Honma Golf Ltd. · HKEX:6858
Honma Golf — FY2026 Earnings Presentation
33 slides from Honma Golf's earnings presentation, June 2026
Slide 1: 2025/2026 Annual Results
2025/2026 ANNUAL RESULTS HONMA GOLF LIMITED(6858.HK) Jun. 2026 ONE OF THE MOST PRESTIGIOUS AND ICONIC BRANDS IN THE GOLF INDUSTRY
Slide 2: Disclaimer
DISCLAIMER You must read the terms, conditions, limitations, notifications, restrictions, acknowledgments and representations in the following (the “Terms”) before reading or making any other use of this presentation. In reading or making any other use of this presentation, you acknowledge and agree
Slide 3: Contents
CONTENTS 01 HONMA 02 PERFORMANCE OVERVIEW 03 BUSINESS HIGHLIGHTS 04 FINANCIAL REVIEW 05 APPENDIX
Slide 4: Honma
01 HONMA
Slide 5: Premium golf brand founded in 1959, vertically integrated
#1 PREMIUM GOLF BRAND FOUNDED IN 1959, JAPAN 68 YEARS OF DEDICATIONS TOWARDS QUALITY AND CRAFTSMANSHIP THE ONLY VERTICALLY INTEGRATED GOLF COMPANY IN THE WORLD 2025/2026 ANNUAL RESULTS IN-HOUSE R&D AND COMPREHENSIVE CLUB AND EXTENSIVE DTC + CLUB MANUFACTURING NON-CLUB PRODUCT PORTFOLIO DISTRIBUTION
Slide 6: Performance Overview
02 PERFORMANCE OVERVIEW
Slide 7: Key Financials, Full Year Ended 31 Mar 2026
For the twelve months ending 31 Mar. 2026, the Company saw its revenue grew by 2.7%, completely reversed first half sales trajectory. During this period, the company has focused on garnering profitable sales growth to deliver its long-term business strategies and to protect its cash flow & financial
Slide 8: Performance Overview by Market
PERFORMANCE OVERVIEW BY MARKET FY26 NET SALES: JPY 22,260 MM / USD 147.7 MM, +2.7% YOY • Revenue from Japan decreased by -8.7% as the Group continued to restructure its distribution network in order to focus on profitable and efficient retail stores and wholesale channels. • Sales from China (includ
Slide 9: Performance Overview by Product Category
PERFORMANCE OVERVIEW BY PRODUCT CATEGORY FY26 NET SALES: JPY 22,260 MM / USD 147.7 MM, +2.7% YOY • Revenue from golf club rose by +4.5% thanks to successful launch of GOLF CLUBS various country specific club and strong recovery in Korea. Country specific NET SALES +4.5% TO JPY 15,747 MILLION / USD 1
Slide 10: Performance Overview by Channel
PERFORMANCE OVERVIEW BY CHANNEL FY26 NET SALES: JPY 22,260 MM / USD 147.7 MM, +2.7% YOY NET SALES MIX BY CHANNEL DIRECT-TO-CONSUMER CHANNELS % NET SALES -6.2% TO 10,566 JPY MILLION / USD 70.1 MM GROSS MARGIN -2.4pp TO 62.3% 47.5% • Net -9 locations 2025/2026 ANNUAL RESULTS 85 • Sales from Korea +34.
Slide 11: Business Highlights
03 BUSINESS HIGHLIGHTS
Slide 12: Honma Growth Strategy
HONMA GROWTH STRATEGY - single brand, multi-categories & asia-focused THE GROUP STRATEGICALLY FOCUSES ON THE DEVELOPMENT OF ITS HOME MARKETS IN ASIA AND THE MARKETING OF ITS EXQUISITE PRODUCT OFFERINGS TARGETING SUPER-PREMIUM AND PREMIUM-PERFORMANCE CONSUMER SEGMENTS. THE THREE PILLARS OF HONMA’S GR
Slide 13: Product: exquisite portfolio of Japanese craftsmanship and technology
PRODUCT: exquisite portfolio combining Japanese craftsmanship with innovative technology FOCUSING ON SUPER-PREMIUM AND PREMIUM-PERFORMANCE CONSUMER SEGMENTS SUPER-PREMIUM PREMIUM-PERFORMANCE OTHER CLUB PRODUCTS COUNTRY SPECIFIC MODELS, SPECIAL EDITIONS, PUTTERS Beres 10 TW777 Sakura Dance 2 Launched
Slide 14: Product: Golf clubs
PRODUCT: exquisite portfolio combining Japanese craftsmanship with innovative technology FOCUSING ON SUPER-PREMIUM AND PREMIUM-PERFORMANCE CONSUMER SEGMENTS CLUB SALES +4.5% YOY TO JPY 15,747 MILLION, GROSS MARGIN -2.2pp TO 57.1% • Sales from country specific club rocketed 41.5% while Beres sales im
Slide 15: Product: Continued pivoting sales growth in golf balls
PRODUCT: Continued pivoting sales growth in golf balls UPWARD RETAIL PRICE ADJUSTMENT TO COMBAT NEGATIVE CURRENCY IMPACT AND TO FURTHER STRENGTHEN BALL’S PRODUCT PYRAMID BALL SALES +12.2% YOY TO JPY 2,269 MILLION, GROSS MARGIN +9.1 pp TO 36.5% • Golf ball sales recovered in Japan, posting a YOY grow
Slide 16: Product: Nurturing apparel business
PRODUCT: Nurturing apparel business to build a leading golf lifestyle brand APPAREL COLLECTION CATERING TO GOLFERS ‘ ON-COURSE AND OFF-COURSE REQUIREMENTS APPAREL SALES -6.4% YOY TO JPY 2,937 MILLION, GROSS MARGIN +1.3 pp TO 54.7% • Sales from Japan +74.4% thanks to improved product offerings yet sa
Slide 17: Channel: 360-degree brand experience in new retail space
CHANNEL: 360-degree brand experience built into new retail space and environments DIRECT-TO-CONSUMER CHANNELS ACT AS BRAND EXPERIENCE HUBS ACROSS ALL MARKETS • Sales from self-operated stores -6.2% to JPY 10,566 million • DTC revenue from Korea +34.3% thanks to flagship store opening and continued r
Slide 18: Channel: Expanding digital eco-system
CHANNEL: Further expanding digital eco-system and private sphere to boost consumer loyalty FUELED BY UP-TO-DATE CONTENT MARKETING ON SOCIAL MEDIA AND CRM PLATFORMS E-COMMERCE SALES +6.2% T-MALL FLAGSHIP STORE US E-COMMERCE SITE CHINA +13.1%, TAIWAN +25.0%, US +18.1%, Japan -46.4% DRIVEN BY ACCELERAT
Slide 19: Marketing: Re-defining Honma as premium golf lifestyle brand
MAKETING: Re-defining HONMA as a dynamic, relevant and premium golf lifestyle brand CONTINUOUSLY DRIVE BRAND AWARENESS ACROSS ALL MARKETS DIGITALIZED CONTENT MARKETING THROUGH RELAUNCHED GLOBAL WEBSITE & SOCIAL MEDIA PLATFORMS RELEVANT TO EACH MARKET • Frequently updating digital marketing content o
Slide 20: Marketing: Customer events
MAKETING: Re-defining HONMA as a dynamic, relevant and premium golf lifestyle brand CONTINUOUSLY DRIVE BRAND AWARENESS ACROSS ALL MARKETS CUSTOMER EVENTS • Customer events are important customer touch points for HONMA • These events were mainly held on golf courses with dedicated fitters • Brand exp
Slide 21: Marketing: Sponsored players and ambassadors
MAKETING: Re-defining HONMA as a dynamic, relevant and premium golf lifestyle brand CONTINUOUSLY DRIVE BRAND AWARENESS ACROSS ALL MARKETS SPONSORING 8 PROFESSIONAL PLAYERS PLUS A WIDE NETWORK OF HONMA BRAND AMBASSADORS AND COACHES • Renewed endorsement strategy to recruit younger and uprising athlet
Slide 22: Financial Review
04 FINANCIAL REVIEW
Slide 23: Sales stabilized and other financial indicators improved
Sales stabilized and other financial indicators improved as well NET SALES GROSS PROFIT & GROSS MARGIN JPY MM JPY MM 29,495 +2.7% 14,988 +1.5% 26,223 13,432 21,672 22,260 11,784 11,959 -0.7pp 2025/2026 ANNUAL RESULTS 54.4% 53.7% 50.8% 51.2% FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026 Net
Slide 24: Continued OPEX optimization
Continued OPEX optimization to resource to win TO ENHANCE AS WELL AS TO MITIGATE NEGATIVE IMPACT FROM GLOBAL ECONOMIC UNCERTAINTY SG&A EXPENSES BRIDGE SG&A EXPENSES BREAKDOWN JPY MM AS % OF SALES 546 494 - +1.0pp 347 11,938 53.6% 11,397 -815 -31 52.6% 3.1% 2.9% 2.9% 2025/2026 ANNUAL RESULTS 3.0% 4.2
Slide 25: Healthy balance sheet and operating cashflow
Healthy balance sheet and operating cashflow NET OPERATING CASH FLOW CASH and CASH EQUIVALENTS JPY MM JPY MM +4.7% 16,617 17,350 18,159 5,416 5,496 -7 9.8 14,085 3,676 % 2025/2026 ANNUAL RESULTS 1,109 FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026 INTEREST-BEARING LIABILITIES INTEREST-BEARI
Slide 26: Continuously improving working capital efficiency
Continuously improving working capital efficiency RECEIVABLES TURNOVER DAYS (1) PAYABLES TURNOVER DAYS (1) INVENTORY TURNOVER DAYS (1) DAYS DAYS DAYS -5 days 66 61 -64 days 320 315 53 2025/2026 ANNUAL RESULTS +9 days 251 48 39 243 243 34 192 21 23 27 56 49 32 FY 2024 FY 2025 FY 2026 FY 2024 FY 2025
Slide 27: Appendix
05 APPENDIX
Slide 28: Business Review by Market: Japan
BUSINESS REVIEW BY MARKET HOME MARKET JAPAN THE ONGOING CHANNEL ADJUSTMENTS ARE CAUSING MARKET CERTAIN SALES FLUCTUATIONS • 2nd largest golf equipment market in the world 3.0% 1.7% • Total golf product market size approximates to USD 1.7 billion in 2021 (1) % of Total Sales • 2,200 golf facilities,
Slide 29: Business Review by Market: Korea
BUSINESS REVIEW BY MARKET HOME MARKET KOREA FINISHED CHANNEL OPTIMIZATION FOR MARKET BETTER PREPARATION ON PREMIUN- PERFORMANCE SEGMENT EXPANSION • Fast growing and under-penetrated market 3.0% 1.7% • 3rd largest golf market in the world with USD 3.9 billion golf apparel sales % of Total Sales and U
Slide 30: Business Review by Market: China
BUSINESS REVIEW BY MARKET HOME MARKET CHINA (INCL. HK & MACAU) MEANINGFULCLUBS AND E-COMMERCE GROWTH MARKET ALBEIT WEAKENED CONSUMER SENTIMENT • Dynamic market with an exciting uptrend in outdoor sports • Emerging and fast growing golf industry 3.0% 1.7% • 478 golf courses, expanding indoor faciliti
Slide 31: Business Review by Market: North America
BUSINESS REVIEW BY MARKET HOME MARKET NORTH AMERICA BUILDING A UNIQUE DIRECT-TO-CUSTOMER MARKET DISTRIBUTION MODEL TO CAPTURE SUPER- PREMIUM AND PREMIUM-PERFORMANCE SEGMENT • Largest golf market in the world with USD 7.7 billion golf retail sales, accounting for 38.6% of the global golf economy, and
Slide 32: Business Review by Market: Europe
BUSINESS REVIEW BY MARKET NEW MARKET EUROPE AN OPTIMIZED AND STEADY WHOLESALE NETWORK MARKET HAS BEEN FORMED • Mature but fragmented golf market 3.0% 1.7% • England, Austria, Germany, France and Sweden in total accounts for % of Total Sales around 12% of the world’s golf equipment sales, which appro
Slide 33: For more inquiries, please contact ir@honma.hk
For more inquiries,please contact ir@honma.hk