Komehyo Holdings Co., Ltd. · TSE:2780
Komehyo — Q2 FY2026 Earnings Presentation
63 slides from Komehyo's earnings presentation, Nov 13, 2025
Slide 1: Earnings Results Briefing for the Second Quarter of the Fiscal Year Ending March 31, 2026
Earnings Results Briefing for the Second Quarter of the Fiscal Year Ending March 31, 2026 November 13, 2025 Komehyo Holdings Co., Ltd. Securities code: 2780 (Tokyo and Nagoya Stock Exchanges) ©Komehyo Holdings Co .,Ltd. 1
Slide 2: Summary of financial results for the second quarter
Summary of financial results for the second quarter of the fiscal year ending March 31, 2026 Revenue increased but profits decreased compared to the same period last year Net sales reached a record high, but issues remain in profitability improvement ・Net sales：Exceeded the plan on the back of stron
Slide 3: Contents
Contents 1. Our Business Model and Medium-term Management Plan P.4 2. Revision of Earnings and Second Half Outlook P.13 3. Earnings Results for the Second Quarter of the Fiscal Year P.16 Ending March 31, 2026 4. Segment overview for the Second Quarter of the Fiscal Year P.31 Ending March 31, 2026 5.
Slide 4: 1. Our Business Model and Medium-term Management Plan
１. Our Business Model and Medium-term Management Plan 4 ©Komehyo Holdings Co .,Ltd. 4
Slide 5: Vision Mission Value
From reuse to relay use We will inherit that "value". Vision Mission Value We develop a concept of We respect people for making We listen and empathize with environmentally and products, thank people for what others say. socially conscious providing products for use We value the importance of recycl
Slide 6: Company Highlights (Consolidated)
Company Highlights (Consolidated) (As of March 2025) A leading player in the reuse industry, which operates KOMEHYO, BRAND OFF, Rodeo Drive, and other brands in Japan and other c ountries Founding Net sales Individual purchase amount 1947 158,994 millions of yen （ Growth achieved in four consecutive
Slide 7: Position of the Medium-term Management Plan
Position of the Medium-term Management Plan We aim to achieve sales of 260 billion yen by the 80th anniversary of the company's founding, which is the final year of the Medium-term Management Plan, with a view to becoming the world's No. 1 the world'sNo. 1 company company in sales of brand goods for
Slide 8: Basic Policies for the Medium-term Management Plan
Basic Policies for the Medium-term Management Plan "Beyond the 80th year milestone" Strive to achieve business growth and higher social value under a policy based on the business environment and competitive advantages 1 Achieving business grow th Ad va n c i n g 3 management with an Increasing domes
Slide 9: Concept for business growth (BF business)
Concept for business growth（BF business） Based on market trends and competitive advantages, we will set key investment items, supporting management platforms, and tactical options. For the mainstay Brand Fashion business, we aim to expand sales and GMV globally by defining three busines ses: ① tradi
Slide 10: Operating the Medium-term Management Plan Based on Competitive Advantages
Operating the Medium-term Management Plan Based on Competitive Advantages Since its founding, the Group has been consistently engaged in reuse and has established competitive advantages based on its human resources, channels, and market share. The Medium -term Management Plan will be based on the bu
Slide 11: Quantitative targets of the medium-term management plan (FY2025 to FY2028)
Quantitative targets of the medium-term management plan（FY2025 to FY2028) For the fiscal year ending March 2026, the company aims to achieve business growth through increased profits compared to net income attributable to parent company shareholders excluding gains on Gain on bargain purchase in the
Slide 12: Dividend forecast
Dividend forecast The annual dividend forecast is set to be 106 yen, an increase of 2 yen from the previous fiscal year. We will continue to fo cus on maintaining stable dividends and increasing dividends based on increased revenue and profits. M edium - term M an ag emen t Plan （yen） 161 interim di
Slide 13: 2. Revision of Earnings and Second Half Outlook
2. Revision of Earnings and Second Half Outlook 13 ©Komehyo Holdings Co .,Ltd. 13
Slide 14: Revised full-year earnings forecast for the fiscal year ending March 2026
Revised of full-year earnings forecast for the fiscal year ending March 2026 On November 7, 2025, the Company disclosed revisions to consolidated financial results forecasts for the first six months. Regarding the full-year forecast, the forecast for the second half is kept unchanged at present, ref
Slide 15: Brand and Fashion Business Assumptions for the second half
Brand and Fashion Business Assumptions for the second half Reflecting the external environment including commodity prices and foreign exchange rates, the Company aims to achieve net sales and other results for the second half that exceed the year-ago levels. YoY Forecasting market trends for main pr
Slide 16: 3. Earnings Results for the Second Quarter
3. Earnings Results for the Second Quarter of the Fiscal Year Ending March 31, 2026 16 ©Komehyo Holdings Co .,Ltd. 16
Slide 17: Highlights of cumulative financial results for the second quarter
Highlights of cumulative financial results for the second quarter of the fiscal year ending March 31, 2026 Consolidated financial results for the second quarter of the fiscal year ending March 2026 Individual Individual purchase purchase Consolidated Consolidated Consolidated Consolidated Profit Pro
Slide 18: Evaluation of the second quarter (three months)
Evaluation of the second quarter (three months) of the fiscal year ending March 2026 Net sales grew significantly with the conversion of RK Enterprises and three other companies into Group companies in the fiscal year ended March 31, 2025, while also reflecting an increase in purchases from individu
Slide 19: Performance
Performance Net sales reached record highs. Operating profit and subsequent profit levels decreased due to a decline in the gross profit margin and higher SG&A expenses. (Millions of yen) 2026.3-1Q YoY 2026.3-2Q YoY 2026.3-1H YoY Plan Ratio※ Net sales 46,120 137.7% 49,526 137.8% 95,646 137.7% 47.4%
Slide 20: Trends in Consolidated Net Sales and Gross Profit Margin
Trends in Consolidated Net Sales and Gross Profit Margin In addition to strong purchases from individuals, net sales increased . Gross profit margin decreased by 1.7 points compared to the same period last year. Consolidated sales 49,526 (Millions of yen) 47,179 46,120 42,368 35,318 35,947 33,499 31
Slide 21: Analysis of consolidated operating income
Analysis of consolidated operating income Net sales increased in both retail and corporate sales due to enhanced inventory. On the other hand, the gross profit margin remained low due to a decrease in the retail ratio and an increase in the corporat e sales ratio, as well as an increase in the compo
Slide 22: Changes in selling, general and administrative expenses
Changes in selling, general and administrative expenses Selling, general and administrative expenses increased significantly due to the opening of new stores, and the associated increases in the hiring and training of personnel. （Millions of yen） Selling expenses 17,930 • Advertising expenses for ne
Slide 23: Non-operating income and expenses/extraordinary income and losses
Non-operating income and expenses/extraordinary income and losses Ordinary profit and profits indicated below declined due to an increase in non -operating expenses such as interest expenses, foreign exchange losses, and impairment loss. Interest expenses 262 (Millions of yen) Share of loss of entit
Slide 24: Balance sheet overview
Balance sheet overview In addition to strong individual purchases, we purchased from corporations with the aim of expanding our business scale and strengthening our retail presence, and secure ample inventory. The substantial product lineup at the store contributed to the increase in sales. （Million
Slide 25: Inventory Turnover (Brand and Fashion Business)
Inventory Turnover （Brand and Fashion Business） Due to the conversion of RK Enterprises and three other companies into Group companies in the fiscal year ended March 31, inventories increased significantly. (Inventory write -downs among them remained low*1). Inventory turnover declined as a result o
Slide 26: Consolidated cash flow
Consolidated cash flow Cash was used in operating activities, mainly reflecting an increase in inventories in preparation for business scale expansion and new store openings, as well as an increase in income taxes. There were significant cash inflows from financing activities due in part to strong p
Slide 27: Changes in gross merchandise value
Changes in gross merchandise value GMV*, which indicates the scale of our business, is an indicator for the promotion of relay use. 146.9% compared to the same period last year, the highest ever. The growth of GMV leads to the growth of the business and the improvement of profitability on a medium-t
Slide 28: Purchase from individual customers (Group total)
Purchase from individual customers (Group total) Factors including the continued opening of purchasing centers, growth at existing stores, and an increase in items brought in due to the soaring price of gold bullion produced a boom in individual purchases. This resulted in a record purchase amount f
Slide 29: Breakdown of consolidated Net sales (Retail / Overseas / Domestic tax-free sales)
Breakdown of consolidated Net sales (Retail / Overseas /Domestic tax -free sales) 【Retail】Ratio of retail sales declined 6.7pt YoY due to low -margin inventory of gold bullion, watches, and bags being shifted to corporate sales. On the other hand, retail ratio in 2Q rose 0.6 pt from 1Q due to aggres
Slide 30: Breakdown of domestic duty-free sales
Corporate Profile Breakdown of domestic duty-free sales Because of the opening of KOMEHYO SHIBUYA and KOMEHYO OSAKA SHINSAIBASHI, the proportion of customers from the United States increased. The proportion of Chinese customers increased by 5.3 points from the first quarter. They are younger than th
Slide 31: 4. Segment overview for the Second Quarter
4. Segment overview for the Second Quarter of the Fiscal Year Ending March 31, 2026 31 ©Komehyo Holdings Co .,Ltd. 31
Slide 32: Summary by segment for the second quarter
Summary by segment for the second quarter of the fiscal year ending March 31, 2026 * Brand Fashion business（BF） Tire and wheel business（TW） Individual Net sales Operating profit Net Sales Operating profit purchase amount 44,906 93,001 1,515 2,625 61 millions of yen millions of yen millions of yen mi
Slide 33: Segment overview for the Second Quarter
Segment overview for the Second Quarter of the Fiscal Year Ending March 31, 2026 【Brand Fashion business】 Sales grew due to favorable purchasing activity, Net sales increased but profit decreased because of lower gross profit that resulted from a lower retail ratio margin, as well as higher SG&A exp
Slide 34: Stores: 318 stores in total for the Group
Stores | 318 stores in total for the Group (as of September 2025) In August, the first purchasing center opened in Malaysia and Thailand, and in September, KOMEHYO YOKOHAMA was opened as the eighth flagship store of KOMEHYO. In 1H, the Group opened 21 stores, mainly specializing in purchasing. (8 st
Slide 35: Purchasing and sales status by route
Purchasing and sales status by route * | 【Ratio of purchases from individuals and composition of products purchased from individuals 】 Purchases from individuals were strong, mainly reflecting the soaring retail gold price in Japan. Corporate purchases were ma de to expand business scale and strengt
Slide 36: Status of strengthening individual purchases and retail sales
BF business｜Status of strengthening individual purchases and retail sales In September, The flagship store "KOMEHYO YOKOHAMA" opened. The aim is to attract customers in areas that could not be reached by existing stores in the Tokyo metropolitan area. In 3Q and beyond, the Company will continue to o
Slide 37: Corporate auction GMV growth
Corporate auction GMV（volume）growth Corporate auction GMV reached a record quarterly high due to increased needs for inter -company sales reflecting market fluctuations. 25,268 GMV volume 23,749 (Millions of yen) 22,957 16,892 14,755 14,967 13,785 12,780 11,851 11,950 9,968 10,255 9,854 10,346 10,33
Slide 38: Overview of tire and wheel business
Overview of tire and wheel business Net sales grew significantly (driven especially by summer tire sales and overseas sales of self -planned wheels) due to strategic efforts to secure inventories and strengthen sales, despite the difficulty in securing inventories of new products. This offs et the i
Slide 39: 5. Appendix
5. Appendix 39 ©Komehyo Holdings Co .,Ltd. 39
Slide 40: Appendix
Appendix 1. Company Profile P.41 2. Global Expansion P.57 3. Capital Policy and Focus Points for This P.60 Fiscal Year ©Komehyo Holdings Co .,Ltd. 40
Slide 41: Corporate Profile
Corporate Profile Company name Komehyo Holdings Co., Ltd. Established May 1979 ※Transition to holding company system in October 2020 Head Office 3-25-31 Osu, Naka-ku, Nagoya Representative President, Representative Director: Takuji Ishihara Capital 1,803 million yen No. of employees Consolidated: 2,
Slide 42: Transition of the reuse business and our history
Corporate Profile Transition of the reuse business and our history Since founding in 1947 as Komehyo Shoten, a used kimono store, we have consistently engaged in the reuse business while simultaneously moving forward with alliances and M&A. As a result, we have become a holding company under which 1
Slide 43: Business list (Consolidated)
Business list (Consolidated) (As of March 2025) We operate three businesses: Brand Fashion, Tire and Wheel, and real estate leasing. We support "Relay Use," the handing down of goods from person to person and their effective utilization, both in Japan and other countries. Consolidated sales for the
Slide 44: Consolidated performance trends (FY2021-FY2025)
Corporate Profile Consolidated performance trends （FY2021‐FY2025） Individual purchase amount * Net sales Operating profit 158,994 （Millions of yen） （Millions of yen） （Millions of yen） 78,834 7,452 119,459 61,205 6,176 5,168 86,113 43,722 71,148 3,714 34,144 50,723 16,979 596 FY2021 FY2022 FY2023 FY2
Slide 45: Consolidated performance trends (FY2021-FY2025)
Corporate Profile Consolidated performance trends （FY2021‐FY2025） Profit margin Ordinary profit Profit attributable to owners of parent Gross profit margin 7,479 （Millions of yen） （Millions of yen） 5,025 Operating profit margin 4,777 6,046 5,406 27.3% 3,706 25.9% 26.2% 24.8% 22.2% 3,772 2,559 6.0% 6
Slide 46: Consolidated performance trends: ROA, ROE, cash flow, GMV
Corporate Profile Consolidated performance trends （FY2021‐FY2025） ROA・ROE Cash flow GMV Cash flows from operating activities Cash flows from investing activities ROA ROE Cash flows from financing activities GMV 19.2% （Millions of yen） （ Billions of yen ） 202.1 16.7% 15.6% 11,907 9,425 13.5% 150.8 11
Slide 47: Human Capital Data
Corporate Profile Human Capital Data (As of the end of March 2025) In the relay use business model, the roles played by people are wide -ranging (knowledge, skills, expertise, speed, connections with customers, etc.), and promoting the development and retention of human resources leads to improvemen
Slide 48: Business Domains: Brand Fashion Business (General)
Business Domains of Komehyo Holdings Group Brand Fashion Business (General): Aim to be No. 1 in sales volume. Primary Secondary distribution distribution Purchase Product evaluation/commercialization sale General customers Real store Real store General customers Home delivery Product center Product
Slide 49: Business Domains: Brand Fashion Business (Specialized)
Business Domains of Komehyo Holdings Group Brand Fashion Business (Specialized): Aim to be one-of-a-kind with core fans. Primary Secondary distribution distribution sale Purchase Product evaluation/commercialization sale Real store Product Real Store General General Home delivery purchase customer c
Slide 50: Business Domains: Tire and Wheel Business
Business Domains of Komehyo Holdings Group Tire and Wheel Business Primary Secondary distribution distribution production sale Purchase sale General customers Planning and development General customers commercialization Product production Reuse business Domestic mass retailer Maker Overseas ©Komehyo
Slide 51: Store expansion for a fashion brand business
Corporate Profile Store expansion for a fashion brand business In the Brand Fashion business, we demonstrate our strength through the successful operation of retail stores on a large scale . In addition, we engage in purchases through multiple channels such as stores annexed with sales, purchase cen
Slide 52: Business/service introduction 1
Corporate Profile Business/service introduction １⃣ ｜ The three brands, which engage in the sale and purchase of mainly second -hand brand name items, excel in the convenience of thei r stores, the reliability of their appraisal and their name awareness. They seek to achieve sustained growth in the a
Slide 53: E-commerce-induced sales rate
Corporate Profile E-commerce-induced sales rate | Due to an increase in the unit price per person, e -commerce sales in the second quarter increased 22.5% year -on- year. Due to increased sales of back-ordered items due to inventory expansion, the EC participation rate *1 remains at just over 30%. I
Slide 54: Business/service introduction 2: B2B auctions
Corporate Profile Business/service introduction ２⃣ ｜ We operate a B2B auction for reuse businesses. The inter -corporate transaction market price greatly influences individual purchase prices and retail prices. Auction commissions * on transaction value (GMV) are revenue. KOMEHYO Japan Brand RK AUCT
Slide 55: Business/service introduction 3
Corporate Profile Business/service introduction 3⃣ ｜ Brands specializing in particular products are constantly increasing the number of fans by tapping into core demand. Purchase and sale of premium Consignment and sale of antique Overview Purchase and sale of jewelry sneakers watches and jewelry St
Slide 56: Business/service introduction: Tire and Wheel
Corporate Profile Business/service introduction ｜ In the Tire and Wheel business, we engage in the purchase and sale of tires and wheels, as well as the planning and development of wheels. The supply chain is jointly maintained by the three group companies. AUTO PARTS JAPAN Purchasing and sales of n
Slide 57: Business Phases by Country (Part 1)
Global Expansion: Business Phases by Country (Part 1) BF business Taking the situation into account in each country around the world, we will consider the possibility of deepening businesses to provide further value and that of expanding businesses into a wide range of areas, taking a balanced appro
Slide 58: Business Phases by Country (Part 2)
Global Expansion: Business Phases by Country (Part 2) BF business Based on the three-staged business phases, we will facilitate business expansion through each stage. Global expansion will be made primarily through the deepening and expansion of businesses stage by stage. Business Phases Hong United
Slide 59: Global expansion: 31 stores in total for the Group
Corporate Profile Global expansion| 31stores in total for the Group (as of September 2025) We have expanded into 7 overseas locations with our three brands: KOMEHYO, BRAND OFF, and Rodeo Drive. BF business United States of Hong Kong Taiwan Shanghai Thailand Singapore Malaysia America Brands RODEO DR
Slide 60: Basic Policy on Capital Measures
Basic Policy on Capital Measures Aiming for sustainable improvement of corporate value, we will strive to increase ROE over the medium to long term, aiming for 15% or more. Based on a sound financial base, we will flexibly implement strategic investments and pursue profitability and capital efficien
Slide 61: Management Resource Distribution Policy
Management Resource Distribution Policy Priority is given to securing inventory and capital investment ahead of time to gain market share in growing markets, particularly branded reuse. Also, while maintaining a certain degree of financial discipline, we will actively invest in M&A and other noncont
Slide 62: Key Points for the Fiscal Year Ending March 2026
Key Points for the Fiscal Year Ending March 2026 Considering the external environment and the fact that the product and channel mix has changed due to M&A, expanding market share is essential for the profit growth of the entire Group. While continuing to make aggressive investments going forward, we
Slide 63: Disclaimer / IR contact
Disclaimer This document is an English translation of a document prepared in Japanese. Statements in this document that are not historical facts; statements concerning current plans, forecasts, strategies, and op inions of KOMEHYO Co., Ltd. are forward-looking statements subject to various risks and