Zozo, Inc. · TSE:3092
Zozo — Q4 2025 Earnings Presentation
50 slides from Zozo's earnings presentation, Apr 30, 2026
Slide 1: FY2025 ZOZO, Inc. Consolidated Business Results
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
Slide 2: Highlights
HIGHLIGHTS FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
Slide 3: FY2025 Highlights
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS FY2025 HIGHLIGHTS Gross Merchandise Value 666.0 billion yen (+8.4% YoY / Achievement rate 98.8%) Gross Merchandise Value excluding other GMV 646.1 billion yen (+12.4% YoY / Achievement rate 98.8%) Gross Merchandise Value (ZOZOTOWN Business + LY Corpora
Slide 4: Overview of Each Quarter
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS OVERVIEW OF EACH QUARTER million * The percentages are calculated by dividing each item by the Gross Merchandise Value (excluding other GMV). 4
Slide 5: HIGH LINK, INC. becomes wholly owned subsidiary
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS HIGH LINK, INC. becomes wholly owned subsidiary Through fragrance offerings with strong affinity to fashion, we will accelerate business expansion in the Near Fashion domain. Company Overview: HIGH LINK, INC. Company name: HIGH LINK, INC. Established:
Slide 6: Business Results
BUSINESS RESULTS FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
Slide 7: Increase-Decrease Analysis of EBITDA
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS INCREASE-DECREASE ANALYSIS OF EBITDA (YoY COMPARISON) Changes other than expenses Changes in expenses Other gross Increase in fixed costs Decrease in variable costs Increase in sales from profit increases -3.1 +0.2 Increase in the actual promotion-rela
Slide 8: Cash Flows
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS CASH FLOWS million Reason FY2024 FY2025 YoY for change Cash flows from Increase in profit before income taxes operating activities Increase in payments of corporate income taxes Previous fiscal year : Investment in DPL Tsukuba Chuo Cash flows from and
Slide 9: Selling, General and Administrative Expenses
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS SELLING, GENERAL AND ADMINISTRATIVE(SG&A) EXPENSES The consolidation of LYST led to an increase in total GMV, resulting in lower SG&A-to-GMV ratio for certain SG&A items that are limited in amount at LYST on a standalone basis. This primarily contribut
Slide 10: Actual Promotion-Related Expenses
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS ACTUAL PROMOTION-RELATED EXPENSES 05 Actual promotion-related expenses: The sum of advertising expenses and point-related expenses 11,0 0 0 Advertising expenses Quarterly Point-related expenses Quarterly 1 0% Actual promotion-related expenses ratio (%
Slide 11: Number of Total Buyers
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 06 NUMBER OF TOTAL BUYERS Number of total buyers = Active members and guest buyers who made at least one purchase within a year Guest buyers = Total number of guest purchases within a year Active members = Members who have made at least one purchase wi
Slide 12: Number of Shops on ZOZOTOWN
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 07 NUMBER OF SHOPS ON ZOZOTOWN 1,80 0 Consignment sales Outright Purchase / Production & Sales 1,712 1,710 1,70 0 1,681 1,686 25 21 1,656 1,649 29 28 1,687 1,689 1,605 1,595 1,605 1,621 30 29 1,652 1,658 1,60 0 1,564 1,581 28 31 1,626 1,620 29 29 29 1,
Slide 13: Average Retail Price
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 08 AVERAGE RETAIL PRICE Average retail price = Gross Merchandise Value of the ZOZOTOWN Business / Number of pieces shipped 7,000 Average retail price YoY comparison 35% 6,000 25% 5,000 4,360 4,369 4,0 03 4,038 4,277 3,974 1 5% 4,000 3,726 3,698 3,629 3
Slide 14: Average Order Value
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 09 AVERAGE ORDER VALUE Average order value = Gross Merchandise Value of the ZOZOTOWN Business / Number of shipments 14,000 3 0% Average order value YoY comparison 12,000 20% 10,000 9,422 9,119 8,980 9,328 8,735 8,864 8,177 8,343 8,196 8,543 7,894 8,1 8
Slide 15: Business Plan for FY2026
BUSINESS PLAN FOR FY2026 FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
Slide 16: Change in Key Disclosure Indicator
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS CHANGE IN KEY DISCLOSURE INDICATOR The Company group adopted EBITDA as a management indicator that excludes the impact of amortization of goodwill and other items, such as depreciation and stock compensation expenses, including those related to M&A, wi
Slide 17: Consolidated Earnings Forecast and Dividend Forecast for FY2026
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS CONSOLIDATED EARNINGS FORECAST AND DIVIDEND FORECAST FOR FY2026 Gross Merchandise Value (excluding Other GMV) is expected to increase by 5.0% YoY, and Adjusted EBITA by 7.2% YoY. HIGH LINK, INC. is scheduled to be consolidated from May 2026, and the es
Slide 18: FY2026 Target by Business Segment
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS FY2026 TARGET BY BUSINESS SEGMENT HIGH LINK, INC. is scheduled to be consolidated from May 2026, and the estimated impact has already been incorporated into this plan. HIGH LINK, INC. s Gross Merchandise Value and net sales are scheduled to be recorded
Slide 19: Logistics Bases Expansion Plan
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS LOGISTICS BASES EXPANSION PLAN 2024 April 2025 April 2026 April 2027 April 2028 April Shipping function Area Name Total floor area ( ) CH I BA ZOZOBASE NARASHINO 1 91 , 5 0 0 IBARAKI ZOZOBASE TSUKUBA 1 -A 65 , 0 0 0 IBARAKI ZOZOBASE TSUKUBA 1 - B 65 ,
Slide 20: Capital Investment
FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 01 CAPITAL INVESTMENT 14,0 0 0 Capital Investment Depreciation 12 ,0 0 0 11,50 0 Amortization of Goodwill 10,0 0 0 9, 271 8,173 3,130 8,0 0 0 2,294 6,0 0 0 4,825 4,944 251 5,293 4,000 4,491 352 6,740 3,491 404 460 2 ,0 0 0 1 ,336 1,977 2,050 million 0
Slide 21: ZOZO
ev An ZOZO
Slide 22: Medium-Term Business Plan
MEDIUM-TERM BUSINESS PLAN
Slide 23: Contents
CONTENTS 01 Medium-Term Business Plan 05 "NEAR FASHION" DOMAIN 02 Adjusted EBITA trend 06 "GLOBAL" DOMAIN 03 Three business domains and profit targets 07 Others Internal use of AI risk management, and SDGs initiatives 04 "MORE FASHION" DOMAIN 23
Slide 24: Medium-Term Business Plan Background
Medium-Term Business Plan Four-Year plan through the fiscal year ending March 2030 Adjusted EBITA* : 90.0 billion 123.8% vs. the fiscal year ending March 2026 Background Expansion beyond ZOZOTOWN "CHUKEI," our character targeting 90.0 billion into new markets Adjusted EBITA : Operating profit + amor
Slide 25: Further strengthening ZOZOTOWN while developing new revenue pillars
Further strengthening ZOZOTOWN while developing new revenue pillars beyond it Targeting Adjusted EBITA* of 90.0 billion for the fiscal year ending March 2030, including contributions from new businesses 90.0 Incremental challenge target 77.9 72.6 65.3 56.8 60.4 Adjusted EBITA 50.0 billion yen 44.5 2
Slide 26: Establishing three business domains in fashion
Further strengthening ZOZOTOWN and developing new revenue pillars beyond it Establishing three business domains in fashion across Japan and overseas Japan Japan MORE Overseas NEAR FASHION FASHION GLOBAL 5 billion yen 80 billion yen 5 billion yen 26
Slide 27: More Fashion Domain
"MORE FASHION" DOMAIN Core driver of existing growth, enabling disciplined investments through strong earnings power
Slide 28: Acquisition of new users
Acquisition of new users MORE FASHION Expanding into offline touchpoints to reach new users we have yet to engage "ZOZOFES ": Fashion Music "ZOZOTOWN NAGOYA": pop-up store Reaching music fans Reaching offline-oriented customers 28
Slide 29: Top-of-mind as a place to buy fashion
Top-of-mind as a place to buy fashion MORE FASHION Maintaining awareness compared with competitors Q.When you think of buying fashion products,please tell us up to three places/stores/EC sites/apps in the order that comes to your mind. FA Survey Results of Women Aged 15-59 35% ZOZOTOWN 31.3% 30% 25%
Slide 30: Expanding the number of brands
Expanding the number of brands MORE FASHION Rapid expansion of K-fashion brands Number of brands on ZOZOTOWN (FY25 Q4): 11,247 +2,198 YoY, driven primarily by the impact of MUSINSA The number of brands within MUSINSA on ZOZOTOWN expanded significantly from approximately 140 at launch to 2,036 as of
Slide 31: Responding to the age of AI agents
Responding to the age of AI agents MORE FASHION As LLM-based search grows and evolves into AI agents, traditional search may disappear. How should e-commerce respond? AI agent LLM search As AI agents emerge, search behavior may gradually decline. Search 31
Slide 32: Pursuing the opportunity to establish a proposal space
Pursuing the opportunity to establish a "proposal space" by ZOZO MORE FASHION AI agents eliminate the traditional process of "searching clicking links Leveraging proprietary data gathering information purchasing," replacing it with a flow of to enhance fashion-focused AI "expressing a need receiving
Slide 33: Launch of conversational AI LLM
Launch of conversational AI LLM MORE FASHION ChatGPT app : "Lab-kun, ZOZO s outfit recommendation AI", a LINE official account that assists daily outfit WEAR outfit recommendations selection through conversational AI Can you suggest a trendy spring outfit with a more mature vibe? Can you suggest an
Slide 34: Developing data to train AI on finding your own style
Developing data to train AI on "finding your own style" MORE FASHION Adding "Flavoring" and "Desired impression" attributes All four key elements to find your own style "Genres","Body shape concerns", "Flavoring", and "Desired impression" are now available on WEAR Addition of "Flavoring" =complexity
Slide 35: Leveraging ZOZO's proprietary data for AI
Implementation of the smart styling feature and initial impact MORE FASHION Leveraging ZOZO s proprietary data for AI Favorited and ZOZO s proprietary ZOZO s proprietary User preference purchased items styling tips styling tips data Next-month user revisit rate Select "Flavoring" Check outfits Tap t
Slide 36: Near Fashion Domain
"NEAR FASHION" DOMAIN New domestic growth pillar, driving trial and error in "Near Fashion" domains that resonate with ZOZOTOWN users
Slide 37: Our approach
Our approach NEAR FASHION Expanding beyond ZOZOTOWN into other areas within fashion ZOZOTOWN USERS Spending beyond Spending beyond ZOZOTOWN fashion Spending experiences that resonate with ZOZOTOWN users 37
Slide 38: Projected to reach a 7.6 trillion market by 2029
Examples of "Near Fashion" domains that resonate with ZOZOTOWN users NEAR FASHION Fitness & gyms Market size Skincare & 700 billion Hair removal cosmetics 280 billion Hair salons & barbershops 3.0 trillion Men s beauty 2.0 trillion 180 billion Fragrances & perfumes Teeth whitening Esthetic services
Slide 39: Levers for expansion
Levers for expansion NEAR FASHION Market conditions are changing rapidly, requiring flexible adaptation in our approach. We are also exploring a high-speed business development model in the AI-native era. Partnerships and In-house capital alliances initiatives Rapid expansion through M&A Launching b
Slide 40: Acquisition of HIGH LINK, INC. as a wholly owned subsidiary
Acquisition of HIGH LINK, INC. as a wholly owned subsidiary NEAR FASHION Partnerships and capital alliances Acquisition of all shares of HIGH LINK, INC., operator of a comprehensive fragrance platform "Coloria," making it a wholly owned subsidiary 40
Slide 41: Global Domain
"GLOBAL" DOMAIN New overseas growth pillar, taking a technology-driven approach in North America and Europe over the medium term
Slide 42: Global expansion with a focus on North America and Europe
Global expansion with a focus on North America and Europe GLOBAL As a new overseas growth pillar, steadily building a technology-driven business in North America and Europe over the medium term 42
Slide 43: ZOZOFIT surpasses 1 million downloads
ZOZOFIT surpasses 1 million downloads GLOBAL ZOZO s technology is becoming infrastructure that supports people in becoming who they want to be, worldwide. The goal of fitness is "physical transformation." ZOZOFIT is uniquely positioned to capture this "ground truth" of body transformation. 2022 2026
Slide 44: LYST
LYST GLOBAL LYST s core focus is shifting toward AI agents, with ZOZO s data expertise and know-how as a key differentiator Moving away from search-based behavior, toward a flow of "expressing a need receiving recommendations purchasing instantly" General needs Fashion-specific Fashion-specific AI a
Slide 45: Internal use of AI, risk management, and SDGs initiatives
Internal use of AI, risk management, and SDGs initiatives
Slide 46: Internal use of AI
Internal use of AI Introduced the Company s own AI utilization metric, the "All ZOZO AI Readiness Score (AZARS)" A company-wide metric applied across all roles to increase visibility into and advance AI utilization Standardizing AI utilization levels across the Company to increase visibility and ena
Slide 47: Impact of rising naphtha prices
Response to geopolitical risks Impact of rising naphtha prices The impact on results is expected to be limited at this time. For items supplied by brands, no significant upward trend in item prices has been observed at this stage. For indirect materials (e.g., packaging and cardboard), some cost imp
Slide 48: SDGs
SDGs External evaluation Certified as a Science Based Targets (SBT) company CDP (Climate Change): A S&P/JPX Carbon Efficient Index MSCI Japan ESG Select Leaders Index MSCI Japan Empowering Women Index (WIN) Certified as an Eco-First Company PRIDE Index: D&I Award: Best Workplace Eruboshi Certificati
Slide 49: Inspire the world. Deliver joy every day.
Inspire the world. Deliver joy every day.
Slide 50: ZOZO
ev An ZOZO