Pal Group Holdings Co., Ltd. · TSE:2726
Pal — H1 FY2026 Earnings Presentation
39 slides from Pal's earnings presentation, Oct 10, 2025
Slide 1: Materials for Financial Results Briefing
Six Months Ended August 31, 2025 Materials for Financial Results Briefing October 10, 2025 PAL GROUP Holdings CO., LTD. Securities code: 2726 Management dedicated to the happiness of all employees and shareholders
Slide 2: Table of Contents
Table of Contents Financial Report 2 Review of Financial Results for the Six Months Ended August 31, 2025 3 Management Vision 16 Topics 19 Response to Shareholders 27 Initiatives for ESG 30
Slide 3: Financial Report
Financial Report Review of Financial Results for the Six Months Ended August 31, 2025 Full-year Financial Results Forecast for the Fiscal Year Ending February 28, 2026
Slide 4: Review on the first half of the fiscal year
Review of Consolidated and Non-consolidated Financial Results of PAL GROUP Holdings CO., LTD. + PAL CO., LTD. for the Six Months Ended August 31, 2025 Review on the first half of the fiscal year ●Prices in Japan have continued trending upward, particularly for food products, while positive growth in
Slide 5: Consolidated Statements of Income for the Six Months Ended August 31, 2025
Consolidated Statements of Income of PAL GROUP Holdings CO., LTD. for the Six Months Ended August 31, 2025 (Millions of yen) Six months ended August 31, 2025 Six months Six months Forecast Actual results ended August ended August Changes from 31, 2023 31, 2024 the previous Compared to corresponding
Slide 6: Non-consolidated Statements of Income of PAL GROUP Holdings and PAL CO., LTD.
Non-consolidated Statements of Income of PAL GROUP Holdings CO., LTD. and PAL CO., LTD. for the Six Months Ended August 31, 2025 (Millions of yen) Six months ended August 31, 2025 Six months Six months ended August ended August Actual results 31, 2023 31, 2024 Changes from the previous corresponding
Slide 7: Financial Situation of NICE CLAUP Co., LTD.
Financial Situation of NICE CLAUP Co., LTD. for the Six Months Ended August 31, 2025 (Millions of yen) Six months ended Six months ended Six months ended Changes from the August 31, 2023 August 31, 2024 August 31, 2025 previous fiscal year Net Sales 8,526 8,352 10,679 127.9% Operating profit 862 824
Slide 8: Overview of Sales Results and E-commerce Net Sales by Segment
Overview of Sales Results and E-commerce Net Sales by Segment (Millions of yen) Six months ended Six months ended Six months ended Changes from the previous August 31, 2023 August 31, 2024 August 31, 2025 corresponding period Apparel Net Sales 57,673 59,857 70,581 117.9% Composition % 61.3% 59.2% 60
Slide 9: Main Brands
Main Brands Net Sales (Millions of yen) BEARDSLEY 19 stores 3,755 A commitment to comfortable forms and materials. 3,267 Embroidery and original prints that lend a whimsical touch of handcrafting. 2,503 A unique worldview. Seasonal themes of crafting inspired by words 114.9% symbolizing images. We p
Slide 10: Selling, General and Administrative Expenses
Selling, General and Administrative Expenses (Millions of yen) Changes from the Six months ended Six months ended Six months ended previous August 31, 2023 August 31, 2024 August 31, 2025 corresponding period Non-consolidated PAL GROUP Holdings CO., LTD. 37,367 40,209 44,350 110.3% + PAL CO., LTD. C
Slide 11: Number of Stores in Japan
Number of Stores in Japan Number of stores Other regions as of August 31, 2025: 1,132 Kansai region (+54 compared to the end of the previous fiscal year) Kanto region 1,200 1,132 Status of opening/closing stores 1,100 In the first half, the number of stores increased by 54 947 978 from the end of th
Slide 12: Extraordinary Income or Losses
Extraordinary Income or Losses (Millions of yen) Six months ended Six months ended Six months ended August 31, 2023 August 31, 2024 August 31, 2025 Subsidy income － 220 － Total extraordinary income － 220 － Loss on tax purpose reduction entry of non-current assets － 220 － Loss on retirement of non-cu
Slide 13: Consolidated Balance Sheets
Consolidated Balance Sheets (Millions of yen) As of As of As of Changes February 29, February 28, August 31, from the end of the Remarks 2024 2025 2025 previous fiscal year Current assets 96,692 114,287 125,592 11,305 Cash and deposits 67,228 85,715 90,544 4,829 Accounts receivable - trade 10,374 10
Slide 14: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (Millions of yen) Six months ended Six months ended Six months ended August 31, 2023 August 31, 2024 August 31, 2025 Cash flows from operating activities 5,525 17,398 12,910 Cash flows from investing activities (2,336) (2,386) (2,129) Cash flows from financing a
Slide 15: Full-year Financial Results Forecast for Fiscal Year Ending February 28, 2026
Consolidated and Non-consolidated Full-year Financial Results Forecast of PAL GROUP Holdings CO., LTD. + PAL CO., LTD. for the Fiscal Year Ending February 28, 2026 (Millions of yen) 1. Consolidated Fiscal year ended Fiscal year ended Fiscal year ended First half ended Second half ending Fiscal year
Slide 16: Premises for Full-year Financial Results Forecast
Premises for Full-year Financial Results Forecast for the Fiscal Year Ending February 28, 2026 Fiscal year ending 1. Number of stores Fiscal year ended Fiscal year ended As of August 31, 2025 February 28, 2026 February 29, 2024 February 28, 2025 Forecast Number of new stores 80 163 68 108 Number of
Slide 17: Management Vision
Management Vision Business Results Trend Medium- to Long-term Vision
Slide 18: Business Results Trend
Business Results Trend （%） 90 SPA ratio 80 80 80 80 80 80 80 80 80 80 80 80 80 80 80 80 Gross profit ratio 70 Net sales 60 56.0 56.8 56.5 Ordinary 54.7 56.4 54.9 56.1 55.8 55.7 56.3 54.6 55.4 54.9 55.2 55.9 50 profit 40 （百万円） (Millions of yen) 250,000 25,000 2019 23,929 2007 SPA ratio: 80% achieved
Slide 19: Medium- to Long-term Vision
Medium- to Long-term Vision Business strategies Further penetration of “PAL-style” management to Group companies: transition to a holding company structure Creation of new brands ¥300.0 billion (In-house proposals, external collaboration and M&A, etc.) Increasing the scales of brands and stores Enha
Slide 20: Topics
Topics 1. Progress of the Reform of MD 2. Enhancement of E-Commerce Sales 1). Trend in EC net sales 2). Trend in PAL App membership 3. Initiative for Sustainability 1). Supporting community revitalization through Corporate Furusato Nozei (Hometown Tax) program 2). Investing in our people: Overseas t
Slide 21: Progress of the Reform of MD
2. Progress of the Reform of MD Concrete measures Gross profit ratio SPA ratio 2013 Final stage in establishing the MD Cycle (8 weeks) for best-selling products 56.5% Maintain 80% Stage 1 Declaration of the bold reform of MD Taking bold actions responding to the environmental changes November In lig
Slide 22: Trend in EC net sales
* Figures for the fiscal year ended February 28, 2023 2-1). Trend in EC net sales and beyond reflect the application of the “Accounting Standard for Revenue Recognition” ¥100.0 billion Strategic schedule Fiscal year ended February 28, 2017: Enhance E-commerce ¥90.0 billion Achieve in-house operation
Slide 23: Trend in PAL App membership
2-2). Trend in PAL App membership Strategic schedule 20.00 million Fiscal year ended February 28, 2019: Commence customer membership at actual stores 18.00 Fiscal year ended February 29, 2020: Commence customer membership at 3COINS million Fiscal year ended February 28, 2021: Commence E-commerce at
Slide 24: Supporting community revitalization through Corporate Furusato Nozei program
3-1). Supporting community revitalization through Corporate Furusato Nozei (Hometown Tax) program Accelerating our community revitalization efforts with donations to Shimoichi, Nara We are stepping up our commitment to community revitalization by broadening our focus PAL Co., Ltd. (Headquarters: Osa
Slide 25: Investing in our people: Overseas training trip for honored employees
3-2). Investing in our people: Overseas training trip for honored employees Honored employees visited Morocco for this year’s overseas training trip Overseas training trip that is more than just a “reward” Since our founding, we have maintained a culture of honoring employees who “go the extra mile”
Slide 26: Opening of first 3COINS stores in Hong Kong and Malaysia
4. Opening of first 3COINS stores in Hong Kong and Malaysia 3COINS is now in Hong Kong and Kuala Lumpur The 3COINS brand opened its first Hong Kong location—3COINS Hyasan Place—on Friday, July 18, 2025. The first day drew a long line of over 200 shoppers who had to wait their turn to get inside, mak
Slide 27: PAL GROUP Holdings is now one of the JPX Prime 150
5. PAL GROUP Holdings is now one of the JPX Prime 150 We have been selected for inclusion in the JPX Prime 150 index PAL GROUP Holdings Co., Ltd. was selected as a component stock of the JPX Prime 150 index for fiscal 2025 (Aug. 29, 2025–Aug. 30, 2026). This new index was established by JPX Market I
Slide 28: Response to Shareholders
Response to Shareholders 1. Policy for Return to Shareholders 2. Shareholder Benefit Program
Slide 29: Policy for Return to Shareholders
1. Policy for Return to Shareholders The Company implemented a one-for-two stock split in September 2025. Year-end dividend per share for the fiscal year ending February 28, 2026 is planned to be ¥30 (same amount as the previous fiscal year). 30 30 *1 25 25 *2 20 18.75 *1 15 12.5 12.5 10.625 10 6.25
Slide 30: Shareholder Benefit Program
2. Shareholder Benefit Program The number of shareholder benefit program accommodations increased to four in June 2025. The latest addition to the list of accommodations available for shareholder discounts is “SETRE NARAMACHI.” This has expanded the number of accommodations available in western Japa
Slide 31: Initiatives for ESG
Initiatives for ESG 1. PAL’s initiatives for ESG 2. PAL Forest Project (Environment) 3-1). Endowed courses at Kwansei Gakuin University (Social) 3-2). Initiatives by PAL Inoue Scholarship Foundation (Social) 4. Gender equality and work style reform (Governance)
Slide 32: PAL's initiatives for ESG
1. PAL’s initiatives for ESG PAL’s initiatives for ESG (Environment, Social, Governance) are to strive for achieving its management philosophy of “Management dedicated to the happiness of all employees and shareholders” and “Management dedicated to society and the globe into the future” through its
Slide 33: PAL Forest Project (Environment)
2. PAL Forest Project (Environment) PAL Forest Project (Environment) “PAL Forest Tree-Planting Project” started in 2011 and since then more than 400 broadleaf trees have been planted for 13 years. Tree-planting was cancelled due to the COVID-19 pandemic in 2020 and 2021; however, it was resumed in 2
Slide 34: Endowed courses at Kwansei Gakuin University (Social)
3-1). Endowed courses at Kwansei Gakuin University (Social) Endowed courses for the School of International Studies, Kwansei Gakuin University (Social) Following the endowed courses provided at Osaka University for five years from 2013, PAL started a course for the School of International Studies, K
Slide 35: PAL Inoue Scholarship Foundation (1) (Social)
3-2). Initiatives by PAL Inoue Scholarship Foundation (Social) Human resources development through the “PAL Inoue Scholarship Foundation” (1) (Social) PAL established the “PAL Inoue Scholarship Foundation” together with the Inoue family, the founder of the Company. After its establishment in 2013, i
Slide 36: PAL Inoue Scholarship Foundation (2) (Social)
3-2). Initiatives by PAL Inoue Scholarship Foundation (Social) Human resources development through the “PAL Inoue Scholarship Foundation” (2) (Social) In addition to the scholarship program, from 2018 PAL Inoue Scholarship Foundation holds a role-playing contest participated by students majoring in
Slide 37: Gender equality and work style reform (Governance)
4. Gender equality and work style reform (Governance) Thorough “gender equality” and “work style reform” (Governance) (1) Gender equality PAL has a solid “Equal treatment for equal work” guideline for a transparent personnel evaluation system, creating an environment where each and every employee ca
Slide 38: About the PAL GROUP
About the PAL GROUP “Contributing to society by Group “Management dedicated to Company constantly proposing new management the happiness of all motto fashionable ways of life” philosophy employees and shareholders” Company name PAL GROUP Holdings CO., LTD. (Head Office) Keihanshin Midosuji Bldg. 10F
Slide 39: IR contact
IR contact Public Affairs Office TEL +81-6-6227-0308 FAX +81-6-6231-1056 The plans, strategies, predictions, etc., contained in this document which are not matters of historical fact are forecasts related to future business results, etc., and include elements of risk and uncertainty. Please be advis