Komehyo Holdings Co., Ltd. · TSE:2780
Komehyo — Q3 FY2026 Earnings Presentation
61 slides from Komehyo's earnings presentation, Feb 13, 2026
Slide 1: Earnings Results Briefing for the Third Quarter of FY Ending March 2026
Earnings Results Briefing for the Third Quarter of the Fiscal Year Ending March 31, 2026 February 13, 2026 Komehyo Holdings Co., Ltd. Securities code: 2780 (Tokyo and Nagoya Stock Exchanges) ©Komehyo Holdings Co .,Ltd. 1
Slide 2: Summary of financial results for the third quarter
Summary of financial results for the third quarter of the fiscal year ending March 31, 2026 Revenue and profits increased compared to the same period last year. Net sales, operating profit, and ordinary profit reached record highs in Q3 both YTD and on a quarterly basis. ・Net sales：Sales increased s
Slide 3: Evaluation of the third quarter (three months)
Evaluation of the third quarter (three months) of the fiscal year ending March 2026 Both retail and corporate sales achieved higher than expected sales. While retail profit margins remained strong, an increase in corporate sales of low-margin gold bullion limited gross profit margins. However, the s
Slide 4: Brand Fashion Business: Assumptions for the fourth quarter
Brand Fashion Business | Assumptions the fourth quarter of the fiscal year ending March 2026 ・Following strong performance during the three months of Q3, the profitability of achieving the full-year plan increased. ・The sales growth rate is expected to level off from the Q4 onward as the consolidate
Slide 5: Effects of M&A in FY March 2025 and future outlook
Effects of M&A in the fiscal year ending March 2025 and future outlook Due to RK Enterprise, Rs-JAPAN*, and RODEO DRIVE JAPAN Co., LIMITED becoming subsidiaries, they began contributing to consolidated results from the fourth quarter of the fiscal year ending March 31, 2025. The remarkable YoY growt
Slide 6: Contents
Contents 1. Our Business Model and Medium-term Management Plan P.7 2. Earnings Results for the Third Quarter of the Fiscal Year P.17 Ending March 31, 2026 P.29 3. Segment overview for the Third Quarter of the Fiscal Year Ending March 31, 2026 4. Appendix P.37 ©Komehyo Holdings Co .,Ltd. 6
Slide 7: 1. Our Business Model and Medium-term Management Plan
１. Our Business Model and Medium-term Management Plan 6 ©Komehyo Holdings Co .,Ltd. 7
Slide 8: Vision Mission Value
From reuse to relay use We will inherit that "value". Vision Mission Value We de velop a conce pt of We r espe ct people for m aking We lis te n and em pathize with env ironme nta lly and produc ts , tha nk people for what others say . soc ially c onscious prov iding products for us e We v alue the
Slide 9: Company Highlights (Consolidated)
Company Highlights (Consolidated) (As of March 2025) A leading play er 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 158,994 millions of yen （ Gro wth achieved in fou r con secu
Slide 10: Position of the Medium-term Management Plan
Position of the Medium-term Management Plan We aim to achieve sales of 260 billion yen by the 80t h anniversary of the company's founding, which is the f inal year of the Medium -term Management Plan, with a view t o becoming the world's No. 1 the world'sNo. 1 company company in sales of brand goods
Slide 11: Basic Policies for the Medium-term Management Plan
Basic Policies for the Medium-term Management Plan "Beyond the 80th year milestone" Strive t o achieve business growth and higher social value under a policy based on the business environment and com petitive advantages 1 Ac hi e vi n g bu s in e ss g ro wth Ad va n ci ng 3 m a na ge m e nt wit h a
Slide 12: Concept for business growth (BF business)
Concept for business growth（BF business） Based on market t rends and compet itive advantages, we will set key invest ment items, support ing management platforms, and tactical options. For the m ainst ay Brand Fashion business, we aim to expand sales and GMV globally by def ining three busines ses:
Slide 13: Operating the Medium-term Plan Based on Competitive Advantages
Operating the Medium-term Management Plan Based on Competitive Advantages Since its founding, the Group has be en consistently e nga ge d in reuse and has established competitive advantages based on its human resource s, channels, and marke t share. The Medium-term Management Plan will be base d on
Slide 14: Quantitative targets of the medium-term management plan
Quantitative targets of the medium-term management plan（FY2025 to FY2028) For the fiscal yea r ending March 2026, the company aims to achieve business growth through incre ased profits compared to net income attributable to parent company shareholders excluding gains on ne ga tive goodwill for the f
Slide 15: Medium-term Management Plan Progress of each domain
The Medium-term Management Plan Progress of each domain（BF business） The effects of strategic investments becam e evident, w ith steady progress in all areas of trading, distribution involvement, and participation in m arket growth, including accelerated store openings in Japan and overseas, grow th
Slide 16: Dividend forecast
Dividend forecast The annual dividend forecast is set to be 106 yen, an increase of 2 yen f rom the previous fiscal year. We will continue to fo cus on maintaining stable dividends and increasing dividends based on increased revenue and profits. M ed i um - t e rm M an a ge m e nt Pl a n （yen） 161 i
Slide 17: 2. Earnings Results for the Third Quarter
2. Earnings Results for the Third Quarter of the Fiscal Year Ending March 31, 2026 17 ©Komehyo Holdings Co .,Ltd. 17
Slide 18: Highlights of cumulative financial results for the third quarter
Highlights of cumulative financial results for the third quarter of the fiscal year ending March 31, 2026 Consolidated financial results for the third quarter of the fiscal year ending March 2026 In Indiv dividua iduall pur purch chas asee CCons onsoliolidate datedd CCons onsoli olidate datedd Pr Pr
Slide 19: Performance
Performance Net sales, operating profit, and ordinary profit reached record highs in Q3 both YTD and on a quarterly basis. (Millions of yen) 2026.3-3Q 2026.3-1Q YoY 2026.3-2Q YoY 2026.3-3Q YoY YoY Plan Ratio*1 累計 Net sales 46,120 137.7% 49,526 137.8% 61,859 146.0% 157,506 140.9% 78.1% Gross profit 9
Slide 20: Trends in Consolidated Net Sales and Gross Profit Margin
Trends in Consolidated Net Sales and Gross Profit Margin Strong purchases led to the securing of high-quality inventory, which significantly boosted the Group's overall earnings. Consolidated sales (Millions of yen) 61,859 49,526 47,179 46,120 42,368 35,318 35,947 33,499 31,377 27,667 25,096 23,475
Slide 21: Analysis of consolidated operating income
Analysis of consolidated operating income The securing of high-quality inventory and growth in domestic and duty -free sales in the peak retail season drove profit growth. A substantial increase in gross profit exceeded the strategic increase in SG&A expenses, and operating profit for the Q3 YTD tur
Slide 22: Changes in selling, general and administrative expenses
Changes in selling, general and administrative expenses SG&A expenses increased due to continued aggressive investments in store openings, hiring, and training. However, the SG&A to sales ratio improved YoY due to a significant increase in sales, and management efficiency steadily improved. Selling
Slide 23: Non-operating income and expenses/extraordinary income and losses
Non-operating income and expenses/extraordinary income and losses One-time expenses pushed profits down due to an increase in non-operating expenses, including an increase in interest expenses and a loss related to fraud at a consolidated subsidiary. Interest expenses 399 (Millions of yen) Share of
Slide 24: Balance sheet overview
Balance sheet overview Ample high-quality inventory was secured at record levels by strengthening purchases from individuals toward the peak retail season at the end of the year. Working capital also increased due to business expansion, and total assets expanded. This developed a solid asset base to
Slide 25: Inventory Turnover (BF business)
Inventory Turnover (BF business) In addition of RK Enterprises and three other companies into Group companies in the fiscal year ended March 31, inventories increased significantly (within which inventory write-downs remained low*1 ) ,the inventory turnover ratio is on an improving trend, driven by
Slide 26: Purchase from individual customers (Group total)
Purchase from individual customers (Group total) Individual purchase value remained strong due to continued opening of purchase centers, growth of existing stores, and an increase in goods brought in to stores due to soaring gold bullion prices. The total amount of purchases hit 139.1% YoY on a quar
Slide 27: Breakdown of consolidated Net sales (Retail / Overseas / Tax-free)
Breakdown of consolidated Net sales (Retail / Overseas /Domestic tax -free sales) Retail *1 Overseas*2 Tax-free sales *3 • 3Q cumulative retail ratio：44.7% • 3Q cumulative overseas ratio：12.3% • Overseas sales expanded steadily due to • 3Q cumulative Domestic tax-free sales • The retail ratio remain
Slide 28: Breakdown of domestic duty-free sales
Corporate Profile Breakdown of domestic duty-free sales In terms of composition by country/region, the composition of U.S. customers increased by 4.4 points YoY due to the effect of the opening of KOMEHYO OSAKA SHINSAIBASHI in June 2025 and macroeconomic factors such as yen depreciation and inflatio
Slide 29: 3. Segment overview for the Third Quarter
3. Segment overview for the Third Quarter of the Fiscal Year Ending March 31, 2026 29 ©Komehyo Holdings Co .,Ltd. 29
Slide 30: Summary by segment for the third quarter
Summary by segment for the third quarter of the fiscal year ending March 31, 2026 * Brand Fashion business（BF） Tire and wheel business（TW） Individual Net sales Operating profit Net sales Operating profit purchase amount 73,844 152,327 5,235 5,150 347 millions of yen millions of yen millions of yen m
Slide 31: Segment overview: Brand Fashion and Tire and Wheel
Segment overview for the Second Quarter of the Fiscal Year Ending March 31, 2026 【Br and Fashion business】 N et sa les re ache d a re cord hi gh d ue to str ong purcha sin g a cti vi ti es and st rat egi es to ca pture re tai l de ma nd. D espi t e l owe r p r of it on a yea r-to -dat e basi s, we l
Slide 32: Stores in total for the Group
Stores | 331 stores in total for the Group (as of December 2025) Ov erse as, w e o pened a to tal of 6 new st ores i n A si an regi ons, inc lud ing st ores wi th pur chasi ng cap abi li ti es and sa le s store s, ex pan ding our sa les c hanne ls. Toge ther wi t h t he 7 stor es opene d i n Japa n,
Slide 33: Purchasing and sales status by route
Purchasing and sales status by route * | 【R ati o of purch ases f rom i ndi vi dual s and com pos it ion of pro duct s p urchas ed from in div idua ls 】 D ue to the ri si ng pri ce of gol d, i ndi vid ual purc hase s are tre ndi ng f avo rabl y. C orpora te purc hase s w ere m ade t o e xpand bus in
Slide 34: BF business: Status of strengthening individual purchases and retail sales
BF business｜Status of strengthening individual purchases and retail sales In Q3, we further accelerated the opening of overseas stores and solidified the foundations for growth. From Q4 and beyond, we will continue to expand the business in Japan and overseas, striving to realize our vision of envir
Slide 35: Corporate auction GMV growth
Corporate auction GMV（volume）growth The B2B auction business serves as the core of the Group’s “Business that contribute to distribution.” Corporate auction GMV reached a record quarterly high due to increased needs for inter -company sales reflecting market fluctuations. 27,555 GMV volume 25,268 (M
Slide 36: The Tire and Wheel business: Business Overview
Auto Parts The Tire and Wheel business |Business Overview Japan Net sales reached a record high, driven by summer tire sales and overseas sales of in -house designed wheels. Profits were down due to sales competition of winter tire sales caused by a warm winter and strategic investments for the futu
Slide 37: 5. Appendix
5. Appendix 37 ©Komehyo Holdings Co .,Ltd. 37
Slide 38: Appendix
Appendix 1. Company Profile P.39 2. Global Expansion P.55 3. Capital Policy and Focus Points for This P.58 Fiscal Year ©Komehyo Holdings Co .,Ltd. 38
Slide 39: 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 40: 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 41: Business list (Consolidated)
Business list (Consolidated) (As of March 2025) We oper at e three businesses: Brand Fashion, Tir e and Wheel, and real est at e leasing. We support "Relay Use," the handing down of goods f rom person to person and t heir effective utilization, both in Japan and other count ries. Conso lida ted s al
Slide 42: Consolidated performance trends (FY2021-FY2025)
Corporate Profile Consolidated performance trends （FY2021‐FY2025） Individual purchase amount * Net sales Operating profit 158,994 （Millions of yen） （Millions of yen） （Millions of yen） 78,834 7,452 119,459 61,205 6,176 5,168 86,113 43,722 71,148 3,714 34,144 50,723 16,979 596 FY2021 FY2022 FY2023 FY2
Slide 43: Consolidated performance trends (FY2021-FY2025)
Corporate Profile Consolidated performance trends （FY2021‐FY2025） Profit margin Ordinary profit Profit attributable to owners of parent 7,479 Gross profit margin （Millions of yen） （Millions of yen） 5,025 Operating profit margin 4,777 6,046 5,406 27.3% 3,706 25.9% 26.2% 24.8% 22.2% 3,772 2,559 6.0% 6
Slide 44: Consolidated performance trends: ROA, ROE, cash flow, GMV
Corporate Profile Consolidated performance trends （FY2021‐FY2025） ROA・ROE Cash flow GMV Cash flows from operating acti vities Cash flows from inve sting activities ROA ROE Cash flows from fina ncin g a ctivitie s GMV 19.2% （Millions of yen） （ Billions of yen ） 202.1 16.7% 15.6% 11,907 9,425 13.5% 15
Slide 45: Human Capital Data
Corporate Profile Human Capital Data (As of the end of March 2025) 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 46: Business Domains: Brand Fashion (General)
Business Domains of Komehyo Holdings Group Brand Fashion Business (General): Aim to be No. 1 in sales volume. Primary Secondary distribution distribution Purchase Product evaluation/commercialization sale General customers Real store Real store General customers Home delivery Product center Product
Slide 47: Business Domains: Brand Fashion (Specialized)
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 Pro duct evaluation/comme rcia lization sale Real store Product Real Store General General Home delivery purchase custom
Slide 48: Business Domains: Tire and Wheel
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 49: Store expansion for a fashion brand business
Corporate Profile Store expansion for a fashion brand business In the Br and Fashion business, we demonst rate our strength through the successful operation of retail stores on a large scale . In addit ion, we engage in purchases through multiple channels such as stores annexed with sales, pur chase
Slide 50: Business/service introduction 1
Corporate Profile Business/service introduction １⃣ ｜ The three brands, which engage in the sale and purchase of mainly second -hand bra nd name items, ex cel in the convenienc e of thei r stores, the re lia bility of their appraisal and their name aware ness. They seek to achieve sustained growth in
Slide 51: E-commerce-induced sales rate
Corporate Profile E-commerce-induced sales rate | The synergistic effects of store network expansion and EC infrastructure reinforcement resulted in EC net sales of 158.6% YoY in 3Q. Foreign visitors to Japan are increasingly checking products in advance via e-commerce and purchasing them in stores,
Slide 52: Business/service introduction 2: B2B auction
Corporate Profile Business/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. KOMEHYO Jap an Brand RK AUC
Slide 53: 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 54: Business/service introduction: Tire and Wheel
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 55: Global Expansion: Business Phases by Country (Part 1)
Glo bal Ex pans ion : 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
Slide 56: Global Expansion: Business Phases by Country (Part 2)
Glo bal Ex pans ion : 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 T
Slide 57: Global expansion: stores in total for the Group
Corporate Profile Global expansion| 37stores in total for the Group ( as of De cemb er 202 5) 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 RODEO DRIVE SAHA
Slide 58: Basic Policy on Capital Measures
Basic Policy on Capital Measures Aiming for sustainable improvement of corporate value, we will strive to increase ROE over the medium to long term, aiming for 15% or more. Based on a sound financial base, we will flexibly implement strategic investments and pursue profitability and capital efficien
Slide 59: 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 60: Key Points for the Fiscal Year Ending March 2026
Key Points for the Fiscal Year Ending March 2026 Considering t he external environment and t he fact t hat the product and channel mix has changed due to M&A, expanding market share is essent ial for t he prof it gr owth of the entir e Group. While continuing to make aggressive investments going f o
Slide 61: Disclaimer / IR contact
Disclaimer Thi s docum en t is an Engl is h t rans lat i on of a d ocum ent pr epare d i n Japa nese . Sta tem ent s in t his doc um ent th at are not h ist ori cal fac ts; s tat em ent s conce rni ng c urrent p lan s, fo reca sts , st rate gie s, an d op i nions of K OMEH YO C o., Ltd. a re forw ar