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Financial Results for the First Quarter of the Fiscal Year Ending May 20, 2027 September 15, 2026 ASKUL Corporation
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[Disclaimer] This material is an English translation of the original Japanese version and is provided for reference purpose only. In the event of any discrepancy between the Japanese original and this English translation, the Japanese original shall prevail. This material contains the ASKUL Group’s earnings forecasts and other forward-looking statements. These forecasts and other forward-looking statements are based on the information ASKUL has obtained to date and on certain assumptions it considers reasonable. As such, these forecasts and statements do not constitute a commitment by the Company to achieve them. Note also that actual results and other future events may differ materially from these forecasts and statements due to a variety of factors. This material has not been audited by certified public accountants or auditing firms. [Segment] ✓ ASKUL is reporting its operating performances by dividing its organization into three segments: E-commerce Business, Logistics Business, and Other. E-commerce Business deals with sales of OA and PC supplies, stationery, office living supplies, office furniture, foods, alcoholic beverages, pharmaceuticals, cosmetics, etc. Logistics Business refers to logistics and small-cargo transportation service to companies. ✓ The main services and Group companies included in the results of each segment are as follows: [Fiscal Year] The fiscal year runs from May 21 of each year to May 20 of the following year, and each month runs from the 21st of each month to the 20th of the following month. [Other] Reproduction or reprinting in any form of all or part of this material (including trademarks and images) without the permission of ASKUL is prohibited. Segment Subsegment Main services, major subsidiaries E-commerce business ASKUL business ASKUL, SOLOEL ARENA, SOLOEL, New ASKUL Website LOHACO business LOHACO Group companies, etc. AlphaPurchase Co., Ltd., BUSINESSMART CORPORATION, SOLOEL Corporation, FEED Corporation, ASKUL LOGIST Corporation, charm Co., Ltd *Including consolidation eliminations Logistics business ASKUL LOGIST Corporation (sales to customers outside of the Group) Others TSUMAGOI MEISUI CORPORATION 2
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Executive Summary Build on Sales Recovery and Structural Reforms, Make FY5/2027 the Starting Point for Reaccelerated Growth FY5/2027 Q1 Results ✓ Consolidated net sales and operating profit were both largely in line with the plan. ✓ Improvements in the earning structure—including the gross profit margin, variable logistics cost ratio, and fixed cost ratio— are also progressing as planned. ✓ Q2 onward will be the pivotal phase for returning to growth, with faster execution of key strategies. Sales & Marketing Transformation Through Extensive Use of AI ✓ Initiatives launched to support sales activities by sales partners and deliver personalized promotions across print and digital channels. ✓ Quality enhancement through PoC validation, followed by full-scale rollout after system launch in 2H. Further Strengthening Competitiveness ✓ Strengthen product development capabilities, targeting original products to account for 50% of sales over the medium to long term. ✓ Further improve logistics efficiency by expanding LOHACO shipping hubs and establishing overseas logistics bases 3Copyright © ASKUL Corporation. All Rights Reserved. 3
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1. Earning Results for the First Quarter of the Fiscal Year Ending May 20, 2027 2. Progress of Business 3. Topics (ESG) 4. Appendix Copyright © ASKUL Corporation. All Rights Reserved. 4
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% of net sales % of net sales YoY change % % % Net Sales 122,324 100.0 112,345 100.0 -8.2 Gross Profit 30,312 24.8 26,171 23.3 -13.7 Selling, General and Administrative Expenses 29,258 23.9 26,590 23.7 -9.1 Operating Profit 1,053 0.9 (418) -0.4 - Ordinary Profit 938 0.8 (452) -0.4 - Profit Attributable to Owners of Parent 344 0.3 (508) -0.5 - Actual FY5/2026 Q1 Actual FY5/2027 Q1 FY5/2027 Q1 Earnings Results Both net sales and operating profit are in line with the plan. (¥million) Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 5
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FY5/2027 Q1 Earnings Results [Quarterly, By Business] 91.0 59.7 51.4 80.7 282.9 79.8 (11.1) -12.2 10.1 5.8 2.4 9.6 28.0 8.8 (1.2) -12.3 19.1 19.1 22.7 20.9 82.0 21.9 2.7 +14.6 120.2 84.7 76.7 111.3 393.0 110.7 (9.5) -7.9 2.0 1.6 1.4 1.9 7.1 1.6 (0.4) -20.7 122.3 86.4 78.1 113.3 400.1 112.3 (9.9) -8.2 (0.1) 0.4 0.1 0.1 0.5 (0) 0.1 - 1.0 (3.5) (8.9) (4.7) (16.2) (0.3) (1.4) - (0) (0.4) (0.5) (0.1) (1.1) (0) (0) - 1.0 (4.0) (9.4) (4.9) (17.4) (0.4) (1.4) - Q1 Q2 Q3 Q4 Full-year FY5/2026 Consolidated Total Net Sales ASKUL Business Logistics Business and Other Group Companies, etc. E-commerce Business LOHACO Business Operating Profit Performance-linked Bonuses (including provision), etc. Consolidated Total E-commerce Business Logistics Business and Other Q1 YoY change YoY change % FY5/2027 (¥billion) Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 6
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ASKUL 0 20 40 60 80 100 0 100 200 300 400 June July August FY5/2025 FY5/2027 YoY change vs FY5/2025 Net Sales Trend [Monthly, vs FY5/2025] (%) The first half of Q1 was affected by a high comparison base due to extreme hot weather two years earlier and a rebound from the special demand arising from the situation in the Middle East. Note: There is one more business day in August 2026 compared with August 2024 ASKUL Business Net Sales (¥billion) 40 30 20 10 0 Aim to restore full-year sales to pre-cyberattack levels Copyright © ASKUL Corporation. All Rights Reserved. 7
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ASKUL Quarterly Net Sales by Item Category Composition ratio Composition ratio Composition ratio Composition ratio Composition ratio Composition ratio YoY change % % % % % % % OA & PC 24.9 28.2 24.5 26.9 16.6 27.9 15.9 31.0 22.5 27.9 21.3 26.7 (3.1) -12.9 Stationery 10.8 12.3 10.3 11.3 7.0 11.8 7.3 14.3 10.8 13.4 9.3 11.7 (0.9) -9.6 Living Supplies 29.1 33.0 31.4 34.5 19.4 32.6 15.3 29.9 23.8 29.5 27.7 34.8 (3.6) -11.5 Furniture 4.7 5.3 4.5 5.0 3.0 5.1 2.0 3.9 4.5 5.7 3.5 4.5 (0.9) -20.5 MRO 10.6 12.0 11.8 13.0 7.7 12.9 6.0 11.7 11.1 13.8 10.3 13.0 (1.5) -12.7 Medical 6.3 7.1 6.5 7.2 4.1 7.0 3.5 6.9 6.4 8.0 5.7 7.1 (0.8) -12.5 Others 1.7 2.0 1.8 2.0 1.6 2.7 1.1 2.3 1.3 1.7 1.7 2.2 (0) -3.8 Total 88.3 100.0 91.0 100.0 59.7 100.0 51.4 100.0 80.7 100.0 79.8 100.0 (11.1) -12.2 FY5/2026 FY5/2027 Q1 FY5/2025 Q3Q1 Q2 Q4 Q1 YoY change (¥billion) Non- Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 8
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-50 0 50 100 150 200 250 300 FY5/2025 FY5/2026 FY5/2027 Trends in EBITDA Q1 result 30 25 20 15 10 5 0 (5) (¥billion) Recovery expected in FY5/2027 Plan Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 9
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FY5/2027 Q1 Factors for Increase/Decrease in Operating Profit (0.4) (1.3) 1.0 0.8 1.0 0.3 (0) (0.4) (1.8) (¥billion) FY5/2026 FY5/2027 Decline in gross profit margin Decrease in profit due to lower net sales Temporary decline in logistics efficiency Decrease in other expenses Kanto DC, reorganization of logistics bases, core system replacement Increase in earnings at Group companies Decline in earnings in Logistics Business and Others Note: Figures in the graph are rounded down to the nearest 100 million yen. Breakdown of Reduction in Other Expenses ⚫Advertising and sales promotion expenses - ¥0.74 billion ⚫Business consignment expenses - ¥0.28 billion Breakdown of Fixed Cost Reduction ⚫Kanto DC start-up cost - ¥0.63 billion ⚫Reorganization of logistics bases (one-time) - ¥0.04 billion ⚫Core system replacement - ¥0.14 billion Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 10
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ASKUL FY5/2025 FY5/2026 Q1 Q2 Q3 Q4 FY5/2027 Operating Profit Margin (%) Improvements in the earnings structure are progressing as planned. FY5/2027 Plan Operating profit margin Gross profit margin Variable logistics cost ratio Fixed cost ratio Non- Consolidated FY5/2027 ActualCopyright © ASKUL Corporation. All Rights Reserved. 11
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1. Earning Results for the First Quarter of the Fiscal Year Ending May 20, 2027 2. Progress of Business 3. Topics (ESG) 4. Appendix Copyright © ASKUL Corporation. All Rights Reserved. 12
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Product / Logistics Large Enterprises Target Sales & Marketing Mid-tier Enterprises SMEs Individuals All Industries In-Person Service Industries Medical Care / Nursing Care / Food & Beverage / Accommodation / Retail / Service 【Product】 Daily Necessities at Workplaces Beverages / Food / Cleaning / Work Supplies / Hygiene / Sanitation / Packaging / Safety ✓ Expand product lineup and original product offerings for in-person service industries ✓ Strengthen price competitiveness 【Logistics】 ✓ Maintain our competitive advantages in logistics quality (short delivery lead times and attentive services) ✓ Shorten LOHACO delivery lead times ✓ Expand next-day delivery coverage for FEED Dental ✓ Expand dedicated teams ✓ Strengthen integration with customers’ procurement management system ✓ Strengthen collaboration with ASKUL agents (sales representatives) ✓ Allocate ASKUL agent resources to priority targets ✓ Build new business models, including collaboration with PayPay ✓ Collaboration with LY Corp. ✓ Expand sales channelsWorking Individuals Medium-Term Management Plan: Growth Strategies Maximize the use of big data and AI to increase LTV ✓ AI-driven sales support ✓ Personalized sales promotions Reproduced from “Financial Results for the Fiscal Year Ended May 20, 2026” Copyright © ASKUL Corporation. All Rights Reserved. 13
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ASKUL Progress on Growth Strategy — Sales & Marketing Rollout of Sales Activity Support Tools Personalized Promotions Use AI to enhance both the quality and quantity sales and marketing, deliver optimal proposals for each customer, and increase LTV Improve proposal capabilities and productivity of sales partners ✓ Provide AI support from prospect selection through proposal material generation ✓ Deepen customer understanding to improve proposal quality and sales efficiency Optimize customer touchpoints ✓ Deliver the optimal promotion to each customer across print and digital channels ✓ Increase purchase frequency and average order value to improve LTV Quality enhancement through PoC validation, followed by full-scale rollout after system launch in 2H Copyright © ASKUL Corporation. All Rights Reserved. 14
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ASKUL Progress on Growth Strategy — Products 34.2% 39.5% 50.0% May FY5/2020 May FY5/2026 May FY5/2032 Original Products Sales Mix Expansion of Original Products for In-Person Service Industries ◼ Large-volume paper towels ◼ Product series for food-service businesses Note: The sales mix is calculated based on sales of stocked products in the ASKUL Business. Target original products to account for 50% of sales by the end of FY5/2032, with a focus on addressing customer needs Further Strengthening Product Development Capabilities ✓ Shift personnel to product development through operational improvements enabled by AI ✓ Opened a logistics hub in Taicang, China, in January 2026, generating logistics cost reductions, with expansion to other countries also under consideration Copyright © ASKUL Corporation. All Rights Reserved. 15
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LOHACO Progress on Growth Strategy 1. Collaboration with LY Corporation 2. Expansion of LOHACO Shipping Hubs In addition to the two WDCs (Kanto DC and Kansai DC), begin shipping from major LDCs (Yokohama, Fukuoka, Nagoya, and Sendai DC) ✓ Improve delivery lead times during large-scale promotions and enhance delivery quality ✓ Reduce logistics costs by shortening delivery distances and optimizing the delivery network Wide area DC (WDC): Distribution centers serving both ASKUL and LOHACO, including long-tail products Local area DC (LDC): Distribution centers serving only ASKUL ✓ Strengthen LTV growth strategies for Yahoo! Shopping and LOHACO customers through product assortment, pricing, and customer acquisition ✓ Begin rollout with price-competitive original products Label-free Sparkling WaterLabel-free Natural Water Notes: Copyright © ASKUL Corporation. All Rights Reserved. 16
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Reorganization of Logistics Bases in the Kanto Region Fixed Cost Reduction (mainly rent and lease expenses) FY5/2027: ¥1.34 billion FY5/2028: ¥0.81 billion Total: ¥2.15 billion Hidaka DC Kanto DC Launched in June 2025 ItabashiDC Aomi DCYokohama DC Tokyo DC Reduce fixed costs by optimizing the logistics bases following the launch of Kanto DC Hidaka DC: Closed in March 2026 Itabashi DC: Scheduled to close in January 2027 Certain external warehouses are also scheduled to be vacated Copyright © ASKUL Corporation. All Rights Reserved. 17
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1. Earning Results for the First Quarter of the Fiscal Year Ending May 20, 2027 2. Progress of Business 3. Topics (ESG) 4. Appendix Copyright © ASKUL Corporation. All Rights Reserved. 18
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ESG ✓ Received the highest evaluation in CDP’s 2025 Supplier Engagement Rating, and recognized as a “Supplier Engagement Leader” for the fifth consecutive year Note: CDP is an international non-profit organization that operates a global system for companies and local governments to disclose environmental information. July 2026 Selected as a CDP Supplier Engagement Leader for the fifth consecutive year ✓ Selected for the index designed to measure the performance of companies with outstanding ESG initiatives for the second consecutive year ✓ Also selected for the FTSE Blossom Japan Sector Relative Index for the fifth consecutive year July 2026 Selected as a constituent of the FTSE Blossom Japan Index for the second consecutive year ESG Copyright © ASKUL Corporation. All Rights Reserved. 19
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1. Earning Results for the First Quarter of the Fiscal Year Ending May 20, 2027 2. Progress of Business 3. Topics (ESG) 4. Appendix Copyright © ASKUL Corporation. All Rights Reserved. 20
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0 50 100 150 200 250 FY5/2025 Q1 FY5/2026 Q1 FY5/2027 Q1 0 20 40 60 80 100 120 FY5/2025 Q1 FY5/2026 Q1 FY5/2027 Q1 0 200 400 600 800 1,000 FY5/2025 Q1FY5/2026 Q1FY5/2027 Q1 FY5/2027 Q1 Earnings Results: E-commerce Business Net Sales 88.3 91.0 79.8 9.5 10.1 8.8 18.3 19.1 21.9 ASKUL Business LOHACO Business Group Companies, etc. YoY -12.2% YoY -12.3% YoY +14.6% (¥billion) (¥billion)(¥billion) 12 10 8 6 4 2 0 25 20 15 10 5 0 100 80 60 40 20 0 Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 21
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△ 10 0 10 20 30 FY5/2025 Q1 FY5/2026 Q1 FY5/2027 Q1 YoY change: - ¥1.4 billion FY5/2027 Q1 Earnings Results: E-commerce Business Operating Profit 1.0 Operating profit exceeded the plan. 2.5 (0.3) 3 2 1 0 (1) (¥billion) Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 22
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△ 1 0 1 FY5/2025 Q1 FY5/2026 Q1 FY5/2027 Q1 0 10 20 30 FY5/2025 Q1 FY5/2026 Q1 FY5/2027 Q1 FY5/2027 Earnings Results: Logistics Business and Others (0) 2.1 2.0 01.6 (0) Net Sales Operating Profit YoY -20.7% YoY change - ¥0 billion (¥billion) (¥billion) 3 2 1 0 0.1 0 (0.1) Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 23
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ASKUL Progress of the New ASKUL Website Customer migration from the ASKUL website has begun, with full integration on track for completion FY5/2026 FY5/2027 In operation Transition of customers Full-scale operation Progress of the New ASKUL Website ASKUL site New ASKUL Website Remaining development for customer transition of ASKUL website Note: Integration of SOLOEL ARENA to new ASKUL website has been completed in FY5/2025 ✓ Customer migration began on August 24 ✓ Integration scheduled for completion in 1H NEW Complete Integration Copyright © ASKUL Corporation. All Rights Reserved. 24
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LOHACO ASKUL FY5/2027 Net Sales by Item Category Composition ratio Composition ratio % % OA & PC 24.7 24.5 -2.3 21.6 24.4 (3.1) -12.8 Stationery 10.4 10.3 -5.1 9.4 10.7 (0.9) -9.2 Living Supplies 40.1 39.7 +7.6 35.2 39.7 (4.8) -12.1 Furniture 4.6 4.6 -5.1 3.7 4.2 (0.9) -19.9 MRO 12.0 11.9 +11.6 10.5 11.9 (1.4) -12.4 Medical 7.1 7.0 +3.8 6.3 7.1 (0.7) -10.9 Others 1.9 1.9 +9.5 1.7 2.0 (0.1) -8.2 Total 101.1 100.0 +3.2 88.7 100.0 (12.3) -12.2 FY5/2026 Q1 FY5/2027 Q1 YoY change % YoY change YoY change % (¥billion) Non- Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 25
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FY5/2027 Q1 Original Products August of FY5/2026 August of FY5/2027 YoY Change Number of original products 6,128 6,988 +860 Non-consolidated net sales composition [of which, ASKUL business] 34.1% [38.6%] 34.1% [39.2%] +0.0pt [+0.6pt] 1. The number of original products includes those with sales limited to ASKUL. 2. The sales composition ratio of original products is calculated, including original copy paper. 3. From Q4 of FY5/2018 onward, the sales composition ratio of original products in the ASKUL business has been calculated using the inventory sales of the ASKUL business as the denominator. 4. Beginning in Q1 FY2027, the number of original products is calculated based on the number of products available for supply bythe Company, rather than the previous basis of the number of SKUs available for order by customers (under which different pack quantities were counted separately). Notes: (Unit: number of products) Non- Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 26
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FY5/2027 Q1 Capital Expenditures Item FY5/2026 Q1 FY5/2027 Q1 Amount Amount YoY Change [Capital expenditures] 7,620 1,873 (75.4)% Property, plant and equipment 6,029 871 (85.5)% Intangible assets 1,590 1,001 (37.0)% Construction in progress (Note 2) 238 154 (35.2)% Software in progress (Note 2) 2,084 1,632 (21.7)% (¥ million) Capital expenditures ¥1.8 billion (Annual plan: ¥6.5 billion) Investment details Logistics-related ¥0.7 billion Group Companies-related ¥0.4 billion (Reference) Depreciation and amortization of software: ¥3.0 billion (Annual plan: ¥12.7 billion) Notes 1. Capital expenditure is stated on an accrual basis. 2. Construction in progress and software in progress above present balances at the end of the quarter under review and partially include consumption and other taxes. Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 27
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FY5/2027 Q1 Gross Profit and SG&A Expenses Item FY5/2026 Q1 FY5/2027 Q1 Amount (million yen) Ratio to Sales (%) Amount (million yen) Ratio to Sales (%) YoY Change (%) Personnel expenses 7,037 5.8 6,640 5.9 94.4 Shipment expenses 6,010 4.9 5,836 5.2 97.1 Subcontract expenses 1,652 1.4 1,548 1.4 93.7 Business consignment expenses 3,066 2.5 2,405 2.1 78.4 Rents 3,206 2.6 3,089 2.8 96.4 Provision of allowance for doubtful accounts (3) (0.0) 0 0.0 ー Depreciation 1,539 1.3 1,491 1.3 96.9 Amortization of software 1,391 1.1 1,591 1.4 114.4 Other expenses 5,357 4.4 3,987 3.5 74.4 Total 29,258 23.9 26,590 23.7 90.9 Gross profit: ¥ 26.1 billion YoY change: Down ¥ 4.1 billion Gross profit margin: 23.3% YoY change: Down 1.5 percentage points SG&A expenses: ¥ 26.5 billion YoY change: Down ¥ 2.6 billion Ratio of SG&A expenses to net sales 23.7% YoY change: Down 0.3 percentage points Details of Selling, General and Administrative Expense (as shown in Financial Statements) Consolidated Copyright © ASKUL Corporation. All Rights Reserved. 28
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ASKUL Number of Business Days Q1 Q2 First half Q3 Q4 Second half Full-year Weekdays Saturdays Weekdays Saturdays Weekdays Saturdays Weekdays Saturdays Weekdays Saturdays Weekdays Saturdays Weekdays Saturdays FY5/2027 64 13 61 13 125 26 57 16 58 12 115 28 240 54 FY5/2026 64 13 62 13 126 26 57 16 57 13 114 29 240 55 Difference 0 0 -1 0 -1 0 0 0 +1 -1 +1 -1 0 -1 Copyright © ASKUL Corporation. All Rights Reserved. 29
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Glossary B-to-B B-to-B stands for business to business and indicates transactions between companies B-to-C B-to-C represents business to consumer (customer) and refers to transactions between companies and consumers MRO MRO stands for Maintenance, Repair and Operations, and primarily refers to materials that serve as secondary materials (indirect materials), which used in the frontline operations at factories, construction sites, and other workplaces ASKUL Name of the internet mail-order service (accepts orders via facsimile) for small and medium-sized enterprises SOLOEL ARENA Name of the internet mail-order service for mid-tier and larger companies LOHACO Name of the internet mail-order service for general consumers launched in October 2012 in partnership with Yahoo Japan Corporation (currently LY Corporation) New ASKUL Website A new e-commerce site that integrates two sites; ASKUL for small and medium-sized enterprises and SOLOEL ARENA for mid-tier and larger companies. Full-scale operation started in July 2023 and the transition of SOLOEL ARENA customers to the new ASKUL website was completed in FY5/2025. The transition of ASKUL site customers will begin during FY5/2027, and the full integration will be completed. Advertising Business Service for manufacturers to place advertisements on our e-commerce site, etc. DC DC stands for “distribution center.” The names of each regional distribution center are abbreviated as the region’s name + “DC.” Copyright © ASKUL Corporation. All Rights Reserved. 30
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