Pigeon Corporation · TSE:7956
Pigeon — Q2 2025 Earnings Presentation
38 slides from Pigeon's earnings presentation, Aug 7, 2025
Slide 1: 2025年12月期（69期）第2四半期 決算説明会資料
20254F12AHA (698A) EHR SRETSHAR 20254 8A 78 EVSVRASH RAL RALR EF FE e Celebrate babies the way they are Bigeon
Slide 2: Pigeon Lansinoh purpose and overview
ifLas ° ZL HAS TV ay EYNO.IAN CONE BL SAME) C28 Ye 29/72 FORm & €¢ MUTI YREA ) (Pu rposelo HRT SAM - P3At) (| #Eseeee- as) pigeon © @Lansinoh. Pigeon @Lansinoh HISY KARL Y VICE NE-— * VVOVIY-(C KO HARMED OSBMAO i ?L2s ° FLA So SIC ! Pigeon Corporation All Rights Reserved. | Strictly Confidential
Slide 3: Agenda
20254712 ABA CEA (1818-68308) EA SRS P.4-15 AAS IL. PRET OP.16-19
Slide 4: 2025年12月期 第2四半期 決算概要
20254712 HA A Ro
Slide 5: 25/12期 第2四半期 トピックス
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Slide 6: 25/12期 第2四半期 トピックス
25/12Hh CHA 3i#a/\ 1 71 bO@ YYAK—IL: ROMABLEPBRICT y 7! DYY) RBS POC - FL AG ! , LIC SHSROLR , WafLas * LEORmLmld \ a ‘ ’ 60x / \. wat +4 Ov xz / iN 100% = 50% = A 4 diese cee 0% i —_— 2022 2023 2024 = 2025 ERA BGO so — S23 625 dis as Peco Le (=) C a MOT Y FR BOMBS 2024 HA © 2025_L#8 SoftLatch® 2.0)
Slide 7: 25/12期 第2四半期 連結業績
25/1290 HA SERRE 2 faPL PLBISHHSRE ld COLBR CHR L BAL +4. THO HEU. ARE RISPBALICES SARA GCO—A, MABIESICK O BRAS ISRIRALE 2 7 OR 7 BRAS ER ARS RATHER TS hal ASS Pigeon Corporation All Rights Reserved. | Strictly Confidential 51,313 26,291 25,021 19,198 5,822 6,431 3,574 100.0% 51.2% 48.8% 37.4% 11.3%
Slide 8: 25/12期 第2四半期 セグメント別業績
25/1288 ERA SsSRnlldaas ECOBRICS THUS, MUBERSSCOBR CHEE LES 24/1288 ERASE 25/1258 ERAS afr: AS : : sense wei eit be 51,313 100.0% 48.8% 5,822 53,734 «100.0% + 104.7% 50.7% 6,684 AAR 18,002 35.1% 33.0% 1,040 18,476 34.4% | 102.6% 34.4% 1,107 rpms 19,629 38.3% 55.2% 5,149 21,274 39.6% | 108.4% 56.4% 5
Slide 9: 営業利益 増減要因
25/1298 ERA MBAs BURAK IRESISEICHHAL CORBNEREREA & Ri FEU K SHA AIES (CLO KERHD OML, SRAUBSAHIH+S CAO +10.3 (f8F9) +11.8 Al.9 ver a 66.8 | REE ease piliE=acs| BRLER 2445 E HA HUIVICKS ERIKS . Va F4D ‘ 25% FHA Ben CERES soem At mit pice COCR eae Pigeon Corporation All Rights Reserved. | Strictly Conf
Slide 10: 25/12期 第2四半期 連結貸借対照表
25/1298 ERA MMi Rie V\-1 3-1 b) | 24/1288 HE | Hifi: BA AROS ZRFCROREE EGE SUF RUBES ST icRas AF mB CBE BowALs Pigeon Corporation All Rights Reserved. | Strictly Confidential 39,201 18,392 14,012 5,195 369 84,607 108,308 74.9% 34,071 21,663 14,363 5,972 538 80,646 105,400 74.1% 25/12HA FHA 5,129 43,
Slide 11: セグメント別概況
25/123H EHH SeAlty “FeLi : WEN 2 COE LY TFL2s - LA PRARSe POLED RAL. Hues + NE-TPORSHBL MSHA 6 OCHRT. AMECTORLinldaiHALt+ 70K c ARIC RR + OPL25 * FL ORstseLelswll CHR. NE-AZEYT PIS LISP y PHM PSBEYANPTPYU—-ZIO RISERS, ARRSDDOBRO—-Y 3 VISAS EDS | Fe + HILVAAF—LiRE + IRBs TPOCHIttonF y by SRDICHARBAT
Slide 12: 25/12期 第2四半期 セグメント概況
25/1299 HA Sealy Y Rm RIM —ATOEIY RR DBFLES PLS. NE-AZSY TT ORME S|L. HUNSS + PHALORsHt GL (PH) SHUHAL+ 8 OCHRT + OBFLES * CLAORHAL SISAL OC SREe HY IT bh © NE-RZEYVTIP lS, SOOKRO-L 3 VOMTHAR DS BO BUPALEH1 7%. FB 2 POF HAR Ih Ct iA+23%. Sian ABABA VIP LUA) SARA + 618HAFI COUV, GMVISAURALL 2 7 SPR e
Slide 13: 25/12期 第2四半期 セグメント概況
25/1244 ERA SAMY YYAK—IBR PEEVE PMA OIL 7 bhASETL. Feat Ratzelhmlet VERY TOBA 1O%. TY FEADY 3%, YL-YTR+4%, PRALI% RELI D MAT YRS HR AK ARSUP. NAPPA CRB. TY RAY TER + SLES + FLBIS, 'Soffouch™) YU-AOFIYR VL A-FIMRECHS O ROFL SEO Peso D SMM. TYE CSLMPRBES—Ty bE LABOMFLZOM Ba 'SoftLatch® 2.0) <iRaThse +
Slide 14: 25/12期 第2四半期 セグメント概況
25/1299 CHA Bay DY / BF 1Qc45l FHSAA CEDAR a. RM CSS < AO LARA L. JSUeeS © DYYIIFIN-TFORHBLE (USKIL) (ABTHALE+ 8% + IEKORHRLBIAAIHALL+ 2%. & < FLESIADMEF v RILICS 1 SMA GRO-MSbHOK—-A, ABIU-LP BALIN y RECENB RO MISS | SHS Ba ° BRINKS < 948 (WearablePump) #PdICHLaAR + TER ERTT) BMORHTLSISHRAL CHR. RTY
Slide 15: 25/12期 第2四半期 ESG トピックス
25/12Hh -HA ESG-UATFEUT (GERBER OFRICAW, HSC OMPHAONO MS BBN ICH * 20304 MScopel &2, Scope3OR2MRA APE SH BBC OW CSB BS (4A) + FTSERussell—ESGL-—F4 V7Id. AMARRESCOROMADSMMSN, 43\L8 (6A) + BUSGERBOK-hTOLITb VALNV ORE YUN YI ER (4~6R) + FRCREPREROMBRH CEMAAAL OME (RABSSATH - IF, BREW UPR) ar _ =. DUIBA
Slide 16: 2025年12月期 業績予想
20255F12A BA iBA Se A L
Slide 17: 25/12期 連結業績予想
25/12Hh wHHA ieWel HMOKADSBEEL KHRHOS : RARICSI SEs, 4A MOR (es FES RHR iL: LRA DIRK A. HRIORiS RIB LISE ABS SRO : TEEMORO, S|SREKRE EL ODE BR CMANBICED i ALE 104,171 100.0% 109,700 100.0% 105.3% oR hi 52,799 50.7% 55,400 50.5% 104.9% FTL AA ZS 51,372 49.3% 54,300 49.5% 105.7% Ree 39,233 37.7% 41,40
Slide 18: 25/12期 業績予想 トピックス
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Slide 19: 設備投資・減価償却費・研究開発費
REI: RARE 23/12#A 24/12#8 25/1288 Hid WR Hid WR chp WK (288) (88) (288) (S248) (Fi) (#48) LY ORNS (FA) 38 38 38 38 38 38 y 108.4% eM 122.6% 108.7% 108.4% re Jnl, is 15 ot tah leben) heed oT heed oT chee oT (248) (88) (ee) (88) (ze) (at) BABA 0X1) 3,775 6,320 1,408 3,760 1,315 4,600 WME (0x2) 2,518 5
Slide 20: Celebrate babies the way they are
Celebrate babies the way they are
Slide 21: Disclaimer
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Slide 22: Appendix
Slide 23: 25/12期 第2四半期 連結業績
25/12Hh HA RENTS Th (BH) 24/12#A L#A 25/12#8 L#A By: BAA we |e De Thm 51,313 53,734 104.7% BAZ 5,822 11.3% 6,684 12.4% 114.8% eR Fe 6,431 12.5% 6,875 12.8% 106.9% eee 3,574 7.0% 4,624 8.6% 129.4% maz 84,953 — 80,646 — 94.9% BBE 108,392 — 105,400 — 97.2% EPS (F4) 29.89 — 38.67 — 129.4% BPS (F)) 683.0
Slide 24: 25/12期 第2四半期 業績 地域別
25/1288 ERR FY a VebtnseLie* (a0cEIRIBALL) Bigeon “LT VR (BEI A~— 2) 24
Slide 25: 25/12期 第2四半期 Lansinoh
25/1288 _CHA @ Lansinoh. ()+36% Dyy / shitallscLia* (Bu SEIa)RALE) “LT VR (BUEN — 2) 25
Slide 26: キャッシュ・フロー
24/12期 （68期） 2Q 25/12期 （69期） 2Q 期首残高 営業活動 投資活動 財務活動 換算差額等 期末残高 期首残高 営業活動 投資活動 財務活動 換算差額等 期末残高
Slide 27: 25/12期 第2四半期 ROIC
25/1288 HA PVAY U— 4b E : 6988 2Q28i F : 68H 2QRHi wr: ABP PVA Hi 2,613 ci) 1,999 Pigeon Corporation All Rights Reserved. | Strictly Confidential RRAA 2Q FAA BUHA = 41,529 Pe alr rls RB 6,684 isi 53,734 BURA = 5,822 BUHA = 51,313 Linh Re 2,005 RE 26,500 BiHA «1,747 BUHA = 26,291 fe | a RM 28,178 HM
Slide 28: 25/12期 第2四半期 ROIC
25/12HA EHR PVAY U— S4beet : 69HA2QR#i 2 F : 68H2QS24i Ams SE] nm 512% #LATROIC Se 12.4% BiHA = 11.3% ROIC RE 16.2% Ree “| fi = 14.0% e RE 11.3% RH 38.2% PVA ai 9.8% ai 37.4% AZAFeyk =e KT PAA Bit 4.8% RH 26.2% aS Cees BiH = 25.7% stz RE 13 : =a !|CUMMUP Bet (aie WACC RH 31.4% F5H 5.0% Bi 34.3% RH 1
Slide 29: 25/12期 第2四半期 ROIC
25/1288 HA PVAY U— 4b E: 6920281 F : 6882088 4: BAA aA Bite ccc F?LaeEles AR 8 28,178 8 20,028 seq; EO 124.1 seq; ME 68.0 BIKA © 26,339 BURA 17,880 Bik] A 122.3 BiH EN 63.6 RENE HPAES AR RB 14,188 qj DE 97.7 BIA 13,996 Bi) EN 97.2 {tas Be Asoo Ri 6,038 Sei MM 41.6 BUNA 5,537 BiH Mm 38.4 ©Pigeon Corp
Slide 30: 25/12期 第2四半期 海外売上高比率
25/1288 [HA += 2BOEDY—Zzbeselhs EVay: DY / BmOEILY— Aesth China-Pigeon* QQ SS 72% Uk QP Es 57>. us S DE «=: india* G EN 27> Singapore* vw, a 2s: Japan @& DE 21 “1 tL POb ES tL Y ation All RightsReserved. | Strictly Confidential 30
Slide 31: サステナビリティ
FEES | BADMBSICEWT HEL TUS + RIETN SEI RHEPAZWIODSICAI ORT. COPRZHIOe RH PAIOPS LUBARICLET
Slide 32: サステナビリティ 取り組み
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Slide 33: サステナビリティ
SSRHHRSHE 7F—-VcRaReK | HAFFTIERMEOE MIC FTO-NIV CORA, BCR. RRB LEE VY RABIEO BBR BABIG FIVER ERR PR AHOML L. MMeBULKIDY KAMLICZNTS aie «POSS OTILL, BHOMITE ZOU SBAS- A NeE-2 UTP AORAE RBA ORRE TS sosrayeg SHAE TOR AA LL. BIC ADELE + MIRED BIC k SMP, HIST FI VORE, MATRA DRAM ie IBC S 33
Slide 34: サステナビリティ ビジョン
RH PAICPS LURKER 7 © POHROZ ——~ R26 REPADUSHEDM BRICROTWS 2 SROMISUMCES SUN? ib SPDWEDD DHS © RevAosettontare 5 DIDIEETUS Ran MEPACEABTSECEM AN-BIVICR SEY Ba, CAGE CEENTHS MET SNEBHS B) RS eAD MM BRICRS CLEC she <UW5NS vA ELD 3 VORERE CEITS TRS PAP SLUM @. TRE PAICPELUARKR 6 DOHBORE LTHEELIE. CO MRS
Slide 35: IR and sustainability links
https://www.pigeon.co.jp/ir/library/factbook/ https://www.pigeon.co.jp/sustainability/ https://www.pigeon.co.jp/sustainability/databook/
Slide 36: (Unit: ¥millions)
(Unit: ¥millions) (Unit: ¥millions)
Slide 37: FY 2025 Q2 YTD Results
25/1280 382 POF HAR Et 20245F12A HA 56 2 PERRET FY 2024 Q2 YTD Results BR Altats (=H) 2025F12A}A 35 2 aEHASREt FY 2025 Q2 YTD Results (342 : BAR) (¥millions) wee La 51,313 | 100.0%] 25,021 48.8% 5,822 11.3% | 53,734] 100.0% | 104.7%] — 27,234 50.7% 6,684 12.4% Jape bess 18,002] 35.1% | 5,937 33.0% 1
Slide 38: Celebrate babies the way they are
Celebrate babies the way they are