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©2026 Goldwin Inc. February 5, 2026 FY2026.3 Q3 Financial Results Briefing Materials Goldwin Inc. （8111）
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2 © 2026 Goldwin Inc. P. 12~P. 5FY2026.3 Q3 Results I. P. 20~P. 13FY2026.3 Full-year Forecast II. P. 24~P. 21Initiatives for Sustainable Growth III. Table of contents
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3 © 2026 Goldwin Inc. Progress in October and November was on track with the plan. In December, a decline in inbound demand from mainland China and weak performance of some winter items due to warm winter resulted in net sales falling short of both the plan and the prior year. Despite the above impact, the cumulative Q3 results outperformed YoY. Key Message : Monthly Net Sales Trend The performance was on track through November . In December, while we were aGected by factors such as a decline in inbound demand from mainland China, the Q3 cumulative results exceeded last year’s. YoY Plan ratio Month 96% 107% Apr. Q1 95% 93% May 101% 102% Jun. 97% 101% Q1 total 112% 101% Jul. Q2 109% 101% Aug. 105% 101% Sep. 108% 101% Q2 total 103% 101% First half total YoY Plan ratio Month 102% 101% Oct. Q3 104% 100% Nov. 93% 87% Dec. 99% 96% Q3 total 102% 99% Q3 Cumulative Uses monthly net sales data and therefore so amounts and ratios does not match consolidated sales figures.
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4 © 2026 Goldwin Inc. Key Message : Inbound Net Sales Ratio at Self-operated Stores While the inbound demand from mainland China decreased starting in late November, but this was oGset by inbound net sales from other countries, resulting in net sales exceeding the same period last year. Inbound net sales ratio at self-operated stores (quarterly) Inbound net sales ratio at self-operated stores (monthly) 14.8%17.2%15.7%28.3%24.5%23.3%20.7%34.3%28.1%26.3%22.4%0%20%30%40% Q1 Q2 Q3 Q4 FY24.3FY25.3FY26.3 In Q2, there was a temporary decline due to the impact of earthquake-related rumors in July, but sales recovered from August onward. In Q3, while inbound net sales from Chinese visitors declined due to a decrease in visitors from mainland China, net sales from other countries oGset the decline, resulting in total inbound net sales exceeding the previous year. Share of inboundsales from ChinaDiGerence FY26.3 FY25.3 Month Q 55.2% +5.3pt 30.9% 25.5% Apr. Q1 57.4% +3.2pt 27.4% 24.2% May 57.4% +1.7pt 25.6% 23.9% Jun. 56.6% +3.5pt 28.1% 24.5% Q1 total 59.4% (0.5pt) 24.3% 24.8% Jul. Q2 65.6% +5.1pt 28.3% 23.2% Aug. 57.3% +4.3pt 26.3% 22.0% Sep. 60.9% +3.0pt 26.3% 23.3% Q2 total 58.6% +3.3pt 27.2% 23.9% First half total 54.3% +3.3pt 27.9% 24.6% Oct. Q3 52.1% +1.1pt 18.9% 17.8% Nov. 36.9% +1.3pt 22.2% 20.9% Dec. 47.2% +1.7pt 22.4% 20.7% Q3 total 53.6% +2.6pt 24.9% 22.3% Cumulative (Note) “Mainland China” refers to the total of the PRC and Hong Kong.
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5 © 2026 Goldwin Inc. Despite external factors in December, revenue for the third quarter increased year-on-year. Gross profit margin was maintained I. FY2026.3 Q3 Results
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6 © 2026 Goldwin Inc. Q3 Results Summary Q3 Results Summary Quarterly Performance Trends Net income Ordinary profit Operating profit Gross profit Net sales （Unit : million yen） 15,251 21,617 18,717 53,210 99,472 Results（cumulative) 86.2% 98.8% 110.5% 105.6% 102.7% YoY（cumulative） 86.0% 104.6% 100.3% 103.8% 101.0% YoY（Q3 only） 15.3% （18.3%） 21.7% （22.6%） 18.8% （17.5%） 53.5% （52.0%） － Sales profit margin ()=Previous year’s results Cumulative Q3 Q2 Q1 （Unit : million yen） 99,472 43,882 31,711 23,878 Results Net sales 102.7% 101.0% 110.2% 97.1% YoY 18,717 11,758 4,880 2,079 Results Operating profit 110.5% 100.3% 144.6% 113.1% YoY 15,251 8,453 3,609 3,189 Results Net income 86.2% 86.0% 85.8% 87.1% YoY
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7 © 2026 Goldwin Inc. Q3 Net Sales by Business Segment In the lifestyle segment, the net sales of some winter items fell short of expectations and decreased YoY . The Fashion segment maintained outperforming performance, primarily driven by inbound sales. Performance Lifestyle Fashion Net sales by business segment *Excludes net sales from “Other” businesses, such as travel agencies and cafes. （Unit : million yen） Q3 cumulative Q3 First half 28,910 12,257 16,652 99.3% 100.0% 98.7% （218） +1 （220） 29.4% 28.1% 30.5% Q3 cumulative Q3 First half 60,332 27,743 32,589 100.7% 98.9% 102.3% +410 （322） +733 61.4% 63.6% 59.7% Q3 cumulative Q3 First half 9,014 3,630 5,383 118.3% 117.5% 118.8% +1,392 +539 +852 9.2% 8.3% 9.9% 7,880 8,424 8,187 7,846 8,394 9,732 8,684 8,805 13,047 13,185 12,255 12,257 010,00020,00030,00040,000 FY23.3 FY24.3 FY25.3 FY26.312,192 13,366 14,668 13,751 13,438 15,238 17,188 18,837 25,681 27,420 28,066 27,743 010,00020,00030,00040,00050,00060,00070,000 FY23.3 FY24.3 FY25.3 FY26.3994 1,318 1,698 1,947 2,343 2,939 2,833 3,435 2,673 3,095 3,090 3,630 02,0004,0006,0008,00010,000 FY23.3 FY24.3 FY25.3 FY26.3 *Special factors of Performance：1.1 billion yen decrease in net sales due to discontinued brands Q1 Q2 Q3 YoY（million yen） Net sales YoY Sales composition ratio （Unit : million yen）
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8 © 2026 Goldwin Inc. Time Series Trends in Inbound Demand Q3 (October to December) Inbound net sales at self-operated stores compared with last years’ results by region December saw inbound sales from mainland China fall significantly below expectations.However, an increase in visitors from other Asian countries, Europe, and North America resulted in inbound net sales exceeding last year’s result. (Note) Excerpt from our database Composition ratio YoY Q3 total Dec. Nov. Oct. Q3 total Dec. Nov. Oct. 100% 100% 100% 100% 114% 99% 118% 130% Inbound total 47% 37% 52% 54% 99% 70% 116% 122% Mainland China, Hong Kong 38% 49% 33% 32% 127% 127% 115% 140% Asia *excluding Mainland China, Hong Kong 6% 4% 7% 6% 160% 152% 157% 167% Europe 5% 6% 6% 5% 134% 146% 124% 132% North America 2% 3% 1% 1% 109% 109% 107% 112% Oceania 2% 2% 2% 2% 172% 187% 145% 138% Others While the decrease in inbound from mainland China affected the results, the inbound net sales from other countries offset thedecline, with the Q3 total reaching 114% of last year’s result.Inbound net sales from Asia, primarily Taiwan, Korea, and Thailand, have increased. In December alone, they surpassed China, approaching a 50% composition ratio.Although the composition ratio is still small at present, inbound sales from Europe and North America have also increased significantly.
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9 © 2026 Goldwin Inc. Our Approach to Capturing New Inbound Demand Future Initiatives Current Challenges in Inbound Tourism Response Challenge Categories Implement promotions in the local language. Marketing initiatives targeting tourists from key countries (Southeast Asia, South Korea). Target Customer Segments Optimization Expand the product lineup to include mid-to-high-priced items and souvenirs.DiGerentiating brands by leveraging Japanese culture and expanding sales at tourist destination stores. Expand regionally exclusive products and Made in Japan products highlighting " Japanese characteristics." Prioritizing placement of heavy outerwear like down jackets in snow resort areas. Promoting longer store dwell times and smoother purchasing processes. Adapting store layouts and product placement for inbound tourists. Improving the purchasing process Providing multilingual product descriptions.Enhancing the shopping experience and customer satisfaction. Multilingual support and other measures to create a more comfortable shopping environment for inbound tourists. Hosting outdoor events. Opened "THE NORTH FACE Depot Chubu Centrair International Airport".Strengthening engagement with inbound customers outside the store. Optimizing T arget Customer Segments Improving the purchasing process Anticipate further sales growth by advancing "optimization of target customer segments" and "improvement of the purchasing process. "
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10 © 2026 Goldwin Inc. Trends in Sales Ratio of Self-managed Locations and Number of Self-operated Stores 165 161 158 166 171 62% 59% 57% 60% 58% 0%20%40%60%120140160180FY22.3 Q3 FY23.3 Q3 FY24.3 Q3 FY25.3 Q3 FY26.3 Q3Self-operated storesSales ratio of self-managed locations 4438140 (7)(1)(5)(3)(15)015FY22.3 Q3 FY23.3 Q3 FY24.3 Q3 FY25.3 Q3 FY26.3 Q3Number of Store openingsNumber of Closed stores (Unit : ％) We opened a total of 14 new stores through Q3, mainly for Goldwin and THE NORTH FACE. In Q4, we will open new stores in Europe and Korea, and close the athletic brand stores, etc. (Unit : Stores) (Unit : Stores） Q3 cumulative As of March2025 total Closures Openings 15［11］ 1 ［(1)］ 8 ［6］ 8 ［6］ Goldwin106-4102THE NORTH FACE50(2)250Other brands 171(3)14160Total Scheduled store openings and closures (through March 31, 2026) * ［ ］ =Overseas Q4 forecast As of end of Q3 total Closures Openings 17（13）- 2（2） 15（11）Goldwin106--106THE NORTH FACE39（12）1 50Other brands 162（12）3171Total ［Q4 topics］ Goldwin : Openings in London and Seoul.* The opening in NY scheduled for April.Other brands: Closures of Canterbury, WOOLRICH and other stores. Changes in the number of self-operated stores (top graph) and trends in the number of self-operated stores and sales ratio of self-managed locations (bottom graph) Self-operated store openings and closures through Q3 *［ ］=Overseas (Note) The number of self-operated stores for FY2024.3 does not match the sum of openings and closures due to adjustments for FC store transfers. The counƟng method for self-operated stores has been refined starƟng from FY2024.3. The sales raƟos of self-managed locaƟons for FY2024.3 and FY2025.3 have been updated.
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11 © 2026 Goldwin Inc. Trends in quarterly EC sales 2,590 2,964 3,027 3,097 3,093 2,730 3,609 3,648 4,039 4,738 4,272 4,390 5,025 5,284 6,362 3,369 3,907 4,278 4,886 13.4% 12.9% 12.6% 13.1% 14.0% 0%5%10%15% 05,00010,00015,00020,000 FY22.3 FY23.3 FY24.3 FY25.3 FY26.3 Q1Q2Q3Q4EC sales ratio(Unit : million yen) The Q3 e-commerce net sales (cumulative) were 114.3% YoY , with third-party e-commerce platforms driving the strong performance and sustaining growth YoY . Q3 cumulative
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12 © 2026 Goldwin Inc. Trend in Inventories Balance We continued to align the inventory with actual demand. The inventory as of the end of December was 104% of last year’s. 119%106%109%95%104%0%30%60%90%120%150%05,00010,00015,00020,00025,000end ofSep.end ofDec.end ofMar.end ofJun.end ofSep.end ofDec.end ofMar.end ofJun.end ofSep.end ofDec.end ofMar.end ofJun.end ofSep.end ofDec.end ofMar.end ofJun.end ofSep.end ofDec.InventoriesInventories YoY FY22.3 FY23.3 FY24.3 FY25.3 Quarterly trend in inventories balance (Unit : million yen) FY26.3 (Note) Inventories represent the total balance of merchandise and finished goods, work in progress, and raw materials and supplies.
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13 © 2026 Goldwin Inc. II. FY2026.3 Full-year Forecast We will fully implement In-store Digestion-based Product Supply Business Model
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14 © 2026 Goldwin Inc. Q3 Trend in Monthly Net Sales and Q4 Performance Forecast for Achievement of the Full-year Plan 1 Q3 Monthly net sales （YoY） Oct. Nov. Dec. 13,107 （100%） 13,260 （102%） 14,560 （104%） 14,545 （104%） 16,190 （107%） 14,095 （93%） 43,858 （104%） Initial plan 41,901 （99%） Results (Unit : million yen) 2 First half result 55,589 （104%） Q3result 43,882 （101%） Full-year sales plan （YoY）140,500 （106%） Q4 forecast 41,027 （116%） (Note) The results shown in item 1 use monthly net sales data and therefore differ from the Q3 net sales figures shown in item 2.
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15 © 2026 Goldwin Inc. FY2026.3 Full-year plan FY26.3 FY25.3 FY24.3 Fiscal year YoY（million yen) YoY Full-year sales plan Results Results +8,195106.2%140,500132,305126,907Net sales ＿＿＿68,92567,173Gross profit ＿+0.6pt52.7%52.1%52.9%Gross profitmargin +3,995118.2%25,90021,90523,847Operating profit ＿+1.8pt18.4%16.6%18.8%Operating profitmargin +3,094110.0%33,90030,80632,601Ordinry profit ＿+0.8pt24.1%23.3%25.7%Ordinary profitmargin +956103.9%25,40024,44424,281Net income ＿（0.4pt）18.1%18.5%19.1%Net incomemargin The full-year forecasts have remained unchanged since the beginning of the fiscal year. （Unit : million yen）
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16 © 2026 Goldwin Inc. Sales by Business segment *Excludes net sales from “Other” businesses, such as travel agencies and cafes. Plan by Business Segment Further improve quality in the Performance area and develop new customer segments in Lifestyle and Fashion. 40,049 42,800 010,00020,00030,00040,00050,000FY22.3 FY23.3 FY24.3 FY25.3 FY26.3 E80,550 83,500 020,00040,00060,00080,000100,000FY22.3 FY23.3 FY24.3 FY25.3 FY26.3E 11,519 13,065 04,0008,00012,00016,000FY22.3 FY23.3 FY24.3 FY25.3 FY26.3E （Unit : million yen） （Unit : million yen） Performance Lifestyle Fashion YoY（million yen） Net sales YoY Sales composition ratio *Special factors of Performance：1.1 billion yen decrease in net sales due to discontinued brands Full-year sales plan Q4 forecast Q3 cumulative 42,800 13,890 28,910 106.9% 127.2% 99.3% +2,751 +2,969 （218） 30.7% 33.8% 29.4% Full-year sales plan Q4 forecast Q3 cumulative 83,500 23,168 60,332 103.7% 112.3% 100.7% +2,950 +2,540 +410 59.9% 56.4% 61.4% Full-year sales plan Q4 forecast Q3 cumulative 13,065 4,051 9,014 113.4% 104.0% 118.3% +1,546 +154 +1,392 9.4% 9.9% 9.2%
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17 © 2026 Goldwin Inc. Initiatives to Increase Gross Profit Margin Gross profit margin was 56.2% for the third quarter (October to December) and 53.5% for the cumulative third quarter (April to December), progressing as planned. Gross profit margin trend totalQ4Q3Q2Q1 52.7%49.5%56.6%49.8%52.6%FY22.3 Results 52.2%49.0%55.9%49.0%52.7%FY23.3 Results 52.9%51.8%56.3%51.0%50.6%FY24.3 Results 52.1%52.1%54.7%49.4%50.5%FY25.3 Results E 52.7%―56.2%50.2%53.0%FY26.3 Progress ――+1.5pt+0.8pt+2.5ptYoY FY2026.3 full-year gross profit margin is forecast at 52.7% Current situation and forecastItemAs of FY2026.3 Q3, approximately 80% of the 2026 fall/winter merchandise order value is covered by FX hedges. The variance from the exchange rate assumed when setting retail prices is limited.Exchange rate impacts(2026 fall/winter)Given the current forex trends, a significant impact is unlikely.Exchange rate impacts(2027 spring/summer)Our domestic expense ratio is higher than that of overseas brands, making us structurally resistant to exchange rate impacts.Domestic expenses(Japanese materials,domestic inspections, etc.)Cost inflation pressure persists.Increases in factory personnel expenses, energy/transportation costs, etc. FY2027.3 Gross profit margin forecastProfit margin expected to remain in line with the medium-term management plan56.2% 48%50%52%54%56%58% Q1 Q2 Q3 Q4 FY24.3 ResultFY25.3 ResultFY26.3 E52.7% 53.0% 50.2%
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18 © 2026 Goldwin Inc. （Unit: billion yen) Special Notes DiGerence from initial forecast ➆＝➅-➀ Full year revised forecast ➅ Second half revised Forecast ➄＝➅-➃ First half total ➃＝➁+➂ Q2 YoY Increase amount ➂ Q1 YoY increase ➁ YoY increase after deducting one-time expenses ➀ Item In the second half, there will be an exhibition celebrating the 25th anniversary of the E-commerce and SUMMIT series. +3 +10 +7 +3 +2 +2 +7 Advertising expenses Delays in mid-career recruitment. Other than that, everything proceed as planned. (3) +15 +10 +5 +3 +2 +18 Personnel expenses Increase in overseas store openings, etc. +2 +8 +4 +4 0 +4 +6 Rent fee Progressing within plan. (1) 0 (1) +1 0 +1 +1 Depreciation Scrutiny of consulting contracts, etc. (3) +7 +3 +4 +3 +1 +10 Business activity expenses Increase in logistics volume. 0 +1 +1 0 0 0 +1 Logistics expenses Progressing within plan. +1 +4 +2 +3 +1 +1 +3 Others Although there may be increases or decreases depending on the item, the total amount is expected to be executed as planned. (1) +45 +25 +20 +9 +11 +46 Total Analysis of changes in selling, general and administrative (SG&A) expenses for FY2026.3 We are reallocating the reduction in business activity expenses to advertising expenses, rent, and logistics costs, decrease of 100 million yen is expected from the full year plan. Progress in SG & A expenses
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19 © 2026 Goldwin Inc. Progress of YOC Mar. Feb. Jan. 2026 Dec. Nov. Oct. Sep. Aug. Jul. 2025 4Q 3Q 2Q Goldwin(April to March period)- Net sales growth despite the negative impact of reduced inbound sales from Chinese visitors, etc. Strong performance of items adapted to climate change 1Q 4Q 3Q YOUNGONE OUTDOOR Corporation(January to December period)- Robust sales led by lightweight down jackets and insulated jackets Strong performance driven by sales events, with double-digit growth YoY YOUNGONE OUTDOOR Corporation（YOC） THE NORTH FACE WHITE LABEL Seongsu Both self-operated stores and outlets recorded double-digit YoY growth. •Despite the impact of instability in Korea, the December sales outperformed last year, supported by a temperature drop. •The sales were driven primarily by versatile lightweight down jackets and insulated jackets. •Ranked No.1 for the 12th consecutive year in the outdoor category of the 2025 National Customer Satisfaction Index (NCSI). The inbound demand showed a double-digit increase YoY. •Mainland China led in number of visitors, followed by Japan, T aiwan, and the US. •At THE NORTH FACE Myeongdong, 90% of the sales were attributed to inbound visitors. Appointed Park Bo-gum as a new ambassador. •Appeared at self-operated store events. Park Bo-gum, ambassador［Curreent topics］ *YOC’s fiscal year is January through December, with a three-month difference from our fiscal year.
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20 © 2026 Goldwin Inc. Shareholder Return Policy Planning the 15th consecutive fiscal year of dividend increases in FY2026.3. Shifting to a full-year 50:50 dividend balance (interim : year-end). （Unit : yen） Unit% (Note) Figures shown are post-stock split, as a 3-for-1 stock split of common stock was conducted with an eGective date of October 1, 2025. A commemorative dividend of 3.3 yen (10 yen pre-split) was paid in FY2021.3 and FY2024.3. The interim dividend for FY2026.3 includes a 75th-anniversary commemorative dividend of 3.3 yen (10 yen pre-split). The year-end dividend is planned to be an ordinary dividend of 29 yen per share, bringing the total annual dividend to 58 yen. Dividend per share and DOE(Dividend on equity ratio) *After the stock split 2.7 5.0 5.0 6.7 8.3 10.0 13.3 25.7 3.3 3.3 3.3 4.6 5.4 7.1 11.5 15.0 15.0 21.7 28.3 40.7 41.0 29.0 2.2 2.4 2.9 5.2 6.3 6.4 6.6 6.9 8.1 6.9 6.8 0123456789 010203040506070 FY16.3 FY17.3 FY18.3 FY19.3 FY20.3 FY21.3 FY22.3 FY23.3 FY24.3 FY25.3 FY26.3E Dividend funds per share(mid of period)Commemorative dividendDividend funds per share(end of period) DOE
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21 © 2026 Goldwin Inc. III. Initiatives for Sustainable Growth Accelerating overseas expansion in line with the “Goldwin500” project
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22 © 2026 Goldwin Inc. Japan mainland China Sapporo (Hokkaido) Aug. Kyoto May Marunouchi (Tokyo)*transfer Jun. Shinsaibashi (Osaka) Aug. Fukuoka Nov. LONDON Jan. NYC Apr. Shenzhen Jun. Shenyang Jun. Xi'an Aug. Seoul Feb. Korea EU & US PARIS Aoyama (Tokyo) Shenzhen ➁ Zhengzhou Hangzhou ➁ Shanghai➁Beijing ➁ Suzhou 20stores 15stores 8stores 70stores 2 stores 4 stores -2 stores 2033 No. of stores202720262025Current Nanjing Apr. Goldwin Brand Store Opening Plan by Region Store openings are progressing as planned. Starting in January 2026, we will open stores in London, Seoul, and New York.
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23 © 2026 Goldwin Inc. Self-operated Stores Opening in Q4 We will accelerate openings outside mainland China toward March 2026 to expand our global presence. THE NORTH FACE HELLY HANSEN ラゾーナ川崎 Scheduled to open on the street level in the Dosan Park area, which is a particularly fashion-forward neighborhood in Gangnam District, Seoul, with a high traHc of domestic and international fashion industry professionals and creators The brand’s largest store, spanning three floors (B1, 1F, 2F), featuring all Goldwin product categories Goldwin Seoul (Scheduled for opening on February 14, 2026) Goldwin London (Open on January 31, 2026) A street-level store facing Broadwick Street, located in the heart of London’s Soho, lined with boutiques, markets, cafes, and live music venues Part of the global strategy to expand our presence in the UK and the rest of Europe, and ultimately generate ripple eGects on the East Asian market
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24 © 2026 Goldwin Inc. (Reference) Third Quarter Topics Opening a self-operated store at Centrair International Airport, the gateway to the Chubu region Centrair International Airport serves as the international hub for the Tokai and Chubu regions. Its excellent accessibility to destinations across Japan makes it highly convenient, generating strong expectations for inbound demand from around the world. The store oGers a wide range of products, including lightweight, easy-to-carry apparel and gear suitable for diverse travel scenarios, exclusive items, and a kids' category. The product lineup caters to a broad spectrum of needs, targeting not only inbound travelers but also domestic tourists. Development of a new outerwear garment with adjustable insulation capabilities Goldwin Tech Lab is developing a new outerwear piece for activities like mountain climbing and trail running, where daily temperature fluctuations are significant. This piece provides adjustable warmth to handle various scenarios. In the future, this versatile outerwear will adapt to a wide range of scenarios from sports to everyday use, flexibly fitting various climates and situations. Even in urban life with its intense temperature fluctuations, despite mild winters, it will deliver its eGectiveness. Integrated Report Issued 2025 Protecting the natural environment is an inseparable challenge for our company, whose primary business areas are sports and outdoor activities. Recognizing our responsibility as a sports apparel manufacturer, we aim to build a business that protects the planet. Our 2025 Integrated Report organizes and communicates our core philosophy, progress on our mid-term management plan, and outlook for future business activities, including financial and non-financial information and specific initiatives. https://about.goldwin.co.jp/ir/integrated
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25 © 2026 Goldwin Inc. Summary Of The Income Statement For FY2026.3 Q3 Total Q4 Q3 Q2 Q1 FY26.3E FY25.3 FY24.3 FY26.3 E FY25.3 FY24.3 FY26.3 FY25.3 FY24.3 FY26.3 FY25.3 FY24.3 FY26.3 FY25.3 FY24.3 140,500 132,305 126,907 41,027 35,472 32,075 43,882 43,465 43,736 31,711 28,766 27,946 23,878 24,601 23,150 Net sales - 68,925 67,173 - 18,531 16,603 24,656 23,755 24,611 15,907 14,205 14,249 12,646 12,433 11,710 Gross profit 52.7% 52.1% 52.9% 50.7% 52.2% 51.8% 56.2% 54.7% 56.3% 50.2% 49.4% 51.0% 53.0% 50.5% 50.6% Gross profit margin- 47,020 43,326 - 13,566 11.945 12,898 12,029 11,493 11,027 10,830 10,442 10,567 10,594 9,446 SG & A expenses - 35.5% 34.1% - 38.2% 37.2% 29.4% 27.7% 26.3% 34.8% 37.6% 37.4% 44.3% 43.1% 40.8% SG & A expenses ratio 25,900 21,905 23,847 7,182 4,965 4,658 11,758 11,725 13,119 4,880 3,375 3,807 2,079 1,839 2,263 Operating profit 18.4% 16.6% 18.8% 17.5% 14.0% 14.5% 26.8% 27.0% 30.0% 15.4% 11.7% 13.6% 8.7% 7.5% 9.8% Operating profit margin 33,900 30,806 32,601 12,282 8,920 9,025 12,523 11,968 14,396 5,334 5,659 5,008 3,759 4,258 4,172 Ordinary profit 24.1% 23.3% 25.7% 29.9% 25.1% 28.1% 28.5% 27.5% 32.9% 16.8% 19.7% 17.9% 15.7% 17.3% 18.0% Ordinary Profit margin 25,400 24,444 24,281 10,148 6,748 6,707 8,453 9,829 10,251 3,609 4,205 3,976 3,189 3,660 3,347 Net income 18.1% 18.5% 19.1% 24.7% 19.0% 20.9% 19.3% 22.6% 23.4% 11.4% 14.6% 14.2% 13.4% 14.9% 14.5% Net income margin （Unit : million yen）
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26 © 2026 Goldwin Inc. Investor Relation’s Activities Information IR email distribution service Investor relations site Launch of IR email distribution service and enhancement of Investors Relations website We have launched an IR email distribution service to deliver company information to shareholders and investors as quickly as possible. We encourage you to register for this service. https://about.goldwin.co.jp/ir/mail In addition to financial statements and information, we also provide content to help you gain a deeper understanding of our company. Our interview series is also now available. https://about.goldwin.co.jp/eng/ir