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2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
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HIGHLIGHTS P.03 - P.06 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
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FY2026 2Q HIGHLIGHTS Gross Merchandise Value (excluding other GMV) and Adjusted EBITA both set new first-half records. Overview ̋ Gross Merchandise Value : 309,433 million yen ( -1.0% ,YoY) ɹ Gross Merchandise Value (excluding other GMV) : 309,290 million yen ( +5.7%,YoY) Progress was largely in line with plan. In the ZOZOTOWN business, performance during the second quarter was slightly below plan due to weaker-than-expected demand for summer merchandise, as temperatures were lower than usual. In contrast, LY Corporation Commerce performed above plan, supported by increased promotional investment. ̋ Adjusted EBITA : 34,614 million yen (+5.1%,YoY) Slightly above plan. This was primarily driven by (i) reduced shipping and logistics-related expenses through improved delivery and warehouse operational efficiency, and (ii) underspending on actual promotion-related expenses, mainly due to the postponement of promotional initiatives originally scheduled for the first quarter. * Adjusted EBITA is calculated as operating profit + amortization of goodwill (including amortization of intangible assets recognized through purchase price allocation (PPA)) + M&A-related expenses (including advisory fees and due diligence costs). * "LY Corporation Commerce" represents the combined total of "Yahoo! JAPAN Shopping" and "Yahoo! JAPAN Auction".ɹ * From the second quarter of the fiscal year ended March 2021, the Company started to record GMV (Others). The GMV (Others) includes GMV from stores using ZOZO Option at Yahoo! JAPAN Shopping (recording ended as of September 30, 2025), ZOZOMO, paid sales of ZOZOSUIT, and GMV from HIGH LINK, INC. ZOZO Option: Option contracts that enable fashion category stores (excluding ZOZOTOWN) on Yahoo! JAPAN Shopping to participate in special events produced by ZOZO and receive sales support (recording ended as of September 30, 2025). ZOZOMO: The system that enables ZOZOTOWN users to reserve merchandise available at participating physical stores. HIGH LINK, INC.: Only online sales of private-label products and fragrance products sold in smaller portions are recorded as GMV. Sales from all businesses operated by HIGH LINK, INC., including sales from the comprehensive fragrance platform "Coloria," are included in sales (Others). Results by business segment ̋ ZOZOTOWN BUSINESS Gross Merchandise Value : 245,886 million yen (+4.4%,YoY) Consignment Sales : 234,501 million ye n (+4.2%,YoY) Outright Purchase / Production & Sales 1,524 million yen (-4.5%,YoY) USED sales : 9,859 million yen (+8.9%,YoY) ̋ LY Corporation Commerce* : 38,469 million yen (+11.7%,YoY) ̋Of the above, cosmetics (ZOZOTOWN Business + LY Corporation Commerce) GMV of 9,378 million yen (+18.7%, YoY) ̋ LYST : 21,618 million yen (+16.0%,YoY) ̋ BtoB : 3,316 million yen (-16.9%,YoY) ̋ Others*: 143 million yen ̋ Average Order Value : 8,388 yen (+2.5%,YoY) ̋ Average Retail Price : 3,640 yen (+1.6%,YoY) ̋ Advertising Business Net sales : 5,781 million yen (+5.8%,YoY) 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 3
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̋ Adjusted EBITA Margin (of the total gross merchandise value) : 11.2% (11.2% for FY2025 2Q) ɹ ɾFactors improving profitability : A decline in the shipping expense ratio due to improved economic terms with the delivery outsourcing partner from October 2025 and improved delivery efficiency, and a decline in the logistics-related expense ratio driven by improved operational efficiency in warehouses. ɹɾFactors worsening profitability : A decline in the gross profit margin due to (i) a change in business mix resulting from one additional month of LYST consolidation compared with the same period of the previous fiscal year, and (ii) a higher ratio of actual promotion-related expenses, including deductions from sales, along with an increase in the depreciation ratio following the commencement of depreciation of material handling equipment for shipments at an existing logistics center. FY2026 2Q HIGHLIGHTS Profitability Topics ˓ The Company donated relief funds to support those affected by natural disasters. (August and September 2026) 2026 Kumamoto Earthquake: 10 million yen; August 2026 Chiba Heavy Rains: 10 million yen ˓ TheʠIntegrated Report Portal FY2025 ʡwas launched. (August 2026) ˓ An option that enables brands to add the in-store inventory checking and reservation features available through the OMO solutions ʠZOZOMOʡto their own e-commerce sites was launched. (September 2026) ˓ʠFashion E-Commerce White Paper by ZOZOTOWN, ʡreleased to commemorate ZOZOTOWN ʟs 20th anniversary, won the ʠRed Dot Award: Brands & Communication Design 2026, ʡ an internationally recognized design award. (September 2026) ˓ The Company entered into a partnership with Japan for UNHCR to support refugees. (September 2026) ˓ A new personalized styling feature on WEAR by ZOZO that leverages proprietary data and AI to help users find their style was launched. Through an integrated experience spanning assessment, recommendations, explanations, and virtual try-on, the feature helps users discover new styles with greater confidence. (September 2026) ˓ The Company launched a T-shirt collection on ZOZOTOWN featuring 30th-anniversary logo designs for all 1,025 Pok eʅmon. (September 2026) ˓ In collaboration with MUSINSA, ZOZOTOWN's first pop-up store in South Korea, ʠZOZOTOWN in MUSINSA, ʡwas opened in Seongsu, Seoul. (October 2026) ˓ ZOZO NEXT, Inc. and AVITA signed a memorandum of understanding (MOU) to jointly research clothing specifically designed for humanoid robots. (October 2026) ˓ ʠZOZOFIT Pro, ʡ a BtoB service under ZOZOFIT, was launched in the U.S. The service enables businesses such as gyms, studios, and clinics to manage and utilize their clients' 3D body measurement data. (October 2026) ˓ ZOZO NEXT, Inc. and the German Research Center for Artificial Intelligence (DFKI) launched a joint research project to automate various stages of research and development using AI. The project aims to accelerate the ʠquantification of fashion ʡby making research broader, deeper, and faster. (October 2026) ˓ ʠZOZOMETRY,ʡ a body measurement service designed to streamline measurement operations for businesses, is set to be discontinued. (October 2026) 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS * Adjusted EBITA margins are calculated by dividing Adjusted EBITA by the Gross Merchandise Value (excluding other GMV) 4
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KEY UPDATES BY DOMAIN TOWARD ACHIEVING THE MEDIUM-TERM BUSINESS PLAN 5 Medium-Term Business Plan: Targeting Adjusted EBITA* of ˇ90.0 billion for the fiscal year ending March 2030 Background: Expansion beyond ZOZOTOWN into new markets ˇ80 billion "More Fashion" domain Q2 Highlights ˓ Pre-order sales of a T-shirt collection commemorating Pok eʅmon's 30th anniversary were launched. The collection has been well received and has also contributed to acquiring new members. ˓ A new personalized styling feature that leverages proprietary data and AI to help users find styles that suit them was launched on WEAR by ZOZO. The feature includes Core Style Finder, which identifies users' fashion preferences from 28 different types, and AI Outfit Try-On, which uses generative AI. ˓ Began full-scale efforts to direct ZOZOTOWN users to "Coloria," HIGH LINK's main service. ˓ Shops offering HIGH LINK's own-brand products and curated perfumes opened on ZOZOTOWN. Q2 Highlights ˓ LYST continued its efforts to expand the number of partners implementing its checkout feature, a key initiative for the current fiscal year. ˓ "ZOZOFIT Pro," a BtoB service under ZOZOFIT, was launched. The service enables businesses such as gyms, studios, and clinics to manage and utilize their clients' 3D body measurement data. Q2 Highlights *Adjusted EBITA = Operating profit + amortization of goodwill (including amortization of intangible assets recognized through purchase price allocation (PPA)) + M&A-related expenses (including advisory fees and due diligence costs) "Near Fashion" domain ˇ5 billion "Global" domain ˇ5 billion 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
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DECISION ON THE REPURCHASE OF SHARES AND CANCELLATION OF TREASURY SHARES (ANNOUNCED ON JUNE 16, 2026) 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 6 ʲPurposeʳ Enhancing shareholder returns and improving capital efficiency (ROE) to increase corporate value Shareholder return policy Expected impact ᶃ Repurchase of shares ᶄ Cancellation of treasury shares ņ ņ (Reference) Repurchase status (as of September 30, 2026) Number of shares repurchased: 16,911,800 shares Total repurchase amount: 19,165 million yen ɾThe Company aims to achieve a total return ratio of over 80% on a five-year average basis beginning with the fiscal year ended March 31, 2024 (announced on October 31, 2023). Maximum repurchase amount: 30.0 billion yen or 43.0 million shares (market purchases) Repurchase period: June 17, 2026 to December 30, 2026 (planned) Number of shares to be cancelled: All shares repurchased under ᶃ above Scheduled cancellation date: January 29, 2027 ROE for the fiscal year ending March 31, 2027 is expected to exceed 50%. *FY2025 actual: 46.6% ɾWhile maintaining a dividend payout ratio of 70% as the base, the Company will conduct share repurchases in a flexible manner, taking into account its cash position and share price.
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BUSINESS RESULTS P.08 - P.33 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
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OVERVIEW OF THE FY2026 2Q 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS * The percentages are calculated by dividing each item by the Gross Merchandise Value (excluding other GMV). ʢmillionˇʣ Adjusted EBITA FY2025 2Q YoY Target FY2026 2Q Achievement Rate(%) Gross Merchandise Value Net sales Gross Merchandise Value (excluding other GMV) Gross profit (% of the Gross Merchandise Value) (% of the Gross Merchandise Value) (% of the Gross Merchandise Value) (% of the Gross Merchandise Value) SGˍA Operating profit Ordinary profit Profit attributable to owners of parent 8
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OVERVIEW OF EACH QUARTER 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS * The percentages are calculated by dividing each item by the Gross Merchandise Value (excluding other GMV). ʢmillionˇʣ Adjusted EBITA Gross Merchandise Value Gross Merchandise Value (excluding other GMV) SG&A YoY (%) YoY (%) (% of the Gross Merchandise Value) Operating profit YoY (%) (% of the Gross Merchandise Value) YoY (%) (% of the Gross Merchandise Value) Net sales FY2025 FY2026 3Q2Q1Q 1Q 2Q4Q 9
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ɾAdjusted EBITA is calculated as operating profit + amortization of goodwill (including amortization of intangible assets recognized through purchase price allocation (PPA)) + M&A-related expenses (including advisory fees and due diligence costs). ɾ"LY Corporation Commerce" represents the combined total of "Yahoo! JAPAN Shopping" and "Yahoo! JAPAN Auction".ɹ ɾChanges in gross profit from the ZOZOTOWN business and LY Corporation Commerce* are calculated based on the level of gross profit before the deduction of points and other expenses from sales of the ZOZOTOWN business. ɾ“Fixed costs” include payroll costs for employee, outsourcing commission (excluding logistics-related expenses), rent expense, and depreciation. Amortization of intangible assets and M&A-related expenses are excluded as adjustments. ɾ“Variable costs” include logistics-related expenses (including outsourcing), shipping expenses, and commission of payment collection. ɾThe changes in"actual promotion-related expenses" are based on the sum of advertising expenses recorded in SG&A expenses and point-related expenses, etc. ɾ“Other expenses” include all expenses other than fixed costs, variable costs, actual promotion-related expenses, and amortization of goodwill. M&A-related expenses are excluded as adjustments. INCREASE-DECREASE ANALYSIS OF ADJUSTED EBITA (YoY COMPARISON) FY2025 2Q FY2026 2Q 32.9 ADJUSTED EBITA ʢbnˇʣ 34.6 ADJUSTED EBITA -0.8 Increasein other expenses Changes other than expenses Changes in expenses ɾ Increase in expenses to attract customers and for sales promotion ɾIncrease due to one additional month of LYST consolidation and the consolidation of HIGH LINK, INC. -1.5 Increase in the actual promotion-related expense ɾImproved economic terms with the delivery outsourcing partner (from FY25 Q3~) ɾImproved operational efficiency at logistics centers Decrease in variable costs +0.5-1.4 Increase in fixed costs ɾ Increase in depreciation ɾ Increase in the number of employees on a consolidated basis ɾIncrease due to one additional month of LYST consolidation and the consolidation of HIGH LINK, INC. Other gross profit increases +0.9 +0.3 Increase in sales from advertising business +3.7 Increase in gross profit from the ZOZOTOWN business and LY Corporation Commerce ɾ Increase in the Gross Merchandise Value (Including ZOZOTOWN business + LY Corporation Commerce) 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS ɾIncrease in consumable expenses ɾIncrease in communication expenses 10
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01 11 CONSOLIDATED BALANCE SHEET 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS $BTIBOEEFQPTJUTVOEFSDVSSFOUBTTFUTEFDSFBTFENBJOMZEVFUP TIBSFSFQVSDIBTFT USBOTGFSTPGGVOETUPBTFDVSJUJFTBDDPVOUGPS TIBSFSFQVSDIBTFT BOEQBZNFOUTPGEJWJEFOETBOEJODPNFUBYFT .FBOXIJMF USFBTVSZTUPDLJODSFBTFEBTBSFTVMUPGUIFTIBSFSF QVSDIBTFT"TPG4FQUFNCFS UIF$PNQBOZIBEDPNQMFUFE BQQSPYJNBUFMZ CJMMJPOZFOJOTIBSFSFQVSDIBTFTPVUPGUIFNBY JNVNBVUIPSJ[FEBNPVOUPGCJMMJPOZFO Current assets Cash and deposits Merchandise Non-current assets Property, plant and equipment Intangible assets Investments and other assets Total assets Current liabilities Short-term borrowings Total liabilities Non-current liabilities Shareholders' equity Treasury stock Total net assets Total liabilities and net assets (as of March 31, 2026) (as of September 30, 2026) (as of September 30, 2026)(as of March 31, 2026) FY2025 FY2026 2Q FY2026 2QFY2025 ʢmillionˇʣ
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12 CASH FLOWS 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS ʢmillion ˇʣ YoY Reason for change Cash flows from operating activities Increase in profit before income taxes, etc. Expenditures related to the repurchase of shares Previous fiscal year : Expenditures related to the acquisition of LYST Current fiscal year : Expenditures related to the acquisition of HIGH LINK, INC. Cash flows from investing activities Cash flows from financing activities Cash and cash equivalents at the end of the period FY2025 2Q FY2026 2Q
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*Capital investments do not include expenses related to internally developed software (such as personnel costs). ʢmillion =ʣ CAPITAL INVESTMENT FY2021 FY2022 FY2023 FY2024 FY2025 FY2026ʢPlanʣ 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS ᶄ Depreciation ᶃ Capital Investment ᶅ Amortization of Goodwill 0 2,000 4,000 8,000 6,000 10,000 12,000 14,000 ᶅ 460 ᶄ 2,050 ᶃ 4,944ᶃ 4,825 ᶅ 251 ᶄ 4,491 ᶅ 2,294 ᶄ 5,293 ᶃ 11,500 ᶅ 3,130 ᶄ 6,740 ᶃ 8,173 ᶅ 352 ᶄ 3,491 ᶅ 404 ᶄ 1,977 ᶃ 1,336 ᶃ 9,271 13
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ʢmillion ˇʣ -80,000 ᶄ -4,648 ᶅ -12,117 ᶄ -1,283 ᶅ -34,823 ᶆ 24,081 ᶆ 8,096 ᶆ 21,760 ᶄ -10,588 ᶅ -17,738 ᶄ -6,285 ᶅ -32,081 ᶃ 36,671 ᶃ 60,114 ᶆ 30,068 ᶃ 44,790 ᶃ 39,895 FY2022FY2021 FY2024 ᶆ 5,717 ᶄ -9,879 ᶅ -37,138 ᶃ 42,589 FY2023 FY2020 ᶄ -28,897 ᶅ -45,830 ᶃ 52,531 FY2025 CASH FLOWS ᶃ Cash flows from operating activities ᶄ Cash flows from investing activities ᶅ Cash flows from financing activities ᶆ Substantial free cash flows (ᶃ ʴ ᶄ -Expenditure from dividends) Outflows through share buyback 9,999 Outflows through share buyback 10,001 Outflows through share buyback 31,997 Inflows through the disposal of treasury shares 11,411 ᶆ 2,939 -40,000 -70,000 -50,000 -60,000 -30,000 -20,000 -10,000 0 10,000 20,000 30,000 40,000 70,000 60,000 50,000 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 14 ᶆ -9,199
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ROE AND NET PROFIT MARGIN 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 15 20% 30% 0% 10% 40% 50% 60% 70% 80% 90% 100% 2% 3% 4% 5% 6% 7% 8% 9%ROE Net Profit Margin (% of the Gross Merchandise Value) *Net profit margins are calculated by dividing net profit by the Gross Merchandise Value (excluding other GMV). *The Company disclosed "Notice Concerning Repurchase of Shares and Cancellation of Treasury Shares" on June 16, 2026. The figures above reflect this announcement. FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 (Estimated) 02 5 PGVSUIFSFOIBODFTIBSFIPMEFSSFUVSOTBOEJODSFBTFDPSQPSBUFWBMVFUISPVHI JNQSPWFEDBQJUBMF⒏DJFODZ UIF$PNQBOZSFTPMWFEUPSFQVSDIBTFJUTPXOTIBSFT BOEDBODFMUSFBTVSZTIBSFTPO+VOF "TPG4FQUFNCFS UIF $PNQBOZIBESFQVSDIBTFEBQQSPYJNBUFMZ CJMMJPOZFOXPSUIPGTIBSFTPVUPG UIFNBYJNVNBVUIPSJ[FEBNPVOUPGCJMMJPOZFO XJUIUIFSFQVSDIBTFQSPHSFTT JOHTNPPUIMZ4VQQPSUFEJOQBSUCZUIJTJOJUJBUJWF 30&GPSUIFpTDBMZFBSFOEJOH .BSDI JTFYQFDUFEUPFYDFFE 62.5% 7.5% 60.1% 7.9% 55.0% 49.4% 7.9% 46.6% 7.4% 7.3% 50.0% 8.3%
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2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS DIVIDENDS PER SHARE AND PAYOUT RATIO 16 50.4% 19.3 21.6 70.2% 70.1% 71.2%72.1% 35.6 39.0 40.0 34.6 49.3% 0 Dividends per share Payout ratio FY2021 FY2022 FY2023 FY2026 (Plan)FY2024 FY2025 ʢˇʣ 20 10 30 40 50 20% 40% 60% 80% 0%
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GROSS MERCHANDISE VALUE The Gross Merchandise Value of new shops opened in FY2026 (ZOZOTOWN Business) FY2026 2Q YTD : 0.7 billion yen (accounts for 0 .3% of the Gross Merchandise Value) ᶃ Consignment sales ᶄ Outright Purchase / Production & Sales ᶅ USED sales ᶆ LY Corporation Commerc e* ᶇ LYST * "LY Corporation Commerce" represents the combined total of "Yahoo! JAPAN Shopping" and "Yahoo! JAPAN Auction". ɹ FY2025FY2021 FY2022 FY2023 FY2024 ʢbnˇʣ ᶈ BtoB Business ᶉ Others 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 17 FY2026 2Q 100 200 300 400 500 700 600 800 0 ᶉ9.2% ᶈ5.2% ᶆ8.6% ᶅ2.6% ᶄ0.6% ᶃ73.8% 508.8 ᶉ7.9% ᶈ2.9% ᶆ9.2% ᶅ2.9% ᶄ0.9% ᶃ76.2% 544.3 ᶉ6.5% ᶈ2.5% ᶆ10.1% ᶅ3.1% ᶄ0.8% ᶃ77.0% 574.3 614.3 ᶉ6.5% ᶈ2.1% ᶆ11.3% ᶅ3.2% ᶄ0.6% ᶃ76.3% 666.0 ᶉ3.0% ᶈ1.3% ᶇ6.3% ᶆ11.9% ᶅ3.2% ᶄ0.4% ᶃ73.9% ᶉ0.0% ᶈ1.1% ᶇ7.0% ᶆ12.4% ᶅ3.2% ᶄ0.5% ᶃ75.8% 309.4
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ᶉ6.3 % ᶈ1.1 % ᶇ7.2 % ᶆ11.0 % ᶅ2.9 % ᶄ0.5 % ᶃ71.0 % 153.2 ᶉ6.5% ᶈ2.2% ᶆ10.2% ᶅ3.0% ᶄ0.9% ᶃ77.2% 141.8 ᶉ6.8 % ᶈ2.0% ᶆ12.7% ᶅ3.3% ᶄ0.4% ᶃ74.8% ᶉ6.0% ᶈ2.1% ᶆ11.6% ᶅ3.3% ᶄ0.4% ᶃ76.6% ᶉ6.6% ᶈ2.3% ᶆ10.7% ᶅ3.1% ᶄ0.8% ᶃ76.5% 153.1 182.0 137.2 ᶉ6.4% ᶈ1.4% ᶇ4.7% ᶆ11.1% ᶅ2.9% ᶄ0.5% ᶃ73.0% 159.2 ᶉ0.0 % ᶈ1.2 % ᶇ7.0 % ᶆ12.3 % ᶅ3.4 % ᶄ0.4 % ᶃ75.7 % 190.4 ᶉ0.0 % ᶈ1.3 % ᶇ6.3 % ᶆ12.9 % ᶅ3.4 % ᶄ0.3 % ᶃ75.8 % 163.0 ᶉ0.0 % ᶈ1.1 % ᶇ6.4 % ᶆ12.1 % ᶅ3.2 % ᶄ0.4 % ᶃ76.8 % 156.7 ᶉ0.1 % ᶈ1.1 % ᶇ7.6 % ᶆ12.8 % ᶅ3.1 % ᶄ0.6 % ᶃ74.7 % 152.6 YoY* ʴ6.3% FY2025 2Q FY2025 3QFY2024 1Q FY2024 4QFY2024 3Q FY2025 1QFY2024 2Q0 20 40 60 80 100 120 140 200 180 160 ʢbnˇʣ 0 FY2025 4Q FY2026 1Q FY2026 2Q GROSS MERCHANDISE VALUE (QUARTERLY) ᶃ Consignment sales ᶄ Outright Purchase / Production & Sales ᶅ USED sales ᶆ LY Corporation Commerc e* * "LY Corporation Commerce" represents the combined total of "Yahoo! JAPAN Shopping" and "Yahoo! JAPAN Auction". * YoY is the comparison of GMV excluding " ᶉ Others" ᶇ LYST ᶈ BtoB Business ᶉ Others 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 18
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2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 110,642 ᶊ 13,800 ᶉ 5,781 ᶈ 576 ᶇ 2,980 ᶆ 11,932 ᶅ 9,523 ᶄ 1,467 ᶃ 64,580 ᶊ 24,012 ᶉ 9,737 ᶈ 2,271 ᶆ 17,136 ᶅ 17,630 ᶄ 4,263 ᶃ 121,965 197,016 ᶊ 26,470 ᶉ 11,209 ᶈ 2,145 ᶆ 21,329 ᶅ 18,841 ᶄ 3,484 ᶃ 129,651 213,131 ᶊ 27,791 ᶉ 11,884 ᶈ 1,325 ᶇ 5,776 ᶆ 24,179 ᶅ 20,113 ᶄ 2,630 ᶃ 134,673 228,373 166,199 ᶊ 19,206 ᶉ 6,301 ᶈ 4,945 ᶆ 12,769 ᶅ 13,209 ᶄ 3,175 ᶃ 106,591 183,423 ᶊ 22,336 ᶉ 7,770 ᶈ 2,587 ᶆ 14,652 ᶅ 15,699 ᶄ 4,561 ᶃ 115,815 FY2025 FY2026 2Q NET SALES 50,000 100,000 150,000 200,000 250,000 0 ᶃ Consignment sales ᶄ Outright Purchase / Production & Sales ᶅ USED sales ᶆ LY Corporation Commerc e* ᶇ LYST ᶈ BtoB Business ᶉ Advertising Business ᶊ Others FY2021 FY2022 FY2023 FY2024 * "LY Corporation Commerce" represents the combined total of "Yahoo! JAPAN Shopping" and "Yahoo! JAPAN Auction".ɹ ʢmillion =ʣ 19
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2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS ᶊ 6,679 ᶉ 2,555 ᶈ 286 ᶇ 1,450 ᶆ 5,159 ᶅ 4,259 ᶄ 724 ᶃ 30,106 51,220 ᶊ 6,539 ᶉ 2,658 ᶈ 518 ᶆ 4,431 ᶅ 4,137 ᶄ 1,180 ᶃ 30,922 50,387 ᶊ 6,304 ᶉ 2,674 ᶈ 502 ᶆ 5,963 ᶅ 4,913 ᶄ 607 ᶃ 31,088 52,054 62,274 ᶊ 7,264 ᶉ 3,280 ᶈ 594 ᶆ 6,438 ᶅ 5,793 ᶄ 722 ᶃ 38,179ᶊ 6,362 ᶉ 2,595 ᶈ 529 ᶆ 4,495 ᶅ 3,997 ᶄ 973 ᶃ 29,460 48,414 ᶊ 7,402 ᶉ 3,481 ᶈ 331 ᶇ 1,917 ᶆ 7,174 ᶅ 6,177 ᶄ 674 ᶃ 39,396 ᶊ 6,863 ᶉ 2,939 ᶈ 333 ᶇ 1,391 ᶆ 6,447 ᶅ 5,247 ᶄ 441 ᶃ 32,903 56,567 66,556 ᶊ 6,921 ᶉ 2,976 ᶈ 266 ᶇ 1,388 ᶆ 5,877 ᶅ 4,921 ᶄ 555 ᶃ 33,225 56,132 ᶊ 6,879 ᶉ 2,804 ᶈ 310 ᶇ 1,592 ᶆ 6,054 ᶅ 4,601 ᶄ 912 ᶃ 31,354 54,510 ᶊ 6,846 ᶉ 2,907 ᶈ 373 ᶇ 1,017 ᶆ 5,398 ᶅ 4,428 ᶄ 790 ᶃ 32,266 54,028 ʢmillion =ʣ 10,000 20,000 30,000 40,000 50,000 70,000 60,000 0 FY2024 1Q FY2024 4QFY2024 3Q FY2025 1Q FY2025 2Q FY2025 3Q FY2025 4Q FY2026 1Q FY2026 2QFY2024 2Q YoY ʴ6.4% NET SALES (QUARTERLY) * "LY Corporation Commerce" represents the combined total of "Yahoo! JAPAN Shopping" and "Yahoo! JAPAN Auction".ɹ ᶃ Consignment sales ᶄ Outright Purchase / Production & Sales ᶅ USED sales ᶆ LY Corporation Commerc e* ᶇ LYST ᶈ BtoB Business ᶉ Advertising Business ᶊ Others 20
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2 * Adjusted EBITA is calculated as operating profit + amortization of goodwill (including amortization of intangible assets recognized through purchase price allocation (PPA)) + M&A-related expenses (including advisory fees and due diligence costs). ADJUSTED EBITA AND ADJUSTED EBITA MARGIN * Adjusted EBITA margins are calculated by dividing Adjusted EBITA by the Gross Merchandise Value (excluding other GMV) 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS ʢmillion=ʣ ADJUSTED EBITA ADJUSTED EBITA Margin (% of t he Gross Merchandise Value) 10.8% 11.4% 11.3% 11.3%11.4% 11.2% 34,614 21
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* Adjusted EBITA is calculated as operating profit + amortization of goodwill (including amortization of intangible assets recognized through purchase price allocation (PPA)) + M&A-related expenses (including advisory fees and due diligence costs). ADJUSTED EBITA AND ADJUSTED EBITA MARGIN (QUARTE RLY) * Adjusted EBITA margins are calculated by dividing Adjusted EBITA by the Gross Merchandise Value (excluding other GMV) 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS YoY 7.0% ADJUSTED EBITA ADJUSTED EBITA Margin (% of t he Gross Merchandise Value) (million¥) ʴ 22
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FY2025 2Q FY2026 2Q YoY SELLING, GENERAL AND ADMINISTRATIVE (SG&A) EXPENSES (2Q YTD) Amount Amount% of the Gross Merchandise Value % of the Gross Merchandise Value % of the Gross Merchandise Value * Payroll includes directors ʟremuneration, employee salaries, bonuses, legal welfare expenses, welfare expenses, retirement benefits cost, provision for employee bonuses, expenses of company pension premium, subcontracting payroll, a portion of expenses at logistics centers operation. ʠEmployee ʡincludes directors, full-time employees and personnel engaged in operations other than logistics operation, ʠLogistics-Related Expenses ʡ includes part-timers, dispatched workers(subcontracting payroll) and substantial personnel expenses within outsourcing commission of staff working for logistics operations. * The percentages of the Gross Merchandise Value are calculated by dividing each expense by the Gross Merchandise Value (excluding other GMV). Total SG&A Others Stock Compensation Expenses Amortization of goodwill Depreciation Rent expense Advertising Commission of Payment collection Shipping Outsourcing Commission (Excluding Logistics-Related Expenses) Logistics-Related Expenses (Including Outsourcing) Payroll costs for employee Payroll and staff costs ʢmillion =ʣ Increase / decrease factors 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS Transition of the number of employees on a consolidated basisFY25 Q2 1,915 ˠ FY26 Q2 1,929 Cost ratio declined due to (i) improved economic terms with the delivery outsourcing partner from October 2025 as a result of initiatives to improve delivery efficiency, (ii) an increase in the proportion of small-package deliveries (Nekopos), and (iii) a rise in average order value, among other factors. Increase in web advertising costs for ZOZOTOWN and increased expenses associated with one additional month of LYST consolidation and the commencement of consolidation of HIGH LINK, INC. Increase due to the commencement of depreciation of material handling equipment for shipments at an existing logistics center. Increase due to one additional month of LYST consolidation and the commencement of consolidation of HIGH LINK, INC. One-time recognition of LYST acquisition-related expenses (FY25 Q1) Cost ratio declined due to improved operational efficiency resulting from better inventory storage conditions. One-time recognition of LYST acquisition-related expenses (FY25 Q1) Increase in consumable expenses due to higher packaging material prices, and an increase in communication expenses due to higher cloud service fees (FY26) 23
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SELLING, GENERAL AND ADMINISTRATIVE (SG&A) EXPENSES (QUARTERLY) * SG&A expenses ratio is calculated by dividing SG ˍA expenses by the Gross Merchandise Value (excluding other GMV) SG&A expenses ratio (% of the Gross Merchandise Value ʣ SG&A (Quarterly) 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 24 (million¥) 10% 20% 30% 40% 60% 50% 0%
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OVERVIEW OF SG&A BY EACH QUARTER * Payroll includes directors ʟremuneration, employee salaries, bonuses, legal welfare expenses, welfare expenses, retirement benefits cost, provision for employee bonuses, expenses of company pension premium, subcontracting payroll, a portion of expenses at logistics centers operation. ʠEmployee ʡincludes directors, full-time employees and personnel engaged in operations other than logistics operation, ʠLogistics-Related Expenses ʡincludes part-timers, dispatched workers(subcontracting payroll) and substantial personnel expenses within outsourcing commission of staff working for logistics operations. * The percentages of the Gross Merchandise Value are calculated by dividing each expense by the Gross Merchandise Value (excluding other GMV). 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 25 ʢmillion ˇʣ Logistics-Related Expenses (Including Outsourcing) Payroll costs for employee Payroll and staff costs Total SG&A Others Stock Compensation Expenses Amortization of goodwill Depreciation Rent expense Advertising Commission of Payment collection Shipping Outsourcing Commission (Excluding Logistics-Related Expenses) FY2025 FY2026 1Q 1Q2Q 3Q Amount % of the Gross Merchandise Value Amount % of the Gross Merchandise Value Amount % of the Gross Merchandise Value Amount % of the Gross Merchandise Value Amount % of the Gross Merchandise Value 2Q Amount % of the Gross Merchandise Value 4Q
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2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS FY2024 1Q FY2024 4QFY2024 3Q FY2025 1Q FY2025 2Q FY2025 3Q FY2025 4Q FY2026 1Q FY2026 2QFY2024 2Q ACTUAL PROMOTION-RELATED EXPENSES Actual promotion-related expenses: The sum of advertising expenses and point-related expenses * The actual promotion-related expenses ratio is calculated by dividing the actual promotion-related expenses by the Gross Merchandise Value (excluding other GMV) 03 Actual promotion-related expenses ratio (% of the Gross Merchandise Value) Advertising expensesʢQuarterly ʣ Point-related expenses ʢQuarterly ʣ 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 0 ʢmillion =ʣ 26 2% 4% 8% 6% 10% 0% 5IFSBUJPPGBDUVBMQSPNPUJPOSFMBUFEFYQFOTFTUP(.7GPSUIFTFDPOE RVBSUFSXBT MBSHFMZJOMJOFXJUIQMBO5IFQSJNBSZGBDUPSTCFIJOE UIFZFBSPOZFBSJODSFBTFXFSFJODSFBTFEBEWFSUJTJOHTQFOEJOHBU- :45 UIFJODMVTJPOPGBEWFSUJTJOHFYQFOTFTGSPN)*()-*/, */$ BOE TUSFOHUIFOFEGSFFTIJQQJOHBOEQFSTPOBMJ[FEEJTDPVOUNFBTVSFT BNPOH PUIFSGBDUPST)PXFWFS UIFVOTQFOUQPSUJPOPGUIFpSTURVBSUFSQSPNP UJPOBMCVEHFUXBTOPUNBEFVQUISPVHIBEEJUJPOBMTQFOEJOHJOUIF TFDPOERVBSUFS BOEUIFSBUJPGPSUIFpSTUIBMGDBNFJOTMJHIUMZCFMPXUIF JOJUJBMQMBO'PSUIFGVMMZFBS UIFSBUJPJTQMBOOFEBU JOMJOFXJUI UIFQSFWJPVTpTDBMZFBS 4.8% 5.3% 3.9% 6,899 9,092 4,982 3,618 3,281 4.7% 6,762 3,042 3,720 4.2% 6,278 2,895 3,383 3,876 5,216 2,509 2,473 3.3% 4,323 1,954 2,368 4.5% 5.0% 7,029 7,592 3,240 3,788 3,430 4,162 4.9% 9,264 4,155 5,109 5.5% 8,965 4,070 4,895
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NUMBER OF TOTAL BUYERS Number of total buyers = Active members and guest buyers who made at least one purchase within a year Guest buyers = Total number of guest purchases within a year Active members = Members who have made at least one purchase within a year * The results are only from the ZOZOTOWN business. LY Corporation Commerce, LYST and BtoB Business are not included. * Excluding the users who only purchased the body measurement device ʠZOZOSUIT ʡʠZOZOMATʡandʠZOZOGLASS ʡ. Guest buyersActive members 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 04 (member) 714,688 12,841,096 13,555,784 27 5IFBDRVJTJUJPOPGOFXNFNCFSTSFNBJOFETUFBEZ TVQQPSUFECZ JOJUJBUJWFTTVDIBT;0;08&&,JO4FQUFNCFS )PXFWFS UIFRVBS UFSPORVBSUFSJODSFBTFNPEFSBUFEDPNQBSFEXJUISFDFOURVBSUFST QBSUMZEVFUPUIFJNQBDUPGTUSFOHUIFOFEXFCBEWFSUJTJOHBOESF GFSSBMDBNQBJHOTJOUIFTBNFQFSJPEPGUIFQSFWJPVTpTDBMZFBS
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27.8% 9.8% 5.6% 5.5% 3.6% 7.2% 40.5% 72% 28% 300,000 400,000 500,000 200,000 100,000 60 804020 Men 33.1 Women 35.6 34.9 Average age Gender ratio Geographical distribution Age distribution ACTIVE MEMBER DISTRIBUTION Kinki/Tokai Kyushu/Okinawa Hokuriku Koshinetsu Tohoku Hokkaido Chugoku/Shikoku Kanto ʢTokyo 15.6% ʣ Women Men * The shown data on Active Member Distribution is only based on the numbers from the ZOZOTOWN business. LY Corporation Commerce, LYST and BtoB Business are not included. 0ʢageʣ ʢmember ʣ 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 28
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ANNUAL PURCHASE AMOUNT AND PIECES PER ACTIVE MEMBER Annual purchase piecesAnnual purchase amount * The results are only from the ZOZOTOWN business. LY Corporation Commerce, LYST and BtoB Business are not included. * Excluding the users who only purchased the body measurement device ʠZOZOSUIT ʡʠZOZOMATʡandʠZOZOGLASS ʡ. 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS FY2024 1Q FY2025 4Q FY2026 1Q FY2026 2QFY2025 3QFY2025 2QFY2025 1QFY2024 3Q FY2024 4QFY2024 2Q ʢ=ʣ ʢitem ʣ 10.9 10.9 10.8 42,947 42,953 42,861 11.0 43,307 11.0 43,171 42,404 41,771 41,323 40,900 10.7 10.6 10.6 10.5 10.5 40,951 30,000 34,000 38,000 42,000 46,000 50,000 8 9 10 11 13 12 14 15 29
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FY2024 4QFY2024 3Q FY2025 1Q FY2025 2Q FY2025 3Q FY2025 4QFY2024 2QFY2024 1Q NUMBER OF SHOPS ON ZOZOTOWN ᶃ Consignment sales ᶄ Outright Purchase / Production & Sales 1,000 1,200 1,100 1,400 1,300 1,600 1,500 1,700 1,800 ʢshopsʣ FY2026 1Q FY2026 2Q 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 1,714 ᶄ 21 ᶃ 1,693 1,726 ᶄ 17 ᶃ 1,709 1,686 ᶄ 28 ᶃ 1,658 1,605 ᶄ 29 ᶃ 1,576 1,6491,656 ᶄ 29 ᶃ 1,620 1,681 ᶄ 29 ᶃ 1,652 1,712 ᶄ 25 ᶃ 1,687 1,710 ᶄ 21 ᶃ 1,689 ᶄ 30 ᶃ 1,626 1,621 ᶄ 31 ᶃ 1,590 30
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NUMBER OF SHIPMENTS YoY comparisonShipment volume FY2024 1Q FY2024 3Q FY2024 4Q FY2025 4QFY2025 3Q FY2026 1Q FY2026 2QFY2025 2QFY2025 1QFY2024 2Q -10% 10% 30% 50% 0 ʢshipment ʣ 0 8,000,000 6,000,000 4,000,000 2,000,000 10,000,000 12,000,000 14,000,000 18,000,000 16,000,000 * The results are only from the ZOZOTOWN business. LY Corporation Commerce, LYST and BtoB Business are not included. * Excluding the users who only purchased the body measurement device ʠZOZOSUIT ʡʠZOZOMATʡandʠZOZOGLASS ʡ. 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 31
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AVERAGE RETAIL PRICE Average retail price = Gross Merchandise Value of the ZOZOTOWN Business / Number of pieces shipped YoY comparisonAverage retail price FY2026 1Q FY2026 2Q 0 3,000 2,000 1,000 4,000 5,000 6,000 7,000 ʢ=ʣ * The results are only from the ZOZOTOWN business. LY Corporation Commerce, LYST and BtoB Business are not included. * Excluding the users who only purchased the body measurement device ʠZOZOSUIT ʡʠZOZOMATʡandʠZOZOGLASS ʡ. 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 05 -15% -5% 15% 5% 25% 35% FY2024 4QFY2024 3Q FY2025 1Q FY2025 2Q FY2025 3Q FY2025 4QFY2024 2QFY2024 1Q 4,038 4,369 3,6293,698 1.2% 3,744 -1.2% -2.1% -1.6% -1.7% 3,584 4,277 3,974 3,682 0.9%0.2%1.1%-0.7% 1.6% 3,640 32 8IJMFMJTUQSJDFTGPSOFXGBMMXJOUFSJUFNTJODSFBTFENPEFSBUFMZ PWFS BMMQSJDFMFWFMTGPSOFXNFSDIBOEJTFSFNBJOFEHFOFSBMMZVODIBOHFE ZFBSPOZFBS 5IFBWFSBHFSFUBJMQSJDFJODSFBTFEBTUIFBWFSBHFEJT DPVOUSBUFEFDMJOFE FWFOUIPVHIUIFQSPQPSUJPOPGTBMFJUFNTSPTF TMJHIUMZ QBSUMZEVFUP;0;08&&,JO4FQUFNCFS
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FY2024 4Q FY2025 1Q FY2025 2Q FY2025 3Q FY2025 4QFY2024 3QFY2024 2QFY2024 1Q 0 6,000 4,000 2,000 8,000 10,000 12,000 14,000 YoY comparisonAverage order value Average order value = Gross Merchandise Value of the ZOZOTOWN Business / Number of shipmentsAVERAGE ORDER VALUE ʢ=ʣ * The results are only from the ZOZOTOWN business. LY Corporation Commerce, LYST and BtoB Business are not included. * Excluding the users who only purchased the body measurement device ʠZOZOSUIT ʡʠZOZOMATʡandʠZOZOGLASS ʡ. FY2026 1Q FY2026 2Q 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS -20% -10% 10% 0% 20% 30% 8,183 -0.2% -0.4% 9,328 -1.0% 8,864 8,506 -1.3% 8,9809,422 8,1968,343 2.8%3.3%3.8%2.0% 8,543 2.4% 2.5% 8,388 06 33 5IFBUUBDISBUF OVNCFSPGJUFNTQFSPSEFS JODSFBTFEEVFUP NPSFGSFRVFOUGSFFTIJQQJOHNFBTVSFTUIBOJOUIFTBNFRVBS UFSPGUIFQSFWJPVTpTDBMZFBS BNPOHPUIFSGBDUPST"TB SFTVMU UIFBWFSBHFPSEFSWBMVFJODSFBTFEBUBIJHIFSSBUF UIBOUIFBWFSBHFSFUBJMQSJDF
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BUSINESS PLAN FOR FY2026 P.35 - P.38 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
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CHANGE IN KEY DISCLOSURE INDICATOR The Company group adopted EBITDA as a management indicator to present its underlying earnings power by excluding the impact of amortization of goodwill and other amortization related to M&A. At the same time, the Company group consistently makes capital investments in logistics centers and investments in internally developed software. In this context, the Company group recognizes that depreciation and amortization associated with these investments are essential costs for business operations. In light of this, and in order to more appropriately present the Company group ʟs underlying earnings power in a manner that reflects its actual business conditions, the Company group has decided to adopt ʠAdjusted EBITAʡ as a new indicator, under which adjustments are limited to amortization of goodwill and intangible assets arising from M&A, as well as acquisition-related costs. 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 35
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Gross Merchandise Value Gross Merchandise Value Net sales 678.6 74.4 241.9 679.6 49.7 YoYTarget 56.20 40.0 billion yen billion yen billion yen billion yen 77.9 billion yen 74.4 billion yen billion yen yen yen 5.0 ˋ 7.3 ˋ 5.9 ˋ 2.0 ˋ 7.4 ˋ 3.7 ˋ 7.2 ˋ Operating profit (excluding other GMV) 11.0 % 11.5 % Ordinary profit Profit attributable to owners of parent Net profit per share Estimated dividends per share (Plan) Adjusted EBITA Adjusted EBITA Margin (% of the Gross Merchandise Value) Operating Profit Margin (% of the Gross Merchandise Value) - - - - CONSOLIDATED EARNINGS FORECAST AND DIVIDEND FORECAST FOR FY2026 *Adjusted EBITA is calculated as operating profit + amortization of goodwill (including amortization of intangible assets recognized through purchase price allocation (PPA)) + M&A-related expenses (including advisory fees and due diligence costs). *Operating profit margin and Adjusted EBITA margin are calculated by dividing operating profit and Adjusted EBITA by the Gross Merchandise Value (excluding other GMV). 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 36 ̋ Gross Merchandise Value (excluding Other GMV) is expected to increase by 5.0% YoY, and Adjusted EBITA by 7.2% YoY. ̋ HIGH LINK, INC. has been consolidated since May 2026, and the impact of the consolidation has already been incorporated into this plan. ̋ HIGH LINK, INC. ʟs Gross Merchandise Value and net sales are recorded under the ʠOthers ʡ segment. ̋ For the fiscal year ending March 31, 2027, disclosure of Gross Merchandise Value (excluding Other GMV) will be continued. ̋ From the fiscal year ending March 31, 2028 onward, disclosure of Gross Merchandise Value (excluding Other GMV) is scheduled to be discontinued. *This is due to the continued impact of the inclusion of GMV from ZOZO option contract stores on Yahoo! JAPAN Shopping through the end of September 2025.
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FY2026 TARGET BY BUSINESS SEGMENT ZOZOTOWN Business Outright Purchase/Production & Sales USED sales Consignment sales 3.2 22.5 512.7 Target for Gross Merchandise Value 538.4 LY Corporation Commerce* BtoB Business LYST 86.6 7.1 YoY Gross Merchandise Value ʢexcluding other GMV) Others Gross Merchandise Value 678.6 1.0 679.6 billion yen billion yen billion yen billion yen billion yen 46.5 billion yen billion yen billion yen billion yen billion yen 14.5 ˋ 6.8 ˋ 4.1 ˋ 4.2 ˋ 9.7 ˋ -15.3 ˋ 5.0 ˋ 2.0 ˋ -95.0 ˋ Advertising Business 0.1% Target for Net Sales YoY 11.9 billion yen * "LY Corporation Commerce" represents the combined total of "Yahoo! JAPAN Shopping" and "Yahoo! JAPAN Auction". 10.1 ˋ 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 37 ̋ HIGH LINK, INC. has been consolidated since May 2026, and the impact of the consolidation has already been incorporated into this plan. ̋ HIGH LINK, INC. ʟs Gross Merchandise Value and net sales are recorded under the ʠOthers ʡ segment.
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2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS FY2021 GROSS MERCHANDISE VALUE & ADJUSTED EBITA MARGIN FY2022 FY2023 FY2024 FY2025 FY2026 (Plan) Adjusted EBITA Margin (% of the Gross Merchandise Value) Gross Merchandise Value ʢbnˇʣ 100 200 300 400 500 700 600 0 0% 2% 4% 6% 8% 10% 12% 14% 16% 20% 18% *Adjusted EBITA is calculated as operating profit + amortization of goodwill (including amortization of intangible assets recognized through purchase price allocation (PPA)) + M&A-related expenses (including advisory fees and due diligence costs). *Adjusted EBITA margins are calculated by dividing Adjusted EBITA by the Gross Merchandise Value (excluding other GMV). 679.6 508.8 544.3 574.3 614.3 666.0 11.3%11.4%10.8% 11.4% 11.3% 11.5% 38
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REFERENCE DATA P.40 - P.45 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
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STATISTICS OF ZOZO NUMBER OF EMPLOYEES NUMBER OF SHAREHOLDERS NUMBER OF PARTICIPATING BRANDS ZOZOTOWN TOTAL ANNUAL BUYERS million13.5 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 40 ʢAverage age 34.9 years old ʣ 11,599 1,929 20,083 *Employee count is presented on a consolidated basis. Average age is calculated based on employees of ZOZO, Inc. and ZOZO NEXT, Inc.
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̋ The Company offers 11,599 brands across 1,726 stores, with more than 1.38 million items available at any given time. On average, 3,100 new items are added every day. ̋ All functions from systems design to fulfillment are built in-house. ̋ Same-day delivery service, gift-wrapping service, deferred payment, etc., are available. ̋ The ZOZOTOWN store was opened on Yahoo! JAPAN Shopping, which is operated by LY Corporation. Additionally, the ZOZOUSED store has been opened on Yahoo! JAPAN Auction since March 2024. ̋ Users can search for outfits that align with their preferences and the latest trends through AI-driven analysis of user posts across various genres. Additionally, fashion know-how videos, makeup posts, and a full AR makeup function provide a wealth of fashion-related information, including makeup tips. ̋ "WEARISTA," the fashionista officially certified by WEAR, is an influencer who proposes easy-to-reference outfits and brings more excitement to the fashion industry. ̋ Over 21 million downloads have been achieved, and now it is expanding globally. The largest fashion e-commerce website in Japan The largest outfit-sharing app in Japan ZOZOTOWN WEAR by ZOZO MAJOR SERVICES 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 41
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Reward points cost Overview Detail of consignment Original services provided Reward points Number of shops Selling items Payment methods Revenue Expenses borne by ZOZO Consignment sales commission from brands Shipping revenue from customers Shop opening commission Payment collection commission Customer attraction cost ZOZOTOWN One of the largest fashion e-commerce website s in Japan providing original services specialized in fashion All the operations needed for EC business such as shooting, measurement, logistics, customer support, operation support etc. Deferred payment, Replacement-discount, same-day delivery, preorder, ZOZOCARD, brand coupons, gift-wrapping service, image search function, ZOZOMAT, ZOZOGLASS etc. No ZOZO point of 5% of product price (excluding tax) will be granted only for ZOZOCARD 1,726 (As of September 30, 2026 ʣ Full line-up 330 yen (including tax) NO YES YES YES Commission rate stipulated in each contract with brands ZOZOTOWN Yahoo! JAPAN Shopping store E-commerce website for wide range of users also expecting cross-category shopping other than the fashion category Same as the left Brand coupons, Replacement-discount, same-day delivery, preorder PayPay points based on PayPay campaign 1,610 (As of September 30, 2026 ʣ Freely selected by each shop PayPay, credit cards, cash on delivery Same as the left Yes (rate is undisclosed) No (yes for only cash on delivery) No No Same as the left (Commission rate is same as ZOZOTOWN) Credit cards, cash on delivery, convenience store payment, deferred payment, PayPay DIFFERENCES BETWEEN ZOZOTOWN AND ZOZOTOWN STORE ON Yahoo! JAPAN Shopping 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 42
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ZOZOTOWN Business ̋ Outright Purchase / Production & Sales We currently operate 17 stores on ZOZOTOWN. In addition to purchasing inventory from brand manufacturers, we also manufacture and sell merchandise by utilizing the planning abilities of influencers such as brand manufacturers and celebrities. Sales = Gross merchandise value generated by each store ̋ Consignment Sales We operate 1,709 shops as a consignment business, which allows us to carry a certain amount of products from various brands while minimizing inventory risk. Sales = Gross merchandise value of each store × commission rate ̋ USED Sales We offer a second-hand business by purchasing used fashion products from our users. Sales = Gross merchandise value Advertising Business The advertising business will generate advertising income from client companies, including brands, by utilizing the user base of ZOZOTOWN and WEAR by ZOZO to provide advertising spots. Sales = Advertisement income Others Gross merchandise value= Gross merchandise value from stores using ZOZO Option at Yahoo! JAPAN Shopping (recording ended as of September 30, 2025), ZOZOMO, paid sales of ZOZOSUIT, and Gross merchandise value from HIGH LINK, INC. Sales = Income from ancillary services related to the ZOZOTOWN business, such as shipping income and payment commission income, and the combined total of sales related to the aforementioned Gross merchandise value (Others) HIGH LINK, INC.: Only online sales of private-label products and fragrance products sold in smaller portions are recorded as Gross merchandise value. Sales from all businesses operated by HIGH LINK, INC., including sales from the comprehensive fragrance platform "Coloria," are included in sales BUSINESS MODEL BtoB Business We assist in developing and operating online shops and managing logistics operations on behalf of some brands that have stores on ZOZOTOWN. We currently provide back-end service to 28 stores. ɾIn the case of providing all services from website development and operation to logistics operations, etc. ɹSales = Gross merchandise value of these online shops × Commission rate ɾIn the case of providing logistics operations service but not website development and operation services Sales = Commission fee based on the number of shipments and items Both of the above sales include other sales such as initial shop opening commission, shipping fee etc. LYST The business model is based on a performance-based commission structure, under which LYST earns fees from partner brands whose products are listed on the fashion shopping platform “Lyst.” Sales = Gross merchandise value via Lyst × commission rate LY Corporation Commerce* We opened ZOZOTOWN store on Yahoo! JAPAN Shopping* which is operated by LY Corporation. ZOZOUSED has opened a store on Yahoo! JAPAN Auction since March 2024. ɾFor consignment sales merchandise Sales = Gross merchandise value of each store × commission rate ɾFor ZOZOUSED merchandise Sales = Gross merchandise value *"LY Corporation Commerce" represents the combined total of "Yahoo! JAPAN Shopping" and "Yahoo! JAPAN Auction". 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 43
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LOGISTICS BASES EXPANSION PLAN Total floor area ( ᶷ) 2024 April 2025 April 2026 April 2028 April2027 April Name 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 65,000 91,500 98,500 65,000 137,000 79,500 72,000 Shipping function ZOZOBASE NARASHINO 1 ZOZOBASE TSUKUBA 1-A ZOZOBASE TSUKUBA 1-B ZOZOBASE TSUKUBA 2 ZOZOBASE TSUKUBA 3 DPL TSUKUBA CHUO ZOZOBASE NARASHINO 2 CHIBA IBARAKI IBARAKI CHIBA IBARAKI IBARAKI IBARAKI CHIBA 114,000 Area ZOZOBASE NARASHINO 3 Scheduled to expire on March 31, 2028 (planned) Lease start: April 2024; Operations start : August 2024; Leased area expansion: May 2026 *One-year rent-free period for the expanded area Lease start: March 2027; Operations start: August 2027 (planned) *Six-month rent-free period 44
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APPENDIX ... The latest IR information is posted in a timely manner. The information below is available on our corporate website. Subscription of IR newsletter By registering your email address with our IR newsletter service, we will send you information related to our IR, such as the latest news releases. If you wish to register, please access the following link. The IR newsletter is distributed through an email distribution service provided by Magical Pocket Corp. IR News Our corporate website IR newsletter subscription ... We are disclosing integrated data on financial and non-financial information. ... We are introducing our initiatives on ESG/CSR Integrated Report Portal ɾESG Data ɾExternal Evaluation ESG/CSR 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 45
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This material has been created solely for the purpose of introducing the Company's business activities and not for soliciting investments. The earnings forecasts and future outlook described in this material are based on information currently available. Please note that the forecast includes uncertainties such as sudden changes, and actual results may differ. 2Q FY2026 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 46
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To Everyone who continues to support ZOZO Hello everyone, I'm Hamaoka from the Branding Design Department, Corporate Identity Division. An item selected on ZOZOTOWN arrives at your doorstep. It is ZOZOBASE that makes such an everyday experience possible. Six years ago, as remote work became widespread during the COVID-19 pandemic, delivering items still required people to be physically present, handling each item with care. It is the countless daily efforts of those working on-site, performing tasks that could never be completed through a screen alone, that have sustained ZOZO. Delivering products that brand partners have created with care and passion into the hands of customers. ZOZOBASE is a place that connects brand partners with customers, and also a touchpoint where customers encounter ZOZO through the items they receive. How can we deliver items even a day sooner? How can we bring even more joy to our customers? The staff at ZOZOBASE ask themselves these questions every day, continually finding new ways to improve. Every shelf and every route through the warehouse reflects ideas and ingenuity aimed at delivering items in better ways. Each of these efforts has helped ZOZOBASE grow into what it is today. I think that taking pride in bringing smiles to our customers' faces is also a driving force for the people who work here. Looking ahead, advances in technology will open up new possibilities for logistics. By combining the knowledge and expertise developed on-site with technology, I believe we can further improve the entire experience of getting items from ZOZOBASE into our customers' hands. Supporting reliable day-to-day operations while continuing to explore new possibilities in logistics. I feel ZOZOBASE has the strength to do both. Shunri Hamaoka