Jade Group, Inc. · TSE:3558
Jade — Q1 FY2027 Earnings Presentation
47 slides from Jade's earnings presentation, Jul 15, 2026
Slide 1: FY27 1Q IR Presentation
2026 年2 月期 DATE 2026.7.15 FY27 1Q IR PRESENTATION Disclaimer This document contains forward -looking statements that are based on current plans, estimates, forecasts or projections by JADE GROUP Inc . as well as JADE GROUP Inc .’sbusiness and industry trends . These forward -looking statements are s
Slide 2: Table of Contents
Executive Summary Business Strategy Future Vision Table of Contents Financial Highlights Company Overview
Slide 3: Executive Summary
0 1 . EXEC UTI V E S UMMA R Y GMV JPY11.8Bn YoY +1.3% vs Plan 24.7% Operating profit JPY0.9Bn YoY +61.2% vs Plan 35.9% Net Sales 5.7Bn (+26.1%) 、 EBITDA 1.0Bn (+41.2%) 、 Net Income 0.6Bn (+61.5%) ✓ GMV saw only a marginal increase of +1.3%. This was due to the sluggish performance of the Magaseek bu
Slide 4: Key Stats: Operating Profit +61.2%
0 1 . EXEC UTI V E S UMMA R Y Key Stats 1 : Operating Profit +61.2% ✓ In terms of business profitability, we position operating profit as our primary KPI, while concurrently treating EBITDA and net income as crucial metrics. ✓ While we are proactive in pursuing M&A, we maintain strict discipline in
Slide 5: Key Stats: ROE 26.9%
0 1 . EXEC UTI V E S UMMA R Y Key Stats 2 : ROE 26.9% ✓ Net income for the Last Twelve Months (LTM) was 1.79 billion yen, and the average net assets for the same period were 7.87 billion yen. Consequently, our LTM Return on Equity (ROE) stands at 26.9%. ✓ Given that an ROE of 10% or higher is genera
Slide 6: Key Stats: PER 9.2x
0 1 . EXEC UTI V E S UMMA R Y Key Stats 3 : PER 9.2x ✓ Although we have established our M&A and PMI frameworks, achieved significant growth in operating profit (Key stats 1), and maintained high capital efficiency (Key stats 2), our Price-to-Earnings Ratio (PER) based on LTM net income remains at an
Slide 7: Business Strategy
SECTION BUSINESS BUSINESS STRATEGY KEY TAKEAWAY Producing growth through a "Trinity" ecosystem JG JADE GROUP FY2027 1Q FINANCIAL RESULTS
Slide 8: Producing growth through a "Trinity" ecosystem
0 2 . B US I N ES S S TR A TEG Y Ripple effects on the PMI Producing growth through a "Trinity" ecosystem. By sharing infrastructure, inventory, and expertise, Sharing inventories: Sell offline inventories at EC we accelerate and enhance the quality of the Sharing infrastructure: Share logistic & IT
Slide 9: Platform Business Strengths: Integration of Logistics x IT
0 2 . B US I N ES S S TR A TEG Y Platform Business Strengths : Integration of Logistics x IT Acting as a hub for the shoe industry with in -house logistics systems and IT solutions, supporting clients' OMO end -to -end Stable transition in e -3PL shipping volume ONE STOP SOLUTION Established a posit
Slide 10: Why can we succeed in ALL M&As?
0 2 . B US I N ES S S TR A TEG Y Why can we succeed in ALL M&As? Because the functional integration of Logistics and IT is our core JADE GROUP MODEL Type-A: Know-how Type-B: Market consolidation Type-C: Function Parent company Parent company Parent company Know-how Pro-management Function M&A compan
Slide 11: Why can we succeed in ALL M&As? PMI model
0 2 . B US I N ES S S TR A TEG Y Why can we succeed in ALL M&As? STEP 01 logistics × IT integration JADE PMI STEP 03 MODEL STEP 02 SUCCESS RATE 100% QCD ROI Management
Slide 12: M&A Investment Criteria
0 2 . B US I N ES S S TR A TEG Y M&A Investment Criteria Criteria 01 Early Investment Recovery Criteria 02 Sustainable Growth and Track Record Must recover investment within 3-5 years Must be able to operate profitably not only before but also after investment recovery Cumulative net income or after
Slide 13: Future Vision
SECTION FUTURE FUTURE VISION KEY TAKEAWAY Achieving both scale and profitability in 2031
Slide 14: Long-Term Vision: 100 bn yen GMV and 10 bn yen operating profit
0 3 . F UTUR E V I S IO N Long -Term Vision: Aiming for 100 bn yen in GMV and 10 bn yen in operating profit → As the group grows, we will revise our KPI management for operating profit, which is calculated as: GMV * Marginal Profit Rate – Fixed Costs Previously, we counted only sales of “products” s
Slide 15: Mid Term Plan: Toward JPY 100 Bn GMV
0 3 . F UTUR E V I S IO N Mid Term Plan ： Toward JPY 100 Bn GMV (CAGR +17%) Growing from 45 billion yen in FY2026 to 100 billion yen in FY2031 through 3 business drivers EC MALL 取扱高（ GMV ）目標推移 GMV - Thoroughly enhancing product lineup and UI/UX + inventory sharing. 1200 - Synergy from NTT Docomo (cu
Slide 16: Contribution Profit
0 3 . F UTUR E V I S IO N Contribution Profit Aiming to secure a contribution profit margin of 16% or higher (excluding Royal Logi and Magaseek Hanyu). The FY25 margin was 13.4% due to temporarily elevated warehouse operating costs following the Magaseek integration. 20.0% 19.0% 18.3% 18.0% 17.0% 16
Slide 17: Indirect Fixed Costs
0 3 . F UTUR E V I S IO N Indirect Fixed Costs Thoroughly controlling the upper limit of indirect fixed costs. The policy is to keep it flat at 6 bn yen through FY2031. 70 60 60 The Mechanism of Profit Generation 53 51 While revenue grew significantly (from 45.9 bn 50 yen to 100 bn yen), the increas
Slide 18: Operating Profit Target (FY2031)
0 3 . F UTUR E V I S IO N Operating Profit Target (FY2031) Aiming for 10 bn yen in operating profit by achieving 100 bn yen GMV, controlling the contribution margin at 16.0%, and cappi ng indirect fixed costs at 6 bn yen. FY2026 Operating Profit 100 100 459 × 16.1% - Indirect51 + 1 ≒ 24 80 Contribut
Slide 19: Financial Highlights
SECTION FINANCIAL HIGHLIGHTS KEY TAKEAWAY Dramatic profitability improvement and a strong financial base due to structural reform and PMI effects. J AD E G R O UP F Y2 0 2 7 1 Q F I N AN C I AL R E S UL TS
Slide 20: Financial Highlights
0 4 . F I NA NC I A L HI GHL I GHTS FINANCILHIGHLIGTHS Unit MM / % Structural reforms and the benefits of PMI drove the on track performance, achieving a GMV of 11.9 bn yen and an operating profit of 0.9 bn yen. FY2026 1Q FY2027 1Q YoY Vs Plan Except royal Except royal OP TTL logi / hanyu TTL logi /
Slide 21: GMV by Business (FY2027 1Q)
0 4 . F I NA NC I A L HI GHL I GHTS GMV by Business (FY2027 1Q) Unit : JPY MM / % Although the platform business declined due to the termination of the ECS contract, Brand grew through M&A. The “Sankyu!” business also remained strong. Composition ratio FY26 FY27 YoY % EC mall Locondo , magaseek , df
Slide 22: GMV (before offset)
0 4 . F I NA NC I A L HI GHL I GHTS GMV (before offset) Although dfashion and ECS GMV declined, overall GMV rebounded in the first quarter, mainly due to the effects of Royal’s M&A Unit JPY MM activities. 15,000 11,869 11,713 10,000 5,000 0 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024
Slide 23: Net Sales
0 4 . F I N A N C I A L H I G H L I G H TS Net Sales Unit JPY MM 7,000 Quarterly sales reached a Q1 record high following the acquisition of Royal 6,108 6,000 5,735 4,980 5,000 4,6934,8194,740 4,548 4,3674,419 4,000 3,650 3,424 3,202 3,160 3,122 Differences in revenue recognition criteria 3,000 2,81
Slide 24: SG&A Expenses and Efficiency
0 4 . F I N A N C I A L H I G H L I G H TS SG&A Expenses and Efficiency Unit JPY MM Managed SG&A through realization of PMI, although increased mainly due to cost -increasing factors ( Locoport I operation, Royal M&A). 主な増減要因 vs GMV vs GMV FY26 FY27 YoY (after offset) (after offset) Labor costs 576
Slide 25: Operating profit / EBITDA
0 4 . F I NA NC I A L HI GHL I GHTS Operating profit / EBITDA Royal's M&A drives both operating profit and EBITDA to 1Q record highs EBITDA OP Unit JPY MM 1,200 1,052 1,039 927 897 900 821 772 735 707 697 651 624 621 585 600 538 557 516 506 482 467 452 423 393 378 347 350 350 319 303 309 300 254 260
Slide 26: Operating profit – YoY analysis
0 4 . F I NA NC I A L HI GHL I GHTS Operating profit – YoY analysis Offset the decline in GMV through cost restructuring and achieved 1Q record profits. Unit JPY MM 1,400 (+) (-) 596 1,200 1,000 35 167 8 14 58 112 800 600 25 897 400 557 200 0 FY26 1Q GMV Gross profit / rent labor cost fixed ads IT d
Slide 27: Financial Health and M&A Mobility (Balance Sheet)
0 4 . F I NA NC I A L HI GHL I GHTS Financial Health and M&A Mobility (Balance Sheet) Unit JPY MM While actively pursuing M&A, the company maintains a solid financial foundation through early PMI -driven profit improvement. JPY MM contents TTL assets Liabilities / equity Assets Current 10,157 cash e
Slide 28: EC mall KPI
0 4 . F I NA NC I A L HI GHL I GHTS EC mall KPI *Compared to the fourth quarter; excludes other shopping malls # of members Active ratio # of active ARPU # of items Ave item price Return ratio (10K) members (10K) (JPY) purchased (yr) (JPY) Locondo 463.4 10.1% 46.5 21,175 3.8 5,572 22.4% (+5.4) (-0.2
Slide 29: Company Overview
SECTION COMPANY OVERVIEW KEY TAKEAWAY Realizing business growth and social contribution
Slide 30: Challenge Conventions, Transform Industries
///JADE GROUP Challenge Conventions, Transform Industries JADE GROUP, Inc. Company Overview
Slide 31: Company Profile
COMPANY PROFILE Company Profile JADE GROUP, Inc. JADE GROUP, Inc. Group Companies (Formerly: LOCONDO, Inc.) MAGASEEK Fashion E -commerce Establishment Stock Exchange RBKJ (Reebok Japan) Sports Brand October 22, 2010 TSE Growth Market FASCINATE High -end Select Shop TCB Denim Brand President & CEO Em
Slide 32: Corporate Philosophy
CORPORATE PHILOSOPHY VISION TRANSFORM INDUSTRIES POLICY HAPPY FOR ALL CORE VALUE FAST FAITH FAIR FUN! Move speedily Earn trust internally and Be fair, transparent, Enjoy everything and flexibly. externally through results. and highly ethical. positively!
Slide 33: More Than Just Shoe E-commerce. Three Game-Changing Strengths
WHO WE ARE Just an E -commerce Site More Than FASHION TECH COMPANY Just Shoe E -commerce. Three Game -Changing Strengths . Business Expansion In -house Platform: Inventory via M&A IT × Logistics Sharing Acquiring powerful brands and malls like Centralized management of EC, store, and Reebok, MAGASEE
Slide 34: Technology & Infrastructure
T E C H NO L O GY & I N F RA S T R UC T U RE Technology & Infrastructure 100% IN-HOUSE AUTOMATION DATA DRIVEN Fully In-house System Warehouse Automation Data Driven Operations Our engineers develop and operate all AI-driven demand forecasting and real- Latest material handling equipment systems in-h
Slide 35: Three Business Pillars
JADE ECOSYSTEM Three Business Pillars EC MALL Business Platform Business Brand Business Maximizing Traffic & Sales Logistics & IT Infrastructure Creating Brand Value Operating multiple EC malls including LOCONDO.jp with its Providing proprietary logistics and IT systems to external Directly operatin
Slide 36: Unrivaled Strengths of LOCONDO.jp
EC MALL BUSINESS Unrivaled Strengths of LOCONDO.jp Groundbreaking UX Product Lineup x Growth Cycle of "Try at Home" Agile UI/UX Traffic & Supply Eliminating the biggest anxiety of online Over 5,000 brands combined with weekly shopping: "not knowing if it fits". engineering -led improvement cycles to
Slide 37: Competitive Advantage (Moat)
COMPETITIVE ADVANTAGE Competitive Advantage (Moat) Criteria Major EC Malls / Apparel EC JADE GROUP High Entry Barrier "Shoes" Product Diff. Focus on "Clothing/Goods" ●Strength in "Shoes" (Less size anxiety) Free size exchange & return know -how High operational costs for returns and size exchanges c
Slide 38: Platform Business: Inventory Sharing
PLATFORM BUSINESS Platform Business: Inventory Sharing Data integration between EC warehouses and store LOCONDO.jp Official Brand EC External Malls inventory. Own EC Mall Built by BOEM ZOZO / Rakuten etc. Even if a store is out of stock, we prevent "lost sales" BOEM by shipping directly from EC inve
Slide 39: Brand Business: M&A Strategy
BRAND BUSINESS & M&A STRATEGY Brand Business: M&A Strategy 2016 2022 2024 2025 Future TCB jeans Blue Sincere MANGO Reebok Stock Acquisition Subsidiarization Next M&A Exclusive Contract JP Business Acquisition Vertical Integration FASCINATE ROYAL Subsidiarization Subsidiarization JADE ECOSYSTEM MODEL
Slide 40: Group Company 01: JADE GROUP Inc.
GROUP COMPANY 01 Group Company 01 Holding Company JADE GROUP Inc. 2010 2012 2023 Founded Renamed to Rebranded to JADE LOCONDO JADE GROUP Business Overview Listed on TSE Growth Market (3558) Group Holding Company LOCONDO.jp Main Functions Integrated group management centered on EC Mall operations and
Slide 41: Group Company 02: Reebok Japan RBKJ
GROUP COMPANY 02 Group Company 02 Reebok Japan RBKJ Corp. Shareholder Structure (Joint Venture) JADE GROUP: 66% ITOCHU Corporation: 34% Establishment History In 2022, following the sale of the Reebok brand from adidas Group to ABG, RBKJ inherited the domestic business operations from adidas Japan. R
Slide 42: Group Company 03: MAGASEEK
GROUP COMPANY 03 Group Company 03 Fashion E -Commerce Platform MAGASEEK Corp. Shareholders & History Acquired from NTT Docomo in 2024. Shareholding: JADE GROUP 81% , ITOCHU Corporation 19% . Business Overview MAGASEEK • EC Mall Business: Operation of d fashion and MAGASEEK malls. • Platform Business
Slide 43: Group Company 04: ROYAL
GROUP COMPANY 04 Group Company 04 ROYAL Corp. ROYAL / ROYAL LOGISTICS M&A Overview Acquired as sponsor in Civil Rehabilitation in 2025 ( 100% Subsidiary of JADE GROUP ) Key Businesses Z-CRAFT • EC Mall Business primarily for parallel imports (Mainly Rakuten) • Logistics & Fulfillment Platform using
Slide 44: Group Company 05: FASCINATE
GROUP COMPANY 05 Group Company 05 ANBUR LEAGUE ANBUR LEAGUE / FASCINATE FASCINATE Co.,Ltd . Business Overview Operates high -end select shops based in Shinsaibashi (Osaka) and Kyoto. Handles globally acclaimed designer brands, supported by fashion -forward enthusiasts. KEY HIGHLIGHTS High -End Brand
Slide 45: Group Company 06: BLUE SINCERE
GROUP COMPANY 06 Group Company 06 ANBUR LEAGUE Subsidiary BLUE SINCERE Corp. Business Model acquired 70% of the shares and joined the group in 2025. Vertical integrated D2C brand specializing in sustainable leather products "Blue sincere". Direct partnership with factories in Bangladesh. Key Operati
Slide 46: Group Company 07: TCB JEANS
GROUP COMPANY 07 Group Company 07 JADE GROUP CO., LTD. ANBUR LEAGUE / TCB jeans TCB JEANS & Co. MADE IN KOJIMA Relationship & Acquisition 35% stake acquired in 2024 (Affiliate) Joined as a member of JADE GROUP's "ANBUR LEAGUE". Generating group synergy while maintaining brand independence. Location
Slide 47: Group Company 08: ARIGATO
GROUP COMPANY 08 Group Company 08 Lifestyle Media "Thank you!“ ARIGATO Corp. Brand Logo Business Overview Acquired "Thank you!" lifestyle magazine and web media. Operates as a 100% subsidiary. Key Achievements Maintains 100k circulation despite market trends. Achieved investment recovery in 6 months