Notice of Revision to Consolidated Earnings Forecast and Dividend Forecast for the Fiscal Year Ending March 2027

Summary of Revision to Earnings Forecast

The consolidated earnings forecast for the fiscal year ending March 2027, which was announced on August 7, 2026, has been revised upward based on the firm market conditions for dry bulk vessels and exchange rate trends. Net sales are expected to be 46,462 million yen, operating income 7,324 million yen, ordinary income 6,753 million yen, and net income attributable to owners of parent 4,456 million yen, representing increases of +3,209 million yen, +1,675 million yen, +1,027 million yen and +634 million yen, respectively, versus the previous forecast. Net income per share is projected at 176.72 yen.

Dividend Policy and Shareholder Returns for the Current Fiscal Year

The dividend forecast has also been revised, and the annual dividend is expected to be 57.05 yen. Under a dividend policy that emphasizes mid- to long-term growth and stability, the company maintains criteria for performance-based decisions and a minimum dividend while seeking progressive increases in payout ratio in favorable conditions, and does not assume a complete suspension of dividends in downturns. The assumed USD exchange rate has been changed from 159.00 in the previous forecast to 158.00.