Zozo, Inc. · TSE:3092
Zozo — Q2 2025 Earnings Presentation
26 slides from Zozo's earnings presentation, Oct 31, 2025
Slide 1: 2Q FY2025 ZOZO, Inc. Consolidated Business Results
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
Slide 2: Highlights
HIGHLIGHTS 2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
Slide 3: FY2025 2Q Highlights
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS FY2025 2Q HIGHLIGHTS Gross Merchandise Value 312.4 billion yen +11.9% YoY / Achievement rate 46.4% Gross Merchandise Value excluding other GMV 292.6 billion yen +12.2% YoY / Achievement rate 44.8% EBITDA 34.7 billion yen +5.8% YoY / Achievement rate
Slide 4: Overview of Each Quarter
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS OVERVIEW OF EACH QUARTER million FY2024 FY2025 1Q 2Q 3Q 4Q 1Q 2Q Gross Merchandise Value Gross Merchandise Value (excluding other GMV) YoY (%) Net sales SG&A YoY (%) (% to the Gross Merchandise Value) Operating profit YoY (%) (% to the Gross Merchan
Slide 5: Business Results
BUSINESS RESULTS 2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS
Slide 6: Increase-Decrease Analysis of EBITDA
2Q 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 -1.7 +0.06 Increase in the actual promotion-
Slide 7: Cash Flows
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS CASH FLOWS million FY2024 2Q FY2025 2Q YoY Reason for change Increase in payments of Cash flows from corporate income taxes,etc. operating activities Increase in amortization of goodwill due to the consolidation of LYST,etc. Previous fiscal year : I
Slide 8: Selling, General and Administrative (SG&A) Expenses
2Q 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 contri
Slide 9: Actual Promotion-Related Expenses
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS ACTUAL PROMOTION-RELATED EXPENSES 03 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% 10,0 0 0 Actual promotion-related expens
Slide 10: Number of Total Buyers
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 04 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
Slide 11: Number of Shops on ZOZOTOWN
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 05 NUMBER OF SHOPS ON ZOZOTOWN 1,80 0 Consignment sales Outright Purchase / Production & Sales 1,681 1,686 1,70 0 1,656 1,649 29 28 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 1,590 1,577 1,566 1,576 28 1,
Slide 12: Average Retail Price
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 06 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 1 5% 4,000 3,726 3,698 3,629 3,744 3,59
Slide 13: Average Order Value
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS 07 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 9,119 9,422 8,735 8,980 8,177 8,343 8,196 8,543 7,894 8,1 83 1 0% 8,
Slide 14: Consolidated Business Forecast and Dividend Forecast for FY2025
2Q FY2025 ZOZO, Inc. CONSOLIDATED BUSINESS RESULTS CONSOLIDATED BUSINESS FORECAST AND DIVIDEND FORECAST FOR FY2025 Gross Merchandise Value (excluding other GMV) is expected to increase by 13.8% year over year, and EBITDA by 9.9%. LYST has been consolidated since May 2025, and on July 31, 2025, we di
Slide 15: ZOZO FES, Fashion Music event held
ZOZO F E S , Fashion M u s i c eve n t h e l d Attracting a total of 40,000 visitors over two days (October 12-13) @K-Arena Yokohama 15
Slide 16: K-FASHION zone to launch on ZOZOTOWN
K- FA S H I O N z o n e t o l a u n c h o n ZOZOTOW N Korea s leading fashion platform MUSINSA to open shop on November 6 16
Slide 17: ZOZO
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Slide 18: ZOZO's competitive advantage in the age of AI agents
ZOZO s competitive advantage in the age of AI agents
Slide 19: The challenge in the age of AI agents
The challenge in the age of AI agents 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 19
Slide 20: The impact of AI agents on e-commerce
T h e i m p a c t o f A I a g e n t s o n e - co m m e r ce AI agents eliminate the traditional process of searching clicking links gathering information purchasing, replacing it with a flow of expressing a need receiving recommendations purchasing immediately. O u r u n d e r s t a n d i n g o f t
Slide 21: Advantage as a product
Ad va n t a g e a s a p r o d u c t Apparel, with its ambiguity and constant product renewal, gives meaning to highly specialized, niche data. In contrast, functional or commoditized products are easier for AI agents to interpret, increasing the risk that upstream of purchasing processes will be ove
Slide 22: Advantage as an EC platform
Ad va n t a g e a s a n E C p l a t fo r m Data obtained during e-commerce visits reflects users interests more specifically and provides insights that directly contribute to better recommendations. Compared with seeing news about a new product, data like viewing this product page is a few times mor
Slide 23: ZOZO's competitive advantage in the age of AI agents
Z OZ O s co m p e t i t ive a d va n t a g e i n t h e a g e o f A I a g e n t s With highly detailed, fashion-specific data and information that are more likely to lead to purchases and reveal individual preferences, ZOZO is able to build higher-quality AI agents. Our challenge An AI agent that hel
Slide 24: Partially implemented on WEAR
Pa r t i a l l y i m p l e m e n t e d o n W E A R WEAR: Fashion-focused AI evolved- new Smart Styling feature introduced. AI explains styling points based on users preferred genres and body concerns. Training AI to help users find their style Data collected through niaulab AI suggests coordinated o
Slide 25: Potential for expansion
Po t e n t i a l f o r ex p a n s i o n We see the upstream of online purchasing as an opportunity and are implementing various initiatives in this area, while also exploring AI agent optimization and seeking offline implementation opportunities through ZOZO Yokocho (alleyway) and ZOZOFES. Potential
Slide 26: ZOZO
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