Milbon Co., Ltd. · TSE:4919
Milbon — Q1 2026 Earnings Presentation
31 slides from Milbon's earnings presentation, May 15, 2026
Slide 1: Financial Results for Q1 of FY2026
Financial Results for Q1 of FY2026 (Ending December 31, 2026) Milbon Co., Ltd. (TSE code: 4919) May 15, 2026 © Milbon Co., Ltd. All rights reserved.
Slide 2: Contents
1. Consolidated Financial Results P2 2. Financial Results by Region and FY2026 Outlook P7 Contents 3. Appendix P18 This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the
Slide 3: Key Highlights of Financial Results for Q1 of FY2026
Key Highlights of Financial Results for Q1 of FY2026 FY2026 [Year-on-year] Net Sales increased by 11.0%, and operating income increased by 75.4%. Q1 YTD [Versus plan] Net Sales increased by 3.7%, and operating income increased by 62.4%, Results exceeding the plan. • Domestic hair salon market growth
Slide 4: Consolidated Statement of Earnings
Consolidated Statement of Earnings Although sales benefited from the weaker yen, strong overseas performance drove to solid sales growth. Operating income significantly exceeded the plan, supported by higher gross profit from increased sales as well as timing differences in SG&A expenses. FY2026 FY2
Slide 5: Consolidated Operating Income – Factors Behind YoY Changes
Consolidated Operating Income – Factors Behind YoY Changes In addition to higher sales, the gross profit margin improved. Logistics costs increased with higher sales, while personnel expenses rose primarily due to headcount growth and base salary increases. Increase in Increase in selling prices gro
Slide 6: Consolidated Operating Income – Factors Behind Difference vs. Target
Consolidated Operating Income – Factors Behind Difference vs. Target Although marketing and R&D expenses included timing differences, they contributed positively to profit versus the plan. R&D Personnel Other (million yen) Logistics Decrease in expenses expenses expenses Increase in expenses gross p
Slide 7: Contents
1. Consolidated Financial Results P2 2. Financial Results by Region and FY2026 Outlook P7 Contents 3. Appendix P18 This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the
Slide 8: Net Sales and Operating Income by Region
Net Sales and Operating Income by Region Q1 YTD Exchange Exchange Q1 YTD Q1 YTD Actual Diff. Diff. Diff. (%) FY2026 Rate Rate FY2025 FY2026 Rate*1 (%) (Unit: million yen) Target Q1 FY25 Q1 FY26 Net Sales 8,165 8,462 296 3.6% 3.6% 8,446 Japan Operating Income 566 660 93 16.5% － － － － Margin (%) 6.9%
Slide 9: Financial Results by Region: Japan
Financial Results by Region: Japan Market conditions remain largely unchanged; however, sales of hair care product remained resilient, increasing by 5.5% YoY. Hair coloring product declined by 0.5%, with the decline narrowing. Both sales and operating income progressed largely in line with the plan.
Slide 10: Financial Results by Region: South Korea
Financial Results by Region: South Korea Reflecting a rebound from the impact of political instability in the Q1 last year, both sales and operating income showed high growth rates. While sales slightly fell short of the plan, operating income exceeded the plan. YoY Growth Rate of Sales by Quarterly
Slide 11: Financial Results by Region: China
Financial Results by Region: China Although the market conditions remained challenging, both sales and operating income recorded strong growth and exceeded the plan, partly due to the timing shift of the Lunar New Year. YoY Growth Rate of Sales by Quarterly Net Sales (mil. yen) Quarterly Operating I
Slide 12: Financial Results by Region: United States
Financial Results by Region: United States Sales of both hair care and hair coloring products increased substantially. Market changes resulting from a distributor switch by a competing brand in the professional segment also contributed, leading to the significant increase in our sales. YoY Growth Ra
Slide 13: Financial Results by Region: EU
Financial Results by Region: EU Sales achieved strong growth, driven by new product launches, new salon account acquisitions, and the expansion of direct sales in Germany. Meanwhile, operating losses continued due to ongoing upfront investments. YoY Growth Rate of Sales by Quarterly Net Sales (mil.
Slide 14: TOPIC 1: Impact of the Middle East Situation on Financial Results
TOPIC 1: Impact of the Middle East Situation on Financial Results Uncertainty regarding raw material procurement as well as rising costs has increased due to the situation in the Middle East. Temporary supply constraints or sales timing adjustments may occur for certain products. Impact on Business
Slide 15: TOPIC 2: Changes to Governance Structure
TOPIC 2: Changes to Governance Structure The independent auditor was changed following a long-term contract and other factors. Also, a mandate-based executive officer model was introduced to further strengthen the separation between management oversight and execution. Change of Independent Auditor (
Slide 16: Outlook After Q2
Outlook After Q2 Although the situation in the Middle East is expected to remain a concern in the second half, its impact is anticipated to be limited. Given the recent strong performance, the full-year target remains unchanged at this stage. Outlook After Q2 Q • We expect continued solid demand for
Slide 17: Financial Target for FY2026
Financial Target for FY2026 FY2026 Diff. FY2025 Diff. (Unit: million yen) Target （％） Net Sales 52,863 54,800 1,936 3.7% Japan 39,206 39,880 673 1.7% Overseas 13,657 14,920 1,262 9.2% Gross Profit 33,176 34,720 1,543 4.7% Gross Profit Margin 62.8% 63.4% － － SG&A Expenses 27,523 28,420 896 3.3% Operat
Slide 18: Agenda
1. Consolidated Financial Results P2 2. Financial Results by Region and FY2026 Outlook P7 3. Appendix P18 Trend in the Beauty Spending Coefficient in Japan P19 Agenda Status of Main Brands P20 Net Sales and Operating Income by Region(Results and Target) P23 Consolidated Sales Growth and Sales Ratio
Slide 19: Trend in the Beauty Spending Coefficient in Japan
Trend in the Beauty Spending Coefficient in Japan Household spending on hairdressing services and products was at a low level in Q1 FY2025 but Showed signs of recovery in Q2 Historical Trend in the Beauty Spending Coefficient* 3.2% 3.1% 3.11% 2.97% 3.0% 2.97% 2.96% 2.98% 2.95% 2.90% 2.9% 2.90% 2.90%
Slide 20: 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 21: 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 22: 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) Q1 Q1 YTD Q1 Q1 YTD FY2024 FY2025 Gross Sales 129 129 113 113 (U
Slide 23: Net Sales and Operating Income by Region(Results and Target)
Net Sales and Operating Income by Region(Results and Target) FY2025（Results） FY2026（Target） (Unit: million yen) Q1 YTD Q2 YTD Q3 YTD Q4 YTD Q1 YTD Q2 YTD Q3 YTD Q4 YTD Net Sales 8,165 18,483 27,819 39,206 8,446 39,880 Japan Operating Income 566 1,640 2,645 4,757 601 5,090 Margin (%) 6.9% 8.9% 9.5% 1
Slide 24: 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 Target Net Sales 11,180 13,626 13,020 15,035 52,863 12,415 12,415 54,800 Hair Care 6,938 8,685 7,944 9,897 33,466 7,847 7,847 34,800 Hair 3,706 4,275 4,427 4,486 16,896 4,010 4
Slide 25: 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% +3.6% Hair Care +6.6% +6.8% +2.1% +6.5% +5.6% +5.5% +5.5% Hair Coloring (7.9%) (1.8%) (2.1%) (4.2%) (3.9%) (0.5%) (0.5%) Perm (23.3%) (9.6%) (18.8%) (3.
Slide 26: 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% +16.8% Hair Care +5.0% +14.2% +18.0% +3.0% +10.1% +22.7% +22.7% Hair Coloring (2.9%) +6.2% +16.9% +2.3% +5.7% +16.6% +16.6% Perm +10.2% +10.2
Slide 27: 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% +67.1% Hair Care +22.9% +41.2% +39.0% +18.1% +30.4% +68.7% +68.7% Hair Coloring (7.2%) +37.3% +63.3% +22.3% +27.3% +69.2% +69.2% Perm (17.7%) +5.0
Slide 28: Status of Capital Expenditures, etc.
Status of Capital Expenditures, etc. FY2026 FY2026 FY2022 FY2023 FY2024 FY2025 (Unit: million yen) Q1YTD Target Capital Expenditures 4,097 3,151 2,865 2,701 852 1,950 Depreciation and 2,026 2,213 2,288 2,317 593 2,410 Amortization Amount 2,074 2,334 2,452 2,672 622 2,884 R&D exp. % to 4.6 4.9 4.8 5.
Slide 29: 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 March 31, 2026 Japan 350.2 361.4 364.8 368.0 12 FPs j
Slide 30: Forex Assumption and Sensitivities
Forex Assumption and Sensitivities (million yen) Impact on FY2026 Impact on Consolidated Q1 Results Assumption Consolidated Net Sales Operating Income KRW 0.105 yen +1% → +55 +1% → +39 0.1074 yen RMB 21.5 yen +1% → +24 +1% → +5 22.56 yen USD 150.0 yen +1% → +25 +1% → +8 156.45 yen EUR 180.0 yen +1%
Slide 31: 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