Ain Holdings Inc. · TSE:9627
Ain — FY4/26 2Q Earnings Presentation
44 slides from Ain's earnings presentation, Dec 17, 2025
Slide 1: FY4/26 2Q IR Presentation
FY4/26 2Q IR PRESENTATION December 17, 2025
Slide 2: Results Overview
Results Overview © AIN HOLDINGS INC. All Rights Reserved. 1
Slide 3: Consolidated P/L
Consolidated P/L Net sales increased 39.6% YoY and decreased 0.1% against the plan due to the consolidation of Sakura Pharmacy Group. Ordinary profit increased 56.4% YoY and 10.1% against the plan. FY4/25 2Q FY4/26 2Q FY4/26 2Q YoY YoY Vs （¥ million） results plan results change change(%) plan(%) Net
Slide 4: Dispensing Pharmacy Business (Consolidated)
Dispensing Pharmacy Business (Consolidated) Net sales increased 36.6% YoY and 0.6% against the plan because the number of prescriptions at existing stores and stores opened in the previous year remained steady, and due to the consolidation of Sakura Pharmacy Group, etc. Segment profit increased 33.1
Slide 5: Retail Business (Consolidated)
Retail Business (Consolidated) Although Francfranc, which joined the group in previous fiscal year, contributed fully, net sales up 72.9% YoY and decreased 4.5% against the plan because both brands saw a decline in customer numbers due to persistently high temperatures since September. Segment profi
Slide 6: Consolidated B/S
Consolidated B/S Net cash became ¥ (142.5) billion due to funds procured for the acquisition of shares associated with the consolidation of Sakura Pharmacy Group through borrowings. End-FY4/25 End-FY4/26 2Q (¥ million) (¥ million) Assets Liabilities and Net Assets Assets Liabilities and Net Assets C
Slide 7: Assets
Assets The balance of total assets increased ¥202.6 billion from the end of fiscal year 2025, mainly reflecting increases in goodwill due to the acquisition of shares associated with the consolidation of Sakura Pharmacy Group. (¥ million) End-FY4/25 2Q End-FY4/25 End-FY4/26 2Q Change Cash and deposi
Slide 8: Liabilities and Net Assets
Liabilities and Net Assets Short-term and long-term borrowings increased ¥ 157.1 billion due to funds procured for the acquisition of shares associated with the consolidation of Sakura Pharmacy Group. (¥ million) End-FY4/25 2Q End-FY4/25 End-FY4/26 2Q Change Accounts payable – trade 75,500 80,895 11
Slide 9: Consolidated C/F
Consolidated C/F Net cash provided by operating activities decreased ¥11.5 billion compared to the previous period due to increased trade receivables resulting from the suspension of Sakura Pharmacy Group's trade receivables securitization program, but is expected to recover within the current perio
Slide 10: Business Value Analysis
Business Value Analysis FY4/25 2Q FY4/25 FY4/26 2Q Change Shareholders’ equity ratio (%) 46.0 45.7 28.2 (17.8) Market value equity ratio (%) 59.9 62.1 44.1 (15.8) PER (times) 27.56 20.90 25.23 (2.33) EPS (¥) 91.75 264.32 128.05 ＋36.3 PBR (times) 1.32 1.37 1.57 ＋0.25 BPS (¥) 3,883.38 4,063.53 4,126.0
Slide 11: FY4/26 Plan (Consolidated)
FY4/26 Plan (Consolidated) The group forecasts net sales for the fiscal year ending April 30, 2026 increase 41.4% YoY and ordinary profit increase 46.6% YoY, due to the revision of the dispensing pharmacy business plan results from the consolidation of Sakura Pharmacy Group. FY4/24 FY4/25 FY4/26 YoY
Slide 12: Review
Review © AIN HOLDINGS INC. All Rights Reserved. 11
Slide 13: Consolidated (YoY results)
Consolidated (YoY results) Operating profit increased ¥4.7 billion and ordinary profit increased ¥3.6 billion YoY due to the consolidation of Francfranc in the previous fiscal year, and Sakura Pharmacy Group in the current fiscal year. Net sales Operating profit Ordinary profit ¥214.8 billion ¥299.8
Slide 14: Consolidated (vs plan)
Consolidated (vs plan) Operating profit increased ¥0.9 billion and ordinary profit increased ¥0.9 billion against the plan because the number of prescriptions at existing stores and stores opened in the previous year remained steady, and the average prescription price rose due to an increase in high
Slide 15: AINZ & TULPE Existing store trends
AINZ & TULPE Existing store trends Although the growth rate for this period has declined compared to the growth rates during the recovery years following the COVID-19 pandemic, this also reflects the impact of temporary closures due to renovations and the opening of dominant stores. We will absorb t
Slide 16: Plan achievement scenario
Plan achievement scenario We expect to achieve second half plan through the contributions and synergies of Sakura Pharmacy Group and other factors in the dispensing pharmacy business. ■ Summary of ordinary profit Full-Year Progress Rate 37％ +¥16.6 billion First-half +¥0.9billion First-half ¥9.9billi
Slide 17: Number of Pharmacies and Stores
Number of Pharmacies and Stores ■ Plan and Results FY4/26 2Q FY4/26 Plan Results Plan Prospect Dispensing pharmacy 869 873 901 909 Organic 21 24 35 42 M&A 848 849 866 867 Opening Retail 8 10 26 22 AINZ & TULPE 7 7 20 14 Francfranc 1 3 6 8 Total 877 883 927 931 Dispensing Pharmacy 15 19 Closure 30 40
Slide 18: Organic store openings FY4/26 2Q results
Organic store openings FY4/26 2Q results Dispensing pharmacies Retail stores Dispensing pharmacies 24 Retail stores 10 3 AINZ&TULPE 7 0 Naebo Station AT HIRAKATA T-SITE Francfranc 3 (Opened in May 2025) (Opened in June 2025) 0 2 9 3 3 Homes Saitama Chuo AT Beans Hodogaya (Opened in May 2025) 4 2 (Op
Slide 19: Total stores FY4/26 2Q results
Total stores FY4/26 2Q results FY4/26 2Q results 2,408 154 Dispensing pharmacies 2,144 23 Retail stores 264 Including Francfranc Hong Kong 7 stores 194 13 824 382 111 175 280 32 135 11 39 28 ■：Dispensing pharmacies ■：Retail stores © AIN HOLDINGS INC. All Rights Reserved. 18
Slide 20: Strategy
Strategy © AIN HOLDINGS INC. All Rights Reserved. 19
Slide 21: Strategy: Measures for the second half
Strategy ■ Expansion of top-line Measures for the second half ■ Productivity improvement ■ Sakura Pharmacy Group’s Post-Merger Integration (PMI) Medium- and ■ Quantitative target long-term vision ■ Cash allocation ■ Progress by business Reinforce the ■ Digital transformation investment management ba
Slide 22: Organic store openings FY4/26 prospect
Organic store openings FY4/26 prospect Dispensing pharmacies Retail stores Dispensing pharmacies 42 Retail stores 22 3 AINZ&TULPE 14 0 AT CANAL CITY HAKATA 8 Higashi Saitama Francfranc (Opened in Nov. 2025) (Opened in Nov. 2025) 0 2 19 6 8 Shimokuzawa Ff atre MARUHIRO KAWAGOE 5 3 (Opened in Dec. 202
Slide 23: Total stores End-FY4/26 prospect
Total stores End - FY4/26 prospect FY4/26 2Q results End - FY4/26 prospect 2,408 2,429 156 Dispensing pharmacies 2,144 Dispensing Pharmacies 2,159 Retail stores 264 Retail stores 270 23 Including Francfranc Hong Kong 7 stores 193 13 836 388 115 173 277 31 136 13 38 30 ■：Dispensing pharmacies ■：Retai
Slide 24: Policies and measures for productivity improvement
Policies and measures for productivity improvement Establish systematic policies for improving productivity and promote various measures for optimal store operations in dispensing pharmacy business. Policy Measure Introduction of next-generation 次世代薬歴の導入 medication history 遠隔入力センター Remote input cent
Slide 25: Next-generation medication history
Next-generation medication history The next-generation medication history input support service enables us to achieve "reduction in operational workload" and “improvement in the quality of guidance for drug usage “. We have been implementing the system sequentially since July 2025, and plan to compl
Slide 26: AI diagnostic report
AI diagnostic report By using diagnostic report issued by AI, field managers (FM) can significantly reduce the time required to identify issues for each store. By implementing operational reforms for each extracted issue, more precise and efficient store management will be possible. ■ Structuring me
Slide 27: Functional enhancements of AI diagnostic report
Functional enhancements of AI diagnostic report We are implementing functional enhancements to the AI diagnostic report already in operation. We will continue to update the system to drive more efficient problem resolution. ■ AI diagnostic report (Excerpt) Previous version New version ■ Evaluation o
Slide 28: Number of prescriptions processed
Number of prescriptions processed The number of prescriptions processed has been on an upward trend due to various productivity improvement measures. This fiscal year, we will pursue various measures based on our productivity improvement policy, targeting an average processing volume of 23.6 sheet p
Slide 29: Estimated impact of store operations review
Estimated impact of store operations review We will conduct a review of store operations and implement consolidation and streamlining of operations for processes where improvement effects are anticipated as needed. Based on preliminary estimates, we anticipate an efficiency gain of approximately 180
Slide 30: Synergy with the Sakura Pharmacy Group
Synergy with the Sakura Pharmacy Group We have established a 100-day plan aimed at creating early synergies in costs, revenues, and organizational culture, and are advancing PMI across various initiatives. Some initiatives have already shown results during this fiscal period, and we will continue to
Slide 31: Medium- and long-term vision Quantitative targets
Medium- and long-term vision Quantitative targets Due to the consolidation of Sakura Pharmacy Group, we have made significant progress toward achieving our medium- and long-term vision goals for FY4/30. On the other hand, as progress has exceeded our expectations, gaps have emerged. Therefore, we ar
Slide 32: Medium- and long-term vision Cash allocation
Medium- and long-term vision Cash allocation In light of changes to our financial structure resulting from the acquisition of Sakura Pharmacy Group’s shares, we are reviewing our cash allocation strategy. The cumulative total through FY4/30 shows significantly increased fundraising and growth invest
Slide 33: Medium- and long-term vision Progress by business
Medium- and long-term vision Progress by business Progress is steadily advancing toward achieving the quantitative targets set for each business segment. In dispensing pharmacy business, the challenge lies in implementing efficiency improvements across newly acquired companies. In retail business, t
Slide 34: AINZ & TULPE + Francfranc
AINZ & TULPE＋Francfranc We are implementing and verifying various measures to maximize the synergy between AINZ & TULPE（AT） and Francfranc（Ff）. We will continue to evaluate ways to enhance profitability for both brands while prioritizing their respective concepts. Cooperating Stores Mutual Customer
Slide 35: Digital transformation investments medium-term measures
Digital transformation investments medium-term measures In each business and whole the company, digital transformation measures to expand the scale of business, and the upgrading of operations using IT, etc., are set as mid-term measures by fiscal 2027. The company provides added value that only AIN
Slide 36: Establishment of AIn Academy
Establishment of AIn Academy The adoption of AI has become essential for corporate survival. This organization formulates and advances a company-wide AI strategy, aiming to enhance competitiveness and create sustainable value through AI utilization under unified governance. ■ What is AIn Academy？ A
Slide 37: Human capital
Human capital We aim to hire about 600 new pharmacists, 500 new medical support staff, and 150 new retail staff and others in fiscal 2026. We recognize the development of outstanding talent as the most critical challenge for sustained growth, and are committed to fostering human resources by establi
Slide 38: Sustainability management Materiality
Sustainability management Materiality We have conducted our corporate activities with common sense and ethics in order to realize our group statement of “the health and happiness of our customers" through our businesses contributing to people's health and beauty. Going forward, we will achieve susta
Slide 39: Sustainability management Results
Sustainability management Results Within our sustainability committee, approximately 30 project teams are promoting cross-sectoral initiatives for each materiality. In addition, the whole company works on realizing a sustainable society. External Evaluations Diversity & Inclusion ESG index Platinum
Slide 40: Reference Materials
Reference Materials © AIN HOLDINGS INC. All Rights Reserved. 39
Slide 41: FY4/26 Plan (Dispensing Pharmacy Business)
FY4/26 Plan (Dispensing Pharmacy Business) The group forecasts net sales increase 43.3% YoY and segment profit increase 33.0% YoY due to the consolidation of Sakura Pharmacy Group. FY4/24 FY4/25 FY4/26 YoY YoY （¥ million） results results plan change change(%) Net sales 357,571 384,783 551,500 +166,7
Slide 42: FY4/26 Plan (Retail Business)
FY4/26 Plan (Retail Business) The group forecasts net sales increase 36.1% YoY and segment profit increase 56.1% YoY due to the sales of AINZ & TULPE remained firm, in addition to the Francfranc contribution to the full year. FY4/24 FY4/25 FY4/26 YoY YoY （¥ million） results results plan change chang
Slide 43: AIN HOLDINGS INC. Corporate Planning Division
Inquiries related to this presentation should be addressed to AIN HOLDINGS INC. Corporate Planning Division TEL: +81-3-5333-1812 https://www.ainj.co.jp/corporate/ This document may not be reproduced or distributed to any third party without prior approval of AIN HOLDINGS INC. This document has been
Slide 44: AIN GROUP
AIN GROUP