Honma Golf Ltd. · HKEX:6858
Honma Golf — H1 FY2026 Earnings Presentation
33 slides from Honma Golf's earnings presentation, November 2025
Slide 1: 2025/2026 Interim Result
2025/2026 INTERIM RESULT HONMA GOLF LIMITED(6858.HK) ONE OF THE MOST PRESTIGIOUS AND ICONIC BRANDS IN THE GOLF INDUSTRY NOV. 2025
Slide 2: Disclaimer
DISCLAIMER You must read the terms, conditions, limitations, notifications, restrictions, acknowledgments and representations in the following (the “Terms”) before reading or making any other use of this presentation. In reading or making any other use of this presentation, you acknowledge and agree
Slide 3: Contents
CONTENTS 01 02 03 04 05 HONMA PERFORMANCE BUSINESS FINANCIAL APPENDIX OVERVIEW HIGHLIGHTS REVIEW
Slide 4: Honma Overview
2025/2026 INTERIM RESULTS 01 HONMA
Slide 5: 2025/2026 Interim Results: Honma overview
#1 PREMIUM GOLF BRAND FOUNDED IN 1959, JAPAN 67 YEARS OF DEDICATIONS TOWARDS QUALITY AND CRAFTSMANSHIP THE ONLY VERTICALLY INTEGRATED GOLF COMPANY IN THE WORLD 2025/2026 INTERIM RESULTS IN-HOUSE R&D AND COMPREHENSIVE CLUB AND EXTENSIVE DTC + CLUB MANUFACTURING NON-CLUB PRODUCT PORTFOLIO DISTRIBUTION
Slide 6: Performance Overview
2025/2026 INTERIM RESULTS 02 OVERVIEW PERFORMANCE
Slide 7: Key Financials
For the six months ended 30 Sep. 2025, the Company continued to garner sales growth from its direct-to-consumer channels while implementing various optimizations within its wholesales channels, all with a view to deliver its long-term business strategies while carefully protecting its cash flow and
Slide 8: Performance Overview by Market
PERFORMANCE OVERVIEW BY MARKET 1H FY26 NET SALES: JPY 7,868 MM / USD 53.9 MM, -19.8% YOY • Revenue from Japan decreased by 33.1% as the Group restructured its team and distribution strategy to focus on self-operated channels while gradually reducing loss-making and low- efficiency wholesale channels
Slide 9: Performance Overview by Product Category
PERFORMANCE OVERVIEW BY PRODUCT CATEGORY 1H FY26 NET SALES: JPY 7,868 MM / USD 53.9 MM, -19.8% YOY • Revenue from country specific club rose by 33.1% thanks to China and GOLF CLUBS Korea. Revenue from putters increased 36.4%. Both reconfirmed HONMA’s NET SALES -18.3% TO JPY 5,450 MILLION / USD 37.3
Slide 10: Performance Overview by Channel
PERFORMANCE OVERVIEW BY CHANNEL 1H FY26 NET SALES: JPY 7,868 MM / USD 53.9 MM, -19.8% YOY • DTC channels will remain a key focus for the Group in the midterm. NET SALES MIX BY CHANNEL DIRECT-TO-CONSUMER CHANNELS % NET SALES -15.1% TO 4,676 JPY MILLION / USD 32.0 MM GROSS MARGIN -8.1pp TO 53.8% 2025/
Slide 11: Business Highlights
2025/2026 INTERIM RESULTS 03 BUSINESS HIGHLIGHTS
Slide 12: Honma Growth Strategy: single brand, multi-categories & Asia-focused
HONMA GROWTH STRATEGY: “single brand, multi-categories & asia-focused” THE GROUP STRATEGICALLY FOCUSES ON THE DEVELOPMENT OF ITS HOME MARKETS IN ASIA AND THE MARKETING OF ITS EXQUISITE PRODUCT OFFERINGS TARGETING SUPER-PREMIUM AND PREMIUM-PERFORMANCE CONSUMER SEGMENTS. THE THREE PILLARS OF HONMA’S G
Slide 13: Product: exquisite portfolio combining Japanese craftsmanship with innovative technology
PRODUCT: exquisite portfolio combining Japanese craftsmanship with innovative technology FOCUSING ON SUPER-PREMIUM AND PREMIUM-PERFORMANCE CONSUMER SEGMENTS SUPER-PREMIUM PREMIUM-PERFORMANCE OTHER CLUB PRODUCTS COUNTRY SPECIFIC MODELS, SPECIAL EDITIONS, PUTTERS HONMA x Malbon TW777 Sakura Dance 2 20
Slide 14: Product: Golf club sales and launches
PRODUCT: exquisite portfolio combining Japanese craftsmanship with innovative technology FOCUSING ON SUPER-PREMIUM AND PREMIUM-PERFORMANCE CONSUMER SEGMENTS CLUB SALES -18.3% YOY TO JPY 5,450 MILLION, GROSS MARGIN -2.9pp TO 57.5% • In the first half of FY26, country specific club showed a robust gro
Slide 15: Product: Continued pivoting sales growth in golf balls
PRODUCT: Continued pivoting sales growth in golf balls UPWARD RETAIL PRICE ADJUSTMENT TO FURTHER STRENGTHEN BALL’S PRODUCT PYRAMID BALL SALES -18.9% YOY TO JPY 738 MILLION, GROSS MARGIN +3.9 pp TO 31.7% • Golf ball sales declined due to Japan, as a result of fierce market competition and upward reta
Slide 16: Product: Nurturing apparel business
PRODUCT: Nurturing apparel business to build a leading golf lifestyle brand APPAREL COLLECTION CATERING TO GOLFERS ‘ ON-COURSE AND OFF-COURSE REQUIREMENTS APPAREL SALES -16.6% YOY TO JPY 1,118 MILLION, GROSS MARGIN -1.8 pp TO 55.5% • Sales from Japan +27.1% and sales from US +60.6% thanks to improve
Slide 17: Channel: 360-degree brand experience in new retail space
CHANNEL: 360-degree brand experience built into new retail space and environments DIRECT-TO-CONSUMER CHANNELS ACT AS BRAND EXPERIENCE HUBS ACROSS ALL MARKETS • Sales from self-operated stores -15.1% to JPY 4,676 million • DTC revenue from Korea +63.2% thanks to flagship store opening and continued r
Slide 18: Channel: Expanding digital eco-system and private sphere
CHANNEL: Further expanding digital eco-system and private sphere to boost consumer loyalty FUELED BY UP-TO-DATE CONTENT MARKETING ON SOCIAL MEDIA AND CRM PLATFORMS E-COMMERCE SALES -4.8% T-MALL FLAGSHIP STORE US E-COMMERCE SITE CHINA +5.1%, TAIWAN +25.6% DRIVEN BY ACCELERATED INVESTMENT IN DIGITAL M
Slide 19: Marketing: Digitalized content marketing
MAKETING: Re-defining HONMA as a dynamic, relevant and premium golf lifestyle brand CONTINUOUSLY DRIVE BRAND AWARENESS ACROSS ALL MARKETS DIGITALIZED CONTENT MARKETING THROUGH RELAUNCHED GLOBAL WEBSITE & SOCIAL MEDIA PLATFORMS RELEVANT TO EACH MARKET • Frequently updating digital marketing content o
Slide 20: Marketing: Customer events
MAKETING: Re-defining HONMA as a dynamic, relevant and premium golf lifestyle brand CONTINUOUSLY DRIVE BRAND AWARENESS ACROSS ALL MARKETS CUSTOMER EVENTS 3,716 EVENTS, 24,712 PARTICIPANTS • Customer events are important customer touch points for HONMA • These events were mainly held on golf courses
Slide 21: Marketing: Sponsored professional players
MAKETING: Re-defining HONMA as a dynamic, relevant and premium golf lifestyle brand CONTINUOUSLY DRIVE BRAND AWARENESS ACROSS ALL MARKETS SPONSORING 9 PROFESSIONAL PLAYERS PLUS A WIDE NETWORK OF HONMA BRAND AMBASSADORS AND COACHES • Renewed endorsement strategy to recruit younger and uprising athlet
Slide 22: Financial Review
2025/2026 INTERIM RESULTS 04 REVIEW FINANCIAL
Slide 23: Short-term sales fluctuations from distribution reshuffle
Short-term sales fluctuations brought by distributions reshuffle in main marketS NET SALES GROSS PROFIT & GROSS MARGIN JPY MM JPY MM 14,927 13,195 - 19.8% 7,866 6,877 -19.0% 9,815 7,868 5,199 4,210 2025/2026 INTERIM RESULTS +0.5pp 53.5% 52.7% 52.1% 53.0% 1H FY2023 1H FY2024 1H FY2025 1H FY2026 1H FY
Slide 24: Continued OPEX optimization
Continued OPEX optimization to resource to win TO ENHANCE AS WELL AS TO MITIGATE NEGATIVE IMPACT FROM GLOBAL ECONOMIC UNCERTAINTY SG&A EXPENSES BRIDGE SG&A EXPENSES BREAKDOWN JPY MM AS % OF SALES 70 136 92 5,616 71.4% 5,467 5. 9pp -70 -42 -17 +1 2025/2026 INTERIM RESULTS 3.9% 8.2% 55.5% 3.3% 11.4% 7
Slide 25: Healthy balance sheet and operating cashflow
Healthy balance sheet and operating cashflow NET OPERATING CASH FLOW CASH and CASH EQUIVALENTS JPY MM JPY MM +1.1% -52 4,024 .2% 18,055 18,243 3,277 3,251 17,038 1,923 16,660 2025/2026 INTERIM RESULTS 1H FY23 1H FY24 1H FY25 1H FY26 1H FY2023 1H FY2024 1H FY2025 1H FY2026 INTEREST-BEARING LIABILITIE
Slide 26: Continuously improving working capital efficiency
Continuously improving working capital efficiency RECEIVABLES TURNOVER DAYS (1) PAYABLES TURNOVER DAYS (1) INVENTORY TURNOVER DAYS (1) DAYS DAYS DAYS 49 -12 days -4 days 2025/2026 INTERIM RESULTS 46 335 331 320 48 +21 days 34 45 236 255 255 24 23 24 17 62 56 59 1H FY2024 1H FY2025 1H FY2026 1H FY202
Slide 27: Appendix
2025/2026 INTERIM RESULTS 05 APPENDIX
Slide 28: Business Review by Market: Japan
BUSINESS REVIEW BY MARKET HOME MARKET JAPAN THE ONGOING CHANNEL ADJUSTMENTS ARE CAUSING MARKET CERTAIN SALES FLUCTUATIONS • 2nd largest golf equipment market in the world 3.0% 1.4% • Total golf product market size approximates to USD 1.7 billion in 2021 (1) % of Total Sales • 2,200 golf facilities,
Slide 29: Business Review by Market: Korea
BUSINESS REVIEW BY MARKET HOME MARKET KOREA FINISHED CHANNEL OPTIMIZATION FOR MARKET BETTER PREPARATION ON PREMIUN- PERFORMANCE SEGMENT EXPANSION • Fast growing and under-penetrated market 3.0% 1.4% • 3rd largest golf market in the world with USD 3.9 billion golf apparel sales % of Total Sales and U
Slide 30: Business Review by Market: China
BUSINESS REVIEW BY MARKET HOME MARKET CHINA (INCL. HK & MACAU) MEANINGFULCLUBS AND E-COMMERCE GROWTH MARKET ALBEIT WEAKENED CONSUMER SENTIMENT • Dynamic market with an exciting uptrend in outdoor sports 3.0% 1.4% • Emerging and fast growing golf industry • 478 golf courses, expanding indoor faciliti
Slide 31: Business Review by Market: North America
BUSINESS REVIEW BY MARKET HOME MARKET NORTH AMERICA BUILDING A UNIQUE DIRECT-TO-CUSTOMER MARKET DISTRIBUTION MODEL TO CAPTURE SUPER- PREMIUM AND PREMIUM-PERFORMANCE SEGMENT • Largest golf market in the world with USD 7.7 billion golf retail sales, accounting for 38.6% of the global golf economy, and
Slide 32: Business Review by Market: Europe
BUSINESS REVIEW BY MARKET NEW MARKET EUROPE AN OPTIMIZED AND STEADY WHOLESALE NETWORK MARKET HAS BEEN FORMED • Mature but fragmented golf market 3.0% 1.4% • England, Austria, Germany, France and Sweden in total accounts for % of Total Sales around 12% of the world’s golf equipment sales, which appro
Slide 33: For more inquiries please contact
For more inquiries Please contact ir@honma.hk