Nagaileben Co., Ltd. · TSE:7447
Nagaileben — H1 FY2026 Earnings Presentation
60 slides from Nagaileben's earnings presentation, April 2026
Slide 1: Analyst Guide
ANALYST GUIDE (Listed on the Prime Market Segment of the Tokyo Stock Exchange; Code 7447) April 2026 <Contact for information on this material: Mr. Yamamura, Administration Headquarters (+81-3-5289-8200)>
Slide 2: Agenda Index
Agenda Index Ⅰ Highlights ・・・・ ・・ 2 p Ⅱ Market Environment ・・・・・・ 6 p Ⅲ Financial Review of ・・11 p First-half of FY2026 and Forecast for FY2026 Ⅳ Overview and Measures ・・・・ 19 p Ⅴ Management Goals ・・・・・・・ 24 p VI Rewarding Shareholder- ・・・・ 30 p Focused Policies (Appendix) About “NAGAILEBEN” ・・・ 36
Slide 3: I Highlights
I Highlights 2 © Nagaileben Co.,Ltd.
Slide 4: Highlights: Performance and Rewarding Shareholders
Highlights Performance FY2026 (millions of yen,%) First-half(Results) y/y Change Net sales 7,861 +0.2 Impact of the Situation in the Middle East At present, we have not seen any material impact. However, if tensions in the Middle East persist, the effects could become more visible through higher cru
Slide 5: Highlights
Highlights Improved Efficiency and Resource Conservation through the Introduction of the Latest Cutting Machine The introduction of the latest cutting machine has enabled more efficient cutting while reducing fabric waste. This has contributed to higher productivity and more effective use of resourc
Slide 6: Highlights
Highlights Supporting Social Inclusion We are promoting an initiative in which fabric scraps generated by our operations are reused and processed into handwoven and sewn products at employment support facilities for persons with disabilities. These materials are then turned into items used in medica
Slide 7: II Market Environment
II Market Environment 6 © Nagaileben Co.,Ltd.
Slide 8: Topics: Market Environment
Topics Market Environment Moving Toward Greater Stability - Implementation of the FY2025 large-scale supplementary budget, including the “Medical and Long-Term Care Support Package” (approximately ¥1.365 trillion) - Decision on substantial increases in the FY2026 revisions to medical and long-term c
Slide 9: Revisions to Medical Treatment and Care Service Fees
Environment Revisions to Medical Treatment and Care Service Fees Decision on substantial increases in the FY2026 revisions to medical and long-term care reimbursement rates - Medical service fees: +3.09%(Revised in June) Drug prices, etc.: -0.87%(Revised in April) - Long-term care service fees: +2.0
Slide 10: Supply and Estimated Future Need
Environment Supply and Estimated Future Need (10,000 persons) Nursing Staff Care Workers 300 250 200 150 272.0 100 212.6 50 0 2024 2040 Actual record: Report on Public Health Administration and Services (Report on Employed Medical Personnel) Actual record: Update on Trends in the Number of Care Staf
Slide 11: Respond to Sudden Changes in the External Environment
Respond to Sudden Changes in the External Urgent Issue Environment Since the previous price revision in 2023, ・Further increases in raw material costs due to inflation, ・ Rising logistics and labor expenses Internal measures are insufficient, making stable supply highly challenging. The price revisi
Slide 12: Financial Review of First-half of FY2026 and Forecast for FY2026
Ⅲ Financial Review of First-half of FY2026 and Forecast for FY2026 11 © Nagaileben Co.,Ltd.
Slide 13: Consolidated Results
Consolidated Results Financial Review of First-half of FY2026 and Forecast for FY2026 FY2026 FY2026 (millions of yen,%) First-half(Results) y/y Change Full(Forecast) y/y Change Net sales 7,861 +0.2 18,000 +6.0 Gross profit 3,098 -0.6 7,262 +8.2 Sales, general, and administrative expenses 1,717 ＋6.1
Slide 14: Consolidated Results: Net Sales
Consolidated Results FY2026 FY2026 FY2026 1Q 2Q First-half Net sales 2.9 Billion yen 4.9 Billion yen 7.8 Billion yen y/y Change -9.0% +6.6% +0.2% （millions of yen） 13 © Nagaileben Co.,Ltd.
Slide 15: Consolidated Results: Gross Profit
Consolidated Results Financial Review of First-half of FY2026 and Forecast for FY2026 FY2026 FY2026 (millions of yen,%) First-half(Results) y/y Change Full(Forecast) y/y Change Net sales 7,861 +0.2 18,000 +6.0 Gross profit 3,098 -0.6 7,262 +8.2 Sales, general, and administrative expenses 1,717 ＋6.1
Slide 16: Outlook of Gross Profit to Sales
Consolidated Results Outlook of Gross profit to sales Full Year Gross profit 44.4 43.9 42.8 39.5 40.3 to sales （%） 15 © Nagaileben Co.,Ltd.
Slide 17: Consolidated Results: SG&A and Capital Expenditure
Consolidated Results Financial Review of First-half of FY2026 and Forecast for FY2026 FY2026 FY2026 (millions of yen,%) First-half(Results) y/y Change Full(Forecast) y/y Change Net sales 7,861 +0.2 18,000 +6.0 Gross profit 3,098 -0.6 7,262 +8.2 Sales, general, and administrative expenses 1,717 ＋6.1
Slide 18: Status of System Investment Initiatives
Business Plan Status of System Investment Initiatives Category Planned Amount ・Development of Core Systems ¥506 m System Investment ・Overhaul of Other Systems ¥103 m ¥878 M ・Overhaul of System Infrastructure ¥268 m Implementation Timeline Image (Cumulative) (millions of yen) ¥878 m ¥805 m ¥309 m ¥78
Slide 19: Financial Review of First-half FY2026 (Balance Sheet)
Consolidated Results Financial Review of First-half of FY2026(Balance Sheet) Major assets (¥ million %) Title Result Change Result Change% [Major changes from the previous fiscal year] Cash on hand at banks 19,617 -3,440 -14.9 Notes and accounts receivable (including electronically recorded claims)
Slide 20: IV Overview and Measures
IV Overview and Measures 19 © Nagaileben Co.,Ltd.
Slide 21: Core Market
Market Classification Item Classification By Market Core Market Peripheral Market Healthcare wear Infection prevention Patient wear Doctors' wear Utility wear Surgery wear 20 © Nagaileben Co.,Ltd.
Slide 22: Overview and Measures: Market
Overview and Measures Market Composition y/y change FY2026 FY2026 (FY2025) (%) First-half(Results) Fulll(E) Utility/Others Total sales +0.2 +6.0 Doctors' Core Market +1.4 +4.6 Healthcare wear +1.7 +4.9 Patient Doctors' wear +0.8 +4.9 Utility / Others -2.2 -2.3 Peripheral Market -4.0 +6.0 Surgery Pat
Slide 23: Overview and Measures: Product
Overview and Measures Product y/y change FY2026 FY2026 First- (%) half(Results) Fulll(E) Sales by Product Total sales +0.2 +6.0 (¥ million) High-End products -3.1 +5.7 High Value-Added products +1.5 +6.2 Value-Added products -1.5 +7.1 Mass products -2.9 -5.1 High-End products (Retail price) High Val
Slide 24: Overview and Measures: Production
Overview and Measures Production Composition FY2026 FY2026 Changes in Production Status (%) First-half Full(E) (Non-Consolidated) Domestic (¥ million) (%) production 42.9 41.9 Overseas production 56.5 58.5 Purchased products 0.6 0.6 The shift to overseas production and the increase in product manufa
Slide 25: V Management Goals
V Management Goals 24 © Nagaileben Co.,Ltd.
Slide 26: Strategy: Business Direction
Strategy Business Direction -Capture Needs in Core Market Market -Increase Share of Peripheral Market -Cultivate Overseas Market -Develop and Sale of High-End and High Value-Added Products Product -Development of Low-Cost Strategic Products Utilizing Overseas Materials -Shift to Overseas Production
Slide 27: Current Status of Marketing Strategy
Business Plan Current Status of Marketing Strategy Strategy Upcoming Actions Revitalizing the High-End Market with the Capture needs with strategy for value-added "MACKINTOSH PHILOSOPHY" Brand and Updating products in core market Model Changes with High Value-Added Products Expansion of Market Share
Slide 28: Current Status of Production Strategy
Business Plan Current Status of Production Strategy Strategy Upcoming Actions Increase the Ratio of Overseas Production to Compensate for the Management of suitable location Decrease in Domestic Production Capacity. production Material: Cost reduction by transferring production from domestic materia
Slide 29: Strategy: Business Direction
Strategy Business Direction FY2022 FY2025 FY2028E (3 terms ago) (Previous term) (3 terms later) Core 68% 71% Market Peripheral 28% 29% Overseas 1% 3% High Value-Added Product Value-Added Mass High-End Overseas 64% Production Domestic 36% Purchased 0% products 28 © Nagaileben Co.,Ltd.
Slide 30: Trend of Business Records
Strategy Trend of Business Records (¥ million) （％） 25 26 27 28 E E E (FY) (¥ million) Note: Consolidated data since FY1994 are shown. Preceding years represent non-consolidated data. The exchange rate for FY2027/FY2028 is assumed to be 145 yen/dollar. . FY2028E Net Sales 19,500 Operating 4,700 Incom
Slide 31: VI Rewarding Shareholder-Focused Policies
VI Rewarding Shareholder -Focused Policies 30 © Nagaileben Co.,Ltd.
Slide 32: Reward Reimbursement Policy
Reward Reimbursement Policy Shareholder-Focused Policies - Improvement of transparency by proactive disclosure - Interactive communication with investors - Profit reimbursement by high dividends Dividend Policy - Basic policy is to continue stable dividend payment with payout ratio of 50% Share Buyb
Slide 33: Shareholder Returns Based on Stable Profit
Reward Shareholder Returns Based on Stable Profit Strong balance sheet Achieving a high Highly profitability return rate 77.4 % (Total dividend + Share buyback) ÷ Net Income Share buyback Net Income ¥10.5 B Total Assets Capital-to- asset ratio Shareholder ¥44.6 B Total dividend Returns 92.5 % ¥58.5
Slide 34: Flexible Repurchase of Share
Reward Flexible Repurchase of Share The movement of our company's stock price Stock price (end of month closing) before adjustment for splits （Yen） Stock price (end of month closing) 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2001 2006 2011 2016 2021 2026 FY2003 FY2004 FY2010 FY2011 FY2013 FY20
Slide 35: Actual Dividends Paid
Reward Actual Dividends Paid Total Total Share Payout return dividend buyback ratio ratio （Million yen） （Million yen） （non-c, ％） （non-c, ％） FY2001 475 0 27.4 27.4 FY2002 475 0 29.3 29.3 FY2003 530 1,697 29.7 124.6 FY2004 744 0 36.5 36.5 2004/2/24 Stock split 2-for-1 FY2005 1,117 0 56.9 56.9 FY2006 1
Slide 36: The History of Stock Value
Reward The History of Stock Value BPS EPS DPS （Yen） （Yen） （yen） （yen） （yen） ※1 FY2009: Accrued pension fund FY2001 532.5 50.8 12.5 withdrawal payment loss ¥1.04b. A dotted FY2002 568.3 48.0 12.5 line is when there was not outbreak. FY2003 604.0 52.4 15.0 FY2004 663.0 60.5 30.0 FY2005 700.0 56.7 30.0
Slide 37: About NAGAILEBEN
(Appendix) About “NAGAILEBEN” 36 © Nagaileben Co.,Ltd.
Slide 38: Management Philosophy
Management Philosophy Our management philosophy are “Let us help the human life” and “Harmony”. We think that well-balanced growth with human, profit and philanthropy become the responsible corporate. Furthermore, we have our company spirit, “Nagaism”. We continue to specialize in medical / nurse /
Slide 39: Competitive Position in Medical Clothing Market
Outline Over 100 Years in Business (Established in 1915) 1 Competitive Position in Medical Clothing Market -Approximately 60% market share -Integrated Production System in domestic medical clothing Planning, Manufacturing and Marketing - The number of shipments is -Competitive product such as extens
Slide 40: Highly Profitability, Strong Balance Sheet, Rewarding
Outline 3 Highly Profitability Strong Balance Sheet - Realization of high profitability (%) Change of Gross Profit to Sales 39.5% (2025) with radical pursuit of efficiency 33.1% -Gross profit to sales 39.5% 28.6% (1990) 45.3% 45.8% -Capital-to-asset ratio 92.5% (2010) (2020) (1980) 39.7% -ROE 6.1% （
Slide 41: Solving Social Issues Through Our Business
SDGs Solving Social Issues Through Our Business 2050 Low-Carbon Social Responsibility Environmental -Assist hospitals to reduce Efforts waste and be more economical. -Regional contribution -Consideration to environmental Regional through production base load of business. -Support hospital facilities
Slide 42: CSR Our Efforts Based on Let us help the human life
CSR Our Efforts Based on “Let us help the human life” Women principal domains: Medical and Sewing Products of Nagaileben are mainly for women, who work as a Support nursing staff or a care worker. At production sites of Nagaileben, Women many women staff has been engaged in sewing. Activities of Nag
Slide 43: CSR Our Efforts Based on Social Responsibility
CSR Our Efforts Based on Social Responsibility Environmental Efforts Social Responsibility Reduction of Environmental Load Through -Providing uniforms for disaster support nurses to the Japanese Nursing Asso Business ciation Many of our products use materials derived from exhaustible -Donation Infec
Slide 44: Reducing Environmental Impact
Environmental Vision Highlights – Addressing Challenges Through Business Let us help the human life. Next-generation medical wear for people and the planet. Business Development in Environmental Fields Toward a Circular Society -Reusable-oriented products Reducing -Circular supply chain (utilization
Slide 45: Notes on this material
Notes on this material This material includes forecasts for the future. These forecasts are based on the judgment of the Company's management concerning currently available information. These future projections include assumptions or views based on assumptions, and therefore may be different from th
Slide 46: Data File
Data File First-half of FY2026 (Listed on the Prime Market Segment of the Tokyo Stock Exchange; Code 7447) <Contact for information on this material: Mr. Yamamura, Administration Headquarters (+81-3-5289-8200)>
Slide 47: Index
Index 1 … Sales by Market 2 … Sales by Item 3 … Sales by Product 4 … Production Strategy (Non-Consolidated) 5 … Statements of Income (Consolidated) 6 … Statements of Income (Non-Consolidated) 7 … Indices (Consolidated) 8 … Indices (Non-Consolidated) 9・10 … Statements of Income (Consolidated・Non-Cons
Slide 48: 1. Sales by Market
1. Sales by Market (¥ million) (¥ million) First-half First-half FY 22/8 23/8 24/8 25/8 26/8E 25/8 26/8 18,000 Sales 17,745 17,181 16,412 16,983 18,000 7,843 7,861 Core Market 13,021 12,438 11,640 11,996 12,550 5,530 5,607 16,000 Peripheral Market 4,486 4,509 4,508 4,763 5,050 2,230 2,142 Overseas M
Slide 49: 2. Sales by Item
2. Sales by Item (¥ million) (¥ million) First-half First-half FY 22/8 23/8 24/8 25/8 26/8E 25/8 26/8 18,000 Sales 17,745 17,181 16,412 16,984 18,000 7,843 7,861 Healthcare wear 9,698 9,395 8,815 9,165 9,610 4,263 4,336 16,000 Doctors' wear 2,655 2,517 2,354 2,412 2,530 1,079 1,087 14,000 Utility/Ot
Slide 50: 3. Sales by Product
3. Sales by Product (¥ million) (¥ million) First-half First-half FY 22/8 23/8 24/8 25/8 26/8E 25/8 26/8 18,000 Sales 17,745 17,181 16,412 16,983 18,000 7,843 7,861 High-End products 1,269 1,389 1,269 1,324 1,400 611 592 16,000 High Value-Added products 10,269 9,908 9,840 10,543 11,200 4,942 5,017 V
Slide 51: 4. Production Strategy (Non-Consolidated)
4. Production Strategy(Non-Consolidated) (¥ million) (¥ million) (％) First-half First-half FY 22/8 23/8 24/8 25/8 26/8E 12,500 60 25/8 26/8 Domestic production 4,974 4,933 4,673 4,653 4,524 2,366 2,311 Overseas production 5,456 5,680 5,559 5,883 6,470 2,950 3,046 10,000 55 Purchased products 83 64 6
Slide 52: 5. Statements of Income (Consolidated)
5. Statements of Income (Consolidated) (¥ million) First-half First-half FY 17/8 18/8 19/8 20/8 21/8 22/8 23/8 24/8 25/8 26/8E 25/8 26/8 Net Sales 17,017 17,144 16,785 17,066 17,563 17,745 17,181 16,412 16,983 18,000 7,843 7,861 Gross profit 8,086 8,050 7,840 7,810 8,058 7,881 7,547 7,028 6,712 7,26
Slide 53: 6. Statements of Income (Non-Consolidated)
6. Statements of Income (Non-Consolidated) (¥ million) First-half First-half FY 17/8 18/8 19/8 20/8 21/8 22/8 23/8 24/8 25/8 26/8E 25/8 26/8 Net Sales 17,013 17,140 16,777 17,061 17,552 17,737 17,177 16,402 16,971 18,000 7,836 7,853 Gross profit 7,826 7,835 7,694 7,650 7,875 7,726 7,390 6,894 6,650
Slide 54: 7. Indices (Consolidated)
7. Indices (Consolidated) First-half First-half (Unit) 21/8 22/8 23/8 24/8 25/8 25/8 26/8 Profitability ROE (%) 8.9 9.0 7.5 6.6 6.1 - - ROA (%) 11.6 11.0 9.9 8.7 8.1 - - Return on sales Net income (%) 20.8 21.3 18.8 17.2 15.2 - - ROE resolution Total Assets Turnover (Times) 0.4 0.4 0.4 0.3 0.4 - - L
Slide 55: 8. Indices (Non-Consolidated)
8. Indices (Non-Consolidated) First-half First-half (Unit) 21/8 22/8 23/8 24/8 25/8 25/8 26/8 Profitability ROE (%) 9.4 9.5 8.1 7.0 6.6 - - ROA (%) 12.3 11.6 10.5 9.2 8.7 - - Return on sales Net income (%) 20.4 21.0 18.6 17.1 15.1 - - ROE resolution Total AssetsTurnover (Times) 0.4 0.4 0.4 0.4 0.4 -
Slide 56: 9. Statements of Income (Consolidated)
9. Statements of Income (Consolidated) (¥ million,%) (¥ million,%) FY 24/8 25/8 Change(the previous year) First-half 25/8 First-half 26/8 Change(the previous year) Result Composition Result Composition Result Change % Result Composition Result Composition Result Change % Net Sales 16,412 100.0 16,98
Slide 57: 10. Statements of Income (Non-Consolidated)
10. Statements of Income (Non-Consolidated) (¥ million,%) (¥ million,%) FY 24/8 25/8 Change(the previous year) First-half 25/8 First-half 26/8 Change(the previous year) Result Composition Result Composition Result Change % Result Composition Result Composition Result Change % Net Sales 16,402 100.0
Slide 58: 11. Balance Sheet (Consolidated)
11. Balance Sheet (Consolidated) (¥ million,%) (¥ million,%) FY 24/8 25/8 Change(the previous year) First-half 25/8 First-half 26/8 Change(the previous year) Result Composition Result Composition Result Change % Result Composition Result Composition Result Change % Current assets 38,285 81.9 36,200
Slide 59: 12. Balance Sheet (Non-Consolidated)
12. Balance Sheet(Non-Consolidated) (¥ million,%) (¥ million,%) FY 24/8 25/8 Change(the previous year) First-half 25/8 First-half 26/8 Change(the previous year) Result Composition Result Composition Result Change % Result Composition Result Composition Result Change % Current assets 35,006 80.9 32,9
Slide 60: 13. The Forecasts/Results of Net Sales (Consolidated)
13.The Forecasts/Results of Net Sales (Consolidated) (¥ million) (％) [Forecast] (Initial plan) (¥ million) 20,000 50 FY 22/8 23/8 24/8 25/8 26/8 Full Year 17,700 18,200 17,800 17,500 18,000 First-half 7,719 8,022 7,936 7,660 8,170 Second-half 9,980 10,178 9,863 9,839 9,829 15,000 25 [Result] (¥ mill