Goldwin Inc. · TSE:8111
Goldwin — Q2 FY2026.3 Earnings Presentation
34 slides from Goldwin's earnings presentation, Nov 6, 2025
Slide 1: FY2026.3 Q2 Financial Results Briefing Materials
FY2026.3 Q2 Financial Results Briefing Materials Goldwin Inc. （8111） November 6, 2025 ©2025 Goldwin Inc.
Slide 2: Table of contents
Table of contents I. FY2026.3 Q2 R esults P. 4 ~ P. 10 II. FY2026.3 Full -year Forecast P.11 ~ P.16 III. Progress of THE NORTH FACE and Goldwin P.17 ~ P.25 Shareholder Returns and Exchange Rate IV. P.26 ~ P.30 Situation at YOC in Korea V. Appendix P.31 ~ P.34 © 2025 Goldwin Inc. 2
Slide 3: Key Message: Monthly Net Sales Trend
Key Message: Monthly Net Sales Trend Progress remained on track with the plan through Q2. All months in Q2 exceeded YoY levels. Proposals for functional products under high temperatures were successful. Q Month Plan ratio YoY Situation Started slowly, partly due to many low -temperature days, especi
Slide 4: I. FY2026.3 Q2 Results
I. FY2026.3 Q2 Results In Q2 (July –September), net sales increased YoY every month; inbound demand recovered sharply in August © 2025 Goldwin Inc. 4
Slide 5: Q2 Results Summary
Q2 Results Summary Net sales, gross profit and operating profit exceeded the previous year due to new store openings and existing store floor space expansions, etc. However, items from ordinary profit downward decreased YoY due to exchange rate impacts. （Unit : million yen ） Net sales Gross profit O
Slide 6: Q2 Net Sales by Business Segment
Q2 Net Sales by Business Segment In Q2(Non -consolidated),revenue increased YoY in all of our business segment. We have captured the demand for functional lifestyle wears based on actual needs. Net sales by business segment *Excludes net sales from "Others" businesses, such as Alpine Tour Service Co
Slide 7: Trends in Sales Ratio of Self-managed Locations and Number of Self-operated Stores
Trends in Sales Ratio of Self -managed Locations and Number of Self -operated Stores We opened 10 new stores in the first half, mainly with Goldwin and THE NORTH FACE. In the second half, we will open new stores in the US, Europe, and Korea, and close the athletic brand stores. Changes in the number
Slide 8: Inbound Net Sales Ratio at Self-operated Stores
Inbound Net Sales Ratio at Self -operated Stores Achieved YoY inbound net sales growth in all months except July. Inbound net sales ratio at self -operated stores (quarterly) Inbound net sales ratio at self -operated stores (monthly) 40% FY24.3 FY25.3 FY26.3 FY25.3 FY26.3 difference 34.3% Apr. 25.5%
Slide 9: Initiatives to Increase Gross Profit Margin
Initiatives to Increase Gross Profit Margin Although Q2 is the clearance period, the gross profit margin was 50.2%, progressing as planned. Gross profit margin trend 58% FY24.3 Results FY25.3 Results FY26.3 E FY2026.3 full -year Three key measures to increase gross gross profit margin profit margin
Slide 10: Trend in Inventories Balance
Trend in Inventories Balance Inventories at the end of September were 95% YoY, landing within the planned range. Responding to actual demand and optimizing inventory contributed to this, and we expect to maintain appropriate levels. Quarterly trend in inventories balance （Unit：million yen） Inventori
Slide 11: II. FY2026.3 Full-year Forecast
II. FY2026.3 Full -year Forecast The full -year forecast remains unchanged due to steady net sales performance © 2025 Goldwin Inc. 11
Slide 12: FY2026.3 Plan
FY2026.3 Plan With no one -time expenses recorded, we achieved both top -line growth and an improved operating profit margin. （Unit：million yen） Fiscal year FY2024.3 FY2025.3 FY2026.3 Result Result Plan YoY （% ） YoY （million yen ） Net sales 126,907 132,305 140,500 106.2% +8,195 Gross profit 67,173 6
Slide 13: Assumptions and Progress Toward Achieving The Full-year Plan
Assumptions and Progress Toward Achieving The Full -year Plan The second half is a phase for "securing growth while maintaining the quality of gross profit." We will secure profit through three points: maintaining unit prices, improving the sales mix, and controlling SG & A expenses. Current situati
Slide 14: Graph of Factors Behind Increases and Decreases in SG&A Expenses
Graph of Factors Behind Increases and Decreases in SG & A Expenses Forecast is a reduction of 100 million yen from the initial plan. Full -year forecast and plan （Unit ：100 million yen ） Difference from the initial expense plan as of the end of Q2 （Unit ：100 millions yen ） （Unit ：100 million yen ） 5
Slide 15: Analysis of changes in SG&A expenses for FY2026.3
Analysis of changes in selling, general and administrative (SG&A) expenses for FY2026.3 We are reallocating the reduction in business activity expenses to advertising expenses, rent, and logistics costs, decrease of 100 million yen is expected from the full year plan. Progress in SG & A expenses （Un
Slide 16: Plan by Business Segment
Plan by Business Segment Further improve quality in the Performance area and develop new customer segments in Lifestyle and Fashion. Sales by Business segment *Excludes net sales from "Others" businesses, such as Alpine Tour Service Co., Ltd. and cafes. Performance Lifestyle Fashion （Unit ：million y
Slide 17: III. Progress of THE NORTH FACE and Goldwin
III. Progress of THE NORTH FACE and Goldwin Building on "store optimization" and "brand foundation strengthening," which materialized in Q2, to drive growth in the second half © 2025 Goldwin Inc. 17
Slide 18: THE NORTH FACE Situation
THE NORTH FACE Situation Expansion of functional products for climate change and THE NORTH FACE Purple Label drive sales. Recovery in actual demand at self -operated stores shifted both apparel and gear to YoY growth ◼ Sales recovered from July to September in line with actual ◼ The main factor was
Slide 19: THE NORTH FACE Apparel and Gear Breakdown
THE NORTH FACE Apparel and Gear Breakdown Apparel recovered from the Q1 net sales decline in Q2, driven by offerings that met actual customer demand. In terms of gear , both hard goods(such as bags)and shoes remained firm. THE NORTH FACE apparel and gear sales trends (past 5 fiscal years) Swallowtai
Slide 20: Expansion of Large-format Urban Self-operated Stores
Expansion of Large -format Urban Self -operated Stores Expansion of large -format THE NORTH FACE self -operated stores drives net sales. THE NORTH FACE / HELLY HANSEN Lazona Kawasaki Increasing customer satisfaction and Growth in fashion category net sales Initiatives to expand footwear sales acquir
Slide 21: E-commerce Net Sales Trend
E -commerce Net Sales Trend Cumulative Q2 total is 110% YoY. Measures to integrally grow self -operated stores and e-commerce through the OMO strategy were successful. Quarterly trend in e -commerce net sales Strengthening competitiveness by selling limited edition products. （Unit ：million yen ） Col
Slide 22: Business update for YOC in Korea
Business update for YOC in Korea Fall/Winter product sales for YOC in Korea maintain double -digit YoY growth. THE NORTH FACE WHITE LABEL remains popular with Gen Z. Item Current situation Outlook ◼ Recovery trend on/off line ◼ The peak sales period for winter items in Korea store since July. is als
Slide 23: Goldwin Roadmap
Goldwin 500 Roadmap In mainland China, we are in a phase where "success strategies differ by area," but we are seeing a positive response. We plan to provide details at the IR Day in March 2026. Overview of the Goldwin 500 Project Situation in mainland China and future disclosure policy FY25.3 FY26.
Slide 24: Goldwin Brand Store Opening Plan by Region
Goldwin Brand Store Opening Plan by Region Store openings are progressing as planned. We will open stores in London, Seoul, and New York between January and March 2026. 203 3 Current 2025 2026 202 7 No. of stores May Aug. Aug. Nov. Sapporo Shinsaibashi Kyoto (Osaka) Fukuoka (Hokkaido) 15 Japan 2 sto
Slide 25: Goldwin Brand Stores Opened at Mainland China in FY2026.3
Goldwin Brand Stores Opened at Mainland China in FY2026.3 Opened 4 stores in mainland China. Aiming to further expand global recognition by developing high -quality self -operated stores. Opening Store name （area ） Area characteristics Store characteristics Main customer base month ◼ Economically de
Slide 26: IV. Shareholder Returns and situation at YOC in Korea
IV. Shareholder Returns and situation at YOC in Korea Korea YOC’s equity method investments incurred a non -operating loss due to the impact of foreign exchange rates. © 2025 Goldwin Inc. 26
Slide 27: Shareholder Return Policy
Shareholder Return Policy Planning the 15th consecutive fiscal year of dividend increases in FY2026.3. Shifting to a full -year 50:50 dividend balance (interim : year -end). Dividend per share and DOE(Dividend on equity ratio) *A fter the stock split （Unit：yen） （Unit：%） 70 Dividend funds per share C
Slide 28: Exchange Rate Impacts on YOC in Korea
Exchange Rate Impacts on YOC in Korea The reason for the decrease in equity method profit from YOC in Korea is exchange rate impacts.Fluctuations in foreign currency exchange rates significantly impact our non -operation income. We plan to strengthen our management system. Impact of currency transla
Slide 29: Plan for FY2026.3
Plan for FY2026.3 Non -recurrence of temporary expenses led to top -line growth and improved operating profitability. （Unit：million yen） FY2025.3 FY2026.3 FY2026.3 Fiscal year end Full year Full year First half Second half Second half forecast level to achieve full year plan Plan ratio YoY Item Resu
Slide 30: Key Points of FY2026.3 Q2 Financial Results
Key Points of FY2026.3 Q2 Financial Results Summary of FY2026.3 Q2 financial results Shifted from Q1 net sales decline ◼ Shifted from the net sales decline phase in Q1 to net sales growth. Changes in lineup composition and in -store promotions, driven by large -format self -operated store to Q2 net
Slide 31: V. Appendix
V. Appendix © 2025 Goldwin Inc. 31
Slide 32: Summary Of The Income Statement For FY2026.3 Q2
Summary Of The Income Statement For FY2026.3 Q2 Q1 Q2 First half total FY22.3 FY23.3 FY24.3 FY25.3 FY26.3 FY22.3 FY23.3 FY24.3 FY25.3 FY26.3 FY22.3 FY23.3 FY24.3 FY25.3 FY26.3 Net sales 17,078 21,099 23,150 24,601 23,878 21,130 24,210 27,946 28,766 31,711 38,208 45,309 51,096 53,367 55,589 Gross pro
Slide 33: Exhibited at the Nikkei/TSE IR Fair 2025
Exhibited at the Nikkei/TSE IR Fair 2025 We exhibited a booth for the first time at the Nikkei/TSE IR Fair, held 9/26 –27, to engage in dialogue and communication with individual investors. Exhibition theme Booth discussions "Climate Adaptation " 9/26 (Fri) "Invest in 'Unseen Value '!" [Speakers] We
Slide 34: Investor Relations Activities Information
Investor Relation’s Activities Information Launch of IR email distribution service and enhancement of Investors Relations website IR email distribution service Investor relations site We have launched an IR email distribution service to deliver In addition to financial statements and information, we