Slides
Page 1
NITORI Holdings Co., Ltd. Financial Results Presentation for the Second Quarter of FY2025 November 13, 2025
Page 2
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 2 (100 million yen） 2 Overview of Consolidated Financial Results 1H FY2025 （2025.4.1-2025.9.30） 1H FY2024 （2024.4.1-2024.9.30） Prior Period Comparison Actual To sales Actual To sales Change YOY Revenue 4,391 - 4,471 - ▲80 98.2％ Gross profit 2,331 53.1％ 2,285 51.1％ 45 102.0％ SG&A expenses 1,744 39.7％ 1,662 37.2％ 82 105.0％ Operating profit 598 13.6％ 642 14.4％ ▲44 93.1％ Profit before tax 603 13.7％ 640 14.3％ ▲37 94.2％ Profit attributable to owners of parent 417 9.5％ 454 10.2％ ▲36 91.9％
Page 3
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 3 (100 million yen） 3 Summary of Financial Results by Reporting Segment 1H FY2025 （2025.4.1-2025.9.30） 1H FY2024 （2024.4.1-2024.9.30） Prior Period Comparison Actual To sales Actual To sales Change YOY NITORI business Revenue 3,889 - 3,916 - ▲27 99.3％ Segment income 551 14.2% 601 15.4% ▲49 91.7％ Shimachu business Revenue 569 - 610 - ▲41 93.3％ Segment income 47 8.3% 41 6.8% 5 113.5％
Page 4
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 4 4 Interim Profit Before Tax（YOY） 640 +20 +38 ▲6 ▲23▲33 +5 ▲36 ▪ Purchase foreign exchange impact +38 ▪ Inventory exchange impact ▲18 NITORI 602 NITORI 560 Shimachu 43 603▲2 Shimachu 38 ▪Impact of cost reductions, etc ▪Impact of distribution centers (Fukuoka, Satte, Sendai) ▪Impact of increased vehicle unit price and personnel expenses due to base-up ▪Increase in pay rate due to a base-up ▪Increase in number of employees ▪Increase in depreciation expenses, repair expenses, advertising expenses, etc NITORI Shimachu ▲42 +5 (100 million yen) Net sales decrease Exchange rate impact Improved gross profit etc. Logistic expenses, etc. Personnel expenses Others Subsidiaries and associate companies Shimachu consolidated 1H FY2024 Interim Profit before tax 1H FY2025 Interim Profit before tax
Page 5
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 5 Gross Profit and SG&A Expenses 55 SG&A expenses Amount YOY Ratio to sales Change Personnel expenses 584 107.6％ 13.3％ +1.2pt Rents 71 110.9％ 1.6％ +0.2pt Shipping and delivery costs 170 103.7％ 3.9％ +0.2pt Advertising expenses 107 109.2％ 2.4％ +0.2pt SG&A expenses Amount YOY Ratio to Sales Change Outsourcing expenses 79 81.0％ 1.8％ ▲0.4pt Depreciation 313 105.5％ 7.1％ +0.5pt Capital investment, etc. Capital investment 194 1H FY2025 NITORI segment 1H FY2025 NITORI Group ▲0.5pt+1.0pt ▲1.6pt 54.7% +1.9pt • FX impact applied to the purchase (152.49yen ⇒147.68 yen) ▪Impact of cost reductions Shimachu 52.8% Others +1.1pt 53.1% Gross profit margin ratio 1H FY2024 NITORI segment 1H FY2024 NITORI Group 51.1% +2.0pt (100 million yen) +0.3pt • Impact of exchange rates on inventory
Page 6
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 6 Consolidated Statement of Financial Position 資 産 の 部 負 債 の 部 6 (100 million yen) Accounts September 30, 2025 March 31, 2025 Change Major factors in changes Current assets 3,500 3,646 ▲146 Trade and other receivables 554 805 ▲250 Accounts receivable ▲204 Inventory 1,080 1,127 ▲46 Non-current assets 11,639 11,647 ▲8 Property, plant and equipment 9,030 9,051 ▲21 Intangible assets 96 93 3 Total assets 15,139 15,294 ▲154 Current liabilities 3,094 3,536 ▲442 Trade and other payables 627 754 ▲127 Trade payables ▲11 Other payables ▲97 Borrowings 1,550 1,731 ▲181 Non-current liabilities 2,640 2,700 ▲59 Borrowings 150 200 ▲50 Total liabilities 5,735 6,236 ▲501 Total equity 9,404 9,057 347 Retained earnings +331 Total liabilities and equity 15,139 15,294 ▲154
Page 7
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 7 資 産 の 部 負 債 の 部 7 1H FY2025 1H FY2024 Change Major factors on changes Operating activities 870 831 39 ・ Interim profit before taxes ・ Depreciation and amortization expenses ・ Payment of corporate income taxes and other taxes 603 343 ▲210 Investing activities ▲290 ▲559 268 Acquisition of property, plant and equipment and investment property ▲204 Financing activities ▲495 ▲377 ▲118 ・ Net increase (decrease) in short-term borrowings ・ Repayments of lease liabilities ▲179 ▲180 Other ▲8 2 ▲11 Net increase （decrease）in cash and cash equivalents 75 ▲102 178 Cash and cash equivalents at end of period 1,435 1,077 358 Free cash flow 579 272 307 (Operating activities and investing activities) （100 million yen） Consolidated Cash Flow
Page 8
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 8 Area Type End of FY2024 During the 1H No. of stores opened During the 1H No. of stores closed Net increase End of 1H FY2025 J A P A N NITORI NITORI EX 566 15 5 10 576 DECO HOME 172 8 4 4 176 N plus 44 0 5 ▲5 39 Shimachu 53 0 1 ▲1 52 Subtotal 835 23 15 8 843 O V E R S E A S Taiwan 68 2 0 2 70 Mainland China 100 2 23 ▲21 79 Hong Kong 3 0 0 0 3 Korea 5 2 3 ▲1 4 Malaysia 12 1 2 ▲1 11 Singapore 4 2 1 1 5 Thailand 10 0 0 0 10 Vietnam 3 1 0 1 4 Philippines 4 2 0 2 6 Indonesia 3 2 0 2 5 India 1 0 0 0 1 Subtotal 213 14 29 ▲15 198 Total 1,048 37 44 ▲7 1,041 8 Number of Stores as of September 30, 2025
Page 9
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 9 Major Indicators of Management Efficiency (1) 9 No. Indicator Unit Target 2025.9 2024.9 2023.9 2022.8 2021.8 G R O U P （s i x-m o n t h t o t a l ） 1 Return on assets ％ Over 7.5 × 4.0 4.9 5.0 7.1 8.3 2 Total asset turnover Times Over 1 × 0.29 0.36 0.36 0.42 0.44 3 Ordinary income margin ％ Over 10 ○ 13.7 13.6 13.7 16.6 19.1 4 Earnings per share ¥ Over 50 ○ 73.9 358.0 336.6 455.5 477.4 5 Return on equity ％ Over 7.5 × 4.5 4.4 4.5 6.8 8.1 6 Equity ratio ％ Over 60 ○ 62.1 76.6 74.2 77.8 72.4 7 Interest coverage Times Over 20 ○ 121 236 352 711 761 8 Sales growth rate ％ Over 10 × ▲1.8 6.9 ▲1.5 2.1 14.4 9 Ordinary income growth rate ％ Over 10 × ▲5.8 6.5 ▲19.2 ▲10.9 ▲2.5 10 Ratio of gross profit to sales ％ Over 48 ○ 53.1 51.2 50.8 51.3 53.0 11 Ratio of break-even point to sales ％ Under 80 ○ 70.5 70.6 70.3 63.8 60.8 IFRS Japanese GAAP • Regarding the figures for September 2025 (IFRS basis) “Ordinary profit ” should be interpreted as “profit before tax for the quarter ,” and “shareholder s’ equity ” should be interpreted as “equity attributable to owners of the parent ” for calculation purposes. ・ Target is based on the optimal value of management efficiency indicators set by Japan Retailing Center. ・ For item 4, "Earnings per Share," the figure is calculated based on the number of shares after the stock split (in which eachshare was split into five shares).
Page 10
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 10 No. Indicator Unit Target 2025.9 2024.9 2023.9 2022.8 2021.8 2 社 連 結 （ ニ ト リ ホ ー ル デ ィ ン グ ス ・ ニ ト リ ） 12 Sales per tsubo K Over ¥950 × 94.0 97.5 95.0 102.4 104.6 13 Stock turnover Times Over 9 × 4.6 5.1 4.0 5.4 6.0 14 Operating assets turnover Times Over 2.9 × 2.5 2.8 2.6 3.5 3.7 15 Ratio of profit distribution ％ Over 20 ○ 25.9 28.0 30.7 35.4 39.8 16 Ratio of real estate cost to gross profit ％ Under 25 × 26.5 25.1 24.4 21.8 20.5 17 Ratio of sales promotion cost to gross profit ％ Under ６ ○ 5.8 4.9 5.4 4.3 4.2 18 Labor productivity M Over ¥10 ○ 1,984 1,976 1,946 2,160 2,110 19 Sales floor per labor Tsubo Over 60 × 38.9 38.4 38.7 39.5 36.6 20 Operating income per tsubo K Over ¥150 × 12.0 13.2 14.3 18.2 21.7 21 Stock per tsubo K Under ¥90 × 10.23 9.85 12.03 9.2 7.7 22 Average age of labor Age 30–35 ○ 32.3 33.1 33.9 33.4 32.9 Results ( 〇 won / × lost ) 〇10×12 〇11×11 〇12×10 〇14×8 〇18×4 Major Indicators of Management Efficiency（2） 10
Page 11
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 11 Area Type End of FY2024 During the period No. of stores opened During the period No. of stores closed Net increase Mar. 31, 2026 Planned No. of stores J A P A N NITORI NITORI EX 566 42 11 31 597 DECO HOME 172 22 8 14 186 N plus 44 0 14 ▲14 30 Shimachu 53 0 1 ▲1 52 Subtotal 835 64 34 30 865 O V E R S E A S Taiwan 68 6 1 5 73 Mainland China 100 4 25 ▲21 79 Hong Kong 3 1 0 1 4 Korea 5 4 5 ▲1 4 Malaysia 12 3 2 1 13 Singapore 4 3 1 2 6 Thailand 10 3 0 3 13 Vietnam 3 1 0 1 4 Philippines 4 3 0 3 7 Indonesia 3 3 0 3 6 India 1 0 0 0 1 Subtotal 213 31 34 ▲3 210 Total 1,048 95 68 27 1,075 11 Store Roll-Out Plan in FY2025（Modified）
Page 12
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 12 （100 million yen） 12 Consolidated Financial Plan for FY2025 FY2025 FY2024 Prior Period Comparison Forecast To sales Actual To sales Change YOY Revenue 9,880 － 9,288 － 591 106.4% Operating profit 1,358 13.7% 1,176 12.7％ 181 115.4% Profit before tax 1,370 13.9% 1,174 12.6％ 195 116.6% Profit attributable to owners of parent 940 9.5% 825 8.9％ 114 113.9% No changes in the financial plan
Page 13
Copyright 2025 Nitori Holdings All Rights Reserved ■不許複製印刷配布 13 【Note on the outlook】 This material contains projections and forward-looking statements regarding the future plans, strategies and performance of the Company and its affiliates. These statements are not historical facts, but rather assumptions and beliefs based on information currently available to the Company. It also involves risks and uncertainties related to economic trends, consumer spending, market demand, and taxation and other systems. Therefore, please be aware that actual results may differ from our projections. This material contains unaudited reference figures, and amounts are rounded down to the nearest 100 million yen and rounded for all other figures.