SG Holdings Co., Ltd. · TSE:9143

SG — Q2 FY2027/3 Earnings Presentation

37 slides from SG's earnings presentation, Nov 6, 2026

  1. Slide 1: Results Presentation for FY2027/3 Q2

    SG Holdings Co., Ltd. Results Presentation for FY2027/3 Q2 November 6, 2026 Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved.

  2. Slide 2: Agenda

    1. Executive Summary 1– 5 2. Financial Results Overview and Earnings Forecast 6– 9 3. Progress of Each Segment 10–16 4. M&A Results and Capital Allocation Framework 17–21 5. Appendix 22–35 Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 1

  3. Slide 3: Financial Highlights for FY2027/3 Q2

    Financial Highlights for FY2027/3 Q2 FY2027/3 earnings forecast FY2027/3 Q2 FY2027/3 H1 (Units: billions of yen) (Annouced on November 6) YoY change YoY change vs. Forecast YoY change vs. Previous forecast Operating revenue 473.1 +57.9 920.4 +137.8 +74.4 1,820.0 +175.2 +80.0 Operating income 21.3 +0

  4. Slide 4: FY2027/3 Progress and Outlook for Key Businesses

    FY2027/3 Progress and Outlook for Key Bussinesses ◼ Delivery Business: The number of packages remained solid, with operating revenue progressing above plan. On the other hand, the full-year operating income forecast was revised downward, reflecting the advance securing of transportation capacity to

  5. Slide 5: Progress and Assessment of Mid-Term Management Plan

    Progress and Assessment of Mid-Term Management Plan ◼ Improved performance in the Global Logistics Business and solid progress in the Logistics Business have increased confidence in achieving the final-year targets of the Mid-Term Management Plan ◼ Steady progress toward the final-year targets of 11

  6. Slide 6: Capital Policy - Shareholder Return Initiatives

    Capital Policy –Shareholder Return Initiatives- ◼ In light of the upward revision to the full-year forecast and progress under the Mid-Term Management Plan, the annual dividend forecast was raised by +1 yen per share (+2 yen YoY) ◼ Steadily executing acquisition of treasury shares in line with the c

  7. Slide 7: Financial Results Overview and Earnings Forecast

    1. Executive Summary 1– 5 2. Financial Results Overview and Earnings Forecast 6– 9 3. Progress of Each Segment 10–16 4. M&A Results and Capital Allocation Framework 17–21 5. Appendix 22–35 Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 6

  8. Slide 8: Analysis of Changes in Operating Revenue

    Analysis of Changes in Operating Revenue (Units: billions of yen) Global Logistics Business +6.1 +32.4 (0.6) Other（3） Other +34.3 Underlying revenue +41.5 growth 920.4 Consolidation Delivery Business impact Logistics Business +4.4 Morrison +4.2 (5.7) +1.9 +19.4 Impact of Low- Expolanka TMS(2) Domest

  9. Slide 9: Analysis of Changes in Operating Income

    Analysis of Changes in Operating Income Including the impact of the (Units: billions of yen) +1.6 revision to the timing of recording bonus accruals (3.7) billion yen +5.9 (0.0) (0.0) Real Estate Other Adjustments (5.4) Business Businesses 41.4 38.5 +0.9 Global Delivery Logistics Logistics Business

  10. Slide 10: Consolidated Earnings Forecast and Key Assumptions

    Consolidated Earnings Forecast and Key Assumptions ◼ Based on business progress and the operating environment in each segment, segment forecasts were revised, leading to upward revisions to consolidated operating revenue and operating income forecasts Key Assumptions for the Earnings Forecast Delive

  11. Slide 11: Progress of Each Segment

    1. Executive Summary 1– 5 2. Financial Results Overview and Earnings Forecast 6– 9 3. Progress of Each Segment 10–16 4. M&A Results and Capital Allocation Framework 17–21 5. Appendix 22–35 Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 10

  12. Slide 12: Q2 Results and Full-Year Forecasts by Segment

    Q2 Results and Full-Year Forecasts by Segment FY2027/3 Difference FY2027/3 FY2027/3 earnings from the YoY YoY forecast previous Progress Review of Q2 Q2 H2 (Announced on （Units: billions of yen） November 6) forecast Operating revenue 268.9 104.7% 537.4 105.7% 1,105.0 ＋15.0 ✓ Revenue increased as pac

  13. Slide 13: Delivery Business: Q2 Progress

    Delivery Business: Q2 Progress ◼ The number of packages in Q2 increased particularly in domestic e-commerce, etc. The average unit price improved year on year, partly due to changes in the package mix ◼ Although operating income declined year on year due to factors including the enhancement of the t

  14. Slide 14: Delivery Business: Reasons for Forecast Revision and Outlook

    Delivery Business: Reasons for Forecast Revision and Outlook ◼ In view of the tightening environment for securing outsourced transportation capacity, capacity was secured and expanded in advance during Q2 to establish a stable transportation framework for the year-end peak season ◼ From H2, accelera

  15. Slide 15: Logistics Business: Q2 Progress

    Logistics Business: Q2 Progress ◼ Low-temperature logistics continued to perform strongly from Q1, driven by increased handling volume and progress in securing appropriate fees ◼ Domestic 3PL also remained solid, driven by an expanded range of products handled and contributions from new projects. Ov

  16. Slide 16: Global Logistics Business: Q2 Progress

    Global Logistics Business: Q2 Progress ◼ Performance remained strong, supported by the continued upward trend in air freight rates from the previous quarter, successful cargo volume acquisition through enhanced sales efforts, and progress in structural reforms ◼ Synergy creation is also progressing

  17. Slide 17: Global Logistics Business: Initiatives to Strengthen the Business Foundation

    Global Logistics Business: Initiatives to Strengthen the Business Foundation ◼ With the integration of Morrison as a starting point, the Global Logistics Business is accelerating its growth, becoming a medium- to long- term growth driver for the Group ◼ In addition to Morrison capitalizing on the gr

  18. Slide 18: M&A Results and Capital Allocation Framework

    1. Executive Summary 1– 5 2. Financial Results Overview and Earnings Forecast 6– 9 3. Progress of Each Segment 10– 16 4. M&A Results and Capital Allocation Framework 17–21 5. Appendix 22–35 Copyright © 2026 SG HOLDINGS CO., LTD. All Rights Reserved. 17

  19. Slide 19: Policy for M&A Strategy

    Policy for M&A Strategy ◼ Following PMI, the two major acquisitions have transitioned from building their business foundations to a growth phase driven by stronger sales and synergies ◼ Accelerate sales initiatives and synergies to drive further earnings growth –FY2025/3 –FY2026/3 –FY2027/3 –FY2028/

  20. Slide 20: Results of M&A Transactions: Meito/Hutech

    Results of M&A Transactions: Meito/Hutech ◼ Meito/Hutech are performing above the levels of the initial plan, driven by productivity improvements, initiatives to ensure appropriate fee collection, and other measures ◼ The acquisition of a low-temperature logistics platform and coordination with the

  21. Slide 21: Results of M&A Transaction: Morrison

    Results of M&A Transaction: Morrison ◼ Morrison continues to deliver results exceeding the initial plan through increased cargo volumes and effective use of its sales capabilities ◼ Synergy creation through collaboration with EFL is also progressing steadily, with further growth opportunities being

  22. Slide 22: Cash Allocation Review

    Draft Cash Allocation Review ◼ With PMI for the two major acquisitions now complete, value creation from the investments is progressing. Profit contributions exceeding initial expectations are also supporting an accelerated cash payback ◼ Building cash reserves and expanding capacity for growth inve

  23. Slide 23: Appendix

    1. Executive Summary 1– 5 2. Financial Results Overview and Earnings Forecast 6– 9 3. Progress of Each Segment 10–16 4. M&A Results and Capital Allocation Framework 17–21 5. Appendix 22–35 (1) Consolidated Balance Sheet P.24 (7) Results of Expolanka P.30 (2) Consolidated Statement of Cash Flows P.25

  24. Slide 24: TOPIC: Launch of Monthly Cargo Volume Disclosure for the Global Logistics Business

    TOPIC: Launch of Monthly Cargo Volume Disclosure for the Global Logistics Business To deepen understanding of the Global Logistics Business, which is a key driver of medium- to long-term growth, monthly air and ocean cargo volumes will be disclosed to supplement quarterly financial results Overview

  25. Slide 25: (1) Consolidated Balance Sheet

    (1) Consolidated Balance Sheet FY2026/3 FY2027/3 Q2 FY2026/3 FY2027/3 Q2 (Units: billions of yen) (Units: billions of yen) Current assets 383.4 387.8 Liabilities 680.3 668.7 Cash and deposits 96.7 73.0 Accounts payable 101.2 109.9 Accounts receivable and other receivables 230.6 260.8 Interest-bearin

  26. Slide 26: (2) Consolidated Statement of Cash Flows

    (2) Consolidated Statement of Cash Flows FY2026/3 H1 FY2027/3 H1 (Units: billions of yen) Cash flows from operating activities 46.0 33.2 Cash flows from investing activities (149.0) (9.3) (2) Free cash flows (103.0) 23.9 Cash flows from financing activities 78.2 (43.2) Net increase (decrease) in cas

  27. Slide 27: (3) Consolidated Statement of Cash Flows - General Breakdown

    (3) Consolidated Statement of Cash Flows - General Breakdown FY2027/3 H1 (Units: billions of yen) • Cash flows from operating activities 33.2 • Cash flows from investing activities (9.3) Major components: Major components: Income before income taxes 43.0 Purchases of property, plant and equipment (1

  28. Slide 28: (4) Summary of Consolidated Financial Results (Single Quarters)

    (4) Summary of Consolidated Financial Results (Single Quarters) Q1 Q2 H1 (Units: billions of yen) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) Operating revenue 367.4 447.3 121.7% 415.1 473.1 114.0% 782.5 920.4 117.6% Operating expenses 349.9 427.2 122.1% 394.0 451.7

  29. Slide 29: (5) Delivery Business - Summary of Financial Results (Single Quarters)

    (5) Delivery Business - Summary of Financial Results (Single Quarters) Q1 Q2 H1 (Units: billions of yen) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) Operating revenue 251.7 268.4 106.7% 256.9 268.9 104.7% 508.6 537.4 105.7% Operating expenses 248.8 266.1 107.0% 251.

  30. Slide 30: (6) Results of Meito/Hutech

    (6) Results of Meito/Hutech Logistics Business Q1 Q2 H1 FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) (Units: billions of yen) Operating revenue 30.3 32.3 106.5% 30.9 33.4 108.1% 61.3 65.8 107.3% Operating costs 27.5 29.7 107.8% 28.4 30.7 108.2% 56.0 60.4 108.0% Opera

  31. Slide 31: (7) Results of Expolanka

    (7) Results of Expolanka Global Logistics Business Q1 Q2 H1 (Units: billions of yen) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) Operating revenue 38.8 53.1 137.0% 46.8 74.1 158.0% 85.7 127.2 148.5% Operating costs 31.1 43.7 140.5% 38.5 62.8 163.3% 69.6 106.6 153.1%

  32. Slide 32: (8) Results of Morrison

    (8) Results of Morrison Global Logistics Business Q1 (April-June) Q2 (July-September) H1 (April-September) (Units: billions of yen) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) Operating revenue 34.3 48.6 141.7% 32.4 50.5 155.9% 66.7 99.2 148.6% Operating costs 27.2

  33. Slide 33: (9) Consolidated Earnings and Dividend Forecast

    (9) Consolidated Earnings and Dividend Forecast FY2027/3 Difference Comparison previous earnings FY2026/3 FY2027/3 from the with the forecast YoY change YoY (%) previous previous results (Announced on earnings forecast (Units: billions of yen) May 8, 2026) forecast forecast Operating revenue 1,644.7

  34. Slide 34: (10) Assumptions for the Consolidated Earnings Forecast (Details)

    (10) Assumptions for the Consolidated Earnings Forecast (Details) Assumptions for Assumptions for YoY change/ FY2027/3 earnings FY2027/3 earnings YoY (%) YoY (%) forecast forecast Average unit price 660 yen + 4 yen Personnel expenses 535.0 billion yen 106% Express package delivery service・ Number of

  35. Slide 35: (11) Status of Products and Services

    (11) Status of Products and Services Delivery Business: Status of number of packages and unit price Q1 Q2 H1 (Units: millions of packages, yen) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) FY2026/3 FY2027/3 YoY (%) Total number of packages 326 349 106.8% 333 341 102.6% 659 690 104.7% Hikyaku

  36. Slide 36: (12) Status of Employees, Vehicles and Locations

    (12) Status of Employees, Vehicles and Locations Change from the end of the FY2026/3 FY2027/3 H1 (Units: employees, vehicles, locations) previous year Total number of employees 105,764 106,595 + 831 [number of partner employees(1)within] [ 45,281 ] [ 45,823 ] [ + 542 ] 71,467 71,797 + 330 Delivery B

  37. Slide 37: Disclaimer

    Disclaimer This document has been prepared to provide corporate information, etc. on SG Holdings Co., Ltd. (hereinafter referred to as “the Company”) and SG Holdings Group companies (hereinafter referred to as “the Group”), and is not intended for solicitation for the shares or other securities issu

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