Aoyama Trading Co., Ltd. · TSE:8219
Aoyama Trading — H1 FY3/2026 Earnings Presentation
52 slides from Aoyama Trading's earnings presentation, November 2025
Slide 1: FY3/2026 Second Quarter (Interim Period) Financial Results Briefing
FY3/2026 Second Quarter (Interim Period) Financial Results Briefing AOYAMA TRADING Co., Ltd. © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 2: Agenda
1. Progress of Initiatives Under the New Management System 2. Measures to Realize Management Conscious of Cost of Capital and Stock Price 3. The First Half of FY3/2026 Results 4. Revised Plan of FY3/2026 5. Group Business 2 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 3: Executive Summary
Executive Summary Consolidated Operating Consolidated Net Sales Consolidated Net Income Income 81.9 billion yen 70 million yen -800 million yen YoY : YoY : YoY : -2.5 billion yen -500 million yen -200 million yen Compared to the plan : Compared to the plan : Compared to the plan : -2.9 billion yen +
Slide 4: Three Core Policies
Our Vision and Policy (FY3/2025 Financial Results Briefing (Repeat)) 「Aim to Become the Overwhelming No.1 Company of Business Wear Brand」 We will take a fresh look at the business wear business, which is our starting point, and enhancing our brand power, profitability, and competitive advantage as a
Slide 5: Review and Issues After the Transition to the New Management System
Review and Issues After the Transition to the New Management System Review and Issues After the Transition to the New Management System After the transition to the new management system, we started with a fundamental review of the business wear business. As we aim to realize growth in the business w
Slide 6: Recognition of Current Issues
Recognition of Current Issues The most significant issue for management is to deal with the decrease in the number of customers. We implement measures with top priority on resolving these issues. Recognition of ■Improvement of gross profit ratio and Current Issues ■Response to the casualization of o
Slide 7: Debut!
Debut! 7 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 8: Key Strategic Product “Minna-no-suit”
Key Strategic Product “Minna-no-suit” (“Minna” means “everybody” in Japanese) “Minna-no-suit" is the strongest solution to response decrease in the number of customers. At a circumstance that prices continue to rise, we aim to embody our founding philosophy of "contributing to society through the sa
Slide 9: Concept: Suit that suits everyone
Concept ”Suit that suits everyone” We realized suit's price that is easy to buy and that all customers can sympathize with by defying the common belief that "high quality = high price". This suit can support various scenes with not only the cost performance but also have "neat feel" and "fun" that a
Slide 10: Strategic Positioning of “Minna-no-suit”
Strategic Positioning of “Minna-no-suit” Launch marketing strategy based on “Minna-no-suit” We positioned “Minna-no-suit” as a staring point to build a connection with our customers. We will expand customers and fostering loyal customers by linking “Minna-no-suit” to the CRM strategy. Marketing Fost
Slide 11: Progress for Mid-Term Management Plan FY3/2025 to FY3/2027 and Issues
Progress for Mid-Term Management Plan of the FY3/2025 to FY3/2027 and Issues 11 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 12: Progress for Mid-Term Management Plan in Interim Period of FY3/2026
Progress for Mid-Term Management Plan of the FY3/2025 to FY3/2027 in Interim Period of the FY3/2026 Expanding market Maintaining and improving the profitability of existing businesses share through new Profit-oriented management store open Reduction and control of Order EC Store opening Inventory re
Slide 13: Issues to be Addressed from Now On
Issues to be Addressed from Now On Implementing the “Five Basic Strategy” to achieving the Mid-Term Management Plan, which will conclude in the fiscal year ending March 31, 2027, the company has positioned “issues to be addressed from now on” as “important management issues” and will address them ef
Slide 14: TOPICS
TOPICS 14 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 15: New Initiatives in FY3/2026 (New Concept Store Opened)
New Initiatives in the FY3/2026（New Concept Store Opened） “AO+” (Aoyama Plus), which is the store that can provide new experience of shopping opened in October 2025. ・We opened “AO+” a new concept store in Tokyo utilizing digital technology and targeting the business persons of generation Z. ・Propos
Slide 16: New Initiatives in FY3/2026 (CHANTOWA)
New Initiatives in the FY3/2026 （CHANTOWA） The new series, “CHANTOWA” debuted on September 2025. ・”CHANTOWA” debuted in “SUIT SQUARE” ・We aim to create a product that can solve the potential needs of "I want to be properly" ・Mai Shiraishi was selected as an ambassador and appeared in key visuals and
Slide 17: Agenda
1. Progress of Initiatives Under the New Management System 2. Measures to Realize Management Conscious of Cost of Capital and Stock Price 3. The First Half of FY3/2026 Results 4. Revised Plan of FY3/2026 5. Group Business 17 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 18: Current State Analysis (Change in PBR)
Current State Analysis（Change in PBR） Change in PBR ■We disclosed “Measures to Realize Management Conscious of Cost of Capital and Stock Price” on November 2024. ■In the disclosure, in addition to strengthening shareholder returns, the company announced that it would improve capital efficiency, form
Slide 19: Current State Analysis (Change in ROE)
Current State Analysis（Change in ROE） Change in ROE ■ROE for the FY3/2025 was 5.3%, lower than the previous fiscal year. ■Reduction of total assets and net assets progressed as planned through inventory reduction and acquisition of treasury shares, etc. ■In addition to continuing to reduce assets to
Slide 20: Balance Sheet Optimization and Turnover of Total Assets
Balance Sheet Optimization and Turnover of Total Assets Balance sheet optimization and turnover of total assets ■Total assets for the FY3/2025 decreased by 17.1 billion yen from the previous fiscal year. ■The reduction of total assets to 300.0 billion yen is proceeding as planned. ■As a results of t
Slide 21: Share Split and Acquisition of Treasury Shares
Share Split and Acquisition of Treasury Shares Share split The Company will conduct a share split for the purpose of improving the liquidity of the Company's shares and further expanding the investor base by reducing the investment amount per share in order to create an environment in which sharehol
Slide 22: Shareholder Return Policy
Shareholder Return Policy Shareholder Return Policy During this mid-term management plan for FY3/2025 to FY3/2027, we will maintain its basic policy of actively and stably returning profits to shareholders while investing in growth to maintain and strengthen competitiveness and working to improve pr
Slide 23: Agenda
1. Progress of Initiatives Under the New Management System 2. Measures to Realize Management Conscious of Cost of Capital and Stock Price 3. The First Half of FY3/2026 Results 4. Revised Plan of FY3/2026 5. Group Business 23 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 24: Summary of Business Segments
Summary of Business Segments Segment Overview Operating 726 stores nationwide, including Yofuku-no-Aoyama and SUIT SQUARE (as of the end of September 2025) Business Wear Business This segment also includes Blue Reverse Co., Ltd., Eisho Co., Ltd., MDS Co., Ltd., Fukuryo Co., Ltd., Aoyama Suits (Shang
Slide 25: Consolidated Earnings Result for the First Half of FY3/2026
Consolidated Earnings Result for the First Half of the FY3/2026 “Achieved our plan of operating income“ Sales was struggled, but all profit phase under the operating income achieved our plan by improvement of gross profit rate and efficiency of SG&A expenses. Compared to Results of Results of Main F
Slide 26: Result by Business Segment of First Half of FY3/2026
Result by Business Segment of First Half of the FY3/2026 Sales of franchisee business, credit card business, and sundry sales business was favorable, but business wear business was unfavorable. Operating income was in line with the plan in each business segment despite a significant decrease in the
Slide 27: Non-consolidated Results for the First Half of FY3/2026
Non-consolidated Results for the First Half of the FY3/2026 Unit： Results of Results of Compared to Main Factors of Fluctuations YoY 100 million yen FY3/2025 FY3/2026 the initial plan （Compared to the initial plan） Net sales 521 490 -30 -20 Existing store’s YoY: 96.2％ Restricting discount sales Gros
Slide 28: Agenda
1. Progress of Initiatives Under the New Management System 2. Measures to Realize Management Conscious of Cost of Capital and Stock Price 3. The First Half of FY3/2026 Results 4. Revised Plan of FY3/2026 5. Group Business 28 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 29: Revised Plan of Consolidated Profit and Loss for FY3/2026
Revised Plan of Consolidated Profit and Loss for the FY3/2026 “We have maintained our initial plan for operating income and other profit phase.” Revised plan of sales is under the initial plan, but we have maintained profit plan by improving gross profit rate and efficiency of SG & A expenses. Compa
Slide 30: Revised Plan of Profit and Loss by Each Business Segment
Revised Plan of Profit and Loss by Each Business Segment for the FY3/2026 Operating income revised upward from the initial plan in total repair service business and franchisee business. In the business wear business, profit margin is expected to improve by reviewing pricing strategy and optimizing p
Slide 31: Revised Plan of Non-Consolidated Profit and Loss for FY3/2026
Revised Plan of Non-Consolidated Profit and Loss for the FY3/2026 Unit : Results of Compared to the Revised plan YoY Initial plan 100 million yen FY3/2025 initial plan Net sales 1,294 1,310 -16 1,307 -13 Gross profit（rate） 740（57.2％） 726（55.4％） +13（1.8pt） 745（57.0％） -5（+0.2pt） SG & A expense 646 637
Slide 32: Agenda
1. Progress of Initiatives Under the New Management System 2. Measures to Realize Management Conscious of Cost of Capital and Stock Price 3. The First Half of FY3/2026 Results 4. Revised Plan of FY3/2026 5. Group Business 32 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 33: Group Business (Results for the First Half of FY3/2026)
Group Business (Results for the First Half of the FY3/2026) All Group Business Sales 31.8 billion yen (YoY 101.8％) Composition ratio 38.8％ (YoY +1.8pt) Consolidated net sales for the first half Credit Card Business 81.9 billion yen Priniting and Media Business Sundry Sales Business Business Wear Bus
Slide 34: Group Business: Credit Card and Printing and Media
Results for the First Half and Initiatives for the Second Half by Segment - Group Business - Credit Card Business Printing and Media Business （Aoyama Capital Co., Ltd.） （ASCON CO., Ltd.） 【Sales and profit increased】 【Sales decreased and deficit】 Sales: 2.69 billion yen (YoY: +80 million yen) Sales:
Slide 35: Group Business: Sundry Sales and Total Repair Service
Results for the First Half and Initiatives for the Second Half by Segment - Group Business - Sundry Sales Business Total Repair Service Business （Seigo Co., Ltd.） （Minit Asia Pacific Co., Ltd.） 【Sales increased, profit decreased】 【Sales decreased, profit increased】 Sales: 7.77 billion yen (YoY: +70
Slide 36: Group Business: Franchisee and Others
Results for the First Half and Initiatives for the Second Half by Segment - Group Business - Others Franchisee Business (WTW Corporation) (glob Co., Ltd) (Customlife Co., Ltd.) 【Sales and profit increased】 【Sales decreased and deficit】 Sales: 8.33 billion yen (YoY: +640 million yen) Sales: 550 milli
Slide 37: Supplementary Material
Supplementary Material 37 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 38: Initiatives of Sustainability
Initiatives of Sustainability • Reviewed materiality (important issues) to promote integration of management and sustainability and promote sustainable activity integrated with the Medium-Term Management Plan. • Contribute to the realization of a sustainable society by addressing important issues re
Slide 39: Progress of Sustainability Initiatives TOPICS
Progress of Sustainability Initiatives TOPICS SUSTAINABILITY DATA BOOK TOPICS Evaluations from external 【Inclusion in ESG Index】 Updating the fact book for stakeholders who are highly interested in ESG investment, which has been disclosed First time MSCI Japan ESG Select Leaders Index annually since
Slide 40: Results and Plan of Stores Opened/Closed
Results and Plan of Stores Opened/Closed Results of the First Half （Unit：Store） Number of stores Number of stores Number of Number of Business Segment as of September, YoY as of March,2025 store opened store closed 2025 Business Wear 767 1 14 754 -19 Sundry Sales 101 0 0 101 ±0 Total Repair Service
Slide 41: Reference
Reference 41 © AOYAMA TRADING Co., Ltd. All Rights Reserved.
Slide 42: Consolidated Results Summary and Plan of the First Half
Consolidated Results Summary and Plan of the First Half （Unit： million yen） FY3/2025 FY3/2026 First half First half Results Ratio Results Ratio YoY Initial plan Compared to the initial plan Sales 84,504 100.0 81,973 100.0 97.0 84,900 -2,926 Business Wear Businees 53,335 ― 50,180 ― 94.1 52,400 -2,219
Slide 43: Consolidated Results Summary and Plan of the Fiscal Year
Consolidated Results Summary and Plan of the Fiscal Year （Unit : million yen） FY3/2025 FY3/2026 Full year Full year Results Ratio Revised plan Ratio YoY Initial plan Compared to the initial plan Net sales 195,714 100.0 197,000 100.0 100.7 199,800 -2,800 Business Wear Business 133,109 ― 131,800 ― 99.
Slide 44: Non-Consolidated Results Summary and Plan of the First Half
Non-Consolidated Results Summary and Plan of the First Half （Unit：million yen） FY3/2025 FY3/2026 First half First half Results Ratio Results Ratio YoY Initial plan Compared to the initial plan Net sales 52,107 100.0 49,018 100.0 94.1 51,100 -2,081 Gross profit 28,596 54.9 27,317 55.7 0.8 Pt 28,500 -
Slide 45: Non-Consolidated Results Summary and Plan of the Fiscal Year
Non-Consolidated Results Summary and Plan of the Fiscal Year （Unit：million yen） FY3/2025 FY3/2026 Full year Full year Results Ratio Revised plan Ratio YoY Initial plan Compared to the plan Net sales 131,015 100.0 129,400 100.0 98.8 130,700 -1,300 Gross profit 72,624 55.4 74,000 57.2 1.8Pt 74,500 -50
Slide 46: Results of Non-Consolidated Main Expenses
Results of Non-Consolidated Main Expenses 【First half】 （Unit：million yen） FY3/2025 FY3/2026 Results Ratio Results Ratio YoY Initial plan Compared to the initial plan Personnel expense 11,418 21.9 11,540 23.5 101.1 11,460 80 Selling expense 4,559 8.7 4,404 9.0 96.6 4,450 -45 Advertising expense 2,552
Slide 47: Non-Consolidated Non-Operating Revenue
Non-Consolidated Non-Operating Revenue （Unit：million yen） FY3/2025 FY3/2026 First half Full year First half Revised plan for the full year Interest income dividend 1,113 1,269 1,817 2,000 Gain on valuation of derivatives ― ― ― ― Foreign exchange profit ― 22 7 10 Others 37 151 203 130 Total non-opera
Slide 48: Non-Consolidated Trends in Sales and Inventory per Unit
Non-Consolidated Trends in Sales and Inventory per Unit FY3/2024 FY3/2025 FY3/2026 First half First half First half Number of employees 2,760 people 2,892 people 2,930 people Number of temporary employees 1,556 people 1,559 people 1,457 people Total 4,316 people 4,451 people 4,387 people Average 4,4
Slide 49: Non-Consolidated Sales by Product Category
Non-Consolidated Sales by Product Category （Unit：million yen） FY3/2025 First half FY3/2026 First half YoY Sales Ratio Sales Ratio Sales Ratio Suit/three-peace suits 12,210 24.5 11,123 23.8 -1,087 91.1 Jacket 2,024 4.1 1,907 4.1 -116 94.2 Heavy wear Slacks 3,059 6.1 2,713 5.8 -345 88.7 Coat 72 0.2 92
Slide 50: Number of Sold Men’s Suits and Average of Selling Price
Number of Sold Men’s Suits and Average of Selling Price (Unit：thousand suits) (Unit：yen) 45,000 500 40,000 35,928yen 400 409 33,790yen 424 35,000 377 363 300 27,589yen 312 30,000 26,517yen 31,668yen 200 25,000 100 20,000 FY3/2022 FY3/2023 FY3/2024 FY3/2025 FY3/2026 First half First half First half F
Slide 51: Domestic Suit Imports
Domestic Suit Imports （Unit：thousand pieces） Change in Unit YoY of 2023 2024 2025 (Jan~Aug) (Jan~Aug) (Jan~Aug) YoY composition price unit price ratio (Pt) (yen) (%) China 1,286 1,121 862 76.9 - 2.2 12,244 96.7 Vietnam 475 434 392 90.5 1.2 10,010 100.8 Myanmar 702 656 599 91.4 2.1 6,404 95.5 Indones
Slide 52: Disclaimer
Disclaimer • This document has been prepared for the purpose of gaining the understanding of the Company and is not intended to be a solicitation of investment in the Company. • This material has been carefully prepared to ensure accuracy, but there is no guarantee of its completeness. • The Company