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KK POLA ORBIS HOLDINGS First Half of Fiscal 2026 Supplementary Material POLA ORBIS HOLDINGS INC . Representative Director and President Yoshikazu Yokote This report contains projections of performance and other projections based on information currently available and certain assumptions judged to be reasonable . Actual performance may differ materially from these projections resulting from changes in the economic environment and other risks and uncertainties .
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1 1. Highlights of Consolidated Performance 2. Segment Analysis 3. Initiatives Going Forward 4. Forecasts for Fiscal 2026 5. Appendices
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2 40,886 42,94941,313 41,94040,829 43,520 0 20,000 40,000 60,000 2024 2025 2026 Q1 2024 2025 2026 Q2 3,357 3,9594,148 4,068 4,925 5,028 0 2,000 4,000 6,000 2024 2025 2026 Q1 2024 2025 2026 Q2 Q2 Key Topics Quarterly Consolidated Net Sales Quarterly Consolidated Operating Profit ▌Cosmetics Market ◼ The scale of the Japanese cosmetics market (not including inbound demand) was marginally lower than a year earlier. Consumption patterns warrant close monitoring. ◼ In the Chinese cosmetics market, consumption continued to outpace the year-earlier level. Source: Ministry of Economy, Trade and Industry, Ministry of Internal Affairs and Communications, Japan Tourism Agency, Japan Department Stores Association, Intage SLI, and National Bureau of Statistics of China ▌Our Group ◼ On a consolidated basis, revenue from POLA declined, while ORBIS posted revenue growth. Including foreign exchange impacts, consolidated net sales increased year over year. Consolidated operating profit increased, supported mainly by higher profit at ORBIS and improved losses at Jurlique. ◼ For POLA’s domestic business, the rate of revenue decline in the salon channel improved, excluding the impact of the tightening of secondary distribution controls. Overseas revenue increased due to the growth in the Chinese business, led by the B.A series. ◼ For ORBIS, revenue and operating profit continued to increase due to higher purchases per customer in the direct selling channel and strength in external channels. (mil. yen) (mil. yen)
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3 Consolidated P&L Changes Analysis: Net Sales to Operating Profit (mil. yen) FY2025 H1 FY2026 H1 YoY Change Amount % Net sales 83,253 84,349 1,096 1.3% Cost of sales 15,210 15,831 621 4.1% Gross profit 68,043 68,518 474 0.7% SG&A expenses 59,826 58,564 (1,262) (2.1%) Operating profit 8,217 9,954 1,737 21.1% ▌Key Factors ◼ Net sales POLA revenue declined, while ORBIS posted revenue growth. Including foreign exchange effects, net sales increased year on year. ◼ Cost of sales Cost of sales ratio 2025H1: 18.3% → 2026H1: 18.8% ◼ SG&A expenses Labor expenses: down ¥128 mil. YoY Sales commissions: down ¥666 mil. YoY Sales related expenses: down ¥250 mil. YoY Administrative expenses, etc.: down ¥216 mil. YoY ◼ Operating profit Operating margin 2025H1: 9.9% → 2026H1: 11.8%
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4 Consolidated P&L Changes Analysis: Operating Profit to Profit Attributable to Owners of Parent (mil. yen) FY2025 H1 FY2026 H1 YoY Change Amount % Operating profit 8,217 9,954 1,737 21.1% Non-operating income 325 2,340 2,015 619.2% Non-operating expenses 2,260 159 (2,100) (92.9%) Ordinary profit 6,282 12,135 5,852 93.2% Extraordinary income - - - - Extraordinary losses 521 2,241 1,719 329.7% Profit before income taxes 5,760 9,893 4,133 71.7% Income taxes 1,116 3,354 2,237 200.3% Profit attributable to owners of parent 4,643 6,539 1,895 40.8% ▌Key Factors ◼ Non-operating income and loss Posting of foreign exchange gains and losses (FY2025 H1: foreign exchange losses of ¥2,061 mil., FY2026 H1: foreign exchange gains of ¥1,960 mil.) ◼ Extraordinary loss ¥1,605 mil. from POLA INC.’s early retirement program, ¥477 mil. in structural reform expenses for Jurlique ◼ Income taxes etc. In FY2025 H1, income taxes etc. decreased ¥1,352 mil. due to the resolution to liquidate Orbis Beijing
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5 4,643 895 （420） 128 666 250 216 4,115 (1,719) 6,539 (2,237) Foreign exchange rate impact FY2025 H1 foreign exchange losses ¥2,061 mil. FY2026 H1 foreign exchange gains ¥1,960 mil. Factors Impacting Profit Attributable to Owners of Parent (mil. yen) Increase in gross profit Labor expenses Admin. expenses, etc. Non- operating income and loss Extraordinary income and loss Income taxes Sales commissions Sales- related expenses FY2025 H1 Profit attributable to owners of parent FY2026 H1 Profit attributable to owners of parent Deteriorated cost of sales ratio Despite an increase in extraordinary losses and the rebound from lower income taxes, etc. in the same period of the previous year, profit attributable to owners of parent increased by ¥1,895 million YoY , driven by SG&A cost controls and lower expenses, as well as gains from foreign exchange effects.
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6 1. Highlights of Consolidated Performance 2. Segment Analysis 3. Initiatives Going Forward 4. Forecasts for Fiscal 2026 5. Appendices
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7 Segment Results (mil. yen) FY2025 H1 FY2026 H1 YoY Change Amount % Consolidated net sales 83,253 84,349 1,096 1.3% Beauty care 80,200 81,270 1,070 1.3% Real estate 1,488 1,558 69 4.7% Others 1,564 1,520 (43) (2.8%) Consolidated operating profit 8,217 9,954 1,737 21.1% Beauty care 8,064 9,949 1,884 23.4% Real estate 431 425 (5) (1.4%) Others 70 103 33 48.0% Reconciliations (349) (524) (175) - ▌Segment Results Summary ◼ Beauty Care ORBIS was the primary driver of overall revenue, while operating profit increased, driven mainly by higher profit at ORBIS and improved losses at Jurlique.
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8 Beauty Care Business Results by Brands (mil. yen) FY2025 H1 FY2026 H1 YoY Change Amount % Beauty care net sales 80,200 81,270 1,070 1.3% POLA 44,490 43,592 (897) (2.0%) ORBIS 24,785 26,163 1,378 5.6% Jurlique 3,699 3,887 187 5.1% Brands under development* 7,225 7,627 401 5.6% Beauty care operating profit 8,064 9,949 1,884 23.4% POLA 5,202 5,574 371 7.1% ORBIS 4,194 5,214 1,020 24.3% Jurlique (926) (451) 475 - Brands under development* (405) (388) 16 - Note: Consolidated results for each brand are shown for reference purposes only (figures are unaudited). * The brands under development consist primarily of the DECENCIA and THREE brands and also include other businesses.
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9 22,161 23,80422,098 22,39120,696 22,895 0 10,000 20,000 30,000 2024 2025 2026 Q1 2024 2025 2026 Q2 2,305 2,9402,647 2,5552,541 3,032 0 1,500 3,000 4,500 2024 2025 2026 Q1 2024 2025 2026 Q2 H1 Results (mil. yen) YoY Change Net sales 43,592 (2.0%) Operating profit 5,574 7.1% Key indicators Sales ratio Domestic(1) 83.4% Salon(2) 57.1% Department store 12.4% E-commerce 8.2% Hotel amenities 5.5% Overseas 16.6% Sales growth(YoY) Domestic(1) down 4.2% Salon(2) down 5.8% Department store down 8.5% E-commerce up 7.4% Hotel amenities up 6.3% Overseas up 10.6% Domestic business Purchase per customer(YoY) up 2.8% Domestic business Number of customers(YoY) down 8.3% # of stores domestic (vs Dec. 2025) 2,450 （down 31） # of stores overseas (vs Dec. 2025) 122 （down 4） Brand Analysis (POLA) Quarterly net sales (mil. yen) Quarterly operating profit (mil. yen) (1) Includes results outside the four major domestic channels. (2) The "Consignment Sales" channel has been renamed the "Salon" channel. （Left） B.A CLEANSING CREAM （Right） B.A WASH Performance Overview ◼ The rate of revenue decline in the salon channel improved, excluding the impact of tighter controls on secondary distribution, with higher revenue at stores on a growth track contributing. ◼ Revenue declined for the department store channel, mainly due to a drop in inbound sales. ◼ Overseas, we promoted rebuilding of the foundations of the Chinese business. Overall overseas revenue increased, driven by further growth in same-store sales and e-commerce sales in China. ◼ We promoted cross-selling, focusing on strong-selling products in the B.A series, which drove up purchases per customer. Topics ◼ Won multiple best cosmetics awards, led by new products in the high-prestige B.A series
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10 1,962 2,556 2,195 1,998 2,837 2,377 0 1,000 2,000 3,000 2024 2025 2026 Q1 2024 2025 2026 Q2 H1 Results (mil. yen) YoY Change Net sales 26,163 5.6% Operating profit 5,214 24.3% Key indicators Sales ratio Domestic(1) 98.9% Direct selling(2) 76.6% External channels 22.2% Overseas 1.1% Sales growth(YoY) Domestic(1) up 6.9% Direct selling(2) up 1.3% External channels up 32.4% Overseas down 50.5% Direct selling Purchase per customer (YoY) up 2.8% Direct selling Number of customers(YoY) down 1.2% Brand Analysis (ORBIS) (1) Include performance outside direct selling and external channels. (2) Total in-house sales (EC and directly-operated stores). Quarterly net sales (mil. yen) Quarterly operating profit (mil. yen) ORBIS WRINKLE BRIGHT UV PROTECTOR N ROSE Performance Overview ◼ Cleansing oil, which marked its one-year anniversary since launch, continued to sell well. ◼ In the direct selling channel, sales grew for highly functional, higher-priced products, which contributed to growth in purchases per customer. ◼ We continued to make marketing investments with a strong emphasis on cost-effectiveness. ◼ In external channels, strong growth continued due to expanded customer contact points and brisk sales of popular products. Topics ◼ Launched a rose-colored variant with a different finish for our popular wrinkle-improving and skin-brightening UV series (June), meeting a broader range of customer needs. 11,446 12,54512,169 12,61512,762 13,401 0 5,000 10,000 15,000 2024 2025 2026 Q1 2024 2025 2026 Q2
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11 2,270 1,829 2,069 1,630 2,012 1,875 0 1,000 2,000 3,000 2024 2025 2026 Q1 2024 2025 2026 Q2 (645) (929) (404) (522) (172) (278) (1,200) (800) (400) 0 2024 2025 2026 Q1 2024 2025 2026 Q2 Brand Analysis (Jurlique) H1 Results (mil. yen) YoY Change(1) Net sales 3,887 5.1% Operating profit (451) 475 Key indicators Sales ratio Australia 24.4% Mainland China 33.5% Hong Kong 11.1% Duty free 16.3% Sales growth(YoY) Australia down 1.3% Mainland China down 12.4% Hong Kong down 20.0% Duty free down 6.6% (1) Where operating profit (current or previous year) is negative or the YoY change exceeds 1,000%, YoY change is shown as the amount (mil. yen). (2) AUD basis. Quarterly net sales (mil. yen) Quarterly operating profit (mil. yen) Peeling Jelly Mask, etc. Performance Overview (AUD basis, YoY .) ◼ Revenue declined excluding currency effects, partly reflecting store closures in mainland China. ◼ Losses continued to improve with structural reform and cost controls progressing as planned. Topics ◼ We launched three types of face masks (May), providing skincare products with highly noticeable benefits.
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12 1,260 1,293 1,169 1,0701,185 1,114 0 600 1,200 1,800 2024 2025 2026 Q1 2024 2025 2026 Q2 (204) (254) (307) (342) (195) (288) (600) (400) (200) 0 2024 2025 2026 Q1 2024 2025 2026 Q2 1,251 1,4221,351 1,4351,376 1,410 0 600 1,200 1,800 2024 2025 2026 Q1 2024 2025 2026 Q2 135 168 127 195 131 194 0 100 200 300 2024 2025 2026 Q1 2024 2025 2026 Q2 Performance Overview ◼ DECENCIA’s new skin-brightening series sold well. We strengthened customer approaches, leveraging new products. ◼ THREE’s domestic holistic care sales increased further, supported by proposals centered on our renewed mainstay cleansing oil products, which contributed to revenue growth. ◼ Growth of new businesses “Kaokara” (3) and “Dive” (4) contributed to revenue and profit growth. （3） An AI camera for heat countermeasures （4） Medical cosmetics series available exclusively through esthetic clinics and dermatology practices. Topics ◼ THREE launched a cleansing oil blended with its original essential oil sourced from Karatsu, Saga Prefecture (May), which saw strong initial sales. Brand Analysis (Brands Under Development) H1 Results (mil. yen) YoY Change(1) Net sales 7,627 5.6% DECENCIA 2,787 0.0% THREE 2,300 2.7% Others(2) 2,540 15.5% Operating profit (388) 16 DECENCIA 325 0.6% THREE (484) 165 Others(2) (229) (150) (1) Where operating profit (current or previous year) is negative or the YoY change exceeds 1,000%, YoY change is shown as the amount (mil. yen). (2) Other businesses apart from the DECENCIA and THREE brands. DECENCIA THREE Quarterly net sales (mil. yen) Quarterly operating profit (mil. yen)Quarterly net sales (mil. yen) Quarterly operating profit (mil. yen) THREE Balancing Clear Cleansing Oil
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13 1. Highlights of Consolidated Performance 2. Segment Analysis 3. Initiatives Going Forward 4. Forecasts for Fiscal 2026 5. Appendices
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14 Initiatives Going Forward ORBIS ESSENCE IN HAIR OIL New Esthetic Menu 3D EYE-ZONE CARE by B.A ◼ Enhance proposals for the high-prestige B.A series and further promote cross selling, especially for updated mainstay products and new products. ◼ Early launch (September) of an optional esthetic menu linked with POLA B.A EYE ZONE CREAM 7 which will launch in October, to encourage visits to salons and strengthen the brand experience. ◼ We will continue providing operational consulting and support to salons to enhance customer experience value and aim to accelerate growth at stores on a growth track. ◼ For the China business, while rebuilding its business foundation, we aim to increase LTV through cross-selling focused on strong- selling products in the B.A series. ◼ Increase LTV by encouraging cleansing oil customers to purchase skincare and base makeup products. ◼ Strengthen customer retention through cost-effective marketing initiatives. ◼ Expand the in-store product lineup for external channels, a key growth driver. ◼ Promote customer acquisition initiatives aimed at attracting customers aged 60 and above. POLA B.A DAY PLUMP FOUNDATION ORBIS THE CLEANSING OIL
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15 Initiatives Going Forward Jurlique Rose Collection ◼ Continue to tightly control costs in addition to cutting expenses through structural reforms. ◼ Aim to expand the skincare customer base by renewing the Rose series (September), including its star product facial oil, and strengthening communication of product benefits. ◼ Renew the flagship skincare series (September) and drive further sales growth for holistic care through proposals centering on the benefits of essential oils. ◼ Create opportunities to experience the brand, leveraging popular cleansing oil and skin-brightening serum, to communicate the brand’s unique value and enhance brand presence. ◼ Launch a highly functional eye cream for sensitive skin (October), featuring new technology backed by sensitive-skin research, to strengthen brand presence. ◼ By holding events for customers, aim to strengthen engagement with customers and improve brand loyalty. DECENCIA HYALO BOOST EYE CREAM New Skincare Series BALANCING FLOW
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16 1. Highlights of Consolidated Performance 2. Segment Analysis 3. Initiatives Going Forward 4. Forecasts for Fiscal 2026 5. Appendices
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17 Forecasts for Fiscal 2026 (Unchanged) Shareholder returns Capital investment Depreciation FY2025 Annual ¥52 (interim ¥21, year-end ¥31) (consol. payout ratio 121.5%) ¥8,385 mil. ¥8,170 mil. FY2026 （Plan） Annual ¥52 (interim ¥21, year-end ¥31) (consol. payout ratio 127.8%) ¥9,000 mil. to ¥10,000 mil. ¥9,000 mil. to ¥10,000 mil. (mil. yen) FY2025 Full-year Results YoY Change Amount % Consol. net sales 170,285 (74) (0.0%) Beauty care 164,148 (911) (0.6%) Real estate 3,023 809 36.6% Others 3,112 27 0.9% Consol. operating profit 15,693 1,882 13.6% Beauty care 15,856 929 6.2% Real estate 421 344 447.4% Others 218 (13) (5.8%) Reconciliations (801) 622 - Ordinary profit 17,022 938 5.8% Profit attributable to owners of parent 9,472 186 2.0% FY2026 YoY Change Full-year Plan Amount % 173,000 2,714 1.6% 166,900 2,751 1.7% 3,060 36 1.2% 3,040 (72) (2.3%) 17,300 1,606 10.2% 17,750 1,893 11.9% 400 (21) (5.1%) 150 (68) (31.2%) (1,000) (198) - 17,300 277 1.6% 9,000 (472) (5.0%) Assumed exchange rates: 1.00 AUD = 97 JPY (PY 96.49) 1.00 CNY = 21 JPY (PY 20.81)
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18 1. Highlights of Consolidated Performance 2. Segment Analysis 3. Initiatives Going Forward 4. Forecasts for Fiscal 2026 5. Appendices
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19 (Appendix) Quarterly Segment Results (mil. yen) FY2026 Jan.–Mar. FY2026 Apr.–Jun. FY2026 Jul.–Sep. FY2026 Oct.–Dec. Results YoY Change* Results YoY Change* Results YoY Change* Results YoY Change* Consolidated net sales 40,829 (1.2%) 43,520 3.8% - - - - Beauty care 39,277 (1.3%) 41,993 4.0% - - - - Real estate 776 5.3% 781 4.1% - - - - Others 775 1.4% 745 (6.8%) - - - - Consolidated operating profit 4,925 18.7% 5,028 23.6% - - - - Beauty care 4,973 20.3% 4,976 26.6% - - - - Real estate 244 18.0% 181 (19.2%) - - - - Others 41 40 62 (9.9%) - - - - Reconciliations (333) (141) (191) (34) - - - - * Where operating profit (current or previous year) is negative or the YoY change exceeds 1,000%, YoY change is shown as the amount (mil. yen).
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20 (Appendix) Quarterly Beauty Care Business Results by Brands (mil. yen) FY2026 Jan.–Mar. FY2026 Apr.–Jun. FY2026 Jul.–Sep. FY2026 Oct.–Dec. Results YoY Change(2) Results YoY Change(2) Results YoY Change(2) Results YoY Change(2) Beauty care net sales 39,277 (1.3%) 41,993 4.0% - - - - POLA 20,696 (6.3%) 22,895 2.2% - - - - ORBIS 12,762 4.9% 13,401 6.2% - - - - Jurlique 2,012 (2.7%) 1,875 15.0% - - - - Brands under development(1) 3,806 9.6% 3,821 1.9% - - - - Beauty care operating profit 4,973 20.3% 4,976 26.6% - - - - POLA 2,541 (4.0%) 3,032 18.7% - - - - ORBIS 2,837 29.2% 2,377 19.0% - - - - Jurlique (172) 232 (278) 243 - - - - Brands under development(1) (233) 72 (155) (56) - - - - Note: Consolidated results for each brand are shown for reference purposes only (figures are unaudited). (1) The brands under development consist primarily of DECENCIA and THREE, as well as other businesses. (2) Where operating profit (current or previous year) is negative or the YoY change exceeds 1,000%, YoY change is shown as the amount (mil. yen).
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21 FY2025 FY2026 YoY Change (mil. yen) H1 Results H1 Results Amount % POLA net sales 44,490 43,592 (897) (2.0%) Domestic(1) 37,935 36,344 (1,590) (4.2%) Salon(2) 26,430 24,898 (1,532) (5.8%) Department store 5,902 5,400 (501) (8.5%) E-commerce 3,322 3,571 248 7.4% Hotel amenities 2,258 2,401 143 6.3% Overseas 6,554 7,247 693 10.6% ORBIS net sales 24,785 26,163 1,378 5.6% Domestic(3) 24,201 25,874 1,673 6.9% Direct Selling(4) 19,777 20,041 264 1.3% External Channels 4,390 5,811 1,421 32.4% Overseas 584 289 (295) (50.5%) (Appendix) Sales Results by Channels: POLA and ORBIS (1) Includes results outside the four major domestic channels. (2) The "Consignment Sales" channel has been renamed the "Salon" channel. (3) Include performance outside direct selling and external channels. (4) Total in-house sales (EC and directly-operated stores).
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22 (Appendix) About POLA ORBIS Group Beauty care is the core business of the Group, and six different brands are operated under the Group umbrella. Beauty care 96% Real estate 2% Others 2% (building maintenance business) Price Range Mass-market Middle-tier Prestige High Prestige Flagship Brands Brands Under Development Overseas Brand POLA CHEMICAL INDUSTRIES FY2025 Consol. Net Sales ¥170.2 bn. ▌Our strengths ◼ Multi-brand strategy ◼ Focus on skincare products ◼ Flagship brands, POLA and ORBIS, own and operate through their own direct selling channels ◼ Meeting diversified needs of customers ◼ High customer repeat ratio ◼ Strong relationships with customers
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23 Sales Ratio(1) Brand Concept and Products Price Main Sales Channel Flagship Brands 55% 1929年～ A brand offering unique experiences through high-end products and services. Approx. ¥10,000 or higher ◼ Japan: Salon, department stores, e-commerce and cosmetics specialty stores ◼ Overseas: Department stores, directly-operated stores, duty free stores, e-commerce and cross- border e-commerce 31% Since 1984 An aging-care brand that draws out people’s intrinsic beauty. Approx. ¥2,000- ¥5,000 ◼ Japan: E-commerce, catalog sales, directly-operated stores, cosmetics specialty stores, and drugstores ◼ Overseas: E-commerce and duty free stores Overseas Brand 5% 2012年に買収 A premium natural skincare brand from Australia. Approx. ¥5,000 or higher ◼ Australia: Department stores, directly-operated stores and e-commerce ◼ Overseas: Department stores, directly-operated stores, duty free stores, e-commerce and cross- border e-commerce Brands Under Develop -ment(2) 9% Since 2007 A skincare brand specializing in products for sensitive skin. Approx. ¥5,000- ¥10,000 ◼ Japan: E-commerce ◼ Overseas: Cross-border e-commerce Since 2009 A holistic care brand that draws on the gifts of plants, centered on essential oils, to balance the skin, mind, and body. Approx. ¥5,000 or higher ◼ Japan: Department stores, directly-operated stores and e-commerce ◼ Overseas: Department stores, duty free stores, e- commerce and cross-border e-commerce Acquired in 2021 A personalized beauty care brand. Approx. ¥6,000- ¥10,000 ◼ Japan: E-commerce (Appendix) Beauty Care Business Brand Portfolio Since 1929 Acquired in 2012 (1) Sales ratio in the beauty care business as of FY2025. (2) Brands under development include OEM business and new business.
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24 FY2025 Result 2029 Target ROE 5.8% 14% or higher (Appendix) Improvement in Capital Efficiency and Shareholder Returns ▌Improvement of Shareholder Return ROE Trend ◼ Swifter decisions to discontinue unprofitable businesses and brands ◼ Shareholder returns through stable dividends ◼ Greater balance sheet efficiency ◼ Strategic investment to achieve sustainable growth Initiatives to Achieve the ROE Targets ◼ With a policy of consolidated payout ratio of 60% or higher, aim for steady increases in dividends, in line with profitable growth. ◼ Purchases of treasury stock shall be considered based on our investment strategies, as well as market prices and liquidity of the Company’s shares. 【Dividends forecast for FY2026】 • Dividend per share : ¥52 (interim ¥21, year-end ¥31) • Consol. payout ratio : 127.8% Dividends and consolidated payout ratio 6.9 6.7 5.7 5.6 5.8 0.0 2.0 4.0 6.0 8.0 2021 2022 2023 2024 2025 (%) 96.1% 100.5% 119.0% 123.9% 121.5% 127.8% 0% 50% 100% 150% 0 50 100 150 2021 2022 2023 2024 2025 2026 (plan) Dividends Payout ratio (yen)
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25 STAGE 1 Build the base of existing businesses, and restructure the portfolio for high profits (Appendix) Long-term Management Plan – VISION 2029 VISION 2029 A collection of unique businesses that respond to diversifying values of “beauty” Basic strategy 1 Develop the cosmetics business globally; reform and enhance the brand portfolio Basic strategy 2 Create new value and expand business domains Basic strategy 3 Strengthen research and technical strategy ✓ Emphasize profitability and LTV in domestic businesses ✓ Accelerate global development ✓ Sow the seeds for growth in new businesses, and engage in CVC investment ✓ Dispose of unprofitable businesses FY2021-2023 FY2024-2026 FY2027-2029 【Targets for 2029】 ◼ Consolidated operating profit: ¥50.0 bn. ◼ Consolidated operating margin: 15% or higher ◼ Consolidated net sales: ¥300.0 bn. ◼ Overseas sales ratio: 30 - 35% ◼ ROE: 14% or higher STAGE 2 Invest in growth businesses to accelerate growth ✓ Rapid global development ✓ New business growth ✓ M&A and CVC investment ✓ Launch new materials and expand pipelines ✓ Establish new dosage forms technology STAGE 3 Be a collection of unique businesses that respond to diversifying values of “beauty” ✓ Establish a clear presence in the well-being and social domains