Slide 1: FY2026.3 Financial Results Briefing Materials
FY2026.3 Financial Results Briefing Materials May 13, 2026
Slide 2: Executive Summary
Executive Summary Despite challenging conditions, both net sales and operating profit reached record highs. The operating profit margin recovered to 18.8% following the elimination of one -time expenses from the previous period. FY26. 3 Results Net Sales Operating Profit Ordinary Profit Net Profit 1
Slide 3: Table of Contents
Table of Contents I. FY26.3 Results P.4 - P.17 II. FY27.3 Plan P.18 - P.21 III. THE NORTH FACE Initiatives P.22 - P.26 IV. Progress of Goldwin500 P.27 - P.31 V. Financial Policy P.32 - P.38 VI. Appendix P.38 - P.45 © 2026 Goldwin Inc. 3
Slide 4: I. FY26.3 Results
I. FY26.3 Results Both net sales and operating profit reached record highs. The operating profit margin recovered following the elimination of one -time expenses. © 2026 Goldwin Inc. 4
Slide 5: FY2026 Results Summary
FY2026 Results Summary Net sales reached a record high of 137. 5 billion yen. However, due to factors such as a decline in inbound demand from mainland China, the figure fell short of the target by approximately 3 billion yen. Consolidated Financial Performance FY24.3 FY25.3 FY26.3 FY26.3 Compared (
Slide 6: Trend in Monthly Sales
Trend in Monthly Sales Although Q4 net sales reached 104% YoY, the impact of declining inbound demand from mainland China persisted, with the plan ratio coming in at 94%. Month Plan ratio YoY Month Plan ratio YoY Apr. 107% 96% Oct. 101% 102% May 93% 95% Nov. 100% 104% Q1 Q3 Jun. 102% 101% Dec. 87% 9
Slide 7: Analysis of the Q4 (Jan.–Mar.)
Analysis of the Q4 (Jan. –Mar.) Although revenue increased by 7.3pt YoY, partly due to bringing forward the spring collection to meet actual demand, the continued poor performance of certain winter collection items meant that the Q4 target was not met. Bringing Forward the Spring Net Sales Gross Pro
Slide 8: Quarterly Progress and Full-year Forecast by Business Segment
Quarterly Progress and Full -year Forecast by Business Segment In Q4 (Jan. –Mar.), all business segments grew due to the launch of the spring collection, and revenue increased across all business segments for the full year. Net Sales by Business Segment (Unit: million yen) * The “Other” segment incl
Slide 9: Change in Sales by Brand for FY26.3
Change in Sales by Brand for FY26.3 The 3.0 -billion -yen shortfall against the plan occurred in “THE NORTH FACE Apparel,” “Global Brand (and others),” and Goldwin Overseas. The difference versus the previous fiscal year arose from discontinued brands within Global Brand. Comparison with the FY26.3
Slide 10: Trend in Self-operated Stores and Sales Ratio of Self-managed Locations
Trend in the Sales Ratio of Self -managed Locations and Number of Self -operated Stores In FY2026, we opened 16 new stores and closed 15 stores (net: +1 store). In FY2027, we plan to expand primarily through the Goldwin brand and expect a net increase of 8 stores. Change in the Number of Self -opera
Slide 11: Inbound Sales Ratio at Self-operated Stores
Inbound S ales R atio at Self -operated S tores Inbound sales accounted for 26.5% of total sales in FY26.3 (+1.1pt). Growth compared with the previous year was maintained thanks to the increase in H1 and rising inbound demand from markets other than mainland China. (Note) China refers to the total o
Slide 12: Quarterly Trend in EC Sales
Quarterly Trend in EC Sales Full -year e -commerce sales rose by 15.7%, with the e -commerce ratio increasing to 14.6%, accelerating the structural shift in sales channels. 1Q 2Q 3Q 4Q Percentage of E-commerce Sales Full -year E -commerce sales E -commerce ratio e-commerce sales YoY 25,000 15% 20,01
Slide 13: Gross Profit Margin
Gross Profit Margin The gross profit margin for FY26.3 was 53.0%, which came in 0.3pt above the planned gross profit margin of 52.7%. Trend in Gross Profit Margin 58% FY24.3 FY25.3 FY26.3 FY26.3: 53.0% (Target: 52.7% +0.3pt) 56% 54% 53.0% 52% 50% 48% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Full year FY22. 3 52.6% 4
Slide 14: Trend in Inventories Balance
Trend in Inventories Balance We continued to align the inventory with actual demand. The inventory as of the end of FY26.3 stood at 102.7% YoY. Quarterly Trend in Inventories Balance (Unit: million yen) Inventories Inventories YoY 25,000 140.0% 102.7% 120.0% 20,000 100.0% 15,000 80.0% 10,000 60.0% 4
Slide 15: Selling, General and Administrative Expenses
Selling, General and Administrative Expenses Full -year SG & A expenses amounted to 47 billion yen, on par with the previous fiscal year, which included one -time expenses. Although SG & A expenses are structurally on an upward trend, we managed to keep them 1 billion yen below plan by adhering to h
Slide 16: Consolidated Balance Sheet
Consolidated Balance Sheet We maintained an equity ratio of 76.9% and an effectively debt -free status. ROE remains in the 20% range. Fixed assets Current assets Net Assets Fixed liabilities Current liabilities 32,326 37,391 5,402 35,866 102,923 4,940 93,438 2,282 34,082 83,832 30,386 69,184 4,378 5
Slide 17: Progress of the South Korea Business (YOC)
Progress of the South Korea Business (YOC) Despite sluggish domestic consumption in South Korea, YOC’s turnover remained robust, rising to 105% YoY. (Note) YOC’s fiscal year runs from January to December, which is three months out of YOUNGONE OUTDOOR Corporation (YOC ) sync with our fiscal year. Jan
Slide 18: II. FY27.3 Plan
II. FY27.3 Plan The net sales target is 105.7% YoY. We are promoting both growth investments and shareholder returns. © 2026 Goldwin Inc. 18
Slide 19: Summary of Assumptions for the FY27.3 Plan
Summary of Assumptions for the FY27.3 Plan Taking into account the challenges and structural changes observed in FY26.3, we have outlined the key priorities for THE NORTH FACE, Goldwin and financial strategy. THE NORTH FACE Goldwin Financial Strategy 110.6 billion yen 10.1 billion yen DOE 6.9% 105.7
Slide 20: Full-year Plan
Full -year Plan For FY27.3, revenue and profit are expected to increase in line with the medium -term management plan. Consolidated Financial Results (Unit: million yen) FY25.3 FY26.3 FY27.3 YoY YoY FY29.3 Fiscal year Final year of the results results plan (%) (amount) medium -term plan Net sales 13
Slide 21: Results and Forecasts by Business Segment
Results and Forecasts by Business Segment In FY27.3, Lifestyle will drive growth. Fashion is projected to see a decline in revenue due to the exclusion of sales from subsidiary brands. (Note) The WOOLRICH brand within the Fashion category is in the final stages of being phased out, and the Trends by
Slide 22: III. THE NORTH FACE Initiatives
III. THE NORTH FACE Initiatives The company aims to achieve sales at 105.7% YoY. It is strengthening its all -season offering. © 2026 Goldwin Inc. 22
Slide 23: Growth and Marketing Initiatives of THE NORTH FACE
Growth and Marketing Initiatives of THE NORTH FACE For FY27.3, which marks the brand’s 60th anniversary, we aim for sales at 106.0% of the prior year in apparel, 104.8% in gear, and 105.7% overall THE NORTH FACE Sales Trends and Plan (Unit: million yen) Apparel Gear 120,000 110,687 101,538 104,721 9
Slide 24: THE NORTH FACE News
THE NORTH FACE Newa Creating a new athletic market and transitioning to an all -season range through measures that address climate change Creating a new athletic market Addressing climate change Spring/Summer: Autumn/Winter: Addressing global warming General Athletic Recreation (GAR) Enhancing the E
Slide 25: THE NORTH FACE News: VECTIV Forward
THE NORTH FACE News Driving new initiatives to further strengthen footwear, which is positioned as a key pillar for customer acquisition and growth in the athletic market THE NORTH FACE FOOTWEAR SHINSAIBASHI VECTIV Forward Opening of a footwear concept shop (April 25) Under the medium -term manageme
Slide 26: Reorganization of the Sales Organization
Reorganization of the Sales Organization The sales organization was reorganized from a region -based structure to a business -format -based structure. We are evolving a business model that extends the strengths of D2C into wholesale. BEFORE Structure up to the Previous Period AFTER New Structure (Tw
Slide 27: IV. Progress of Goldwin500
IV. Progress of Goldwin500 Store openings are proceeding according to plan. We are accelerating global expansion and aim to turn profitable in FY28.3. © 2026 Goldwin Inc. 27
Slide 28: Progress of the Goldwin500 Project Based on Actual Figures
Progress of the Goldwin500 Project Based on Actual Figures Although net sales are generally tracking in line with plan, primarily in Japan and China, because of delays in opening stores in London and New York as well as increased costs due to higher raw material prices and exchange rate fluctuations
Slide 29: Medium-term Management Plan: Goldwin500
Medium -term Management Plan: Goldwin500 FY24.3: 3.3 billion yen → FY28.3: 15.7 billion yen → FY33.3: 51.0 billion yen (Unit : billion yen ） 50 3.5 5.6 40 30 22.6 51.0 20 2.2 0.6 3.4 10 2.5 6.9 15.6 0 3.3 FY24.3 Japan China South Korea Europe, the FY28.3 E Japan China South Korea Europe, the FY33.3
Slide 30: Goldwin News: New Store Openings in London, Seoul, New York
Goldwin News Accelerating global marketing through new store openings in London, Seoul, and New York Goldwin London Opened Jan. 31, 2026 Goldwin New York Opened Apr. 24, 2026 ◼ Lafayette Street, situated on the border between SoHo and Nolita in Manhattan ◼ An iconic area where diverse cultures —incl
Slide 31: Goldwin's Store Openings and Plans by Region
Goldwin’s Store Openings and Plans by Region Store opening plans are progressing largely as scheduled. By FY27.3, we plan to open 2 stores in Japan and 6 more stores in mainland China. FY33.3 Up to FY26.3 FY27.3 From FY28.3 Number FY25.3 of stores 2 stores 2 stores 2 stores Japan Marunouchi Kyoto Sh
Slide 32: V. Financial Policy
V. Financial Policy Continue efficient expense outlays and investment. Achieve both growth investment and shareholder returns. © 2026 Goldwin Inc. 32
Slide 33: Full-year Plan (Again)
Full -year Plan (Again) For FY27.3, revenue and profit are expected to increase in line with the medium -term management plan. Consolidated Financial Results (Unit: million yen) FY25.3 FY26.3 FY27.3 YoY YoY FY29.3 Fiscal year Final year of the results results Plan (%) (amount) medium -term plan Net
Slide 34: FY27.3 Financial Plan
FY27.3 Financial Plan Net sales plan: 59.9 billion yen for H1, 85.5 billion yen for H2 Although SG & A expenses will increase, we expect to secure an increase in operating profit in absolute terms, driven by higher revenue and an improved gross profit margin. Breakdown of Net Sales by H1/H2 and Tren
Slide 35: Selling and General Administrative Expenses
Selling and General Administrative Expenses SG & A expenses for FY27.3 will increase by 5.7 billion yen versus the previous year, reflecting strengthened retail operations, growth investment in Goldwin500, and increased investment in human capital. From FY27.3 onwards, 1.1 billion yen of R&D -relate
Slide 36: Cash Allocation
Cash Allocation Building on our ability to generate cumulative operating cash flow of approximately 96 billion yen over the past five years, we will allocate, in a disciplined manner, the 120 –130 billion yen targeted over five years in the medium -term management plan, designing a virtuous cycle of
Slide 37: Shareholder Return Policy
Shareholder Return Policy In FY27.3, we plan to increase dividends for the 16th consecutive term. The dividend balance (interim: year -end) will shift to a 50:50 split for the full year. Trend in Dividends per Share and DOE (Dividend on Equity) * After the share split Interim dividend Special divide
Slide 38: Summary of the Financial Results Briefing for FY26.3
Summary of the Financial Results Briefing for FY26.3 Both net sales and operating profit reached record highs, with the operating profit margin recovering to 18.8%. Net sales and profit both increased, driven by revenue growth and an improved gross profit margin. The operating profit margi n recover
Slide 39: VI. Appendix
VI. APPENDIX Background Data and Supplementary Materials © 2026 Goldwin Inc. 39
Slide 40: Financial Results Summary for FY26.3 (Excluding One-time Expenses)
Financial Results Summary for FY26.3 (Excluding One -time Expenses) The operating profit margin recovered to 18.8% as the one -time expenses incurred in FY25.3 were eliminated, but the structural increase in SG & A expenses is expected to continue. Trends in Consolidated Financial Results FY25.3 YoY
Slide 41: Summary of the Income Statement (Quarterly)
Summary of the Income Statement (Quarterly) Q1 Q2 Q3 Q4 Full year (Unit: FY24.3 FY25.3 FY26.3 FY24.3 FY25.3 FY26.3 FY24.3 FY25.3 FY26.3 FY24.3 FY25.3 FY26.3 FY24.3 FY25.3 FY26.3 million yen) Net sales 23,150 24,601 23,878 27,946 28,766 31,711 43,736 43,465 43,882 32,075 35,472 38,044 126,907 132,305
Slide 42: Summary of the Income Statement (YoY / Plan Ratio)
Summary of the Income Statement (YoY / Plan Ratio) Q1 Q2 H1 Q3 Q4 H2 Full year (Unit: Plan Plan Plan million yen FY26.3 YoY FY26.3 YoY FY26.3 YoY FY26.3 YoY FY26.3 YoY FY26.3 YoY FY26.3 YoY ratio ratio ratio Net sales 23,878 97% 31,711 110% 55,589 104% 101% 43,882 101% 38,044 107% 81,926 104% 96% 13
Slide 43: Results by Business Segment Q4
Results by Business Segment Q4 (Jan. –Mar.) (Unit: million yen) Q4 FY22.3 Q4 FY23.3 Q4 FY24.3 Q4 FY25.3 Q4 FY26.3 Q4 YoY Performance 9,908 9,939 10,478 10,920 11,742 107.5% Lifestyle 12,415 15,534 18,148 20,627 21,946 106.4% Fashion 2,111 2,810 3,422 3,897 4,052 104.0% Other 16 20 25 26 303 1165.4%
Slide 44: Goldwin Brand Product Lineup
Goldwin Brand Product Lineup The Goldwin Brand has established a price premium of 1.7 to 2.0 times that of THE NORTH FACE. With an estimated gross profit margin (GPM) of over 70%, this structurally boosts the profit margin of the entire portfolio. (Unit: Thousand yen) TNF Goldwin Description Categor
Slide 45: Investor Relations Activities Information
Investor Relation’s Activities Information Launch of IR email distribution service and enhancement of Investors Relations website IR email distribution service Investor relations site We have launched an IR email distribution service to deliver In addition to financial statements and information, we