Slides
Page 1
TRIAL Holdings, Inc. Financial Results Presentation 1H FY6/2026 (July 1, 2025 - December 31, 2025) February 12, 2026 Revolutionize "real commerce" around the globe with technology and practical savvy.
Page 2
１ 1H FY6/2026 Financial Results (IR Activities & Stock Situation / Company Overview) Appendix Contents 2
Page 3
1H FY6/2026 Financial Results The following outlines the relationship between "TRIAL HD Consolidated," "TRIAL," “SEIYU," and "M&A-Related Costs" as used in this material: New format “TRIAL SEIYU,” which consists the conversion of SEIYU stores, is included under “SEIYU.” SEIYU ST Retail (TRIAL SEIYU) SEIYU PROCUREMENT THE SEIYU Service Distribution and Retail Business Retail AI Business Other TRIAL (FY2025 Consolidated) TRIAL HD (TRIAL Holdings) Consolidated M&A-Related Costs Advisory fee etc. Goodwill amortization Structuring fee Interest rate SG&A Non- operating Expenses SEIYU
Page 4
Q2 FY6/2026 33 ⚫ Bigger Company Scale from Q1 FY6/2026, due to the full acquisition of SEIYU on July 1. ・245 SEIYU stores were added to the total number of stores (1 closure). ・Starting Q1 FY6/26, Goodwill (provisional, ¥298.8 bn, 20 years) on BS, and Goodwill amortization (approx. ¥7.6 bn in 1H) in SG&A. ・Borrowings related to M&A (short-term loans of approx. ¥367.4 bn) on BS, and interest expenses (approx. ¥1.8 bn) recorded under non-operating expenses. ・One-off M&A-Related Costs incurred only in Q1, with no unplanned additional M&A-related expenses incurred in Q2: ⇒SG&A: advisory fees, etc. (approx. ¥2.0 bn), Non-operating expenses: structuring fees related to borrowings (approx. ¥1.2 bn) 1H Highlights １ ２ ３ 1H consolidated results outperformed the plan in both sales and profit. Operating profit exceed the forecast by 60.4%, and net profit surged 5.1times the target, a significant upside. Progress remains on track to achieve the full-year plan. TRIAL successfully improved both customer traffic and GPM at existing stores.1H results showed double-digit growth: sales up 10.2% YoY and operating profit doubling. Performance remains strong relative to the full-year plan. Progress of SEIYU PMI: SSS show an improving trend, staying positive from October. ⚫ Swiftly implemented various initiatives, since the full acquisition of SEIYU on July 1. ( Details on the next slide) ⚫ SEIYU shifted its management policy from a former “profitability-first” approach to one focused on “enhancing customer satisfaction.” ⚫ Sales reached 51.0% of full-year target through TRIAL x SEIYU Thank Sale in Oct, Black Friday in Nov, and End-of-Year Sale in Dec. ⚫ OP is progressed strongly at 59.1% of the full-year target, driven by a boost in GP from rebates and the suppression of performance-linked bonuses in Dec as planned under the former management. ⚫ 18 new store openings (1 Mega / 11 SuC / 1 smart / 5 GO), 3 closures (3 smart) ⚫ SSS(1H) grew 1.0% YoY, with customer traffic showing a recovery trend after bottoming out in Aug 2025. GPM improved significantly by 2.4pts to 22.2%, driven by refined pricing strategies and strengthening of Ready meals and PB products. The sales composition for the 1H showed strong performance, with Ready meals rising to 6.8% (6.1% in 1H FY6/25) and PB reaching 19.8% (18.4% in 1H FY6/25) ⚫ Effective labor cost controls led to a substantial increase in OP for 1H, which nearly doubled YoY, while OPM improved by 2.1pts to 4.5%. Goodwill amortization resulted from M&A and depreciation are non-cash expenses, and because they affect period-to-period comparisons and the evaluation of actual earnings power, TRIAL simultaneously presents EBITDA as a key metric that indicates substantial profitability. Disclosure of EBITDA: ⚫ No revision of the consolidated forecast. ⚫ Disclosed a three-year mid-term management plan incorporating the integration synergies with SEIYU, at the time of 1H financial results announcement.
Page 5
Q2 FY6/2026 41H Highlights Pilot Introduction of TRIAL PB Items at SEIYU Stores in Tokyo (Toyocho / Hibarigaoka) Two TRIAL GO Stores Opened in Tokyo TRIAL SEIYU Hanakoganei Store Scheduled to Open Rollout of "Gensen 100" to All SEIYU Stores Establishment of the PMI Office and Working Groups Full-Scale Rollout of Mutual PB Deployment Pilot Introduction of SEIYU PB Items at TRIAL Stores (Fukuoka Airport Store) July TRIAL×SEIYU Thanks Sale Annual Sale Black Friday End-of-Year Sale NovemberOctober Q1 FY6/2026 August September December Q2 FY6/2026 Review of current situation and formulation of short- term initiatives Migrate "Gensen 100" to "Sugotoku" Two TRIAL GO Stores Scheduled to Open in Tokyo Q3 FY6/2026 New Apparel Business “RIALT” Opened at SEIYU Sangenjaya SEIYU Store Converted to TRIAL with Strengthened Sales Floor (Higashimatsuyama MEGA Center) January February Uber Eats’ “Pick, Pack & Pay” Shopping Service Rolled Out at SEIYU 2nd “TRIAL SEIYU” Store Planned in Mushi-Shinjo New Year Sale TRIAL×SEIYU PB Promotion TRIAL GO Stores Scheduled to Open in Tokyo ３ “Sugo-Toku” Pricing ⚫ “Gensen 100” was renamed and continued as “Sugo × Toku” from Oct, strengthening price competitiveness across all SEIYU stores. Store / Product Enhancement Event Promotion Integration of Corporate Cultures TRIAL GO New Format SEIYU Model Store ⚫ A SEIYU president from TRIAL continues to deliver weekly messages and hold company-wide SEIYU meetings on a biweekly basis, fostering the integration of the two companies’ diverse corporate cultures. ⚫ “TRIAL GO,” the satellite-format small store anchored by SEIYU, makes its Tokyo debut in Nov (Nishi-Ogikubo Eki Kita/Fujimidai Eki Kita) and Dec (Sasazuka Eki Nishi/Nakano Chuo 5-Chome). Progress toward establishing a labor-saving, high-frequency delivery model. Cost of Goods Sold Reduction ⚫ The review of transaction terms at Seiyu has begun to yield rebate effects, boosting the GPM for Q2 FY6/2026. ⚫ The first “TRIAL SEIYU” format, combining the strengths of TRIAL and SEIYU, opened in Nov (Hanakoganei Store). Establishing a new “High-performing store” model for urban GMS locations. ⚫ In August, model store pilots were launched at two Hypermarkets (Toyocho, Hibarigaoka) to boost customer support. This initiative expanded to one Supermarket (Sengawa) in Dec, leveraging expertise from the initial sites. Sales and traffic are significantly beating the overall SSS, marking a strong start. ⚫ TRIAL×SEIYU Thanks Sale in Oct, followed by the Annual Sale and Black Friday in Nov and the End-of-Year Sale in Dec, successfully captured consumer demand. Since Oct, SEIYU’s SSS and customer traffic have consistently exceeded previous year levels, with strong performance continuing through the New Year sales. ⚫ Eliminating out-of-stocks of core products, optimizing sales floor layouts (effective use of end-shelfs), and increasing store personnel, particularly in fresh departments. The development of "high-conversion" model stores is also being promoted. ⚫ Test introduction of TRIAL Ready meals and PB products began at two SEIYU stores in Aug, followed by the full-scale launch of PB cross- selling in Oct. The product lineup continues to expand. ⚫ Launched "RIALT," an apparel specialty store, at SEIYU Sangenjaya in Nov. The goal is to acquire new customers by leveraging TRIAL’s price-competitive apparel offerings. Progress of PMI (Details)
Page 6
Q2 FY6/2026 55 TRIAL MEGA Center RIALT ● ● 1st apparel specialty store opened on Nov 14, 2025 RIALT SEIYU Sangenjaya ● TRIAL SEIYU Higashimatsuyama opened on Dec 15, 2025 Kanagawa Pref. Saitama Pref. Tokyo ● ● MEGA Center Tokyo metropolitan area 1H Highlights - SEIYU Toyohcho and Hibarigaoka: Experimental stores for model development where SEIYU introduced TRIAL’s PB items and Ready meals. - TRIAL GO: The satellite-type small store based on existing SEIYU stores. - TRIAL SEIYU: The new format, which combines the strengths of both companies. - RIALT SEIYU Sangenjaya: The first specialty store specializing in PB apparel items. Tokyo TRIAL SEIYU TRIAL GO SEIYU (Toyocho/Hibarigaoka) (4F of SEIYU Sangenjaya) SEIYU Hibarigaoka Rollout of Model Store Initiatives started on Aug 6, 2025 TRIAL SEIYU Hanakoganei Opened on Nov 28, 2025 TRIAL GO Fujimidai Eki Kita Opened on Nov 7, 2025 TRIAL GO Nakano Chuo 5-Chome Opened on Dec 12, 2025 TRIAL GO Nishi-Ogikubo Eki Kita Opened on Nov 7, 2025 TRIAL GO Sasazuka Eki Nishi Opened on Dec 5, 2025 Kodaira City Suginami Nerima Nishi-Tokyo City Koto Nakano Shibuya Setagaya SEIYU Toyocho TRIAL product rollout started on Aug 6, 2025 Musashi-Shinjo Scheduled to Open in Feb. 2026 ● SEIYU Sengawa Rollout of Model Store Initiatives started on Dec. 2025 TRIAL GO Ekoda Sakaecho Scheduled to Open in Feb. 2026
Page 7
IR Activities / Stock Situation 6 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Financial Summary Same-store Sales Growth (TRIAL) Net Sales +1.0% （YoY） ＋67.0％ （YoY） Operating Profit (OP) Margin Gross Profit Margin ＋4.0pts （YoY） 23.8% ￥160.3 bn （Approx. double, YoY） Gross Profit ＋100.2％ ＋0.1pts 2.5% （YoY） ￥16.6 bn （YoY） Operating Profit 611 stores （from FY2025） ＋259 stores Stores 274 stores （from FY2025） Stores with Skip Cart ＋16 stores (External 6 companies, 9 stores) ＋71.9％ ￥674.1 bn (TRIAL HD Consolidated)1H Highlights Total stores expanded to 611 from Q1, following 15 new openings and the consolidation of 245 SEIYU stores (1 closed). Both TRIAL and SEIYU posted solid SSS, sales grew 67.0% YoY. GP doubled (+100.2%) and GPM rose 4.0pts, driven by TRIAL’s improved pricing, stronger Ready meals/PB, as well as the contribution from SEIYU. Despite the impact of goodwill amortization and one-off M&A-related costs, effective cost control contributed to a strong 71.9% YoY increase in OP.
Page 8
IR Activities / Stock Situation 7 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Financial Summary *1 Other operating revenue mainly represent tenant leasing income. *2 EBITDA =「Operating Income」＋「Depreciation Expense」＋「Goodwill Amortization」 (TRIAL HD Consolidated)Q2/1H Earnings Summary Net Sales and GP beat the plan by 1.5% and 1.2% in 1H, while disciplined cost management reduced SG&A by 2.9%, and OP rose 60.4% above plan. Ordinary Profit grew 85.4% YoY, absorbing approx. ¥1.2 bn one-time loan structuring fees through strong OP performance. Despite tax-related impacts from M&A costs and goodwill amortization, Net Income reached approx. 5 times to the 1H plan, with steady progress toward full-year forecast. (Millions of yen) Actual Share Actual Share YoY YoY(%) Actual Share Actual Share YoY YoY(%) vs. Forecast Forecast Share Net sales 207,906 100.0% 347,499 100.0% +139,593 167.1% 403,741 100.0% 674,117 100.0% ＋270,376 167.0% 101.5% 664,200 100.0% Gross profit 40,950 19.7% 83,795 24.1% +42,845 204.6% 80,084 19.8% 160,345 23.8% ＋80,261 200.2% 101.2% 158,500 23.9% Other operating revenue *1 701 0.3% 4,340 1.2% +3,639 619.1% 1,351 0.3% 8,413 1.2% ＋7,062 622.7% 99.0% 8,500 1.3% Operating gross profit 41,651 20.0% 88,135 25.4% +46,484 211.6% 81,435 20.2% 168,759 25.0% ＋87,324 207.2% 101.1% 167,000 25.1% SG&A 36,882 17.7% 76,598 22.0% +39,716 207.7% 71,735 17.8% 152,082 22.6% ＋80,347 212.0% 97.1% 156,600 23.6% Operating profit 4,768 2.3% 11,536 3.3% +6,768 241.9% 9,700 2.4% 16,677 2.5% ＋6,977 171.9% 160.4% 10,400 1.6% Ordinary profit 5,358 2.6% 11,214 3.2% +5,856 209.3% 10,624 2.6% 14,462 2.1% ＋3,838 136.1% 185.4% 7,800 1.2% Profit attributable to owners of parent 2,972 1.4% 5,037 1.4% +2,065 169.5% 6,132 1.5% 4,057 0.6% (2,075) 66.2% 507.1% 800 0.1% EBITDA *2 8,082 3.9% 21,321 6.1% ＋13,239 263.8% 15,983 4.0% 36,018 5.3% +20,035 225.4% 118.9% 30,300 4.6% 1H FY6/2026 1H FY6/2026Q2 FY6/2025 1H FY6/2025Q2 FY6/2026
Page 9
IR Activities / Stock Situation 8 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Results by Business Segment Q2/1H Results by Business Segment Distribution and Retail Business: Sales and segment profit surged, up 67.2% and 88.9% YoY, led by solid SSS, with TRIAL posted 1.0% YoY and SEIYU perform steadily starting October. The store number expanded by 259, driven by 15 TRIAL stores (18 new stores / 3 closure) and the addition of 245 SEIYU stores (1 closure). Retail AI business: The introduction of retail tech such as Skip Cart to TRIAL group and experimental implementations at other retailers progressed, led to a positive segment profit. (Millions of yen) Actual Share Actual Share YoY YoY(%) Actual Share Actual Share YoY YoY(%) Net Sales 206,801 100.0% 346,189 100.0% +139,388 167.4% 401,751 100.0% 671,927 100.0% +270,176 167.2% External 206,789 100.0% 346,178 100.0% +139,389 167.4% 401,725 100.0% 671,906 100.0% +270,181 167.3% Intersegment 12 0.0% 11 0.0% (1) 91.7% 26 0.0% 21 0.0% (5) 80.8% Segment profit 5,259 2.5% 11,910 3.4% +6,651 226.5% 10,618 2.5% 20,061 3.0% +9,443 188.9% Retail AI Business Net Sales 1,388 100.0% 1,392 100.0% +4 100.3% 2,413 0.7% 2,700 100.0% +287 111.9% External 296 21.3% 233 16.7% (63) 78.7% 494 0.1% 377 14.0% (117) 76.3% Intersegment 1,091 78.6% 1,159 83.3% +68 106.2% 1,919 0.5% 2,322 86.0% +403 121.0% Segment profit 6 0.4% 147 10.6% +141 2450.0% 6 - 237 8.8% +231 3950.0% Q2 FY6/FY2025 Q2 FY6/2026 1H FY6/FY2025 1H FY6/2026 Distribution and Retail Business
Page 10
IR Activities / Stock Situation 9 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Results by Business Segment Reconciling items M&A related (Millions of yen) 1H FY6/2025 Share 1H FY6/2026 Share YoY YoY(%) 1H FY6/2026 Share 1H FY6/2026 1H FY6/2026 1H FY6/2026 Share Net sales 403,741 100.0% 444,860 100.0% +41,119 110.2% 230,755 100.0% (1,499) 674,117 100.0% Gross profit 80,084 19.8% 98,593 22.2% +18,509 123.1% 61,906 26.8% (153) 160,345 23.8% Other operating revenue *1 1,351 0.3% 1,576 0.4% +225 116.7% 6,866 3.0% (28) 8,413 1.2% Operating gross profit 81,435 20.2% 100,169 22.5% +18,734 123.0% 68,772 29.8% (182) 168,759 25.0% SG&A 71,735 17.8% 80,137 18.0% +8,402 111.7% 62,033 26.9% (182) 10,094 152,082 22.6% Operating profit 9,700 2.4% 20,031 4.5% +10,331 206.5% 6,739 2.9% - (10,094) 16,677 2.5% Ordinary profit 10,624 2.6% 20,564 4.6% ＋9,940 193.6% 6,927 3.0% - (13,028) 14,462 2.1% Profit attributable to owners of parent 6,132 1.5% 12,165 2.7% ＋6,033 198.4% 3,657 1.6% - (11,765) 4,057 0.6% TRIAL SEIYU TRIAL GROUP Retail AI Business Other TRIAL (FY2025 Consolidated) TRIAL HD Consolidated M&A-related Cost Advisory fee etc. Goodwill amortization Structuring fee Interest rate SG&A Non- operating Expenses Approx. 2.0 Bn Approx.1.2 Bn One-off Cost/ Recorded in Q1 M&A related SG&A, Non-operating Expenses *1 Other operating revenue mainly represent tenant leasing income. One-off Cost/ Recorded in Q1 Approx. 7.6Bn Approx.1.8 Bn 1H Earnings Summary (TRIAL+SEIYU) From July 1, 2025 to December 31, 2025 (Intercompany transactions) Distribution and Retail Business SEIYU ST Retail (TRIAL SEIYU) SEIYU PROCUREMENT THE SEIYU Service SEIYU TRIAL HD consolidated results are break down into “TRIAL,” “SEIYU,” and “M&A-Related Costs”. Among the M&A-related costs, advisory fees recorded under SG&A (approx. ¥2.0 bn) and structuring fees related to borrowings recorded under non-operating expenses (approx. ¥1.2 bn) are one-off costs incurred only in Q1 FY6/2026.
Page 11
IR Activities / Stock Situation 10 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Results by Business Segment Reconciling items M&A related (Millions of yen) Q2 FY6/2025 Share Q2 FY6/2026 Share YoY YoY(%) Q2 FY6/2026 Share Q2 FY6/2026 Q2 FY6/2026 Q2 FY6/2026 Share Net sales 207,906 100.0% 229,639 100.0% +21,733 110.5% 119,106 100.0% (1,246) - 347,499 100.0% Gross profit 40,950 19.7% 50,734 22.1% +9,784 123.9% 33,164 27.8% (103) - 83,795 24.1% Other operating revenue *1 701 0.3% 823 0.4% +122 117.4% 3,545 3.0% (28) - 4,340 1.2% Operating gross profit 41,651 20.0% 51,557 22.5% +9,906 123.8% 36,710 30.8% (132) - 88,135 25.4% SG&A 36,882 17.7% 41,066 17.9% +4,184 111.3% 31,754 26.7% (131) 3,909 76,598 22.0% Operating profit 4,768 2.3% 10,490 4.6% +5,722 220.0% 4,955 4.2% - (3,909) 11,536 3.3% Ordinary profit 5,358 2.6% 10,848 4.7% +5,490 202.5% 5,138 4.3% - (4,772) 11,214 3.2% Profit attributable to owners of parent 2,972 1.4% 7,011 3.1% +4,039 235.9% 2,441 2.0% - (4,414) 5,037 1.4% TRIAL SEIYU TRIAL GROUP Q2 Earnings Summary (TRIAL+SEIYU) From October 1, 2025 to December 31, 2025 Retail AI Business Other TRIAL (FY2025 Consolidated) TRIAL HD Consolidated M&A-related Cost Goodwill amortization Interest rate SG&A Non- operating Expenses Approx. 3.8 bn Approx.0.9 bn Distribution and Retail Business SEIYU ST Retail (TRIAL SEIYU) SEIYU PROCUREMENT THE SEIYU Service SEIYU From Q2 (Oct-Dec), “M&A-Related Costs” consist only of goodwill amortization (recorded under SG&A) and interest expense related to M&A financing (recorded under non-operating expenses). Advisory fees and structuring fees related to borrowings were one-time costs incurred only in Q1 FY6/2026. *1 Other operating revenue mainly represent tenant leasing income. (Intercompany transactions) M&A related SG&A, Non-operating Expenses
Page 12
IR Activities / Stock Situation 11 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Results by Business Segment Q2/1H Earnings Summary (TRIAL) *1 Progress indicates the percentage of progress in 1H relative to the performance forecast for the first half of the fiscal year. *2 Other operating revenue mainly represent tenant leasing income. TRIAL’s sales grew 10.2% due to the net addition of 15 stores (18 openings, 3 closures) with a 1.0% YoY increase in SSS. Aggressive pricing initiatives since Q4 FY6/2026 and enhanced Ready meals/PB resulted in a 23.1% increase in GP and improved GPM by 2.4pts. Effective cost control drove an approx. double in OP, on track to meet the full-year forecast. (Millions of yen) Actual Share Actual Share YoY YoY(%) Actual Share Actual Share YoY YoY(%) Progress*1 Forecast Share Net sales 207,906 100.0% 229,639 100.0% +21,733 110.5% 403,741 100.0% 444,860 100.0% +41,119 110.2% 51.1% 869,800 100.0% Gross profit 40,950 19.7% 50,734 22.1% +9,784 123.9% 80,084 19.8% 98,593 22.2% +18,509 123.1% 50.1% 196,800 22.6% Other operating revenue *2 701 0.3% 823 0.4% +122 117.4% 1,351 0.3% 1,576 0.4% +225 116.7% 47.8% 3,300 0.4% Operating gross profit 41,651 20.0% 51,557 22.5% +9,906 123.8% 81,435 20.2% 100,169 22.5% +18,734 123.0% 50.1% 200,100 23.0% SG&A 36,882 17.7% 41,066 17.9% +4,184 111.3% 71,735 17.8% 80,137 18.0% +8,402 111.7% 47.5% 168,600 19.4% Operating profit 4,768 2.3% 10,490 4.6% +5,722 220.0% 9,700 2.4% 20,031 4.5% +10,331 206.5% 63.6% 31,500 3.6% Ordinary profit 5,358 2.6% 10,848 4.7% +5,490 202.5% 10,624 2.6% 20,564 4.6% +9,940 193.6% 63.9% 32,200 3.7% Profit attributable to owners of parent 2,972 1.4% 7,011 3.1% +4,039 235.9% 6,132 1.5% 12,165 2.7% +6,033 198.4% 65.1% 18,700 2.1% Q2 FY6/2025 1H FY6/2025Q2 FY6/2026 1H FY6/2026 TRIAL FY6/2026
Page 13
IR Activities / Stock Situation 12 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Results by Business Segment Q2/1H Earnings Summary (SEIYU) *1 Progress indicates the percentage of progress in 1H relative to the performance forecast for the first half of the fiscal year. *2 Other operating revenue mainly represent tenant leasing income. ■ SEIYU SSS Growth 85 90 95 100 105 Merged with TRIAL on July 1 Q1 Q2 Jan. to Jun. Image Special demand last year led to a backlash in sales this year Both SSS and customer traffic showed positive results, boosted by the TRIAL x SEIYU “Thanks Sale.” Q3 Customer Traffic SSS 20262025 105% 100% Q2 FY6/2026 1H FY6/2026 (Millions of yen) Actual Share Actual Share Actual Share Progress*1 Forecast Share Net sales 111,649 100.0% 119,106 100.0% 230,755 100.0% 51.0% 452,700 100.0% Gross profit 28,741 25.7% 33,164 27.8% 61,906 26.8% 49.4% 125,200 27.7% Other operating revenue *2 3,320 3.0% 3,545 3.0% 6,866 3.0% 49.8% 13,800 3.0% Operating gross profit 32,062 28.7% 36,710 30.8% 68,772 29.8% 49.5% 139,000 30.7% SG&A 30,279 27.1% 31,754 26.7% 62,033 26.9% 48.6% 127,600 28.2% Operating profit 1,783 1.6% 4,955 4.2% 6,739 2.9% 59.1% 11,400 2.5% Ordinary profit 1,788 1.6% 5,138 4.3% 6,927 3.0% 60.8% 11,400 2.5% Profit attributable to owners of parent 1,216 1.1% 2,441 2.0% 3,657 1.6% 53.8% 6,800 1.5% Q1 FY6/2026 SEIYU FY6/2026 Customer-centric store environments bore fruit in seasonal promotions Strategic focus on major events: TRIAL-SEIYU Joint Thanks Sale (Oct), Black Friday (Nov), End-of-Year Sale (Dec) yielded strong results and expanded customer support. This strong traffic momentum has continued through Jan. SEIYU is advancing store revitalization efforts to enhance customer support by strengthening price competitiveness, optimizing floor layouts, and eliminating stockouts of staple items, while also introducing TRIAL’s signature products. Despite special demand last Aug led to a backlash in sales this year, SSS have been on a recovery trend and have remained in positive territory since Oct. Performance is progressing steadily toward full-year forecasts.
Page 14
IR Activities / Stock Situation 13 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Results by Business Segment SEIYU Model Stores 90 95 100 105 110 115 120 Toyocho Hibarigaoka 100% All Comp. Stores 110% 90 95 100 105 110 115 120 100% 110% Sengawa Toyocho Hibarigaoka All Comp. Stores Sengawa SSS Growth SSS Customer Traffic Growth 2025 Jul. Aug. Sep. Oct. Nov. Dec. Jan. Q1 Q2 Q3 2026 ■ Initiatives for Model Stores development • Introducing TRIAL’s popular PB products “Pork Cutlet Bowls” and “Egg Sandwich” • Optimization of store layout / enhancement of fresh foods • Strengthening marketing through promotional materials • Improvement of night-time store operations • Expansion of in-store prepared products The model stores continue to achieve sales growth that significantly outperforms the overall existing store base. Q1 Q2 Pork Cutlet Bowls Egg Full-filling Sandwich ■ Status of the Introduction of TRIAL PB in SEIYU Stores TRIAL’s signature products contributed significantly to winning customer support TRIAL PB Nearly All Stores Actual Approx. 20stores (Signature Items) Sequentially、 rollout to more stores Approx. 10stores Approx. 100stores Approx. 30stores Hypermarket Supermarket Toyocho Hibarigaoka Sengawa ■ Model Stores Development commence in Aug 2025 (Koto) (Nish-Tokyo City) (Chofu City) Leveraging the know-how from the Toyocho and Hibarigaoka stores, the company will begin developing a supermarket (small- to mid-sized store) model. Development commence in Dec 2025 In Aug, we launched model store initiatives at two Hypermarkets (Toyocho and Hibarigaoka) to enhance customer support. Beginning in Dec, we expanded the approach to one Supermarket (Sengawa), leveraging the know-how gained from the initial two pilot locations. Sales and customer traffic at these three model stores have significantly outperformed the overall SSS, marking a smooth start for revitalization efforts.
Page 15
IR Activities / Stock Situation 14 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Achieving Our Vision Growth Journey to Achieve Vision Backcast Endeavor for quantum leap forward Retail Enhanced Focus on “food” Acceleration of Store openings across Japan Real Commerce far beyond Retail IoT Implementation Automation of Retail AI Retail Media Retail×IT･AI Foundation of TRIAL Group Revolutionize “real commerce” around the globe with technology and practical savvy. Enrich people’s lives by eliminating inefficiencies in the Distribution and Retail Industry Long - term vision Next generation Smart Store Retail Platformer Now 4 Key Strategies Strengthen Existing Stores Focus on food products and continue store renovations 1 New Store Opening Accelerated new store openings with a focus on SuC 2 3 Improvement in the product mix and cost control Retail Tech4 Retail revolution by establishing ecosystem Eliminate inefficiency in the Distribution and Retail industry by “Store Expansion”, “Retail Tech” and “Partnership” aiming for sustainable development and growth not only for our group but also society as a whole. Improve Profitability
Page 16
IR Activities / Stock Situation 15 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Existing Stores / Renovation 104.9 109.9 110.6 102.5 105.2 108.0 101.6 109.3 101.9 100.8 105.0 104.2 103.6 101.8 105.6 103.8 103.6 101.3 101.4 98.3 99.8 101.7 105.5 99.8 105.6 94 96 98 100 102 104 106 108 110 Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May. Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Special demand last year led to a backlash in sales this year Same Store Sales Trends (YoY, TRIAL) TRIAL SSS Customer Traffic ：100.6%Full YearPlan Actual 1H (Jul.-Dec.) ： 101.0% (%) 2024 2025 Average Spending Enhancing “food” focusing on fresh products to be the region‘s No.1 daily necessities store. SSS had been growing for 50 consecutive months, from June 2021 to July 2025. Two more holidays (+1.7pts) Q2 (Oct.-Dec.)： 102.2% TRIAL×SEIYU Thanks Sale Holidays/ Anniversary Sale (-1.6pts) 2026 Starting June 2025, full-scale rollout of pricing strategy, higher unit prices successfully lifted average spend, kept SSS resilient despite a temporary impact on customer traffic. We outperformed plans by effectively capturing demand through enhanced fresh food assortments, vibrant in-store merchandising, and strengthened holiday events—such as New Year’s “Lucky Bag”—during year-round operations. These efforts offset headwinds from a mild winter and the special demand in 2015 surge. Moving forward, the company aim to accelerate SSS growth and profitability by balancing price-competitive staples with high-value offerings. One more holiday (+1.1pts) Strong performance in New Year Sale
Page 17
IR Activities / Stock Situation 16 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Existing Stores / Renovation FY6/2023 FY6/2024 FY6/2025 Q1 Q2 Jul.-Sep. Oct.-Dec. TRIAL MEGA Center 4 5 0 0 0 0 Super Center 19 20 13 4 2 6 smart 2 3 2 0 1 1 Small Format 5 2 4 0 0 0 SEIYU Hypermarket - -- - 0 0 0 Supermarket -- -- - 0 0 0 Total 30 30 19 4 3 7 Full Year Full Year Full Year FY6/2026 1H Store Renovation ：17 stores ： 7 stores Full YearPlan Actual Renovation 1H (Jul.-Dec.) TRIAL renovated stores primarily focused on optimizing the sales floor centered on "Food" and introducing retail technology such as the Skip Cart. In Q2, 2 Super Center and 1 smart were renovated.
Page 18
IR Activities / Stock Situation 17 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Store Opening / Closure Q2 Financial Results Q1 Total Store Total Store Total Store Total Store Opening Closure Store Format Change TRIAL MEGA Center 24 24 28 28 1 0 29 0 Super Center 181 187 207 213 5 0 218 0 smart 68 64 70 70 0 2 68 0 Small Format 12 43 47 47 5 0 52 0 Total 285 318 352 358 11 2 367 0 SEIYU Hypermarket - - - 74 0 0 73 -1 Supermarket - - - 170 1 1 170 0 TRIAL SEIYU - - - 0 0 0 1 1 Total - - - 244 1 1 244 1 Total 285 318 352 602 12 3 611 1 FY6/2026 Q2 (Oct.-Dec.) FY6/2023 FY6/2024 FY6/2025 Store Openings, Closures and Format Changes In Q2 we opened 12 stores (1 MEGA, 5 Super Center, 5 Small Format (TRIAL GO) and 1 Supermarket). Closed 3 stores (2 smart and 1 Hypermarket). The total store count 611 at the end of Q2, on track with our full-year plan. In addition, one Hypermarket was converted to the new “TRIAL SEIYU” format, with the aim of establishing a turnaround model for urban GMS stores. 245 Seiyu stores were integrated into the Group following the full acquisition of Seiyu on July 1, 2025. (1 Hypermarket close d in Sep.*1) *1 *2 *3 TRIAL GO Store counts: 39 *2 Format Change: Hypermarket to TRIAL SEIYU MEGA Center opened on the site of former Hypermarket *1 ：25 +more stores ： 19 stores Full YearPlan Actual Openings 1H (Jul.-Dec.)
Page 19
IR Activities / Stock Situation 18 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Store Opening / Closure Q2 Financial Results Super market 73 Hyper market 17029 218 68 52 TRIAL SEIYU Nov Opening Dec Oct Closure Nov smart Supermarket Format Change Super Center Small Format (TRIAL GO) Saijo (Ehime) Sasazuka Eki Nishi (Tokyo) Saza (Nagasaki) Heguri (Nara) Nakano Chuo 5-Chome (Tokyo) Ozasa 4-Chome (Fukuoka) Nishi-Ichinoe (Tokyo) Super Center Small Format (TRIAL GO) Hitachino Ushiku (Ibaragi)Supermarket smart Noda (Chiba) Takasaki Nakaizumi (Gunma) Dec TRIAL SEIYU Hanakoganei (Tokyo) MEGA Center Higashimatsuyama (Saitama) 1st Store in Tokyo 1st Store in Ehime Super Center MEGA Center FebOpening Itano (Tokushima) Nishi Yamato (Nara) 91 10 13 29 28 11 18 ３ ２ 33 14 2 9 2 9 3 2 143 33 59 34 23 15 11 ２ ２ 197 63 83 2 17 ９ 88 57 12 50 ７ Total 611 Status of Store Openings Hokkaido Tohoku Kanto Chubu Kinki Chugoku ShikokuKyushu *As of December 31, 2025 TRIAL: 367 stores SEIYU: 244 stores MEGA Center Super Center smart Small Format Kanuma (Tochigi) Nishi-Ogikubo Eki Kita (Tokyo) Fujimidai Eki Kita (Tokyo) Minamisoma (Fukushima) Q2 FY6/2026 Q3 FY6/2026 As of February 12, 2026 1st Store in Tokushima 1 Nov Closure HypermarketFeb Hamakita (Shizuoka) Planned to Open as MEGA Center Super Center 9 18 29 7 83 50 1 Hypermarket to 1st TRIALSEIYU Store
Page 20
IR Activities / Stock Situation 19 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Store Opening / Closure Q2 Financial Results Topics for New Stores MEGA Center Higashimatsuyama (Saitama) Opened on Dec 10, 2025 Open TRIAL MEGA Center after SEIYU store closed Sales approx.2.7times Before After Before After Traffic January 2026 (YoY) approx. 2 times Result 1 month after the format change Transformation into fresh-food-driven High-performing store (Mega Center) successfully captured underlying demand for food, particularly in fresh and Ready meals, leading to significant growth in both sales and customer traffic. Super Center Saijo (Ehime) Super Center Itano (Tokushima) 1st store in Ehime Opened on Nov 26, 2025 Schedule to Open on Feb 11, 2026 ◼ “Teppan Napolitan,” a Shikoku- exclusive product, performed well ◼ Expend TRIAL exclusive bakery products (store rollout in progress) ◼ Full-scale introduction of In-Store Signage as the 174th store in Japan ◼ Tax exemption available 1st store in Tokushima 1st stores in Ehime and Tokushima Pref. Store network has now expanded via 39 prefectures nationwide
Page 21
IR Activities / Stock Situation 20 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Store Opening / Closure Q2 Financial Results Two TRIAL GO Stores Opened in Tokyo Key Store Features Product assortment designed to meet the needs of customers making both add-on purchases and bulk purchases. Due to the characteristics of the area, fresh products ratio is high and sales of ready-to-eat items (Ready meals and sushi) are performing well. “TRIAL GO” is a new store format built around the concept of “a place you want to visit every day, multiple times a day.” The model aims to be "the most accessible and convenient store" by leveraging retail technology, such as facial recognition payment and Retail EYE, in addition to offering delicious food, including freshly prepared Ready meals. Opened on Dec 5, 2025 Opened on Dec 12, 2025 TRIAL GO Sasazuka Eki Nishi Store (Shibuya, Tokyo) TRIAL GO Nakano Chuo 5-Chome Store (Nakano, Tokyo) • 2 mins walk from Sasazuka Station • Store area: approx. 140㎡ • 2 mins walk from Shin-Nakano Station • Store area: approx. 110㎡ Consumer purchasing behavior, trade areas, and customer demographics vary significantly even among 4 urban stores. • Optimizing product assortment and shelf allocation on a store-by-store basis • Increasing basket size and driving top-line growth Challenges Trade Area Responsiveness • Detailed analysis using trade area analytics software • Leveraging data insights for product development • Accumulating rapid PoC at store level 5th store in Tokyo Schedule to open in February Ekoda Sakaecho Store Fujimidai Eki Kita Nakano Chuo 5-ChomeNishi-Ogikubo Eki Kita Sasazuka Eki NishiSuginami Nerima Nakano Key Store Features (Nerima, Tokyo) Actions
Page 22
Q2 FY6/2026 2121New Format “TRIAL SEIYU” Hanakoganei Store At Hanakoganei store, a pilot case for format conversion, strategic expansion of fresh and Ready meals captured latent food demand. Improved second-floor traffic, Kyushu-themed menus, and digital signage drove strong initial results, with sales and customer traffic rising significantly in the first two months after conversion, demonstrating TRIAL’s know-how as a key driver of SEIYU’s revitalization. Opened on Nov 28, 2025 ⚫ Captured latent demand for "food" that SEIYU stores had missed, with the "Fresh" category (fresh and Ready meals) significantly driving sales growth ⚫ Acquired new customers by strengthening the sales of TRIAL’s signature products (e.g., Pork Cutlet Bowl, Egg Sandwiches) alongside SEIYU’s PB items ⚫ Achieved a significant increase in sales per unit area through the optimization of MD ⚫ Expanded usage during nighttime and late-night hours, successfully capturing new demand in urban areas Sales approx.42%up Traffic ⚫ Expanded sales floor space for meat, seafood, and deli categories while strengthening promotional activities ⚫ In-store processing for meat and sushi to improve freshness ⚫ Vertical displays to maximize space and visual impact Strengthened the alcohol and beauty categories as core anchors to drive customer traffic to the 2nd floor 1F 2F Before After Before After • Differentiated MD themed around “Kyushu Love” • Deployment of digital signage integrated with sales floor promotions • New shopping experience with Skip Cart Point approx.36%up TRIAL SEIYU Hanakoganei Store (Kodaira City, Tokyo) YoY: Dec 1, 2025 – Jan 31, 2026 Initial Performance in the First Two Months After Conversion
Page 23
IR Activities / Stock Situation 22 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Sales by Category / PB 1H Sales by Product Category TRIAL sales of Fresh, a key traffic driver with high profitability, rose 17.9% YoY, driving sales and profit growth in the Distribution and Retail business. Ready meals grew the sales by 22.6%, raising their sales composition ratio by 0.7pts to 6.8%, showing steady progress toward the mid-term target of 8%. From July 1, 2025 to December 31, 2025 (Millions of yen) Actual Share Actual Share YoY YoY(%) Actual Share Actual Share 401,725 100.0% 441,728 100.0% +40,003 110.0% 230,178 100.0% 671,906 100.0% Food 298,614 74.3% 332,706 75.3% +34,092 111.4% 200,447 87.1% 533,154 79.3% Grocery 113,525 28.3% 120,989 27.4% +7,464 106.6% 67,859 29.5% 188,849 28.1% Daily 73,834 18.4% 80,590 18.2% +6,756 109.2% 54,439 23.7% 135,030 20.1% Fresh (Incl. Ready meals *) 111,254 27.7% 131,127 29.7% +19,873 117.9% 78,148 34.0% 209,275 31.1% Ready meals 24,521 6.1% 30,069 6.8% +5,548 122.6% 23,669 10.3% 53,739 8.0% Non-Food 103,111 25.7% 109,021 24.7% +5,910 105.7% 29,730 12.9% 138,751 20.7% Living 47,170 11.7% 49,389 11.2% +2,219 104.7% 15,946 6.9% 65,335 9.7% Hardware 36,339 9.0% 37,583 8.5% +1,244 103.4% 5,444 2.4% 43,027 6.4% Apparel 11,735 2.9% 12,115 2.7% +380 103.2% 3,492 1.5% 15,608 2.3% Other 7,866 2.0% 9,933 2.2% +2,067 126.3% 4,847 2.1% 14,780 2.2% Net sales (Distribution and Retail business) 1H FY6/2025 1H FY6/2026 TRIAL SEIYU TRIAL Group * Starting Q1 FY6/2026, there were changes in product category. Some products in “Fresh” were re-categorized as “Daily”. The figures for 1H FY6/2025 have also been restated retroactively (impact: 8,290 million yen). * Products kinds are as follows. Grocery: Processed food like snacks. Daily: Eggs and dairies. Fresh: Fruits, Meat, Fish and Ready meals. Living: Household essentials such as daily consumables. Hardware: Durables - such as home electronics. Apparel: Innerwear, outerwear.
Page 24
IR Activities / Stock Situation 23 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Sales by Category / PB (Millions of yen) Actual Share Actual Share YoY YoY% Actual Share Actual Share 206,789 100.0% 227,520 100.0% +20,731 110.0% 118,657 100.0% 346,178 100.0% Food 153,613 74.3% 171,625 75.4% +18,012 111.7% 103,381 87.1% 275,007 79.4% Grocery 57,643 27.9% 62,035 27.3% +4,392 107.6% 35,568 30.0% 97,603 28.2% Daily 37,712 18.2% 41,171 18.1% +3,459 109.2% 27,593 23.3% 68,764 19.9% Fresh (Incl. Ready meals *) 58,257 28.2% 68,419 30.1% +10,162 117.4% 40,220 33.9% 108,639 31.4% Ready meals 12,471 6.0% 15,290 6.7% +2,819 122.6% 12,022 10.1% 27,313 7.9% Non-Food 53,176 25.7% 55,894 24.6% +2,718 105.1% 15,276 12.9% 71,170 20.6% Living 23,897 11.6% 25,118 11.0% +1,221 105.1% 7,934 6.7% 33,052 9.5% Hardware 18,547 9.0% 19,242 8.5% +695 103.7% 2,941 2.5% 22,183 6.4% Apparel 6,608 3.2% 6,782 3.0% +174 102.6% 1,883 1.6% 8,665 2.5% Other 4,123 2.0% 4,751 2.1% +628 115.2% 2,517 2.1% 7,268 2.1% Net sales (Distribution and Retail business) Q2 FY6/2025 TRIAL GroupTRIAL Q2 FY6/2026 SEIYU Q2 Sales by Product Category From October 1, 2025 to December 31, 2025 * Starting Q1 FY6/2026, there were changes in product category. Some products in “Fresh” were re-categorized as “Daily”. The figures for Q2 FY6/2025 have also been restated retroactively (impact: 4,308 million yen). * Products kinds are as follows. Grocery: Processed food like snacks. Daily: Eggs and dairies. Fresh: Fruits, Meat, Fish and Ready meals. Living: Household essentials such as daily consumables. Hardware: Durables - such as home electronics. Apparel: Innerwear, outerwear.
Page 25
IR Activities / Stock Situation 24 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Sales by Category / PB “RIALT SEIYU Sangenjaya” Opened on Nov 14, 2025 The first specialty store specializing in PB apparel items PB Product Development Initiatives Trend of the Sales Share of PB Product * Prices may vary depending on the store. Additionally, there may be stores or time slots where the product is not available. TRIAL PB Selection Rayon generates heat, Acrylic retains the warmth. Renewal TRIAL Apparel Online Shop “RIALT” Everyday wear, including fleece and innerwear, offering exceptional quality at highly competitive prices. ▼ Click here for EC site https://rialt.online/ NEW! Homemade Ohagi is renewed with an enhanced, chunkier texture for better flavor! 25%Mid-term goal FY6/2022 FY6/2023 FY6/2024 FY6/2025 FY6/2026 Q1 1H TRIAL SEIYU 9.2 10.3 14.9 18.4 19.9 19.8 % 15.5 14.9% Promoting the development of PB products bringing value to customers, based on customer insights gained through data. The sales share of PB grew to 19.8% for TRIAL and 14.9% for SEIYU in 1H FY6/2026. SEIYU’s ratio saw a temporary decline, reflecting expanded sales of NB products driven by reinforced price competitiveness. Showing steady progress toward the mid-term goal of 25% through the continuous enhancement of PB product appeal and quality.
Page 26
IR Activities / Stock Situation 25 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results Sales by Category / PB Organized by the Japan Supermarket Association, this award recognizes outstanding products - such as bento, prepared foods, salads, and bread which sold in supermarkets, convenience stores, and specialty shops, as selected by a panel of food experts. ＼ First Day Sales: Approx. 18,000 ／ A Hybrid New Triple Textures Crunchy Caramel, Chewy Mochi, and Crispy Danish! Featuring fresh, pesticide-free shiitake mushrooms, pan-fried to a golden crisp in olive oil with homemade mentaiko butter mayo and domestic green seaweed. Ready meals offered at TRIAL are developed by “Kohaku Hompo” chefs. New menu creation and improvements to existing menus are carried out in the "Test Kitchen.“ 1,300 to 1,500 recipes are developed annually, and only those that pass the strict evaluations are commercialized. “Special Sablefish Bento" “Fukushima Ginger Pork Bento" “Special seaweed Bento" "Garlicky Fried Rice" “Mochi-mochi Rare-Dora Roll" “You will be the winner!" "Trick or Plate !?" “Crispy? Chewy? Flaky? Kouign-Amann?” ￥ 149 (tax incl.) Highly Recommended Merchandise Moritakeno Shiitake Bread Bread Category / Excellence Award ￥280 (tax incl.) Bento and Prepared Meal Awards * Prices may vary depending on the store. Additionally, there may be stores or time slots where the product is not available. TRIAL Groups’s “Kohaku Hompo” achieved great success at “Bento and Prepared Meal Awards 2026.” “Moritakeno Shiitake Bread” received the Excellence Award, and 8 other products were selected for honors. Understanding customers currently in-store Special “PB” Specialty Store Standard ② Data-driven feedback Communicating “deliciousness” that delivers value beyond price Sales floors that convey “Deliciousness” Professional Skill System Partnership＋ ＋ Customer needs + Demand prediction Exceptional taste beyond price Commoditization with professional quality Product planning Assortment Product strength + Design + Promotion Premium Standard Standard ① Premium Standard Be Delicious! Value Beyond Price. Turning Craftsmanship Recipes into Flavors at the Storefront ~ Culinary Proposals by Chefs ~ Kohaku Hompo
Page 27
IR Activities / Stock Situation 26 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q2 Financial Results GP Improvement 95 100 105 110 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Execution of Gross Profit Growth Strategy Update the pricing display Right pricing to appeal competitiveness １ ２ ３ ４ Aiming to achieve both SSS growth and profitability by thoroughly implementing and continuing our initiatives. • From showing tax-inclusive only to tax-exclusive • Show competitive pricing clearly The pricing strategy implemented from Q4 delivered a significant GPM growth of 2.4 pts YoY. We promoted price optimization using customer data, developed valuable products, and created appealing store layouts. While executing measures such as the introduction of "Exciting Price" to effectively communicate the affordability of price-focused items, we also prioritized balancing with value-focused items. We aim to continuously gain customer support and establish a sustainable, highly profitable business model. Drive traffic with price-driven items Boost profitability through value-driven items TRIAL Gross Profit Margin Trend (Quarterly) 19.7 19.7 22.1 19 20 21 22 23 (%) +2.4 pt % (%) Q2 Q2 Q2 SSS Customer Traffic Average Spending Basket Size Price Per Items FY6/2024 FY6/2025 FY6/2026 (Jul.-Sep.) (Oct.-Dec.) (Jan.-Mar.) (Apr.-Jun.) (Jul.-Sep.) (Oct.-Dec.) (Jan.-Mar.) (Apr.-Jun.) (Jul.-Sep.) (Oct.-Dec.) (Jan.-Mar.) • Strengthened price control function (introduction of price controllers) • Enhanced pricing precision through data utilization • Through and sustained price appeal (Exciting Price) • Through and sustained value appeal (via planograms/POP/signage) • Continued enhancement of ready meals and PB development • Strengthening evening-time offerings of ready meals and sushi • Expansion of SEIYU’s PB products Continued upward trend in GPM with improved customer traffic Build shelves that convey product value Strengthen GP-driving products ⚫ Re-engaging temporarily lapsed customers by leveraging targeted coupons to reinforce our competitive price positioning ⚫ Reinvesting procurement cost savings achieved through business account integration to maintain consistently competitive pricing that drives continuous sales ⚫ Optimization of inventory turnover and cost reductions through integration synergies ⚫ Eliminating inefficient assortments that do not match local preferences ⚫ Upgrading in-store operations ⚫ Communicating value through integrated digital and analog promotions ⚫ Strengthening evening product availability to address previous supply gaps ⚫ Driving sales of "Lock-on Items“ high-value-added products available only at TRIAL and SEIYU GPM Jan.
Page 28
IR Activities / Stock Situation 27 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Breakdown SG&A Q2 Financial Results Q2/1H Breakdown of SG&A expenses *１ Labor Costs = “Executive Compensation” + “Wages, bonuses for employees, part-time workers, and temporary staff” + “Share-based compensation” + “Statutory benefits and welfare expenses“+ "Transportation expenses" + "Education, training, and recruitment expenses" + "Secondment labor costs" *２ Real estate Expenses = "Rent" + "Depreciation expenses“ *３ Advertising and promotion Expenses = "Advertising expenses" + "Sales promotion expenses" + "Amount of points redemption" TRIAL SEIYU Sales Share Due to the full acquisition of Seiyu, YoY results increased significantly. Goodwill amortization has been recorded (approx. ¥7.6 bn) from Q1 FY6/2025. M&A-related advisory fees (approx. ¥2.0 bn) was recorded as a one-off expense under “Other.” (TRIAL HD Consolidated) (Millions of yen) Actual Share Actual Share YoY YoY(%) Actual Share Actual Share YoY YoY(%) Net sales 207,906 100% 347,499 100% ＋139,593 167.1% 403,741 100.0% 674,117 100.0% +270,376 167.0% SG&A Expenses 36,882 17.7% 76,598 22.0% ＋39,716 207.7% 71,735 17.8% 152,082 22.6% +80,347 212.0% Labor*1 21,762 10.5% 37,233 10.7% ＋15,471 171.1% 41,923 10.4% 72,183 10.7% +30,260 172.2% Real estate*2 5,852 2.8% 15,158 4.4% ＋9,306 259.0% 11,310 2.8% 29,935 4.4% +18,625 264.7% Advertisement / promotion*3 1,229 0.6% 2,182 0.6% ＋953 177.5% 2,395 0.6% 3,702 0.5% +1,307 154.6% Utility 2,718 1.3% 4,793 1.4% ＋2,075 176.3% 5,991 1.5% 11,004 1.6% +5,013 183.7% Amortization of goodwill - - 3,831 1.1% ＋3,831 - - - 7,663 1.1% +7,663 - Other 5,321 2.6% 13,398 3.9% ＋8,077 251.8% 10,116 2.5% 27,595 4.1% +17,479 272.8% 1H FY6/20261H FY6/2025Q2 FY6/2026Q2 FY6/2025 10.5 % 10.9 % 2.9 % 7.4 % 1.5 % 1.9 % 10.6 % 10.8 % 2.9 % 7.3 % 0.6 % 0.6 % 0.5 % 0.7 % 1.3 % 1.6 % 1H Q2 Breakdown of
Page 29
IR Activities / Stock Situation 28 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Q1 Financial Results Retail Tech Q2 Financial Results 17,032 19,579 21,561 180 223 258 266 Better Customer Experience by Skip Cart 100 100 1,491 684 1,593 1,360 We have optimized the number of carts per store. To test Skip Cart impact, other retailers installed the carts to see if it improves the customer experience and reduces labor cost at checkout. 25.1% *1 Including installation for stores outside of the group. *2 As of July 1, 2024, to June 30 2025, the proportion of total customers using Skip Cart among the total number of customers during the hours from 9 AM to 9 PM, when carts are available for use, at the 195 Super Center in TRIAL group that have introduced Skip Cart, for the period from July 1, 2024 to June 30, 2025. *3 Monthly Sessions refer to the average monthly users of Skip Cart (excluding those outside the group) during the period from July 1, 2024 to June 30, 2025. *4 POS data from Island City Store (SuC) , from April 29, to May 6, 2025. 4.5Millions Indexing manned checkout throughput at 100 customers Indexing manned checkout throughput at 100 items （Unit：Per Person） （Unit：Item） Manned Checkout Manned Checkout Self Checkout Skip Cart Self Checkout Skip Cart Less labor cost Monthly Sessions *3 Average utilization rate *2 Number of customers passing through per hour *4 Number of purchases per hour *4 Impact of Skip CartInstallation of Skip Cart *1 FY2023 FY2024 Number of Skip Cart (Total) Number of stores 274 22,675 FY2025 Q1 FY6 2026 Q2 21,969
Page 30
IR Activities / Stock Situation 29 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Consolidated BS / CF Q2 Financial Results Consolidated Balance Sheets 389,003mn 128,549mn Net Assets 15.1 ％ Equity Ratio 272,599mn +350,436mn +2,424mn+306,358mn （26.9 pts） *1 Interest-bearing Debt = Short-term borrowings ＋ Current portion of long-term borrowings ＋ Long-term borrowings ＋ Lease obligations *2 Net Debt = Interest-bearing debt - Cash and deposits From June 2025 Interest-bearing Debt *1 Net Debt *2 As financing for the full acquisition of Seiyu, short-term borrowings (bridge loans) of ¥367.4 bn were recorded, along with goodwill of ¥298.8 bn. Due to the year-end bank holiday on Dec 31, 2025, settlement dates for accounts payable were shifted, resulting in temporarily higher balances for "Cash and deposits" and "Accounts payable" compared to a typical month. (TRIAL HD Consolidated) (Millions of yen) Actual Share Actual Share YoY (Millions of yen) Actual Share Actual Share YoY Current assets 143,172 47.7% 257,758 30.3% +114,586 Current liabilities 151,064 50.3% 655,995 77.1% +504,931 Cash and deposits 72,325 24.1% 116,403 13.7% +44,078 Accounts payable - trade 82,640 27.5% 217,274 25.5% +134,634 Accounts receivable - trade 3,301 1.1% 20,856 2.5% +17,555 Short-term borrowings 26,500 8.8% 367,400 43.2% +340,900 Inventories 56,612 18.9% 89,503 10.5% +32,891 Current portion of long-term borrowings 3,027 1.0% 2,832 0.3% (195) Non-current assets 157,110 52.3% 592,708 69.7% +435,598 Contract liabilities 11,817 3.9% 14,107 1.7% +2,290 Property, plant and equipment 136,549 45.5% 227,120 26.7% +90,571 Non-current liabilities 20,190 6.7% 62,748 7.4% +42,558 Buildings and structures 89,316 29.7% 132,213 15.5% +42,897 Long-term borrowings 9,031 3.0% 18,747 2.2% +9,716 Land 23,046 7.7% 63,356 7.4% +40,310 Asset retirement obligations 9,274 3.1% 32,500 3.8% +23,226 Intangible assets 2,762 0.9% 310,598 36.5% +307,836 Net assets 129,028 43.0% 131,723 15.5% +2,695 Goodwill - - 298,875 35.1% 298,875 Shareholder's equity 125,194 41.7% 127,467 15.0% +2,273 Investments and other assets 17,799 5.9% 54,989 6.5% +37,190 Non-controlling interests 2,903 1.0% 3,173 0.4% +270 Total assets 300,283 100.0% 850,466 100.0% +550,183 Total liabilities and net assets 300,283 100.0% 850,466 100.0% +550,183 June 2025 December 2025 June 2025 December 2025
Page 31
IR Activities / Stock Situation 30 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Consolidated BS / CF Q2 Financial Results 1H FY6/2025 (Millions of yen) Actual Actual YoY YoY(%) Cash and cash equivalents at beginning of period 91,947 72,325 (19,622) 78.7% Net cash provided by (used in) operating activities 25,506 113,669 +88,163 445.7% Net cash provided by (used in) investing activities (16,067) (379,592) (363,525) - Net cash provided by (used in) financing activities (3,687) 309,917 +313,604 - Effect of exchange rate change on cash and cash equivalents (1) 82 +83 - Net increase (decrease) in cash and cash equivalents 5,748 44,077 +38,329 766.8% Cash and cash equivalents at end of year 97,696 116,403 +18,707 119.1% Free Cash Flow (CF from operating activities + CF from investing activities) 9,438 (265,922) (275,360) - Capital expenditures 20,940 21,270 330 101.6% 1H FY6/2026 Consolidated Cash Flow Statements From July 1, 2025 to December 31, 2025 The acquisition of SEIYU shares (Investing Activities CF) for its full acquisition, along with the increase in borrowings (Financing Activities CF), have significantly impacted the cash flow. Over the medium term, we aim to enhance Cash Flow from Operating Activities by realizing synergies with SEIYU. (TRIAL HD Consolidated)
Page 32
IR Activities / Stock Situation 31 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Consolidated Forecast Q2 Financial Results (Millions of yen) Actual Share Plan Share YoY YoY% Actual Share Plan Share YoY YoY% Actual Share Plan Share YoY YoY% Net sales 403,741 100.0% 664,200 100.0% +260,459 164.5% 400,087 100.0% 658,300 100.0% +258,213 164.5% 803,829 100.0% 1,322,500 100.0% +518,671 164.5% Gross profit 80,084 19.8% 158,500 23.9% +78,416 197.9% 84,757 21.2% 163,500 24.8% +78,743 192.9% 164,842 20.5% 322,000 24.3% +157,158 195.3% Other operating revenues 1,351 0.3% 8,500 1.3% +7,149 629.2% 1,409 0.4% 8,600 1.3% +7,191 610.4% 2,761 0.3% 17,100 1.3% +14,339 619.3% Operating gross profit 81,435 20.2% 167,000 25.1% +85,565 205.1% 86,167 21.5% 172,100 26.1% +85,933 199.7% 167,603 20.9% 339,100 25.6% +171,497 202.3% SG&A 71,735 17.8% 156,600 23.6% +84,865 218.3% 74,761 18.7% 157,100 23.9% +82,339 210.1% 146,497 18.2% 313,700 23.7% +167,203 214.1% Operating income 9,700 2.4% 10,400 1.6% +700 107.2% 11,405 2.9% 15,000 2.3% +3,595 131.5% 21,106 2.6% 25,400 1.9% +4,294 120.3% Ordinary income 10,624 2.6% 7,800 1.2% (2,824) 73.4% 11,576 2.9% 6,100 0.9% (5,476) 52.7% 22,200 2.8% 13,900 1.1% (8,300) 62.6% Profit (loss) attributable to owners of parent 6,132 1.5% 800 0.1% (5,332) 13.0% 5,619 1.4% (300) - (5,919) - 11,752 1.5% 500 0.0% (11,252) 4.3% EBITDA *1 15,983 4.0% 30,300 4.6% +14,317 189.6% 18,958 4.7% 36,000 5.5% +17,042 189.9% 34,941 4.3% 66,300 5.0% +31,359 189.7% Forcast FY6/2025 FY6/2026 FY6/2025 FY6/2026 FY6/2025 FY6/2026 1H 1H Forcast 2H 2H Forcast FY2026 Consolidated Forecast TRIAL Holdings Consolidated SEIYU Integration Synergies M&A Capital Expenditures 40.0 Bn 367.4 Bn Bank loan Interest rate TIBOR + 0.325 % A portion of advisory fee etc. Approx. 2.0 Bn Structuring fee (Repayment deadline 1 year) SG&A Approx. 1.2 Bn (One-off Cost/ Recorded in Q1) (One-off Cost/ Recorded in Q1) Non-operating Expenses No revision of the consolidated forecast announced on August 13, 2025. Refinancing costs with the conversion of short-term to long-term borrowings Approx. 8.0 Bn (One-off Cost Included) Goodwill amortization 15.2 Bn (Amortized for 20 years) (1 month) *1 EBITDA =「Operating Income」＋「Depreciation expense」＋「Goodwill amortization」 A portion of the highly certain benefits from improved purchasing terms through account integration has been recorded. Details of other synergy effects to be disclosed at the Q2 earnings announcement scheduled for Feb 12, 2026. (TRIAL HD Consolidated)
Page 33
IR Activities / Stock Situation 32 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Consolidated Forecast Q2 Financial Results FY2026 Consolidated Forecast (TRIAL + SEIYU) Renovation 17 stores SSS Growth 100.6 % Store Opening 25 stores +α Ready meal sales ratio PB sales ratio 25 % TRIAL Mid-Term TargetFY2026 Plan Labor to sales ratio 11.4 % SEIYU Closing MEGA：１/ SuC：22 smart ：２/ small：+α TRIAL plans to boost GPM through aggressive store expansion, refined pricing strategies, and account integration synergies, driving a 49.2% increase in consolidated OP. SEIYU, meanwhile, will work on the revitalization of existing stores and make necessary upfront investments to reverse its declining sales trend. FY2026 Forecast *1 M&A related expenses: advisory fees, goodwill amortization, loan structuring fees, interest expenses, refinancing costs for conversion from short-term to long-term borrowings, etc. Operating ProfitSales 483.5 Bn December FY2024 23.5 Bn ⚫ Given the downward trend in existing store sales, we are shifting from our traditional profit-focused management approach to a customer-centric strategy aimed at enhancing customer loyalty. ⚫ By thoroughly implementing customer-oriented store development, we anticipate short-term profit declines due to upfront investments; however, we will promote rebuilding the customer base and enhancing brand value to achieve sustainable growth from the following fiscal year onward. ※These figures are unaudited. *1 (Reference) 8 %5 stores M&A related (Millions of yen) Actual Share Plan Share YoY YoY% Plan Share Plan Plan Share YoY YoY% Net sales 803,829 100.0% 869,800 100.0% +65,971 108.2% 452,700 100.0% 0 1,322,500 100.0% +518,671 164.5% Gross profit 164,842 20.5% 196,800 22.6% +31,958 119.4% 125,200 27.7% 0 322,000 24.3% +157,158 195.3% Other operating revenues 2,761 0.3% 3,300 0.4% +539 119.5% 13,800 3.0% 0 17,100 1.3% +14,339 619.3% Operating gross profit 167,603 20.9% 200,100 23.0% +32,497 119.4% 139,000 30.7% 0 339,100 25.6% +171,497 202.3% SG&A 146,497 18.2% 168,600 19.4% +22,103 115.1% 127,600 28.2% 17,500 313,700 23.7% +167,203 214.1% Operating income 21,106 2.6% 31,500 3.6% +10,394 149.2% 11,400 2.5% (17,500) 25,400 1.9% +4,294 120.3% Ordinary income 22,200 2.8% 32,200 3.7% +10,000 145.0% 11,400 2.5% (29,700) 13,900 1.1% (8,300) 62.6% Profit attributable to owners of parent 11,752 1.5% 18,700 2.1% +6,948 159.1% 6,800 1.5% (25,000) 500 0.0% (11,252) 4.3% TRIAL SEIYU TRIAL GROUP
Page 34
Appendix
Page 35
IR Activities / Stock Situation 34 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Appendix IR Activities / Stock Situation Disclosure / IR Policy ⚫ IR Calendar We aim to do prompt, accurate, and fair disclosure and constructive dialogue with shareholders and investors. To ensure fairness to all our stakeholders, our company observes the quiet period starting one month prior to each quarterly earnings announcement. During this period, we refrain from answering questions or making comments regarding our financial results or earnings forecasts. Our fiscal year ends on June 30. We plan to hold quarterly financial results briefings for analysts and institutional investors. We will also consider holding briefings for individual investors. *Financial briefings are held only in Japanese. Presentation materials, scripts, and summery will be available in English. ⚫ Quiet Period
Page 36
IR Activities / Stock Situation 35 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Appendix IR Activities / Stock Situation Information for Shareholders and Investors ⚫ English Version of IR Page English page was to disclose information in English. https://trial-holdings.inc/en/ ⚫ Monthly Sales Report (Distribution and Retail) Updating around the 10th of each month. *If the 10th falls on a Saturday, Sunday, or Japan’s national holiday, the disclosure date will be changed. https://trial-holdings.inc/en/ir/financial/monthly-sales/ ⚫ IR News Mail https://trial-holdings.inc/en/ir/mail/ Delivering timely disclosure information, statutory disclosure information, etc. to those who have subscribed to our IR e-mail distribution service. ⚫ Financial Briefing documents Presentation materials for the financial results briefing for analysts and institutional investors as well as speech scripts and the Q&A summary will be available in the IR Library under “Financial Results-Related Materials. https://trial-holdings.inc/en/ir/library/financial-announcement/ Shared Research Inc. has published a 'Company In-Depth Analysis Report' (prepared by their analysts. This report provides a neutral, third-party investigation and analysis of our company's business overview, performance, and growth strategy. ⚫ Released the Shareholder Newsletters ”TRIAL Report” ⚫ External Evaluation Page Details of external evaluations published in a comprehensive list. https://trial-holdings.inc/en/ir/evaluation/ From an environmental protection perspective, the Shareholder Newsletter is published exclusively online. https://trial-holdings.inc/ir/investor/ https://sharedresearch.jp/en/companies/141A ⚫ Research Coverage ＼ Shareholder Newsletter has been integrated and ／ renewed on the “For Individual Investors” page.
Page 37
IR Activities / Stock Situation 36 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Appendix IR Activities / Stock Situation AwardAward Nikko Investor Relations Co., Ltd. evaluated the websites of all 3,937 listed companies based on objective criteria and published the results as a ranking. In the Growth Market category, the top 10 companies were awarded as “AAA Corporate Websites," and 26 companies as “AA Corporate Websites" from among those listed on the Tokyo Stock Exchange Growth, Sapporo Ambitious, Nagoya Next, and Fukuoka Q-Board markets. In the “2025 Comprehensive Ranking of Listed Company Websites,” TRIAL received “With Grade AAA Corporate Website” in the Growth Market category, for the second consecutive year since IPO. “2025 Comprehensive Ranking of Listed Company Websites” Objective Evaluation Points ① Clarity ② Usability ③ Informativity
Page 38
IR Activities / Stock Situation 37 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Appendix IR Activities / Stock Situation Stock Situation Other Corporations 70.1% Foreign Shareholders 9.4% Individuals / Others 15.5% Financial Institutions Financial Instruments Business Operators 2.8% 1.9% Treasury Stocks 0.06% Ownership Breakdown (% of Shares Held) Principal Shareholders No. Name Shares Held Shareholding ratio*1 1 THC Corporation 66,000,000 53.93 2 Heroic investment, Inc. 9,374,200 7.66 3 Hisao Nagata 2,338,100 1.91 4 BNY GCM CLIENT ACCOUNT JPRD AC ISG(FE-AC) 2,145,824 1.75 5 PALTAC CORPORATION 1,200,000 0.98 6 The Master Trust Bank of Japan, Ltd. (Trust account) 1,164,900 0.95 7 GIC PRIVATE LIMITEDーC 1,121,227 0.92 8 Suntory Spirits Ltd. 1,000,000 0.82 8 Mitsui & Co. Retail Group, Ltd. 1,000,000 0.82 10 Custody Bank of Japan, Ltd 984,700 0.80 Authorized Issued Treasury Stock Shareholders 320,000,000 122,465,700 74,513 39,024 (38,390)(Individual investors) *1 Shareholding ratio is calculated excluding treasury stock (74,513 shares) shares shares shares Shares / Shareholders As of December 2025
Page 39
IR Activities / Stock Situation 38 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Appendix Company Overview Philosophy ・The power to distribute goods with our highly efficient network of stores ・The ability to fully leverage data and IoT Revolutionize "real commerce" around the globe with technology and practical savvy. Enrich every aspect of people’s lives through all we do. Raison d'être Target to achieve in medium term Policies for vision Purpose Vision Value
Page 40
Q2 FY6/2026 39New Management Structure Retail AI Business Other Business *As of February 12, 2026 subsidiary TRIAL Company, Inc. Retail AI, Inc. July 1981 Higashi-ku, Fukuoka 2,123,350,300 JPY Representative Director and President Ryota Ishibashi November 2018 Minato-ku, Tokyo 50,000,000 JPY Representative Director and CEO Hiro Nagata Established Capital Head Office Representative subsidiary TRIAL Holdings, Inc. Established Board of DirectorsCapital Employees (Consolidated) Head Office September 2015 Higashi-ku, Fukuoka 19,812,837,100 JPY Representative Director and President Director Outside Director Outside Director Standing Corporate Auditor Outside Corporate Auditor Outside Corporate Auditor Full-time 7,080 Hiro Nagata Ryota Ishibashi Hirofumi Tatsumoto Chang Sangsoo Takeshi Agari Michishige Hashimoto Daisuke Usunabe Part-time 19,144 (Annual average) Holding Company Established Capital Head Office Representative *As of June 30, 2025 Chairman Hisao Nagata subsidiary Affiliate SEIYU Co., Inc. Established Capital Head Office December 1946 Musashinoshi, Tokyo 100,000,000 JPY Distribution and Retail Business Representative Representative Director and COO Yoshihide Nagai Representative Director and President Hitoshi Narakino subsidiary Vice Chairman Koichi Kameda
Page 41
Q2 FY6/2026 40History Started with IT Established software development base in China Store operation support system Began collection and analysis of customer data Data share tool with manufacturers Opened 1st smart store in Japan*3 Established Retail AI. Database engine New business launched in Silicon Valley Kicked-off of JBP*2 strategy 1st TRIAL Store (Discount Store) 1st Super Center (New Store) Nationwide Expansion Started Collaboration with Supply Chain Players to Eliminate Inefficiency 200 Stores Data Driven In-House R&D Smart Stores MUSUBU Miyawaka PJCommissioned System Development Created a remote work town with AI R&D center using closed schools, etc. Acceleration of Opening Stores at Furnished Properties / GMS*1 Revival Started system development with its focus on POS on a commission basis Established Store Remodeling Focusing on Fresh Foods*3 Acquired CowBoy Co., Ltd., a Food-focused Supermarket Franchise *1 GMS: General Merchandising Store *2 Joint Business Plan. Suppliers and retailers work together continuously and systematically based on a mutual understanding of the issues in stores. *3 Based on the Company's research. Smart stores are defined as stores that have introduced Skip Carts, which are cash register carts with tablet payment functions and cameras for monitoring the status of shelves. Business Transfer from Satocho 20132003 2018 202020161992 1996 PACERe3-SMART MD-Link 2015 Skip Cart 1987 20212001 20102007 2008 2023 Retail Tech Accumulation of IT / AI Practical Know-how Compatible with In-store Retail Operation Inhouse Development Retail Evolution of Real Stores and Expansion of Store Networks 2025 Acquired SEIYU CO., Inc. Collaboration with NTT AI CIX for supply chain optimization Established Retail-CIX Inc 2026 Comprehensive partnership with Sugi HD
Page 42
Q2 FY6/2026 41Multi Store Format to Build Nationwide Store Network Mainly open profitable Super centers, leveraging our ability to analyze trade areas through the use of data. SEIYU acquisition secures urban format. Total Store count : 611 (As of December 31, 2025) Supermarket Hypermarket MEGA Center smart Small format Super Center (SuC) TRIAL SEIYU NEW! 218 stores Suburb Daily necessities (Food & Non-Food) Location: Assortment: C.60k-70k items Number of item: c. 4,000 ㎡ Floor Size: C. 8,000㎡ C.100k items C. 1,400㎡ C.30k items C. 1,000㎡ C.7k-20k items Full Lineup 29 stores 68 stores 52 stores Up to Food Food （From food to hobby goods） (Incl. 39 TRIAL GO stores) 1 store c. 2,000 ㎡ Floor Size: 73 stores C. 2,000-17,000㎡ C.70-100k items Urban Location: C.60k-70k items Number of item: (Incl. 5 LIVIN stores) ⚫ Supermarket：stores primarily focused on groceries and daily necessities. ⚫ Hypermarket：one-stop-shopping format store with wide variety of items, from groceries and general merchandise to apparel (Company-operated or tenant-operated). SEIYU 170 stores Urban Daily necessities (Food & Non-Food) Location: Assortment: c. 3,500 ㎡ Floor Size:
Page 43
IR Activities / Stock Situation 42 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Appendix Company Overview Retail AI Business Skip Cart MD-Link*² Face recognition paymentAI Camera Automatic shelf allocation Automatic markdown Coupon In-store signage CRM Customer Smart Store*¹ Supply Chain Wholesaler Manufacturer ID-POS Purchase Data Maximizing sales opportunities and reducing labor hours cost Retail Media Purchase Data Inventory Data Shelf Data Inventory Data Transportation Data Product Data Advertising Data Manufacturing Data Smart Store Solution Business Data Supply chain optimization Business Intelligence (Analysis) External data Weather data, location data Store layout optimization Planocycle (Planogram management system) Consignment (Category management system) Deepening customer insights Optimization of product development process quality *1 Smart Store: A store equipped with solutions such as Skip Cart, cameras, and in-store signage, enabling operational efficiency through data utilization. *2 MD-Link: A data analytics platform for sharing and analyzing store-operation data accumulated in daily business with manufacturers and wholesalers. Retail AI operates the “Smart Store Solution” business, which utilizes IoT technologies such as Skip Cart, and the “Business Data" business, which utilizes data on customers, products, and inventory to optimize store operations and the supply chain. Through these two businesses, we are leveraging the abundant touchpoints and data platforms accumulated to drive value creation as a retail media business.
Page 44
IR Activities / Stock Situation 43 Q2 FY6/2026 Q2 Financial Results Financial Summary Results by Business Segment Sales by Category / PB Breakdown SG&A Consolidated BS / CF Consolidated Forecast Store Opening / Closure Existing Stores / Renovation GP Improvement Appendix Company Overview Achieving Our Vision Retail Tech Appendix Company Overview Skip Cart Checkout gate Checkout completed by self-scanning and passing through a payment gate. Reduces cashier labor and provides a new shopping experience through coupons and one-to-one marketing in stores. Tablet Scan Loss Prevention Alerts when a sensor detects an unscanned item Display scanned product data (product name, price, quantity) and total purchase amount. Display recommendations and coupons according to customer purchase information Integrated Barcode Scanner Seamless shopping experience is made possible by simply placing products into the basket after scanning Dense Avoidance Non-Face- to-Face Recommend- ation Minimize touch, contact Even more comfortable With My Bag Knowing the total amount of purchases while shopping No queuing in checkout line Saving with discount coupons / Cross-selling based on recommendations Cashless Payment Encounter with products / prevention of forgetting to buy
Page 45
Notes on Forecasts This material is provided solely for the purpose of providing information to shareholders and investors, and is not intended as a solicitation to buy or sell. Forward- looking statements in this material are based on targets and forecasts, and are not guarantees or assurances. Please be aware that our future performance may differ from our current forecasts. Although statements concerning the industry, etc., have been prepared based on various data that are believed to be reliable, we do not guarantee their accuracy or completeness. This material is presented on the assumption that shareholders and investors use it for any purpose at their own discretion and responsibility, and the Company assumes no responsibility whatsoever. ⚫ Contact TRIAL Holdings, Inc. IR Department TEL：+81-3-6435-6308 / e-mail：ir@trial-holdings.inc ⚫ Next Financial Results (Scheduled)：Q3 FY6/2026 ・May 14, 2026 - Financial Results Announcement (Results Summary Disclosure) ・May 15, 2026 - Financial Results Briefing (For Analysts and Institutional Investors) Notes ・This material has not been audited by an accounting auditor. ・Amounts are rounded down to the indicated unit, and items shown as percentages are rounded to the nearest unit. Items shown as percentages are calculated with amounts rounded down to the indicated unit. ・ Sales composition ratio, YoY, YoY (%), and other items displayed in percentages are calculated based on truncated amounts.