Milbon Co., Ltd. · TSE:4919
Milbon — Q2 FY2026 Earnings Presentation
55 slides from Milbon's earnings presentation, Aug 10, 2026
Slide 1: Financial Results for Q2 of FY2026
Financial Results for Q2 of FY2026 (Ending December 31, 2026) Milbon Co., Ltd. (TSE code: 4919) August 10, 2026 © Milbon Co., Ltd. All rights reserved.
Slide 2: Key Highlights of Financial Results for the First Half of FY2026
Key Highlights of Financial Results for the First Half of FY2026 FY2026 [Year-on-year] Net Sales increased by 8.3%, and operating income increased by 72.7%. 1H Results [Versus plan] Net Sales increased by 2.9%, and operating income increased by 39.5%, exceeding the plan. • Although the domestic hair
Slide 3: Contents
1. Consolidated Financial Results P3 2. Financial Results by Region and Revision of Full-Year P7 Earnings Forecast Contents 3. Progress in FY2026 P20 4. Appendix P40 This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this
Slide 4: Consolidated Statement of Earnings
Consolidated Statement of Earnings Net sales rose YoY and plan due to strong overseas performance. Operating income increased significantly due to higher sales, improved gross profit, and timing differences in SG&A expenses. FY2026 FY2025 FY2026 Diff. Vs. Target Diff. Q2 YTD Q2YTD （％） （％） (Unit: mil
Slide 5: Consolidated Operating Income – Factors Behind YoY Changes
Consolidated Operating Income – Factors Behind YoY Changes Gross profit increased due to higher sales and improved gross profit margin. The increase in gross profit more than offset higher logistics and personnel costs, resulting in a significant increase in operating income. R&D Decrease in expense
Slide 6: Consolidated Operating Income – Factors Behind Difference vs. Target
Consolidated Operating Income – Factors Behind Difference vs. Target Although marketing and R&D expenses reflect timing factors, operating income significantly exceeded the plan, driven by higher gross profit on stronger sales. R&D expenses Personnel (million yen) Logistics Other Increase in Increas
Slide 7: Contents
1. Consolidated Financial Results P3 2. Financial Results by Region and Revision of Full-Year P7 Earnings Forecast Contents 3. Progress in FY2026 P20 4. Appendix P40 This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this
Slide 8: Net Sales and Operating Income by Region
Net Sales and Operating Income by Region Q2 YTD Exchange Exchange Q2 YTD Q2 YTD Actual Diff. Diff. Diff. (%) FY2026 Rate Rate FY2025 FY2026 Rate*1 (%) (Unit: million yen) Target Q2 FY25 Q2 FY26 Net Sales 18,483 18,993 510 2.8% 2.8% 18,872 Japan Operating Income 1,640 2,161 520 31.6% － 1,900 － － Marg
Slide 9: Financial Results by Region: Japan
Financial Results by Region: Japan Market conditions remain unchanged. However, hair care sales remained resilient, increasing by 4.4% YoY. Hair coloring products fell short of plan due to the delayed PRETOWA launch, but hair care sales exceeded plan, resulting in overall achievement of the plan. Yo
Slide 10: Financial Results by Region: South Korea
Financial Results by Region: South Korea Net sales met plan supported by strengthened sales activities. Operating income exceeded plan due to controlled SG&A expenses. YoY Growth Rate of Sales by Quarterly Net Sales (mil. yen) Quarterly Operating Income (mil. yen) Product Category* Following Q1, sal
Slide 11: Financial Results by Region: China
Financial Results by Region: China Although the market environment remained sluggish, our proposal and educational activities for priority salons drove growth in both hair coloring and hair care products, with both net sales and operating income exceeding plan. YoY Growth Rate of Sales by Quarterly
Slide 12: Financial Results by Region: United States
Financial Results by Region: United States The impact of the distributor switch by a competing brand has run its course. In Q2, results broadly came in line with plan. High growth was maintained year-on-year, while profitability also continued to improve. YoY Growth Rate of Sales by Quarterly Net Sa
Slide 13: Financial Results by Region: EU
Financial Results by Region: EU In addition to expanded sales of new hair care products, the acquisition of new salon accounts is progressing well. The color ambassador initiative also contributed, and high growth continued, driven by direct sales in Germany. YoY Growth Rate of Sales by Quarterly Ne
Slide 14: Revision of Full-Year Earnings Forecast
Revision of Full-Year Earnings Forecast FY2026 FY2026 Diff. FY2025 Initial Revised Diff. （％） (Unit: million yen) Target Target Net Sales 52,863 54,800 55,600 800 +1.5% Japan 39,206 39,880 40,050 170 +0.4% Overseas 13,657 14,920 15,550 630 +4.2% Gross Profit 33,176 34,720 34,900 180 +0.5% Gross Profi
Slide 15: Factors Behind the Adjustment to Consolidated Operating Income
Revision of Full-Year Earnings Forecast: Factors Behind the Adjustment to Consolidated Operating Income We have revised the forecast upward to reflect strong first-half net sales. We expect an additional 500 million yen in costs added to raw materials and supplies due to the Middle East situation. S
Slide 16: Breakdown of Changes to Current Fiscal Year Plan
Breakdown of Changes to Current Fiscal Year Plan FY2026(Initial Target） FY2026（Revised Target） Q2 YTD Q4 YTD Q2 YTD（Results） Q4 YTD （Unit: million yen) Net Sales 18,872 39,880 18,993 40,050 Japan Operating Income 1,900 5,090 2,161 4,850 Margin (%) 10.1% 12.8% 11.4% 12.1% Net Sales 7,253 14,920 7,884
Slide 17: Impact of the Middle East Situation on Financial Results
Impact of the Middle East Situation on Financial Results Procurement and supply systems remain stable. The impact of cost increases is already factored into the full-year forecast. Impact on Business Activities and Response No material impact on procurement has been identified at this time. • We con
Slide 18: Status of Inventory
Status of Inventory （million yen） (1) Inventory 12,129 buildup in 10,371 10,303 10,505 10,539 preparation for the launch of PRETOWA (2) Deliberate inventory build in light of the 2,528 situation in the 2,104 2,051 2,019 2,117 Middle East and other factors 9,063 7,813 7,815 8,029 8,001 Q2 FY24 Q4 FY2
Slide 19: Shareholder Return: Dividends and Acquisition of Treasury Shares
Shareholder Return: Dividends and Acquisition of Treasury Shares Under our progressive dividend policy, the interim dividend was set at ¥40 as planned, and the year-end forecast of ¥48 remains unchanged. Additionally, we resolved to repurchase up to ¥1.8 billion of our shares to improve capital effi
Slide 20: Contents
1. Consolidated Financial Results P3 2. Financial Results by Region and Revision of Full-Year P7 Earnings Forecast Contents 3. Progress in FY2026 P20 4. Appendix P40 This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this
Slide 21: Review of the First Half
Review of the First Half In Japan, we achieved our plan despite the delayed launch of PRETOWA. Supported by strong overseas performance, we have revised our full-year forecast upward, incorporating increased costs. Japan New products such as Suwae are performing well. Hair Care Sales of premium bran
Slide 22: Our Strategic Direction and Current Challenges
Our Strategic Direction and Current Challenges(Announced in Q2 FY2025) We are building stable growth in Japan, aiming for the top spot in Asia, and accelerating expansion in the U.S. and Europe. Overseas business is strong, while premiumization remains a challenge in Japan. Our Strategic Direction J
Slide 23: Market Environment in Japan
Market Environment in Japan The proportion of household spending on beauty services is showing a slight downward trend from flat. With growing cost-consciousness driven by inflation, adapting to shifts in consumer behavior is urgent. Historical Trend of the Beauty Spending Coefficient* Changes in Co
Slide 24: Domestic Market Environment: Salon Growth Strategies
Domestic Market Environment: Salon Growth Strategies Consumers increasingly rely on social media as a daily source of beauty related information. As a result, hair salons are moving toward a model in which they refine individual staff strengths, communicate expertise in defined areas, and match more
Slide 25: Our Initiatives in Japan for FY2026
Our Initiatives in Japan for FY2026 By capturing the small mass market, we aim to support stylists’ information dissemination and help salons drive revenue and profit growth through clearly targeted professional and take- home products. Mature Segment Younger Segment Hair Color Hair Care Hair Care a
Slide 26: Hair Care Products in Japan
Hair Care Products in Japan Amid continued inflationary pressures, sales of hair care products remained solid, increasing 4.4% year-on-year in the first half. In addition to strong performance of new products, we aim to drive further sales growth through ongoing educational activities. Aujua New Pro
Slide 27: Hair Coloring Markets in Japan
Hair Coloring Markets in Japan In an increasingly polarized market environment, sales of fashion color fell below the previous year due to the delayed launch of PRETOWA. However, solid performance of Villa Lodola Color resulted in only a modest decline in overall hair color sales. Polarizing Hair Co
Slide 28: New Hair Color Brand: PRETOWA
New Hair Color Brand: PRETOWA PRETOWA is scheduled to be launched on September 10. Pre-launch marketing activities have received highly positive feedback from both distributors and hair salons. Reflecting the launch delay, the sales target for the current fiscal year has been revised to ¥0.7 billion
Slide 29: Our Direction and Growth Opportunities Ahead
Our Direction and Growth Opportunities Ahead Domestic improvements are progressing steadily, and we will report on our initiatives and progress toward becoming No.1 in Asia and accelerating growth in Europe and the United States. Our Direction Japan Asia The U.S. and Europe Strengthening our No.1 ma
Slide 30: USA: Review of Business Development to Date
USA: Review of Business Development to Date We have been establishing a sales structure across the vast country and addressing hair types unique to Europe and North America, while developing distributor sales network and shift in product strategy. Growth has accelerated after the COVID-19 pandemic.
Slide 31: USA: Competitive Advantages of Global Milbon
USA: Competitive Advantages of Global Milbon In the U.S. market, the quality and performance of Global Milbon products are highly valued. These are two key factors that help salons differentiate themselves. 1. Professional Products to Enhance the 2. Take-home Products to Boost Value of Salon Menus S
Slide 32: USA: Distributor Network Driving Our Growth and Expanding In-Store Share
USA：Distributor Network Driving Our Growth and Expanding In-Store Share We have completed the establishment of sales structure across North America. Furthermore, we have achieved No.1 in-store share with major distributors in the Western and Eastern regions, and share expansion is also progressing w
Slide 33: USA: Competitive Advantages That Support Growth
USA: Competitive Advantages That Support Growth The business model developed in Japan is also gaining traction in the United States. We are expanding salon support, beginning with hair care, while developing educational and business support models. The USA has a high demand for hairstylist education
Slide 34: South Korea: Initiatives to Become No.1 in the South Korean Market
South Korea: Initiatives to Become No.1 in the South Korean Market Estimated market share ranks No.2. While growth at the market leader is moderating, we continue to deliver strong growth. Driving growth through hair color and further expanding performance through growth in hair care and perm produc
Slide 35: China: Market Shifts and the Growing Traction of Milbon’s Philosophy
China: Market Shifts and the Growing Traction of Milbon’s Philosophy Since the COVID-19 pandemic, the market has changed significantly, but our policy proposal activities have steadily gained traction. Our policy proposals, which support the growth of hair salons, have been well received, contributi
Slide 36: EU: Expansion into Growth Markets from Germany
EU： Expansion into Growth Markets from Germany The commission sales model is making steady progress, but we have not yet covered all of Germany, so we first aim to expand within Germany. Meanwhile, we are advancing expansion to other countries through distributors Expansion of Sales Channels within
Slide 37: Closing Summary
Closing Summary Domestic business exceeded planned progress despite the delayed launch of PRETOWA. In the second half, we aim to recover market share with the new color "PRETOWA." Overseas is performing well, including strong performance in the US; full-year forecast revised upward. Expand Overseas
Slide 38: Revision of Full-Year Earnings Forecast
Revision of Full-Year Earnings Forecast FY2026 FY2026 Diff. FY2025 Revised Diff. Target （％） (Unit: million yen) Target Net Sales 52,863 54,800 55,600 800 +1.5% Japan 39,206 39,880 40,050 170 +0.4% Overseas 13,657 14,920 15,550 630 +4.2% Gross Profit 33,176 34,720 34,900 180 +0.5% Gross Profit Margin
Slide 39: Considerations for the Next Medium-Term Management Plan (2027-2031)
Considerations for the Next Medium-Term Management Plan(2027-2031) Changes in the External Environment • Significant shifts in the business environment amid persistent low growth, normalized inflation, and changes in population and industrial structure • Evolution of our growth strategy in light of
Slide 40: Contents
1. Consolidated Financial Results P3 2. Financial Results by Region and Revision of Full-Year P7 Earnings Forecast 3. Progress in FY2026 P20 4. Appendix Contents P40 Consolidated Operating Income （Quarterly Basis） P41 Status of Main Brands P43 Net Sales and Operating Income by Region(Results and Tar
Slide 41: Consolidated Operating Income – Factors Behind YoY Changes (Quarterly Basis)
Consolidated Operating Income – Factors Behind YoY Changes (Quarterly Basis) Higher gross profit from increased sales and an improved gross profit margin more than offset SG&A expenses, resulting in a substantial increase in operating income. R&D Personnel (million yen) expenses Logistics Travel Mar
Slide 42: Consolidated Operating Income – Factors Behind Difference vs. Target (Quarterly Basis)
Consolidated Operating Income – Factors Behind Difference vs. Target (Quarterly Basis) In addition to higher gross profit driven by sales growth, the timing of marketing expenses and R&D expenses contributed to results exceeding plan. (million yen) R&D Personnel Logistics Other Increase in expenses
Slide 43: Status of Main Brands – Hair Care Products
Status of Main Brands – Hair Care Products Hair Care – Aujua Hair Care – Global Milbon The number of salons introducing Aujua continued to expand both in Sales growth is being propelled by our strong performance in Japan and South Korea. overseas markets, especially in the United States. FY2025 FY20
Slide 44: Status of Main Brands – Hair Coloring Products
Status of Main Brands – Hair Coloring Products Hair Coloring – Ordeve Addicthy Hair Coloring – Villa Lodola Color The domestic fashion color market continues to face a slowdown and The number of salons adopting Villa Lodola Color has increased, heightened competition. We aim to regain momentum by su
Slide 45: Status of Main Brands – Cosmetics
Status of Main Brands – Cosmetics Cosmetics – Imprea Cosmetics – IM The core lotion products continued to perform steadily. Although new products have been launched, sales have fallen short of the target. FY2025 FY2026 (Unit: mil. yen) Q2 Q2 YTD Q2 Q2 YTD FY2025 FY2026 Gross Sales 122 252 117 230 (U
Slide 46: Net Sales and Operating Income by Region (Results and Target)
Net Sales and Operating Income by Region(Results and Target) FY2026 FY2026 FY2025（Results） FY2026（Results） Initial Target Revised Target (Unit: million yen) Q1 YTD Q2 YTD Q3 YTD Q4 YTD Q1 YTD Q2 YTD Q4 YTD Q4 YTD Net Sales 8,165 18,483 27,819 39,206 8,462 18,993 39,880 40,050 Japan Operating Income
Slide 47: Consolidated Net Sales and Sales Ratio by Category
Consolidated Net Sales and Sales Ratio by Category FY2025 FY2026 FY2026 (Unit: million yen) Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Revised Target Net Sales 11,180 13,626 13,020 15,035 52,863 12,415 14,463 26,878 55,600 Hair Care 6,938 8,685 7,944 9,897 33,466 7,847 9,302 17,150 35,620 Hair 3,706 4,275 4,42
Slide 48: Sales Growth and Sales Ratio by Category: Japan
Sales Growth and Sales Ratio by Category : Japan FY2025 FY2026 Japan Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net Sales (2.5%) +3.2% +0.1% +3.6% +1.3% +3.6% +2.1% +2.8% Hair Care +6.6% +6.8% +2.1% +6.5% +5.6% +5.5% +3.5% +4.4% Hair Coloring (7.9%) (1.8%) (2.1%) (4.2%) (3.9%) (0.5%) (0.0%) (0.2%) Perm (23.3%)
Slide 49: Sales Growth and Sales Ratio by Category: Overseas
Sales Growth and Sales Ratio by Category : Overseas FY2025 FY2026 South Korea Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net Sales +0.8% +10.0% +19.5% +2.5% +8.3% +16.8% +8.0% +12.1% Hair Care +5.0% +14.2% +18.0% +3.0% +10.1% +22.7% +15.7% +18.9% Hair Coloring (2.9%) +6.2% +16.9% +2.3% +5.7% +16.6% +8.2% +12.0
Slide 50: Sales Growth and Sales Ratio by Category: Overseas
Sales Growth and Sales Ratio by Category : Overseas FY2025 FY2026 USA Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Net Sales +18.4% +40.7% +39.4% +17.9% +29.4% +67.1% +11.4% +34.8% Hair Care +22.9% +41.2% +39.0% +18.1% +30.4% +68.7% +13.7% +36.9% Hair Coloring (7.2%) +37.3% +63.3% +22.3% +27.3% +69.2% +0.5% +28.
Slide 51: Status of Capital Expenditures, etc.
Status of Capital Expenditures, etc. FY2026 FY2026 FY2022 FY2023 FY2024 FY2025 (Unit: million yen) Q2YTD Target Capital Expenditures 4,097 3,151 2,865 2,701 1,151 1,950 Depreciation and 2,026 2,213 2,288 2,317 1,192 2,410 Amortization Amount 2,074 2,334 2,452 2,672 1,283 2,884 R&D exp. % to 4.6 4.9
Slide 52: Progress on milbon:iD and Smart Salon Initiatives
Progress on milbon:iD and Smart Salon Initiatives milbon:iD Although the growth in number of salons has slowed due to the exclusion of closed locations following a change in the counting criteria, the number of registered users continues to increase steadily. Since June 2025, we connected milbon:iD
Slide 53: The Number of Field Person (FP)
The Number of Field Person (FP) The Number of FP by Country FP Recruitment and Training Status in Japan Upper column: Average number of FPs during the period (persons) Lower column: Net sales per FP (million yen) FY2023 FY2024 FY2025 FY2026 As of June 30, 2026 Japan 350.2 361.4 364.8 367.0 12 FPs jo
Slide 54: Forex Assumption and Sensitivities
Forex Assumption and Sensitivities (million yen) Impact on FY2026 Impact on Consolidated Q2 Results Assumption Consolidated Net Sales Operating Income KRW 0.105 yen +1% → +55 +1% → +39 0.1069 yen RMB 21.5 yen +1% → +24 +1% → +5 23.03 yen USD 150.0 yen +1% → +25 +1% → +8 158.59 yen EUR 180.0 yen +1%
Slide 55: Disclaimer
Disclaimer With respect to the business forecasts included in this document, any statement that is not historical fact is a forward-looking statement based on information available and certain premises that are judged to be rational at the time of the announcement. Please be aware that actual result