Takashimaya Company, Limited · TSE:8233
Takashimaya — H1 FY2026 Earnings Presentation
52 slides from Takashimaya's earnings presentation, Oct 15, 2026
Slide 1: Interim Financial Results for FY2026
Interim Financial Results for FY2026 (First Six Months of the Fiscal Year Ending February 28, 2027) October 15, 2026 Takashimaya Co., Ltd.
Slide 2: Agenda
Agenda I. Financial Results for Q2 of the FY Ending Feb 2027 (FY2026) II. Full-year Forecasts for FY Ending Feb 2027 (FY2026) III. Path to Profit Growth and Evolution of Capital Policy Next Medium-Term Management Plan (From FY2027): Toward the 200th Anniversary of Takashimaya in 2031 2
Slide 3: Financial Results for Q2 of the FY Ending Feb 2027 (FY2026)
Financial Results for Q2 of the FY Ending Feb Ⅰ. 2027 (FY2026) 1. Key Points of Results 2. Consolidated Results 3. Results by Segment 4. Consolidated Balance Sheet 5. Consolidated Cash Flows 3
Slide 4: Key Points of Interim Financial Results for FY2026
1. Key Points of Interim Financial Results for FY2026 ✓ Profits at every level finished above the forecasts set in April ✓ In the Department Stores in Japan segment, operating profit increased and surpassed the forecasts, a result driven by higher net sales from domestic and inbound customers, as we
Slide 5: Consolidated Results
2. Consolidated Results ✓ Total operating revenue was up 6.2% YoY, while the growth in SG&A expenses was kept to a minimum, resulting in an increase in operating profit by ¥3.9 bn ✓ Business profit rose thanks to a higher share of profit of entities accounted for using the equity method, ordinary pr
Slide 6: Results by Segment (Overview)
3-1. Results by Segment (Overview) ✓ Of the ¥3.9 bn increase in operating profit, the Department Stores in Japan segment accounted for ¥2.9 bn of the growth, surpassing the forecasts ✓ Overseas business (Department Stores and Commercial Property Development) and the Finance segment, pillars of growt
Slide 7: Department Stores in Japan Results
3-2. [Department Stores in Japan] Results ✓ Total operating revenue increased and exceeded the forecasts, driven by an increase in inbound customers in addition to steady domestic customer performance ✓ Although the gross margin ratio declined due to an expansion in the share of high-ticket items wi
Slide 8: Department Stores in Japan SG&A Expenses
3-2. [Department Stores in Japan] SG&A Expenses ✓ Expenses for promoting human capital management, such as base pay increases, are being allocated continuously ✓ Continued investments in strengthening sales capabilities, including customer and product initiatives, with an eye toward the next Medium-
Slide 9: Overseas Department Stores Results
3-3. [Overseas Department Stores] Results ✓ At Singapore Takashimaya, revenue and profit declined in local currency terms, but increased when converted into yen due to the depreciation of the yen ✓ Shanghai returned to profit thanks to the effect of initiatives aimed at strengthening the revenue bas
Slide 10: Commercial Property Development Results
3-4. [Commercial Property Development (in Japan / Overseas)] Results ✓ In the Commercial Property Development in Japan segment, despite the impact of the work to revamp Tamagawa Takashimaya Shopping Center, profit remained at a level in line with the previous year and the forecasts, driven by streng
Slide 11: Finance / Construction & Design / Others Results
3-5. [Finance / Construction & Design / Others] Results ✓ The Finance segment saw an increase in profit across all businesses: Card & Payment, Life Partner, and Investment and Lending ✓ The Construction & Design segment recorded a decrease in revenue and profit as a result of the impact of the revis
Slide 12: Consolidated Balance Sheet
4. Consolidated Balance Sheet ✓ Total assets increased by ¥13.0 bn due to an increase in cash and deposits and investments accompanying growth strategies, etc. ✓ Continued to utilize debt with a focus on improving leverage and ROE (short-term borrowings ⇒ long-term borrowings and straight bonds) ✓ S
Slide 13: Consolidated Cash Flows
5. Consolidated Cash Flows ✓ Operating cash flows were up ¥34.0 bn from the previous year thanks to a decrease in accounts receivable, etc. ✓ Investing cash flows were down ¥14.8 bn from the previous year due to the pullback in the sale of non- current assets in the preceding year despite continued
Slide 14: Full-year Forecasts for FY Ending Feb 2027 (FY2026)
Full-year Forecasts for FY Ending Feb 2027 Ⅱ. (FY2026) 1. Key Points of the Forecasts 2. Consolidated Performance Forecasts 3. Forecasts by Segment 4. Consolidated Balance Sheet 5. Consolidated Cash Flows 14
Slide 15: Key Points of the FY2026 Full-year Forecasts
1. Key Points of the FY2026 Full-year Forecasts ✓ Operating profit, business profit, and ordinary profit have been revised upward in light of H1 results, etc. Net profit has been left unchanged as asset sales will offset the impact of a one-time extraordinary loss ✓ In the Department Stores in Japan
Slide 16: Consolidated Performance Forecasts
2. Consolidated Performance Forecasts ✓ Operating profit has been revised upward by ¥1.5 bn in light of H1 results and the current situation ✓ Ordinary profit has been revised upward by ¥3.0 bn even though interest expenses are expected to increase taking into consideration recent interest rate move
Slide 17: Forecasts by Segment (Overview)
3-1. Forecasts by Segment (Overview) ✓ The April forecasts are being updated on a rolling basis for each segment ✓ The Overseas business (Department Stores and Commercial Property Development) and Finance segment are expected to achieve a combined profit increase of ¥3.4 bn, resulting in an upward r
Slide 18: Department Stores in Japan Forecast
3-2. [Department Stores in Japan] Forecast ✓ Total operating revenue has been revised upward because in addition to strong domestic customer numbers, inbound customers are expected to increase ✓ Even though the gross margin ratio reflects the expected expansion in the share of net sales from high- t
Slide 19: Department Stores in Japan SG&A Expenses
3-2. [Department Stores in Japan] SG&A Expenses ✓ Investments to lead to a boost in productivity and profitability continue to be executed, such as by promoting human capital management and strengthening sales capabilities ✓ The impact of increased procurement costs, etc., driven by geopolitical ris
Slide 20: Overseas Department Stores Forecast
3-3. [Overseas Department Stores] Forecast ✓ Singapore is expected to see an increase in revenue and profit with the forecasts being revised upward as a result of factoring in the increase in net sales from strengthening product appeal, etc. ✓ Shanghai and Siam are expected to post an increase in re
Slide 21: Commercial Property Development Forecast
3-4. [Commercial Property Development (in Japan / Overseas)] Forecast ✓ In the Commercial Property Development in Japan segment, despite the impact of revamps, it is anticipated that operating profit will be secured in line with the April forecasts by strengthening sales measures ✓ The Overseas Comm
Slide 22: Finance / Construction & Design / Others Forecast
3-5. [Finance / Construction & Design / Others] Forecast ✓ The Finance segment is expected to see an increase in sales and profit with the forecasts being revised upward after factoring in the expansion in net card transactions and the contribution to revenue from the Life Partner and Investment and
Slide 23: Consolidated Balance Sheet Forecast
4. Consolidated Balance Sheet ✓ Total assets will increase through investments aimed at sustainable profit growth, etc. ✓ Liabilities continue to be used while promoting diverse financing methods to reduce capital costs ✓ Shareholders’ equity will increase due to improved net profit while cash and c
Slide 24: Consolidated Cash Flows Forecast
5. Consolidated Cash Flows ✓ Operating cash flows will increase by ¥27.2 bn from the previous year due to an increase in profit before income taxes, etc. ✓ Investing cash flows will decrease by ¥47.1 bn from the previous year due to the execution of growth investments in the final year of the Medium
Slide 25: Path to Profit Growth and Evolution of Capital Policy
Path to Profit Growth and Evolution of Capital Policy Ⅲ. Next Medium-Term Management Plan (From FY2027): Toward the 200th Anniversary of Takashimaya in 2031 1. Growth Strategy of the Takashimaya Group 2. Progress and Effects of Seamless Integration 3. Cash Allocation 4. Unlocking the Value of Assets
Slide 26: Growth Strategy of the Takashimaya Group
1-1. Growth Strategy of the Takashimaya Group ✓ Looking beyond the 200th anniversary, leveraging unique strengths to rebuild the portfolio ✓ Seamlessly connect growth domains to evolve the Machi-dukuri strategy and maximize the value proposition Three Growth Domains Next-generation Shopping Centers
Slide 27: Profit Growth In Growth Domains
1-2. Profit Growth In Growth Domains ✓ Generate business profit at the scale of ¥31.0 bn in next-generation shopping center operations and ¥10.0 bn each from Overseas business and the Finance segment in 2031 ✓ Profit growth in next-generation shopping centers will be driven by renovation effects and
Slide 28: Conversion to Next-generation Shopping Centers
1-3. Progress in Growth Domains: Conversion to Next-generation Shopping Centers ✓ Tamagawa Takashimaya Shopping Center (S.C.), symbol of next-generation shopping centers, scheduled to reopen following renovations in 2027 ✓ Introducing innovative content to raise visit frequency, extend time spent in
Slide 29: Vietnam Development
1-3. Progress in Growth Domains: Vietnam Development ✓ Saigon Centre/Ho Chi Minh City Takashimaya has achieved double-digit growth on average and cleared its accumulated losses in 2025 ✓ Hanoi Takashimaya S.C., the second location in Vietnam, is scheduled to open in WSH* in the fall of 2027 (*WSH: W
Slide 30: Intermediate Holding Company in the Finance Segment
1-3. Progress in Growth Domains: Establishment of an Intermediate Holding Company in the Finance Segment ✓ The Finance segment, which serves as a point of contact with all stakeholders, is the key to the Group's growth ✓ Finance-related subsidiaries will be consolidated into a single legal entity an
Slide 31: Overview of the Seamless Integration of the Group
2-1. Overview of the Seamless Integration of the Group ✓ Enhancing strengths by seamlessly connecting three growth domains and expanding customer contact points ✓ Deepening customer understanding and improving experiential value by expanding activities across the Group Next-generation Finance Segmen
Slide 32: Economic Benefits through Seamless Integration
2-2. Economic Benefits through Seamless Integration ✓ Creating upside potential for profit growth by enhancing customer value through seamless integration Contribution to profit in FY2031: More than ¥3.0 bn Length of stay becomes longer Expand number of users across the thanks to attractive services
Slide 33: Integration of Customer Data
2-3. Seamless Customer Engagement: Integration of Customer Data ✓ Using the app as the starting point to drive the conversion of potential customers into members and accelerate the capture of new customers ✓ Implementing a loyalty program and encouraging app use by awarding digital points ✓ Establis
Slide 34: Seamless Customer Engagement: Inbound Customers
2-3. Seamless Customer Engagement: Inbound Customers ✓ Expanding contact points with affluent customers from overseas through collaborations with overseas stores and external partners ✓ Deepen relationships with customers by utilizing customer data and digital tools ✓ Expand customer base across the
Slide 35: Seamless Customer Engagement: VIP Customers
2-3. Seamless Customer Engagement: VIP Customers ✓ Strengthen VIP customer base by expanding the customer base and deepening relationships with existing customers ✓ Collaborate with Group and overseas bases to expand the scope of proposals and build relationships with overseas affluent customers Str
Slide 36: Cash Allocation
3. Cash Allocation ✓ There are no changes to allocations to growth investments, including human capital, ESG, and DX initiatives, or other investments ✓ Generate funds through asset sales and debt utilization during the three years of the current Medium-Term Management Plan and shift toward expanded
Slide 37: Unlocking the Value of Assets Held
4. Unlocking the Value of Assets Held ✓ Individually considering measures to unlock value in core properties provided for commercial operations and other properties ✓ Advancing the sale of non-core real estate with resolutions planned for the sale of multiple properties during this fiscal year ✓ Sal
Slide 38: Shareholder Returns (Dividend Policy)
5. Shareholder Returns (Dividend Policy) ✓ Aim for profit allocation that prioritizes the balance between the needs of multiple stakeholders, such as growth investments, including human capital and ESG investments, and shareholder returns ✓ Achieve medium- to long-term enhancement in shareholder val
Slide 39: Financial KPIs
6. Financial KPIs ✓ In addition to increasing dividends, business profit and ROIC for FY2031 have been revised upward from the initial targets (April 2024) ✓ A new target has been set for an ROE of 10% or more in FY2031 with capital efficiency improvements and strengthening of earnings power to be p
Slide 40: Reference Materials
Reference Materials [FY2026 Interim Results] *Q1 and Q2 Overview by Segment Total Operating Revenue by Segment Net Sales in the Department Stores in Japan Segment (By Customer / By Product) SG&A Expenses in the Department Stores in Japan Segment [FY2026 Full-year Forecasts] *H1 and H2 Overview by Se
Slide 41: FY2026 Interim Results: Overview by Segment
(Reference) [FY2026 Interim Results] Overview by Segment *Top row : Operating revenue, Bottom row : Operating profit Change from YoY YoY YoY (billion JPY) H1 Apr.14 Q1 Q2 Change Change Change forecast Department Stores in 158.2 +1.6% (1.5%) 75.6 +2.9% 82.6 +0.4% Japan 12.5 + 2.9 + 0.2 7.5 + 2.3 5.0
Slide 42: Total Operating Revenue by Segment
(Reference) [FY2026 Interim Results] Total Operating Revenue by Segment Change from YoY YoY YoY (billion JPY) H1 Change Apr.14 Q1 Q2 Change Change forecast Department Stores in Japan 425.4 +5.9% +2.6% 214.2 +7.5% 211.3 +4.3% Overseas Department Stores 19.1 +15.4% +5.9% 9.7 +13.2% 9.4 +17.7% Commerci
Slide 43: In-store Net Sales in Japan Department Stores (By Customer)
(Reference) [FY2026 Interim Results] In-store Net Sales in the Department Stores in Japan Segment (By Customer) ✓ Total net sales were up 9% YoY, and there was significant growth in both domestic and inbound customers ✓ Net sales from domestic customers were up 7% YoY, while net sales from both VIP
Slide 44: In-store Net Sales in Japan Department Stores (By Product)
(Reference) [FY2026 Interim Results] In-store Net Sales in the Department Stores in Japan Segment (By Product) ✓ Net sales of clothing and accessories, high-ticket items, and foods, which account for a large proportion of sales, all grew from the previous year ✓ In particular, net sales of clothing
Slide 45: Inbound Customers in Japan Department Stores (By Country)
(Reference) [FY2026 Interim Results] Inbound Customers in the Department Stores in Japan Segment (By Country) ✓ Net sales were ¥51.9 bn (YoY increase: ¥8.0 bn [+18%]), exceeding the forecast (¥42.5 bn) ✓ Net sales grew each month, supported by the external environment (weak yen) as well as various m
Slide 46: Inbound Customers (By Product / Net Sales Per Customer)
(Reference) [FY2026 Interim Results] Inbound Customers in the Department Stores in Japan Segment (By Product / By Net Sales Per Customer) ✓ Net sales from high-ticket items were up 26% YoY, growing significantly thanks in part to the pullback from the slowdown due to the impact of the strong yen in
Slide 47: SG&A Expenses in the Department Stores in Japan Segment
(Reference) [FY2026 Interim Results] SG&A Expenses in the Department Stores in Japan Segment Breakdown of YoY change Measures for making Cost Change from YoY Human capital Procurement Variable (billion JPY) H1 investments department costs costs optimization Apr.14 change stores more program forecast
Slide 48: FY2026 Full-year Forecasts: Overview by Segment
(Reference) [FY2026 Full-year Forecasts] Overview by Segment *Top row : Operating revenue, Bottom row : Operating profit Change from Change from Full-year YoY YoY Change from H2 YoY (billion JPY) Apr.14 H1 Apr.14 forecast Change Change forecast forecast Change forecast forecast Department Stores in
Slide 49: Full-year Forecasts: Total Operating Revenue by Segment
(Reference) [FY2026 Full-year Forecasts] Total Operating Revenue by Segment Change from Change from Change from Full-year YoY YoY H2 YoY (billion JPY) Apr.14 H1 Apr.14 Apr.14 forecast Change Change forecast Change forecast forecast forecast Department Stores in Japan 885.4 +4.1% +2.1% 425.4 +5.9% +2
Slide 50: Full-year Forecasts: SG&A Expenses in Department Stores in Japan
(Reference) [FY2026 Full-year Forecasts] SG&A Expenses in the Department Stores in Japan Segment Breakdown of YoY change Measures for making Full-year YoY Human capital Procurement Variable Cost optimization Change from (billion JPY) department forecast change investments costs costs program Apr.14
Slide 51: Overview of the Sale of Assets Held
(Reference) Overview of the Sale of Assets Held FY2026 ■ Sale of Securities Number of Sale Value Book Value Gain on Sale Stock Timing of Sale Shares Sold (¥ m) (¥ m) (¥ m) Japan Airport Terminal Co., Ltd. 290,000 1,550 10 1,540 Q3 ■ Sale of Real Estate Sale Value Book Value Gain on Sale Property Cur
Slide 52: The forward-looking statements contained in this document are based on information currently available to
The forward-looking statements contained in this document are based on information currently available to the Company and on certain assumptions that the Company believes to be reasonable. These statements do not guarantee that the same results will be achieved. Actual performance may differ signifi
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