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Goldwin Inc. Goldwin FY2027.3 Q1 Financial Results Briefing August 6 , 2026 ( Stock Code : 8111 )
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2 © 2026 Goldwin Inc. First Quarter of FY2027.3 Executive Summary Due to a decline in revenue ( 98.8% YoY; 92.7% of the internal plan raito ) and an increase in SG & A exprnses, operating profit was 370 million yen ( 17.9% YoY; 21.4% of the internal plan raito ) FY2027.3 Q1 Financial Results 23,878 25,462 23,592 FY2026.3 1Q Results FY2027.3 1Q Plan FY2027.3 1Q Results 23.5 billion yen YoY: 98.8% Plan raito : 92.7% Net sales 12.3 billion yen SG & A expenses YoY: 117.1% Plan raito : 100.6% O perating profit 371 million yen YoY: 17 . 9 % Plan raito : 21.4% 10,567 12,298 12,374 FY2026.3 1Q Results FY2027.3 1Q Plan FY2027.3 1Q Results 2,079 1,734 371 FY2026.3 1Q Results FY2027.3 1Q Plan FY2027.3 1Q Results (Unit: millions of yen)
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3 © 2026 Goldwin Inc. Revision of First - Half Earnings Forecast Anticipating the continuation of factors that caused the slowdown in Q1 , we have revised our Earnings Forecast for the first half of FY2027.3. Net sales have been revised downward by 4.3 billion yen, and operating profit by 2 . 8 billion yen First - Half Earnings Forecast for FY2027.3 55,589 21,594 6,959 9,093 59,900 25,100 7,000 9,200 55,600 25,200 4,200 7,000 Net sales SG & A exprnses Operating profit Ordinary profit YoY Initial Plan Revised Plan Initial Plan Revised Plan Revised Amount Plan raito Revised Plan YoY Net sales 59,900 55,600 - 4,300 92.8% 100.0% SG & A exprnses 25,100 25,200 100 100.4% 116.7% O perating profit 7,000 4,200 - 2,800 60.0% 60.4% O rdinary profit 9,200 7,000 - 2,200 76.1% 77.0% (Unit: millions of yen) Adjustment: - 2,800 Adjustment: - 2,200 Adjustment: - 4,300 Adjustment from Initial Plan (Unit: millions of yen) Adjustment: +100
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4 © 2026 Goldwin Inc. Revision of Earnings Forecast for FY2027.3 Following the release of first - quarter results, the company revised its first - half Earnings Forecast downward. While it has left its second - half and full - year Earnings Forecasts unchanged, it is currently reviewing them and has begun reviewing its Five - Year Medium - Term Management Plan . ◼ Anticipating the continuation of factors contributing to the slowdown in Q1, we are revising our Earnings Forecast for the first half of FY27.3. ◼ We plan to execute growth - related capital expenditures as planned 2 配当・株主還元 59.9 billion yen → 55. 6 billion yen Net sales ( - 4.2 billion yen from the plan raito ) Revision of First - Half Earnings Forecast 7.0 billion yen → 4.2 billion yen Operating profit ( - 2.8 billion yen from the plan raito ) Remain unchanged at this time Under review Second - Half and Full - Year Earnings Forecasts ◼ While the forecast remains unchanged at this time, we will carefully review the target levels and the path to achieving them to determine whether adjustments are necessary, and plan to announce our direction in November. ◼ The annual dividend forecast remains unchanged. 70 yen (No change) Annual Dividend Forecast (Adjusted for Stock Split) Five - Year Medium - Term Management Plan Remain unchanged at this time Regarding the target level and the path to achieving it We have begun a review ◼ Carefully review the target levels and the path to achieving them, and determine whether any adjustments are necessary ◼ We plan to present our direction in November
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5 © 2026 Goldwin Inc. Table of contents I. FY2027.3 Q1 Results P. 6 - P.18 II. Revision of First - Half Forecast for FY2027.3 P.19 - P.22 III. Progress in Major Businesses P.23 - P.28 IV. Appendix P.29 - P.36
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6 © 2026 Goldwin Inc. I. FY2027.3 Q1 Results Operating profit declined due to lower revenue and higher SG & A expenses.
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7 © 2026 Goldwin Inc. Q1 Financial Results Summary Due to a decline in revenue and an increase in SG & A exprnses, operating profit was 371 million yen, down 21.4% from the company ’ s internal plan raito and 17.9% YoY from the same period last year Consolidated Financial Results Trend (Unit: millions of yen) FY25.3 Q1 FY2026.3 Q1 FY2027.3 Q1 FY2027.3 Q1 Plan raito YoY results results p lan results r atio d ifference r atio d ifference Net sales 24,601 23,878 25,462 23,592 92.7% - 1,869 98.8% - 285 Gross profit 12,433 12,646 14,032 12,746 90.8% - 1,286 100.8% 99 % 50.5% 53.0% 55.1% 54.0% ( 1. 1)pt - 1. 1pt - SG & A exprnses 10,594 10,567 12,298 12,374 100.6% 76 117.1% 1,806 % 43.1% 44.3% 48.3% 52.4% 4. 2pt - 8. 2pt - operating profit 1,839 2,079 1,734 371 21.4% - 1,362 17.9% - 1,707 % 7.5% 8.7% 6.8% 1.6% ( 5. 2)pt - ( 7. 1)pt - ordinary profit 4,258 3,759 3,369 2,598 77.1% - 771 69.1% - 1,160 % 17.3% 15.7% 13.2% 11.0% ( 2. 2)pt - ( 4. 7)pt - Net income 3,660 3,189 2,870 2,249 78.4% - 621 70.5% - 939 % 14.9% 13.4% 11.3% 9.5% ( 1. 7)pt - ( 3. 8)pt -
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8 © 2026 Goldwin Inc. Monthly Net Sales Trends In addition to the decline in inbound demand from mainland China that has continued since the previous quarter, sales fell sh ort of internal projections due to sluggish sales of summer merchandise in June. Monthly Net sales for Q1 Monthly Plan raito Status Year - over - Year April 104% Despite the decline in sales, we met our internal targets, which took into account the expected decline driven by the advance shipments to our wholesale operations at the end - of - period. 92% May 92% In addition to a decline in inbound demand from mainland China, the company failed to meet its internal targets due to sluggish sales at retail outlets, particularly in the wholesale sector. 99% June 84% Due to the frequent days of cool weather, sales of summer merchandise got off to a slow start. Combined with the ongoing decline in inbound demand from mainland China, we fell short of our internal sales targets. 96% 1Q Total 93% Although the retail division maintained revenue growth, primarily driven by self - operated stores, struggles in the wholesale segment weighed on results, causing revenue to fall short of both internal projections and the same period last year. 95% (Note) Because “ monthly net sales ” are used, these figures do not match the amounts or ratios of consolidated net sales.
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9 © 2026 Goldwin Inc. Net sales by Business Segment Revenue declined across all business segments — Performance, Lifestyle, and Fashion Net Sales Trends by Business Segment ( Q1 ) FY23.3 Q1 FY24.3 Q1 FY25.3 Q1 FY26.3 Q1 FY27.3 Q1 results YoY results YoY results YoY results YoY results YoY Performance 7,880 - 8,424 106.9% 8,187 97.2% 7,846 95.8% 7,605 96.9% Lifestyle 12,192 - 13,366 109.6% 14,668 109.7% 13,751 93.7% 13,370 97.2% Fashion 994 - 1,318 132.6% 1,698 128.8% 1,947 114.7% 1,932 99.2% Other 31 - 40 129.0% 47 117.5% 331 704.3% 684 206.6% Total 21,099 - 23,150 109.7% 24,601 106.3% 23,878 97.1% 23,592 98.8% Trends in Net Sales Composition ( Q1 ) 7,880 8,424 8,187 7,846 7,605 12,192 13,366 14,668 13,751 13,370 994 1,318 1,698 1,947 1,932 31 40 47 331 684 0 10,000 20,000 30,000 FY23.3 Q1 FY24.3 Q1 FY25.3 Q1 FY26.3 Q1 FY27.3 Q1 Performance Lifestyle Fashion Other (Unit: millions of yen) (Unit: millions of yen)
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10 © 2026 Goldwin Inc. 255 (15) (1) 0 1 (5) 1 FY27.3 Plan TNF AP TNF HG Goldwin Domestic Goldwin Overseas GB Others Subsidiary Fy27.3 Results 239 (6) (1) 1 7 (2) (1) FY27.3 Plan TNF AP TNF HG Goldwin Domestic Goldwin Overseas GB Others Subsidiary Fy27.3 Results Plans by Brand and YoY Comparison (Note) TNF AP : THE NORTH FACE apparel; TNF HG : THE NORTH FACE goods (bags, shoes, etc.); GW : Goldwin brand GB : Global Brands (HELLY HANSEN, canterebury, NEUTRALWORKS., Speed, Hi - Tech, Allbirds , Licensed and distributor brands, and others) Subsidiaries, etc.: Includes variances from Consolidated results (Unit: 100 million yen) (Unit: 100 million yen) The 1 .8 billion yen shortfall against the plan occurred in TNF Apparel and GB (Global Brands, etc.). The YoY difference reflects a scenario where Goldwin offset the decline in TNF revenue 236 FY2026.3 Q1 Comparison with Actual Results (YoY Difference: - 280 million yen) 236 FY2027.3 Q1 Comparison to Plan (Plan Variance: - 1.8 billion yen)
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11 © 2026 Goldwin Inc. The inbound visitor ratio for Q1 was 27.7% , down 0.4 percentage points YoY . The share of inbound visitors from mainland China was 42.8%, down 13.8 percentage points YoY. Trends in Inbound Customer Ratio and mainland China Share (self - operated stores) Inbound Customer Ratio by Quarter (self - operated stores) Percentage of Inbound Net Sales at Self - Operated Stores 24.5% 23.3% 20.7% 34.3% 28.1% 26.3% 22.4% 31.4% 27.7% 15% 25% 35% Q1 Q2 Q3 Q4 FY25.3 FY26.3 FY27.3 Period Q/Month Inbound Ratio Y oY mainland China Share FY26. 3 Q1 28.1% 3.5pt 56.6% Q2 26.3% 3.0pt 60.9% Q3 22.4% 1.7pt 47.2% Q4 31.4% (2.9)pt 40.2% Full year 26.5% 1.1pt 49.6% FY27. 3 April 29.4% (1.5)pt 38.9% May 25.1% (2.3)pt 41.0% June 29.1% 3.5pt 50.3% Q1 27.7% (0.4)pt 42.8% (Note) China refers to the People ’ s Republic of China and Hong Kong combined
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12 © 2026 Goldwin Inc. In Q1 of FY2027 .3 , the net change was - 1 store, with 4 new Store Openings and 5 store closures (including format changes). For FY2027 .3, we plan to expand our store network primarily through Goldwin and expect a net increase of 3 stores. Trends in the Ratio of Self - Managed Sales and the Number of Self - Operated Stores Ratio of Self - Managed Sales to Total Sales and Number of Self - Operated Stores (Note) The number of self - operated stores for FY24.3 has been adjusted for franchise store turnover and therefore does not match the total number of Store Openings and closures. 156 163 160 163 162 58% 60% 63% 65% 65% 52% 56% 60% 64% 68% 145 150 155 160 165 FY23.3 FY24.3 FY25.3 FY26.3 FY27.3 Self-operated stores Sales ratio of self-managed locations 5 9 6 18 4 - 13 - 2 - 12 - 15 - 5 -20 -10 0 10 20 FY23.3 FY24.3 FY25.3 FY26.3 FY27.3 Q1 Number of Store openings Number of Closed stores Self - operated Store Openings and Closures for FY27.3 Q1 (Overseas figures in parentheses.) scheduled Store Openings and Closures for FY27.3 (Overseas figures in parentheses.) End of FY2026.3 As of As of Q1 of FY2027.3 Store Openings Store Closures Total Goldwin 18 [14] 3 [ 3 ] 21 [17] THE NORTH FACE 107 1 ( 2 ) 106 Other Brands 38 ( 3 ) 35 Total 163 4 ( 5 ) 162 FY2027.3, 1Q As of Projections for Q2 of FY2027.3 and beyond Store Openings Store Closures Total Goldwin 21 [17] 7 [5] 28 [22] THE NORTH FACE 106 3 ( 2 ) 107 Other Brands 35 1 ( 6 ) 30 Total 162 11 ( 8 ) 165 (Note) Store closures include changes in business format. Closures of other brands refer to WOOLRICH self - operated stores scheduled for closure. Starting this fiscal year, the number of Goldwin’s overseas outlet stores is being counted retroactively. (Unit: stores )
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13 © 2026 Goldwin Inc. Trends in E - Commerce Net Sales As of the first quarter , e - commerce net sales totaled 3,124 million yen , representing 101.8% YoY , while the e - commerce net sales ratio stood at 13.2% , up 0. 2 pt YoY 2,963 3,027 3,097 3,069 3,124 3,609 3,647 4,039 4,719 4,389 5,025 5,283 6,362 3,907 4,278 4,885 5,866 12.9% 12.6% 13.1% 14.5% 13.2% 8% 9% 10% 11% 12% 13% 14% 15% 0 5,000 10,000 15,000 20,000 25,000 FY23.3 FY24.3 FY25.3 FY26.3 FY27.3 Q1 Q2 Q3 Q4 E-commerce sales ratio Quarterly Trends in E - Commerce Net Sales YoY E - commerce Net sales: 101.8% Net sales E - commerce Ratio: 0.2pt (Unit: millions of yen) Full year E - Commerce Ratio Full year E - Commerce Ratio Full year E - Commerce Ratio Full year E - Commerce Ratio Q1 E - Commerce Ratio
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14 © 2026 Goldwin Inc. Gross Profit Margin and SG & A exprnses Ratio The gross profit margin was 54.0%, up 1.1 percentage points YoY, while SG & A expenses were 52.5%, up 8.2 percentage points Y oY. 52.7% 50.6% 50.5% 53.0% 54.0% 42.0% 40.8% 43.1% 44.3% 52.5% 38% 40% 42% 44% 46% 48% 50% 52% 54% 56% 19,000 20,000 21,000 22,000 23,000 24,000 25,000 FY23.3 Q1 FY24.3 Q1 FY25.3 Q1 FY26.3 Q1 FY27.3 Q1 (Unit: millions of yen) Trends in Gross Profit Margin and SG & A exprnses for Q1 (Unit: millions of yen) FY23.3 Q1 FY24.3 Q1 FY25.3 1Q FY26.3 Q1 FY27.3 Q1 FY27.3 Q1 FY27.3 Q1 FY27.3 Q1 r esults results results results results Plan raito YoY Old Standards* ① Net sales 21,099 23,150 24,601 23,878 23,592 92.7% 98.8% 23,592 Gross profit margin 52.7% 50.6% 50.5% 53.0% 54.0% * ② (1.1)pt 1.1pt 52.9% SG & A exprnses Ratio 42.0% 40.8% 43.1% 44.3% 52.5% 4.2pt 8.2pt 51.3% Operating Profit Margin 10.7% 9.8% 7.5% 8.7% 1.6% (5 . 2) % (7.1)pt 1.6% (Note) * ① : Starting in FY2027.3, R&D - related expenses of 1.1 billion yen (Full year) were reclassified from cost of goods sold to SG & A expenses. Figures calculated based on the pre - reclassification categories are presented as “old standards.” * ② : The 1.1 - point decrease compared to the internal plan raito is not due to a deterioration in the profitability of individual business segments, but rather to a discrepancy between the Consolidated adjustments assumed at the time the plan was formulated and the actual fi gu res.
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15 © 2026 Goldwin Inc. (Repost) Selling, General, and Administrative Expenses ( Full Year) (Note) * ① ) Breakdown of increase in personnel costs: System changes +400 million yen; Regular pay raises +400 million yen; Hiring + 600 million yen (Of the 1, 400 million yen total, the 400 million yen due to system changes is a one - time increase) * ② ) Starting in FY2027 . 3, R&D - related expenses of 1. 1 billion yen (full year) were reclassified from cost of goods sold to SG & A exprnses. While this change is neutral to operating profit, it tends to push up the SG & A exprnses ratio ( approximately +0.8 pt on a full - year basis) Full year SG & A expenses are projected to increase by 5.7 billion yen from the previous fiscal year due to investments in strengthening the retail business, the Goldwin500 initiative, and human capital development. Expense Categories by Function Growth Investments Human Capital Research and Development PLAY EARTH PARK - related Total Retail Strengthenin g GW500 Strategic Investment CX/DX Strengthening HR Strategy Strengthening Costs → SG & A exprnses * ② Business Operations Infrastructure Development Personnel costs/Sales Staff Salaries 500 250 1,400 * ① 800 250 3,200 Advertising expense 250 100 350 Rent fee 300 250 550 Depreciation 70 70 Logistics expenses 200 200 Business operating expenses, etc. 180 300 300 150 400 1,330 Total 1,000 1,000 300 1,400 1,100 500 400 5,700 (Unit: millions of yen) Full - Year Plan for Selling, General, and Administrative Expenses
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16 © 2026 Goldwin Inc. Selling, General, and Administrative Expenses | First - Quarter Results and Progress Toward Full - Year Targets SG & A expenses for the first quarter were 12.3 billion yen, up 17.1% YoY. Progress toward the full - year increase of 5.7 billion yen stands at 31.7%, which is generally in line with the plan. (Unit: millions of yen) Category 1Q Change Full year plan increase Progress Rate Same Period Last Year (FY2026.3 Q1) 10,567 ― ― ① Strengthening Retail Operations 110 1,000 11% ② Goldwin500 Strategic Investment 284 1,000 28% ③ CX/DX Enhancement 30 300 10% ④ Strengthening HR Strategy 435 1,400 31% ⑤ Transfer from cost of goods sold to SG & A exprnses 275 1,100 25% ⑥ PEP Business Operations 33 500 7% ⑦ PEP Infrastructure Development 174 400 44% ⑧ Other 466 Change Total +1,807 5,700 31.7% Current 1Q (FY2027.3 1Q) 12,374 ― ― Change in SG & A exprnses (YoY) Breakdown of Profitability and Position Relative to Plan FY26.3 Q1 FY27.3 Q1 YoY Net sales 23,878 23,592 ( 1.2 ) % Sales Gross Profit Margin 53.0% 54.0% 1.1 pt SG & A exprnses Ratio 44.3% 52.5% 8.2 pt Operating Profit margin 8.7% 1.6% ( 7.1 )pt (Unit: millions of yen)
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17 © 2026 Goldwin Inc. Inventory stood at 21,172 million yen, representing 109. 3% of the balance as of the end of June of the previous fiscal year Trends in Inventory Balances Status of Inventory Balance 87.0% 113.0% 121.0% 109.0% 109.3% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 0 5,000 10,000 15,000 20,000 25,000 End of Jun. End of Sep. End of Dec. End of Mar. End of Jun. End of Sep. End of Dec. End of Mar. End of Jun. End of Sep. End of Dec. End of Mar. End of Jun. End of Sep. End of Dec. End of Mar. End of Jun. Inventory YoY Change in Inventory FY23. 3 FY24. 3 FY25. 3 FY26. 3 FY27. 3 (Unit: millions of yen)
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18 © 2026 Goldwin Inc. Net sales performance of YOUNGONE OUTDOOR Corporation （ YOC ） (Note) YOC’s fiscal year runs from January to December, which is three months out of sync with our fiscal year. Lotte World Mall Store Latest Topics （ Apr. - Jun. 2026 ） TNF’s second Myeongdong store Progress of Korea Operations ( YOC ) Supported by robust inbound demand, net sales remained steady, on par with the same period last year. The launch of new collections and the opening of a megastore also contributed to net sales. （ Note ） The grand opening is scheduled for September Jan. - Mar. 2026 Apr. - Jun. 2026 Jan. - Jun. 2026 Goldwin FY26.3 Q4 FY27.3 Q1 - YOUNGONE OUTDOOR Corporation （ Jan. - Dec. ） FY26. 12 Q1 Q2 First Half Performed well, buoyed by the increase in inbound tourism across all channels. Remained steady, driven by strong sales of running - related items and the opening of a megastore. Supported by inbound tourism, net sales remained steady at the same level as the previous period. ◼ Although a general trend of restrained spending took hold across the entire South Korean market due to the situation in the Middle East, YOC maintained net sales on par with the same period last year . ◼ Lightweight windbreakers and running - related items are selling well . A new “Trail Collection” has been launched, centered on the high - performance “VECTIV” footwear series and the “SUMMIT” series. ◼ In May, a new “ The North Face Lotte World Mall Megastore ,” spanning over 100 tsubo, will open at Lotte World Mall in Jamsil , Seoul. Also, TNF’s second Myeongdong store had a soft opening at the end of July. ◼ The North Face White Label has released “ CLYFFE LOW SNEAKERS”, a line of low - profile sneakers for women. This collection is part of a lineup that balances functionality and style.
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19 © 2026 Goldwin Inc. II. Revision of First - Half Forecast for FY2027.3 Downward Revision of First - Half Earnings Forecast Based on Q1 Results
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20 © 2026 Goldwin Inc. Following the first - quarter results, we have revised its first - half earnings forecast. Net sales have been revised downward by 4 .3 billion yen and operating profit by 2.8 billion yen from the initial plan. Revised First - Half (Apr . – Sep . ) Forecast (Unit: millions of yen) First Half of FY25.3 First Half of FY26.3 First Half of FY27 .3 First Half of FY27 .3 Compared to Initial Plan Revised Plan YoY results results i nitial p lan r evised plan r atio d ifference r atio d ifference Net sales 53,367 55,589 59,900 55,600 92.8% - 4,300 100.0% 11 Gross profit 26,638 28,554 32,100 29,400 91.6% - 2,700 103.0% 846 % 49.9% 51.4% 53.6% 52.9% ( 0.7 )pt - 1.5 pt - SG & A exprnses 21,424 21,594 25,100 25,200 100.4% 100 116.7% 3,606 % 40.1% 38.8% 41.9% 45.3% 3.4 pt - 6.5 pt - operating profit 5,214 6,959 7,000 4,200 60.0% - 2,800 60.4% - 2,759 % 9.8% 12.5% 11.7% 7.6% ( 4. 1)pt - ( 5.0 )pt - ordinary profit 9,917 9,093 9,200 7,000 76.1% - 2,200 77.0% - 2,093 % 18.6% 16.4% 15.4% 12.6% ( 2.8 ) % - ( 3.8 )pt - Revision to the Previous Earnings Forecast
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21 © 2026 Goldwin Inc. For the second quarter (Jul. – Sep.), net sales were revised downward by 2.4 billion yen and operating profit by 1.4 billion yen f rom the initial forecast. Revised First - Half (Apr . – Sep . ) Forecast (Breakdown by Q1 / Q2 ) Revision of First - Half Earnings Forecast | Breakdown by Quarter ( Unit : million yen) Initial Plan Actual Results and Revised Plan Q1 p lan Q2 p lan First - Half p lan Q1 r esults Q1 difference Q2 r evised p lan Q2 r evised p lan difference First Half r evised p lan First Half difference from r evised p lan Net sales 25,462 34,437 59,900 23,592 - 1,869 32,007 - 2,430 55,600 - 4,300 Gross profit 14,032 18,067 32,100 12,746 - 1,286 16,653 - 1,413 29,400 - 2,700 % 55.1% 52.5% 53.6% 54.0% ( 1. 1)pt 52.0% ( 0.4 )pt 52.9% ( 0.7 )pt SG & A exprnses 12,298 12,801 25,100 12,374 76 12,825 23 25,200 100 % 48.3% 37.2% 41.9% 52.4% 4. 2pt 40.1% 2.9 pt 45.3% 3.4 pt O perating profit 1,734 5,265 7,000 371 - 1,362 3,828 - 1,437 4,200 - 2,800 % 6.8% 15.3% 11.7% 1.6% ( 5. 2)pt 12.0% ( 3.3 )pt 7.6% ( 4.1 )pt O rdinary profit 3,369 5,830 9,200 2,598 - 771 4,401 - 1,428 7,000 - 2,200 % 13.2% 16.9% 15.4% 11.0% ( 2. 2)pt 13.8% ( 3.2 )pt 12.6% ( 2.8 )pt
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22 © 2026 Goldwin Inc. 344 (19) (3) 1 0 (3) 0 Q2 Initial Plan TNF AP TNF HG Goldwin Domestic Goldwin Overseas GB Others Subsidiary 2Q Revised Plan 599 (34) (4) 1 0 (7) 1 First half Initial Plan TNF AP TNF HG Goldwin Domestic Goldwin Overseas GB Others Subsidiary First half Revised Plan Revised Plan Levels by Brand ( 2Q and First Half) (Note) TNF AP : THE NORTH FACE apparel; TNF HG : THE NORTH FACE goods (bags, shoes, etc.); GW : Goldwin brand GB : Global Brands (HELLY HANSEN, canterebury, NEUTRALWORKS., Speed, Hi - Tech, Allbirds , Licensed and distributor brands, and others) Subsidiaries and Others: Includes the difference from Consolidated results (Unit: 100 million yen) (Unit: 100 million yen) For both Q2 (Jul . – Sep . ) and the first half, variances from plan are expected to occur in TNF Apparel and GB (Global Brands, etc.) First - Half (Apr . – Sep . ) Net sales revision ( Revision : - 4 . 2 billion yen ) 320 Q2 (Jul. – Sep.) Net sales revision (Revision: - 2.4 billion yen) 556
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23 © 2026 Goldwin Inc. III. Progress in Core Businesses Future Initiatives for THE NORTH FACE and Goldwin
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24 © 2026 Goldwin Inc. THE NORTH FACE | Enhancing Brand Value Brand Awareness Over 80% Purchase Rate Among Those Aware of the Product Approx. 20% (Our survey) There is still room to convert brand awareness (assets) into revenue. From “Known” Strength to “Chosen” Strength Brand Fan Product Appeal | Creating Reasons to Choose Creating Systems That Continuously Foster Innovation ◼ Strengthening New Product Development Capabilities Accelerating the development cycle to create a development framework that ensures a constant stream of innovation ◼ Revising the Planning Process Incorporating market validation to establish a system that consistently generates hit products Communication Skills | Conveying the Reasons to Choose Us The Ability to Sell Out on the Sales Floor ◼ Strengthening Self - Operated Stores Developing sales associates who can effectively communicate the appeal of our products ◼ Improving Sales - Through at Wholesale Partners Extending in - store presentation skills to enhance sales performance at wholesale locations ◼ 60th Anniversary of the Brand Transforming the brand’s history into a compelling selling point for our products The brand is celebrating its 60th anniversary. The challenge is that it has not been able to fully convert its established br and awareness into revenue. The goal is to increase the number of brand fans.
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25 © 2026 Goldwin Inc. Outerwear for warm winters Jacket for long Seasons New Materials to Help You Stay Comfortable During the Extreme Heat That Will Last Through September ◼ Outerwear featuring TWINSULATE , a reversible design that lets you adjust warmth according to the temperature for extended wear ◼ The “Balto Three - Q Jacket,” a lightweight version of the classic “Balto Light Jacket,” is now available ◼ High - performance fabric that combines moisture - wicking and quick - drying properties with high thermal conductivity to provide a cooling sensation against the skin ◼ By reducing discomfort caused by sweat and regulating the temperature inside the garment, it ensures a comfortable fit even during the hot season ◼ A windshell collection that strikes a balance between durable water repellency and breathability, positioned between rain jackets and windbreakers ◼ Highly portable and suitable for a long season ranging from early spring through the rainy season Q4 Q3 Q2 Seasonal product lineup (examples) THE NORTH FACE | Highlights from Q 2 Onward: Apparel We are expanding our lineup of materials and items designed to adapt to climate change throughout the year, solidifying our position as a year - round brand.
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26 © 2026 Goldwin Inc. THE NORTH FACE | Highlights from Q2 Onward: Gear (Footwear) Expand the successful VECTIV series into the lifestyle sector and increase footwear net sales to 7 billion yen in FY2027.3 The VECTIV series has expanded from the Type 4 (S26 season) to the Type 7 (F26 season) ◼ “VECTIV,” a unique sole technology developed through grueling trail running ◼ A collection of high - performance shoes designed for everyday urban wear and active lifestyles. It minimizes instability while walking and provides a light, responsive walking experience where “every step propels you forward” through natural propulsion. Pop - up at the sneaker boutique atmos
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27 © 2026 Goldwin Inc. Goldwin Guangzhou Pop - Up (Becoming a permanent store starting in September 202 6) Goldwin Shinsaibashi ( Opens July 31 ) ◼ Although Guangzhou is a first - tier city representing southern China, it is also blessed with a natural environment — including parks and mountains — and is a city where outdoor activities are deeply embedded in daily life. ◼ We are currently operating a pop - up store at the “Parc Central” shopping mall. We plan to transition to self - operated stores starting in September 2026. ◼ This is the second self - operated store in the Kansai region, following the Kyoto store that opened in 2025 ◼ The store is located in Shinsaibashi PARCO, a leading commercial district in Osaka’s Minami area where diverse interests in fashion, culture, art, and food converge Goldwin | Goldwin500 Progress Currently operating a pop - up store in Guangzhou , a first - tier city in China (to become a permanent store starting in September). In Japan, a new store has opened in Shinsaibashi, Osaka, as the second store in the Kansai region Self - operated store openings in accordance with the plan
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28 © 2026 Goldwin Inc. FY 29 . 3 – Harajuku Milan F Y28 . 3 FY27 . 3 FY26. 3 Through FY25.3 Nagoya Hangzhou ② Hakuba Wuxi Hong Kong Suzhou Paris 20 / 3.0 years 15 / 1.5 years 8 / 0.8 years 70 / 9.2 years FY33.3 Targets / Required Annual Goldwin Brand Store Openings and Plans by Region Store Openings are proceeding largely as planned; by FY27.3, the company plans to open 2 stores in Japan and 6 stores in main la nd China Japan China Mainland South Korea Europe and the US 2 stores Marunouchi Harajuku Kyoto Sapporo 4 stores Beijing Chengdu Shanghai Hangzhou Nanjing Shenyang Shenzhen Xi ’ an Zhengzhou Beijing OL Shanghai OL 7 stores 1 store Seoul Munich London 2 stores 1 store 1 store Shanghai ② (May) Suzhou OL ( June ) Seoul ② 2 stores 6 stores 1 store 1 store Beijing ② （ Sep. ） Guangzhou （ Sep. ） ShanghaiOL ② (Sep . ) Wuhan （ Dec. ） Shinsaibashi (Aug . ) Tenjin (Nov . ) New York City (Apr . ) ※ SIS Department Store Enhancements
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29 © 2026 Goldwin Inc. Today's Summary Net sales declined due to sluggish with in - store sell - through of summer merchandise at wholesale retail outlets. Profit decreased due to the allocation of SG & A expenses to support growth. Net sales and profit both declined in the first quarter due to a slowdown in sales and an increase in SG & A expenses. Based on progress in the first quarter, we have revised downward our target levels for the second quarter to reflect actual conditions. Based on current progress, we have revised our Earnings Forecast for the first half of the year. We plan to carefully examine the trend in business performance for the second half of the fiscal year and beyond, as well as the path to achieving our goals, and present our strategic direction in November. Earnings Forecasts for the second half and Full year are currently under review; shareholder return policy remains unchanged
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30 © 2026 Goldwin Inc. APPENDIX Assumptions and Supplementary Materials
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31 © 2026 Goldwin Inc. Income Statement Summary | 1Q Trends (Unit: millions of yen) FY23.3 Q1 FY24.3 Q1 FY25.3 Q1 FY26.3 Q1 FY27.3 Q1 YoY Net sales 21,099 23,150 24,601 23,878 23,592 98.8% Gross profit 11,122 11,710 12,433 12,646 12,746 100.8% % 52.7% 50.6% 50.5% 53.0% 54.0% 1.1 pt SG & A exprnses 8,855 9,446 10,594 10,567 12,374 117.1% % 42.0% 40.8% 43.1% 44.3% 52.4% 8.2 pt O perating profit 2,266 2,263 1,839 2,079 371 17. 9 % % 10.7% 9.8% 7.5% 8.7% 1.6% ( 7.1 )pt O rdinary profit 3,368 4,172 4,258 3,759 2,598 69.1% % 16.0% 18.0% 17.3% 15.7% 11.0% ( 4.7 )pt Net income 2,603 3,347 3,660 3,189 2,249 70.5% % 12.3% 14.5% 14.9% 13.4% 9.5% ( 3.8 )pt 1Q Results Trend (Note) Starting in FY2027 . 3, R&D - related expenses of 1 . 1 billion yen (full year) were reclassified from cost of goods sold to SG & A exprnses. While this change has a neutral effec t o n operating profit, it tends to push up both the gross profit margin and the SG & A exprnses ratio ( approximately +0.8pt on a full - year basis).
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32 © 2026 Goldwin Inc. 1Q Results Trend (Excluding One - time expenses) (Unit: millions of yen) FY25.3 Q1 FY25.3 Q1 Excluding One - time expenses FY26.3 Q1 FY27.3 Q1 Compared to FY26.3 Compared to FY25.3 Compared to FY25.3 Excluding one - time expenses Net sales 24,601 24,601 23,878 23,880 98.8% 95.9% 95.9% Gross profit 12,433 12,433 12,646 12,902 100.8% 102.5% 102.5% % 50.5% 50.5% 53.0% 54.0% 1. 1pt 3. 5pt 3. 5pt SG & A exprnses 10,594 9,994 10,567 12,511 117.1% 116.8% 123.8% % 43.1% 40.6% 44.3% 52.4% 8. 2pt 9. 4pt 11. 8pt operating profit 1,839 2,439 2,079 391 17.8% 20.2% 15.2% % 7.5% 9.9% 8.7% 1.6% ( 7. 1)pt ( 5. 9)pt ( 8. 3)pt ordinary profit 4,258 4,858 3,759 2,071 69.1% 61.0% 53.5% % 17.3% 19.7% 15.7% 8.7% ( 4. 7)pt ( 6. 3)pt ( 8. 7)pt Net income 3,660 - 3,189 1,888 70.5% 61.4% - % 14.9% - 13.4% 7.9% ( 3. 8)pt ( 5. 3)pt - (Note) One - time expenses for the first quarter of FY25.3 were J - ESOP - related expenses: 600 million yen Starting in FY2027 . 3, R&D - related expenses of 1 . 1 billion yen (full year) will be reclassified from cost of goods sold to SG & A exprnses (selling, general, and administrati ve expenses). While this change is neutral to operating profit, it will have the effect of increasing both the gross profit margin and the SG & A exprnses ratio ( approximately +0.8pt on a full - year basis) Income Statement Summary | 1Q Trends (Comparison after adjusting for one - time expenses)
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33 © 2026 Goldwin Inc. ( Unit: million yen) Q1 Results Initial Q2 Plan Initial First - Half Plan Initial Second - Half Plan Initial Full - Year Plan FY27.3 YoY FY27.3 YoY FY27.3 YoY FY27.3 YoY FY27.3 YoY Net sales 23,592 98.8% 34,437 108.6% 59,900 107.8% 85,500 104.4% 145,400 105.7% Gross profit 12,746 100.8% 18,067 113.6% 32,100 112.4% 46,800 105.4% 78,900 108.2% % 54.0% 1.1 pt 52.5% 2.3 pt 53.6% 2.2 pt 54.7% 0.6 pt 54.3% 1.2 pt SG & A exprnses 12,374 117.1% 12,801 116.1% 25,100 116.2% 27,700 108.7% 52,800 112.1% % 52.4% 8.2 pt 37.2% 2.4 pt 41.9% 3.1 pt 32.4% 1.3 pt 36.3% 2.1 pt operating profit 371 17.9% 5,265 107.9% 7,000 100.6% 19,100 101.1% 26,100 100.9% % 1.6% ( 7.1 )pt 15.3% ( 0.1 )pt 11.7% ( 0.8 )pt 22.3% ( 0.7 )pt 18.0% ( 0.9 )pt ordinary profit 2,598 69.1% 5,830 109.3% 9,200 101.2% 24,900 100.4% 34,100 100.6% % 11.0% ( 4.7 )pt 16.9% 0.1 pt 15.4% ( 1.0 )pt 29.1% ( 1.2 )pt 23.5% ( 1.2 )pt Initial plan for FY2027.3 FY2027.3 Full - Year Plan (Initial Plan vs. FY2026. 3 Results)
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34 © 2026 Goldwin Inc. An Overview of the Goldwin500 Project Goldwin | Progress on the Goldwin500 Project Although net sales are generally in line with projections, primarily in Japan and China, due to delays in Store Openings in L ond on and New York, as well as increased costs resulting from high raw material prices and exchange rate fluctuations, the company fore cas ts net sales of 10 billion yen and an operating loss of approximately 700 million yen for FY27.3. (Note) Figures are for reference only as they are based on internal calculations (including estimates and rounding). (Unit: millions of yen) 0% 10% 20% 30% 40% 50% 60% 0 10,000 20,000 30,000 40,000 50,000 60,000 Net sales Annual Net Sales Growth Rate 43% 58% 70% 71% 70% 52% 40% 45% 50% 55% 60% 65% 70% 75% 80% FY24.3 FY25.3 FY26.3 FY27.3 FY28.3 FY29.3 FY30.3 FY31.3 FY32.3 FY33.3 Gross profit margin SG & A exprnses Ratio 3328 5006 6,500 10100 15,680 21,500 28,700 35,600 43,000 51,000 - 31.6% - 17.4% - 14.3% - 7.5% 0.8% 6.6% 10.5% 13.0% 15.0% 18.5% -40% -20% 0% 20% 40% 0 10000 20000 30000 40000 50000 FY24.3 FY25.3 FY26.3 FY27.3 FY28.3 FY29.3 FY30.3 FY31.3 FY32.3 FY33.3 Net sales Operating Profit Margin (Unit: millions of yen)
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35 © 2026 Goldwin Inc. THE NORTH FACE | 60th Anniversary A project designed to reaffirm the brand ’ s identity, centered on the theme of “Long Distance Hiking ” — a movement born from young people seeking freedom in the 1960s and 1970s. The collection features graphic designs incorporating artwork owned by brand founder Hap Krop, which symbolizes the balance between nature and humanity. 60th LONG DISTANCE HIKING PRODUCTS 60th SPECIAL GRAPHIC PRODUCTS 60th Anniversary Graphic Collection THE NORTH FACE is celebrating its 60th anniversary since its founding in 1966 . Centered on Long Distance Hiking — the brand ’ s origins (a return to nature and the pursuit of self - discovery) — and the 60th - anniversary key graphic (artwork themed around balance and coexistence with nature) — as the core of this commemorative collection. The brand ’ s cherished philosophy and worldview are expressed through contemporary products.
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36 © 2026 Goldwin Inc. August 28 – 29 : Nikkei/TSE IR Fair 2026 October 16: Goldwin Event for Individual Investors We will be exhibiting at the “Nikkei/TSE IR Fair 2026,” one of Japan’s largest events for individual investors, to be held at Tokyo Big Sight. We’ll be showcasing our products, hosting special panel discussions at our booth, and offering giveaways, so please be sure to stop by. *Booth design and content are subject to change. *Advance registration is required to attend. Please check the dedicated website https://event.nikkei.com/irfair/ In October, to coincide with THE NORTH FACE’s 60th anniversary event, we plan to hold an IR event for individual investors at Goldwin’s Aoyama headquarters. Details will be announced around September on our IR website or via our IR email newsletter. *Details will be announced around September on our IR website (scheduled page: https://about.goldwin.co.jp/ir/individuals ) or via our IR email newsletter. IR Activity Announcement IR Events for Individual Investors
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37 © 2026 Goldwin Inc. IR Email Distribution Service and IR Website This IR email service is designed to promptly deliver our disclosure information, event updates, and other news to our shareholders and investors. We encourage you to sign up. https://about.goldwin.co.jp/ir/mail In addition to financial results and financial data, we provide a variety of content to help you gain a deeper understanding of our company. A series of interviews is also currently available. https://about.goldwin.co.jp/ir IR Activities IR Email Subscription Service Goldwin IR Site