Matsukiyococokara & Co. · TSE:3088
Matsukiyococokara & — FY2025 Earnings Presentation
45 slides from Matsukiyococokara &'s earnings presentation, May 20, 2026
Slide 1: Financial Results for the Fiscal Year Ended March 31, 2026
This document is a translation of the original Japanese document for reference purposes only. In the event of any discrepancy between this document and the Japanese original, the original shall prevail. Financial Results for the Fiscal Year Ended March 31,2026 Copyright 2026 May 20, 2026 MatsukiyoCo
Slide 2: Table of contents
Table of contents Management summery for FY2025 P.3 ～ P.5 Management policies for FY2026 Financial Results and Financial Forecasts P.6 ～ P.16 Financial Results for FY2025 ・ Financial Summary YoY (Full Year) ・ Segment Results YoY (Full Year) ・ Net Sales by Product ・ Balance Sheet ・ Statement of Cash
Slide 3: Management Summary for FY2025 / Management Policies for FY2026
Management Summary for FY2025 Management Policies for FY2026 Copyright 2026 MatsukiyoCocokara & Co. All rights Reserved. 3
Slide 4: Management Summary for FY2025
Management Summary for FY2025 Results Net sales 105.3％ YoY, Operating profit 103.5％, Operating profit margin7.6％（-0.1pt YoY） Cosmetics performed well, duty-free sales grew due to an increase in the number of foreign visitors to Japan, Increase and suncare products and other summer seasonal items wer
Slide 5: Management Policies for FY2026
Management Policies for FY2026 Basic Approach Co-creating and Sharing Value Key strategies Group management targets Earn (Fiscal year ending March 31, 2031 [FY2030]) Aiming to become Asia’s No.1 drugstore 3 Key and establish a leading position in the health and beauty fields Strategies Net sales Net
Slide 6: Financial Results and Financial Forecasts
Financial Results and Financial Forecasts Copyright 2026 MatsukiyoCocokara & Co. All rights Reserved. 6
Slide 7: Financial Summary YoY (Full Year)
Financial Results for FY2025 Financial Summary YoY(Full Year) ◼ Sales increased, driven by the consolidation of MATSUMOTO KIYOSHI (HK) CO., LIMITED and Shinseidoyakkyoku co., ltd.as well as strong sales of cosmetics, and net sales achieved the plan. ◼ Operating profit sales were slightly below the p
Slide 8: Segment Results YoY (Full Year)
Financial Results for FY2025 Segment Results YoY(Full Year) ◼ In the Matsumotokiyoshi Group business, sales and profit increased due to strong sales of cosmetics, store openings in urban areas, and promotion of in-store prescription drug stores. ◼ While Cocokarafine Group business saw a decline in b
Slide 9: Segment Results YoY (Full Year) – Reference
Financial Results for FY2025 Segment Results YoY(Full Year) ◼ Excluding amortization of goodwill and trademark rights of cocokara fine Inc. totaling ¥7.237 billion Reference ◼ Excluding amortization of goodwill and trademark rights of Shinseidoyakkyoku co., ltd. totaling ¥172 million (Millions of ye
Slide 10: Net Sales by Product
Financial Results for FY2025 Net Sales by Product ◼ The composition ratio of the health and beauty category increased to 72.4%, driven by cosmetics, mainly in new merchandise. ◼ Gross profit margin improved due to steady promotion of priority measures and strengthening of sales of PB products, exclu
Slide 11: Balance Sheet
Financial Results for FY2025 Balance Sheet ◼ Total assets increased by approximately ¥43.0 billion from the end of the previous fiscal year. Net assets increased by approximately ¥22.9 billion due to an increase in Retained earnings. ◼ Liabilities increased by approximately ¥20.1 billion due to an i
Slide 12: Statement of Cash Flows
Financial Results for FY2025 Statement of Cash Flows ◼ We have continued to actively and systematically implement shareholder returns, with share buybacks of approximately ¥15.3 billion, dividend payments of approximately ¥18.9 billion, and a decrease in financing cash flow of approximately ¥34.1 bi
Slide 13: Store Openings, Closings, and Renovations in Japan
Financial Results for FY2025 Store Openings, Closings, and Renovations in Japan ◼ Strategic store openings in major metropolitan areas, including the Matsumotokiyoshi Ikebukuro Higashiguchi Gosaro-mae store and Higashi-ginza store. ◼ Reopening of SHIBUYA SCRAMBLE FLAG as our sixth flagship store. (U
Slide 14: Assumptions for FY2026 Financial Forecasts
Financial Forecasts for FY2026 Assumptions for FY2026 Financial Forecasts １．Assumptions Same-Store Sales Growth Full Year +0.7％（1H +0.7％、2H +0.6％） Openings 130（MKG 100、CFG 30） Closings 60（MKG 20、CFG 40） Renovations 80（MKG 50、CFG 30） AppBrew Inc. , UNIVERSAL DRUG CO.,LTD. Newly consolidated （Shinseid
Slide 15: FY2026 Financial Forecasts (Quarterly)
Financial Forecasts for FY2026 FY2026 Financial Forecasts（Quarterly） Full Year 1H 2H 1Q 2Q 3Q 4Q YoY YoY YoY YoY YoY YoY YoY （Millions of yen/%） (%/pt) (%/pt) (%/pt) (%/pt) (%/pt) (%/pt) (%/pt) Net sales 1,155,000 103.4 572,000 104.2 284,000 103.8 288,000 104.6 583,000 102.6 299,000 103.0 284,000 10
Slide 16: Shareholder Return
Financial Forecasts for FY2026 Shareholder Return ◼ We have set a target dividend on equity (DOE) ratio of 6% and a dividend payout ratio of 50% for the fiscal year ending March 31, 2031. ◼ Maintain or increase dividends Progressive dividend policy. ◼ We will flexibly implement share buyback, taking
Slide 17: Differentiation Strategy and Investment Strategy
Differentiation Strategy and Investment Strategy Copyright 2026 MatsukiyoCocokara & Co. All rights Reserved. 17
Slide 18: Review of FY2025
Review of FY2025 Inbound sales increased, despite an impact from visitors in some regions curbing travel to Japan, as visitors from other countries grew. Health and Beauty category performed well, driving overall growth. Impact by Main Segment Inbound Health and Beauty category ➙Seasonal products Co
Slide 19: Efforts to Be Made in FY2025 and Beyond
Efforts to Be Made in FY2025 and Beyond With the foundation laid for generating value through the merger, we were able to increase profitability in FY2025 utilizing the value generated from the merger. Past and Upcoming Initiatives From FY2025 to FY2030 To FY2024 Strategic merger to generate value M
Slide 20: Refined Product Lineup Boosting Profits
Refined Product Lineup Boosting Profits Private brand series co-created with manufacturers are increasing. By developing products with original concepts, they are driving growth across the entire category. Private Brands Co-created private brands #highqualitybeautyseries Part 1 Part 2 Part 3 PB prod
Slide 21: Refined Stores Boosting Profits
Refined Stores Boosting Profits We are enhancing the profitability of existing stores by driving initiatives in our top-tier store network, with flagship stores as the pinnacle. Sales floor refinements spreading from flagship stores Product lineup Refined beyond just a product mix drugstore Expressi
Slide 22: Marketing Platform
Marketing Platform The Company maintains all customer touchpoints from awareness of purchasing behavior through to repurchasing. By tracking all behavior under a single ID, highly effective marketing is enabled. Marketing Platform MatsukiyoCocokara MatsukiyoCocokara LIPS App Stores & EC App Reviews
Slide 23: Establishing the Matsukiyo Brand in Asia
Establishing the Matsukiyo Brand in Asia We newly entered the Malaysian market, and now operate 100 stores in seven areas. We are continuing to expand our business with a target of 100.0 billion yen in net sales in FY2030. Overseas expansion Total overseas net sales Malaysia 1 store ※Store opening i
Slide 24: Social Contribution and Return
Social Contribution and Return Copyright 2026 MatsukiyoCocokara & Co. All rights Reserved. 24
Slide 25: Basic Concept of Practicing Sustainable Management
Key Strategy “Social Contribution and Return”: Basic Concept Creating a virtuous cycle of (1) maximizing customer value, (2) creating economic value, and (3) offering appropriate returns drives our sustainable growth and is the source of solutions to materiality issues. It is also at the core of enh
Slide 26: Understanding the Cost of Capital
Current Status in Achieving the Mid-Term Management Plan: Understanding the Cost of Capital By integrating multiple objective metrics with insights gained through investor dialogue, we maintain a multifaceted understanding of our cost of capital, which serves as a core management discipline. We curr
Slide 27: Status of Each Spread
Current Status in Achieving the Mid-Term Management Plan: Status of Each Spread In line with the Group’s management target of achieving a return on equity (ROE) of 12% or higher under the Mid-Term Management Plan, we are generating spreads that consistently exceed the cost of capital and maintaining
Slide 28: Translating Non-Financial Capital into Financial Performance
Translating Non-Financial Capital into Financial Performance We have developed a proprietary framework to connect investments in non-financial capital to higher profitability, faster growth, and lower risk. By putting this into practice, we aim to maximize the value of our intangible assets and achi
Slide 29: Maximizing Corporate Value: PBR, PER, and Stock Price Trends
Maximizing Corporate Value: PBR, PER, and Stock Price Trends To close the gap between our current market valuation and intrinsic value, we will maximize the value of intangible assets, aiming for the early achievement of a PBR above 2.0x and the medium- to long-term maximization of our market capita
Slide 30: Appendix
Appendix Copyright 2026 MatsukiyoCocokara & Co. All rights Reserved. 30
Slide 31: Corporate profile
Corporate profile Trade name MatsukiyoCocokara ＆ Co． Address 1-8-2 Yushima, Bunkyo-ku, Tokyo Group-wide strategy formulation, strategy implementation support Main business and management and administration President, Representative Director Kiyoo Matsumoto Vice President, Representative Director Ats
Slide 32: Key Historical Milestones
Key Historical Milestones Former Matsumotokiyoshi Holdings Co., Ltd. 1932 1954 2006 2007 Founded From private PAPASU Co., Ltd. Matsumoto enterprise to Established made a Pharmacy as a incorporated Matsumotokiyoshi subsidiary privately-run body Holdings enterprise MatsukiyoCocokara & Co., Ltd. 2009 2
Slide 33: Philosophy, Vision, and Management Targets
Philosophy, Vision, and Management Targets Group Management Targets for the Fiscal Year Ending March 31, 2026 The Group aims to achieve the following sales and profits in order to become Asia's No.1 drugstore and establish a leading position in the health and beauty fields. Group net sales 1.3 trill
Slide 34: Organizational Structure of the Group
Organizational Structure of the Group Holding company MatsukiyoCocokara & Co. MatsukiyoCocokara & Co ・Formulate Group-wide strategies and management plans MCC Management General Meeting of Shareholders Internal Control Office MCC Associe Group Management Planning AppBrew Board of Directors Group Bus
Slide 35: Net Sales by Product
Net Sales by Product Medical and pharmaceutical products Cosmetics (Billions of yen) (Billions of yen) 387 381 361 368 353 307 334 331 297 279 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 General merchandise Food (Billions of yen) (Billions of yen) 194 198 192 193 194 97 85
Slide 36: Dispensing
Dispensing Dispensing sales Dispensing pharmacy stores (Billions of yen) (stores) 177 1,112 154 159 162 971 1,002 143 856 924 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2025 ※ As of October 1, 2025, the financial results include those of And Company. Copyright 2026 MatsukiyoCoc
Slide 37: Stores by Area in Japan
Stores by Area in Japan Group total 3,618 Stores in Japan (As of Mar. 31, 2026) ❚ Matsumotokiyoshi Group Business（MKG） ：1,970 ❚ Cocokarafine Group Business（CFG） ：1,536 Hokkaido Tohoku 129 ❚ And Company Business （ACP） ：112 MKG 95 CFG 34 Overseas 100 Koshinetsu ❚ Taiwan 23 Thailand 37 Vietnam 20 Hokur
Slide 38: Customer Contact Points, and PB Product Sales
Customer Contact Points, and PB Product Sales PB product sales Customer contact points Sales composition ratio of PB products 14.8 ％ 2,524 SKU Total 169 million （ YoY +1.2pt ） （As of Mar. 31, 2026） （As of Mar. 31, 2026） “MQURE derma×” is a high-performance skincare series that pursue ideal skin usin
Slide 39: Sales Composition Ratios of PB Products
Sales Composition Ratios of PB Products Hits Different KNOWLEDGE matsukiyo CONCRED MQURE derma× Launched Sep. 2025 Launched Apr. 2024 Launched matsukiyo FEMRISA Launched Apr. 2025 Mar. 2026 MQURE 14.80% 14.8 14.30% MKG ：14.9％ RECiPEO Launched Oct. 2024 13.6 CFG ：14.5％ 13.80% Launched Apr. 2023 39 13
Slide 40: Annual Digital Memberships
Annual Digital Memberships ◼ We target 45 million digital members in FY2030 (Million members) 30.33 3,000 26.58 2,500 23.31 2,000 19.31 1,500 13.88 1,000 500 0 FY2021 FY2022 FY2023 FY2024 FY2025 Copyright 2026 MatsukiyoCocokara & Co. All rights Reserved. 40
Slide 41: Five years full-years results
Five years full-years results Operating profit and Net sales and No. of stores Gross profit and gross profit margin (%) operating profit margin (%) 3,618 (stores) 4,000 35.2％ 1,200 (Billions of yen) 7.4 7.7 7.6％ 8.5 3,325 3,409 3,464 3,499 34.6 34.6 35.1 32.9 6.5 5,000 7.5 13,00 0 1,000 35.0 1,117 4
Slide 42: Quarterly Consolidated Financial Results
Quarterly Consolidated Financial Results FY2024 FY2025 1Q 2Q 1H 3Q 4Q Full Year 1Q 2Q 1H 3Q 4Q Full Year （Millions of yen/%） Net sales 259,749 265,979 525,729 275,791 260,105 1,061,626 273,643 275,451 549,094 290,246 278,099 1,117,440 Gross profit 89,241 93,115 182,357 96,201 93,676 372,235 94,283 9
Slide 43: Quarterly Segment Results
Quarterly Segment Results FY2024 FY2025 （Millions of yen/％） 1Q 2Q 1H 3Q 4Q Full Year 1Q 2Q 1H 3Q 4Q Full Year Matsumoto- Sales 162,010 166,075 328,085 173,795 165,346 667,226 175,393 176,430 351,823 182,941 176,648 711,413 kiyoshi Segment Group 12,560 13,647 26,208 16,242 15,501 57,952 14,339 13,854
Slide 44: Quarterly Net Sales and Gross Profit by Product
Quarterly Net Sales and Gross Profit by Product FY2024 FY2025 (Millions of yen/％) 1Q 2Q 1H 3Q 4Q Full Year 1Q 2Q 1H 3Q 4Q Full Year Sales 88,378 90,809 179,187 96,478 93,085 368,752 91,887 93,125 185,012 102,182 100,511 387,707 Medical and Segment pharmaceutical products profit 37,069 40,665 77,735
Slide 45: Cautionary Statement
Cautionary Statement This document contains future outlooks such as plans, forecasts, strategies, and others which are not historical fact and these are made by the management’s judgement based on the obtainable information at the time of the disclosure. Actual results may significantly differ from