Marui Group Co., Ltd. · TSE:8252
Marui — Marui Group Co Ltd Ord — Q4 2023 Earnings Presentation
83 slides from Marui's earnings presentation, May 9, 2023
Slide 1: Financial Results Briefing for the Fiscal Year Ended March 31, 2023
MARUI GROUP CO., LTD ee Financial Results Briefing for the % Fiscal Year Ended March 31,2023, And the Progress of Medium-Term Management Plan e@ Ye elle er May 9, 2023 @ @
Slide 2: Schedule for today's presentation
Schedule for today’s presentation O O MARUI GROUP Overview of Performance and Segment Income in Fiscal Year Ended March 31,2023 @ Hirotsugu Kato, Director, Managing Executive Officer, CFO e< The Progress of Medium-Term Management Plan and future outlook q Hiroshi Aoi ,President and Representative Di
Slide 3: Overview of Performance and Segment Income in Fiscal Year Ended March 31, 2023
1 Overview of Performance and Segment Income in Fiscal Year Ended March 31,2023 Hirotsugu Kato, Director, Managing Executive Officer, CFO OlO MARUI GROUP eo; q e © e
Slide 4: Overview of Performance and Segment Income: contents
OlO! Maru! Group Overview of Performance and Segment Income in Fiscal Year Ended March 31,2023 + Consolidated - Retailing + FinTech + Co-creative Investment + Capital allocation and Balance sheet
Slide 5: Consolidated
Overview of Performance and Segment Income in Fiscal Year Ended March 31,2023 - Consolidated
Slide 6: Highlights in Fiscal Year Ended March 31, 2023
Highlights in Fiscal Year Ended March 31,2023 OlO! Maru! Group 1. Three main KPIs (EPS, ROE, and ROIC) all met the targets, with EPS up 27% to ¥109, ROE exceeded capital costs by 8.5% and ROIC by 3.5% 2. Consolidated operating income fell short of target at ¥38.8 billion (difference from target: -¥2
Slide 7: Main KPIs
Main KPIs MEPS (yen) 100 50 109.4 (VS. target +0.3) 117.0 FY2020 FY2021 FY2022 FY2023 Hf ROE - Capital costs (%) | ROE 8.5% 8.8% (VS. target +0.1%) Capital costs 6.9% 7.8% 7.70% 0.8% FY2020 FY2021 FY2022 FY2023 OlO! Maru! Group W ROIC - WACC ROIC 3.7% 3.5% 3.5% (VS. target £0.0%) 3.5% 3.5% 3% WACC 3
Slide 8: Main financial indicators
Main financial indicators i Total Group transactions (trillion yen) Record High 3.9573 4 (VS.target+0.0473) 3.4 3 2.9 2.9 2 1 FY2020 FY2021 FY2022 FY2023 Hf Operating Income (billion yen) 38.8 41.8 (VS.target -2.2) 40.0 36.8 20.0 15.2 FY2020 FY2021 FY2022 FY2023 * Insert value after applying ASBJ St
Slide 9: Segment Income (Revenue and Operating Income)
Segment Income (Revenue and Operating Income) Hi Retailing (billion yen) 150 100 50 * Insert value after applying ASBJ Statement No. 29 (Accounting Standard for Revenue Recognition) 3.4 Mi FinTech (%) 5.0 3.0 (billion yen) ROIC 0.5 0.7 1.4% co 150 101.6 100 75.8 75.3 77.8 (VS.target -2.3) Revenue /-
Slide 10: Factors Affecting Operating Income
Factors Affecting Oparating Income OlOl Maru! Group Extraordinary Factors -¥1.4billion Excluding extraordinary factors +¥3.4 billion (Retailing -¥1.1billion FinTech -¥0.3billion) (+10%) FinTech +¥1.6billion (VS. target -¥1.5 billion) ¥38.8billion Retailing (VS. target +¥2.7billion -¥2.2billion) (VS.
Slide 11: Recurring revenue and Contracted future recurring gross profit
Recurring revenue and Contracted future recurring gross profit OlO MARUl GROUP VS.FY2016 +80% (billion yen) VS.FY2016 300 +22% Gross profit ¥196.8 200 billion Contracted future recurring gross profit 337.6 Retailing ¥66.4 billion FinTech ¥291.1 billion 100 199.1 rf Recurring revenue FY2016 FY2022 FY
Slide 12: ESG Status
ESG Status OlOl CO, reduction Mi External assessment status December 2022 Selected in DJSI World Index for fifth consecutive year + YoY: 106% 320,000t | 340,000t VS. target: +/- Ot Member of - eduction in emis Dow Jones Reduction in emissions for FY2017 . re . Sustainability Indices Powered by the S
Slide 13: Retailing
Overview of Performance and Segment Income in Fiscal Year Ended March 31,2023 - Retailing 13
Slide 14: Retailing: Breakdown of Changes in Operating Income
Retailing: Breakdown of Changes in Operating Income OlOl Maru! Group Earnings were depressed by the failure to meet target revenue from fixed-term rental contracts and rising electricity costs, but the target was met due to an increase in card-issuing commission fees Extraordinary factors: Actual: -
Slide 15: Trends in Number of Customers Coming to Stores
Trends in Number of Customers Coming to Stores (Existing Stores) OlO! Maru! Group Number of customers coming to stores was 170 million in the fiscal year ended March 31, 2023. Expand the composition of non-retail tenants to increase the number of customers to 210 million in FY2026 Hi Number of Custo
Slide 16: Progress in Stores that Don't sell (by Category)
Progress in Stores that Don’t sell(by Category) OlOl Maru! Group As of March 31,2023,non-retail tenants occupied 56% of floor area(+6% YOY). Steady progress in Category transformation Hf Non-retail tenants composition H 1 ' ' 1 Beeeeeneeen —— coves? errr has re ! | a _~_v!o | : ae Experience ‘ H | f
Slide 17: FinTech
Overview of Performance and Segment Income in Fiscal Year Ended March 31,2023 + FinTech 17
Slide 18: FinTech: Breakdown of Changes in Operating Income
FinTech: Breakdown of Changes in Operating Income OlO Maru! Group ¥1.5 billion less than targeted due to an increase in card-issuing costs associated with the recovery of new cardholder signups and the failure to meet the target in rent guarantee business Difference from | Variable expenses 1: Expen
Slide 19: Target Difference in Card-Issuing Costs
Target Difference in Card-Issuing Costs OlO Maru! Group Difference from target in card-issuing commission fees due to increase in internal transactions, external cash outflows progressing as targeted Internal transactions (no effect on consolidated profit/loss) EBOS olol o Card-issuing n commission
Slide 20: Card Credit Transaction Volume (Quarterly)
Card Credit Transaction Volume (Quarterly) OlOl Maru! Group Transactions in 4Q recovered to the level of 1Q and 2Q at 118% year-on-year, and also exceeded the trend up to 3Q at 146% of the FY2019 level i Card Credit Transaction Volume (Quarterly) : (%) (billion yen) vs. : 145 144 146% FY2020 8° 124
Slide 21: Card credit transactions
Card credit transactions O|lOl Maru! Group Card credit transactions reached record high of ¥3.623 trillion, ¥36.0 billion above target Mi Transaction volume trend ¥5.3 an trillion (trillion yen) I, 1 Record High wee H ' 5.0 _ ¥4,2 wen H ' ¥3.623 trillion trillion ! (VS. target -¥36 billion) <7 --->-
Slide 22: Installment and Revolving Payments balance
Installment and Revolving Payments balance OlO! Maru! Group Balance of installment and revolving loans reached record highs of ¥399.1 billion, meeting target Bi Installment and Revolving Payments balance (Including liquidated accounts receivable) Record High 00 ¥500bittion~ (billion yen) ¥399.1 anne
Slide 23: Cash advance receivable
Cash advance receivable Balance of cash advancee receivables rose for the first time in 3 years to ¥133.8 billion (difference from target: -¥0.2 billion), slightly below target W@ Cash advance receivable trend (Including Liquidated accounts receivables) (billion yen) 150 130 110 ¥152.9 billi ¥150 il
Slide 24: New Cardholders
New Cardholders O|lOl Maru! Group New cardholder signups increased to 740,000, 30,000 more than targeted, due to an increase in cards tailored to each individual’s interests i New Cardholders (thousand) 1000 1000 om ' 810 740 820 i | | | (VS. target +30) ! H ' ' 1 ' 1 1 cards tailored H H i H 600 to
Slide 25: Cardholder Numbers
Cardholder Numbers O|lOl Maru! Group Number of cardholders at the end of March 31, 2023 reached record high of 7.31 million (+170,000 from the previous year) Percentages of cards tailored to each individual’s interests, Platinum Cards and Gold Cards grew steadily at 52% i Cardholder Numbers trend Re
Slide 26: Bad debt
Bad debt OlOl Ratio of bad debt write-offs reached a record low of 1.6% due to an increase in the balance of receivables and the suppression of bad debt write-offs (%) Mi Trends of Ratio of bad debt write-offs al x 2 Ratio of bad debt 2.0 write-offs 1.8 1.6% (A0.2%) (billion yen)| 1s 850 Operating r
Slide 27: Interest repayment
Interest repayment OlO! Maru! Group Amount of interest repayment claims received (a leading indicator) is trending down; continuing to monitor trends closely Mi Year-on-year trends of interest repayment amounts and repayment claims received (%) 120 110 100 (billion yen) 88 85 88 85 86% ; Repayment c
Slide 28: Co-creative Investment
OlO! Maru! Group Overview of Performance and Segment Income in Fiscal Year Ended March 31,2023 + Co-creative Investment 28
Slide 29: Co-creative investment
Co-creative investment OlO! Maru! Group Co-creation investments in the fiscal year ended March 31, 2023 were ¥4.6 billion, with cumulative investment total of ¥26.9 billion (billion yen) 8 0.4 FY2017 7.1 7.2 0.9 3.3 4.2 1.5 6.3 2.9 3.8 1.9 2.7 — 1.0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 Hurdle r
Slide 30: Profit Contributions from Co-Creative Investment
Profit Contributions from Co-Creative Investment OlO! Maru! Group Profit contribution in the fiscal year ended March 31, 2023 was ¥1.3 billion (difference from target: -0.2 billion).Aiming for profit contribution of ¥5.5 billion in the final year of the Medium-Term Management Plan Hi Profit contribu
Slide 31: Capital allocation and Balance sheet
Overview of Performance and Segment Income in Fiscal Year Ended March 31,2023 + Capital allocation and Balance sheet 31
Slide 32: Capital Allocation
Capital Allocation Old! Capital optimization, which has been carried out through cumulative total of ¥50.0 billion share buybacks since the previous fiscal year, was completed in the fiscal year ended March 31, 2023 Hi Capital Allocation (FY2023) Existing investments : Growth ¥9.6 billion Core i ae
Slide 33: Achieving Balance Sheet Optimization
Achieving Balance Sheet Optimization Balance sheet optimization was achieved by capital optimization in FinTech and Retailing End of FY2014 <Consolidated> ¥660.0 billion Totalassets Shareholder’s equity Share buybacks ¥150.0 billion End of FY2023 r Balance sheet optimization > ¥960.0 billion Totalas
Slide 34: Progress of Medium-Term Management Plan and Future Outlook
OlO MARUI GROUP Progress of Medium-Term Management Plan my and Future Outlook —Based on dialogue with our shareholders and investors q Hiroshi Aoi, President and Representative Director, e@ Representative Executive Officer, CEO 3 e ® @ w~ rN
Slide 35: Medium- to long-term direction to be explained at IR Day on June 9
Maru! Group The medium- to long-term direction will be explained at IR DAY on June 9 35
Slide 36: Today's topics
Today’s topics Based on dialogue with our shareholders and investors OlOl JARUI GROUP 1. FinTech Status 2. Retailing Status 3. FinTech Competitiveness and Future Growth 4. Shareholder Returns 36
Slide 37: 1. Overview of Performance in FinTech Segment
1. Overview of Performance in FinTech Segment —What is the probability of a delay in the progress of the Medium-Term Management Plan and of achieving the Plan? (1)Factors contributing to the shortfall in operating income FY2023 (2)Factors behind the slowdown in income growth 37
Slide 38: FY2023 Factor of falling short of target in operating income
(1) FY2023 Factor of falling short of target in operating income Target Result VS. Target ¥44.Obitlion ¥42.5billion -¥%1.5billion Failure to meet the target in rent guarantee business 38
Slide 39: Failure to meet the target in rent guarantee business
Failure to meet the target in rent guarantee business OlOl Maru! Group Revenue for the fiscal year ended March 31, 2023 increased only ¥1.9 billion compared with the previous year and fell by ¥1.7 billion against the target li Trend in revenue from rent guarantee business VS. target a -¥1 Tbittion (
Slide 40: An uphill battle for new contracts
An uphill battle for new contracts OlO Maru! Group Delays in the development of new business partners have slowed new contracts with high unit prices since the COVID-19 Mf Revenue trends (by contract) Start of partnership Delay in partnering with with ABLE and Nasic management companies 47 Target Ne
Slide 41: Toward achieving the target
Toward achieving the target OlOl Maru! Group Aim for ¥25.0 billion in the final year of the Medium-Term Management Plan by developing new business partners and strengthening rent guarantee business for offices and tenants Revenue targets for rent guarantee business ” 25.0 (billion yen) crccoe 1 H »
Slide 42: FinTech: income growth slows
FinTech: income growth slows OlOl Maru! Group While income growth was between ¥3.0 billion and ¥4.0 billion before the COVID-19, income growth slowed to ¥1.3 billion in the fiscal year ended March 31, 2023 Hf Operating income trends +¥1.3 billion (billion yen) — Increased profit before COVID-19 41.2
Slide 43: Factors behind the slowdown in income growth
(2) Factors behind the slowdown in income growth Factor 1: Increase in issuance costs due to a sudden recovery of new cardholder signups Factor 2: Delayed recovery of installment fees 43
Slide 44: Factor 1: A sudden recovery of new cardholder signups
Factor 1: Asudden recovery of new cardholder signups OlOl Maru! Group New cardholder signups rose sharply this fiscal year to 740,000, recovering to pre-COVID-19 levels Average of pre-COVID-19 (thousand) orrrrernrsrneensnnees 750 a, > 740 i New cardholder trend 610 600 530 300 FY2014 FY2015 FY2016 F
Slide 45: Increase in card issuance costs
Increase in card issuance costs OlOl Issuance costs also rose due to a large increase in new cardholder signups, +130,000 from the previous year, and the profit impact decreased by ¥2.2 billion Hi Comparison of new cardholder signups and profit impact (compared with the previous year) +130thousand P
Slide 46: Prospect of new cardholder signups
Prospect of new cardholder signups OlOl Maru! Group Progress in the fiscal year ended March 31, 2023 was a difference from target of +30,000 new members, and 1 million new cardholder signups are expected in the fiscal year ending March 31, 2026 Hi Plan of New cardholders VS.target (thi id) thousani
Slide 47: Plan of card issuance costs
Plan of card issuance costs O|lOl Maru! Group The increase in issuance costs is also expected to decrease ¥500 million from the increase in the fiscal year ended March 31, 2023, mitigating the negative impact on earnings i Comparison of new cardholder signups and profit impact (compared with the pre
Slide 48: Factor 2: Delayed recovery of installment fees
Factor 2 : Delayed recovery of installment fees OlO! Installment fees for the fiscal year ended March 31, 2023 were ¥51.0 billion, an increase of ¥3.1 billion from the previous year, but did not reach pre-COVID-19 levels Hi Installment fee trend Increase in revenue (billion yen) +3. 1 ee A > —~ Aver
Slide 49: Trend in installment and revolving transactions and installment fees
Trend in installment and revolving transactions and installment fees O/O! Maru! Group Installment and revolving transactions recovered to growth rate of 117% of pre-COVID-19 levels, but the growth rate of installment fees did not recover i Installment and Revolving Payments transaction volume, and I
Slide 50: FinTech: monetization structure
FinTech: monetization structure OlO! Cost comes first for signups, installment/revolving increases as usage expands, and finally installment fee arises on balance Hi Conceptual image of marginal profit per member Time lag Use of installment/revolving Expanded use and mainstreaming Installment fees,
Slide 51: Installment and Revolving Payments transaction volume, and Installment fees
Installment and Revolving Payments transaction volume, and Installment fees OlO! Maru! Group Installment and revolving transactions recovered to growth rate of 117% of pre-COVID-19 levels, installment fees are also expected to recover to 110% in the future Hi Installment and Revolving Payments trans
Slide 52: Road to achieving the Medium-Term Management Plan
Road to achieving the Medium-Term Management Plan OlO! After the fiscal year ending March 31, 2024, income growth is expected to recover to around ¥3.5 billion to ¥4.0 billion, and the Medium-Term Management Plan target of ¥53.0 billion is expected to be achieved Pre-COVID-19 levels i Operating Inco
Slide 53: 2. Retailing Status
2. Retailing Status —What is the probability of a delay in the progress of the Medium-Term Management Plan and of achieving the Plan? 53
Slide 54: Delayed recovery of transactions
Delayed recovery of transactions Old! Transactions for the fiscal year ended March 31, 2023 were less than originally targeted due to the prolonged impact of COVID-19, delaying recovery by 1 year Mi Trend of transactions in existing stores (compared with FY2020) (%) : : ty) 100 ‘100 «100% 100 —_> °
Slide 55: Revised retailing operating income target
Revised retailing operating income target from ¥9 e 0 billion to ¥7 e 0 billion for the fiscal year ending March 31, 2024 55
Slide 56: Operating income outlook
Operating income outlook OlO! Maru! Group Although the operating income target for the fiscal year ending March 31, 2024 is revised to ¥7.0 billion, the target of ¥12.0 billion for the final fiscal year can still be achieved through measures. Hi Operating income target (billionyen) fn \ Future measu
Slide 57: 1. Reduction in non-operational floor space
1. Reduction in non-operational floor space OlOl Target to improve income by ¥2.0 billion as non-operational floor space will be halved due to recovery from COVID-19 and completion of voluntary withdrawal Mi Trends in non-operational floor space 13,500 tsubo (1 tsubo= 3.31 m2) COVID-19 10.200 improv
Slide 58: 2. Increase in monthly unit price of fixed-term rental contract per tsubo
2. Increase in monthly unit price of fixed-term rental contract per tsubo O!O! Maru! Group Target to improve income by ¥2.0 billion by changing categories to non-retail sales and by increasing value when contracts are renewed Hf Measures to increase the monthly unit price of fixed-term rental contra
Slide 59: 3. Enhanced events
3. Enhanced events O|lOl Maru! Group Target to improve income by ¥1.5 billion by expanding event area and increasing value i Revenue from events improve income by ¥1.5 billion FY2023 FY2026 ¥3.2billion expancion 3,800tsubo > 5,800 :sub. Increase ¥1.7billion monthly ¥38thousand > ¥4 Gthousand unit pr
Slide 60: 4. E-commerce growth
4, E-commerce growth OlOl Maru! Group Target to improve income by ¥1.0 billion by increasing the number of visits and transactions through the efforts of mid-career Web specialists Hf Trend in number of visits and transactions (year-on-year) Mf Transactions plan - Improve 3. Ul improvement effect in
Slide 61: Building operating income in Retailing
Building operating income in Retailing OlOl Maru! Group Through each measure and expense reduction, expect to achieve the target of ¥12.0 billion in the final fiscal year of the Medium-Term Management Plan +¥8.Abittion @ Expense 12 0 sis Increase in reduction * eVUbillion monthly unit e) ® price of
Slide 62: 3. FinTech Competitiveness and Future Growth
3. FinTech Competitiveness and Future Growth (1) Competition with QR code payments (2) Competition with credit card competitors 62
Slide 63: Breakdown of the Cashless Market
Breakdown of the Cashless Market O|lOl Maru! Group Credit cards account for 84% of the cashless market. QR code payments are small and growth rate is slowing Hi Breakdown of Cashless payments M Transaction volume trend (YoY) Others (%) QR code payments QR code 600 payments T% Cashless Credit card 30
Slide 64: Area of Cashless Payments
Area of Cashless Payments OlOl Maru! Group QR code area is worth ¥60 trillion, while the credit card area is worth ¥240 trillion, about 4 times the size i Segment of domestic household final consumption expenditure (¥300 trillion) High Area of credit card ¥240 trittion ¥5,000 Area of QR code Low , ¥
Slide 65: Strategies of QR Code Payment Service Providers
Strategies of QR Code Payment Service Providers OlO! QR code payment service providers also issue credit cards and expand into credit card area i Segment of domestic household final consumption expenditure (¥300 trillion) High Area of credit card ¥240 trillion ¥5,000 » Area of QR code > ¥60 trittion
Slide 66: Strategy 1: Strategy maximizing share of household finances
Strategy 1: Strategy maximizing share of household finances OlO Maru! Group EPOS Card is promoting periodic payments such as rent and utilities,the antithesis of the QR code area Segment of domestic household Hi Epos Card transactions for rent and final consumption expenditure periodical payments ¥
Slide 67: Strategy: Expansion to small amount x pay-as-you-go
Strategy 2 : Expansion to small amount X pay-as-you-go OlO! Maru! Group Small amount X pay-as-you-go increased to ¥250.0 billion due to Visa contactless, etc., to the same level as the transactions handled by commercial facilities and restaurants WSegment of domestic household i Epos Card transactio
Slide 68: Competition with Credit Card Competitors
(2)Competition with Credit Card Competitors —Can EPOS Card maintain its competitive edge against competitors that are increasing their membership through large-scale point rewards? 68
Slide 69: Comparison with Other Credit Card Companies
Comparison with Other Credit Card Companies OlO Maru! Group EPOS Card has a lower membership than other companies, but its operating income has exceeded that of other companies Comparison of Cardmembers HComparison of Cardmembers (million) 28 ve (billion yen) 45 20 30 10 15 Major QR code cards EPOS
Slide 70: Comparison with Other Credit Card Companies
Comparison with Other Credit Card Companies OlOl Maru! Group Estimates that the difference in cash reward costs is a factor in the reversal of membership and operating income Mi Cash reward costs, number of membership and profit margin of each company QRcodecards mma EPOScard QR code cards EPOS card
Slide 71: LTV-focused Strategy
LTV-focused Strategy ClO! Increase customer loyalty and multilayer earnings by accumulating various transactions over the long term WiConceptual image of EPOS Card’s multilayered earnings Use of installment/ Use of service » revolving epee Eees Se Service revenue mainstreaming Signups > Multilayered
Slide 72: Course of Action to Increase Corporate Value
Course of Action to Increase Corporate Value OlO! Increase corporate value by expanding “contracted future recurring gross profit,” a financial measure in line with the LTV-focused strategy Wi Trend in corporate value (compared with FY2016) Contracted Future Recurring 1 e Stimes Gross Profit EPS 1 5
Slide 73: 1. Differentiation for Signups: EPOS TOGETHER Card
1. Differentiation for Signups OlOl Maru! Group In recruiting members, promote differentiation from other companies with cards tailored to each individual’s interests a F605 eZ TokubigumiEPOS Card 4 ll vou The Tokugawa Art Museum te Pokemaru EPOS Card Agricultural and fishery producers “VISA. “Card
Slide 74: Medium- to Long-term Changes in Values
Medium- to Long-term Changes in Values OlOl Maru! Group Enlarge membership by capturing changing values as the economy matures with cards tailored to each individual’s interests Ef Differentiation strategy for signups For others Cards tailored to each individual’s => interests Economic Spiritual Lar
Slide 75: Promoting a Unique Strategy
Promoting a Unique Strategy OlO! Maru! Group Introduced a service that allows regular EPOS Card members to donate organizations they support in 2023 to promote a unique strategy cards tailored to each + individual's interests Wiican ] Customers can freely choose where they want to support and donate
Slide 76: 2. Multilayer earnings
2. Multilayer earnings OlOl Maru! Group Aiming to further multilayer earnings by developing credit-payment-embedded services using our unique credit know-how Hi Conceptual image of revenue structure Embedded finance Insurance License Rent gu tee business Merchant commission 76
Slide 77: 4. Shareholder Returns Policy
4. Shareholder Returns Policy —What is our future policy based on achieving balance sheet optimization? 77
Slide 78: Future Shareholder Returns Policy
Future Shareholder Returns Policy OlOl Maru! Group Introduced DOE in the fiscal year ending March 31, 2024, to improve capital efficiency and realize stable and long-term dividend increases DOE 8x OE Payout ratio R 13 or more * About 55, * Plan for FY2026 * Current policy 78
Slide 79: Dividend per share
Dividend per share OlO! Maru! Group ¥101 (+¥42) for the fiscal year ending March 31, 2024, scheduled to increase dividend for 12 consecutive years, aiming for stable dividend increase over the long term (yen) Stable dividend increase over the long term 4 [ oii 1 ' ' t ' J ' H H ' ms , PY | rot 14 H
Slide 80: Setting acquisition limits for flexible share buybacks
Setting acquisition limits for flexible share buybacks OlO! If future profitability is not fully factored into the stock price, flexibly acquire treasury stock Equivalent to 1 On of outstanding sharesSet maximum ¥40 e 0 billion acquisition limit (FY2024) 80
Slide 81: Forecast for the Fiscal Year Ending March 31, 2024
Slide 82: Income Outlook by Segment
Slide 83: Forward-looking statements and IR contact
The forward-looking statements contained in this presentation are based on information available at the time of preparation of this presentation and certain assumptions that MARUI GROUP deems to be reasonable. The forward-looking statements may differ materially from actual results due to a variety
Marui Group Co Ltd Ord — Q4 2023 Earnings Presentation on 6ix