Nagaileben Co., Ltd. · TSE:7447
Nagaileben — FY2025 Earnings Presentation
57 slides from Nagaileben's earnings presentation, October 2025
Slide 1: Analyst Guide
ANALYST GUIDE (Listed on the Prime Market Segment of the Tokyo Stock Exchange; Code 7447) October 2025 <Contact for information on this material: Mr. Yamamura, Administration Headquarters (+81-3-5289-8200)>
Slide 2: Agenda Index
Agenda Index Ⅰ Highlights ・・・・ ・・ 2 p Ⅱ Market Environment ・・・・・・ 6 p Ⅲ Financial Review of FY2025 ・・10 p and Forecast for FY2026 Ⅳ Overview and Measures ・・・・ 17 p Ⅴ Management Goals ・・・・・・・ 22 p VI Rewarding Shareholder- ・・・・ 28 p Focused Policies (Appendix) About “NAGAILEBEN” ・・・ 34 p 1 © Nagaileb
Slide 3: I Highlights
I Highlights 2 © Nagaileben Co.,Ltd.
Slide 4: Highlights: Performance and Rewarding Shareholder
Highlights 1 Performance (millions of yen,%) FY2025 Results y/y Change FY2026E Forecast y/y Change Net sales 16,983 +3.5 18,000 +6.0 2 Price revision Internal measures are insufficient, making stable supply highly challenging. 3 Rewarding Shareholder -To mark our 110 th anniversary, a dividend of ¥1
Slide 5: Highlights: Establishment of White Coat Day
Highlights Our Efforts Based on “Let us help the human life” Recent Activities Healthcare Support in Developing Countries As part of our commitment to supporting healthcare in developing countries, we have supplied original medical wear to the charitable hospital established in Cambodia by the certi
Slide 6: Reducing Environmental Impact
Environmental Vision Highlights – Addressing Challenges Through Business Let us help the human life. Next-generation medical wear for people and the planet. Business Development in Environmental Fields Toward a Circular Society -Reusable-oriented products Reducing -Circular supply chain (utilization
Slide 7: II Market Environment
II Market Environment 6 © Nagaileben Co.,Ltd.
Slide 8: Challenging Business Environment and Cost Pressure
Topics Challenging Business Environment in the Market - Increased costs due to inflation are putting pressure on the management of medical and long-term care institutions. - Reduced revenue caused by the end of COVID-19 subsidies and a decrease in patient visits. - The 2026 revision of medical servi
Slide 9: Revisions to Medical Treatment and Care Service Fees
Environment Revisions to Medical Treatment and Care Service Fees （％） 5 +5.0 +4.8 Medical(Service) Medical(Drug) Care 4 +3.4 +3.0 3 +1.9 2 +1.5 +1.6 +1.4 +1.6 +1.2 +0.6 +0.7 +0.5 +0.5 +0.6 +0.7 +0.9 1 +0.4 +0.6 +0.4 +0.4 ▲1.3 +0.0 ▲1.3 0 +0.4 -1 ▲0.5 ▲ 0.6 ▲ 0.5 ▲ 1.0 ▲ 1.2 ▲ 1.4 ▲ 1.4 ▲ 1.0 ▲ 1.0 -2
Slide 10: Urgent Issue: Responding to External Changes
Respond to Sudden Changes in the External Urgent Issue Environment Since the previous price revision in 2023, ・Further increases in raw material costs due to inflation, ・ Rising logistics and labor expenses Internal measures are insufficient, making stable supply highly challenging. We will plan to
Slide 11: III Financial Review of FY2025 and Forecast for FY2026
Ⅲ Financial Review of FY2025 and Forecast for FY2026 10 © Nagaileben Co.,Ltd.
Slide 12: Consolidated Results: FY2025 and FY2026 Forecast
Consolidated Results Financial Review of FY2025 and Forecast for FY2026 FY2025 FY2026 (millions of yen,%) Full(Results) y/y Change Full(Forecast) y/y Change Net sales 16,983 +3.5 18,000 +6.0 Gross profit 6,712 -4.5 7,262 +8.2 Sales, general, and administrative expenses 3,182 +3.5 3,237 +3.5 Operatin
Slide 13: Consolidated Results: Gross Profit Factors
Consolidated Results Financial Review of FY2025 and Forecast for FY2026 FY2025 FY2026 (millions of yen,%) Full(Results) y/y Change Full(Forecast) y/y Change Net sales 16,983 +3.5 18,000 +6.0 Gross profit 6,712 -4.5 7,262 +8.2 Sales, general, and administrative expenses 3,182 +3.5 3,237 +3.5 Operatin
Slide 14: Outlook of Gross Profit to Sales
Consolidated Results Outlook of Gross profit to sales Full Year Gross profit 44.4 43.9 42.8 39.5 40.3 to sales （%） 13 © Nagaileben Co.,Ltd.
Slide 15: Consolidated Results: SG&A and Capital Expenditure
Consolidated Results Financial Review of FY2025 and Forecast for FY2026 FY2025 FY2026 (millions of yen,%) Full(Results) y/y Change Full(Forecast) y/y Change Net sales 16,983 +3.5 18,000 +6.0 Gross profit 6,712 -4.5 7,262 +8.2 Sales, general, and administrative expenses 3,182 +3.5 3,237 +3.5 Operatin
Slide 16: Status of System Investment Initiatives
Business Plan Status of System Investment Initiatives Category Planned Amount ・Development of Core Systems ¥506 m System Investment ・Overhaul of Other Systems ¥103 m ¥878 M ・Overhaul of System Infrastructure ¥268 m Implementation Timeline Image (Cumulative) (millions of yen) ¥878 m ¥805 m ¥309 m ¥78
Slide 17: Financial Review of FY2025 (Balance Sheet)
Consolidated Results Financial Review of FY2025 (Balance Sheet) Major assets (¥ million %) Title Result Change Result Change% [Major changes from the previous fiscal year] Cash on hand at banks 24,246 -2,103 -8.0 Notes and accounts receivable (including electronically recorded claims) 4,683 -322 -6.
Slide 18: IV Overview and Measures
IV Overview and Measures 17 © Nagaileben Co.,Ltd.
Slide 19: Market Classification
Market Classification Item Classification By Market Core Market Peripheral Market Healthcare wear Infection prevention Patient wear Doctors' wear Utility wear Surgery wear 18 © Nagaileben Co.,Ltd.
Slide 20: Overview and Measures: Market
Overview and Measures Market Composition y/y change FY2025 FY2026 (FY2025) (%) Full Fulll(E) Utility/Others Total sales +3.5 +6.0 Doctors' Core Market +3.1 +4.2 Healthcare wear +4.0 +4.7 Patient Doctors' wear +2.5 +4.5 Utility / Others -10.8 -9.4 Peripheral Market +5.7 +7.1 Surgery Patient wear +6.9
Slide 21: Overview and Measures: Product
Overview and Measures Product y/y change FY2025 FY2026 (%) Full Fulll(E) Sales by Product Total sales +3.5 +6.0 (¥ million) High-End products +4.3 +5.7 High Value-Added products +7.1 +6.2 Value-Added products -4.1 +7.1 Mass products +0.8 -5.1 High-End products (Retail price) High Value-Added product
Slide 22: Overview and Measures: Production
Overview and Measures Production Composition Changes in Production Status (%) FY2025 FY2026E (Non-Consolidated) Domestic (¥ million) (%) production 43.9 41.9 Overseas production 55.5 57.5 Purchased products 0.6 0.6 The shift to overseas production and the increase in product manufacturing using over
Slide 23: V Management Goals
V Management Goals 22 © Nagaileben Co.,Ltd.
Slide 24: Business Direction
Strategy Business Direction -Capture Needs in Core Market Market -Increase Share of Peripheral Market -Cultivate Overseas Market -Develop and Sale of High-End and High Value-Added Products Product -Development of Low-Cost Strategic Products Utilizing Overseas Materials -Shift to Overseas Production
Slide 25: Current Status of Marketing Strategy
Business Plan Current Status of Marketing Strategy Strategy Upcoming Actions Revitalizing the High-End Market with the Capture needs with strategy for value-added "MACKINTOSH PHILOSOPHY" Brand and Updating products in core market Model Changes with High Value-Added Products Expansion of Market Share
Slide 26: Current Status of Production Strategy
Business Plan Current Status of Production Strategy Strategy Upcoming Actions Increase the Ratio of Overseas Production to Compensate for the Management of suitable location Decrease in Domestic Production Capacity. production Material: Cost reduction by transferring production from domestic materia
Slide 27: Business Direction: FY2028E Composition
Strategy Business Direction FY2022 FY2025 FY2028E (3 terms ago) (Previous term) (3 terms later) Core 68% 71% Market Peripheral 28% 29% Overseas 1% 3% High Value-Added Product Value-Added Mass High-End Overseas 64% Production Domestic 36% Purchased 0% products 26 © Nagaileben Co.,Ltd.
Slide 28: Trend of Business Records
Strategy Trend of Business Records (¥ million) （％） 25 26 27 28 E E E (FY) (¥ million) Note: Consolidated data since FY1994 are shown. Preceding years represent non-consolidated data. The exchange rate for FY2027/FY2028 is assumed to be 145 yen/dollar. . FY2028E Net Sales 19,500 Operating 4,700 Incom
Slide 29: VI Rewarding Shareholder-Focused Policies
VI Rewarding Shareholder -Focused Policies 28 © Nagaileben Co.,Ltd.
Slide 30: Shareholder-Focused Policies
Reward Reimbursement Policy Shareholder-Focused Policies - Improvement of transparency by proactive disclosure - Interactive communication with investors - Profit reimbursement by high dividends Dividend Policy - Basic policy is to continue stable dividend payment with payout ratio of 50% 110th Anni
Slide 31: Shareholder Returns Based on Stable Profit
Reward Shareholder Returns Based on Stable Profit Strong balance sheet Achieving a high Highly profitability return rate 77.4 % (Total dividend + Share buyback) ÷ Net Income Share buyback Net Income ¥10.5 B Total Assets Capital-to- asset ratio Shareholder ¥44.6 B Total dividend Returns 92.5 % ¥58.5
Slide 32: Flexible Repurchase of Share
Reward Flexible Repurchase of Share The movement of our company's stock price Stock price (end of month closing) before adjustment for splits （Yen） Stock price (end of month closing) FY2003 FY2004 FY2010 FY2011 FY2013 FY2014 FY2017 FY2025 12.5Yen 15Yen 30Yen 32.5Yen 35Yen 45Yen 50Yen 60Yen 60Yen Div
Slide 33: Actual Dividends Paid
Reward Actual Dividends Paid Total Total Share Payout return dividend buyback ratio ratio （Million yen） （Million yen） （non-c, ％） （non-c, ％） FY2001 475 0 27.4 27.4 FY2002 475 0 29.3 29.3 FY2003 530 1,697 29.7 124.6 FY2004 744 0 36.5 36.5 2004/2/24 Stock split 2-for-1 FY2005 1,117 0 56.9 56.9 FY2006 1
Slide 34: The History of Stock Value
Reward The History of Stock Value BPS EPS DPS （Yen） （Yen） （yen） （yen） （yen） ※1 FY2009: Accrued pension fund FY2001 532.5 50.8 12.5 withdrawal payment loss ¥1.04b. A dotted FY2002 568.3 48.0 12.5 line is when there was not outbreak. FY2003 604.0 52.4 15.0 FY2004 663.0 60.5 30.0 FY2005 700.0 56.7 30.0
Slide 35: About NAGAILEBEN
(Appendix) About “NAGAILEBEN” 34 © Nagaileben Co.,Ltd.
Slide 36: Management Philosophy
Management Philosophy Our management philosophy are “Let us help the human life” and “Harmony”. We think that well-balanced growth with human, profit and philanthropy become the responsible corporate. Furthermore, we have our company spirit, “Nagaism”. We continue to specialize in medical / nurse /
Slide 37: Competitive Position in Medical Clothing Market
Outline Over 100 Years in Business (Established in 1915) 1 Competitive Position in Medical Clothing Market -Approximately 60% market share -Integrated Production System in domestic medical clothing Planning, Manufacturing and Marketing - The number of shipments is -Competitive product such as extens
Slide 38: Highly Profitability, Strong Balance Sheet, Rewarding
Outline 3 Highly Profitability Strong Balance Sheet - Realization of high profitability (%) Change of Gross Profit to Sales 39.5% (2025) with radical pursuit of efficiency 33.1% -Gross profit to sales 39.5% 28.6% (1990) 45.3% 45.8% -Capital-to-asset ratio 92.5% (2010) (2020) (1980) 39.7% -ROE 6.1% （
Slide 39: Let Us Help The Human Life: SDGs
SDGs Solving Social Issues Through Our Business 2050 Low-Carbon Social Responsibility Environmental -Assist hospitals to reduce Efforts waste and be more economical. -Regional contribution -Consideration to environmental Regional through production base load of business. -Support hospital facilities
Slide 40: CSR Our Efforts Based on Let us help the human life
CSR Our Efforts Based on “Let us help the human life” Women principal domains: Medical and Sewing Products of Nagaileben are mainly for women, who work as a Support nursing staff or a care worker. At production sites of Nagaileben, Women many women staff has been engaged in sewing. Activities of Nag
Slide 41: CSR Our Efforts Based on Social Responsibility
CSR Our Efforts Based on Social Responsibility Environmental Efforts Social Responsibility Reduction of Environmental Load Through -Providing uniforms for disaster support nurses to the Japanese Nursing Asso Business ciation Many of our products use materials derived from exhaustible -Donation Infec
Slide 42: Data File
Data File FY2025 (Listed on the Prime Market Segment of the Tokyo Stock Exchange; Code 7447) <Contact for information on this material: Mr. Yamamura, Administration Headquarters (+81-3-5289-8200)>
Slide 43: Index
Index 1 … Sales by Market 2 … Sales by Item 3 … Sales by Product 4 … Production Strategy (Non-Consolidated) 5 … Statements of Income (Consolidated) 6 … Statements of Income (Non-Consolidated) 7 … Indices (Consolidated) 8 … Indices (Non-Consolidated) 9・10 … Statements of Income (Consolidated・Non-Cons
Slide 44: Sales by Market
1. Sales by Market (¥ million) (¥ million) First-half First-half FY 22/8 23/8 24/8 25/8 26/8E 24/8 25/8 18,000 Sales 17,745 17,181 16,412 16,983 18,000 7,392 7,843 Core Market 13,021 12,438 11,640 11,996 12,500 5,187 5,530 16,000 Peripheral Market 4,486 4,509 4,508 4,763 5,100 2,097 2,230 Overseas M
Slide 45: Sales by Item
2. Sales by Item (¥ million) (¥ million) First-half First-half FY 22/8 23/8 24/8 25/8 26/8E 24/8 25/8 18,000 Sales 17,745 17,181 16,412 16,984 18,000 7,392 7,843 Healthcare wear 9,698 9,395 8,815 9,165 9,600 3,956 4,263 16,000 Doctors' wear 2,655 2,517 2,354 2,412 2,520 1,019 1,079 14,000 Utility/Ot
Slide 46: Sales by Product
3. Sales by Product (¥ million) (¥ million) First-half First-half FY 22/8 23/8 24/8 25/8 26/8E 24/8 25/8 18,000 Sales 17,745 17,181 16,412 16,983 18,000 7,392 7,843 High-End products 1,269 1,389 1,269 1,324 1,400 551 611 16,000 High Value-Added products 10,269 9,908 9,840 10,543 11,200 4,384 4,942 V
Slide 47: Production Strategy (Non-Consolidated)
4. Production Strategy(Non-Consolidated) (¥ million) (¥ million) (％) First-half First-half FY 22/8 23/8 24/8 25/8 26/8E 12,500 60 24/8 25/8 Domestic production 4,974 4,933 4,673 4,653 4,636 2,414 2,366 Overseas production 5,456 5,680 5,559 5,883 6,360 2,871 2,950 10,000 55 Purchased products 83 64 6
Slide 48: Statements of Income (Consolidated)
5. Statements of Income (Consolidated) (¥ million) First-half First-half FY 17/8 18/8 19/8 20/8 21/8 22/8 23/8 24/8 25/8 26/8E 24/8 25/8 Net Sales 17,017 17,144 16,785 17,066 17,563 17,745 17,181 16,412 16,983 18,000 7,392 7,843 Gross profit 8,086 8,050 7,840 7,810 8,058 7,881 7,547 7,028 6,712 7,26
Slide 49: Statements of Income (Non-Consolidated)
6. Statements of Income (Non-Consolidated) (¥ million) First-half First-half FY 17/8 18/8 19/8 20/8 21/8 22/8 23/8 24/8 25/8 26/8E 24/8 25/8 Net Sales 17,013 17,140 16,777 17,061 17,552 17,737 17,177 16,402 16,971 18,000 7,386 7,836 Gross profit 7,826 7,835 7,694 7,650 7,875 7,726 7,390 6,894 6,650
Slide 50: Indices (Consolidated)
7. Indices (Consolidated) First-half First-half (Unit) 21/8 22/8 23/8 24/8 25/8 24/8 25/8 Profitability ROE (%) 8.9 9.0 7.5 6.6 6.1 - - ROA (%) 11.6 11.0 9.9 8.7 8.1 - - Return on sales Net income (%) 20.8 21.3 18.8 17.2 15.2 - - ROE resolution Total Assets Turnover (Times) 0.4 0.4 0.4 0.3 0.4 - - L
Slide 51: Indices (Non-Consolidated)
8. Indices (Non-Consolidated) First-half First-half (Unit) 21/8 22/8 23/8 24/8 25/8 24/8 25/8 Profitability ROE (%) 9.4 9.5 8.1 7.0 6.6 - - ROA (%) 12.3 11.6 10.5 9.2 8.7 - - Return on sales Net income (%) 20.4 21.0 18.6 17.1 15.1 - - ROE resolution Total AssetsTurnover (Times) 0.4 0.4 0.4 0.4 0.4 -
Slide 52: Statements of Income (Consolidated)
9. Statements of Income (Consolidated) (¥ million,%) (¥ million,%) FY 24/8 25/8 Change(the previous year) First-half 24/8 First-half 25/8 Change(the previous year) Result Composition Result Composition Result Change % Result Composition Result Composition Result Change % Net Sales 16,412 100.0 16,98
Slide 53: Statements of Income (Non-Consolidated)
10. Statements of Income (Non-Consolidated) (¥ million,%) (¥ million,%) FY 24/8 25/8 Change(the previous year) First-half 24/8 First-half 25/8 Change(the previous year) Result Composition Result Composition Result Change % Result Composition Result Composition Result Change % Net Sales 16,402 100.0
Slide 54: Balance Sheet (Consolidated)
11. Balance Sheet (Consolidated) (¥ million,%) (¥ million,%) FY 24/8 25/8 Change(the previous year) First-half 24/8 First-half 25/8 Change(the previous year) Result Composition Result Composition Result Change % Result Composition Result Composition Result Change % Current assets 38,285 81.9 36,200
Slide 55: Balance Sheet (Non-Consolidated)
12. Balance Sheet(Non-Consolidated) (¥ million,%) (¥ million,%) FY 24/8 25/8 Change(the previous year) First-half 24/8 First-half 25/8 Change(the previous year) Result Composition Result Composition Result Change % Result Composition Result Composition Result Change % Current assets 35,006 80.9 32,9
Slide 56: The Forecasts/Results of Net Sales (Consolidated)
13.The Forecasts/Results of Net Sales (Consolidated) (¥ million) (％) [Forecast] (Initial plan) (¥ million) 20,000 50 FY 21/8 22/8 23/8 24/8 25/8 Full Year 17,300 17,700 18,200 17,800 17,500 First-half 7,655 7,719 8,022 7,936 7,660 Second-half 9,645 9,980 10,178 9,863 9,839 15,000 25 [Result] (¥ mill
Slide 57: Notes on this material
Notes on this material This material includes forecasts for the future. These forecasts are based on the judgment of the Company's management concerning currently available information. These future projections include assumptions or views based on assumptions, and therefore may be different from th