnings per
share
For the first threemonths ended
June 30, 2024
June 30, 2023

Diluted earnings
per shareYen(29.49)(0.37)Yen－－(2) Consolidated financial position
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

Total assets
Net assets
Equity-to-asset ratio
Millions of yen
Millions of yen%
1,120,179
579,42551.2
1,135,895
591,980
51.6
As of June 30, 2024:
573,278 million yen
As of March 31, 2024:
585,755 million yen

2.

Dividends
Annual dividends per shareFirst quarter

Fiscal year ended/ending

Second quarter

Yen

March 31, 2024－

March 31, 2025－

March 31, 2025 (Forecast)(Note) Revisions to the forecasts most recently announced: None

3.

Third quarter

Fiscal year-end

Yen

Total

Yen
23.00

－

Yen
23.00

Yen
46.00

23.00

－

23.00

46.00

Consolidated earnings forecasts for the fiscal year March 2025 (from April 1, 2024 to March 31, 2025)(Percentages represent the change from the previous fiscal year for full year, and year-on-year changes for half year)
Basic
Profit attributable toOperating revenue
Operating profit
Ordinary profit
earnings
owners of parent
per share
Millions of yen%
Millions of yen%
Millions of yen%
Millions of yen%
Yen
Half year
850,000 (1.9)(5,000)(5,000)(7,000)(20.41)－－－
Full year
1,780,000
1.2
50,00024.8
50,00023.6
32,000 (15.0)
93.31(Note) Revisions to the forecasts most recently announced: Yes* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): Yes
Newly included:
2 companies (Sustainable Shared Transport Inc., KURONEKO Innovation Fund II L.P.)
Excluded:
None(Note) For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (4) Notes to Consolidated
Financial Statement, (Change in scope of consolidation or scope of application of equity method)” on page 14 of the attachedmaterials.

(2) Application of accounting procedures specific to the preparation of quarterly consolidated financial statements:
Yes(Note) For details, please see “2. Consolidated Financial Statements and Significant Notes Thereto, (4) Notes to Consolidated
Financial Statements, (Application of accounting methods specific to the preparation of consolidated financial statements)” on
page 14 of the attached materials.

(3) Changes in accounting policies, changes in accounting estimates, and restatementa. Changes due to revision to accounting standards, etc.: Noneb. Changes other than a:
Nonec. Changes in accounting estimates:
None
d. Restatement:
None(4) Number of issued shares (common shares)
a. Number of issued shares as of the end of the period (including treasury shares)
As of June 30, 2024:
360,496,492 shares
As of March 31, 2024:
360,496,492 sharesb. Number of treasury shares as of the end of the period
As of June 30, 2024:
17,549,248 shares
As of March 31, 2024:
17,548,985 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscal year)
As of June 30, 2024:
342,947,320 shares
As of June 30, 2023:
360,674,211 shares

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified
public accountants or an audit firm：Yes (voluntary)*Proper use of earnings forecasts and other noteworthy events• Descriptions of the above financial projections and other data are based on information currently available to the Company and certain
assumptions that the Company considers to be reasonable. Actual financial results may differ significantly from the projections for various
reasons. For points to note when using such assumptions and financial projections, please see “1. Overview of Operating Results andOthers, (3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements” on page 8 of the attached materials.
• The Company plans to post supplementary materials on financial results on the Company’s website promptly after the announcement of thefinancial results.

Attached Materials
Index
1. Overview of Operating Results and Others ............................................................................................................ 2(1) Summary of Operating Results ....................................................................................................................... 2(2) Financial Conditions ........................................................................................................................................ 7(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements ............................. 8
2. Consolidated Financial Statements and Significant Notes Thereto ........................................................................ 9(1) Consolidated Balance Sheet ........................................................................................................................... 9(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income....................... 11
Consolidated Statement of Income (Cumulative) .......................................................................................... 11
Consolidated Statement of Comprehensive Income (Cumulative) ................................................................ 12(3) Consolidated Statement of Cash Flows ........................................................................................................ 13(4) Notes to Consolidated Financial Statements ................................................................................................. 14(Change in scope of consolidation or scope of application of equity method) ............................................... 14(Application of accounting methods specific to the preparation of consolidated financial statements) .......... 14(Segment information, etc.) ........................................................................................................................... 14(Notes regarding material changes to shareholders’ capital)......................................................................... 15(Notes regarding assumptions regarding the company as a going concern)................................................. 15
3. Others .................................................................................................................................................................. 16
Operating Revenue by Segment .......................................................................................................................... 16-1-

1. Overview of Operating Results and Others(1) Summary of Operating Results
During the first three months ended June 30, 2024, the global inflationary trend became more stable, while inJapan it remains hard to anticipate a full-fledged economic recovery. Although the economic sentiment iscurrently improving mainly in the manufacturing sector, with cost inflation being passed on to prices as well asother factors, consumer spending is sluggish due to real wages continuing to decline, as well as the labor
shortage becoming more serious.
Under these circumstances, the Yamato Group is promoting initiatives based on the medium-term management
plan "Sustainability Transformation 2030 ~1st Stage~", to create “economic value”, as well as “environmental
value” and “social value” to make our society more sustainable, including growing profits in the base domain bystrengthening the TA-Q-BIN network, expanding the corporate business domain by providing businesssolutions, commercializing new business models to address the diversifying needs of customers and society,and strengthening the Group’s management platform, in order to achieve sustainable corporate valueenhancement through the concept of “Helping to enrich our society”, which is part of our Management
Philosophy.
Our consolidated financial results for the three months ended June 30, 2024 are as follows:(Millions of yen)
For the three months ended
June 30, 2023

For the three months ended
June 30, 2024

Operating revenue

420,212405,632(14,580)(3.5)

Operating profit

1,598(14,204)(15,802)−

Ordinary profit
Profit attributable toowners of parent

1,837(14,875)(16,712)−(133)(10,112)(9,979)−Item

ChangeGrowth (%)

For the three months ended June 30, 2024, operating revenue was 405,632 million yen, down 14,580 million
yen year-on-year. Although parcel delivery volume grew mainly for cross-border EC and BtoB-EC, there was a
decline in demand for contract logistics, as well as in post-box delivery service volume.
Operating expenses was 419,837 million yen, up 1,222 million yen year-on-year. With the continuing rise inhourly wages and unit prices for outsourcing to partners driven by changes in the external environment, Yamato
focused on initiatives to optimize operating costs in line with volume, but there were factors which caused
expenses to rise, including the expenses to commercialize the new business model.
As a result, for the three months ended June 30, 2024, operating loss was 14,204 million yen, which was a
decline in profit of 15,802 million yen year-on-year.
Initiatives for the Entire Yamato Group① Reinforcement of the TA-Q-BIN network and the enhancement of value provided
In order to make the TA-Q-BIN network as a social infrastructure even more efficient and sustainable, weare continuing to promote structural reforms of network operations. In order to flexibly respond to fluctuations
in business volume, improve the efficiency of transportation within the network, and shorten cargo waitingtimes, we are consolidating and enlarging last-mile pickup and delivery bases that used to be deployed insmall sizes and in multiple locations, redefining terminal functions, automating work instructions by
establishing fully-digitalized operations, and optimally allocating management resources according tovolume, as well as reforming back-office operational processes.
Moreover, Yamato is enhancing the value we provide to customers by expanding our transportation service
lineup, further improving the customer experience through the Kuroneko Members membership service forindividuals, and offering “carbon neutral delivery” for three parcel delivery products. In addition, we arepromoting efforts to charge appropriate freight rates and fees, including annual reviews of reported fares
and individual contracts with corporate clients in light of changes in the external environment. In the threemonths ended June 30, 2024, we added “Okihai-delivery” to the TA-Q-BIN and TA-Q-BIN Compact as an
option for receiving parcels for Kuroneko Members. We will continue to provide more customers with
comfortable pickup experiences, and promote efforts to realize sustainable logistics by reducing redeliveries,
improving logistics efficiency, and contributing to the reduction of greenhouse gas (GHG) emissions.

-2-② Expanding the corporate business domain
Amid the increasing risk factors such as global politics and economics as well as supply chains forming“blocks”, together with environmental issues, the Yamato Group has positioned the solutions business,
which aims to solve corporate clients’ management issues across the entire supply chain, as a growth area,
and is focusing on expanding the Contract Logistics business and the Global business.
In the Contract Logistics Business, we are focusing on synergies with the Express Business, andstrengthening efforts to further expand the use of parcel delivery services, charge appropriate pricing basedon the value provided, and secure new sources of logistics revenue, by providing solutions that help
corporate clients who use parcel delivery services solve problems and support their business growth.
In the Global Business, we will seize opportunities arising from changes in the supply chain, and whileleveraging the vast domestic client base we have built up through our parcel delivery services, we will strive
to further expand in areas where the Yamato Group has strengths, such as the automotive, high-tech andfood industries, and strengthen sales capabilities mainly in Japan, the United States and Mexico, China,
India and Southeast Asia. We are also working to improve the efficiency of our forwarding operations by
consolidating different types of cargo, strengthen proposals for the expanding cross-border EC domain, andcapture logistics demand that arises from the expansion of domestic demand in our focus regions.
In order to accelerate the expansion of the Contract Logistics Business and Global Business, we areconsidering M&A and strategic business alliances, in addition to organic growth measures.
③ Commercialization of new business models
Toward the realization of a sustainable future, the Yamato Group is promoting the commercialization of new
business models that meet the diversifying needs of customers and society, while leveraging existing
management resources and working with a variety of partners.
In the Mobility Business, we are working to create a business model that achieves both decarbonization andeconomic efficiency, for example by supporting the introduction and operation of commercial EVs forcorporate clients, based on our vehicle maintenance services and utilizing our expertise in EVs, solar power
generation equipment, and energy management, accumulated through environmental investments and trials
within the Yamato Group.
In addition, to meet the diverse needs of local communities, we are working to create new value by
developing “Neko Support Stations”, which aims to provide new services beyond the sending and receivingof parcels, and expanding sales of the “Kuroneko Monitoring Service HelloLight Visit Plan” using the“HelloLight” IoT light bulb.
In the three months ended June 30, 2024, we began operating dedicated cargo aircraft (freighters) in April
2024, in order to capture new demand by providing stable and speedy transportation, revitalize local
economies by expanding distribution, as well as maintain and improve the quality of our transportation
services. We are currently expanding sales to customers who require speedy transportation of perishable
foods, machinery, apparel, etc. In the future, we will respond to further customer needs by increasing thenumber of flights as well as reviewing flight routes and timetables.
In May 2024, we established a new company "Sustainable Shared Transport Inc.", which provides an open
platform for joint transportation and delivery in which diverse stakeholders including cargo ownercompanies and logistics companies can participate, to promote efforts to secure stable transportation
capacity and build an environment-friendly and sustainable supply chain by leveraging our partnerships
with corporate clients and logistics companies, and utilizing our expertise in building transportation anddelivery network operations, which we have built up through our TA-Q-BIN business.
④ Strengthening the Group's management platform
The Yamato Group continues to promote its human resource strategy and digital strategy as the foundation
for achieving sustainable corporate value enhancement, while strengthening sustainable management andcorporate governance.
As for our human resource strategy, we are working to optimize the organization and headcount, and review
the evaluation and compensation systems, placing priority on the optimal allocation of talent in conjunction
with business structural reforms. We are also promoting the development and operation of a human resource
management system that promotes independent and autonomous career development, in order to develop
talent that can create added value. In addition, to improve the work comfort and job satisfaction of our diverse
employees, we are building a welfare system that fits the diversified life plans of our employees, promoting-3-

employee health management and health promotion measures, while continuing to promote diversity,
conduct human rights due diligence, and promote the advancement of women in the workforce.
As for our digital strategy, we have strengthened our DX promotion structure and are working on DX
promotion that is integrated with our business, such as expanding the value we provide to customers andreforming the way we “sort", “transport” and “work”, and reforming back-office operational processes, byutilizing our digital infrastructure.
In order to strengthen sustainable management, we are strengthening our efforts to address thematerialities we identified, based on our two visions “Green Logistics that connects, and delivers the
future” and “Contributing to the realization of a society that ‘Leaves No One Behind’ through Co-creationand fair business activities” to enhance corporate value over the medium to long term, and realize asustainable society. In the domain of the environment, we are continuing to promote measures such as“introducing 23,500 EVs”, “introducing 810 units of solar power generation equipment” and “improving theusage rate of renewable energy-based electricity”, in order to achieve the target of “48% reduction ingreenhouse gas (GHG) in 2030, compared to fiscal year ended March 2021” and “net zero greenhousegas (GHG) emissions (own emissions) by 2050”, as well as working to grasp net emissions in the supply
chain (Scope 3), and setting reduction targets.
In the domain of the society, we continue to place the highest priority on respect for human life, and arestrengthening initiatives for the safety and health of our employees and partners, while promoting thedevelopment of a work environment in which a diverse range of employees can play an active role. We areconfronting various social issues, and promoting the establishment of a sustainable supply chain based on
appropriate relationships, holding regular discussions with our business partners, and developing systems,
processes, and mechanisms for the early detection and resolution of issues.
As for enhancing our corporate governance, we are continuing to work on separating management
supervision and execution, as well as maintaining and improving management transparency. We areworking to enhance corporate value in a sustainable manner, through constructive dialogue withshareholders and investors, and enriching the disclosure of information.
Business Strategies of Each Segment
The reporting segmentation has been changed from the three months ended June 30, 2024. The year-onyear comparisons below have been made by adjusting the figures for the same period in the previous fiscal
year to the new segmentation.

 Express Business① The Express Business provides domestic transportation and delivery services, mainly TA-Q-BIN, toindividual and corporate customers, and is expanding the value it provides to customers by widening its
service lineup, enhancing the customer experience through the “Kuroneko Members” membership service
for individuals, and offering “carbon neutral delivery” of three parcel delivery products. In addition, we arepromoting the charging of appropriate rates and fees through annual reviews of reported fares andindividual contracts with corporate clients, in light of changes in the external environment. Moreover, weare promoting structural reforms of our network operations in order to strengthen the TA-Q-BIN network asa social infrastructure in a more efficient and sustainable manner in light of the expansion of EC, thedeclining birthrate, aging population, depopulation of rural areas, labor shortages and climate change.
② In the three months ended June 30, 2024, we revised the reported fares and tariffs in light of cost increases
due to changes in the external environment, while strengthening sales in the retail domain, which is our core
domain, expanding new transactions in the corporate domain with a view to providing solutions to help clients
resolve issues and support their business growth, and promoting efforts to charge appropriate rates and feesin accordance with the value provided to existing clients. In addition, in June 2024, we added “Okihai
deliveries” to the TA-Q-BIN and TA-Q-BIN Compact pickup options for Kuroneko Members, in order toprovide more customers with a comfortable pickup experience, reduce redeliveries, and contribute tologistics efficiency and the reduction of greenhouse gas (GHG) emissions.
We are continuing to promote the structural reform of network operations, in order to strengthen the TA-QBIN network which is a social infrastructure, to make it more efficient as well as sustainable. In order toflexibly adapt to fluctuations in volume, make transportation between bases more efficient, and shorten-4-cargo waiting times, we are consolidating and enlarging last-mile pickup and delivery bases which used to
be deployed in small sizes and in multiple locations, redefining terminal functions, and establishing fullydigitalized operations to automate work instructions and optimize the allocation of management resources
according to volume, as well as reform back-office operational processes.
③ Operating revenue from customers was 353,206 million yen, down 3.2% year-on-year. Although TA-Q-BIN
volume increased in cross-border EC and BtoB-EC, there were negative factors such as the decline involume for post-box delivery services. Operating expenses increased 1,803 million yen year on year, due
to factors including expenses to commercialize the new business model, although we promoted initiatives
to optimize operating expenses. As a result, operating loss was 20,706 million yen.

 Contract Logistics Business① In the Contract Logistics Business, we are providing solutions that help corporate clients who use parcel
delivery services solve problems and support their business growth. We focus on synergies with the Express
Business, and are strengthening efforts to further expand the use of parcel delivery services, charge
appropriate pricing based on the value provided, and secure new sources of logistics revenue.
② In the three months ended June 30, 2024, we strengthened our sales structure so that corporate sales
representatives assigned to each region can make optimal proposals by utilizing information such as theinsights gained by Sales Drivers from their contacts and communication with customers. We also worked
to optimize our organization and human resources based on regional characteristics, in order to propose
supply chain solutions with higher added value, and to optimize the quality and productivity of ouroperations.
③ Operating revenue from customers was 19,347 million yen, down 23.6% year-on-year, due to the negative
impact compared to the previous year, when we had demand related to COVID-19 vaccines and the largescale recall. Operating profit declined 1,761 million yen year-on-year to become 1,178 million yen, due tothe decline in operating revenue, despite progress made in making our operations more efficient.

 Global Business① In the Global Business, domestic and overseas operating companies collaborate to provide solutions that
optimize the entire global supply chain of corporate clients, by combining international forwarding,international express, contract logistics at overseas locations, and other services. Recognizing thechanges in supply chains as an opportunity, we are working to further expand our business in areas where
the Yamato Group has strengths, such as the automotive, high-tech and food industries, while leveraging
our vast customer base in Japan, which we have built up through our parcel delivery services, andstrengthening our sales capabilities particularly in Japan, the U.S. and Mexico, China, India and Southeast
Asia.
② During the three months ended June 30, 2024, we promoted measures to improve the efficiency of
consolidating different types of cargo in our forwarding operations, strengthen proposals for the expanding
cross-border EC, and capture logistics demand in line with the expansion of domestic demand in our focus
regions. In addition, in view of geopolitical risks, we started providing international intermodaltransportation services by truck and rail in May 2024, in order to build a robust global supply chain thatconnects Southeast Asia and Europe.
③ Operating revenue from customers was 21,919 million yen, up 20.1% year-on-year, driven by factors
including the increase in cross-border EC volume. Operating profit increased 1,089 million yen year-onyear to become 2,462 million yen, with the growth in operating revenue driven by cross-border EC volume
growth, as well as the improvement in loading efficiency of different types of cargo in our international
forwarding operations.

-5-

(Reference)(Million parcels / units)
For the three months For the three months
Category
ChangeGrowth (%)
ended June 30, 2023 ended June 30, 2024
TA-Q-BIN/TA-Q-BIN Compact/EAZY
442
451
8
2.0
Nekopos/Kuroneko Yu-Packet
108
99
(8)
(8.2)
Kuroneko Yu-Mail
201
33
(168)
(83.6)* The figure for Kuroneko Yu-Mail for the three months ended June 30, 2023 is the figure for Kuroneko DM-Bin.

 Mobility Business① The Mobility Business provides vehicle maintenance services that allow clients to continue their operations
without suspensions, which contributes to higher utilization of vehicles as well as safe operations. In addition,with the aim of creating a new business model that combines decarbonization and economic efficiency, weare promoting initiatives to support the introduction and operation of commercial EVs by leveraging our
expertise in EVs, solar power generation equipment, and energy management, which we have built up
through environmental investments and trials within the Yamato Group.
② In the three months ended June 30, 2024, we completed construction of a vehicle maintenance facility in
Fuji City, Shizuoka Prefecture, which was designed to improve work efficiency and make it easier for
employees to work. We will continue to further strengthen our network in regions with high demand, andwork to expand sales of vehicle maintenance services and to charge the appropriate unit prices.
③ Operating revenue from customers was 5,007 million yen, up 2.5% year-on-year, due to the increase in thenumber of contracted vehicles, as well as the charging of appropriate unit prices. Operating profit was
1,251 million yen, down 71 million yen year-on-year, due to factors including the rise in outsourcing
expenses related to the maintenance and transportation of vehicles.

 Other① Yamato Group's IT, call center, financial services, and other functions support our efforts to expand thevalue we provide to the entire supply chain of our clients. In the three months ended June 30, 2024, we
promoted the provision of IT and other services that help clients improve operational efficiency and enduser convenience.
② Operating revenue from customers was 6,151 million yen, down 738 million yen year-on-year. Operating
profit was 1,686 million yen, down 455 million yen year-on-year.
Other Initiatives① The Yamato Group places utmost priority on protecting human life and conducts a range of safetymeasures. Accordingly, its transport safety management practices in that regard involve drawing up its
Safety Management Regulations, building up its transport safety management systems, and formulating
annual plans, all centered on respective Group companies whose main operations involve transport.
During the three months ended June 30, 2024, we continued to engage in activities to raise awarenesstowards safety, such as conducting the “Traffic Safety Class for Children” at kindergartens and elementary
schools, as well as the “Zero Traffic Accidents Campaign” by the entire Group.
② Aspiring to be a company that continually evolves in step with society, and led by the Yamato Welfare
Foundation, the Yamato Group conducts various activities to help realize a society in which disabled
people can experience the joy of working autonomously. Specifically, we engage in ongoing programs that
support economic independence of people with disabilities, such that include actively employing people
with disabilities at the Swan Bakery which makes and sells bread, and operating job-finding support
facilities where they take part in training to acquire skills and knowledge necessary for employment.

-6-(2) Financial Conditions(Status of assets, liabilities and net assets)
Total assets were 1,120,179 million yen as of June 30, 2024, down 15,715 million yen from the end of theprevious fiscal year. The decline was largely attributable to the decline in cash and deposits of 28,891 million
yen, while deferred tax assets increased 5,058 million yen, and investment securities increased 3,079 million
yen due to mark-to-market evaluation and other factors.
Liabilities decreased 3,159 million yen to 540,754 million yen from the end of the previous fiscal year. The
decrease was largely attributable to the 10,495 million yen decrease in notes and accounts payable - trade,
10,000 million yen decrease in short-term borrowings, the 7,439 million yen decrease in liabilities related to thepurchase of non-current assets, the 5,546 million yen decrease in income taxes payable, and the 17,974 million
yen decrease in provision for bonuses due to the booking of summer bonuses, while there was an increase of
49,878 million yen in accrued expenses.
Total net assets were 579,425 million yen, down 12,555 million yen from the end of the previous fiscal year. The
major factors included loss attributable to owners of the parent being 10,112 million yen, and conducting 7,898
million yen of dividends of surplus, as well as the 5,602 million yen increase in accumulated othercomprehensive income.
As a result, the equity ratio changed to 51.2%, from 51.6% in the previous fiscal year.
(Status of cash flows)
Net cash generated by operating activities amounted to 4,558 million yen, which was 10,953 million yen lessthan the same period of the previous fiscal year. This is largely attributable to profit before income taxes being
negative 15,059 million yen, which was a decrease of 16,745 million yen, and the 10,439 million yen decreasein deposits received, and the 13,753 million yen decrease in payment of income taxes etc..
Net cash used in investing activities amounted to 15,935 million yen, which is an increase of 4,800 million yen
compared with the same period of the previous fiscal year. This is largely attributable to the 5,056 million yen
increase in payments for the acquisition of property, plant and equipment.
Net cash used in financing activities was 19,367 million yen, which is an increase of 5,908 million yen
compared to the same period of the previous fiscal year. This is largely attributable to the 15,000 million yen
decrease in short-term borrowings, and the 9,339 million yen decrease in spending related to the purchase oftreasury shares.
As a result of the above, cash and cash equivalents were 165,729 million yen as of June 30, 2024, down
28,973 million yen from the end of the previous fiscal year.

-7-(3) Explanation of Consolidated Financial Forecasts and Other Forward-looking Statements
In the business environment surrounding the Yamato Group, the global inflationary trend became more stable,
while in Japan it remains hard to anticipate a full-fledged economic recovery. Although the economic sentimentis currently improving mainly in the manufacturing sector, with cost inflation being passed on to prices as wellas other factors, consumer spending is sluggish due to real wages continuing to decline, as well as the labor
shortage becoming more serious.
Under these circumstances, the Yamato Group is promoting initiatives based on the medium-term management
plan "Sustainability Transformation 2030 ~1st Stage~", to create “economic value”, as well as “environmental
value” and “social value” to make our society more sustainable, including growing profits in the base domain bystrengthening the TA-Q-BIN network, expanding the Corporate business domain by providing businesssolutions, commercializing new business models to address the diversifying needs of customers and society,and strengthening the Group’s management platform, in order to achieve sustainable corporate valueenhancement through the concept of “Helping to enrich our society”, which is part of our Management
Philosophy.
Regarding the consolidated business forecasts for the first two quarters (cumulative) and the full year, operating
revenue is expected to fall short of the previous forecast, taking into consideration the earnings in the firstquarter and the current demand trend. Operating profit, on the other hand, will remain unchanged from theprevious forecast, taking into account the progress of efforts to optimize operating costs. In addition, ordinary
profit and profit attributable to owners of parent will remain unchanged from the previous forecast.
① First six months of the fiscal year ending March 31, 2025 (April 1, 2024 to September 30, 2024)

Previous forecast (A)New Forecast (B)Forecast Change (B-A)
Forecast Change (%)

Operatingrevenue
Millions of yen
865,000
850,000(15,000)(1.7)

Operating profit
Millions of yen(5,000)(5,000)0—Ordinary profit
Millions of yen(5,000)(5,000)0—Profit attributable toowners of parent
Millions of yen(7,000)(7,000)0—Basic earnings
per shareYen(20.41)(20.41)——

Profit attributable toowners of parent
Millions of yen
32,00032,0000
0.0

Basic earnings
per share
Yen
93.31
93.31
—
—

② Full year (April 1, 2024 to March 31, 2025)

Previous forecast (A)New Forecast (B)Forecast Change (B-A)
Forecast Change (%)

Operatingrevenue
Millions of yen
1,820,000
1,780,000(40,000)(2.2)

Operating profit
Millions of yen
50,00050,0000
0.0-8-

Ordinary profit
Millions of yen
50,00050,0000
0.0

2. Consolidated Financial Statements and Significant Notes Thereto(1) Consolidated Balance Sheet(Millions of yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits

195,061

166,169

Notes and accounts receivable - trade, and contract
assets212,094

214,964

Accounts receivable - installment

52,78753,025Merchandise and finished goods

97

98

Work in process

212

174

Raw materials and supplies

1,723

1,774

Other

35,97738,714

Allowance for doubtful accounts(1,599)(1,572)

Total current assets

496,353473,350

402,346

407,464

Accumulated depreciation(236,813)(239,554)

Buildings and structures, net

165,533

167,909

Non-current assets
Property, plant and equipment
Buildings and structures

VehiclesAccumulated depreciation
Vehicles, net
Land
Leased assets

192,889

188,892(163,716)(160,708)

29,17328,184

175,187

175,197

51,08550,810

Accumulated depreciation(15,528)(15,382)

Leased assets, net

35,55635,428157,145

156,940(107,842)(109,637)

Other
Accumulated depreciation

49,30347,303

Total property, plant and equipment

Other, net

454,753454,023

Intangible assets

41,21541,093

Investments and other assets
Investment securities

50,86753,947

Other

94,983

100,145

Allowance for doubtful accounts(2,278)(2,380)Total investments and other assets

143,571

151,712639,541

646,829

1,135,895

1,120,179

Total non-current assets
Total assets-9-

(Millions of yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade

164,073

153,577

Short-term borrowings

10,181

181

Lease liabilities

5,868

6,252

Income taxes payable

8,369

2,822

Deferred installment income

5,163

5,182

Provision for bonuses

32,28014,305

Other

119,968

157,912

Total current liabilities

345,905

340,234

Bonds payable

20,00020,000Long-term borrowings

20,81820,818

Lease liabilities

35,65935,863Retirement benefit liability

103,077

104,022

Non-current liabilities

Other

18,453

19,816

Total non-current liabilities

198,009200,520543,914

540,754

Share capital

127,234

127,234

Capital surplus

36,83936,839Retained earnings

448,109

430,031

Total liabilities
Net assets
Shareholders’ equity

Treasury shares(42,850)(42,851)

Total shareholders’ equity

569,333

551,254

Valuation difference on available-for-sale securities

14,354

17,319Foreign currency translation adjustment

2,907

5,592

Remeasurements of defined benefit plans

(839)

(886)

16,422

22,024

6,225

6,146

591,980

579,425

1,135,895

1,120,179

Accumulated other comprehensive income

Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets- 10 -

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statement of Income (Cumulative)(Millions of yen)
For the first three months ended
June 30, 2023

For the first three months ended
June 30, 2024

Operating revenue

420,212405,632

Operating costs

405,545406,686

Operating gross profit (loss)

14,667(1,053)

Selling, general and administrative expenses

13,06913,151

Operating profit (loss)

1,598(14,204)

Interest income

76

108

Dividend income

366

350

Green Innovation Fund Project Subsidy

479

－

Other

518

471

Total non-operating income

1,441

930

Interest expenses

352

357

Share of loss of entities accounted for using equity method

479

192

Foreign exchange losses

73

807

Non-operating income

Non-operating expenses

Other

296

242

Total non-operating expenses

1,202

1,600

1,837

(14,875)

Gain on sale of non-current assets

2

1

Gain on sale of investment securities－

149

Total extraordinary income

2

151

Loss on retirement of non-current assets

83

70

Loss on valuation of investment securities－

264

Payments for retirement and other69－

Total extraordinary losses

153

335

Profit (loss) before income taxes

1,686(15,059)

Income taxes

1,795(4,978)

Profit (loss)(108)(10,081)

24

31

(133)

(10,112)

Ordinary profit (loss)
Extraordinary income

Extraordinary losses

Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent- 11 -

Consolidated Statement of Comprehensive Income (Cumulative)(Millions of yen)
For the first three months ended
June 30, 2023

For the first three months ended
June 30, 2024

(108)

(10,081)

Valuation difference on available-for-sale securities

3,005

2,933

Foreign currency translation adjustment

186

2,683

Remeasurements of defined benefit plans, net of tax

(137)

(30)

Share of other comprehensive income of entities accounted
for using equity method

(10)

(15)

3,043

5,570

2,934

(4,510)Comprehensive income attributable to owners of parent

2,772(4,510)Comprehensive income attributable to non-controlling interests

162

0Profit (loss)
Other comprehensive income

Total other comprehensive income
Comprehensive income
Comprehensive income attributable to- 12 -

(3) Consolidated Statement of Cash Flows(Millions of yen)
For the first three months ended
June 30, 2023

For the first three months ended
June 30, 2024

Cash flows from operating activities
Profit (loss) before income taxes

1,686(15,059)

Depreciation

10,534

11,795

Increase (decrease) in retirement benefit liability

1,001

945

Increase (decrease) in provision for bonuses(22,091)(17,942)

Share of loss (profit) of entities accounted for using
equity method

479

192

Decrease (increase) in trade receivables(827)(2,950)

Increase (decrease) in trade payables(12,912)(10,345)

Other, net

55,93142,291

Subtotal

33,801

8,927

Interest and dividends received

460

634

Interest paid

(404)

(413)

Income taxes paid

(18,343)(4,590)Net cash provided by (used in) operating activities

15,512

4,558

Cash flows from investing activities
Purchase of property, plant and equipment(7,997)(13,054)

Proceeds from sale of property, plant and equipment

120

240

Purchase of investment securities

(459)

(6)

Proceeds from sale of investment securities－

207

Loan advances

(468)

(246)

Proceeds from collection of loans receivable

484

367

Other payments(5,261)(4,452)Other proceeds

2,447

1,009

Net cash provided by (used in) investing activities(11,134)(15,935)

Net increase (decrease) in short-term borrowings

5,000(10,000)

Repayments of lease liabilities(1,420)(1,574)Purchase of treasury shares(9,339)(0)

Dividends paid

(7,663)(7,713)

Cash flows from financing activities

Other, net

(34)

(78)

(13,458)(19,367)

190

1,312

Net increase (decrease) in cash and cash equivalents(8,890)(29,431)

Cash and cash equivalents at beginning of period

183,225

194,702－458

174,335

165,729

Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents

Increase (decrease) in cash and cash equivalents fromthe change in fiscal period-end of consolidated
subsidiaries
Cash and cash equivalents at end of period- 13 -

(4) Notes to Consolidated Financial Statements(Change in scope of consolidation or scope of application of equity method)(Material change to scope of consolidation)
Sustainable Shared Transport Inc. and KURONEKO Innovation Fund II L.P. have been established, and have been
added to the scope of consolidation from the first three months ended June 30, 2024.
(Change to fiscal year of consolidated subsidiaries, etc.)
Out of the consolidated subsidiaries, YAMATO TRANSPORT U.S.A. and other 9 international consolidated
subsidiaries use December 31 as their fiscal period-end, and in preparing the consolidated financial statements, thefinancial statements of these consolidated subsidiaries as of their fiscal period-end were used, and necessary
adjustments were made for material transactions that occurred between the fiscal period-end of these subsidiaries
and the consolidated fiscal period-end. However, in order to disclose consolidated financial statements more
appropriately, the company has changed to the method of provisional settlement of accounts as of the consolidated
fiscal period-end, effective from the first three months of the fiscal year ending March 31, 2025.
As a result of this change, profit and loss for the period from January 1, 2024 to March 31, 2024 is adjusted as anincrease (decrease) in retained earnings and the increase (decrease) in cash and cash equivalents is presented as“Increase (decrease) in cash and cash equivalents due to change in fiscal period of consolidated subsidiaries” in thequarterly consolidated statements of cash flows.
(Application of accounting methods specific to the preparation of consolidated financial statements)(Calculation of tax expenses)
Tax expenses are calculated by multiplying profit before income taxes for the first three months ended June 30,
2024, by the effective tax rate reasonably estimated by applying tax effect accounting to profit before income taxes
for the consolidated fiscal year including the first three months ended June 30, 2024.
(Segment information, etc.)
Segment information(1)

First three months ended June 30, 2023 (April 1, 2023 to June 30, 2023)① Information regarding the amounts of operating revenue, profit/loss by reportable segment(Millions of yen)

Express
Business

Contract
Logistics
Business

GlobalBusiness

Mobility
Business

Other(Note 1)

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
financialstatements(Note 3)Operating revenue
Operating revenue from364,872
25,311
18,253
4,884
6,890
420,212－420,212customers
Inter-segment operating－
10,028
1,702
921
8,654
21,17042,476(42,476)
revenue or transfers
Total
374,901
27,013
19,174
13,53828,060462,689(42,476)
420,212Segment profit (loss)(6,323)
2,939
1,373
1,323
2,142
1,455
142
1,598
Notes: 1. Other includes Yamato System Development Co., Ltd. (information systems development) etc.
2. The adjustment of 142 million yen of segment profit (loss) includes group-wide expenses which have not been allocated to eachreportable segment (general administrative expenses of the Company, which is a pure holding company) of negative 1,919 million
yen, as well as eliminations of transactions among segments of 2,061 million yen.
3. An adjustment was made between segment profit (loss) and operating profit in the consolidated statement of income.

- 14 -

(2)First three months ended June 30, 2024 (April 1, 2024 to June 30, 2024)① Information regarding the amounts of operating revenue, profit/loss by reportable segment(Millions of yen)

Express
Business

Contract
Logistics
Business

GlobalBusiness

Mobility
Business

Other(Note 1)

Total

Reconciliation(Note 2)

Amountrecorded inconsolidated
financialstatements(Note 3)Operating revenue
Operating revenue from353,206
19,347
21,9195,007
6,151
405,632－
405,632
customers
Inter-segment operating
9,114
1,130
886
8,614
11,821
31,567(31,567)－
revenue or transfers
Total
362,320
20,47822,806
13,621
17,973437,200(31,567)
405,632
Segment profit (loss)(20,706)
1,178
2,462
1,251
1,686
(14,127)(77)(14,204)
Notes: 1. Other includes Yamato System Development Co., Ltd. (information systems development) etc.
2. The adjustment of negative 77 million yen of segment profit (loss) includes group-wide expenses which have not been allocated toeach reportable segment (general administrative expenses of the Company, which is a pure holding company) of negative 1,964
million yen, as well as eliminations of transactions among segments of 1,886 million yen.
3. An adjustment was made between segment profit (loss) and operating loss in the consolidated statement of income.

② Matters related to changes to reporting segments etc.
(Changes to reporting segments)
The Yamato Group has changed its management structure under the pure holding company, in order torealize sustainable enhancement of corporate value based on the medium-term management plan
“Sustainability Transformation 2030 ~1st Stage~”, which was formulated with the fiscal year ending March
31, 2027 as the final year.
As a result, the reporting segments have been changed into the four segments of “Express Business”,“Contract Logistics Business”, “Global Business” and “Mobility Business” effective from the first threemonths of the fiscal year ending March 31, 2025.
The segment information for the first three months of the previous fiscal year is disclosed based on thereporting segment classification after the change.
(Notes regarding material changes to shareholders’ capital)
Not applicable.
(Notes regarding assumptions regarding the company as a going concern)
Not applicable.

- 15 -

3. Others
Operating Revenue by Segment
For the first three months
For the first three months
ended June 30, 2023
ended June 30, 2024
Change(%)
AmountRatio
Amount
Ratio
Income(Millions of yen)(%)
(Millions of yen)(%)
Transportation income
360,34185.8
348,714
86.0(3.2)
Logistical support income
12,181
2.9
11,431
2.8(6.2)
Express Business
Others
10,355
2.5
9,530
2.3
(8.0)
Eliminations(18,005)(4.3)(16,470)
(4.1)
(8.5)
Total
364,87286.8
353,206
87.1(3.2)
Transportation income
2,225
0.5
1,662
0.4
(25.3)
Logistical support income
24,281
5.8
18,355
4.5(24.4)
Contract Logistics
Others
507
0.1
460
0.1
(9.2)
Business
Eliminations(1,702)(0.4)(1,130)(0.3)(33.6)
Total
25,311
6.0
19,347
4.8(23.6)
Transportation income
1,323
0.3
1,540
0.4
16.4
Logistical support income
23,207
5.5
29,823
7.4
28.5
Global Business
Others
850
0.2
834
0.2
(1.9)
Eliminations(7,127)(1.7)(10,278)
(2.5)
44.2
Total
18,253
4.3
21,9195.4
20.1
Others
14,293
3.4
14,367
3.5
0.5
Mobility BusinessEliminations(9,408)(2.2)(9,360)
(2.3)
(0.5)
Total
4,884
1.2
5,007
1.2
2.5
Others28,477
6.8
18,2784.5(35.8)
Other
Eliminations(21,587)(5.1)(12,126)(3.0)(43.8)
Total
6,890
1.6
6,151
1.5
(10.7)
Total
420,212100.0
405,632
100.0(3.5)
With the change in management structure starting from the first three months ended June 30, 2024, Operating revenue by segment is basedon the reporting segments following the change.
Business segment- 16 -