Slide 1: Interim Financial Results for the Fiscal Year Ending February 2027
Interim Financial Results for the Fiscal Year Ending February 2027 October 13, 2026
Slide 2: Agenda
1 Consolidated Results 2 Progress of Profit Growth Drivers Revenue Structure Reform Agenda 3 for the Recovery of the Food Retail Business 4 Progress of Business Structure Reform ５ Outlook for Fiscal Year 2026 Copyright 2026 AEON CO., LTD. All Rights Reserved. 1
Slide 3: Consolidated Results (First Half of Fiscal 2026)
Consolidated Results (First Half of Fiscal 2026) ◼ Driven by Health & Wellness, Developer Entertainment, and ASEAN, which are positioned as profit growth drivers, operating revenue increased by 13.8% year-on-year. Operating profit increased by 10.7% year-on-year. Both operating revenue and operating
Slide 4: Results by Reporting Segment 1st Half of Fiscal 2026
Results by Reporting Segment 1st Half of Fiscal 2026 Operating revenue Operating profit (Billion yen) Amount YoY % Change Amount YoY Diff. YoY % Change Health & Wellness *1 1,277.8 87.4% 59.6 +36.9 162.9% (Simple Aggregation Excl. 707.0 3.6% 33.3 +7.7 30.0% Tsuruha Group Results*2) S Developer & Ent
Slide 5: Agenda
1 Consolidated Results 2 Progress of profit growth drivers Revenue Structure Reform Agenda 3 for the Recovery of the Food Retail Business 4 Progress of Business Structure Reform ５ Outlook for Fiscal Year 2026 Copyright 2026 AEON CO., LTD. All Rights Reserved. 4
Slide 6: Create Market-Leading Businesses | Health & Wellness (1)
Create Market-Leading Businesses | Health & Wellness (1) ◼ The consolidation of Tsuruha Holdings, undertaken in anticipation of the long-term growth potential of the Health & Wellness business, contributed significantly to earnings growth, resulting in record-high earnings. ◼ Sales remained in line
Slide 7: Create Market-Leading Businesses | Health & Wellness (2)
Create Market-Leading Businesses | Health & Wellness (2) Progress of Integration Synergies in 1H Drug & Food Model By Tsuruha HD Tsuruha Holdings AEON Integrated Synergy Annual Plan About 50,000 Nationwide Food-related 15 billion yen Synergies About 5,600 people Specialized personnel ＋ know-how (Pro
Slide 8: Create Market-Leading Businesses | Developer & Entertainment (Domestic)
Create Market-Leading Businesses | Developer & Entertainment (Domestic) ◼ AEON Mall delivered higher revenue and profit and achieved record-high earnings. Significant profit growth was recorded both in Japan and overseas. In Japan, tenant sales were driven by experiential and time-consumption conten
Slide 9: Create Market-Leading Businesses | Developer & Entertainment (Overseas)
Create Market-Leading Businesses | Developer & Entertainment (Overseas) ◼ AEON Mall posted stronger profit growth in both China and Vietnam than in Japan. ◼ In China, revitalizing existing malls to meet consumer needs has succeeded, leading to increased customer numbers. In Vietnam, business expansi
Slide 10: Build next-generation growth businesses | Vietnam
Build next-generation growth businesses | Vietnam ◼ At AEON Vietnam, despite the decline in consumer sentiment caused by rising prices in the Middle East, customer attraction strategies proved effective, resulting in significant earnings growth and record-high earnings. ◼ Expanding customer touchpoi
Slide 11: Agenda
1 Consolidated Results 2 Progress of Profit Growth Drivers Revenue Structure Reform Agenda 3 for the Recovery of the Food Retail Business 4 Progress of Business Structure Reform ５ Outlook for Fiscal Year 2026 Copyright 2026 AEON CO., LTD. All Rights Reserved. 10
Slide 12: Analysis of Factors Behind the Difficulties in the Food Retail Business
Analysis of Factors Behind the Difficulties in the Food Retail Business in the First Half Difficulties in the Food Retail Business Trend in Operating Gross Profit Margin in the First Half of the Year Compared to the Same Period Last Year (%pt) SM DS GMS (including non-food products) External factor
Slide 13: Improvement Measures for the Second Half of the Food Retail Business Recovery
Improvement Measures for the Second Half of the Food Retail Business Recovery ⚫ Expanding sales of Top Valu centered on the "Best Price," (1) Restructuring Promoting the switch from NB to PB ⚫ Focusing on NBs with high price elasticity that help attract Pricing Policy customers, strengthening pricin
Slide 14: Agenda
1 Consolidated Results 2 Progress of Profit Growth Drivers Revenue Structure Reform Agenda 3 for the Recovery of the Food Retail Business 4 Progress of Business Structure Reform ５ Outlook for Fiscal Year 2026 Copyright 2026 AEON CO., LTD. All Rights Reserved. 13
Slide 15: Progress in Business Structure Reform
Progress in Business Structure Reform ◼ Steadily promoting business structure reforms to optimally allocate management resources to key business areas, enhance overall group profitability, and enhance capital efficiency. Improvement in net profit due to eliminating loss-making companies ⚫ G-FOOT was
Slide 16: Agenda
1 Consolidated Results 2 Progress of Profit Growth Drivers Revenue Structure Reform Agenda 3 for the Recovery of the Food Retail Business 4 Progress of Business Structure Reform ５ Outlook for Fiscal Year 2026 Copyright 2026 AEON CO., LTD. All Rights Reserved. 15
Slide 17: FY2026 Forecast
FY2026 Forecast ◼ No change in full-year earnings forecast ◼ Growth drivers such as Health & Wellness, Developer Entertainment, and ASEAN are accelerating growth, Aiming to achieve full-year earnings forecasts through the implementation of profit structure reforms in the food retail business (Billio
Slide 18: Appendix
⚫ Overview of results by Segment ⚫ Consolidated Balance Sheet Appendix ⚫ Consolidated Results – 5-Year Trend ⚫ Dividends Copyright 2026 AEON CO., LTD. All Rights Reserved. 17
Slide 19: Build next-generation growth businesses | International (Retail)
Build next-generation growth businesses | International (Retail) *1 ◼ ASEAN: Led by Malaysia and Vietnam, operating profit increased approximately 1.5 times year-on-year, offsetting difficulties in China business and achieving double-digit profit growth for international business ◼ In Vietnam, our t
Slide 20: Transform the food retail profit structure | Supermarket
Transform the food retail profit structure | Supermarket ◼ In addition to external factors such as the collapse of rice demand due to government rice reserves last year, challenges remain in pricing policies and promotional measures, resulting in decreased revenue and profit. ◼ My Basket steadily ex
Slide 21: Transform the food retail profit structure | Discount Stores
Transform the food retail profit structure | Discount Stores ◼ Amid intensified competition, topline lines struggled to grow, unable to absorb costs such as labor, electricity, and delivery fees, resulting in increased revenue and decreased profits. ◼ The Big Konandai, which opened in Yokohama's fie
Slide 22: Revitalize existing businesses | General Merchandising Store (GMS)
Revitalize existing businesses | General Merchandising Store (GMS) ◼ Operating losses increased mainly due to sluggish food sales growth and difficulties in clothing, housing, and leisure due to unfavorable weather. ◼ From the second half onward, alongside measures to improve profitability in food r
Slide 23: Revitalize existing businesses | GMS, AEON Retail
Revitalize existing businesses | GMS, AEON Retail ◼ Gross profits from food and clothing declined, leading to increased operating losses. Housing and leisure and H&BC secured increased gross profits. ◼ Home & Leisure delivered gross profit growth, supported by successful sales-floor model initiative
Slide 24: Revitalize existing businesses | Financial Services
Revitalize existing businesses | Financial Services ◼ Increased sales by expanding handling volume both domestically and internationally. Profit declined due to one-off expenses and other factors related to the operation of new domestic core systems as initially expected ◼ Domestically, credit card
Slide 25: Consolidated Balance Sheet at the End of August 2026
Consolidated Balance Sheet at the End of August 2026 Assets (main items only) Liabilities and (Billion yen) net assets (main items only) (Billion yen) Feb. 2026 Aug. 2026 Change Feb. 2026 Aug. 2026 Change Notes and accounts 1,475.9 1,319.0 -156.8 Cash & deposits 1,350.0 976.5 -373.4 payable Interest
Slide 26: Consolidated Results – 5-Year Trend
Consolidated Results – 5-Year Trend Operating revenue Operating profit (Billion yen) (Billion yen) 150.0 6,000.0 5,904.1 130.7 117.6 118.1 5,189.9 4,999.4 95.8 98.6 5,000.0 4,711.3 100.0 4,487.1 4,000.0 50.0 3,000.0 2,000.0 0 0.0 22.2QT 23.2QT 24.2QT 25.2QT 26.2QT 22.2QT 23.2QT 24.2QT 25.2QT 26.2QT
Slide 27: Dividends
Dividends FY2025* FY2026 Forecast (Figures Before Stock Split Adjustment) (Figures Before Stock Split Adjustment) End of the second 6.67 yen 7.5 yen quarter Regular dividend: 7 yen, Commemorative dividend: 0 yen 50 sen (20 yen) (22.5 yen) 7 yen 7.5 yen Fiscal year-end Regular dividend: 7 yen, Commem