(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024

Financial Highlights: The Third Quarter Ended December 31, 2023
1. Consolidated Financial Highlights (from April 1, 2023 to December 31, 2023)(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Operating Results(¥ Million)
Q3 / FY2022

Q3 / FY2023
Revenues

1,218,664

1,257,968

Operating profit

80,126

96,244

Ordinary profit

197,263739,254

Profit attributable to owners of parent

203,604

723,245(¥)

Net income per share

562.61

2,003.07

Diluted net income per share

561.12

1,995.50(2) Financial Position(¥ Million)
Q3 / FY2023

FY2022

Total assets

3,924,154

3,564,247

Total net assets

2,292,074

1,937,621

58.0%

54.0%

Shareholders' equity* / Total assets* Shareholders' Equity is defined as follows.
Shareholders' Equity = Total Net Assets - (Share option + Non-controlling interests)

2. Dividends(¥)
Q1

Dividend per share
Q2
Q3
Year-end

Total

FY2022―300.00―260.00560.00

FY2023―110.00―――

FY2023 (Forecast)

―

―

―

90.00

200.001

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024

3. Forecast for the Fiscal Year Ending March 31, 2024(¥ Million)
FY2023
Revenues

1,615,000

Operating profit

93,000Ordinary profit

225,000

Profit attributable to owners of parent

235,000(¥)

Net income per share

649.33

2

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024

4. Business Performance(1) Analysis of Operating Results(¥ Billion)
Nine months

Year-on-year comparison /Variance

From April 1, 2022 to
December 31, 2022

From April 1, 2023 to
December 31, 2023

1,257.9

1,218.6(39.3)/(3.1%)

Operating profit

96.2

80.1

(16.1)/(16.7%)

Ordinary profit

739.2

197.2

(541.9)/(73.3%)

Profit attributable toowners of parent

723.2

203.6

(519.6)/(71.8%)

Exchange rate

¥135.48/US$¥142.19/US$¥6.71/US$

Bunker price*

US$787/MT

US$619/MT

US$(168)/MT

Revenue*Average price for all the major fuel grades
The average exchange rate against the dollar for cumulative Q3 of the current fiscal year decreased by¥6.71/US$ to ¥142.19/US$ from the same period of the previous fiscal year. The average bunker price for
cumulative Q3 of the current fiscal year decreased by US$168/MT to US$619/MT from the same period of theprevious fiscal year
We recorded revenue of ¥1,218.6 billion, an operating profit of ¥80.1 billion, an ordinary profit of ¥197.2
billion and profit attributable to owners of parent of ¥203.6 billion.
The following is a summary of business conditions including revenue and ordinary profit/loss per businesssegment.
Upper: Segment Revenue, Lower: Segment Ordinary Profit(¥ Billion)

Nine months

Year-on-year comparison /Variance

From April 1, 2022 to
December 31, 2022

From April 1, 2023 to
December 31, 2023

344.4

297.1

(47.3)/(13.7%)

52.3

37.1

(15.1)/(29.0%)

297.4

331.0

33.6

/

11.3%

34.8

58.8

24.0

/

69.0%

489.4

460.5

(28.8)/(5.9%)

636.9

85.2

(551.7)/(86.6%)

40.9

42.3

1.4

/

3.4%

566.2

30.0

(536.2)/(94.7%)

Wellbeing & LifestyleBusiness

76.0

79.0

2.9

/

3.9%

6.7

8.2

1.4

/

21.6%

Real property
Business

29.9

30.1

0.2

/

0.7%

7.4

7.1

(0.2)

/

(3.4%)

35.5

34.4

(1.0)

/

(2.9%)

2.3

2.1

(0.2)

/

(9.0%)

15.0

16.3

1.2

/

8.6%

1.5

4.0

2.5

/

156.8%

Dry Bulk Business
Energy Business
Product Transport
Business
Containerships

Associated Businesses
Others3

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024(A) Dry Bulk Business
The Capesize bulker market rates remained in an upward trend, reflecting improved vessel supply anddemand, especially in the Atlantic, due to the recovery of bauxite shipments from West Africa with the end of
the rainy season, amid steady growth in iron ore shipments from Brazil. In addition, mounting vessel delays at
Chinese ports amid bad weather led to a tighter vessel supply and demand situation in the Pacific Ocean,maintaining favorable market conditions.
Meanwhile, the market rates for Panamax, Handymax, and smaller vessels remained lackluster during thefirst half, dampened by pessimism on China’s economy, despite firm coal and grain shipments; however, in thesecond half, the drought in the Panama Canal and heightened geopolitical risk in the Middle East tightened thevessel supply and demand balance, sparking a recovery.
The dry bulk business posted a year-on-year decline in profit, with lower market rates than a year earlier
despite the effect of the reversal of an allowance for doubtful accounts recorded in the past at one of ourconsolidated subsidiaries, in relation to a loan to GEARBULK HOLDING AG, an equity-method affiliate, as aresult of improvement in this company’s financial standing.
(B) Energy Business<Tankers>
The very large crude carrier (VLCC) market rates remained steady, despite the OPEC Plus oil output cuts
hampering an upturn in shipments during the winter demand period, the VLCC transportation demand fromthe US was stable due to a relatively low crude oil price.
The product tanker market rates remained high, reflecting brisk cargo movements with both the US andChina increasing exports of petroleum products, as well as tight vessel supply and demand caused by thecongestion due to the drought in the Panama Canal and other factors. The Chemical tanker market rates also
remained steady.
In this market environment, by consistently fulfilling long-term contracts, the tanker business as a whole
posted a year-on-year increase in profits.
<Offshore>
The FPSO business, which has been securing stable profit through existing long-term charter contracts,
reported a year-on-year increase in profit, thanks to the start of a new charter contract.
<Liquefied gas>
In the LNG carrier business, some long-term contracts expired, and profit remained at the same level yearon-year, despite acquiring new contracts. The FSRU business posted a year-on-year decrease in profit due totermination of a previous contract and commencement of a new project.
(C) Product Transport Business<Containerships>
At OCEAN NETWORK EXPRESS PTE. LTD. (ONE), the Company’s equity-method affiliate, spot freightrates remained low due to increased new vessel deliveries and slow consumption growth in the face of
persistent inflation. As a result, ONE reported a sharp drop in profit year-on-year.
<Car Carriers>
Shipping demand for completed cars generally held firm in response to the automotive supply chain recovery.
Shipping demand on each shipping route changed from one minute to the next depending on the car sales ineach country, and we achieved a year-on-year increase in profit by flexibly revising vessel allocation plans.
<Other Product Transport>
Container handling volumes in the terminal business decreased due to sluggish cargo movements at overseas
terminals, despite firm cargo movements at domestic terminals. In the logistics business, profit levels declined
due to weak air and sea freight rates and, as a result, the terminal and logistics business posted lower profits
year-on-year.
(D) Wellbeing & Lifestyle Business<Real Property Business>
The real property business maintained around the same profit level year-on-year thanks to higher property
occupancy rates, despite the increased costs associated with new property acquisitions by DAIBIRU, the corecompany in the Group’s real property business.

4

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024<Ferries and Coastal RoRo Ships>
Cargo transportation decreased, as the RoRo ships operated by MOL Sunflower Ltd. However, passenger
transportation increased sharply, mainly thanks to the entry into service of new LNG-fueled ferries, and as aresult, the ferries and coastal RoRo ships business as a whole achieved higher profit than a year earlier.
<Cruise Business>
The cruise business achieved improved profitability year-on-year due to continued recovery in travellingdemand following the easing of COVID-19 restrictions.
(E) Associated Businesses
In the tugboat business, operation frequency tended to be down year-on-year but posted a year-on-yearincrease in profit with the effects of a tugboat service fee revision. The trading company business posted lower
profits year-on-year due to the deterioration of the business environment.
(F) Others
Other businesses include ship operations, ship management, ship chartering and financing. This segment
posted higher profits year-on-year.

5

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024(2) Outlook for FY2023(For consolidated full fiscal year 2023)(¥ Billion)

Previous outlook(As announced on
October 31, 2023)
Revenue

Current outlook(As of announcement of
Q3 financial results)

Year-on-year
Comparison / Variance

1,590.0

1,615.0

25.0 /

1.6%

Operating profit

90.0

93.0

3.0 /

3.3%

Ordinary profit

220.0

225.0

5.0 /

2.3%

Profit attributable toowners of parent

220.0

235.0

15.0 /

6.8%(Assumptions for the 2nd Half FY2023)(Assumptions for Q4 FY2023)¥141.31/US$¥140.98/US$¥(0.33)/US$

US$560/MT

US$500/MT

US$(60)/MT

US$660/MT

US$640/MT

US$(20)/MT

Exchange rate
Bunker price*1

Compliant fuel price *2*1 HSFO (High Sulfur Fuel Oil) average price*2 VLSFO (Very Low Sulfur Fuel Oil) average priceA) Dry Bulk Business
The Capesize bulker market maintained the strong momentum seen in December; however, rates are
expected to fall as we move to a slowdown in shipments in February, as seen every year, reflecting the rainyseason in Brazil and the cyclone season in Australia.
The market rates for Panamax, Handymax, and smaller vessels are expected to remain somewhat firmer thanusual, with vessel supply and demand likely to remain tight, given the drought in the Panama Canal andgeopolitical risks in the Middle East.
Although we are making efforts to acquire highly profitable cargoes and balance vessel capacity and cargovolumes, the dry bulk business as a whole will likely be severely impacted by market fluctuations in somebusinesses and is expected to post lower profits than the previous forecast.
(B) Energy Business
The very large crude oil carrier (VLCC) market rate is expected to remain firm due to an increase inalternative crude oil supplies from non-OPEC Plus countries such as the US and Brazil, a continued increase in
ton-miles due to the avoidance of Russian crude oil, and a persistently tight vessel supply and demand situation
due to limited new vessel deliveries, despite various causes for concern such as the continued OPEC Plus oil
output cuts, China’s slow economic recovery, and falling demand for crude oil due to slowdown of global
economy.
Similarly, the product tanker market rates are likely to remain high, bolstered by a continued increase in tonmiles due to the avoidance of Russian products, and limited new vessel deliveries. The Chemical tanker market
rates are expected to remain steady.
The offshore business is projected to continue generating stable profits.
In the liquefied gas business, the LNG carrier business is expected to continue to increase in profit due toimprovement in profit and loss for each project.
The FSRU business is expected to post higher profit compared to the previous forecast with an existing
vessel entering into operation under a new contract.
In this market environment, the energy business as a whole is expected to report higher profits than theprevious forecast.
(C) Product Transport BusinessIn the containerships business, we expect to secure a certain profit level, due to the recent situation in the
Middle East.
In the car carrier business, we assume that shipping demand for completed cars will remain firm as the US
and other markets are still recovering from the car inventory shortages during the COVID-19 pandemic.
Furthermore, with port congestion in certain regions also easing, transportation volume is likely to be firm,
however the pace of recovery is expected to be a little slower than initially anticipated, and profits are expected
to remain roughly in line with previous forecasts.
6

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024

In the terminal business, we anticipate steady handling volumes, primarily at domestic terminals. In thelogistics business, given the uncertain outlook for air and sea market rates, we will seek to stabilize earnings
through initiatives such as flexible space procurement.
In this market environment, the product transport business as a whole is expected to achieve higher profits
than the previous forecast.
(D) Wellbeing & Lifestyle BusinessIn the real property business, a negative profit impact from the reconstruction of some properties owned by
DAIBIRU CORPORATION is anticipated but is expected to continue generating solid profits due to the highoccupancy rates of other properties.
In the business of ferries and coastal RoRo ships, decreased profit in the cargo transportation business isfeared due to a decrease in cargo volume. The passenger transport business is expected to continue
performing strongly.
In the cruise business, we anticipate a recovery in demand owing to the easing of COVID-19 restrictions,and profitability is expected to improve.
In this market environment, the profitability of the wellbeing & lifestyle business is likely to be in line withthe previous forecast.
(E) Associated Businesses
The performance of the tugboat business is projected to be mostly in line with the previous forecast.

5. Financial Position
Total assets as of December 31, 2023 increased by ¥ 359.9 billion compared to the balance as of the end of theprevious fiscal year, to ¥ 3,924.1 billion. This was primarily due to the increase in Construction in progress.
Total liabilities as of December 31, 2023 increased by ¥ 5.4 billion compared to the balance as of the end of theprevious fiscal year, to ¥ 1,632.0 billion. This was primarily due to the increase in Long-term bank loans.
Total net assets as of December 31, 2023 increased by ¥ 354.4 billion compared to the balance as of the end of theprevious fiscal year, to ¥ 2,292.0 billion. This was primarily due to the increase in Foreign currency translation
adjustments.
As a result, shareholders’ equity ratio increased by 4.0% compared to the ratio as of the end of the previous fiscal
year, to 58.0%.

7(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024

6. Consolidated Financial Statements(All financial information has been prepared in accordance with accounting principles generally accepted in Japan)(1) Consolidated Balance Sheets(¥ Million)
As of March 31, 2023

AssetsCurrent assets
Cash and deposits
Trade receivables
Contract assets
Marketable securities
Inventories
Deferred and prepaid expenses
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Vessels
Buildings and structures
Equipment and others
Furniture and fixtures
Land
Construction in progress
Other tangible fixed assets
Total tangible fixed assets
Intangible fixed assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Net defined benefit assets
Deferred tax assets
Other investments and other assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets

8

As of December 31, 2023

93,961
124,134
8,329
500
50,787
26,820135,669(1,662)438,541

138,698
127,051
9,926－
58,09631,081
175,856(2,162)538,548

708,682
132,943
25,227
5,585
299,710
162,234
7,856
1,342,240
36,739759,102135,779
12,708
5,721
344,645
290,320
6,052
1,554,330
40,4041,430,873
116,893
8,550
20,987
2,058
191,173(23,811)
1,746,726
3,125,705
3,564,247

1,555,519
96,5307,232
21,2602,976
112,962(5,610)1,790,870
3,385,605
3,924,154

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024(¥ Million)
As of March 31, 2023
Liabilities
Current liabilities
Trade payables
Short-term bonds
Short-term bank loans
Commercial papers
Accrued income taxes
Advances received
Contract liabilities
Provision for bonuses
Other current liabilities
Total current liabilities
Fixed liabilities
Bonds
Long-term bank loans
Lease liabilities
Deferred tax liabilities
Net defined benefit liabilities
Provision for directors' and corporate auditors'
retirement benefits
Provision for periodic drydocking
Other fixed liabilities
Total fixed liabilities
Total liabilities
Net assets
Owners' equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total owners' equity
Accumulated other comprehensive income
Unrealized holding gains on available-for-salesecurities, net of tax
Unrealized gains on hedging derivatives, net oftax
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net oftax
Total accumulated other comprehensive income
Share option
Non-controlling interests
Total net assets
Total liabilities and net assets

9

As of December 31, 2023

99,87230,000339,354
80,000
6,979
2,493
31,006
11,66067,808669,176

113,278
44,500256,98180,00027,466
2,998
35,162
5,11955,226
620,732

159,500
524,801
17,50984,8709,188

151,000
660,127
29,84588,406
9,437

750

550

19,078
141,751
957,449
1,626,626

18,85953,119
1,011,347
1,632,079

65,589－1,571,582(558)
1,636,614

65,757116,171
1,641,344(201)
1,823,072

32,47253,487

77,59098,452

171,647

296,271

7,021

6,007

288,732550
11,724
1,937,621
3,564,247

454,218444
14,3382,292,074
3,924,154

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024(2) Consolidated Statements of Income(¥ Million)
FY2022(Apr. 1, 2022 - Dec. 31, 2022)

FY2023(Apr. 1, 2023 - Dec. 31, 2023)

1,257,968
1,065,343
192,625
96,38096,244

1,218,664
1,031,863
186,801
106,675
80,126

10,045
6,716
607,695
22,3133,317
7,641
657,729

15,393
12,56464,48020,384
17,9493,832
134,604

12,5892,129
14,718739,254

15,484
1,983
17,467
197,263

10,1770
14,46824,646

10,626
18,314
13,40342,344

219
258
4,162
4,640

252
326
817
1,395

759,260

238,21233,648725,6112,366
723,245

33,760204,452848
203,604

Shipping and other revenues
Shipping and other expenses
Gross operating income
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Equity in earnings of affiliated companies
Foreign exchange gains
Reversal of allowance for doubtful accounts
OthersTotal non-operating income
Non-operating expenses
Interest expenses
OthersTotal non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of fixed assets
Gain on sale of shares of subsidiaries and associates
OthersTotal extraordinary income
Extraordinary losses
Loss on sale of fixed assets
Loss on building reconstruction
OthersTotal extraordinary losses
Income before income taxes and non-controllinginterests
Income taxes
Net income
Profit attributable to non-controlling interests
Profit attributable to owners of parent

10

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024(3) Consolidated Statements of Comprehensive Income(¥ Million)

FY2022(Apr. 1, 2022 - Dec. 31, 2022)

FY2023(Apr. 1, 2023 - Dec. 31, 2023)

725,611

204,452(4,036)

20,91914,512
71,449(764)

7,355
31,935(1,014)

166,422

107,064

247,584
973,195

166,260
370,713968,229

369,091

4,965

1,621

Net income
Other comprehensive income
Unrealized holding gains on available-for-salesecurities, net of tax
Unrealized gains on hedging derivatives, net of tax
Foreign currency translation adjustments
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners ofparentComprehensive income attributable to noncontrolling interests

11(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024[NOTE](Notes in the Event of Significant Changes in Shareholders’ Equity)
Mainly due to partial share transfer of our consolidated subsidiary company, capital surplus for the third Quarterof the fiscal year increased by ¥ 116,171 million.
(Changes in Accounting Estimates)(Change in Useful Life)
The Company changed the useful life of ferries from 15 years to 20 years effective from the first Quarter of the
fiscal year. This change in the useful life is caused by our reassessment that ferries are expected to have a longer
useful life taking into consideration the actual use, with triggered by launch of the LNG-fueled ferries.
As a result, operating profit, ordinary profit, and income before income taxes and non-controlling interests forthe third Quarter of the fiscal year each increased by ¥ 1,284 million, compared to the previous method.

12

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024(4) Segment Information
Business segment information:(¥ Million)

Reportable Segment
Product Transport BusinessQ3 / FY2022(Apr. 1 - Dec. 31, 2022)

Revenues
1.Revenues fromexternal customers

Dry Bulk
Business

344,497

EnergyBusiness

297,421

Wellbeing & Lifestyle BusinessContainerships

Car Carriers,
Terminal andLogistics

40,972448,438

Ferries &Real Property Coastal RoRo
Ships, Cruise

29,935

46,129

AssociatedBusinesses

Sub Total

35,521

1,242,916

2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

764

10,798

222

3,262

2,243

214

19,42436,930345,261
52,319308,220
34,80841,194566,292

451,700
70,70332,1797,453

46,344(699)

54,9462,368

1,279,847
733,246

Q3 / FY2022(Apr. 1 - Dec. 31, 2022)

Others*1

Total

Revenues
1.Revenues fromexternal customers
2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

Adjustment*2

Consolidated*3

1,257,968－

10,58447,515(47,515)－

25,6351,594

1,305,483
734,841(47,515)
4,413

1,257,968
739,254

15,051

1,257,968* 1. "Others" primarily consists of business segments that are not included in reportable segments, such as the ship operations business,the ship management business, the ship chartering business and the financing business.
* 2. Adjustment in Segment profit (loss) of ¥ 4,413 million include the following:¥ -1,202 million of corporate profit which is not allocated to segments, ¥ 4,203 million of adjustment for management accountingand ¥ 1,412 million of inter-segment transaction elimination.
* 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income.

13.

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024(¥ Million)

Reportable Segment
Product Transport BusinessQ3 / FY2023(Apr. 1 - Dec. 31, 2023)

Revenues
1.Revenues fromexternal customers

Dry Bulk
Business

297,195

EnergyBusiness

331,042

Wellbeing & Lifestyle BusinessContainerships

Car Carriers,
Terminal andLogistics

42,376418,174

Ferries &Real Property Coastal RoRo
Ships, Cruise

30,14848,908

AssociatedBusinesses

Sub Total

34,4791,202,325

2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

859

10,457

238

3,309

2,609

235

26,131

43,842

298,055
37,147

341,499
58,826

42,61530,059421,484
55,22632,758
7,198

49,143
1,013

60,6102,155

1,246,167
191,626

Q3 / FY2023(Apr. 1 - Dec. 31, 2023)

Others*1

Total

Revenues
1.Revenues fromexternal customers
2.Inter-segment
revenues
Total Revenues
Segment profit (loss)

16,339Adjustment*2

Consolidated*3

1,218,664－

1,218,664

11,17655,018(55,018)－

27,515
4,094

1,273,683
195,721(55,018)
1,542

1,218,664
197,263* 1. "Others" primarily consists of business segments that are not included in reportable segments, such as the ship operations business,the ship management business, the ship chartering business and the financing business.
* 2. Adjustment in Segment profit (loss) of ¥ 1,542 million include the following:¥ -6,943 million of corporate profit which is not allocated to segments, ¥ 8,279 million of adjustment for management accountingand ¥ 205 million of inter-segment transaction elimination.
* 3. Segment profit (loss) corresponds to ordinary profit in the consolidated statements of income.
* 4. Notes to changes in reportable segments etc:
“Ferries & Coastal RoRo Ships Business,” which was conventionally presented in “Product Transport Business,”and “Cruise Business,” which was conventionally presented in “Associated Businesses” have been disclosed independently
as a new reportable segment named “Ferries & Coastal RoRo Ships, Cruise” due to restructure a part of organization.
As a result, Revenues and Segment profit (loss) during the third Quarter of the previous fiscal year are reclassified or adjusted
to conform to the presentation for the fiscal year.
* 5. As stated in (Change in Useful Life), the Company changed the useful life of ferries from 15 years to 20 years
effective from the first Quarter of the fiscal year.
Due to the change, Segment profit (loss) for the third Quarter increased ¥ 1,284 million in the Ferries & Coastal RoRo Ships,
Cruise Business, compared to the previous method.

[REFERENCE PURPOSE ONLY]
Please note that this document has been translated from the Japanese original for reference purposes only
and the financial statements contained is unaudited.
In case of any discrepancy or inconsistency between this document and the Japanese original, the latter shallprevail.

14.

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024[ Supplement ]1. Review of Quarterly Results<FY2023>
Q1
Apr-Jun, 2023

Q2
Jul-Sep, 2023

Q3
Oct-Dec, 2023

385,183

404,919

428,562

Operating profit (loss)

24,472

24,82830,826

Ordinary profit (loss)

90,36964,162

42,732

Income (Loss) before income taxes

109,629

68,32460,259Profit (Loss) attributable to owners of parent

91,15559,63752,812251.98164.79145.88251.34164.35145.493,737,672

3,954,754

3,924,154

2,015,352

2,174,320

2,292,074

Q1
Apr-Jun, 2022

Q2
Jul-Sep, 2022

Q3
Oct-Dec, 2022

Q4
Jan-Mar, 2023

374,783

446,554436,631354,016

Operating profit (loss)

23,59732,49040,157

12,465

Ordinary profit (loss)

284,191

315,604

139,459

72,335

Income (Loss) before income taxes

288,824

331,612

138,824

59,900

Profit (Loss) attributable to owners of parent

285,779

315,744

121,722

72,815791.96874.46336.91201.43788.68871.08335.70200.74

3,134,568

3,588,441

3,522,800

3,564,247

1,465,448

1,879,559

1,917,992

1,937,621

Revenues[¥ Millions]

Net income (loss)* per share
Net income (loss)* per share[¥](Diluted basis)

Total Assets[¥ Millions]

Total Net Assets

Q4
Jan-Mar, 2024

*Profit (Loss) attributable to owners of parent<FY2022>

Revenues[¥ Millions]

Net income (loss)* per share
Net income (loss)* per share
Total Assets[¥](Diluted basis)[¥ Millions]

Total Net Assets*Profit (Loss) attributable to owners of parent

15

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024

2. Depreciation and Amortization(¥ Millions)

Nine months ended
Dec.31, 2022

Nine months ended
Dec.31, 2023

Increase / (Decrease)

Vessels

52,49457,425

4,930

68,311Others

20,312

19,140( 1,172 )

26,349Total

72,80776,565

3,758

94,660

As of Mar.31, 2023

As of Dec.31, 2023

Increase / (Decrease)

Bank loans

864,155

917,10952,954

891,194

Bonds

189,500

195,500

6,000

199,500

Commercial papers

80,00080,0000

6,000

Others

19,79333,615

13,822

12,459

Total

1,153,448

1,226,225

72,777

1,109,153

FY2022

3. Interest-bearing Debt(¥ Millions)
As of Dec.31, 2022

4. Fleet Capacity(No. of ships)

Dry Bulk Business

Energy Business

Product Transport BusinessDry bulkers

Tankers, Liquefied gas
carriers, Steaming coalcarriers

Subtotal

Car carriersContainerships

No.of ships

No.of ships

No.of ships

No.of ships

No.of ships

Owned

46

181

70

50

20

Chartered

232

148

56

42

14

Others

-

7

-

-

-

As of Dec.31, 2023

278

336

126

92

34

As of Mar.31, 2023

276

333

136

96

40

Wellbeing &Lifestyle Business

Associated Businesses
and Others

Ferries & Coastal RoRoships, Cruise ships

OthersTotal

No.of ships

No.of ships

No.of ships

Owned

13

58

368

Chartered

3

23

462

1

8

Others-

As of Dec.31, 2023

16

82

838

As of Mar.31, 2023

18

82

845

Note 1: Prior the FY2023 Q2 Financial Highlights, we had been reporting the number of ships owned,chartered and/or operated by us or our consolidated subsidiaries.
However, to more accurately represent the size of our company's business, the energy segment primarily includes equity-method affiliated companies' fleets
based on the ship types and the extent of our involvement in procurement, construction, and financing from this quarter.
Furthermore, we have revised the grouping of ship types to align with our business segments.
(The number of ships as of Mar.31, 2023, has also been adjusted in accordance with the new standards.)
Note 2: Partial ownership of a ship is counted as one ship.

5. Exchange Rates (Against the US dollar)
Nine months ended
Dec.31, 2022

Nine months ended
Dec.31, 2023

Average rates¥135.48¥142.19¥6.71

Term-end rates¥132.70¥141.83¥9.13

ChangeFY2022[5.0%]JPY Depreciated¥134.67[6.9%]JPY Depreciated¥133.53

Remark: "Average rates" are average of monthly corporate rates in each term, while "term-end rates" are TTM rates on the last day of each term.

<Overseas subsidiaries>
Term-end rates

As of Sep.30, 2022

As of Sep.30, 2023

¥144.81¥149.58

Change¥4.77[3.3%]

6. Average Bunker Prices

Purchase Prices

Nine months ended
Dec.31, 2022

Nine months ended
Dec.31, 2023

US$787/MT

US$619/MT

Increase / (Decrease)

US$(168)/MT
16

As of Dec.31, 2022
JPY Depreciated¥132.70

(Unaudited translation of "Kessan Tanshin", provided for reference only)

January 31,2024

7．Market Information(1) Dry Bulker Market (Baltic Dry Index)

Source : Clarksons Research(Index: January 1985 = 1,000)

3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jan/2022

Apr/2022

Jul/2022

Oct/2022

Jan/2023

Apr/2023

Jul/2023

Oct/2023

Average
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2022
1,761 1,835
2,464
2,220 2,943
2,389 2,077 1,412 1,487
1,814 1,299
1,453
1,930
2023
1,398
909
658
1,410
1,480 1,416
1,082 1,040 1,150 1,393
1,868 1,831
2,538
Remark) The Graph and the table have different fluctuation ranges as the graph reflects daily figures while the table shows monthly averages.
Monthly Average(2) Tanker Market (Daily Earnings) : VLCC AG/Japan trade (US$Charter Rate/day)

Source : Clarksons Research$120,000$100,000$80,000$60,000$40,000$20,000$0$-20,000

Jan/2022

Apr/2022

Jul/2022

Oct/2022

Jan/2023

Apr/2023

Jul/2023

Oct/2023

Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Average2022
23,111-1,128 -5,587 -6,886
3,493 -7,435 -13,042 6,196 30,887 58,844 68,153 92,660 51,181
2023
41,29728,223 41,999 84,755 55,019 29,519 44,695 36,136 25,784 18,611 31,711 55,249 43,862
Remark) The Graph and the table have different fluctuation ranges as the graph reflects weekly figures while the table shows monthly averages.
Monthly Average(3) Containership Market (China Containerized Freight Index) (Index: January 1st 1998 = 1,000)
6,500

Europe Service

6,000

W/C North America Service

Source : Clarksons Research

E/C North America Service

5,500
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Jan/2022

Apr/2022

Jul/2022

Oct/2022

Jan/2023

Apr/2023

Jul/2023

Oct/2023

Note: CCFI reflects the freight rate trend for container exports from China only, which does not always match the overall trend for container
exports from Asia.
17