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NITORI Holdings Co., Ltd. Financial Results Presentation for the Third Quarter of FY2025 February 13, 2026
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Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 2 (100 million yen） 2 Overview of Consolidated Financial Results Q1-Q3 FY2025 （2025.4.1-2025.12.31） Q1-Q3 FY2024 （2024.4.1-2024.12.31） Prior Period Comparison Actual To sales Actual To sales Change YOY Revenue 6,885 - 7,064 - ▲179 97.5％ Gross profit 3,677 53.4％ 3,613 51.2％ 63 101.8％ SG&A expenses 2,651 38.5％ 2,552 36.1％ 99 103.9％ Operating profit 1,044 15.2％ 1,081 15.3％ ▲36 96.7％ Profit before tax 1,073 15.6％ 1,087 15.4％ ▲14 98.7％ Profit attributable to owners of parent 743 10.8％ 760 10.8％ ▲17 97.7％
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Copyright 2026 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 Q1-Q3 FY2025 （2025.4.1-2025.12.31） Q1-Q3 FY2024 （2024.4.1-2024.12.31） Prior Period Comparison Actual To sales Actual To sales Change YOY NITORI business Revenue 6,131 - 6,224 - ▲92 98.5％ Segment income 964 15.7% 1,012 16.3% ▲48 95.2％ Shimachu business Revenue 860 - 930 - ▲70 92.4％ Segment income 81 9.4% 68 7.3% 12 118.6％
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Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 4 4 Profit Before Tax（YOY） 1,087 +37 +70 +20 ▲29▲77 +12 ▲44 ▪ Purchase foreign exchange impact +69 ▪ Inventory exchange impact ▲32 NITORI 1,024 NITORI 998 Shimachu 75 1,073▲3 Shimachu 63 ▪Impact of cost reductions, etc ▪Impact of distribution centers ▪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 ▲26 +12 (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 Q1-Q3 FY2024 Profit before tax Q1-Q3 FY2025 Profit before tax
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Copyright 2026 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 880 106.7％ 12.8％ +1.1pt Rents 112 102.4％ 1.6％ +0.1pt Shipping and delivery costs 252 100.4％ 3.7％ +0.1pt Advertising expenses 179 113.4％ 2.6％ +0.4pt SG&A expenses Amount YOY Ratio to Sales Change Outsourcing expenses 125 86.3％ 1.8％ ▲0.2pt Depreciation 467 104.4％ 6.8％ +0.5pt Capital investment, etc. Capital investment 309 Q1-Q3 FY2025 NITORI segment Q1-Q3 FY2025 NITORI Group ▲0.5pt+1.1pt ▲1.4pt 54.8% +2.0pt • FX impact applied to the purchase (152.87yen ⇒147.67 yen) ▪Impact of cost reductions Shimachu 52.8% Others +1.3pt 53.4% Gross profit margin ratio Q1-Q3 FY2024 NITORI segment Q1-Q3 FY2024 NITORI Group 51.2% +2.2pt (100 million yen) +0.1pt • Impact of exchange rates on inventory
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Copyright 2026 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 December 31, 2025 March 31, 2025 Change Major factors in changes Current assets 4,132 3,646 485 Cash and cash equivalents 1,681 1,360 321 Inventory 1,145 1,127 17 Products +14 Non-current assets 11,663 11,647 15 Property, plant and equipment 9,078 9,051 27 Tools and fixtures +18 Intangible assets 96 93 3 Total assets 15,795 15,294 501 Current liabilities 3,404 3,536 ▲132 Contract liabilities 204 305 ▲100 Borrowings 1,750 1,731 18 Non-current liabilities 2,656 2,700 ▲43 Borrowings 150 200 ▲50 Total liabilities 6,061 6,236 ▲175 Total equity 9,734 9,057 676 Retained earnings +570 Total liabilities and equity 15,795 15,294 501
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Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 7 Area Type End of FY2024 Q1-Q3 No. of stores opened Q1-Q3 No. of stores closed Net increase End of Q3 FY2025 J A P A N NITORI NITORI EX 566 30 8 22 588 DECO HOME 172 19 6 13 185 N plus 44 0 10 ▲10 34 Shimachu 53 0 1 ▲1 52 Subtotal 835 49 25 24 859 O V E R S E A S Taiwan 68 5 1 4 72 Mainland China 100 3 25 ▲22 78 Hong Kong 3 0 0 0 3 Korea 5 2 4 ▲2 3 Malaysia 12 3 2 1 13 Singapore 4 3 1 2 6 Thailand 10 1 0 1 11 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 22 33 ▲11 202 Total 1,048 71 58 13 1,061 7 Number of Stores as of December 31, 2025
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Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 8 Major Indicators of Management Efficiency (1) 8 No. Indicator Unit Target 2025.12 2024.12 2023.12 2022.11 2021.11 G R O U P （n i n e-m o n t h c u m u l a t i v e ） 1 Return on assets ％ Over 11.25 × 6.9 8.0 8.7 9.4 11.6 2 Total asset turnover Times Over 1.5 × 0.44 0.55 0.57 0.61 0.64 3 Ordinary income margin ％ Over 10 ○ 15.6 14.6 15.3 15.4 18.2 4 Earnings per share ¥ Over 75 ○ 131.6 619.6 606.4 588.9 670.9 5 Return on equity ％ Over 11.25 × 7.91 7.58 8.07 8.73 11.21 6 Equity ratio ％ Over 60 ○ 61.6 71.6 73.7 72.5 73.2 7 Interest coverage Times Over 20 ○ 161 231 413 656 374 8 Sales growth rate ％ Over 10 × ▲2.5 6.2 5.1 4.2 12.2 9 Ordinary income growth rate ％ Over 10 × ▲1.3 2.0 3.8 ▲11.7 ▲7.7 10 Ratio of gross profit to sales ％ Over 48 ○ 53.4 51.0 51.1 51.0 52.8 11 Ratio of break-even point to sales ％ Under 80 ○ 67.1 68.3 67.2 66.2 62.5 IFRS Japanese GAAP • Regarding the figures for December 2025 (IFRS basis) “Ordinary profit ” should be interpreted as “profit before tax ,” 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 each share was split into five shares).
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Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 9 No. Indicator Unit Target 2025.12 2024.12 2023.12 2022.11 2021.11 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 ○ 98.6 103.6 101.4 101.2 101.6 13 Stock turnover Times Over 9 × 4.8 5.5 4.5 4.9 5.6 14 Operating assets turnover Times Over 2.9 × 2.5 2.8 2.7 3.2 3.4 15 Ratio of profit distribution ％ Over 20 ○ 29.9 30.9 33.5 33.3 38.4 16 Ratio of real estate cost to gross profit ％ Under 25 ○ 23.6 25.0 23.3 22.6 21.2 17 Ratio of sales promotion cost to gross profit ％ Under ６ × 6.4 5.0 5.4 4.7 4.5 18 Labor productivity M Over ¥10 ○ 2,063 2,089 2,062 2,085 2,060 19 Sales floor per labor Tsubo Over 60 × 38.9 38.2 38.3 39.3 37.0 20 Operating income per tsubo K Over ¥150 × 14.3 15.6 16.9 16.6 20.1 21 Stock per tsubo K Under ¥90 × 10.48 9.74 11.41 10.3 8.0 22 Average age of labor Age 30–35 ○ 33.0 33.3 34.0 33.8 33.1 Results ( 〇 won / × lost ) 〇11×11 〇12×10 〇13×9 〇14×8 〇17×5 Major Indicators of Management Efficiency（2） 9
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Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 10 Area Type End of FY2024 Q1-Q3 Net increase Planned No. of stores openings Planned No. of stores closures Q4 Net increase Annual Net increase Mar. 31, 2026 Planned No. of stores J A P A N NITORI NITORI EX 566 22 8 3 5 27 593 DECO HOME 172 13 3 3 0 13 185 N plus 44 ▲10 0 4 ▲4 ▲14 30 Shimachu 53 ▲1 0 0 0 ▲1 52 Subtotal 835 24 11 10 1 25 860 O V E R S E A S Taiwan 68 4 1 0 1 5 73 Mainland China 100 ▲22 0 0 0 ▲22 78 Hong Kong 3 0 0 0 0 0 3 Korea 5 ▲2 3 1 2 0 5 Malaysia 12 1 1 0 1 2 14 Singapore 4 2 0 0 0 2 6 Thailand 10 1 1 0 1 2 12 Vietnam 3 1 0 0 0 1 4 Philippines 4 2 1 0 1 3 7 Indonesia 3 2 1 0 1 3 6 India 1 0 0 0 0 0 1 Subtotal 213 ▲11 8 1 7 ▲4 209 Total 1,048 13 19 11 8 21 1,069 10 Store Roll-Out Plan in FY2025
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Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 11 （100 million yen） 11 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
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Copyright 2026 Nitori Holdings All Rights Reserved ■不許複製印刷配布 12 【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.