Komehyo Holdings Co., Ltd. · TSE:2780
Komehyo — FY2026 Earnings Presentation
74 slides from Komehyo's earnings presentation, May 14, 2026
Slide 1: Earnings Results Briefing for the Fiscal Year Ended March 31, 2026
Earnings Results Briefing for the Fiscal Year Ended March 31, 2026 May 14, 2026 Komehyo Holdings Co., Ltd. Securities code: 2780 (Tokyo and Nagoya Stock Exchanges) ©Komehyo Holdings Co .,Ltd. 1
Slide 2: Vision Mission Value
From reuse to relay use We will inherit that "value". To realize a circular economy, we will cultivate relay reuse as a social culture and contribute to the development of a sustainable society. Vision Mission Value We develop a concept of We respect people for making We listen and empathize with en
Slide 3: Highlights of cumulative financial results for the fiscal year ended March 31, 2026
Highlights of cumulative financial results for the fiscal year ended March 31, 2026 Consolidated financial results for the fiscal year ended March 2026 GMV Individual purchase Consolidated Consolidated Profit attributable to amount (consolidated) Consolidated sales Auction GMV operating profit ordin
Slide 4: Evaluation of the fourth quarter (three months) of the fiscal year ending March 2026
Evaluation of the fourth quarter (three months) of the fiscal year ending March 2026 Strong purchases from individuals resulted in ample inventories for supply to retailers. Both retail and corporate sales outperformed the plan, resulting in a significant increase in net sales. Operating profit more
Slide 5: Contents
Contents P.6 1. Earnings Results for the Fiscal Year Ended March 31, 2026 P.18 2. Segment Overview for the Fiscal Year Ended March 31, 2026 P.29 3. Progress of the Medium-term Management Plan P.43 4. Outlook and Initiatives for the Fiscal Year Ending March 31,2027 5. Appendix P.53 ©Komehyo Holdings
Slide 6: 1. Earnings Results for the Fiscal Year Ended March 31, 2026
1. Earnings Results for the Fiscal Year Ended March 31, 2026 6 ©Komehyo Holdings Co .,Ltd. 6
Slide 7: Performance
Performance Net sales and profits reached record highs. (Millions of yen) FY2022 FY2023 FY2024 FY2025 FY2026 Changes YoY Plan ratio* Net sales 71,148 86,113 119,459 158,994 221,707 62,712 139.4% 110.0% Gross profit 18,415 22,542 29,590 35,248 47,150 11,901 133.8% － Gross profit margin 25.9% 26.2% 24
Slide 8: Purchase from individual customers (Group total)
Purchase from individual customers (Group total) In addition to the continuous opening of new purchasing centers and steady growth of existing stores, historically high gold prices accelerated the bringing-in of gold bullion and watches. As a result, the total amount of purchases hit 137.6% YoY on a
Slide 9: Trends in Consolidated Net Sales and Gross Profit Margin
Trends in Consolidated Net Sales and Gross Profit Margin Strong purchasing leads to securing high-quality inventory, and by prioritizing supply to retailers and utilizing corporate sale s, we are achieving both increased revenue and improved profit margins. 64,200 61,859 49,526 47,179 46,120 42,368
Slide 10: Breakdown of consolidated Net sales (Retail / Overseas/Domestic tax-free sales)
Breakdown of consolidated Net sales (Retail / Overseas/Domestic tax-free sales) 【Retail】 Retail sales have steadily increased due to store expansion both domestically and internationally, and inventory expansion to meet demand. 【Overseas】Aggressive store openings and increased brand awareness in Asi
Slide 11: Changes in selling, general and administrative expenses
Changes in selling, general and administrative expenses Continued to actively invest in stores and personnel for future growth, which increased selling, general, and administrative expenses. （unit : millions of yen） Selling expenses 37,862 • Advertising and promotional expenses for （YoY : 130.2％） op
Slide 12: Analysis of consolidated operating income
Analysis of consolidated operating income The procurement of high-quality inventory through increased purchases and the capture of strong retail demand in Japan and overseas drove profit growth. A substantial increase in gross profit exceeded the strategic increase in SG&A expenses, Operating profit
Slide 13: Non-operating income and expenses/extraordinary income and losses
Non-operating income and expenses/extraordinary income and losses Land expropriation compensation and a lower tax burden boosted profit, offsetting the recording of interest expenses associated with increased borrowing to secure inventory and impairment losses. Interest expenses 583 Foreign exchange
Slide 14: Balance sheet overview
Balance sheet overview Record high growth in purchases from individuals led to a significant expansion in fresh inventory, enabling retail demand to be met immediately. Building a solid asset base that will drive future growth through the development of a structure that maximizes opportunities in al
Slide 15: Inventory Turnover
Inventory Turnover *1 Inventory has expanded to approximately 50 billion yen due to increased stockpiling aimed at strengthening retail operations. While continuing to proactively secure inventory, we aim to improve our cross -ratio in the medium to long term by optimizing profit margins and invento
Slide 16: Consolidated cash flow
Consolidated cash flow Cash flows from operating and investing activities were negative due to the procurement of inventories for future growth and investment in new store openings, respectively. Cash flows from financing activities were positive due to fundraising to increase purchases from individ
Slide 17: Trends in Consolidated Gross Merchandise Volume (GMV)
Trends in Consolidated Gross Merchandise Volume (GMV) GMV*, which indicates the scale of our business, is an indicator for the promotion of relay use. Using increased purchasing capability as a starting point for maximizing merchandising volume in both retail and auction activities. Strengthening ma
Slide 18: 2. Segment Overview for the Fiscal Year Ended March 31, 2026
2. Segment Overview for the Fiscal Year Ended March 31, 2026 18 ©Komehyo Holdings Co .,Ltd. 18
Slide 19: Segment-based summary for the fiscal year ending March 2026
Segment-based summary for the fiscal year ending March 2026 Brand Fashion business（BF） * Tire and wheel business（TW） Individual Net sales Operating profit Net sales Operating profit purchase amount 103,925 215,146 8,731 6,523 323 millions of yen millions of yen millions of yen millions of yen millio
Slide 20: Segment overview for the Fiscal Year Ending March 31, 2026
Segment overview for the Fiscal Year Ending March 31, 2026 • Brand Fashion business : Both sales and profit grew due to strong purchases and the prioritization of retail in the supply of products to meet demand. • Tire and wheel business：Net sales reached a record high due to increased overseas sale
Slide 21: BF business| Full-Year Monthly Review for the Fiscal Year Ending March 2026
BF business| Full-Year Monthly Review for the Fiscal Year Ending March 2026 Net sales Individual purchases YoY YoY2 （unit : millions of yen） 159.0% 147.6% 143.7% 144.6% 148.1% 144.1% 142.6% 140.8% 144.1% 143.5% 130.3% 135.2% 138.0% 140.3% 143.5% 138.6% 139.3% 132.1% 123.2% 123.7% 128.3% 119.2% 112.6
Slide 22: BF business| Purchasing and sales status by route
BF business| Purchasing and sales status by route • Both retail and corporate sales exceeded projections on the back of strong purchases from individuals. The prioritization of retail in the supply of inventories to reliably tap into robust demand contributed to higher retail sales. Maximized LTV th
Slide 23: BF business| Corporate auction GMV growth
BF business| Corporate auction GMV（volume）growth The B-to-B auction business, the core of the Group's "business that contributes to distribution," grew significantly, with total auction GMV for the four businesses reaching 153.7%*1 of the level a year earlier. Full-year GMV exceeded 100 billion yen,
Slide 24: BF business| Topics1 Opening stores in optimal areas and growing existing stores
BF business| Topics1 Opening stores in optimal areas and growing existing stores (domestic) Through aggressive store openings and the deepening of existing stores, we will strengthen the growth foundation of our domestic brand and fashion business. ▍Key Initiatives for the Fiscal Year Ending March 2
Slide 25: BF business| Topics2 Sales growth through e-commerce
BF business| Topics2 Sales growth through e-commerce*1 • E-commerce sales reached a record high, reaching 132.7% of the level a year earlier (full-year cumulative total). The e-commerce rate*2 also remained stable. Maximizing sales opportunities by expanding the store network, revamping the e-commer
Slide 26: BF business| Topics3 Active overseas expansion
BF business| Topics3 Active overseas expansion ▍Store expansion in the Asian region ▍Expanding reach into the North American market ・Opened our first purchase center and sales store in Malaysia. October 2025: ・Achieved better-than-planned progress with the opening of a total of 13 Full-scale launch
Slide 27: BF business| Topics4 Developing alliances centered on discerning eye
BF business| Topics4 Developing alliances centered on "discerning eye." Our 「JFR＆KOMEHYO PARTNERS」 company's 「Rakuma's Best Appraisal」 *Komehyo is offering an inspection service in partnership "discerning with Rakuten Group's flea market app, "Rakuten Rakuma". eye" Progress of "MEGRÜS“ Progress of "
Slide 28: The Tire and Wheel business | Business Overview
The Tire and Wheel business |Business Overview Auto Parts Japan Net sales reached a record high, driven by the sale of used summer tires and overseas sales of our own designed wheels. In terms of profit, a combination of a shorter winter sales season due to the warm winter and strategic investments
Slide 29: 3. Progress of the Medium-term Management Plan
3. Progress of the Medium-term Management Plan 29 ©Komehyo Holdings Co .,Ltd. 29
Slide 30: Outlook for the domestic reuse market
Outlook for the domestic reuse market The domestic reuse market is expanding steadily and is projected to reach 5 trillion yen by 2040. Going forward, the key to market growth will be the expansion of the reuse population. Driven by rising primary distribution prices and changing consumer behavior,
Slide 31: Diversified Business Development and Growth Opportunities
Diversified Business Development and Growth Opportunities We have already built a foundation in Japan by facing multiple markets, including the market of purchases from individuals, auction market, and retail and wholesale market. If the CtoC market is also considered, business opportunities exist i
Slide 32: Position of the Medium-term Management Plan
Position of the Medium-term Management Plan With an eye on becoming the world's No. 1 company in brand reuse sales, we aim for sales of 310 billion yen in the fiscal year ending March 2029. the world'sNo. 1 company in sales of brand goods for reuse Medium-term Management Plan (rolling method) 500 bi
Slide 33: Quantitative targets of the medium-term management plan (FY2025 to FY2029)
Quantitative targets of the medium-term management plan（FY2025 to FY2029) We will promote business expansion while driving profit growth, aiming for sales of 280 billion yen and operating profit of 1 3 billion yen in the fiscal year ending March 2028, which marks our 80th anniversary, as a stepping
Slide 34: 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 35: 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 36: Concept for business growth (BF business)
Concept for business growth（BF business） We defined three businesses: (1) trading business, (2) business that contributes to distribution and (3) business that contri butes to market growth. We are expanding each business with unique human resources, data, and trustworthy assets as a source of compe
Slide 37: Market response capabilities that maximize upward trends in the market
Market response capabilities that maximize upward trends in the market Backed by robust demand for luxury goods, we anticipate that prices for branded products will rise in the medium to long term. In response to short-term market fluctuations, we aim to stabilize and improve our performance by leve
Slide 38: M&A Strategy (BF business)
M&A Strategy (BF business) Consider M&A etc. in overseas markets with excellent growth potential and areas that will lead to higher customer value, aiming to strengthen the business portfolio in addition to achieving organic growth. ▍Approach to alliances Expand the scale and strengthen competitiven
Slide 39: Progress of the Medium-Term Management Plan
Progress of the Medium-Term Management Plan ▍Basic Policy (1) Achieving business growth FY2025 FY2026 Indicators/priority measures Progress of key measures results results Amid intensifying competition to open new stores, we promoted the investment of resources in optimal areas, including the • KOM
Slide 40: Progress of the Medium-Term Management Plan
Progress of the Medium-Term Management Plan ▍Basic Policy (2) Deepening sustainable management FY2025 FY2026 indicators/priority measures Progress of key measures results results Contribution to a GHG emissions (compared with Progress as Progress as • We started calculation of Scope 3. carbon-neut
Slide 41: 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 42: Advancing management with an awareness of capital cost
Advancing management with an awareness of capital cost Analysis and evaluation of current situation Amid rising costs of equity, the company achieved a return on equity (ROE) of 15.7%, exceeding market expectations, through t he growth of individual purchases and the optimization of inventory turnov
Slide 43: 4. Outlook and Initiatives for the Fiscal Year Ending March 31, 2027
4. Outlook and Initiatives for the Fiscal Year Ending March 31,2027 43 ©Komehyo Holdings Co .,Ltd. 43
Slide 44: Rearrangement of given matters that will affect this fiscal year's performance
Rearrangement of given matters that will affect this fiscal year's performance Assuming that the brand reuse market will continue to experience relatively stable market prices and strong demand, the Compa ny aims to expand its market share by securing inventory, mainly through purchases from individ
Slide 45: Market price forecast for main products for the fiscal year ending March 2027
Market price forecast for main products for the fiscal year ending March 2027 Our current product price trend forecasts, which form the basis for our FY2026 plan, are as follows. Jewelry Watch ・Gold prices are expected to remain at record high ・Market prices may fall due to geopolitical risks such
Slide 46: FY2027 Forecast of Consolidated Earnings Results by Quarter
FY2027 Forecast of Consolidated Earnings Results by Quarter We will drive sales and profit growth by strengthening individual purchases, enhancing retail sales, and utilizing diverse sa les channels including corporate sales. While continuing aggressive investments for future growth, we aim to achie
Slide 47: Analysis of consolidated operating income (forecast)
Analysis of consolidated operating income (forecast) Sales are projected to increase by 114% compared to the previous period, setting a new record high. The gross profit margin is aimed to improve by 1.9 percentage points for the full year. While continuing investments for future growth, the company
Slide 48: Dividend forecast
Dividend forecast The annual dividend forecast is set to be 108 yen, an increase of 2 yen from the previous fiscal year. We will continue to focus on maintaining stable dividends and increasing dividends based on increased revenue and profits. Medium-term Management Plan 161 interim dividend(yen)
Slide 49: Key focus points for the fiscal year ending March 2027
Key focus points for the fiscal year ending March 2027 For our group's sustainable growth, overwhelming market share expansion is essential. While continuing to expand our scale through aggressive investment, we will focus on improving our profit structure, centered on strengthening individual purch
Slide 50: Key Focus Points: Overall Vision of Market Share Expansion and Profitability Improvement
Key Focus Points for the Fiscal Year Ending March 2027: Overall Vision of Market Share Expansion and Profitability Improvement Leveraging our advanced market response capabilities, we proactively create contact points with all customer segments, pursuing market share expansion and improved profitabi
Slide 51: Key Focus Points: Strengthening individual purchase / Strengthening retail (domestic)
Key Focus Points for the Fiscal Year Ending March 2027: Strengthening individual purchase / Strengthening retail (domestic) We aim to maximize profits by strengthening individual purchasing, centered on opening new stores and growing existing ones, and by increasing inventory supply to stores and e-
Slide 52: Key Focus Points: Developing new areas and establishing a growth foundation (overseas)
Key Focus Points for the Fiscal Year Ending March 2027: Developing new areas and establishing a growth foundation (overseas) Starting from ASEAN, the Greater Bay Area (Guangdong-Hong Kong-Macao Greater Bay Area), and North America, we aim to optimize our purchasing and sales channels according to th
Slide 53: 5. Appendix
5. Appendix 53 ©Komehyo Holdings Co .,Ltd. 53
Slide 54: Appendix
Appendix 1. Company Profile P.55 2. Global expansion P.71 ©Komehyo Holdings Co .,Ltd. 54
Slide 55: 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 56: Corporate Profile 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 2
Slide 57: Company Highlights (Consolidated) (As of March 2026)
Company Highlights (Consolidated) (As of March 2026) 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 221,707 millions of yen （ Growth achieved in five consecutive
Slide 58: Business list (Consolidated) (As of March 2026)
Business list (Consolidated) (As of March 2026) 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 59: Corporate Profile Human Capital Data (As of the end of March 2026)
Corporate Profile Human Capital Data (As of the end of March 2026) 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 60: (Reference) Advancing management with an awareness of capital cost Initiatives
(Reference) Advancing management with an awareness of capital cost Initiatives Make exhaustive efforts to increase margins, improve capital efficiency, and use financial leverage in order to achieve an RO E of 15% or higher, based on the premise that business growth exceeding market growth will be a
Slide 61: Business Domains of Komehyo Holdings Group
Business Domains of Komehyo Holdings Group Brand Fashion Business (General): Aim to be No. 1 in sales volume. ©Komehyo Holdings Co .,Ltd. 61
Slide 62: Business Domains of Komehyo Holdings Group
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 63: Business Domains of Komehyo Holdings Group: 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 Domestic mass retailer Reuse business Maker Overseas ©Komehyo
Slide 64: Corporate Profile 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 65: Corporate Profile 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 66: Corporate Profile Business/service introduction 2
CorporateProfileBusiness/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. In addition, the use of cross
Slide 67: Corporate Profile 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 68: Corporate Profile Business/service introduction
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 69: Stores in total for the Group (as of March 2026)
Stores | 337 stores in total for the Group (as of March 2026) During the 3 months of 4Q, we opened a total of 10 stores in Japan and overseas, bringing the total to 44 stores for the full year (31 stores in Japan and 13 stores overseas). We opened 2 flagship stores under the KOMEHYO brand and also e
Slide 70: Corporate Profile Breakdown of domestic duty-free sales
Corporate Profile Breakdown of domestic duty-free sales While China's share decreased compared to the previous quarter, growth in other regions, including the United States, led to further diversification of the customer portfolio. The United States, in particular, saw a significant increase of +3.9
Slide 71: Global Expansion: Business Phases by Country (Part 1)
Global Expansion: Business Phases by Country (Part 1) 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 approach on a cou
Slide 72: Global Expansion: Business Phases by Country (Part 2)
Global Expansion: Business Phases by Country (Part 2) 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 Japan Thail
Slide 73: Global expansion| 40 stores in total for the Group (as of March 2026)
Corporate Profile Global expansion| 40 stores in total for the Group (as of March 2026) We have expanded into 7 overseas locations with our three brands: KOMEHYO, BRAND OFF, and Rodeo Drive. United States of Hong Kong Taiwan Shanghai Thailand Singapore Malaysia America Brands KOMEHYO KOMEHYO KOMEHYO
Slide 74: 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