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120 Mizuno Corporation The 114th Period ( Year ending March 31 , 2027 ) 1st Quarter Financial Report Aug 7 , 2026 This report includes forecasts based on our assumptions , outlook and plans for the future as of Aug 7 , 2026 , which may substantially differ from actual results due to risks and uncertainties relating to the global economy , competitors ' situations , changes in exchange rates , etc.
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2 / 14 Net Sales 71.5bn JPY Operating profit 8.4bn JPY Ordinary profit 8.7bn JPY Net profit 6.0bn JPYNet Sales Profit Profit ratio +12.6％ yoy +33.1％ yoy +28.2% yoy +23.5％ yoy +1.8pts yoy +1.5pts yoy +0.7pts yoy Operating profit margin 11.7％ Ordinary profit margin 12.1％ Net profit margin 8.4％ Record high Gross profit margin 43.6％ +1.4pts yoy ✓ Sales reached a record high. ✓ Operating profit, ordinary profit and net profit all reached record highs. ✓ Golf, Running, Sportstyle shoes and Work business grew strongly. ✓ Gross margin ratio improved year on year, driven by initiatives to strengthen DTC sales and so on. Record high Record high Record high Record high Business Results｜Summary Record high
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3 / 14 6.3 3.2 1.0 -2.3 0.2 8.4 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Gross Margin Ratio: Improved SG&A Expenses: Strategic Investment • Cost reduction initiatives and optimization of selling prices. • Expansion of high-margin categories including custom golf clubs and Sportstyle shoes with a high DTC ratio. • Profit negatively impacted by US tariffs. • Promotional investments in growth areas. • SG&A expenses remained appropriately controlled. • Golf achieved substantial growth. • Growth categories including Running, Football and Sportstyle shoes performed strongly. Work business also continued to grow. • All regions achieved record-high sales. Sales: Increased(Billions of JPY) Outline of Business Results | Operating Profit Summary ✓ Sales growth was achieved through promotional investments in growth areas, resulting in higher operating profit.
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4 / 14 （Billions of JPY） FY25.1Q FY26.1Q change change(%) Forecast vs Forecast(%) Sales 63.5 71.5 +8.0 12.6％ 280.0 25.5% Gross margin 26.8 31.1 +4.3 16.3％ Gross margin ratio 42.2% 43.6% +1.4Pt Salaries & bonus 8.0 8.5 +0.5 5.8％ A&P expenses 3.9 4.7 +0.8 19.8％ SG&A expenses 20.5 22.8 +2.3 11.1％ SG&A expenses ratio 32.3% 31.9% △0.4Pt Operating profit 6.3 8.4 +2.1 33.1％ 25.5 32.8% Operating profit ratio 9.9% 11.7% +1.8Pt 9.1％ Ordinary profit 6.8 8.7 +1.9 28.2％ 26.5 32.7% Ordinary profit ratio 10.6% 12.1% +1.5Pt 9.5％ Net income 4.9 6.0 +1.1 23.5％ 19.0 31.7% Net income ratio 7.7% 8.4% +0.7Pt 6.8％ FX rate JPY/USD 152.94 156.44 JPY/GBP 193.10 211.06 JPY/EUR 160.71 183.71 Business Results｜Consolidated Income Statement ✓ Increased sales and an improved gross margin ratio enabled further investment in promotion. ✓ Operating profit ratio exceeded the level of the previous year.
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5 / 14Business Results｜Consolidated Balance Sheet （Billions of JPY） FY25.1Q FY25.4Q FY26.1Q vs FY25.1Q change vs FY25.1Q change(%) vs FY25.4Q change vs FY25.4Q change(%) Total assets 214.9 251.5 250.3 +35.4 16.5％ △1.2 △0.5％ Cash & deposits 36.0 46.0 49.0 +13.0 36.2％ +3.0 6.5％ Accounts receivable 47.9 56.7 54.8 +6.9 14.3％ △1.9 △3.4％ Inventories 53.0 61.9 57.6 +4.6 8.7％ △4.3 △6.9％ Fixed assets 46.1 45.9 45.7 △0.4 △0.9％ △0.2 △0.6％ Investment securities 9.9 14.3 15.3 +5.4 55.1％ +1.0 7.3％ Deferred tax assets 1.5 1.5 1.5 △0.0 △1.4％ +0.0 △4.0％ Total liabilities 57.8 77.2 71.1 +13.3 23.0％ △6.1 △7.9％ Short-term loan 4.5 3.2 3.0 △1.5 △32.3％ △0.2 △5.6％ Long-term loan 8.5 9.7 9.7 +1.2 13.8％ +0.0 △0.8％ Net assets 157.1 174.3 179.2 +22.1 14.1％ +4.9 2.8％ ✓ The Company raised funds through convertible bonds in the previous fiscal year. ✓ Investments in directly operated stores are being carefully evaluated with a focus on favorable locations and conditions. ✓ Improving asset efficiency, including inventory optimization, remains one of the Company's key management priorities.
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6 / 14 （Billions of JPY） FY25.1Q FY26.1Q change change (%) Baseball 11.4 11.8 0.4 3.3 Golf 10.3 12.5 2.2 22.0 Running 6.7 8.1 1.4 20.9 Football 5.4 6.3 0.8 15.0 Indoor* 4.7 4.6 △0.1 △0.5 Work Business 4.7 5.7 1.0 20.4 Sports Facility 5.9 6.7 0.7 12.3 11.4 10.3 6.7 5.4 4.7 4.7 5.9 11.8 12.5 8.1 6.3 4.6 5.7 6.7 0 2 4 6 8 10 12 14 Baseball Golf Running Football Indoor* Work Business Sports Facility FY25.1Q FY26.1Q *Indoor includes volleyball, badminton, table tennis, basketball and so on. (Billions of JPY) Business Results｜Sales by Main Categories ✓ Growth in Golf, Running and Football drove overall sales expansion. ✓ Work business continued to grow in Japan. Sales
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7 / 14 0.8 1.2 1.5 2.7 3.5 4.0 4.5 4.8 5.1 8.4 12.1 14.1 16.3 0 2 4 6 8 10 12 14 16 18 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1Q 2Q-4Q 0.1 0.2 0.2 0.6 1.0 1.8 3.20.8 0.8 1.5 2.8 4.8 7.6 0 1 2 3 4 5 6 7 8 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1Q 2Q-4Q (Billions of JPY)(Billions of JPY) Sportstyle shoes SalesFootball shoes Sales Growth in Football and Sportstyle shoes business ✓ Football shoes and Sportstyle shoes, both key focus categories, continued to grow steadily ✓ Football shoes grew across all global regions ✓ Sportstyle shoes grew primarily in Japan, EMEA, and Asia/Oceania
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8 / 14 34.7 11.9 8.0 8.9 37.4 13.7 9.9 10.5 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 Japan Americas EMEA Asia/ Oceania FY25.1Q FY26.1Q（Billions of JPY） FY25.1Q FY26.1Q change change (%) Japan 34.7 37.4 +2.7 7.6 Americas 11.9 13.7 +1.8 15.8 EMEA 8.0 9.9 +1.9 24.0 Asia/ Oceania 8.9 10.5 +1.6 17.3 Total 63.5 71.5 +8.0 12.6 (Billions of JPY) Business Results｜Sales by Region Sales ✓ All regions achieved record-high sales. ✓ Overseas sales ratio: 47.7% (Record high for 1Q) vs 45.3% (FY25 1Q) ✓ Japan, Americas and EMEA also achieved record-high operating profit.
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9 / 14 29.7 32.6 34.8 34.7 37.4 1.8 2.5 3.1 3.0 4.1 0 4 8 12 16 20 0 5 10 15 20 25 30 35 40 FY22 FY23 FY24 FY25 FY26 Sales Operating profit (Billions of JPY) 6.7 5.1 1.3 0.8 2.0 1.7 3.7 7.6 5.9 4.3 0.8 0.8 1.6 1.8 3.3 7.7 0 2 4 6 8 Sports Facility Work Sportstyle Running Golf Indoor Football Baseball FY25.1Q FY26.1Q Sales by categorySales/Operating profit (Billions of JPY) Regional Highlights (Japan) ✓ Sales and operating profit both reached record highs. ✓ Football, Golf, Sportstyle shoes and Work business expanded. ✓ Growth in Sportstyle shoes and Work business was supported by the application of expertise developed through sports product development. ✓ Sports Facility recorded higher construction completions in the first quarter while the service business focus on improving profitability.
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10 / 14 7.1 10.4 11.3 11.9 13.7 1.0 1.6 1.7 1.7 1.9 0 2 4 6 8 10 0 2 4 6 8 10 12 14 16 FY22 FY23 FY24 FY25 FY26 Sales Operating profit 0.7 1.6 3.7 6.9 0.9 1.3 3.5 5.6 0 2 4 6 8 Indoor Running Baseball Golf FY25.1Q FY26.1Q(Billions of JPY) (Billions of JPY) Regional Highlights (Americas) ✓ Sales and operating profit both reached record highs. ✓ Golf continued to grow, supported by highly regarded forged iron products and custom fitting services. ✓ Baseball/Softball and Running also expanded. Indoor category sales declined due to intensifying competition. ✓ U.S. tariffs (approximately JPY 0.6 billion) negatively impacted profits. Sales/Operating profit Sales by category
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11 / 14 4.4 6.6 6.5 8.0 9.9 0.1 0.2 0.3 0.4 1.0 0 2 4 6 8 10 0 1 2 3 4 5 6 7 8 9 10 FY22 FY23 FY24 FY25 FY26 Sales Operating profit 1.2 0.7 1.1 1.9 3.9 0.5 0.6 0.9 1.4 3.3 0 1 2 3 4 Sportstyle Football Indoor Golf Running FY25.1Q FY26.1Q(Billions of JPY) (Billions of JPY) Regional Highlights (EMEA) ✓ Sales and operating profit both reached record highs. ✓ Growth was led by Running, Golf and Sportstyle shoes. ✓ Foreign exchange effects contributed approximately JPY 1.0 billion to sales. Sales/Operating profit Sales by category
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12 / 14 5.0 7.6 8.2 8.9 10.5 0.7 1.1 1.4 1.1 1.1 0 1 2 3 4 5 6 7 8 9 10 0 2 4 6 8 10 12 FY22 FY23 FY24 FY25 FY26 Sales Operating profit 0.6 1.2 1.6 1.8 1.7 0.5 1.1 1.3 1.3 1.8 0 0.5 1 1.5 2 Sportstyle Indoor Football Running Golf FY25.1Q FY26.1Q(Billions of JPY) (Billions of JPY) ✓ Sales reached a record high. Growth categories including Running, Football, Indoor and Sportstyle shoes all expanded. ✓ The Vietnam sales subsidiary has been newly consolidated from this fiscal year. ✓ Sales and profits from Golf declined due to slowdown in the Korean golf market. Sales/Operating profit Sales by category Regional Highlights (Asia/Oceania)
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13 / 14 （Billions of JPY） FY25. 1Q FY26. 1Q change Change (%) Footwear 21.9 25.0 3.1 14.1 Apparel 17.5 19.3 1.8 10.2 Equipment 16.0 18.3 2.3 14.8 Service/Others 8.1 8.8 0.7 9.1 Total 63.5 71.5 8.0 12.6 21.9 17.5 16.0 8.1 25.0 19.3 18.3 8.8 0 5 10 15 20 25 30 Footwear Apparel Equipment Service/Others FY25.1Q FY26.1Q (Billions of JPY) Business Results｜Sales by Product Category Sales ✓ Footwear: Sales of Running and Sportstyle shoes expanded. ✓ Apparel: Work apparel sales increased, while apparel for Baseball, Running and Football etc. also grew. ✓ Equipment: Golf sales expanded in Japan, Americas and EMEA.
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14 / 14 Impact of Currency movement against USD Sales Weaker Yen：Increase due to translation to JPY Stronger Yen：Decrease Cost of Sales Weaker Yen・Weaker local currency： Increase due to purchasing cost in USD Stronger Yen・Stronger local currency：Decrease SG&A Weaker Yen：Increase due to translation to JPY Stronger Yen：Decrease （Billions of JPY） FY25.1Q Local Currency Growth FX Impact FY26.1Q Japan 34.7 +2.7 ー 37.4 Americas 11.9 +1.4(+12.6％) +0.4 13.7 EMEA 8.0 +0.9(+11.1％) +1.0 9.9 Asia/Oceania 8.9 +1.1(+12.4％) +0.5 10.5 Total 63.5 +6.1 +1.9 71.5 Impact of Exchange Rate Fluctuations on Business Performance Impact of Foreign Exchange Fluctuations on Business Performance Impact on Net Sales by Segment ✓ Japan accounts for roughly 60% of total sales and makes approximately USD 200 million in annual purchases. As a result, exchange rate fluctuations affect business performance. ✓ However, the impact is mitigated through foreign exchange hedging and the translation effect of overseas operations.