Slide 1: FY2027.3 Q1 Financial Results Briefing Materials
FY2027.3 Q1 Financial Results Briefing Materials August 6, 2026 (Securities Code: 8111 )
Slide 2: FY27.3 Q1 Executive Summary
FY27.3 Q1 Executive Summary Due to a decline in revenue ( 98.8% YoY; plan ratio of 92.7% ) and an increase in SG & A expenses , operating profit was 370 million yen (17.9% YoY; plan ratio of 21.4% ). FY27.3 Q1 Financial Results Net sales SG & A expenses O perating profit 23.5 YoY: 98.8% Plan ratio :
Slide 3: Revision of the H1 Earnings Forecast
Revision of the H1 Earnings Forecast As we anticipate that the factors that caused the slowdown in Q1 will continue , we have revised our earnings forecast for FY27.3 H1 . Net sales have been revised downward by 4.3 billion yen, and operating profit by 2.8 billion yen . Earnings Forecast for H1 FY27
Slide 4: Earnings Forecasts for FY27.3 H2 and Beyond
Earnings Forecast s for FY27.3 H2 and Beyond Following the release of the Q1 results, we revised our H1 earnings forecast downward. While we have not changed our H2 and full-year earnings forecasts, we are currently reviewing them and have begun reviewing our Five -year Medium -term Management Plan
Slide 5: Table of Contents
Table of Contents I. FY27.3 Q1 Results P.6-P.18 II. Revision of the H1 Earnings Forecast for FY27.3 P.19 - P.22 III. Progress of Major Businesses P.23 -P.28 IV. Appendix P.29 -P.36 © 2026 Goldwin Inc. 5
Slide 6: I. FY27.3 Q1 Results
I. FY27.3 Q1 Results Operating profit declined due to lower revenue and higher SG & A expenses. © 2026 Goldwin Inc. 6
Slide 7: Q1 Financial Results Summary
Q1 Financial Results Summary Due to a decline in revenue and an increase in SG & A expenses , operating profit was 371 million yen, achieving 21.4% of the internal plan ratio and 17.9% YoY . Consolidated Financial Results Trend FY25.3 Q1 FY26.3 Q1 FY27.3 Q1 FY27.3 Q1 Plan ratio YoY (Unit: million ye
Slide 8: Trend in Monthly Net Sales
Trend in Monthly Net Sales In addition to the decline in inbound demand from mainland China that has continued since the previous fiscal year, sales fel l s hort of internal plan due to sluggish sales of summer merchandise in June. Monthly Net S ales for Q1 Monthly Plan ratio YoY Status Despite the
Slide 9: Net Sales by Business Segment
Net S ales by Business Segment Revenue declined across all business segments —Performance, Lifestyle, and Fashion . Trend in Net Sales by Business Segment ( Q1 ) FY23.3 Q1 FY24.3 Q1 FY25.3 Q1 FY26.3 Q1 FY27.3 Q1 (Unit: million yen) Results YoY Results YoY Results YoY Results YoY Results YoY Performa
Slide 10: Comparisons by Brand: vs. Plan and YoY
Comparisons by Brand: vs. Plan and YoY The 1.8 billion yen shortfall against the plan occurred in TNF Apparel and GB (Global Brand and others ). The YoY difference reflects the scenario in which Goldwin offset the decline in TNF revenue . Comparison with the FY26.3 Q1 Results Comparison with the FY2
Slide 11: Percentage of Inbound Net Sales at Self-operated Stores
Percentage of Inbound Net Sales at Self -operated Stores The inbound visitor ratio for Q1 was 27.7% , down 0.4 percentage points YoY . The share of inbound visitors from mainland China was 42.8%, down 13.8 percentage points YoY. Trend in Inbound Customer Ratio and Mainland Inbound Customer Ratio by
Slide 12: Sales Ratio of Self-managed Locations and Number of Self-operated Stores
Sales Ratio of Self -managed Locations and Number of Self -operated Stores In FY27.3 Q1 , the net change was −1 store, with 4 new s tore openings and 5 store closures (including format changes). For FY27 .3, we plan to expand our store network primarily through Goldwin and expect a net increase of 3
Slide 13: Trend in E-commerce Net Sales
Trend in E -commerce Net Sales As of Q1 , e-commerce net sales totaled 3,124 million yen (101.8% YoY), while the e-commerce net sales ratio stood at 13.2% ( up 0.2pt YoY ). Quarterly Trend in E -commerce Net Sales (Unit: million yen) Full -year e-commerce r atio 25,000 Q1 Q2 Q3 Q4 E-commerce sales r
Slide 14: Gross Profit Margin and SG&A Expense Ratio
Gross Profit Margin and SG & A Expense Ratio The gross profit margin was 54.0%, up 1.1 percentage points YoY, while the SG & A expense ratio was 52.5%, up 8.2 percentage points YoY. Trend in Gross Profit Margin and SG & A Expenses for Q1 (Unit: million yen) Net sales Gross profit margin SG & A expen
Slide 15: Selling, General and Administrative Expenses (Full Year)
(Repost) Selling, General and Administrative Expenses ( Full Year) Full -year SG & A expenses are projected to increase by 5.7 billion yen from the previous fiscal year due to investments in strengthening the retail business, the Goldwin500 project, and human capital development. Full -year Plan for
Slide 16: SG&A Expenses | Q1 Results and Progress Toward Full-year Targets
Selling, General and Administrative Expenses | Q1 Results and Progress Toward Full -year Targets SG & A expenses for Q1 were 12.3 billion yen, up 17.1% YoY. Progress toward the full -year increase of 5.7 billion yen stands at 31.7%, which is generally in line with the plan. Breakdown of Profitabilit
Slide 17: Status of Inventory Balance
Status of Inventory Balance Inventory stood at 21,172 million yen, representing 109. 3% of the balance as of the end of June the previous fiscal year . Trend in Inventory Balances (Unit: million yen) Inventory YoY change in inventory 25,000 140.0% 121.0% 109.3% 113.0% 109.0% 120.0% 20,000 87.0% 100.
Slide 18: Progress of the South Korea Business (YOC)
Progress of the South Korea Business (YOC ) Supported by robust inbound demand, net sales remained steady, on par with the same period last year. The launch of new collections and the opening of a megastore also contributed to net sales. (Note) YOC’s fiscal year runs from January to December, which
Slide 19: II. Revision of the H1 Earnings Forecast for FY27.3
II. Revision of the H1 Earnings Forecast for FY27.3 Downward Revision of the H1 Earnings Forecast Based on Q1 Results © 2026 Goldwin Inc. 19
Slide 20: Revision of the H1 Earnings Forecast
Revision of the H1 Earnings Forecast Following the Q1 results, we have revised our H1 earnings forecast. Net sales have been revised downward by 4.3 billion yen a nd operating profit by 2.8 billion yen from the initial plan. Revised H1 (Apr .–Sep .) Plan FY25.3 H1 FY26.3 H1 FY27 .3 H1 FY27 .3 H1 Com
Slide 21: Revision of the H1 Earnings Forecast | Breakdown by Quarter
Revision of the H1 Earnings Forecast | Breakdown by Quarter For Q2 (Jul. –Sep.), net sales were revised downward by 2.4 billion yen and operating profit by 1.4 billion yen from the initial forecast. Revised H1 (Apr .–Sep .) Plan (Breakdown by Q1 /Q2 ) Initial plan Actual results and revised plan Q2
Slide 22: Revised Plan Levels by Brand (Q2 and H1)
Revised Plan Levels by Brand ( Q 2 and H1 ) For both Q2 (Jul .–Sep .) and H1 , variances from plan are expected to occur in TNF Apparel and GB (Global Brand and others ). Q2 (Jul. –Sep.) Net S ales R evision (Revision: (2.4 billion yen )) H1 (Apr .–Sep .) Net S ales R evision ( Revision : (4 .2 bill
Slide 23: III. Progress of Major Businesses
III. Progress of Major Businesses Future Initiatives for THE NORTH FACE and Goldwin © 2026 Goldwin Inc. 23
Slide 24: THE NORTH FACE | Enhancing Brand Value
THE NORTH FACE | Enhancing Brand Value The brand is celebrating its 60th anniversary. Our challenge is that we have not been able to fully convert brand awareness i nto earnings . The goal is to increase the number of brand fans. Brand Awareness Purchase Rate Among Those There is still room to Aware
Slide 25: THE NORTH FACE | Highlights from Q2 Onward: Apparel
THE NORTH FACE | Highlights from Q 2 Onward: Apparel We are expanding our lineup of materials and items designed for the changing climate throughout the year, solidifying our position as a year -round brand. Seasonal P roduct L ineup ( E xamples) Q2 Q3 Q4 New Materials to Help You Stay Comfortable D
Slide 26: THE NORTH FACE | Highlights from Q2 Onward: Gear (Footwear)
THE NORTH FACE | Highlights from Q2 Onward: Gear (Footwear) We will expand the successful VECTIV series into the lifestyle sector and increase footwear net sales to 7 billion yen in FY27.3 . VECTIV Series to Expand from 4 Models ( S26 Season) to 7 Models ( F26 Season) ◼ “VECTIV,” a unique sole techn
Slide 27: Goldwin | Progress on the Goldwin500 Project
Goldwin | Progress on the Goldwin500 Project We are c urrently operating a pop -up store in Guangzhou , a Tier 1 city in China (to become a permanent store starting in September). In Japan, we opened a new store in Shinsaibashi, Osaka, as our second store in the Kansai region . Self -operated S tore
Slide 28: Goldwin Brand Store Openings and Plans by Region
Goldwin Brand Store Openings and Plans by Region Store openings are progressing largely as planned; by FY27.3, we plan to open 2 stores in Japan and 6 stores in mainland China . FY33.3 Up to Target FY26. 3 FY27 .3 F Y28 .3 FY 29 .3– / Required FY25.3 Annual 2 stores 2 stores 2 stores 15 Japan Maruno
Slide 29: Today's Summary
Today’s Summary Both net sales and profit declined in Q1 due to a slowdown in sales and an increase in SG & A expenses. Net sales declined due to sluggish sales of summer merchandise and weak in-store sell -through in the wholesale channel. Profit decreased due to allocating SG & A expenses to suppo
Slide 30: Appendix
Appendix Background Data and Supplementary Materials © 2026 Goldwin Inc. 30
Slide 31: Income Statement Summary | Q1 Trends
Income Statement Summary | Q1 Trends Q1 Results Trend (Unit: million yen) FY23.3 Q1 FY24.3 Q1 FY25.3 Q1 FY26.3 Q1 FY27.3 Q1 YoY Net sales 21,099 23,150 24,601 23,878 23,592 98.8% Gross profit 11,122 11,710 12,433 12,646 12,746 100.8% % 52.7% 50.6% 50.5% 53.0% 54.0% 1.1 pt SG & A expenses 8,855 9,446
Slide 32: Income Statement Summary | Q1 Trends (Adjusted for one-time expenses)
Income Statement Summary | Q1 Trends (Comparison after adjusting for one -time expenses) Q1 Results Trend (Excluding One -time expenses) Compared to FY25.3 Q1 Compared to Compared to FY25.3 (Unit: million yen) FY25.3 Q1 excluding one - FY26.3 Q1 FY27.3 Q1 FY26.3 FY25.3 excluding one - time expenses
Slide 33: Initial plan for FY27.3
Initial plan for FY27.3 FY27.3 Full -year Plan (Initial Plan vs. FY26. 3 Results) Q1 results Initial Q2 plan Initial H1 plan Initial H2 plan Initial full -year plan (Unit: million yen) FY27.3 YoY FY27.3 YoY FY27.3 YoY FY27.3 YoY FY27.3 YoY Net sales 23,592 98.8% 34,437 108.6% 59,900 107.8% 85,500 10
Slide 34: Goldwin | Progress on the Goldwin500 Project
Goldwin | Progress on the Goldwin500 Project Although net sales are generally in line with projections, primarily in Japan and China, due to delays in store openings in L ond on and New York, as well as increased costs resulting from high raw material prices and exchange rate fluctuations, for FY27.
Slide 35: THE NORTH FACE | 60th Anniversary
THE NORTH FACE | 60th Anniversary 60th Anniversary Graphic Collection THE NORTH FACE is celebrating its 60th anniversary since its 1966 founding . We are launching a commemorative collection centered on Long Distance Hiking —the brand ’s origins (a return to nature and the pursuit of self - discover
Slide 36: Investor Relations Activities
Investor Relations Activities Investor Relations Events for Retail Investors August 28 –29 : Nikkei/TSE IR Fair 2026 October 16: Goldwin Event for Retail Investors We will be exhibiting at the “Nikkei/TSE IR Fair 2026,” one of Japan’s largest In October, to coincide with THE NORTH FACE’s 60th annive
Slide 37: IR Email Distribution Service and Investor Relations Site
Investor Relations Activities IR Email Distribution Service and Investor Relations Site IR Email Distribution Service Goldwin Investor Relations Site This IR email service has been designed to deliver our disclosure In addition to financial results and financial data, we provide a variety of informa