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SHOEI CO., LTD. Financial Results for the Fiscal Year Ended September 30, 2025 November 14, 2025 Securities Code: 7839 Tokyo Stock Exchange, Prime Market
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1 ① Financial Highlights (Consolidated) 7,377 6,318 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 10,330 8,899 0 2,000 4,000 6,000 8,000 10,000 12,000 35,790 32,363 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 ROE 20.5％26.0% US＄=149.63 EUR=169.66 Average foreign exchange rates for the term (FY ended Sep. 2025) EUR=164.34 Overseas subsidiary conversion rates (end of June 2025) Net Sales/Operating Income/Profit attributable to owners of parent Although the unit price increased, sales volumes decreased in all regions. As manufacturing costs and selling, general and administrative expenses such as advertising expenses increased compared to the decline in production volume, both sales and profit decreased. 1. Operating Results for the Fiscal Year Ended September 30, 2025 Net Sales Operating Income Profit attributable to owners of parent （Million yen） （Million yen） （Million yen） FY ended Sep. 2024 FY ended Sep. 2025 FY ended Sep. 2024 FY ended Sep. 2025 FY ended Sep. 2024 FY ended Sep. 2025
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2 ② Consolidated Sales Volume and Net Sales by Region Consolidated Sales Volume and Net Sales by Region Sales volume decreased by 11.9% year on year, mainly due to a decline in Japan, where adjustments of excessive distribution inventories continued, and in Europe, where there was a reactionary impact from the absence of model changes for key products. Sales Volume （Thousand units） Net Sales （Million yen） -85 thousand -11.9％ -1 thousand -1.0％ -3 thousand -3.1％ -34 thousand -12.4％ -40 thousand -25.4％ -7 thousand -6.1％ 158 118 276 242 108 105 117 110 61 60 0 100 200 300 400 500 600 700 800 2024/9 4Q 2025/9 4Q Japan Europe North America China Other 636 721 FY ended Sep. 2024 FY ended Sep. 2025 6,921 5,655 16,534 14,444 5,011 5,037 4,707 4,512 2,616 2,712 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 2024/9 4Q 2025/9 4Q Other China North America Europe Japan - ¥ 3 ,427 million - 9.6 ％ + ¥ 96 million +3.7 ％ - ¥ 194 million - 4.1 ％ + ¥ 26 million +0.5 ％ - ¥ 2,089 million - 12.6 ％ - ¥ 1,265 million - 18.3 ％ FY ended Sep. 2024 FY ended Sep. 2025 35,790 32,363 1. Operating Results for the Fiscal Year Ended September 30, 2025
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3 0 2,000 4,000 6,000 8,000 10,000 12,000 -345 -27 Operating income decreased year on year, mainly due to a decline in sales volume. -2,539 ③Variance Analysis of Operating Income（Actual） Operating income for FY ended Sep. 2024 Operating income for FY ended Sep. 2025 Consolidated of Volume factors （decrease） Unit price (rise) Exchange rate factors （appreciatio n of the yen) SG&A expenses (rise) （Million yen） 10,330 710 770 8,899 1. Operating Results for the Fiscal Year Ended September 30, 2025 Cost of sales (decrease)
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4 950 673 7,414 7,387 1,543 1,356 6,680 5,279 2,960 3,031 15,352 19,941 29,545 32,235 932 685 4,607 4,926 Assets Liabilities/Net Assets Equity Ratio 85.1％84.2％ ④ Consolidated Balance Sheets FY ended Sep. 2025 FY ended Sep. 2025 FY ended Sep. 2024 FY ended Sep. 2024 Current Assets Non-current Assets Liabilities Net Assets （Million yen）（Million yen） 35,085 37,848 Cash and deposits +4,589 Trade receivables +70 Inventories ‐1,400 Other -186 Property, plant and equipment -27 Investments and Other assets -277 Increase in Cash and deposits Retained earnings Decrease in Inventories Decrease in merchandise and finished goods and in-progress goods Decrease in Investments and Other Assets Increase in Advances received Increase in retained earnings Current liabilities +318 Non-current liabilities -246 Net assets +2,689 35,085 37,848 1. Operating Results for the Fiscal Year Ended September 30, 2025
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5 6,318 5,940 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 8,899 8,370 0 2,000 4,000 6,000 8,000 10,000 32,363 33,950 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 Estimated Foreign exchange rate: US$=¥145.00 EUR=¥174.00 Net Sales/Operating Income/Profit Attributable to Owners of Parent US$：30.6 EUR：72.3 US$：22.8 EUR：43.1 US$：15.9 EUR：41.6 Net sales are expected to increase by 4.9% year on year due to higher unit sales, while operating income and net income are projected to decline by 5.9% and 6.0%, respectively, compared to the previous year. *Estimated impacts of a one yen-fall of the yen against US$ or EUR. We do not provide any guarantee of results. ① Sales and Profit Forecasts 2. Forecasts for the Fiscal Year Ending September 30, 2026 Net Sales Operating Income Profit Attributable to Owners of Parent (Million yen) (Million yen) (Million yen) FY ended Sep. 2025 Forecast for FY ending Sep. 2026 FY ended Sep. 2025 Forecast for FY ending Sep. 2026 FY ended Sep. 2025 Forecast for FY ending Sep. 2026 Foreign exchange rate sensitivity*
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6 118 127 242 250 105 97 110 130 60 56 0 200 400 600 800 2025/9 4Q 2025/9 4Q 5,655 6,046 14,444 15,609 5,037 4,439 4,512 5,433 2,712 2,423 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 636 Consolidated Sales Volume and Net Sales by Region 33,950 - ¥ 598 million - 11 .9 ％ + ¥ 1,164 million +8.1 ％ + ¥ 390 million + 6 .9 ％ - ¥ 289 million - 10.7 ％ + ¥ 1,586 million +4.9 ％ + ¥ 920 million +20.4 ％ 32,363661 +25 thousand +4.0％ -4 thousand -7.5％ -7 thousand -6.9％ +7 thousand +3.2％ +9 thousand +7.7％ +20 thousand +18.6％ The number of units sold is expected to increase year on year in Japan, Europe, and China, with a total increase of 25,000 units. As a result of this increase in sales volume, net sales are projected to rise by ¥1,586 million. Sales Volume （Thousand units） Net Sales （Million yen） Other China North America Europe Japan FY ended Sep. 2025 Forecast for FY ending Sep. 2026 FY ended Sep. 2025 Forecast for FY ending Sep. 2026 Japan North America Other Europe China ② Consolidated Sales Volume and Net Sales by Region(Forecast) 2. Forecasts for the Fiscal Year Ending September 30, 2026
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7 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Although an increase in sales volume and unit prices is expected, operating income is projected to decrease year on year, mainly due to impact of unrealized profits, impact of U.S. tariffs, and increased selling, general and administrative expenses. Impact of Unrealized profits （Decrease） 235 Sales volume (increase) Cost of sales (rise) SG&A (rise) -552-565 909 ③-1 Variance Analysis of Operating Income(Forecast) Operating income for FY ended Sep. 2025 Forecast for FY ending Sep. 2026 (Million yen) 8,899 U.S. tariffs （rise） -319 Unit price (rise) 197 -434 8,370 Please refer to the following page for details. 2. Forecasts for the Fiscal Year Ending September 30, 2026
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8 8,258 8,294 641 76 0 2,000 4,000 6,000 8,000 10,000 FY 2025 Forecast for FY 2026 ③-2 Variance Analysis of Operating Income(Forecast) Among the negative factors affecting the forecasted operating profit compared with the previous fiscal year, the impact of unrealized profits and U.S. tariffs is limited to FY 2026. Impact of Unrealized Profits Regarding U.S. Tariffs Impact of Unrealized Profits (units） In FY 2024 and FY 2025, as the European subsidiaries reduced the inventories that had increased in FY 2023, the impact of unrealized profits turned positive and contributed to higher operating income. In contrast, in FY 2026, as inventories at the European subsidiaries have stabilized, the positive impact from unrealized profits is expected to decline significantly. ➢ Based on the U.S. presidential executive order announced in September 2025, a reciprocal tariff rate of 15% has been imposed on helmets. Accordingly, we are currently discussing our response with the local distributor. ➢ Considering the current status of these discussions, we estimate the impact on our company to be approximately 300 million yen, which has been incorporated into the budget for FY 2026. 8,899 8,370 (264) (292) (1,479) 778 641 76 (-2,000) (-1,000) 0 1,000 2,000 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Forecast for FY 2026 Impact Amount of Unrealized Profits 46,362 67,463 138,951 75,820 48,289 46,010 0 100,000 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Forecast for FY 2026 Inventory Quantity of Major Subsidiaries (Million yen) Changes in Inventory Levels of Major Subsidiaries Changes in the Impact of Unrealized Profits Operating Income Excluding the Impact of Unrealized Profits Accordingly, although the consolidated operating income for FY 2026 is expected to decline compared with FY 2025, excluding the impact of unrealized profits mentioned above, it is expected to remain almost flat (see chart below). 2. Forecasts for the Fiscal Year Ending September 30, 2026
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9 ④ Expected Opportunities and Risks The earnings forecasts have been formulated based on certain assumptions. We will make every effort to improve profitability by seizing a variety of opportunities while also preparing for diverse risks. Opportunities Risks ✓ Weaker yen compared to the assumed exchange rate ✓ Increased production volume due to demand recovery ✓ Higher unit prices reflecting enhanced added value and market trends ✓ Improved productivity, mainly at factories ✓ Cost reduction through various efficiency measures and initiatives ✓ Stronger yen compared to the assumed exchange rate ✓ Economic slowdown due to rising geopolitical risks ✓ Weak sales of new models and new graphics increase in natural disaster risk ✓ Increased risk of natural disasters ✓ Decline in demand due to tariff increases 2. Forecasts for the Fiscal Year Ending September 30, 2026
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10 1,642 240 749 400 1,727 1,451 1,464 1,440 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 FY ended Sep. 2024 Forecast for FY ended Sep. 2025 FY ended Sep. 2025 Forecast for FY ended Sep. 2026 ⑤ Capital Expenditures and Depreciation Mold 200, SHP100, System 100 carried over to next FY SHP*-related Suitcases 1,939 1,387 Land acquisition 1,566 1,955 2,631 800 600 400 200 1,000 1,200 1,400 1,600 1,800 0 CAPEX （ Million yen ） Depreciation （ Million yen ） CAPEX Land acquisition DepreciationCAPEX Depreciation 2. Forecasts for the Fiscal Year Ending September 30, 2026 *SHP is an abbreviation for SHOEI HELMET PARK. Initial Forecast for FY ended Sep.2025