Komehyo Holdings Co., Ltd. · TSE:2780
Komehyo — Q1 FY2026 Earnings Presentation
59 slides from Komehyo's earnings presentation, Aug 12, 2025
Slide 1: Earnings Results Briefing for the First Quarter of the Fiscal Year Ending March 31, 2026
Earnings Results Briefing for the First Quarter of the Fiscal Year Ending March 31, 2026 August 12, 2025 Komehyo Holdings Co., Ltd. Securities code: 2780 (Tokyo and Nagoya Stock Exchanges) ©Komehyo Holdings Co .,Ltd. 1
Slide 2: Summary of financial results for the first quarter
Summary of financial results for the first quarter of the fiscal year ending March 31, 2026 Revenue increased but profits decreased compared to the same period last year Despite soft market prices, 1Q operating profit progressed within the range expected at the initial forecast. ・Market prices remai
Slide 3: Contents
Contents 1. Company introduction P.4 2. Earnings Results for the First Quarter of the Fiscal Year P.8 Ending March 31, 2026 3. Segment overview for the First Quarter of the Fiscal Year P.20 Ending March 31, 2026 4. Appendix P.28 ©Komehyo Holdings Co .,Ltd. 3
Slide 4: 1. Company introduction
１. Company introduction 4 ©Komehyo Holdings Co .,Ltd. 4
Slide 5: Vision Mission Value
From reuse to relay use We will inherit that "value". Vision Mission Value We develop a concept of We respect people for making We listen and empathize with environmentally and products, thank people for what others say. socially conscious providing products for use We value the importance of recycl
Slide 6: Company Highlights (Consolidated) (As of March 2025)
Company Highlights (Consolidated) (As of March 2025) A leading player in the reuse industry, which operates KOMEHYO, BRAND OFF, Rodeo Drive, and other brands in Japan and other c ountries Founding Net sales Individual purchase amount 1947 158,994 millions of yen （ Growth achieved in four consecutive
Slide 7: Business list (Consolidated) (As of March 2025)
Business list (Consolidated) (As of March 2025) We operate three businesses: Brand Fashion, Tire and Wheel, and real estate leasing. We support "Relay Use," the handing down of goods from person to person and their effective utilization, both in Japan and other countries. Consolidated sales for the
Slide 8: 2. Earnings Results for the First Quarter of the Fiscal Year Ending March 31, 2026
２. Earnings Results for the First Quarter of the Fiscal Year Ending March 31, 2026 8 ©Komehyo Holdings Co .,Ltd. 8
Slide 9: Highlights of cumulative financial results for the first quarter
Highlights of cumulative financial results for the first quarter of the fiscal year ending March 31, 2026 Consolidated financial results for the first quarter of the fiscal year ending March 2026 Individual Individual purchase purchase Consolidated Consolidated Consolidated Consolidated Profit Profi
Slide 10: First Quarter Results and Future Outlook for the Fiscal Year Ending March 2026
First Quarter Results and Future Outlook for the Fiscal Year Ending March 2026 Net sales grew significantly with the conversion of RK Enterprises and three other companies into Group companies in the fiscal year ended March 31, 2025, while also reflecting an increase in corporate sales reflecting so
Slide 11: Performance
Performance Net sales reached record highs. Operating profit and subsequent profit levels decreased due to a decline in the gross profit margin and higher SG&A expenses (Millions of yen) 2024.3-1Q 2025.3-1Q 2026.3-1Q Changes YoY Plan Ratio* Net sales 25,096 33,499 46,120 12,620 137.7% 23.1% Gross pr
Slide 12: Trends in Consolidated Net Sales and Gross Profit Margin
Trends in Consolidated Net Sales and Gross Profit Margin In addition to strong purchases from individuals, strengthening of corporate purchases for capturing opportunities for sales to customers resulted in a fuller lineup of products in stores, which contributed to an increase in sales. Gross profi
Slide 13: Analysis of consolidated operating income
Analysis of consolidated operating income Net sales increased significantly for both retail and corporate sales due to enhanced in -store inventory. Profit decreased, reflecting higher SG&A expenses linked to growth investments and the low gross profit margin. （Millions of yen） Net Sales • Purchasin
Slide 14: Changes in selling, general and administrative expenses
Changes in selling, general and administrative expenses Selling, general and administrative expenses increased significantly due to the conversion of RK Enterprises and three other companies into Group companies in the fiscal year ended March 31, 2025, the opening of new stores, and the associated i
Slide 15: Non-operating income and expenses/extraordinary income and losses
Non-operating income and expenses/extraordinary income and losses Ordinary profit and profits indicated below declined due to an increase in non -operating expenses such as interest expenses and foreign exchange losses. The main factor for the increase in foreign exchange losses was temporary valuat
Slide 16: Balance sheet overview
Balance sheet overview In addition to strong individual purchases, we will strengthen corporate purchases to seize sales opportunities from customer s in Japan and overseas. Although the gross profit margin declined year -on-year, the substantial product lineup at the store contributed to the increa
Slide 17: Inventory Turnover
Inventory Turnover BF business Due to the conversion of RK Enterprises and three other companies into Group companies in the fiscal year ended March 31, inventories increased significantly. (Inventory write -downs among them remained low*1). Gross profit margin and ratio of gross profit to investmen
Slide 18: Purchase from individual customers (Group total)
Purchase from individual customers (Group total) Factors including the continued opening of purchase centers and growth at existing stores produced a solid trend in the numbe r of customers and in the purchase amount per customer, resulting in a record purchase amount for the full year at 123.9% com
Slide 19: Breakdown of consolidated Net sales (Retail / Overseas / Domestic tax-free sales)
Breakdown of consolidated Net sales (Retail / Overseas /Domestic tax -free sales) 【Retail】 Ratio of retail sales declined 10pt YoY due to low -margin inventory of gold bullion, watches, and bags being shifted to corpora te sales. 【Overseas】 Overseas sales increased steadily due to the opening of new
Slide 20: 3. Segment overview for the First Quarter of the Fiscal Year Ending March 31, 2026
３. Segment overview for the First Quarter of the Fiscal Year Ending March 31, 2026 20 ©Komehyo Holdings Co .,Ltd. 20
Slide 21: Summary by segment for the first quarter
Summary by segment for the first quarter of the fiscal year ending March 31, 2026 *1 Brand Fashion business（BF） Tire and wheel business（TW） Individual Net sales Operating profit Net Sales Operating profit purchase amount 22,258 44,751 779 1,359 38 millions of yen millions of yen millions of yen mill
Slide 22: Segment overview for the Fiscal Year Ending March 31, 2026
Segment overview for the Fiscal Year Ending March 31, 2026 In the Brand Fashion business, individual purchases and retail/corporate sales were strong. In the Tire and Wheel business, sales of summer tires and wheels from in -house campaigns remained strong. 2024.3-1Q 2025.3-1Q 2026.3-1Q Change YoY （
Slide 23: Stores | 309 stores in total for the Group (as of June 2025)
Stores | 309 stores in total for the Group (as of June 2025) In the first quarter, the Group opened 13 stores with a focus on purchase centers. In June, KOMEHYO OSAKA SHINSAIBASHI was opened as the seventh flagship store of KOMEHYO. 27. Brand Fashion Tire and wheel Flagship stores 7（1） 3 1 1 Sales S
Slide 24: Purchasing and sales status by route
Purchasing and sales status by route * | 【Ratio of purchases from individuals and composition of products purchased from individuals 】 Purchases from individuals remained strong mainly due to the soaring retail gold prices in Japan. Jewelry and precious metals accounted for just under 50% in purchas
Slide 25: Status of strengthening retail
Status of strengthening retail BF business In June, the flagship store KOMEHYO OSAKA SHINSAIBASHI was opened. Targeting domestic and international tourists to expand customer base. From the 2Q onwards, we will continue to open new stores and expand our bases, which will lead to strengthening our ret
Slide 26: Corporate auction GMV (volume) growth
Corporate auction GMV（volume）growth BF business Corporate auction GMV reached a record quarterly high due to increased needs for inter -company sales reflecting market fluctuations. GMV volume 23,749 22,957 （Million of yen） 16,892 14,755 14,967 13,785 12,780 11,851 11,950 9,968 10,255 9,854 10,346 1
Slide 27: Overview of tire and wheel business
| Overview of tire and wheel business TW business Purchases of used products remained strong, with ample inventory secured as sources of sales. Sales of new summer tires and those of in -house designed wheels in Japan and overseas were strong because of inventory control. Overseas sales contributed
Slide 28: 4. Appendix
４. Appendix 28 ©Komehyo Holdings Co .,Ltd. 28
Slide 29: Appendix
Appendix 1. Company Profile P.30 2. Medium-term Management Plan P.46 3. Global expansion P.51 4. Initial plans and initiatives for the fiscal year ending March 31, 2026 P.54 ©Komehyo Holdings Co .,Ltd. 29
Slide 30: Corporate Profile
Corporate Profile Company name Komehyo Holdings Co., Ltd. Established May 1979 ※Transition to holding company system in October 2020 Head Office 3-25-31 Osu, Naka-ku, Nagoya Representative President, Representative Director: Takuji Ishihara Capital 1,803 million yen No. of employees Consolidated: 2,
Slide 31: Transition of the reuse business and our history
Corporate Profile Transition of the reuse business and our history Since founding in 1947 as Komehyo Shoten, a used kimono store, we have consistently engaged in the reuse business while simultaneously moving forward with alliances and M&A. As a result, we have become a holding company under which 1
Slide 32: Consolidated performance trends (FY2021-FY2025)
Corporate Profile Consolidated performance trends （FY2021‐FY2025） Individual purchase amount * Net sales Operating profit 158,994 （Millions of yen） （Millions of yen） （Millions of yen） 78,834 7,452 119,459 61,205 6,176 5,168 86,113 43,722 71,148 3,714 34,144 50,723 16,979 596 FY2021 FY2022 FY2023 FY2
Slide 33: Consolidated performance trends (FY2021-FY2025)
Corporate Profile Consolidated performance trends （FY2021‐FY2025） Profit margin Ordinary profit Profit attributable to owners of parent Gross profit margin 7,479 （Millions of yen） （Millions of yen） 5,025 Operating profit margin 4,777 6,046 5,406 27.3% 3,706 25.9% 26.2% 24.8% 22.2% 3,772 2,559 6.0% 6
Slide 34: Consolidated performance trends: ROA, ROE, cash flow, GMV
Corporate Profile Consolidated performance trends （FY2021‐FY2025） ROA・ROE Cash flow GMV Cash flows from operating activities Cash flows from investing activities ROA ROE Cash flows from financing activities GMV 19.2% （Millions of yen） （ Billions of yen ） 202.1 16.7% 15.6% 11,907 9,425 13.5% 150.8 11
Slide 35: Human Capital Data (As of the end of March 2025)
Corporate Profile Human Capital Data (As of the end of March 2025) In the relay use business model, the roles played by people are wide -ranging (knowledge, skills, expertise, speed, connections with customers, etc.), and promoting the development and retention of human resources leads to improvemen
Slide 36: Business Domains: Brand Fashion Business (General)
Business Domains of Komehyo Holdings Group Brand Fashion Business (General): Aim to be No. 1 in sales volume. Primary Secondary distribution distribution Purchase Product evaluation/commercialization sale General customers Real store Real store General customers Home delivery Product center Product
Slide 37: Business Domains: Brand Fashion Business (Specialized)
Business Domains of Komehyo Holdings Group Brand Fashion Business (Specialized): Aim to be one-of-a-kind with core fans. Primary Secondary distribution distribution sale Purchase Product evaluation/commercialization sale Real store Product Real Store General General Home delivery purchase customer c
Slide 38: Business Domains: Tire and Wheel Business
Business Domains of Komehyo Holdings Group Tire and Wheel Business Primary Secondary distribution distribution production sale Purchase sale General customers Planning and development General customers commercialization Product production Reuse business Domestic mass retailer Maker Overseas ©Komehyo
Slide 39: Store expansion for a fashion brand business
Corporate Profile Store expansion for a fashion brand business In the Brand Fashion business, we demonstrate our strength through the successful operation of retail stores on a large scale . In addition, we engage in purchases through multiple channels such as stores annexed with sales, purchase cen
Slide 40: Breakdown of domestic duty-free sales
Corporate Profile Breakdown of domestic duty-free sales Because of the opening of KOMEHYO SHIBUYA and KOMEHYO OSAKA SHINSAIBASHI, the proportion of customers from the United States increased. They are younger than the domestic customer base, with the volume zone being customers in their 30s to 40s.
Slide 41: Business/service introduction 1
Corporate Profile Business/service introduction １⃣ ｜ The three brands, which engage in the sale and purchase of mainly second -hand brand name items, excel in the convenience of thei r stores, the reliability of their appraisal and their name awareness. They seek to achieve sustained growth in the a
Slide 42: E-commerce-induced sales rate
Corporate Profile E-commerce-induced sales rate | Due to an increase in the unit price per person, first quarter e -commerce sales increased 5.7% year-on-year The EC involvement rate*1 remained slightly above 30% due to growth in sales of products on back orders that resulted from enhanced inventory
Slide 43: Business/service introduction 2
Corporate Profile Business/service introduction ２⃣ ｜ We operate a B2B auction for reuse businesses. The inter -corporate transaction market price greatly influences individual purchase prices and retail prices. Auction commissions * on transaction value (GMV) are revenue. KOMEHYO Japan Brand RK AUCT
Slide 44: Business/service introduction 3
Corporate Profile Business/service introduction ３⃣ ｜ Brands specializing in particular products are constantly increasing the number of fans by tapping into core demand. Purchase and sale of premium Consignment and sale of antique Overview Purchase and sale of jewelry sneakers watches and jewelry St
Slide 45: Business/service introduction (Tire and Wheel)
Corporate Profile Business/service introduction ｜ In the Tire and Wheel business, we engage in the purchase and sale of tires and wheels, as well as the planning and development of wheels. The supply chain is jointly maintained by the three group companies. AUTO PARTS JAPAN Purchasing and sales of n
Slide 46: Quantitative targets of the medium-term management plan (FY2025 to FY2028)
Quantitative targets of the medium-term management plan（FY2025 to FY2028) For the fiscal year ending March 2026, the company aims to achieve business growth through increased profits compared to net income attributable to parent company shareholders excluding gains on Gain on bargain purchase in the
Slide 47: Dividend forecast
Dividend forecast The annual dividend forecast is set to be 106 yen, an increase of 2 yen from the previous fiscal year. We will continue to fo cus on maintaining stable dividends and increasing dividends based on increased revenue and profits. M edium - term M an ag emen t Plan （yen） 161 interim di
Slide 48: Concept for business growth (BF business)
Concept for business growth（BF business） Reposting the financial results presentation for the fiscal year ended March 2025 Based on market trends and competitive advantages, we will set key investment items, supporting management platforms, and tactical options. For the mainstay Brand Fashion busine
Slide 49: Basic Policies for the Medium-term Management Plan
Reposting the financial results presentation for Basic Policies for the Medium-term Management Plan the fiscal year ended March 2025 "Beyond the 80th year milestone" Strive to achieve business growth and higher social value under a policy based on the business environment and competitive advantages
Slide 50: Operating the Medium-term Management Plan Based on Competitive Advantages
Operating the Medium-term Management Plan Based on Competitive Advantages Reposting the financial results presentation for the fiscal year ended March 2025 Since its founding, the Group has been consistently engaged in reuse and has established competitive advantages based on its human resources, ch
Slide 51: Global Expansion: Business Phases by Country (Part 1)
Global Expansion: Business Phases by Country (Part 1) BF business Taking the situation into account in each country around the world, we will consider the possibility of deepening businesses to provide further value and that of expanding businesses into a wide range of areas, taking a balanced appro
Slide 52: Global Expansion: Business Phases by Country (Part 2)
Global Expansion: Business Phases by Country (Part 2) BF business Based on the three-staged business phases, we will facilitate business expansion through each stage. Global expansion will be made primarily through the deepening and expansion of businesses stage by stage. Business Phases Hong United
Slide 53: Global expansion | 28 stores in total for the Group
Corporate Profile Global expansion| 28stores in total for the Group (as of June 2025) We have expanded into 7 overseas locations with our three brands: KOMEHYO, BRAND OFF, and Rodeo Drive. BF business United Hong Kong Taiwan Shanghai Thailand Singapore Malaysia States of America Brands KOMEHYO KOMEH
Slide 54: Matters that will affect this fiscal year's performance
Reposting the financial results presentation for Rearrangement of given matters that will affect this fiscal year's performance the fiscal year ended March 2025 The brand reuse market continues to face an unstable market environment due to exchange rate and tariff policies, as well as the economic e
Slide 55: Market price forecast for main products for the fiscal year ending March 2026
Market price forecast for main products for the fiscal year ending March 2026 Reposting the financial results presentation for the fiscal year ended March 2025 Current forecasts for each product, which are the premises for this fiscal year's plan, are as follows. We expect that instability will cont
Slide 56: Basic Policy on Capital Measures
Basic Policy on Capital Measures Reposting the financial results presentation for the fiscal year ended March 2025 Aiming for sustainable improvement of corporate value, we will strive to increase ROE over the medium to long term, aiming for 15% or more. Based on a sound financial base, we will flex
Slide 57: Management Resource Distribution Policy
Management Resource Distribution Policy Reposting the financial results presentation for the fiscal year ended March 2025 Priority is given to securing inventory and capital investment ahead of time to gain market share in growing markets, particularly branded reuse. Also, while maintaining a certai
Slide 58: Key Points for the Fiscal Year Ending March 2026
Key Points for the Fiscal Year Ending March 2026 Reposting the financial results presentation for the fiscal year ended March 2025 Considering the external environment and the fact that the product and channel mix has changed due to M&A, expanding market share is essential for the profit growth of t
Slide 59: Disclaimer / IR contact
Disclaimer This document is an English translation of a document prepared in Japanese. Statements in this document that are not historical facts; statements concerning current plans, forecasts, strategies, and op inions of KOMEHYO Co., Ltd. are forward-looking statements subject to various risks and