Trial Holdings.inc. · TSE:141A
Trial Holdings.inc — 1H FY6/2026 Earnings Presentation
45 slides from Trial Holdings.inc's earnings presentation, Feb 12, 2026
Slide 1: Financial Results Presentation 1H FY6/2026
Financial Results Presentation Revolutionize "real commerce" 1H FY6/2026 around the globe with (July 1, 2025 - December 31, 2025) technology and practical savvy. TRIAL Holdings, Inc. February 12, 2026
Slide 2: Contents
Contents １ 1H FY6/2026 Financial Results 2 Appendix (IR Activities & Stock Situation / Company Overview)
Slide 3: 1H FY6/2026 Financial Results
1H FY6/2026 Financial Results The following outlines the relationship between "TRIAL HD Consolidated," "TRIAL," “SEIYU," and "M&A-Related Costs" as used in this material: New format “TRIAL SEIYU,” which consists the conversion of SEIYU stores, is included under “SEIYU.” TRIAL SEIYU M&A-Related Costs
Slide 4: 1H Highlights
1H Highlights Q2 FY6/2026 3 １ 1H consolidated results outperformed the plan in both sales and profit. Operating profit exceed the forecast by 60.4%, and net profit surged 5.1times the target, a significant upside. Progress remains on track to achieve the full-year plan. ⚫ Bigger Company Scale from Q
Slide 5: 1H Highlights: Progress of PMI
1H Highlights Q2 FY6/2026 4 ３ Progress of PMI (Details) Pricing ⚫ “Gensen 100” was renamed and continued as “Sugo × Toku” from Oct, strengthening price competitiveness across all SEIYU stores. “Sugo-Toku” ⚫ Eliminating out-of-stocks of core products, optimizing sales floor layouts (effective use of
Slide 6: 1H Highlights: Tokyo Rollout of Model Store Initiatives
1H Highlights Q2 FY6/2026 5 - SEIYU Toyohcho and Hibarigaoka: Experimental stores for model development where SEIYU introduced TRIAL’s PB items and Ready meals. - TRIAL GO: The satellite-type small store based on existing SEIYU stores. - TRIAL SEIYU: The new format, which combines the strengths of b
Slide 7: 1H Highlights (TRIAL HD Consolidated)
1H Highlights (TRIAL HD Consolidated) Q2 FY6/2026 6 Total stores expanded to 611 from Q1, following 15 new openings and the consolidation of 245 SEIYU stores (1 closed). Q2 Q2 Financial Financial Results Results Both TRIAL and SEIYU posted solid SSS, sales grew 67.0% YoY. GP doubled (+100.2%) and GP
Slide 8: Q2/1H Earnings Summary
Q2/1H Earnings Summary (TRIAL HD Consolidated) Q2 FY6/2026 7 Net Sales and GP beat the plan by 1.5% and 1.2% in 1H, while disciplined cost management reduced SG&A by 2.9%, and OP Q2 Q2 Financial Financial Results Results rose 60.4% above plan. Ordinary Profit grew 85.4% YoY, absorbing approx. ¥1.2 b
Slide 9: Q2/1H Results by Business Segment
Q2/1H Results by Business Segment Q2 FY6/2026 8 Distribution and Retail Business: Sales and segment profit surged, up 67.2% and 90.5% YoY, led by solid SSS, with TRIAL posted Q2 Financial FinancialResults Results 1.0% YoY and SEIYU perform steadily. The total store number expanded by 259, driven by
Slide 10: 1H Earnings Summary (TRIAL+SEIYU)
1H Earnings Summary (TRIAL+SEIYU) Q2 FY6/2026 9 TRIAL HD consolidated results are break down into “TRIAL,” “SEIYU,” and “M&A-Related Costs”. Among the M&A-related costs, advisory fees recorded under SG&A (approx. ¥2.0 bn) and structuring fees related to borrowings recorded under non-operating Q2 Fin
Slide 11: Q2 Earnings Summary (TRIAL+SEIYU)
Q2 Earnings Summary (TRIAL+SEIYU) Q2 FY6/2026 10 From Q2 (Oct-Dec), “M&A-Related Costs” consist only of goodwill amortization (recorded under SG&A) and interest expense related to M&A financing (recorded under non-operating expenses). Advisory fees and structuring fees related to borrowings Q2 Finan
Slide 12: Q2/1H Earnings Summary (TRIAL)
Q2/1H Earnings Summary (TRIAL) Q2 FY6/2026 11 TRIAL’s sales grew 10.2% due to the net addition of 15 stores (18 openings, 3 closures) despite a 1.0% YoY increase in SSS. Q2 Financial FinancialResults Results Aggressive pricing initiatives and enhanced Ready meals/PB resulted in a 23.1% increase in G
Slide 13: Q2/1H Earnings Summary (SEIYU)
Q2/1H Earnings Summary (SEIYU) Q2 FY6/2026 12 SEIYU is advancing store revitalization efforts to enhance customer support by strengthening price competitiveness, optimizing Q2 Financial FinancialResults Results floor layouts, and eliminating stockouts of staple items, while also introducing TRIAL’s
Slide 14: SEIYU Model Stores
SEIYU Model Stores Q2 FY6/2026 13 In Aug, we launched model store initiatives at two Hypermarket (Toyocho and Hibarigaoka) to enhance customer support. Beginning in Dec, we expanded the approach to one Supermarket (Sengawa), leveraging the know-how gained from the initial two pilot locations. Q2 Fin
Slide 15: Growth Journey to Achieve Vision
Growth Journey to Achieve Vision Q2 FY6/2026 14 Eliminate inefficiency in the Distribution and Retail industry by “Store Expansion”, “Retail Tech” and “Partnership” aiming for Q2 Financial FinancialResults Results sustainable development and growth not only for our group but also society as a whole.
Slide 16: Same Store Sales Trends (YoY, TRIAL)
Same Store Sales Trends (YoY, TRIAL) Q2 FY6/2026 15 Enhancing “food” focusing on fresh products to be the region‘s No.1 daily necessities store. Q2 Financial FinancialResults Results Starting June 2025, full-scale rollout of pricing strategy, higher unit prices successfully lifted average spend, kep
Slide 17: Store Renovation
Store Renovation Q2 FY6/2026 16 TRIAL renovated stores primarily focused on optimizing the sales floor centered on "Food" and introducing retail technology Q2 Financial FinancialResults Results such as the Skip Cart. In Q2, 2 Super Center and 1 smart were renovated. Financial Summary Renovation Resu
Slide 18: Store Openings, Closures and Format Changes
Store Openings, Closures and Format Changes Q2 FY6/2026 17 In Q2 we opened 12 stores (1 MEGA, 5 Super Center, 5 Small Format (TRIAL GO) and 1 Supermarket). Closed 3 stores (2 smart Q2 Financial FinancialResults Results and 1 Hypermarket). The total store count 611 at the end of Q2, on track with our
Slide 19: Status of Store Openings
Status of Store Openings Q2 FY6/2026 18 TRIAL: 367 stores SEIYU: 244 stores Q2 FY6/2026 Q2 Financial FinancialResults Results MEGA Super Small Hyper Super TRIAL Oct Super Kanuma (Tochigi) Center Center smart Format market market SEIYU Center Financial Summary Minamisoma (Fukushima) 29 218 68 52 73 1
Slide 20: Topics for New Stores
Topics for New Stores Q2 FY6/2026 19 1st stores in Ehime and Tokushima Pref. Store network Open TRIAL Mega Center after SEIYU store closed Q2 Financial FinancialResults Results has now expanded through 41 prefectures nationwide. Financial Summary Opened on Dec 10, 2025 1st store in Opened on Nov 26,
Slide 21: Two TRIAL GO Stores Opened in Tokyo
Two TRIAL GO Stores Opened in Tokyo Q2 FY6/2026 20 “TRIAL GO” is a new store format built around the concept of “a place you want to visit every day, multiple times a day.” The model aims to be "the most accessible and convenient store" by leveraging retail technology, such as facial recognition Q2
Slide 22: New Format TRIAL SEIYU Hanakoganei Store
New Format “TRIAL SEIYU” Hanakoganei Store Q2 FY6/2026 21 At Hanakoganei store, a pilot case for format conversion, strategic expansion of fresh and Ready meals captured latent food demand. Improved second-floor traffic, Kyushu-themed menus, and digital signage drove strong initial results, with sal
Slide 23: 1H Sales by Product Category
1H Sales by Product Category Q2 FY6/2026 22 TRIAL sales of Fresh, a key traffic driver with high profitability, rose 17.9% YoY, driving sales and profit growth in the Q2 Financial FinancialResults Results Distribution and Retail business. Ready meals grew the sales by 22.6%, raising their sales comp
Slide 24: Q2 Sales by Product Category
Q2 Sales by Product Category Q2 FY6/2026 23 Q2 Financial FinancialResults Results From October 1, 2025 Q2 FY6/2026 to December 31, 2025 Q2 FY6/2025 Financial Summary TRIAL SEIYU TRIAL Group Results by Business Segment (Millions of yen) Actual Share Actual Share YoY YoY% Actual Share Actual Share Ach
Slide 25: PB Product Development Initiatives
PB Product Development Initiatives Q2 FY6/2026 24 Promoting the development of PB products bringing value to customers, based on customer insights gained through data. The sales share of PB grew to 19.8% for TRIAL and 14.9% for SEIYU in 1H. SEIYU’s ratio saw a temporary decline, reflecting expanded
Slide 26: Bento and Prepared Meal Awards
Bento and Prepared Meal Awards Q2 FY6/2026 25 TRIAL Groups’s “Kohaku Hompo” achieved great success at “Bento and Prepared Meal Awards 2026.” Q2 Financial FinancialResults Results “Moritakeno Shiitake Bread” received the Excellence Award, and 8 other products were selected for honors. Financial Summa
Slide 27: Execution of Gross Profit Growth Strategy
Execution of Gross Profit Growth Strategy Q2 FY6/2026 26 The pricing strategy implemented from Q4 delivered a significant GPM growth of 2.4 pts YoY. We promoted price optimization using customer data, developed valuable products, and created appealing store layouts. While executing measures such as
Slide 28: Q2/1H Breakdown of SG&A expenses
Q2/1H Breakdown of SG&A expenses (TRIAL HD Consolidated) Q2 FY6/2026 27 Due to the full acquisition of Seiyu, YoY results increased significantly. Q2 Financial FinancialResults Results Goodwill amortization has been recorded (approx. ¥7.6 bn) from Q1 FY6/2025. M&A-related advisory fees (approx. ¥2.0
Slide 29: Better Customer Experience by Skip Cart
Better Customer Experience by Skip Cart Q2 FY6/2026 28 We have optimized the number of carts per store. To test Skip Cart impact, other retailers installed the carts to see if it improves the customer experience and reduces labor cost at checkout. Q1 Financial Q2 FinancialResults Results Financial S
Slide 30: Consolidated Balance Sheets
Consolidated Balance Sheets (TRIAL HD Consolidated) Q2 FY6/2026 29 As financing for the full acquisition of Seiyu, short-term borrowings (bridge loans) of ¥367.4 bn were recorded, along with Q2 Financial FinancialResults Results goodwill of ¥298.8 bn. Due to the year-end bank holiday on Dec 31, 2025
Slide 31: Consolidated Cash Flow Statements
Consolidated Cash Flow Statements (TRIAL HD Consolidated) Q2 FY6/2026 30 The acquisition of SEIYU shares (Investing Activities CF) for its full acquisition, along with the increase in borrowings Q2 Financial FinancialResults Results (Financing Activities CF), have significantly impacted the cash flo
Slide 32: FY2026 Consolidated Forecast
FY2026 Consolidated Forecast (TRIAL HD Consolidated) Q2 FY6/2026 31 No revision of the consolidated forecast announced on August 13, 2025. Q2 Financial FinancialResults Results TRIAL Holdings FY6/2025 FY6/2026 FY6/2025 FY6/2026 FY6/2026 Consolidated 1H 1H Forcast 2H 2H Forcast FY6/2025 Forcast Finan
Slide 33: FY2026 Consolidated Forecast (TRIAL + SEIYU)
FY2026 Consolidated Forecast (TRIAL + SEIYU) Q2 FY6/2026 32 TRIAL plans to boost GPM through aggressive store expansion, refined pricing strategies, and account integration synergies, driving a 49.2% increase in consolidated OP. SEIYU, meanwhile, will work on the revitalization of existing stores an
Slide 34: Appendix
TIRIAL HLDGS Appendix
Slide 35: Disclosure / IR Policy
Disclosure / IR Policy Q2 FY6/2026 34 We aim to do prompt, accurate, and fair disclosure and constructive dialogue with Q2 Financial Results shareholders and investors. Financial Summary ⚫ IR Calendar Results by Business Segment Achieving Our Vision Our fiscal year ends on June 30. We plan to hold q
Slide 36: Information for Shareholders and Investors
Information for Shareholders and Investors Q2 FY6/2026 35 ⚫ Financial Briefing documents ⚫ Research Coverage Q2 Financial Results Presentation materials for the financial results briefing for analysts and Shared Research Inc. has published a 'Company In-Depth Analysis Financial Summary institutional
Slide 37: Award
Award Q2 FY6/2026 36 Q2 Financial Results Financial Summary Results by Business Segment Achieving Our Vision Existing Stores / Renovation Store Opening / Closure In the “2025 Comprehensive Ranking of Listed Company Websites,” TRIAL received “With Grade AAA Corporate Website” in the Growth Market cat
Slide 38: Stock Situation As of December 2025
Stock Situation As of December 2025 Q2 FY6/2026 37 Shares / Shareholders Principal Shareholders Q2 Financial Results Authorized 320,000,000 shares Shareholding Financial Summary No. Name Shares Held Issued 122,465,700 shares ratio*1 Results by Business Segment Treasury Stock 74,513 shares 1 THC Corp
Slide 39: Philosophy
Philosophy Q2 FY6/2026 38 Q2 Financial Results Financial Summary Enrich every aspect of people’s lives Results by Business Segment through all we do. Achieving Our Vision Purpose Existing Stores / Renovation Raison d'être Store Opening / Closure Sales by Category / PB GP Improvement Vision Revolutio
Slide 40: New Management Structure
New Management Structure Q2 FY6/2026 39 Holding Company TRIAL Holdings, Inc. Established September 2015 Chairman Hisao Nagata Head Office Higashi-ku, Fukuoka Vice Chairman Koichi Kameda Board of Directors Representative Director and President Hiro Nagata Capital 19,812,837,100 JPY Director Ryota Ish
Slide 41: History
History Started with IT Q2 FY6/2026 40 Retail Evolution of Real Stores and Expansion of Store Networks 1st TRIAL Store 1st Acceleration of Super Center Opening Stores at Furnished Properties / Nationwide Acquired CowBoy Co., Ltd., a Food-focused Supermarket Started Collaboration with Supply Chain Pl
Slide 42: Multi Store Format to Build Nationwide Store Network
Multi Store Format to Build Nationwide Store Network Q2 FY6/2026 41 Mainly open profitable Super centers, leveraging our ability to analyze trade areas through the use of data. SEIYU acquisition secures urban format. Total Store count : 611 (As of December 31, 2025) Super Center (SuC) Supermarket Hy
Slide 43: Retail AI Business
Retail AI Business Q2 FY6/2026 42 Retail AI operates the “Smart Store Solution” business, which utilizes IoT technologies such as Skip Cart, and the “Business Data" business, which utilizes data on customers, products, and inventory to optimize store operations and the supply chain. Through these tw
Slide 44: Skip Cart
Skip Cart Q2 FY6/2026 43 Checkout completed by self-scanning and passing through a payment gate. Reduces cashier labor and provides a new Q2 Financial Results shopping experience through coupons and one-to-one marketing in stores. Financial Summary Scan Loss Prevention Results by Business Segment Al
Slide 45: Contact
⚫ Contact TRIAL Holdings, Inc. IR Department TEL：+81-3-6435-6308 / e-mail：ir@trial-holdings.inc ⚫ Next Financial Results (Scheduled)：Q3 FY6/2026 ・May 14, 2026 - Financial Results Announcement (Results Summary Disclosure) ・May 15, 2026 - Financial Results Briefing (For Analysts and Institutional Inve