H2o Retailing Corporation · TSE:8242
H2o Retailing — 1H FY2026 Earnings Presentation
28 slides from H2o Retailing's earnings presentation, Nov 4, 2026
Slide 1: Presentation Materials to Financial Results for the Second Quarter of FYE Mar. 2027
Presentation Materials to Financial Results for the Second Quarter of the FYE Mar. 2027(FY2026) Period: Apr. 1, 2026 - Sep. 30, 2026 H2O RETAILING CORPORATION Nov. 4, 2026
Slide 2: Financial Results Digest
Financial Results Digest Result for 1H of 2027年３月期 上期 FY2026 業績 Increased gross sales and operating profit, led by strong Department Store Business perofmance. Operating profit exceeded the initial forecast due to strong performance in both the Department Store and Shopping Center Businesses. (JPY 1
Slide 3: INDEX
INDEX 1. Financial Results for 1H of FY2026 ２０２７年3月期第1四半期 業績 2. 2027年3月期 Financial Forecast for FY2026 業績予想 3. Appendix Toward Achieving the Long-term Business Plan for 2030 4. Progress ●●● of “Action to Implement Management Conscious of Cost of Capital and Stock Price” 5. 5. ●●● Appendix 6. 6. ●●●
Slide 4: Consolidated Results
Financial Results for 1H of FY2026 Consolidated Results Domestic and inbound sales grew thanks to the renovations at both flagship stores, with the Department Store Business driving overall gross sales and operating profit growth. Operating profit exceeded both the previous year’s results and foreca
Slide 5: Results by Segment
Financial Results for 1H of FY2026 Results by Segment FY2025 FY2026 YoY FY2026 Change Factors (JPY M) 1H Results 1H Results Change 1Q 2Q 1H Forecast +31,178 +17,075 +14,103 Gross Sales 286,578 317,757 +12.3% +9.6% ↑Increase in store sales +10.9% YoY 311,000 +10.9% Department Store Operating Profit 8
Slide 6: Department Store Business
Financial Results for 1H of FY2026 Department Store Business Gross sales rose more than 10% YoY, with strong domestic sales centered on the Hankyu Main Store and the Hanshin Umeda Main Store, where renovations have been highly successful. Operating profit increased due to higher gross profit from in
Slide 7: Department Store Business － Domestic Sales
Financial Results for 1H of FY2026 Department Store Business － Domestic Sales Domestic sales for 1H were up 9% YoY, with both the Hankyu Main Store and the Hanshin Umeda Main Store increasing by 13% YoY. "HANKYU LUXURY" at the Hankyu Main Store performed well, and “Gaisho” sales grew, centered on hi
Slide 8: Department Store Business － Inbound Sales
Financial Results for 1H of FY2026 Department Store Business － Inbound Sales Driven by growth in VIP sales, inbound sales (Apr.- Sep.) were +21% YoY (approx. JPY 60.0 bn.), progressing steadily toward the full-year target of JPY 115.0 bn. Sales to Chinese customers exceeded the previous year, as hig
Slide 9: Supermarket Business
Financial Results for 1H of FY2026 Supermarket Business Due to external factors (a decline following the strong demand for rice in the previous year and weather-related impacts) as well as the negative impact of changes in sales promotions (at Kansai Super), existing store sales were down 1.4% YoY.
Slide 10: Shopping Center / Other Business
Financial Results for 1H of FY2026 Shopping Center / Other Business Shopping Center Other Ningbo Hankyu performed well. Segment results progressing ahead of the H2O (Head Office) posted a decline in operating profit due to lower dividend initial forecasts. income from subsidiaries (eliminated in con
Slide 11: INDEX
INDEX 1. Financial Results for 1H of FY2026 ２０２７年3月期第1四半期 業績 2. 2027年3月期 Financial Forecast 業績予想for FY2026 3. Appendix Toward Achieving the Long-term Business Plan for 2030 4. Progress ●●● of “Action to Implement Management Conscious of Cost of Capital and Stock Price” 5. 5. ●●● Appendix 6. 6. ●●● ●
Slide 12: Financial Forecast for FY2026
Financial Forecast for FY2026 Although the Department Store Business lowered its forecast for 2H to account for factors such as change to the duty-free system, full-year forecast are expected to exceed the initial forecasts due to 1H performance that surpassed forecasts. Reflecting performance in ea
Slide 13: INDEX
INDEX 1. Financial Results for 1H of FY2026 ２０２７年3月期第1四半期 業績 2. 2027年3月期 Financial Forecast for FY2026 業績予想 3. Appendix Toward Achieving the Long-term Business Plan for 2030 4. Progress ●●● of “Action to Implement Management Conscious of Cost of Capital and Stock Price” 5. 5. ●●● Appendix 6. 6. ●●●
Slide 14: Recognition of the Business Environment
Toward Achieving the Long-term Business Plan for 2030 Recognition of the Business Environment ◼ Changes in the External Environment ✓ Accelerating AI implementation / Delivering unique value as an Entrenchment of Polarization ✓ Expansion of the High-Net-Worth class AI and indispensable person in Con
Slide 15: Priority Growth Segments
Toward Achieving the Long-term Business Plan for 2030 Priority Growth Segments ◼ Long-term Business Plan for 2030 Ver.2 Update (Reprinted) Market FGO Business Development Overseas Office Customer Business High-Net-Worth Overseas Business New Customers Business Group Customer Data Business Customer S
Slide 16: Positioning of the Mid-term Management Plan (2027-2030)
Toward Achieving the Long-term Business Plan for 2030 Positioning of the Mid-term Management Plan (2027-2030) To fully ramp up business development, specific initiatives are starting this fiscal year, ahead of the Mid-term Management Plan (2027-2030) JPY 35.0－40.0 bn. At the beginning of the fiscal
Slide 17: FY2026 1H Key Progress
Toward Achieving the Long-term Business Plan for 2030 FY2026 1H Key Progress Next Mid-term Segment Key Progress Management Plan ⚫ Sales of high-end merchandise grew, led by "HANKYU LUXURY" (sales of items priced at JPY 5 million or Hankyu Main Store more up 57% YoY), and full-year sales are expected
Slide 18: INDEX
INDEX 1. Financial Results for 1H of FY2026 ２０２７年3月期第1四半期 業績 2. 2027年3月期 Financial Forecast for FY2026 業績予想 3. Appendix Toward Achieving the Long-term Business Plan for 2030 4. Progress ●●● of “Action to Implement Management Conscious of Cost of Capital and Stock Price” 5. 5. ●●● Appendix 6. 6. ●●●
Slide 19: Progress of Action to Implement Management Conscious of Cost of Capital and Stock Price
Progress of “Action to Implement Management Conscious of Cost of Capital and Stock Price” Although the current PBR exceeds 1.0x, the P/E ratio remains a key challenge. Updated business, capital, and financial strategies will be announced in May 2027 (upon release of the full-year financial results)
Slide 20: INDEX
INDEX 1. Financial Results for 1H of FY2026 ２０２７年3月期第1四半期 業績 2. 2027年3月期 Financial Forecast for FY2026 業績予想 3. Appendix Toward Achieving the Long-term Business Plan for 2030 4. Progress ●●● of “Action to Implement Management Conscious of Cost of Capital and Stock Price” 5. 5. ●●● Appendix 6. 6. ●●●
Slide 21: Consolidated Results Trends
Appendix Consolidated Results Trends FY2025 FY2026 (JPY M) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Gross Sales 273,290 282,128 317,414 289,598 290,696 295,268 Net Sales 163,644 169,379 182,840 164,350 164,541 168,797 Gross Profit 73,221 75,349 84,094 75,507 76,273 77,321 SG&A Expenses 67,716 68,999 70,683 68,387 68
Slide 22: Consolidated Forecast
Appendix Consolidated Forecast 2H Full-Year FY2026 FY2026 FY2026 FY2026 FY2025 Change from FY2025 Change from Forecast Forecast YoY Change Forecast Forecast YoY Change Results Forecast Results Forecast (JPY M) Previous (May 12) Current (Nov. 4) Previous (May 12) Current (Nov. 4) Gross Sales 607,012
Slide 23: Results Trends by Segment
Appendix Results Trends by Segment FY2025 FY2026 (JPY M) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Gross Sales 139,346 147,232 176,691 157,767 156,422 161,335 Department Store Operating Profit 3,453 4,782 9,549 5,997 5,762 5,801 Gross Sales 104,951 108,063 111,860 101,291 101,211 103,840 Supermarket Operating Profit
Slide 24: Results Trends by Segment － Department Store Segment
Appendix Results Trends by Segment － Department Store Segment FY2025 FY2026 (JPY M) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Gross Sales 139,346 147,232 176,691 157,767 156,422 161,335 Net Sales 41,666 44,990 53,456 45,232 44,938 47,544 Gross Profit 30,481 32,063 38,705 33,157 33,494 34,342 SG&A Expenses 27,027 27,2
Slide 25: Results Trends Segment － Supermarket Business
Appendix Results Trends Segment － Supermarket Business FY2025 FY2026 (JPY M) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Gross Sales 104,951 108,063 111,860 101,291 101,211 103,840 Net Sales 100,825 103,916 107,237 97,665 97,318 99,994 Gross Profit 31,628 32,580 34,002 31,175 31,015 31,897 SG&A Expenses 29,314 30,265 3
Slide 26: Capital Investment / Depreciation
Appendix Capital Investment / Depreciation Capital Investment FY2025 FY2026 FY2026 Main Items (JPY M) 1H Results 1H Results Forecast Consolidated Total 11,361 10,202 34,081 Department Store 4,249 1,904 Renovation of Hankyu Main Store and Hakata Hankyu 7,473 Supermarket 2,100 2,816 New store opening
Slide 27: Consolidated B/S
Appendix Consolidated B/S Non-current assets decreased due to the sale of investment securities. Cash and deposits decreased due to the repayment of long-term borrowings. Total Assets 6,782 (▲366 from FY25.4Q) (JPY 100M) <Major changes> Current Assets <Major changes> • Decrease in 1,455 ▲189 (▲237 f
Slide 28: Disclaimer
The information contained in this material reflects judgments made by H2O Retailing Corporation at the time of preparing this material, and no guarantees are provided concerning the accuracy of the information. The information is also subject to change without prior notice. The Company and the infor