Okuwa Co., Ltd. · TSE:8217
Okuwa — 1H FY ending Feb 202 Earnings Presentation
40 slides from Okuwa's earnings presentation, Sep 30, 2026
Slide 1: Financial Results Presentation Material
Fiscal Year Ending February 20, 2027 Financial Results Presentation Material OKUWA Co., Ltd. (8217) September 30, 2026 Presenter: Hirotsugu Okuwa, President and Representative Director Copyright © OKUWA Co., Ltd. All Rights Reserved. -1-
Slide 2: Results for the 1H of the Fiscal Year Ending February 20, 2027
Results for the 1H of the Fiscal Year Ending February 20, 2027 Copyright © OKUWA Co., Ltd. All Rights Reserved. -2-
Slide 3: Consolidated Sales Results
Consolidated Sales Results (Million yen, %) Comparison Six months ended Six months ended Initial YoY change against August 20, 2025 August 20, 2026 forecast forecast Operating revenue 124,448 123,227 126,300 99.0 97.6 Operating profit 579 (57) 600 – – Ordinary profit 670 13 680 2.0 2.0 Profit attrib
Slide 4: Consolidated Operating Revenue by Company
Consolidated Operating Revenue by Company Six months ended Six months ended YoY (Million yen, %) August 20, 2025 August 20, 2026 change OKUWA 123,667 122,417 99.0 OAK FOODS 721 747 103.7 Retail Backoffice Support 158 160 100.9 SUNRISE 2,169 1,787 82.4 Consolidation adjustment (2,268) (1,886) – Conso
Slide 5: Consolidated Ordinary Profit by Company
Consolidated Ordinary Profit by Company Six months ended Six months ended (Million yen, %) YoY change August 20, 2025 August 20, 2026 OKUWA 525 (69) – OAK FOODS 56 41 72.7 Retail Backoffice Support 19 22 113.1 SUNRISE 53 26 49.6 Consolidation adjustment (32) (32) – Share of profit of entities accoun
Slide 6: Consolidated Management Indicators
Consolidated Management Indicators Six months ended Six months ended Six months ended August 20, 2024 August 20, 2025 August 20, 2026 Operating profit/Operating revenue (%) 0.20 0.47 (0.05) Ordinary profit/Operating revenue (%) 0.26 0.54 0.01 Return on equity (ROE, %) 0.11 0.34 (0.25) Return on asse
Slide 7: Consolidated Cash Flows
Consolidated Cash Flows Six months ended Six months ended (Million yen) YoY change August 20, 2025 August 20, 2026 Cash and cash equivalents at 11,152 10,999 (153) beginning of period Operating CF 4,562 3,471 (1,090) Investing CF (2,667) (1,785) 881 Financing CF (3,345) (2,634) 710 Cash and cash equ
Slide 8: Non-consolidated Sales Results
Non-consolidated Sales Results (Million yen, %) Comparison Six months ended Six months ended Initial YoY against August 20, 2025 August 20, 2026 forecast change forecast Operating revenue 123,667 122,417 125,600 99.0 97.5 Net sales from direct 120,087 118,641 – 98.8 – operation Gross profit 33,246 3
Slide 9: Non-consolidated Net Sales by Region
Non-consolidated Net Sales by Region (Million yen, %) Six months ended Six months ended YoY Same-store August 20, 2025 August 20, 2026 change YoY change Wakayama 37,845 36,766 97.1 98.1 Nara 23,827 23,679 99.4 99.4 Osaka 17,449 17,488 100.2 97.6 Hyogo 257 – – – (Kinki area) 79,380 77,933 98.2 98.4 M
Slide 10: Non-consolidated Net Sales by Business Type
Non-consolidated Net Sales by Business Type (Million yen, %) Six months ended Six months ended YoY Same-store August 20, 2025 August 20, 2026 change YoY change SC 4,685 4,547 97.1 97.1 SSM 57,541 57,679 100.2 99.0 SM 4,540 4,489 98.9 98.9 Regular 66,767 66,717 99.9 98.9 Super Center 40,461 39,765 98
Slide 11: Non-consolidated Net Sales by Department
Non-consolidated Net Sales by Department (Million yen, %) Six months ended Six months ended YoY Same-store August 20, 2025 August 20, 2026 change YoY change Fresh foods 50,302 50,990 101.4 100.8 Processed foods 53,295 51,546 96.7 96.9 Foods 103,597 102,536 99.0 98.8 Household supplies 13,063 12,870
Slide 12: Non-consolidated Gross Profit Margin by Department
Non-consolidated Gross Profit Margin by Department (Million yen, %) Six months ended Six months ended YoY August 20, 2025 August 20, 2026 change Fresh foods 31.7 32.2 +0.5 Processed foods 23.2 22.4 (0.8) Foods 27.3 27.3 (0.1) Household supplies 28.2 28.5 +0.2 Clothing 35.9 36.1 +0.2 Total 27.7 27.6
Slide 13: Non-consolidated SG&A Expenses
Non-consolidated SG&A Expenses (Million yen, %) Ratio to net sales Six months ended Six months ended YoY Ratio to net （six months August 20, 2025 August 20, 2026 change sales ended August 20,2025) Net sales 117,224 115,899 (1,324) 100.0 100.0 Selling expenses 931 946 14 0.8 0.8 Personnel expenses 16
Slide 14: Non-consolidated Capital Expenditures
Non-consolidated Capital Expenditures (Million yen, %) (Plan) Six months ended Six months ended YoY Fiscal year ending August 20, 2025 August 20, 2026 change February 20, 2027 New stores 2,373 11 0.5 100 Existing stores, etc. 1,173 2,281 194.4 5,500 Systems 510 181 35.6 600 Construction basis 4,057
Slide 15: Non-consolidated Store Distribution
Non-consolidated Store Distribution (As of Aug. 20, 2026) Total by region Wakayama 31 7 6 (-2) 3 47 (-2) Nara 22 5 5 1 33 Osaka 18 (+1) 2 1 – 21 (+1) Hyogo – – – (-1) – – (-1) (Kinki area) 71 (+1) 14 12 (-3) 4 101 (-2) Mie 14 3 5 – 22 Gifu 4 (PM: 1) 10 – – 14 Aichi 8 (PM: 3, -1) 2 – 2 (PM: 2) 12 (-1
Slide 16: Management Policy for the 2H of the Fiscal Year Ending February 20, 2027
Management Policy for the 2H of the Fiscal Year Ending February 20, 2027 Copyright © OKUWA Co., Ltd. All Rights Reserved. -16-
Slide 17: Management Policy: Two Pillars
1 Management Policy for Fiscal Year Ending February 20, 2027: Two Pillars Same-store sales: 100.0% (2H target) 3年間で約40億円の実施を予定 Non-consolidated operating profit: 1.15 billion yen Business Reform Marketing Cost reduction X Resource optimization ID‐POS utilization X Product and store strategies “Execu
Slide 18: Sales Results
2 Sales Results +0.68 billion yen 120.08 billion yen 118.64 billion yen Growth driven by delicatessen foods (+0.37 billion yen) -1.74 billion yen 強化カテゴリー Decline in rice sales (-0.74 billion yen) Sales for 1H in the Fresh foods total Processed foods Sales for 1H in the previous fiscal year total cur
Slide 19: Sales Results: Initial Plan vs 1H Results
2 Sales Results <Initial plan> Customer traffic 100.0% Same-store sales 101.0% Average spend per customer 101.0% Customer traffic <1H results> 97.4% Same-store sales Average selling 98.7% price Average spend per 100.3% customer 101.3% Items per transaction 100.3% Copyright © OKUWA Co., Ltd. All Righ
Slide 20: Average Spend per Customer and Number of Customers
3 Average Spend per Customer and Number of Customers Efforts to increase items per transaction are delivering results 1H results 100.7% 101.4% 101.6% 101.6% 101.4% 101.3% Items per transaction: 100.3% Average spend per x customer Average selling price: 101.0% = Average spend per Customer 98.4% 96.1%
Slide 21: Revision of 2H Plan: Same-store sales reset to 100.0%
4 Revision of 2H Plan Same-store sales: reset to 100.0% YoY (Target scenario) Processed foods Total Fresh foods and others (fresh foods: 100.8%, etc.) 99.8% 100.0% Simulation assuming fresh foods, clothing, and household supplies remain at 1H levels Copyright © OKUWA Co., Ltd. All Rights Reserved. -
Slide 22: Revision of 2H Plan: Assumptions for the processed foods department
4 Revision of 2H Plan Assumptions for the processed foods department Growth driven by special demand for rice 1H FY2025 101.3% Falloff following special demand 1H FY2026 96.9% 2H FY2026 Easing of special demand and normalization 2H FY2025 99.4% The H2 2026 target is at a realistic, achievable level
Slide 23: 1H Results and Challenges
5 1H Results and Challenges 3年間で約40億円の実施を予定 Results and progress Underperformance and challenges 成功モデルの水平展開 Fresh foods department Processed foods department Both net sales and gross profit amount exceeded the The processed foods department previous-year levels underperformed, partly due to special
Slide 24: Category Initiatives
6 Category Initiatives Current status and strategy Core product Priority category within Particularly strong results category each department were seen in fresh foods, with sales increasing YoY across Priority, Growth, and Category targeted for Development Growth 5% growth based on category clear st
Slide 25: Use of Digital Flyers
7 Use of Digital Flyers Sales vs. plan: 107.9% (1H results) Number of promotions by department : 71 (45 in the previous year) Use of digital flyers スペース A broad range of online offerings マーチャン ダイジング Theme-based merchandising 顧客体験 Creating purpose of visit Copyright © OKUWA Co., Ltd. All Rights Reser
Slide 26: Initiatives to Increase Items per Transaction
8 Initiatives to Increase Items per Transaction Setting target days of the week Intentionally targeting midweek to stimulate customer visit incentives and purchase intent Setting uniform prices Encourage add-on purchases (+ one item) Thorough implementation Covering everyday consumer goods from fres
Slide 27: Marketing Measures: Leader Store Results
9 Marketing Measures Results at marketing leader stores 現状と方針 Net sales Customer traffic Leader stores: 100.8% Leader stores: 99.3% 強化カテゴリー Other stores: 98.7% Other stores: 97.2% Leader store outperformance: +2.1% Leader store outperformance: +2.1% Plan for 26 stores current fiscal year, with an ex
Slide 28: Marketing Measures: Store Example (Hisaishoda Store)
9 Marketing Measures Store example (Hisaishoda Store) 現状と方針 Facilities and infrastructure Merchandising, placement, and promotion Customer flow visibility Layout change of Change of display mats Layout change of the tofu section Relocation of power supply the producers’ Revamp the sales area for roa
Slide 29: Marketing Measures: Store Strategy Presentation
9 Marketing Measures Store strategy presentation 現状と方針 Store OKUWA OKUWA OKUWA OKUWA name A store B store C store D store Primary Competitor Competitor Competitor Competitor competitor A store B store C store D store 強化カテゴリー Fresh fish and Initiatives Catering to elderly Revamping Enhancing ready-to
Slide 30: Initiatives for the Processed Foods Department: Promotional Spaces
10 Initiatives for the Processed Foods Department Effective use of promotional spaces General groceries 3年間で約40億円の実施を予定 Confectionery Copyright © OKUWA Co., Ltd. All Rights Reserved. -30-
Slide 31: Initiatives for the Processed Foods Department: Sales Contest
10 Initiatives for the Processed Foods Department Company-wide sales contest 3年間で約40億円の実施を予定 Gummy candy category Boost motivation Successful examples Strengthen Company- selling wide capabilities rollout Copyright © OKUWA Co., Ltd. All Rights Reserved. -31-
Slide 32: Initiatives for the Processed Foods Department: Private Brands
10 Initiatives for the Processed Foods Department 3年間で約40億円の実施を予定 Kurashi More 1H results (Total food products) YoY: 101.5% Active appeal of private-brand products Actively promote price-competitive private-brand products in response to successive price increases Copyright © OKUWA Co., Ltd. All Righ
Slide 33: Major Renovation: Wakuwaku City Ozaki Store
11 Major Renovation Wakuwaku City Ozaki Store (July 16) Local production for Encourage Engaging in-store local consumption purchases 3年間で約40億円の実施を予定 preparation 10億円 10億円 Met needs for additions to dinner Install dedicated pizza ovens Expanded the farm-direct menus and snacks for drinks to serve fre
Slide 34: Major Renovation: SuC Palm City Wakayama Store
11 Major Renovation SuC Palm City Wakayama Store (early November) 3年間で約40億円の実施を予定 Rollout of successful models across stores July 2026 Wakuwaku City Ozaki Store November 2026 (planned) 10億円 10億円 SuC Palm City Wakayama Copyright © OKUWA Co., Ltd. All Rights Reserved. -34-
Slide 35: ANDDELICA Initiatives
12 ANDDELICA Initiatives (Delicatessen and Bakery Specialty Store) Opening specialty stores x rollout to existing stores Rollout to existing stores ANDDELICA (MESA type) Focus on 強化カテゴリー opening Sharing expertise specialty stores Creating customer visit incentives and insights ∙ Tanimachi Store Revi
Slide 36: Establishing a Productivity Foundation to Improve Profitability
13 Establishing a Productivity Foundation to Improve Profitability 3年間で約40億円の実施を予定 Self-service checkout usage rate Partner working hours Task allocation system 47.9% 97.6% YoY Shift scheduling (+5.4 pts YoY) (-2.4% YoY) utilization rate: 70% Reduced waiting times Maintained a steady Operating rules
Slide 37: Establishing a Productivity Foundation: Labor Hours
13 Establishing a Productivity Foundation to Improve Profitability 3年間で約40億円の実施を予定 配下 配下 上期実績と下期取組 冷凍生地+焼き 店舗 Sales 店舗 菓子 forecast 和歌山工場 Standard labor hours ベーカリー有り /冷凍生地店舗 Production 冷凍生地+焼き plan 菓子 Operation and improvement 10億円 配下 ベーカリー無し 1H results 焼成済みベー 2H initiatives 店舗 standard labor hours
Slide 38: Full-year Financial Results Forecast (Non-consolidated)
14 Full-year Financial Results Forecast (Non-consolidated) Top line Efficiency Bottom line Operating revenue: SG&A expenses: Operating profit: 249.3 billion yen 100.7% 1.15 billion yen 2H same-store net sales: Gross profit margin: Ordinary profit: 100.0% 28.0% (+0.2 pt) 1.2 billion yen *Before appli
Slide 39: Financial Results Forecast (Consolidated and Non-Consolidated)
14 Financial Results Forecast (Consolidated and Non-Consolidated) Fiscal year ended Fiscal year ending Growth rate Consolidated (Million yen, %) February 20, 2026 February 20, 2027 (%) Operating revenue 252,655 250,800 99.3 Operating profit 1,878 1,300 69.2 Ordinary profit 1,973 1,300 65.9 Profit* 2
Slide 40: Caution regarding the use of this document
(Reopening in early November following renovation) Super Center OKUWA Palm City Wakayama ■Caution regarding the use of this document The plans, strategies, forecasts and outlook regarding the performance of our company described in this document are based on assumptions and beliefs judged from the i