Syuppin Co., Ltd. · TSE:3179

Syuppin — Q2 FY03/2026 Earnings Presentation

45 slides from Syuppin's earnings presentation, November 2025

  1. Slide 1: FY2026 Q2 Financial Results Presentation and Progress of the Medium-Term Management Plan

    FY2026 Q2 Financial Results Presentation and Progress of the Medium-Term Management Plan Copyright 2024 Syuppin Co., Ltd. All Rights Reserved. 0

  2. Slide 2: Financial Highlights for the 2Q of FY03/2026

    Financial Highlights for the 2Q of FY03/2026 2Q results: Net sales were 89.5% and operating profit was 58.4% of the initial plan, falling below the plan The full-year earnings forecast has been revised downward Full-Year Plan (Initial Quarterly Change in Forecast (Initial / Revised) and Actual Perfo

  3. Slide 3: Regarding the Downward Revision

    Regarding the Downward Revision Net Sales  Camera: As there were no launches of new major products, the “replacement cycle,” which is the Company’s strength, did not function sufficiently → Both new and pre-owned product sales fell below expectations Gross Profit  Camera Business: Significantly af

  4. Slide 4: Table of Contents

    Table of Contents 1. Financial Results for the 2Q of FY03/2026: Summary P.4 2. Financial Results for the 2Q of FY03/2026: Topics P.14 3. Progress of the Medium-Term Management Plan P.18 4. Appendix P.28 Copyright 2024 Syuppin Co., Ltd. All Rights Reserved. 3

  5. Slide 5: 1. Financial Results for the 2Q of FY03/2026: Summary

    1. Financial Results for the 2Q of FY03/2026: Summary Copyright 2024 Syuppin Co., Ltd. All Rights Reserved. 4

  6. Slide 6: Financial Results for the 2Q of FY03/2026: Profit and Loss Statement

    Financial Results for the 2Q of FY03/2026: Profit and Loss Statement In addition to the decrease in net sales, the increase in SGA expenses also had an impact, resulting in a decline in profits at all levels. （Unit: Million Yen） FY03/2025 2Q FY03/2026 2Q Percent of YoY% Actual Share Actual Share Cha

  7. Slide 7: Net Sales by Segment (2Q)

    Net Sales by Segment （2Q）  Camera business: Online net sales decreased slightly year on year, partly due to a recoil from the strong performance in the same period of the previous year  Watch business: Although market prices have stabilized, procurement (shared inventory) of high-priced products c

  8. Slide 8: Purchase Amount Trends (by Business Segment)

    Purchase Amount Trends (by Business Segment)  Camera Business: AIMD is operating smoothly, and performance is progressing as planned  Watch Business: The Company has revised the one-price purchase prices and strengthened purchases mainly of popular products, such as Rolex The policy is to enhance

  9. Slide 9: Trends in SGA Expenses

    Trends in SGA Expenses Due to an increase in promotion expenses (such as higher estimates for purchases and trade-ins, and shareholder benefit coupons) and the base salary increase for employees, overall costs rose ※figures in () represent sales ratio YoY% Change YoY change (Million Yen) 3,516 (Rati

  10. Slide 10: Trends in Operating Profit and Operating Margin

    Trends in Operating Profit and Operating Margin Although profit improved quarter on quarter (QoQ), the decrease in net sales and the increase in expenses put pressure on earnings Operating margin 7.9% 7.0% 4.9% 2.0% 7.2% 6.7% 7.2% 6.2% 8.6% 6.5% 4.8% 5.7% 3.5% 4.2％ 1,186 948 856 834 819 806 772 770

  11. Slide 11: Financial Results for the 2Q of FY03/2026: Balance Sheet

    Financial Results for the 2Q of FY03/2026: Balance Sheet Product inventories decreased due to strengthened sales aimed at improving the liquidity of the Watch business Net assets decreased as a result of the acquisition and cancellation of treasury shares (Unit : Million Yen) End of End of 2Q of FY0

  12. Slide 12: Financial Results for the 2Q of FY03/2026: Cash Flow

    Financial Results for the 2Q of FY03/2026: Cash Flow (Unit : Million Yen) 1,994 1,716 1,287 1,496 1,542 1,114 532 79 (144) (173) (220) (223) (452) (730) (1,494) (1,526) FY03/2023 23.3期2Q2Q FY03/2024 24.3期2Q2Q 25.3期2Q2Q FY03/2025 FY03/2026 26.3期2Q2Q Operating 営業CF Investing 投資CF Financing 財務CF Free C

  13. Slide 13: Capital Allocation Result

    Capital Allocation Result  Within the range of operating cash flow, the Company has covered investment cash flow, including system investments, while also proactively carrying out shareholder returns (dividends and treasury stock acquisitions)  Without excessive reliance on borrowings and while ta

  14. Slide 14: Financial Results for the 2Q of FY03/2026: Business Overview by Segment

    Financial Results for the 2Q of FY03/2026: Business Overview by Segment （Unit: Million Yen） FY03/2026 Figures in parentheses ( ) Sales FY03/2025 Remarks are the percentage of Channel 2Q YoY% total net sales. 2Q Change Online net sales 16,910 17,168 101.5% Store net sales 3,502 2,492 71.2%  Online s

  15. Slide 15: 2. Financial Results for the 2Q of FY03/2026 Topics

    2. Financial Results for the 2Q of FY03/2026 Topics Copyright 2024 Syuppin Co., Ltd. All Rights Reserved. 14

  16. Slide 16: [Camera Business] Launch of MapCamera SHOWCASE CHANNEL

    [Camera Business] Launch of “MapCamera SHOWCASE CHANNEL” YouTube Sub-channel Started posting “product introduction videos” on product pages of the Company’s own online site (from October) Features ・High-quality content unique to MapCamera’s highly specialized staff ・Not just simple product introduct

  17. Slide 17: [Watch Business] Two Initiatives at GMT

    [Watch Business] Two Initiatives at GMT Aiming to enhance customer satisfaction by further strengthening the “safe and secure” business model <Industry First> Launch of “SHOWCASE VIDEO” Flat consignment fee Campaign Allows customers to experience a sense of security “The Premium Owners” equivalent t

  18. Slide 18: [Camera Business] Other Initiatives

    [Camera Business] Other Initiatives Expansion of cross-border online sales channels via “eBay” May 2025: Canada, Germany/ October 2025: Opening in the UK Received the top honor “Seller Sales in Canada and Germany, where stores were opened of the Year” at the “eBay in May, have been growing steadily

  19. Slide 19: 3. Progress of the Medium-Term Management Plan

    3. Progress of the Medium-Term Management Plan Copyright 2024 Syuppin Co., Ltd. All Rights Reserved. 18

  20. Slide 20: Medium-Term Management Plan

    Medium-Term Management Plan While maintaining the high level of ROE that has been sustained thus far, the Company aims to achieve ROE of 30% or higher over the medium to long term Growth strategies under the Medium-Term Management Plan ① Domestic market share expansion and growth strategies for the

  21. Slide 21: Growth Strategy (1): Expansion of Domestic Market Share in the Camera Business

    Growth Strategy (1) : Expansion of Domestic Market Share in the Camera Business A growth strategy that leverages MapCamera’s unique branding power to acquire market share in new segments Market Forecast: Overview of the Global Digital Camera Market (New Products) Growth strategy (Unit: billion Yen)

  22. Slide 22: Growth Strategy (1): Growth Strategy for the Watch Business

    Growth Strategy (1) : Growth Strategy for the Watch Business Growth strategy Market Forecast: Global Market Size for becoming the No. 1 luxury mechanical watch 市場予測：世界における中古高級時計の市場規模 for Pre-owned Luxury Watches brand in online sales The global pre-owned luxury watch market is projected to grow at a

  23. Slide 23: Growth Strategy (1): Growth Strategy for the Watch Business - To the blue ocean

    Growth Strategy (1) : Growth Strategy for the Watch Business From the Perspective of growth potential  Expecting high growth driven by the progress of online sales, the expansion of the luxury watch market, and an increase in the proportion of affluent consumers  The time to sow seeds for the comi

  24. Slide 24: Growth Strategy (2): Strengthening Overseas Business (Cross-Border Online Sales)

    Growth Strategy (2) : Strengthening Overseas Business (Cross-Border Online Sales) The main KPI for cross-border online sales is set as “buyer feedback” The Company aims to expand sales by maintaining high quality Market forecast: Global cross-border online sales market size Growth strategy  Camera

  25. Slide 25: Growth Strategy (3): Syuppin Growth Strategy

    Growth Strategy (3) : Syuppin Growth Strategy In FY03/ 2027, the new core system and data warehouse will be completed From “One to One” to “One to Me” Phase 1.0: Strengthening the Fan Community (CGM) Watch Business Camera Business Phase 2.0: Utilization of AGI Launch of customer my page (optional se

  26. Slide 26: Shareholder Return Policy

    Shareholder Return Policy From FY03/2026, the Company’s basic policy is to maintain stable and ongoing dividend payments based on a dividend payout ratio standard of 40–50%, in line with profit growth Considering the balance between earnings trends, investment plans, and financial soundness, the Com

  27. Slide 27: Governance Structure

    Governance Structure To further enhance the fairness, transparency, and objectivity of the Board of Directors, the Company is implementing periodic reviews of its governance structure Basic policy Ensuring management transparency and respecting corporate ethics to achieve fair and sound corporate ma

  28. Slide 28: Governance Structure Skill Matrix

    Governance Structure Skill Matrix Management / Industry Skills Management / Related Knowledge Human Name Position Corporate Finance and Legal Affairs and Resources Sustainability Internal Control Management Web Marketing IT Security DX Promotion Accounting Risk Human SDGs and Governance Experience T

  29. Slide 29: 4. Appendix

    4. Appendix Copyright 2024 Syuppin Co., Ltd. All Rights Reserved. 28

  30. Slide 30: Trend in Net Sales by Sales Channel (2Q)

    Trend in Net Sales by Sales Channel （2Q） Both the Camera and Watch businesses saw their core online net sales fall below the previous year Duty-free sales were 104% higher than the same period previous year, despite the yen's appreciation Duty-free sales at stores 780 1,507 2,214 1,228 1,293 1,132 1

  31. Slide 31: Trend in Net Sales by Sales Channel (Monthly)

    Trend in Net Sales by Sales Channel (Monthly)  EC: In the Camera business, sales in July fell below the previous year due to a reaction to increased demand caused by the launch of major new products in July of the previous year  Stores: The trend of generally underperforming overall continues  Du

  32. Slide 32: Trends in Online Net Sales (2Q)

    Trends in Online Net Sales （2Q） The ratio of sales on the Company’s websites continued to show steady growth, partly due to the effects of point-based promotions and enhancements to video and blog content Percentage of sales on 87% the Company’s websites 86% 86% 88% 87.6％ 84% 83% 84% 84% 81% 82% 80%

  33. Slide 33: Sales Trends (Cross-border Online Sales, Duty-Free, Stores)

    Sales Trends (Cross-border Online Sales: Overseas Malls, Duty-Free, Stores) Cross-border online sales recovered to a level exceeding the same period of the previous year, as the impact of U.S. tariff policies had run its course Cross-border online sales Duty-free sales (overseas malls) 2,214 1,507 1

  34. Slide 34: Trends in Ratio of Used Items to Total Sales

    Trends in Ratio of Used Items to Total Sales The replacement cycle for new and used products remained strong 60％ Reasonable range 59% 58% Used Items ratio 58% 58% 53% 54% 53% 52% 53% 55% 52% 54% 53% 50% 50％ 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 23.3期 FY03/2023 FY03/2024 24.3期 25.3期 FY03/2025 26.

  35. Slide 35: Trends in Online Purchases of Used Cameras

    Trends in Online Purchases of Used Cameras The online purchase value exceeded the same period of the previous year and continued to show steady growth Percentage of sales on the Company’s websites 80% 79% 79% 79% 79% 80% 79% 78% 79% 80% 81% 80% 81% 81％ 2,909 3,161 2,873 2,957Million Yen 2,753 2,738

  36. Slide 36: Trends in the Number of Receive-First Send-Later Transactions

    Trends in the Number of Receive-First Send-Later Transactions AIMD has been operating smoothly, and both receive-first and send-later transactions have continued to perform steadily Number of 8,623 9,399 9,005 8,447 8,584 Send-Later 8,373 8,487 8,307 7,883 8,368 Transactions 7,285 7,232 8,255件 6,855

  37. Slide 37: Number of Web Purchasing Members and Activeness Ratio

    Number of Web Purchasing Members and Activeness Ratio Even as the number of new members increased, the active rate remained steady, partly due to the utilization of the Point Program Value-Up introduced in the previous fiscal year Active ratio 4.4% 4.3% 4.3% 4.2% 4.0% 3.9% 4.2% 3.9% 4.0% 4.3% 4.0% 4

  38. Slide 38: Trend in the Number of Online Members (Quarterly)

    Trend in the Number of Online Members (Quarterly) The number of new members continued to increase by approximately 4,590 per month, surpassing 750,000 in total Cumulative Number of Registered Members (As of the end of June 2025) 756,000 number of new registrations July 2025：4,432 August 2025：4,970 S

  39. Slide 39: Attributes of Online Members: Distribution by Age Group/Gender/Area

    Attributes of Online Members: Distribution by Age Group/Gender/Area Among new members in the second quarter, the ratio of female members rose to 24% even as the overall membership base expanded *The ratio of women to all online members: 17.6% Distribution by age group / Ratios of Number of new membe

  40. Slide 40: Technology Development and Number of Notifications

    Technology Development and Number of Notifications 24,510 thousand notifications are equivalent to approximately 545 stores* Due to the increase in both the delivery frequency and the number of registered users of AI content recommendations, the number of notifications increased significantly Number

  41. Slide 41: Number of Notifications (LINE)

    Number of Notifications（LINE） In addition to the increase in the number of LINE subscribers, the delivery frequency of AI content recommendations also increased, resulting in a significant 28-fold growth in the number of notifications (calculated based on 1Q of the fiscal year ended March 2023 as th

  42. Slide 42: Number of Items Registered on the Wish List

    Number of Items Registered on the Wish List The number of new registrations continued to hover approx. 76,000 per month. Total resistrations (As of the end of Sep 2025) Wish List 2,770,000 number of new registrations July 2025 ：76,400 August 2025：81,245 FY03/2017 September 2025：70,354 1Q:410,000 18.

  43. Slide 43: Quarterly Activeness Ratio of Online Members (Existing Customers)

    Quarterly Activeness Ratio of Online Members (Existing Customers)* New registrations continue to increase steadily to approximately 7,500 per month Total resistrations (As of the end of Sep 2025) Arrivals 196,000 number of new registrations July 2025 ：6,354件 August 2025：10,080 September 2025：5,981 F

  44. Slide 44: Corporate Information

    Corporate Information Name Syuppin Co., Ltd. Securities Code 3179 Representative Naohiko Ono Head Office 3F Nikko Bldg., 14-11 Nishi-Shinjuku 1-chome, Shinjuku-ku, Tokyo, Japan Date of August 2005 Establishment Business Safe and secure online trading of valuable new and used items No. of Employees 2

  45. Slide 45: Notes on Forward-Looking Statements

    Notes on Forward-Looking Statements • The materials and information provided in this presentation include so-called forward-looking statements. These statements are based on assumptions that include current expectations, forecasts, and risk factors, which include uncertainties that may cause actual

Syuppin — Q2 FY03/2026 Earnings Presentation on 6ix