Marui Group Co., Ltd. · TSE:8252
Marui — Marui Group Co Ltd Ord — Q2 2026 Earnings Presentation
43 slides from Marui's earnings presentation, Nov 11, 2025
Slide 1: Consolidated Financial Results for the Six Months Ended September 30, 2025
Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. November 11, 2025 Consolidated Financial Results for the Six Months Ended September
Slide 2: Cash dividends and forecasts
2. Cash dividends Annual dividends per share First quarter-end Second quarter-end Third quarter-end Fiscal year-end Total Yen Yen Yen Yen Yen Fiscal year ended - 53.00 - 53.00 106.00 March 31, 2025 Fiscal year ending - 65.00 March 31, 2026 Fiscal year ending March 31, 2026 - 66.00 131.00 (Forecast)
Slide 3: Notes
* Notes (1) Significant changes in the scope of consolidation during the period: None Newly included: - companies( ) Excluded: - companies( ) (2) Adoption of accounting treatment specific to the preparation of semi-annual consolidated financial statements: Yes (3) Changes in accounting policies, cha
Slide 4: Table of contents - attachments
Table of contents - attachments 1. Overview of operating results, etc. for the period under review ...............................................................2 (1) Overview of operating results ......................................................................................................
Slide 5: Overview of operating results
1. Overview of operating results, etc. for the period under review (1) Overview of operating results Total group transactions grew by double-digit growth to reach 10% year-on-year, achieving 2,613.7 billion yen. Because of increase tenant rent and event revenue in the retailing segment, and increase
Slide 6: Business results by segment
(Business results by segment) • Operating profit in the retailing segment was 5.1 billion yen (+57% year on year), 1.9 billion yen higher than the previous year. • Operating profit in the FinTech segment was 25.4 billion yen (+14% year on year), 3.1 billion yen higher than the previous year. □ Reven
Slide 7: Retailing and FinTech segment details
• We have been putting efforts into creating “eventful stores” so that customers can always enjoy themselves whenever they visit our stores. Marui’s store opening support service “OMEMIE” enables the entire process from searching for store spaces for new openings at Marui and Modi stores locations n
Slide 8: Changes in new memberships
□ Changes in new memberships □ Number of cardholders 5
Slide 9: Indicators of LTV stability
(Indicators of LTV stability) As a result of the change in our business model, “recurring revenue,” which includes rent revenues from our stores and card commissions, has increased to account for a larger proportion of total sales and profits, altering the Group’s revenue structure. Recurring revenu
Slide 10: Balance sheet and cash flows
□ Balance sheet (3) Overview of cash flows • Cash flows from operating activities were outflows of 60.4 billion yen, compared to outflows of 76.9 billion yen in the previous year. Core operating cash flow, which excludes changes in operating receivables and other items from cash flows from operating
Slide 11: Explanation of consolidated financial results forecast
(4) Explanation of consolidated financial results forecast and other forward-looking information At this time, there are no changes to the forecast for the fiscal year ending March 31, 2026 from that announced on May 13, 2025. A summary of the full-year forecast is as follows. • For the fiscal year
Slide 12: Medium- to long-term corporate management strategy
(5) Medium- to long-term corporate management strategy ■ Overview of the company Since its founding in 1931, the Group has evolved its unique business model merging retailing and financial services, and established its strength and position not found in other companies. In recent years, we have adde
Slide 13: Management Vision & Strategy Narrative 2031
■Management Vision & Strategy Narrative 2031 The Group formulated its “Management Vision & Strategy Narrative 2031” for the 100th anniversary of its founding in 2031. We will set high goals as our management vision and build a strategy narrative by backcasting from there. We will achieve the creatio
Slide 14: Consumption that expands through "Suki"
(Consumption that expands for the benefit of others and society through “Suki”) • The purpose of our “business that supports ‘Suki’” is to achieve both impact and profit by encouraging “Suki,” transforming consumption from being “for oneself,” to “for someone else,” and ultimately “for society.” • W
Slide 15: New customer contact points and DX
• As a new point of contact with customers to replace the independent sales areas and private brands, we will accomplish both impact and profits by developing units that support “Suki” in major cities nationwide that offer, which can be expected to attract customers, recruit members, and increase av
Slide 16: Business development by social intrapreneurs
(Business development by social intrapreneurs) • In addition to creating innovation with external entrepreneurs, we will establish Business Promotion And Development Office to encourage the activities of “social intrapreneurs” (internal entrepreneurs) who can change society while working at the comp
Slide 17: Capital allocation and shareholder returns
March 31, 2031, we have set our dividend on equity ratio (DOE) to 10%. • The plan of capital allocation is to allocate the core operating cash flow of ¥350.0 billion over the next six years as follows: ¥90.0 billion for growth investments in existing businesses, ¥60.0 billion for Foward-Looking Inve
Slide 18: Sustainability approach and initiatives
(6) Sustainability approach and initiatives ■ The Group’s idea of sustainability <Overall sustainability> In 2016, the Group took its first steps toward practicing future-oriented sustainability management, an approach that integrates its business with consideration for the environment, the resoluti
Slide 19: Sustainability Committee and Code of Conduct
Sustainability Committee as an advisory body to the Board of Directors in 2019. Committee members, including external experts and members from younger generations, have engaged in deeper dialogue about the future, including issues on Group-wide sustainability strategies and initiatives. The Committe
Slide 20: Impact targets under Strategy Narrative 2031
From 2025, we have formulated a new “Management Vision & Strategy Narrative 2031” to promote businesses that support “Suki” through events, goods, services, co-creative investment, business development, and people, organizations, and work styles, all based on co-creation, with a focus on FinTech, to
Slide 21: Climate change initiatives
(tons) to consolidated operating profit (¥1 million) <Reduce societal CO2 emissions through co-creation with customers> MARUI GROUP launched the Project for Promoting Shift to Renewable Energy with UPDATER, Inc. (previously Minna- denryoku, Inc). The Group will take action to reduce CO2 emissions to
Slide 22: Creating a society that generates flow for workers
to pursue their “Suki.” c. Creating a society that generates “flow” for workers We will take the lead in promoting initiatives to enhance the motivation of each employee and organizational vitality. We will establish a Business Production Promotion Office to attract talented people from around the w
Slide 23: Initiatives related to climate change and TCFD
<Initiatives related to climate change and endorsing the Task Force on Climate-related Financial Disclosures (TCFD)> Climate change should be considered as a climate crisis today. Recognizing climate change as one of its most important management priorities, MARUI GROUP aims to “limit the rise in th
Slide 24: Climate change strategy
formulate relevant strategies. Our group will promote businesses that support “Suki” through events, goods, services, Co-Creative investment, business development, and people, organizations, and work styles, with a focus on FinTech. Climate change would pose such risks as damages to stores, faciliti
Slide 25: Risks and opportunities associated with climate change
(Risks and opportunities associated with climate change) Risks faced by Financial Changes in society Description of risks MARUI GROUP impacts Impact on rent revenues, etc., due to business Approx. Suspension of store suspension ¥1.9 billion Physical risks operations Building damages due to flooding
Slide 26: Risk management
*4. Calculated revenue from credit card admission and usage *5. Estimated revenue from an increase in the number of Gold card holders after making recurring payments, etc. (iii) Risk management MARUI GROUP performs scenario analyses to track and assess the impacts of climate change on its business a
Slide 27: Culture of dialogue
b. Culture of dialogue Although communication used to be a one-way street, the Group has fostered a “culture of dialogue” through two-way communication. Discussions and meetings are always conducted interactively in accordance with the following seven guidelines: “1. Start with a declaration that op
Slide 28: Intra-Group profession changes and transfers
f. Intra-Group companies profession changes and transfers Based on the culture of voluntary participation by employees, we have been promoting full-fledged “Intra-Group companies profession changes and transfers” that span various businesses across the Group since 2013. By the fiscal year ended Marc
Slide 29: Corporate culture and engagement
Through eight measures, which include unique Company initiatives, we have updated our corporate culture, which serves as our management OS, creating a new OS. As a result of these measures, employee engagement has improved. Comparing the engagement indicators we measure in-house between 2012 and 202
Slide 30: Flow and workstyle innovation
people can experience “flow” through their work. “Flow” is a concept advanced by psychologist Mihaly Csikszentmihalyi, in which people’s abilities and the level of challenges they are tackling are well-matched, so they become completely absorbed in their challenges and lose track of time. By experie
Slide 31: Expansion of official initiatives
a. Expansion of official initiatives Of the 12 themes of our official initiatives, we will finish activities of six themes and continue activities of six themes. The official initiatives seek to achieve both impact and profit and cover a range of themes. This year, seven more themes will be added, b
Slide 32: Early appointment to managerial positions
c. Early appointment to managerial positions By revising the personnel system, for those who can be expected to contribute to higher corporate value, early promotion will be encouraged as a part of investment in human capital. Minimum age for promotion to manager has been changed from 29 to 26. Furt
Slide 33: Hiring professionals with Muture
a. Hiring professionals with Muture In April 2022, we partnered with a leading UX design company, Goodpatch Inc. and established Muture, and began hiring professionals that could not be hired under the Group brand. Some of the best talents in the industry have joined us and are contributing to the d
Slide 34: Human capital investment and governance
classified as human resource investment, but also expenses that will lead to an increase in corporate value over the medium to long term, such as personnel expenses related to new businesses, personnel expenses for co- creative teams, and personnel expenses for employees who have changed jobs within
Slide 35: Return on human capital investment
In the five years from the fiscal year ended March 31, 2017 to the fiscal year ended March 31, 2021, we invested ¥32.0 billion in human capital. If we look at the marginal profit of new businesses created during that period, such as our anime business, rent guarantees, and co-creative investment, as
Slide 36: Tangible and intangible investments
Tangible investments Intangible investments Stores and facilities, etc. Human capital investment * Highly efficient Hurdle rate = IRR 10% < IRR 12.7% management FY2024 to FY2028 FY2024 to FY2028 Investment Investment amount ¥40.0 amount ¥69.0 billion billion * Calculate return on investment by consi
Slide 37: Semi-annual consolidated balance sheet
2. Semi-annual consolidated financial statements and primary notes (1) Semi-annual consolidated balance sheet (Millions of yen) As of March 31, 2025 As of September 30, 2025 Assets Current assets Cash and deposits 49,250 52,980 Notes and accounts receivable - trade 8,187 5,226 Accounts receivable -
Slide 38: Liabilities and net assets
(Millions of yen) As of March 31, 2025 As of September 30, 2025 Liabilities Current liabilities Accounts payable - trade 7,323 6,198 Short-term borrowings 91,420 141,705 Current portion of bonds payable 20,159 10,000 Commercial papers 10,000 61,000 Income taxes payable 9,636 8,472 Provision for bonu
Slide 39: Semi-annual consolidated statements of income
(2) Semi-annual consolidated statements of income and comprehensive income Semi-annual consolidated statement of income (Millions of yen) For the six months For the six months ended September 30, 2024 ended September 30, 2025 Revenue 123,960 136,427 Cost of sales 14,871 16,921 Gross profit 109,089 1
Slide 40: Semi-annual consolidated statement of comprehensive income
Semi-annual consolidated statement of comprehensive income (Millions of yen) For the six months For the six months ended September 30, 2024 ended September 30, 2025 Profit 12,191 14,950 Other comprehensive income Valuation difference on available-for-sale securities 1,020 3,383 Total other comprehen
Slide 41: Semi-annual consolidated statement of cash flows
(3) Semi-annual consolidated statement of cash flows (Millions of yen) For the six months For the six months ended September 30, 2024 ended September 30, 2025 Cash flows from operating activities Profit before income taxes 18,397 23,001 Depreciation 6,914 7,783 Increase (decrease) in provision for p
Slide 42: Notes to consolidated financial statements
(4) Notes to consolidated financial statements (Notes on going concern assumption) Not applicable. (Notes in case of significant changes in shareholders’ equity) The Company acquired treasury shares worth 3,246 million yen (1,201 thousand shares) during the six months ended September 30, 2025, based
Slide 43: Information by reportable segment
Information on operating revenue and income (loss) by reportable segment (Millions of yen) Reportable segment Adjustment Consolidated *1 *2 Retailing FinTech Total Operating revenue: Outside customers ¥39,138 ¥97,289 ¥136,427 - ¥136,427 Intersegment operating revenue 3,698 785 4,484 (4,484) - and tr
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