Pal Group Holdings Co., Ltd. · TSE:2726
Pal — H1 FY2027 Earnings Presentation
44 slides from Pal's earnings presentation, Oct 8, 2026
Slide 1: Materials for Financial Results Briefing
Six Months Ended August 31, 2026 Materials for Financial Results Briefing October 8, 2026 PAL GROUP Holdings CO., LTD. Securities code: 2726 Management dedicated to the happiness of all employees and shareholders
Slide 2: Table of Contents
Table of Contents Financial Report 2 Review of Financial Results for the Six Months Ended August 31, 2026 3 Management Vision 17 Topics 23 Response to Shareholders 32 Initiatives for ESG 35
Slide 3: Financial Report
Financial Report Review of Financial Results for the Six Months Ended August 31, 2026 Full-year Financial Results Forecast for the Fiscal Year Ending February 28, 2027
Slide 4: Review on the first half of the fiscal year
Review of Consolidated and Non-consolidated Financial Results of PAL GROUP Holdings CO., LTD. + PAL CO., LTD. for the Six Months Ended August 31, 2026 Review on the first half of the fiscal year In the Japanese economy, while there were improvements in the employment and income environment, consumpt
Slide 5: Consolidated Statements of Income
Consolidated Statements of Income of PAL GROUP Holdings CO., LTD. for the Six Months Ended August 31, 2026 (Millions of yen) Six months ended August 31, 2026 Six months Six months Forecast Actual results ended August ended August Changes from 31, 2024 31, 2025 the previous Compared to corresponding
Slide 6: Non-consolidated Statements of Income of PAL GROUP Holdings and PAL CO., LTD.
Non-consolidated Statements of Income of PAL GROUP Holdings CO., LTD. and PAL CO., LTD. for the Six Months Ended August 31, 2026 (Millions of yen) Six months ended August 31, 2026 Six months Six months ended August ended August Actual results 31, 2024 31, 2025 Changes from the previous corresponding
Slide 7: Financial Situation of NICE CLAUP Co., LTD.
Financial Situation of NICE CLAUP Co., LTD. for the Six Months Ended August 31, 2026 (Millions of yen) Changes from the Six months ended Six months ended Six months ended previous August 31, 2024 August 31, 2025 August 31, 2026 corresponding period Net Sales 8,352 10,679 11,177 104.6% Operating prof
Slide 8: Financial Situation of NOLLEY'S co., ltd.
Financial Situation of NOLLEY’S co., ltd. for the Six Months Ended August 31, 2026 (Millions of yen) Changes from the Six months ended Six months ended Six months ended previous August 31, 2024 August 31, 2025 August 31, 2026 corresponding period Net Sales 6,371 6,142 5,604 91.2% Operating profit 60
Slide 9: Overview of Sales Results and E-commerce Net Sales by Segment
Overview of Sales Results and E-commerce Net Sales by Segment (Millions of yen) Six months ended Six months ended Six months ended Changes from the previous August 31, 2024 August 31, 2025 August 31, 2026 corresponding period Apparel Net Sales 59,857 70,581 74,475 105.5% Composition % 59.2% 60.3% 61
Slide 10: Main Brands
Main Brands Net Sales (Millions of yen) BEARDSLEY 20 stores 3,755 4,012 A commitment to comfortable forms and materials. 3,267 Embroidery and original prints that lend a whimsical touch of handcrafting. A unique worldview. Seasonal themes of crafting inspired by words 106.9% symbolizing images. We p
Slide 11: Selling, General and Administrative Expenses
Selling, General and Administrative Expenses (Millions of yen) Changes from the Six months ended Six months ended Six months ended previous August 31, 2024 August 31, 2025 August 31, 2026 corresponding period Non-consolidated PAL GROUP Holdings CO., LTD. 40,209 44,350 47,456 107.0% + PAL CO., LTD. C
Slide 12: Number of Stores in Japan
Number of Stores in Japan Number of stores Other regions as of August 31, 2026: 1,166 Kansai region (+15 compared to the end of the previous fiscal year) Kanto region 1,200 1,132 1,166 Status of opening/closing stores 1,100 In the first half, the number of stores increased by 15 1,000 947 978 from t
Slide 13: Extraordinary Income or Losses
Extraordinary Income or Losses (Millions of yen) Six months ended Six months ended Six months ended August 31, 2024 August 31, 2025 August 31, 2026 Subsidy income 220 － － Total extraordinary income 220 － － Loss on tax purpose reduction entry of non-current assets 220 － － Loss on retirement of non-cu
Slide 14: Consolidated Balance Sheets
Consolidated Balance Sheets (Millions of yen) Changes from the As of As of As of end of the previous Remarks February 28, 2025 February 28, 2026 August 31, 2026 fiscal year Current assets 114,287 128,759 116,751 (12,008) Cash and deposits 85,715 96,264 83,851 (12,412) Notes and accounts receivable -
Slide 15: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Millions of yen) Six months ended Six months ended Six months ended August 31, 2024 August 31, 2025 August 31, 2026 Cash flows from operating activities 17,398 12,910 (3,040) Cash flows from investing activities (2,386) (2,129) (2,140) Cash flows from financing
Slide 16: Full-year Financial Results Forecast for Fiscal Year Ending February 28, 2027
Consolidated and Non-consolidated Full-year Financial Results Forecast of PAL GROUP Holdings CO., LTD. + PAL CO., LTD. for the Fiscal Year Ending February 28, 2027 (Millions of yen) 1. Consolidated Fiscal year ended Fiscal year ended Fiscal year ended First half ended Second half ending Fiscal year
Slide 17: Premises for Full-year Financial Results Forecast
Premises for Full-year Financial Results Forecast for the Fiscal Year Ending February 28, 2027 Fiscal year ending 1. Number of stores Fiscal year ended Fiscal year ended As of August 31, 2026 February 28, 2027 February 28, 2025 February 28, 2026 Forecast Number of new stores 163 121 39 61 Number of
Slide 18: Management Vision
Management Vision 1. Business Results Trend 2. Medium- to Long-term Vision 3. Business Model 1). PAL Map and Multi-Brand Portfolio Strategy 2). Collaboration Between Social Media Marketing and 4-Week MD 3). Impact of Foreign Exchange Fluctuations on the Company’s Business
Slide 19: 1. Business Results Trend
1. Business Results Trend （%） 58 Gross profit 56.8 ratio 56.5 56.4 56.1 55.8 55.7 56.3 55.9 56.7 Net sales 55.4 55 54.7 54.9 54.6 54.9 55.2 Ordinary 52 profit (Millions of yen) Since 2021 （百万円） 250,000 Increased size of 3COINS stores 234,704 30,000 27,129 207,825 Since 2019 25,000 200,000 Strengthen
Slide 20: 2. Medium- to Long-term Vision
2. Medium- to Long-term Vision (Target of Consolidated Net Sales) Business strategies Promoting “PAL-style” management generating high values by expanding human resources investment Creating new brands and identifying talent ¥300.0 billion (In-house proposals, M&A, etc.) Increasing the scales of bra
Slide 21: 3-1). PAL Map and Multi-Brand Portfolio Strategy
3-1). PAL Map and Multi-Brand Portfolio Strategy What is the PAL Map? Multi-brand portfolio strategy The PAL Map is the Company’s proprietary guideline that The Company’s competitive advantage is supported by its visualizes the cyclical nature of fashion trends, based on multi-brand portfolio strate
Slide 22: 3-2). Collaboration Between Social Media Marketing and 4-Week MD
3-2). Collaboration Between Social Media Marketing and 4-Week MD Improving the final consumption rate and reducing inventory risk through collaboration between marketing and MD It is this combination of DX and MD, which enables us to “make what sells, when it sells, only in the quantities that will
Slide 23: 3-3). Impact of Foreign Exchange Fluctuations on the Company's Business
3-3). Impact of Foreign Exchange Fluctuations on the Company’s Business The impact of the yen’s depreciation on business performance has been reduced through the evolution of our business model In the Apparel Business of PAL CO., LTD., most of the products it plans and orders are sourced through tra
Slide 24: Topics
Topics 1. Progress of the Reform of MD 2. Enhancement of E-Commerce Sales 1). Trend in EC Net Sales 2). Trend in PAL CLOSET App Membership 3. Initiatives for Sustainability 1). Lecture Held at Takada Senior High School in Nara Prefecture 2). Overseas Training Trip for Honored Employees 3). SDGs Educ
Slide 25: 1. Progress of the Reform of MD
1. Progress of the Reform of MD Concrete measures Gross profit ratio SPA ratio 2013 Final stage in establishing the MD Cycle (8 weeks) for best-selling products 56.5% Maintain 80% Stage 1 Declaration of the bold reform of MD Taking bold actions responding to the environmental changes November In lig
Slide 26: 2-1). Trend in EC Net Sales
* Figures for the fiscal year ended February 28, 2023 2-1). Trend in EC Net Sales and beyond reflect the application of the “Accounting Standard for Revenue Recognition” Strategic schedule ¥100.0 billion Fiscal year ended February 28, 2017: Enhance E-commerce Achieve in-house operation of our websit
Slide 27: 2-2). Trend in PAL CLOSET App Membership
2-2). Trend in PAL CLOSET App Membership Strategic schedule 20.00 million Fiscal year ended February 28, 2019: Commence customer membership at actual stores Fiscal year ended February 29, 2020: Commence customer membership at 3COINS 18.00 Fiscal year ended February 28, 2021: Commence E-commerce at 3
Slide 28: 3-1). Lecture Held at Takada Senior High School in Nara Prefecture
3-1). Lecture Held at Takada Senior High School in Nara Prefecture We held a lecture on 3COINS and KITO initiatives As part of our sustainability and social contribution activities, on March 18, we held a career and inquiry-based learning lecture given by working professionals for about 720 students
Slide 29: 3-2). Overseas Training Trip for Honored Employees
3-2). Overseas Training Trip for Honored Employees Honored employees visited Denmark for this year’s overseas training trip Since our founding, we have cherished our culture that honors both taking on challenges and delivering results. An initiative that symbolizes this culture is the overseas train
Slide 30: 3-3). SDGs Education Study Tour Held
3-3). SDGs Education Study Tour Held We held a study tour to learn about SDGs for faculty and staff of fashion technical schools, colleges, and universities On August 6 and 7, we invited faculty and staff from fashion technical schools, colleges, and universities and held an “SDGs Education Study To
Slide 31: 4-1). First 3COINS Taiwan Location Opened
4-1). First 3COINS Taiwan Location Opened 3COINS opened its first store in Taipei The 3COINS brand opened its first Taiwan location—3COINS eslite spectrum Wuchang—on September 12, 2026. The opening was a resounding success, drawing large crowds. To avoid congestion on the first day, numbered tickets
Slide 32: 4-2). Status of Overseas Expansion
4-2). Status of Overseas Expansion Status of the PAL GROUP’s overseas locations and operations The status of the PAL GROUP’s overseas locations and store operations is as follows. PAL GROUP Overseas Operations Map NOLLEY’s: FC Jiuguang Department Store (Shanghai) Wenfeng Great World Nantong Branch H
Slide 33: Response to Shareholders
Response to Shareholders 1. Policy for Return to Shareholders 2. Shareholder Benefit Program
Slide 34: 1. Policy for Return to Shareholders
1. Policy for Return to Shareholders The Company’s basic policy is to distribute dividends commensurate with its business performance. While striving to maintain a stable payment of dividends, the Company determines dividend of surplus taking into account enhancement of internal reserves to prepare
Slide 35: 2. Shareholder Benefit Program
2. Shareholder Benefit Program Accommodations available under shareholder benefit program Two accommodations are available in western Japan—“Kuroshio Sou” and “SETRE NARAMACHI.” Two accommodations are available in eastern Japan—“Kinugawa Onsen Hotel” and “Kinugawa Kanaya Hotel.” Details of Benefit P
Slide 36: Initiatives for ESG
Initiatives for ESG 1. PAL’s Initiatives for ESG 2. PAL Forest Project (Environment) 3-1). Endowed Courses at Kwansei Gakuin University (Social) 3-2). Initiatives by PAL Inoue Scholarship Foundation (Social) 4. Promotion of Human Capital Management (Governance)
Slide 37: 1. PAL's Initiatives for ESG
1. PAL’s Initiatives for ESG PAL’s initiatives for ESG (Environment, Social, Governance) are to strive for achieving its management philosophy of “Management dedicated to the happiness of all employees and shareholders” and “Management dedicated to society and the globe into the future” through its
Slide 38: 2. PAL Forest Project (Environment)
2. PAL Forest Project (Environment) PAL Forest Project (Environment) “PAL Forest Tree-Planting Project” started in 2011 and since then more than 400 broadleaf trees have been planted for 13 years. Tree-planting was canceled due to the COVID-19 pandemic in 2020 and 2021; however, it was resumed in 20
Slide 39: 3-1). Endowed Courses at Kwansei Gakuin University (Social)
3-1). Endowed Courses at Kwansei Gakuin University (Social) Endowed courses for the School of International Studies, Kwansei Gakuin University (Social) Following the endowed courses provided at Osaka University for five years from 2013, PAL started a course for the School of International Studies, K
Slide 40: 3-2). PAL Inoue Scholarship Foundation (1)
3-2). Initiatives by PAL Inoue Scholarship Foundation (Social) Human resources development through the “PAL Inoue Scholarship Foundation” (1) (Social) PAL established the “PAL Inoue Scholarship Foundation” together with the Inoue family, the founder of the Company. After its establishment in 2013, i
Slide 41: 3-2). PAL Inoue Scholarship Foundation (2)
3-2). Initiatives by PAL Inoue Scholarship Foundation (Social) Human resources development through the “PAL Inoue Scholarship Foundation” (2) (Social) In addition to the scholarship program, PAL Inoue Scholarship Foundation has, since FY2018, been holding PAL FOUNDATION CUP—a nationwide role-playing
Slide 42: 4. Promotion of Human Capital Management (Governance)
4. Promotion of Human Capital Management (Governance) Establishment of schemes to support career development of female employees (Governance) Many major businesses of the PAL GROUP target female customers, while female employees, accounting for over 80% of the total employees, play active roles in a
Slide 43: About the PAL GROUP
About the PAL GROUP “Contributing to society by Group “Management dedicated to Company constantly proposing new management the happiness of all motto fashionable ways of life” philosophy employees and shareholders” Company name PAL GROUP Holdings CO., LTD. (Head Office) Keihanshin Midosuji Bldg. 10F
Slide 44: IR Contact
IR Contact Corporate Planning Division TEL +81-6-6227-0308 FAX +81-6-6231-1056 The plans, strategies, predictions, etc., contained in this document which are not matters of historical fact are forecasts related to future business results, etc., and include elements of risk and uncertainty. Please be