Kusuri No Aoki Holdings Co.,ltd. · TSE:3549
Kusuri No Aoki Holdings Co.,ltd — FY May 2026 Earnings Presentation
39 slides from Kusuri No Aoki Holdings Co.,ltd's earnings presentation, Jul 7, 2026
Slide 1: Financial Results Briefing for the Fiscal Year Ended May 2026
Financial Results Briefing for the Fiscal Year Ended May 2026 July 7, 2026 Hironori Aoki, Representative Director and President (TSE Standard Market NSE Main Market Code: 3549)
Slide 2: Summary of Financial Results for FY May 2026
Financial Results Briefing for the Fiscal Year Ended May 2026 Summary of Financial Results for the 01. Fiscal Year Ended May 2026 Earnings Forecast for the Fiscal Year 02. Ending May 2027 2 Copyright2026 KUSURI NO AOKI HOLDINGS CO.,LTD. All Rights Reserved.
Slide 3: Store Opening/Closing Results
Store Opening/Closing Results No. of Store opening and closing results FY May 2026 No. of stores at stores at end of FY Opening M&A end of FY Hokushinetsu Tohoku Kanto Tokai Kansai Shikoku Closing May 2026 May 2025 total (SM) [1] Drugstores 1,004 26 17 20 11 18 19 111 - 8 1,107 [2] Attached dispensi
Slide 4: Year-on-Year Change in Sales by Month
Year-on-Year Change in Sales by Month All stores Existing All stores Existing Year-on-year change in for current stores for for previous stores for existing stores (full-term) year current year year previous year 130.0% All stores: 112.6% Existing stores: 103.1% 120.5% 120.0% 116.1% 114.1% 114.1% 11
Slide 5: Year-on-Year Change in Number of Customers and Average Spending per Customer
Year-on-Year Change in the Number of Customers and Average Spending per Customer by the Month at Existing Stores Year-on-year change at The number of customers for current year Average spending per customer for current year existing stores (full-term) The number of customers for previous year Averag
Slide 6: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Full-year results of FY Full-year plan of FY May Full-year results of FY May 2026 May 2025 2026 YoY Million yen Sales ratio Million yen Sales ratio Million yen Sales ratio vs. Plan change Sales 501,470 100.0% 560,000 100.0% 566,865 100.0% 101.2% 113.0% Gross pr
Slide 7: Consolidated Profit and Loss Statement (Excluding Stock-based Compensation)
Consolidated Profit and Loss Statement * Excluding stock-based compensation expenses Full-year results of FY May 2025 Full-year plan of FY May Full-year results of FY May 2026 (Excluding stock-based 2026 compensation expenses) YoY Million yen Sales ratio Million yen Sales ratio Million yen Sales rat
Slide 8: Results by Area
Results by Area Full-year results of FY May 2025 Full-year results of FY May 2026 Ratio of Ratio of Composi- Number of Composi- YoY Number of Million yen stores with Million yen stores with tion ratio stores dispensaries tion ratio change stores dispensaries Hokushinetsu 212,789 42.4% 388 70.1% 228,
Slide 9: Results by Product Division
Results by Product Division FY May 2025 FY May 2026 Full-year results Full-year results Difference in Composition Composition Million yen Million yen composition YoY change ratio ratio ratio Health 44,392 8.9% 46,367 8.2% –0.7% 104.4% Beauty 60,243 12.0% 64,412 11.4% –0.6% 106.9% Daily commodities 8
Slide 10: Results of SGA Expenses
Results of SGA Expenses Full-year results of Full-year plan of FY Full-year results of FY May 2026 FY May 2025 May 2026 Million Sales Million Sales Million Sales YoY vs. Plan yen ratio yen ratio yen ratio change Labor cost 46,590 9.3% 53,974 9.6% 54,223 9.6% 100.5% 116.4% Sales 2,925 0.6% 3,122 0.6%
Slide 11: Results of SGA Expenses (Excluding Stock-based Compensation)
Results of SGA Expenses * Excluding stock-based compensation expenses Full-year results of FY May 2025 Full-year plan of FY (Excluding stock-based Full-year results of FY May 2026 compensation May 2026 expenses) YoY Million yen Sales ratio Million yen Sales ratio Million yen Sales ratio vs. Plan cha
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet As of May 20, 2025 As of May 20, 2026 Composition Composition Change from Increase/ Million yen Million yen ratio ratio May 20, 2025 Decrease Cash and deposits 47,731 13.5% 58,931 14.3% 123.5% 11,200 Inventory assets 56,811 16.1% 63,778 15.5% 112.3% 6,967 Current assets 14
Slide 13: Cash Flow Statement
Cash Flow Statement (Unit: Million yen) As of May 20, As of May 20, Increase/ 2025 2026 Decrease Cash flows from operating activities 22,167 37,321 15,154 Cash flows from investing activities –31,079 –42,883 –11,804 Cash flows from financing activities 7,668 16,486 8,818 Cash and cash equivalents at
Slide 14: Earnings Forecast for the Fiscal Year Ending May 2027
Financial Results Briefing for the Fiscal Year Ended May 2026 Summary of Financial Results for the 01. Fiscal Year Ended May 2026 Earnings Forecast for the Fiscal Year 02. Ending May 2027 14 Copyright2026 KUSURI NO AOKI HOLDINGS CO.,LTD. All Rights Reserved.
Slide 15: Store Opening/Closing Plan
Store Opening/Closing Plan No. of Store opening/closing plan for FY May 2027 No. of stores at stores at end of FY Opening M&A end of FY May 2026 Hokushinetsu Tohoku Kanto Tokai Kansai Shikoku Closing May 2027 total (SM) [1] Drugstores 1,107 30 12 17 12 5 14 90 - 12 1,185 [2] Attached dispensing 692
Slide 16: Capital Investment Plan
Capital Investment Plan (Unit: Million yen) Full-year results of Full-year plan of YoY change FY May 2026 FY May 2027 Development Investment 27,418 23,585 86.0% Strategic Investment 17,015 13,265 78.0% Other 4,184 7,011 167.6% Total 48,617 43,861 90.2% Depreciation 14,418 17,058 118.3% * Others incl
Slide 17: Consolidated Earnings Forecast
Consolidated Earnings Forecast Full-year results of FY May Full-year plan of FY May 2027 2026 Million yen Sales ratio Million yen Sales ratio YoY change Sales 566,865 100.0% 640,000 100.0% 112.9% Gross profit 149,497 26.4% 167,317 26.1% 111.9% SGA expenses 122,400 21.6% 135,317 21.1% 110.6% Operatin
Slide 18: Consolidated Earnings Forecast (1st Half/2nd Half)
Consolidated Earnings Forecast (1st Half/2nd Half) 1H plan of FY May 2027 2H plan of FY May 2027 Million yen Sales ratio YoY change Million yen Sales ratio YoY change Sales 318,000 100.0% 113.6% 322,000 100.0% 112.2% Gross profit 82,940 26.1% 112.6% 84,376 26.2% 111.3% SGA expenses 67,440 21.2% 112.
Slide 19: Plan by Area
Plan by Area Full-year results of FY May 2026 Full-year plan of FY May 2027 Ratio of Ratio of Composition Number of Composition YoY Number of Million yen ratio stores with Million yen ratio stores with stores dispensaries change stores dispensaries Hokushinetsu 228,151 40.2% 429 67.2% 267,954 41.9%
Slide 20: Plan by Product Division
Plan by Product Division FY May 2026 FY May 2027 Full-year results Full-year plan Difference in Composition Composition Million yen Million yen composition YoY change ratio ratio ratio Health 46,367 8.2% 48,632 7.6% ▲0.6% 104.9% Beauty 64,412 11.4% 68,519 10.7% ▲0.7% 106.4% Daily commodities 94,726
Slide 21: SGA Plan
SGA Plan Full-year results of FY May Full-year plan of FY May 2027 2026 Million yen Sales ratio Million yen Sales ratio YoY change Labor cost 54,223 9.6% 59,903 9.4% 110.5% Sales promotion 2,957 0.5% 2,505 0.4% 84.7% cost Real estate cost 37,157 6.5% 41,641 6.5% 112.1% Other expenses 28,062 4.9% 31,
Slide 22: Progress Status of the Fourth Medium-term Management Plan
Progress Status of the Fourth Medium-term Management Plan (for Five Years) The 50th Anniversary Vision and 01. Overview of the Fourth Medium-term Management Plan Initiatives in the First-Year and 02. Outlook for the Second Year 22 Copyright2026 KUSURI NO AOKI HOLDINGS CO.,LTD. All Rights Reserved.
Slide 23: 50th Anniversary Vision (2035)
50th Anniversary Vision (2035) Make Life More Convenient, Smile All the Times Aiming to become a drugstore that supports “convenient life” and “health that makes you smile” in your town Numerical Target: Sales of ¥1 trillion for FY May 2035 (Top 20 Retailers) 23 Copyright2026 KUSURI NO AOKI HOLDINGS
Slide 24: 50th Anniversary Vision and Medium-term Management Plan
50th Anniversary Vision Medium-term Management Plan The Third Medium-term The Fourth Medium- The Fifth Medium-term Management Plan term Management Plan Management Plan FY May 2022–FY May 2026 FY May 2026–FY May 2030 FY May 2031–FY May 2035 FY May 2025 Results FY May 2030 Target FY May 2035 Target Sa
Slide 25: Key Strategies
Fourth Medium-term Management Plan (FY May 2026–FY May 2030) ▪ Since our founding, we have been pursuing convenience of the store, aiming to become a drugstore and dispensing pharmacy that supports local customers. ▪ The Third Medium-term Management Plan is achieved one year ahead of schedule, with
Slide 26: Key Strategies of the Medium-term Management Plan
Key Strategies of the Medium-term Management Plan Policy Evolution of Food & Drug + Dispensing １ ２ ３ Improving Strengthening the earnings structure Promoting M&A produce expertise (excluding fresh food) ▪ Increase in format size ▪ Enhancement of merchandizing and ▪ EDLP & low-cost operations ▪ Openi
Slide 27: Improving produce expertise - Increase in format size
[1] Improving produce expertise - Increase in format size - ▪ Standard store format has been changed from 300 to 400 tsubo in 2020, with broader fresh food and food assortments and a parallel thorough implementation of on-site productivity improvements. ▪ Company’s own store opening strategy has bee
Slide 28: Enhancement of fresh food merchandising and operational capabilities
[1] Improving produce expertise - Enhancement of fresh food merchandising and operational capabilities - ▪ We aim to shift from the traditional convenience-focused model to a “nearby and convenient” drugstore that combines the agility of convenience stores with the sense of fulfillment offered by dr
Slide 29: Increasing produce sales
[1] Improving produce expertise - Increasing produce sales - ▪ We implemented renovations at 700 stores to introduce fresh food offerings over the three-year period through the FY May 2025, significantly increasing fresh food sales to ¥58.8 billion. ▪ Going forward, we aim to increase fresh food sal
Slide 30: Improvement of private brand (PB) ratio
[2] Strengthening the earnings structure - Improvement of private brand (PB) ratio - ▪ We launched the “A&” private brand in 2021 and fully accelerated PB development, focusing primarily on low-priced products. From the next Fiscal Year, we plan to fully transition to a new packaging design. ▪ We ex
Slide 31: Area dominance strategy
[3] Area dominance strategy ▪ Over the past five years (FY May 2021–FY May 2025), we opened 403 stores (354 company-owned stores and 49 M&A-acquired stores). ▪ To offset the slowdown in company-owned store openings, we maintained store-opening pace by flexibly combining M&A- based store acquisitions
Slide 32: Area dominance strategy - M&A Execution
[3] Area dominance strategy - M&A Execution - ▪ Since FY May 2021, we have pursued M&A of local supermarket operators to build fresh food merchandising region by region and secure high-quality store locations. ▪ As of FY May 2026, we have executed M&A transactions involving 21 companies (totaling ¥1
Slide 33: Scheduled M&A projects
[3] Promoting M&A - Scheduled M&A projects in FY May 2026 - ▪ Acquire three companies through M&A in FY May 2026 (sales: 42.3 billion yen, number of stores: 38). ▪ Acquired a total of 21 companies through M&A as of 2Q of FY May 2026 (total: sales 130.3 billion yen, number of stores: 167). ▪ The cons
Slide 34: Store Opening/Closing Results for FY May 2026
Store Opening/Closing Results for FY May 2026 ▪ Number of stores newly opened in FY ended May 2026: 111 drugstores and 38 pharmacies ▪ Number of stores newly closed in FY ended May 2026: 8 drugstores FY May 2026: No. of drugstores newly opened / No. of stores at FY end by area Drugstores Hokushinets
Slide 35: Store Opening/Closing Plan for FY May 2027
Store Opening/Closing Plan for FY May 2027 ▪ In FY ending May 2027, 90 drugstores and 31 pharmacies are planned to be newly opened. ▪ In FY ending May 2027, 12 drugstores are planned to be closed. FY May 2027: No. of drugstores newly opened/No. of stores at FY end by area Drugstores Hokushinetsu are
Slide 36: Full-year Performance Summary of FY May 2026 (Excluding Stock-based Compensation)
Full-year Performance Summary of FY May 2026 (Excluding Stock-based Compensation Expense) Full-year results of FY May 2025 Full-year plan of FY (Excluding stock-based Full-year results of FY May 2026 compensation May 2026 expenses) YoY Million yen Sales ratio Million yen Sales ratio Million yen Sale
Slide 37: Earnings Forecast for FY Ending May 2027 (Excluding Stock-based Compensation)
Earnings Forecast for the Fiscal Year Ending May 2027 (Excluding Stock-based Compensation Expense) Full-year Full-year results of FY results of FY Full-year Full-year Full-year May 2024 May 2025 results of FY Full-year plan of FY May results of FY results of FY May 2026 2027 May 2022 May 2023 (Exclu
Slide 38: Cash Allocation
Cash Allocation ▪ Maintain allocation to active growth investments centered on store development investments (¥200 billion). ▪ Undertake a fundamental review of the shareholder return policy (Dividend payout ratio: 30%). Cash In Cash Out Growth investment amount: ¥200 billion (Cumulative forecast fo
Slide 39: Shareholder Return Policy
Shareholder Return Policy Implementation of a fundamental review of the shareholder return policy ▪ Increase the dividend payout ratio to 30% Dividend ▪ We implemented a 40th anniversary commemorative dividend (+¥40) at the end of FY May 2026 and increased the dividend payout ratio to 30%. Share ▪ W
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