Matsukiyococokara & Co. · TSE:3088
Matsukiyococokara & — H1 FY2025 Earnings Presentation
46 slides from Matsukiyococokara &'s earnings presentation, Nov 21, 2025
Slide 1: Financial Results for the Six Months Ended September 30, 2025
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 Six Months Ended September 30, 2025 Copyright 2025 November 21, 2025 Ma
Slide 2: Table of contents
Table of contents Management summary for First Half P.3 ～ P.5 Management policies for Second Half Financial Results and Financial Forecasts P.6 ～ P.15 Financial Results for 1H FY2024 ・Financial Summary (YoY) ・Segment Results (YoY, profit margin trends) ・Net Sales by Product ・Net Sales by Product ・St
Slide 3: Management Summary for First Half / Management Policies for Second Half
Management Summary for First Half Management Policies for Second Half Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 3
Slide 4: Management Summary for the First Half of FY2025
Management Summary for the First Half of FY2025 Results Net sales 104.4％ YoY, Operating profit 107.4％, Operating profit margin7.4％（+0.2pt YoY） Increase In Merchandise, cosmetics performed well, partly due to people's flow expansion mainly in urban areas, and sales expansion in PB products and growth
Slide 5: Management Policies for the Second Half of FY2025
Management Policies for the Second Half of FY2025 • To achieve the Group management targets, we will pursue three key strategies. • In line with our basic approach of “Co-creating and sharing value,” we aim to enhance corporate value. Basic Approach Co-creating and Sharing Value Differentiation Stra
Slide 6: Financial Results and Financial Forecasts
Financial Results and Financial Forecasts Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 6
Slide 7: Financial Summary (YoY)
Financial Results for 1H FY2025 Financial Summary (YoY) ◼ Achieved record-high sales and profits for the first half of the fiscal year and operating profit exceeding the plan. ◼ Revenue increased due to the capture of inbound demand and strong performance of cosmetics, etc., and profit increased due
Slide 8: Segment Results (YoY)
Financial Results for 1H FY2025 Segment Results (YoY) ◼ In the Matsumotokiyoshi Group, both sales and profit increased due to factors such as the expansion of people's flow in urban and downtown areas and the increase in inbound tourism. ◼ Cocokarafine Group business, revenue increased due to the re
Slide 9: Segment Results (YoY)
Financial Results for 1H FY2025 Segment Results (YoY) Excluding amortization of goodwill and trademark rights totaling 3,618 million yen Reference associated with the management integration with cocokarafine Inc. Matsumoto-kiyoshi Group Business (Millions of yen) ■ Net sales ■ Operating 〇 Operating
Slide 10: Net Sales by Product
Financial Results for 1H FY2025 Net Sales by Product ◼ The composition ratio of the health and beauty category increased to 72.2%, 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, ex
Slide 11: Balance Sheet
Financial Results for 1H FY2025 Balance Sheet ◼ Total assets increased by approximately ¥5.1 billion from the end of the previous fiscal year. Liabilities increased by approximately ¥3.6 billion due to an increase in accounts payable - trade associated with the opening of new stores. ◼ Net assets in
Slide 12: Statement of Cash Flows
Financial Results for 1H 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 ¥9.3 billion, and a decrease in financing cash flow of approximately ¥24.6
Slide 13: Store Openings, Closings, and Renovations in Japan
Financial Results for 1H FY2025 Store Openings, Closings, and Renovations in Japan ◼ Opened stores in major urban areas, including Matsumotokiyoshi Ikebukuro Higashiguchi Gosaro-mae store and Higashi-ginza store. ◼ Renewal and opening of GINZA FLAG as the fifth flagship store representing the Compan
Slide 14: FY2025 Financial Forecasts
Financial Forecasts for FY2025 FY2025 Financial Forecasts ◼ There are no revisions to the consolidated earnings forecast announced on May 9, 2025 (Millions of yen) Full Year FY2024 FY2025 Change Change % to net sales % to net sales (amount) (%) Net sales 1,061,626 1,100,000 38,373 3.6 Gross profit 3
Slide 15: Shareholder Return
Financial Forecasts for FY2025 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. 円 35 ◼ We will flexibly implement share buyback, t
Slide 16: Social Contribution and Return
Social Contribution and Return Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 16
Slide 17: Concept of key strategy "Social Contribution and Return"
Concept of key strategy "Social Contribution and Return" The basic idea of social contribution and return is to (1) maximize customer value, (2) create economic value, and (3) create a virtuous cycle of appropriate returns. It will lead us to solve materiality (material issues) and become a sustaina
Slide 18: Materiality Milestones and Main Initiatives
Materiality Milestones and Main Initiatives Aiming to solve four material issues through our business, we will promote initiatives and improve our corporate value to achieve KPIs in the fiscal year ending March 2031. Materiality Key KPIs_FYE Mar 2031 Main Initiatives • Select and focus on strategic
Slide 19: Correlation between Materiality Solutions and Corporate Value
Correlation between Materiality Solutions and Corporate Value We have visualized the correlation of how solving materiality issues ultimately connects to corporate value. Moving forward, we will further refine it to improve the accuracy of achieving our financial targets while verifying this. Contri
Slide 20: Key topics for materiality solutions_Improve ROE and Growth rate
Key topics for materiality solutions_Improve ROE and Growth rate Aiming to realize federation initiatives that enhance our influence on the health and beauty of society, we have welcomed a new member to our group. Our commitments have improved the employee engagement score, which is a key factor in
Slide 21: Key topics for materiality solutions_Lower Cost of Capital
Key topics for materiality solutions_Lower Cost of Capital CO₂ emissions are reducing almost as planned, and the environmentally friendly PB product ratio is making steady progress. These efforts have enabled us to achieve “AAA” in MSCI ESG Ratings. Health of the Earth (Lower Cost of Capital) Govern
Slide 22: Capital Allocation for Materiality Solutions
Capital Allocation for Materiality Solutions From Q1 to Q2, we successfully generated our operating cash flow and implemented the policy through growth investments, such as the inclusion of Shinseidoyakkyoku Co., Ltd. in the Group, and enhancing shareholder returns through increased dividends. We wi
Slide 23: Differentiation Strategy and Investment Strategy
Differentiation Strategy and Investment Strategy Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 23
Slide 24: Review of First Half of FY2025
Review of First Half of FY2025 Health and Beauty category performed well in the first half of FY2025, driving overall growth. Inbound and seasonal product sales were also strong, offsetting a decline in demand for COVID-19-related products. Impact by Main Segment in First Half COVID-19- Health and B
Slide 25: Efforts to Be Made in FY2025 and Beyond
Efforts to Be Made in FY2025 and Beyond By the end of the previous fiscal year, we made progress in merging together toward our goals. From this fiscal year, we will utilize the value generated by the merger to increase earnings. Past and Upcoming Initiatives To FY2024 From FY2025 to FY2030 Manageme
Slide 26: Private Brands
Private Brands Private brands continued to perform well in the first half, resulting in a higher proportion of total sales. Private brand performance First half of FY2025 PB product sales 115 ％ YoY PB product sales Composition ratio 14.1 ％ YoY +1.3pt YoY Copyright 2025 MatsukiyoCocokara & Co. All ri
Slide 27: Co-created Private Brand Products
Co-created Private Brand Products Private brand series co-created with manufacturers are increasing. By developing products with original concepts, they are driving growth across the entire category. Co-created Private Brands nake KNOWLEDGE Hits Different ISEHAN Co., Ltd. Mandom Corporation COLOURS,
Slide 28: Developing Our Flagship Stores
Flagship We are developing flagship stores in Japan and abroad. In July 2025, we opened our fifth flagship location, “GINZA FLAG.” Developing Our Flagship Stores HARAJUKU IKEBUKURO HONG KONG SHIBUYA GINZA Jan. 2018 Nov. 2019 Oct. 2021 Sept. 2023 July 2025 Copyright 2025 MatsukiyoCocokara & Co. All r
Slide 29: Making Stores Available for Marketing Use
Making Stores Available for Marketing Use Pop-ups and signage promoting manufacturers’ products have been installed in our flagship stores. This service is utilized by many brands. Integration of Retail and Media 29 Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 29
Slide 30: 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 Live str
Slide 31: Number of Touchpoints and Touchpoint Digitization
Number of Touchpoints and Touchpoint Digitization The total number of touchpoints has reached 160 million. We have 28.5 million digital members whose purchasing behavior can be tracked. They account for 50% of total sales. Number of Touchpoints and Net Sales from Digital Initiatives LIPS memberships
Slide 32: Establishing the Matsukiyo Brand in Asia
Establishing the Matsukiyo Brand in Asia It has been ten years since expanding into Asia, and we are now operating 88 stores across six 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 Store opening
Slide 33: Appendix
Appendix Copyright 2025 MatsukiyoCocokara & Co. All rights Reserved. 33
Slide 34: 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 35: History of the Management Integration
History of the Management Integration Oct. 1, 2021 1932 1954 MatsukiyoCocokara ＆ Co． Founded Matsumoto Pharmacy From private enterprise to as a privately-run enterprise incorporated body 2007 Established Matsumotokiyoshi Holdings 1937 Co., Ltd. Established Segami Pharmacy 2008 Established Cocokara f
Slide 36: 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 37: 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 B
Slide 38: Net Sales by Product
Net Sales by Product Medical and pharmaceutical products Cosmetics (Billions of yen) (Billions of yen) Matsumotokiyoshi Group Cocokara fine Group 185 191 176 179 165 177 149 159 137 146 59 61 80 80 81 57 67 76 45 54 108 117 129 81 82 95 98 103 92 92 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 F
Slide 39: Dispensing
Dispensing Dispensing sales Dispensing pharmacy stores (Billions of yen) (stores) Matsumotokiyoshi Group Cocokara fine Group 83 1,005 79 951 1,000 74 78 899 67 827 524 544 534 49 50 469 507 47 49 41 32 358 392 427 456 471 26 27 28 29 FY2021 FY2022 FY2023 FY2024 FY2025 FY2021 FY2022 FY2023 FY2024 FY2
Slide 40: Stores by Area in Japan
Stores by Area in Japan Group total 3,492 Stores in Japan (As of Sep. 30, 2025) ❚ Matsumotokiyoshi Group ：1,951 ❚ Cocokarafine Group ：1,541 Hokkaido Tohoku 130 Overseas 88 MKG 95 CFG 35 ❚ Taiwan 22 Thailand 34 Vietnam 16 Hong Kong 15 Guam 1 Koshinetsu 246 Hokuriku （As of Sep. 30, 2025） MKG 185 CFG 6
Slide 41: 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 14.1 ％ 2,416 SKU Total 163 million （ 1HYoY +1.3pt ） （As of Sep. 30, 2025） （As of Sep. 30, 2025） The skincare brand “INJESK,” inspired by cosmetic dermatology, represents a sh
Slide 42: 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 (%) 3,499 4,000 13,00 0 3,325 3,409 3,464 5,000 35.1％ 40.0 1,200 (Billions of yen) 7.4 7.7％ 8.5 (Billions of yen) 34.6 34.6 32.7 32.9 6.5 1,061 4,500 7.5 35
Slide 43: Quarterly Consolidated Financial Results
Quarterly Consolidated Financial Results FY2024 FY2025 （Millions of yen/%） 1Q 2Q 1H 3Q 4Q Full Year 1Q 2Q 1H 3Q 4Q Full Year Net sales 259,749 265,979 525,729 275,791 260,105 1,061,626 273,643 275,451 549,094 Gross profit 89,241 93,115 182,357 96,201 93,676 372,235 94,283 97,276 191,559 Gross profit
Slide 44: 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 Sales 162,010 166,075 328,085 173,795 165,346 667,226 175,393 176,430 351,823 Matsumoto- kiyoshi Segment Group 12,560 13,647 26,208 16,242 15,501 57,952 14,339 13,854 28,194 profit Business
Slide 45: 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 Medical and Segment pharmaceutic al products profit 37,069 40,665 77,735 42,564 42,639 162,939 3
Slide 46: 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
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