• A positive reminder of the volatility in the shipping business – The somewhat unexpected outperformance in H1 FY3/26 reflects the volatile nature of the shipping industry, and the impact of macro events. The stability provided by the Real Estate segment remains a key enabler for IINO Lines' long-term strategy. With a conservative D/E ratio of 0.79x, the Company retains significant financial flexibility to withstand shipping cycle volatility while funding its capital-intensive fleet renewal program. This financial buffer is critical as IINO Lines accelerates capex spend to introduce next-generation vessels, steadily progressing towards its 2050 net-zero target while maintaining stable shareholder returns.
