Trial Holdings.inc. · TSE:141A
Trial Holdings.inc — Q1 FY6/2026 Earnings Presentation
47 slides from Trial Holdings.inc's earnings presentation, Nov 13, 2025
Slide 1: Financial Results Presentation Q1 FY6/2026
Financial Results Presentation Revolutionize "real commerce" Q1 FY6/2026 around the globe with (July 1, 2025 - September 30, 2025) technology and practical savvy. TRIAL Holdings, Inc. November 13, 2025
Slide 2: Contents
Contents １ Q1 FY6/2026 Financial Results 2 Appendix (Key Strategies / Capital Policy & Shareholder Returns / IR Activities / Company Overview) IR Awards TRIAL Holdings, Inc. received “2025 Award for Excellence in Corporate Disclosure” in the Emerging Markets category in its second year of listing by
Slide 3: Q1 FY6/2026 Financial Results
Q1 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: TRIAL SEIYU M&A-Related (FY2025 Consolidated) Advisory fee etc. Distribution and Retail SEIYU SG&A TRIAL HD Business Goodwill amo
Slide 4: Q1 FY6/2026 Highlights
Q1 FY6/2026 Highlights Q1 FY6/2026 3 １ Bigger Company Scale from Q1 FY6/2026, due to the full acquisition of SEIYU on July 1. ⚫ 245 SEIYU stores were added to the total number of stores (1 closure). Disclosure of EBITDA: ⚫ Goodwill (provisional, approx. ¥302.7 Bn) was recorded on BS, and Goodwill am
Slide 5: Q1 FY6/2026 Highlights: Progress of PMI
Q1 FY6/2026 Highlights Q1 FY6/2026 4 ３ Progress of PMI (Details) ■ Preparations and initiatives for Q2 and beyond ⚫ Store / Promotion Enhancement ■ Implementation of short-term initiatives TRIAL-SEIYU Joint Thanks Sale (Oct) / Anniversary Sale, Black Friday Pricing appeal with ⚫ Pricing Appeal (Plan
Slide 6: Q1 FY6/2026 Highlights: Store Locations
Q1 FY6/2026 Highlights Q1 FY6/2026 5 Store Locations: - 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 com
Slide 7: Q1 FY6/2026 Highlights: Financial Summary
Q1 FY6/2026 Highlights Q1 FY6/2026 6 The store count rose by 6 due to active new store openings. The inclusion of 245 SEIYU stores (1 closed, net 244) dramatically Q1 Q1 Financial Financial Results Results increased sales by 66.8% YoY. GP significantly improved by 95.6%, and the GPM increased by 3.4
Slide 8: Earnings Summary for Q1 FY6/2026
Earnings Summary for Q1 FY6/2026 (TRIAL HD Consolidated) Q1 FY6/2026 7 Net sales and GP are on track with the Q1 plan. OP exceeded the plan driven by effective cost control. Although a one-time cost of approx. ¥1.2 billion for loan structuring fees caused a 38.3% decrease in Ordinary Profit YoY, it
Slide 9: Q1 Results by Business Segment
Q1 Results by Business Segment Q1 FY6/2026 8 Distribution and Retail Business: Sales and segment profit surged, up 67.1% and 53.0% YoY, respectively. This growth was driven Q1 Financial FinancialResults Results by the opening of 6 new TRIAL stores (7 new stores / one closure) and the addition of 245
Slide 10: Q1 FY6/2026 Earnings Summary (TRIAL+SEIYU)
Q1 FY6/2026 Earnings Summary (TRIAL+SEIYU) Q1 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-operati
Slide 11: Q1 FY6/2026 Earnings Summary (TRIAL)
Q1 FY6/2026 Earnings Summary (TRIAL) Q1 FY6/2026 10 TRIAL’s sales grew 9.9% due to the net addition of 6 stores (7 openings, 1 closure) despite a 0.2% YoY drop in SSS. Q1 Financial FinancialResults Results Aggressive pricing initiatives and enhanced Ready meals/PB resulted in a 22.3% increase in GP
Slide 12: Q1 FY6/2026 Earnings Summary (SEIYU)
Q1 FY6/2026 Earnings Summary (SEIYU) Q1 FY6/2026 11 Starting in August, SEIYU launched the "Gensen 100“ (Carefully Selected 100) campaign across all stores to enhance customer trust. SSS are improving following the August low (due to prior-year special demand decline). We are driving customer-centri
Slide 13: SEIYU Model Stores
SEIYU Model Stores “Toyocho Store” “Hibarigaoka Store” Q1 FY6/2026 12 As model stores aimed at enhancing customer support, TRIAL’s Ready meals and PB products were pilot-introduced on August 6 at SEIYU’s Toyocho and Hibarigaoka stores. Signature items such as the “Pork Cutlet Bowls” and “Egg Sandwic
Slide 14: Growth Journey to Achieve Vision
Growth Journey to Achieve Vision Q1 FY6/2026 13 Eliminate inefficiency in the Distribution and Retail industry by “Store Expansion”, “Retail Tech” and “Partnership” aiming for Q1 Financial FinancialResults Results sustainable development and growth not only for our group but also society as a whole.
Slide 15: Same Store Sales Trends (YoY, TRIAL)
Same Store Sales Trends (YoY, TRIAL) Q1 FY6/2026 14 Enhancing “food” focusing on fresh products to be the region‘s No.1 daily necessities store. Q1 Financial FinancialResults Results SSS Growth Starting April 2025, the pricing strategy (GP Growth Strategy) was fully implemented, introducing external
Slide 16: Store Renovation
Store Renovation Q1 FY6/2026 15 TRIAL renovated stores primarily focused on optimizing the sales floor centered on "Food" and introducing Q1 Financial FinancialResults Results retail technology such as the Skip Cart. In Q1, 4 Super Center stores were renovated. Financial Summary Results by Business
Slide 17: Store Openings and Closures
Store Openings and Closures Q1 FY6/2026 16 In Q1 TRIAL opened 7 stores (6 Supercenters, 1 smart) and closed 1 smart. Adding 245 SEIYU stores (1 closure), Q1 Financial FinancialResults Results the total store count 602 at the end of Q1, on track with our full-year plan. Openings Financial Summary Pla
Slide 18: Status of Store Openings
Status of Store Openings Q1 FY6/2026 17 TRIAL: 358 stores SEIYU: 244 stores Total Q1 FY6/2026 Q1 Financial FinancialResults Results MEGA Super Small 602 smart Hypermarket Supermarket Center Center Format Financial Summary stores 28 213 70 47 74 170 Super Center Kanoya Uenomachi (Kagoshima) Results b
Slide 19: Two TRIAL GO Stores Opened in Tokyo
Two TRIAL GO Stores Opened in Tokyo Q1 FY6/2026 18 The first stores in Tokyo opened on November 7, 2025. The satellite-style compact store Q1 Financial FinancialResults Results that utilizes existing SEIYU locations as hubs for high-frequency product delivery. “TRIAL GO” is a new store format built
Slide 20: New Format “TRIAL SEIYU” Scheduled to Open
New Format “TRIAL SEIYU” Scheduled to Open Q1 FY6/2026 19 Scheduled to open on November 28, 2025 Q1 Financial FinancialResults Results TRIAL SEIYU Hanakoganei Store Financial Summary TRIAL, a supermarket originating in Kyushu, has teamed up with SEIYU to launch a new format, “TRIAL SEIYU”. Results b
Slide 21: Sales by Product Category Q1 FY6/2026
Sales by Product Category Q1 FY6/2026 Q1 FY6/2026 20 TRIAL sales of Fresh, a key traffic driver with high profitability, rose 18.3% YoY, driving sales and profit growth in the Q1 Financial FinancialResults Results Distribution and Retail business. Ready meals grew the sales by 22.6%, raising their s
Slide 22: Enhancement of Product Capabilities
Enhancement of Product Capabilities Q1 FY6/2026 21 To recover customer traffic, SEIYU launched the “STAND TOGETHER: 100 Essential Items for Daily Life” campaign on Aug 6th, Q1 Financial FinancialResults Results repricing over 100 processed foods and daily necessities. This was continued in Oct as th
Slide 23: PB Product Development Initiatives
PB Product Development Initiatives Q1 FY6/2026 22 Promoting the development of PB products bringing value to customers, based on customer insights gained through data. Q1 Financial FinancialResults Results The sales share of PB steadily grew to 19.9% to the sales. Showing steady progress toward the
Slide 24: SEIYU’s PB Products
SEIYU’s PB Products Q1 FY6/2026 23 PB Sales Ratio "Minasama no Osumitsuki" (MO), SEIYU's flagship private brand, only commercializes products endorsed by consumers. Q1 FY6/2026 Q1 Financial FinancialResults Results Since 2012, MO has continuously strived to improve quality, reflecting customer feedb
Slide 25: Execution of Gross Profit Growth Strategy
Execution of Gross Profit Growth Strategy Q1 FY6/2026 24 The pricing strategy implemented from Q4 delivered a significant GPM growth of 2.2 pts YoY. We promoted price optimization using customer data, developed valuable products, and created appealing store layouts. While executing measures such as
Slide 26: Breakdown of SG&A expenses
Breakdown of SG&A expenses Q1 FY6/2026 25 Due to the full acquisition of Seiyu, YoY results increased significantly. Q1 Financial FinancialResults Results Goodwill amortization has been recorded (approx. ¥3.8 Bn) from Q1 FY6/2025. M&A-related advisory fees (approx. ¥2.0 Bn) was recorded as a one-off
Slide 27: Better Customer Experience by Skip Cart
Better Customer Experience by Skip Cart Q1 FY6/2026 26 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 FinancialResults Results Financial Summ
Slide 28: Consolidated Balance Sheets
Consolidated Balance Sheets (TRIAL HD Consolidated) Q1 FY6/2026 27 As financing for the full acquisition of Seiyu, short-term borrowings (bridge loans) of ¥367.4 billion were recorded. Q1 Financial FinancialResults Results This borrowing is scheduled to be refinanced into long-term debt during the c
Slide 29: Consolidated Cash Flow Statements
Consolidated Cash Flow Statements (TRIAL HD Consolidated) Q1 FY6/2026 28 The acquisition of SEIYU shares (Investing Activities CF) for its full acquisition, along with the increase in borrowings Q1 Financial FinancialResults Results (Financing Activities CF), have significantly impacted the cash flo
Slide 30: FY2026 Consolidated Forecast
FY2026 Consolidated Forecast (TRIAL HD Consolidated) Q1 FY6/2026 29 No revision of the consolidated forecast announced on August 13, 2025. Q1 Financial FinancialResults Results TRIAL Holdings Financial Summary FY6/2025 FY6/2026 FY6/2025 FY6/2026 FY6/2026 Consolidated FY6/2025 1H 1H Forcast 2H 2H For
Slide 31: FY2026 Consolidated Forecast (TRIAL + SEIYU)
FY2026 Consolidated Forecast (TRIAL + SEIYU) Q1 FY6/2026 30 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 32: Appendix
TIRIAL HLDGS Appendix
Slide 33: FY2026 Key Strategies (Distribution and Retail Business)
FY2026 Key Strategies (Distribution and Retail Business) Q1 FY6/2026 32 TRIAL and SEIYU will leverage their respective strengths to reinforce their foundation for sustainable growth. Acquisition of SEIYU FY2025 FY2026 ～ Strengthening “food” and continuing store renovations Continue ⚫ Creating attrac
Slide 34: FY2026 Key Strategies (Retail AI Business)
FY2026 Key Strategies (Retail AI Business) Q1 FY6/2026 33 Support sustainable growth of core business through various measures based on data analysis. Q1 Financial Results Distribution and Retail Business Financial Summary Results by Business Segment Accumulating customer ID data Data Achieving Our
Slide 35: Cash Allocation
Cash Allocation Q1 FY6/2026 34 Promote repayment of interest-bearing debt related to M&A and growth investments for medium- to long-term corporate value enhancement. Q1 Financial Results Continue stable dividend payments. Financial Summary Cash In Cash Out Results by Business Segment Achieving Our V
Slide 36: Capital Policy / Shareholder Returns
Capital Policy / Shareholder Returns Q1 FY6/2026 35 Q1 Financial Results 1 Prioritizing investment in growth while distributing minimum dividends stably and continuously as a growing company. Financial Summary Results by Business Segment FY6/2023 FY6/2024 FY6/2025 FY6/2026 Achieving Our Vision (Actu
Slide 37: Disclosure / IR Policy
Disclosure / IR Policy Q1 FY6/2026 36 We aim to do prompt, accurate, and fair disclosure and constructive dialogue with Q1 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 38: Information for Shareholders and Investors
Information for Shareholders and Investors Q1 FY6/2026 37 ⚫ Financial Briefing documents ⚫ Research Coverage Q1 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 39: IR activities in FY6/2025
IR activities in FY6/2025 Q1 FY6/2026 38 ⚫ Summary FY6/2025 Q1 Financial Results FY6/2025 Speaker Financial Briefing Financial Summary 4 Online 1 2 3 for analysts & institutional investors Results by Business Segment Investor Profile in Achieving Our Vision 1on1 Meetings IR Meetings 375 - for analys
Slide 40: 2025 Award for Excellence in Corporate Disclosure
2025 Award for Excellence in Corporate Disclosure Q1 FY6/2026 39 TRIAL Holdings Ranked Second in the Emerging Markets Category of the 2025 Q1 Financial Results Award for Excellence in Corporate Disclosure Financial Summary About the “Award for Excellence in Corporate Disclosure” Results by Business
Slide 41: Philosophy
Philosophy Q1 FY6/2026 40 Q1 Financial Results Financial Summary Enrich every aspect of people’s lives Results by Business Segment through all we do. Achieving Our Vision Existing Stores / Renovation Store Opening / Closure Sales by Category / PB GP Improvement Breakdown SG&A Revolutionize "real com
Slide 42: New Management Structure
New Management Structure Q1 FY6/2026 41 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 43: History
History Started with IT Q1 FY6/2026 42 Retail Evolution of Real Stores and Expansion of Store Networks 1st TRIAL Store 1st Super Center Acceleration of Opening Stores at Furnished Properties / Nationwide Expansion Acquired CowBoy Co., Ltd., a Food-focused Supermarket Started Collaboration with Suppl
Slide 44: Multi Store Format to Build Nationwide Store Network
Multi Store Format to Build Nationwide Store Network Q1 FY6/2026 43 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 : 602 (As of August 13, 2025) Super Center (SuC) MEGA Center smar
Slide 45: Retail AI Business
Retail AI Business Q1 FY6/2026 44 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 46: Skip Cart
Skip Cart Q1 FY6/2026 45 Checkout completed by self-scanning and passing through a payment gate. Reduces cashier labor and provides a new Q1 Financial Results shopping experience through coupons and one-to-one marketing in stores. Financial Summary Scan Loss Prevention Results by Business Segment Al
Slide 47: Contact
⚫ Contact TRIAL Holdings, Inc. IR Department TEL：+81-3-6435-6308 / e-mail：ir@trial-holdings.inc ⚫ Next Financial Results (Scheduled)：Q2 FY6/2026 ・February 12, 2026 - Financial Results Announcement (Results Summary Disclosure) ・February 13, 2026 - Financial Results Briefing (For Analysts and Institut