Interim report
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Notice: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. February 5, 2026 Consolidated Financial Results for the Nine Months Ended December 31, 2025 (Based on Japanese GAAP) Company name: Goldwin Inc. Stock exchange listing: Tokyo Securities code: 8111 URL: https://about.gol dwin.co.jp/eng/ Representative: Takao Watanabe, President and CEO Inquiries: Michio Shirasaki, CFO Senior Managing Director, Director-General Administration TEL: +81-3-6777-9378 Scheduled date to commence dividend payments: – Preparation of supplementary material on financial results: Yes Holding of financial results meeting: Yes (Amounts less than one million yen are rounded down) 1. Consolidated financial results for the nine months ended December 31, 2025 (from April 1, 2025 to December 31, 2025) (1) Consolidated operating results (cumulative) (Percentages indicate year-on-year changes) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Nine months ended Millions of yen % Millions of yen % Millions of yen % Millions of yen % December 31, 2025 99,472 2.7 18,717 10.5 21,617 (1.2) 15,251 (13.8) December 31, 2024 96,833 2.1 16,939 (11.7) 21,885 (7.2) 17,695 0.7 Note: Comprehensive income Nine months ended December 31, 2025: ¥15,730 million [(11.4)%] Nine months ended December 31, 2024: ¥17,760 million [(9.1)%] Earnings per share Diluted earnings per share Nine months ended Yen Yen December 31, 2025 111.17 – December 31, 2024 131.41 – Note: A stock split was conducted, converting one common share into three shares, effective October 1, 2025. Accordingly, earnings per share is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year. (2) Consolidated financial position Total assets Net assets Equity ratio As of Millions of yen Millions of yen % December 31, 2025 165,710 119,320 71.6 March 31, 2025 150,877 111,203 73.2 Reference: Equity As of December 31, 2025 ¥118,569 million As of March 31, 2025 ¥110,382 million
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2. Cash dividends Annual dividends per share 1st quarter-end 2nd quarter-end 3rd quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Year ended March 31, 2025 – 40.00 – 123.00 163.00 Year ending March 31, 2026 – 87.00 – Year ending March 31, 2026 (Forecast) 29.00 – Notes: 1. Revisions to the forecast of cash dividends most recently a nnounced: No 2. The interim dividend of ¥87 for the year ending March 31, 2026 includes a commemorative dividend of ¥10 associated with the 75th anniversary of the Company’s founding. 3. A stock split was conducted, converting one common share into three shares, effective October 1, 2025. Accordingly, the year-end dividend per share for the year ending March 31, 2026 is shown taking into account the stock split, and the total annual dividend indicated as “–.” If the year-end dividend for the fiscal year ending March 31, 2026 were converted to the pre-split amount, it would be ¥87, and the total annual dividend would be ¥174. 3. Forecast of consolidated financial results for the year ending March 31, 2026 (from April 1, 2025 to March 31, 2026) (Percentages indicate year-on-year changes) Net sales Operating profit Ordinary profit Profit attributable to owners of parent Earnings per share Millions of yen % Millions of yen % Millions of yen % Millions of yen % Yen Full year 140,500 6.2 25,900 18.2 33,900 10.0 25,400 3.9 189.11 Notes: 1. Revisions to the forecast of consolidated financial results most recently a nnounced: No 2. A stock split was conducted, converting one common share into three shares, effective October 1, 2025. Accordingly, the earnings per share in the forecast of consolidated financial results for the year ending March 31, 2026 is shown taking into account the stock split. Without taking into account the effect of the stock split, the earnings per share in the forecast of consolidated financial results for the year ending March 31, 2026 would be ¥567.32.
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* Notes (1) Significant changes in the scope of consolidation during the nine months ended December 31, 2025: Yes Newly included: 2 companies (Alpine Tour Service Co., Ltd., GOLDWIN LONDON LIMITED) Excluded: 2 companies (BEIJING GOLDWIN CO., Ltd., Goldwin China, Ltd.) (2) Application of special accounting methods for preparing quarterly consolidated financial statements: No (3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements (i) Changes in accounting policies due to revisions to accounting standards and other regulations: No (ii) Changes in accounting policies due to other reasons: No (iii) Changes in accounting estimates: No (iv) Restatement of prior period financial statements: No (4) Number of issued shares (common shares) (i) Total number of issued shares at the end of the period (including treasury shares) As of December 31, 2025 142,344,516 shares As of March 31, 2025 142,344,516 shares (ii) Number of treasury shares at the end of the period As of December 31, 2025 5,341,785 shares As of March 31, 2025 9,352,182 shares (iii) Average number of shares during the period (cumulative from the beginning of the fiscal year) Nine months ended December 31, 2025 137,190,354 shares Nine months ended December 31, 2024 134,664,918 shares Note: A stock split was conducted, converting one common share into three shares, effective October 1, 2025. Accordingly, total number of issued shares at the end of the period, number of treasury shares at the end of the period, and average number of shares during the period are calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year. * Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit corporation: No * Proper use of financial forecasts, and other special matters Descriptions of the above financial forecasts and other data are based on information currently available to the Company and certain assumptions that we consider to be reasonable. Actual financial results may differ significantly from the forecasts for various reasons. Please refer to “1. Overview of Operating Results, etc., (3) Explanation of consolidated financial results forecasts and other forward-looking statements” on page 3 of the attached material for the suppositions that form the assumptions for the financial forecasts and cautions regarding the use of the financial forecasts.
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- 1 - Attached Material Index 1. Overview of Operating Results, etc. ......................................................................................................... 2 (1) Overview of operating results of the period under review ................................................................. 2 (2) Status of the financial situation of the period under review ............................................................... 2 (3) Explanation of consolidated financial results forecasts and other forward-looking statements ......... 3 2. Quarterly Consolidated Financial Statements and Significant Notes Thereto .......................................... 4 (1) Quarterly consolidated balance sheet ................................................................................................. 4 (2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income ................................................................................................................................................ 6 Quarterly consolidated statement of income ...................................................................................... 6 Quarterly consolidated statement of comprehensive income ............................................................. 7 (3) Notes regarding quarterly consolidated financial statements ............................................................. 8 (Notes regarding assumptions of going concern) ............................................................................... 8 (Notes on segment information, etc.) ................................................................................................. 8 (Notes on significant changes in the amount of shareholders’ equity) ............................................... 8 (Notes on quarterly consolidated statement of cash flows) ................................................................ 8
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- 2 - 1. Overview of Operating Results, etc. (1) Overview of operating results of the period under review During the nine months ended December 31, 2025, the Japanese economy showed signs of a pickup in the employment and income environment. However, consumers became more conscious of defending their lifestyles due to continued price increases, and personal consumption continued to show selective tendencies. In the sports apparel industry, inbound demand mainly from urban areas provided a certain level of support. Additionally, temperatures fell earlier than usual in October and November, and the launch of fall and winter goods generally remained strong. Subsequently, the timing of purchasing winter goods was moved up in the latter half of the period due to Black Friday and other sales promotions, resulting in an earlier peak sales period. In addition, the sales environment became more severe, as companies advanced their clearance schedules in December against the backdrop of the warm winter trend, and competition to capture demand intensified further. As a result, differences in sales conditions expanded across product categories and price range due to variations in strengthened sales promotion and price appeals. In this environment, we experienced impacts in two aspects: visitation and purchasing trends centered on inbound customers, and demand trends in product categories, including heavy apparel. Firstly, as for the impact on visitation and purchasing trends, among sales to inbound tourists at directly managed stores, sales to those from mainland China among were higher than in the same period of the previous fiscal year until November, but decreased year on year in December. This resulted in changes in the customer demographics of store visitation and a decline in unit purchase prices, mainly at urban stores. Secondly, as for movements in product categories, short-length down jackets were popular as an easy- to-match style against the backdrop of changes in consumer style preferences. Among THE NORTH FACE’s classic down jackets, the Nuptse Jacket saw a double-digit increase compared to the same period of the previous fiscal year. On the other hand, some classic down jackets fell below the previous fiscal year’s levels, resulting in a disparity among popular models within the same category. This led to a situation where sales performance was relatively weak in some major channels, including directly managed stores. Items such as fleece and other intermediate clothing items, as well as those that meet layering demand, remained relatively stable despite the warm winter trend that began in December. In addition, as for gear items, the demand for ski-related items supported by the arrival of the winter season also provided a boost, allowing the Company to achieve an increase in net sales compared to the same period of the previous fiscal year. As a result of the above, net sales for the nine months ended December 31, 2025 were ¥99,472 million (up 2.7% year on year). Gross profit was ¥53,210 million (up 5.6% year on year) and the gross profit margin was 53.5% (up 1.5 percentage points year on year), thanks to the optimization of cost design at the procurement stage and selective price revisions, as well as progress in inventory clearance. Selling, general and administrative expenses was ¥34,493 million (up 3.1% year on year), mainly due to higher advertising expenses, rent expenses, and other business operation costs. Consequently, operating profit was ¥18,717 million (up 10.5% year on year). On the other hand, while net sales at YOUNGONE OUTDOOR Corporation, an equity-method affiliate, maintained a year-on-year growth trend, the impact of external factors such as exchange rate fluctuations and cost increases caused profits to decrease. As a result, share of profit of entities accounted for using equity method was ¥2,751 million (down 39.5% year on year), and ordinary profit amounted to ¥21,617 million (down 1.2% year on year). Profit attributable to owners of parent was ¥15,251 million (down 13.8% year on year). (2) Status of the financial situation of the period under review Total assets at the end of the period under review amounted to ¥165,710 million, up ¥14,832 million from the end of the previous fiscal year. The main factors were a ¥5,102 million increase in notes and
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- 3 - accounts receivable - trade, and contract assets, a ¥4,329 million increase in electronically recorded monetary claims - operating, and a ¥2,965 million increase in merchandise and finished goods. Total liabilities at the end of the period under review amounted to ¥46,389 million, up ¥6,715 million from the end of the previous fiscal year. The main factors were a ¥4,993 million decrease in provision for share awards, offset by a ¥5,079 million increase in notes and accounts payable - trade, a ¥4,238 million increase in electronically recorded obligations - operating, and a ¥1,628 million increase in borrowings. Total net assets at the end of the period under review amounted to ¥119,320 million, up ¥8,117 million from the end of the previous fiscal year. The main factors were a ¥5,705 million increase in retained earnings and a ¥2,022 million decrease in treasury shares. As a result, equity ratio was 71.6%. (3) Explanation of consolidated financial results forecasts and other forward-looking statements Currently, we are following a policy of not revising the full-year consolidated financial results forecasts announced on May 14, 2025. The Company will continue to pay attention to the market conditions and performance trends, and if deemed necessary, will promptly disclose revisions.
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- 4 - 2. Quarterly Consolidated Financial Stat ements and Significant Notes Thereto (1) Quarterly consolidated balance sheet (Millions of yen) As of March 31, 2025 As of December 31, 2025 Assets Current assets Cash and deposits 52,526 47,712 Notes and accounts receivable - trade, and contract assets 14,118 19,220 Electronically recorded monetary claims - operating 5,419 9,748 Merchandise and finished goods 17,884 20,850 Work in process 372 165 Raw materials and supplies 962 913 Other 2,157 4,717 Allowance for doubtful accounts (3) (4) Total current assets 93,438 103,324 Non-current assets Property, plant and equipment Buildings and structures, net 2,604 2,542 Land 4,679 4,679 Other, net 3,540 7,523 Total property, plant and equipment 10,824 14,745 Intangible assets Trademark right 626 418 Goodwill – 148 Other 2,181 2,542 Total intangible assets 2,808 3,110 Investments and other assets Investment securities 33,014 35,222 Guarantee deposits 3,201 3,405 Other 7,679 5,990 Allowance for doubtful accounts (88) (88) Total investments and other assets 43,805 44,530 Total non-current assets 57,438 62,385 Total assets 150,877 165,710
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- 5 - (Millions of yen) As of March 31, 2025 As of December 31, 2025 Liabilities Current liabilities Notes and accounts payable - trade 4,294 9,373 Electronically recorded obligations - operating 15,915 20,153 Short-term borrowings – 620 Current portion of long-term borrowings 354 – Income taxes payable 1,993 1,375 Provision for bonuses 857 550 Provision for bonuses for directors (and other officers) – 76 Provision for share awards 4,993 – Other 8,982 9,356 Total current liabilities 37,391 41,506 Non-current liabilities Long-term borrowings – 1,362 Provision for share-based payments – 51 Retirement benefit liability 186 195 Other 2,095 3,272 Total non-current liabilities 2,282 4,883 Total liabilities 39,674 46,389 Net assets Shareholders’ equity Share capital 7,079 7,079 Capital surplus 1,578 1,578 Retained earnings 113,468 119,174 Treasury shares (15,838) (13,815) Total shareholders’ equity 106,289 114,017 Accumulated other comprehensive income Valuation difference on available-for-sale securities 1,771 3,002 Deferred gains or losses on hedges (5) 86 Foreign currency translation adjustment 2,418 1,478 Remeasurements of defined benefit plans (90) (16) Total accumulated other comprehensive income 4,093 4,552 Non-controlling interests 820 751 Total net assets 111,203 119,320 Total liabilities and net assets 150,877 165,710
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- 6 - (2) Quarterly consolidated statement of income and quarterly consolidated statement of comprehensive income Quarterly consolidated statement of income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Net sales 96,833 99,472 Cost of sales 46,439 46,261 Gross profit 50,393 53,210 Selling, general and administrative expenses 33,454 34,493 Operating profit 16,939 18,717 Non-operating income Interest income 13 34 Dividend income 103 109 Share of profit of entities accounted for using equity method 4,548 2,751 Other 372 121 Total non-operating income 5,039 3,017 Non-operating expenses Interest expenses 22 49 Loss on cancellation of insurance policies 19 8 Cancellation penalty – 17 Other 50 42 Total non-operating expenses 93 117 Ordinary profit 21,885 21,617 Extraordinary income Gain on sale of investment securities – 143 Gain on sale of shares of subsidiaries and associates 0 – Other 0 – Total extraordinary income 0 143 Extraordinary losses Loss on disposal of non-current assets 34 159 Loss on store closings 14 137 Loss on withdrawal from business 100 – Other 17 0 Total extraordinary losses 166 297 Profit before income taxes 21,719 21,462 Income taxes - current 4,025 4,418 Income taxes - deferred (28) 1,771 Total income taxes 3,997 6,190 Profit 17,722 15,272 Profit attributable to non-controlling interests 26 20 Profit attributable to owners of parent 17,695 15,251
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- 7 - Quarterly consolidated statement of comprehensive income (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Profit 17,722 15,272 Other comprehensive income Valuation difference on available-for-sale securities (23) 1,231 Deferred gains or losses on hedges 71 92 Foreign currency translation adjustment (241) (132) Remeasurements of defined benefit plans, net of tax 72 72 Share of other comprehensive income of entities accounted for using equity method 159 (805) Total other comprehensive income 37 458 Comprehensive income 17,760 15,730 Comprehensive income attributable to: Owners of parent 17,733 15,710 Non-controlling interests 26 20
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- 8 - (3) Notes regarding quarterly consolidated financial statements (Notes regarding assumptions of going concern) Not applicable. (Notes on segment information, etc.) Nine months ended December 31, 2024 (April 1, 2024 to December 31, 2024) and nine months ended December 31, 2025 (April 1, 2025 to December 31, 2025) This information is omitted because the Group operates a single segment of sporting goods-related business. (Notes on significant changes in the amount of shareholders’ equity) The Company’s treasury shares increased due to the acquisition of treasury shares based on the resolution of the Board of Directors on November 6, 2025, and the acquisition of the Company’s shares by the trust associated with the reintroduction of the “Stock Benefit Trust (Employee Shareholders Association Purchase-type),” however, there was a decrease due to the transfer of treasury shares in the trust to employees upon the termination of the “Stock Benefit Trust (J-ESOP)” and the transfer to employees through the Stock Benefit Trust. As a result, treasury shares decreased by ¥2,022 million for the nine months ended December 31, 2025, reaching ¥13,815 million at the end of the period under review. (Notes on quarterly consolidated statement of cash flows) Quarterly consolidated statement of cash flows for the nine months ended December 31, 2025 is not prepared. Depreciation (including amortization of intangible assets) and amortization of goodwill for the nine months ended December 31, 2024 and 2025 is as follows: (Millions of yen) Nine months ended December 31, 2024 Nine months ended December 31, 2025 Depreciation 1,628 1,772 Amortization of goodwill – 12