And ST HD : FY2026/02 3Q Presentation Material

December 29, 2025

• Consolidated Income Statement：Summary 3

• New Adastria+and ST+and ST HD and Group Companies 6

• Platform Business 9

• Global Business 12

• Brand Retail Business 14

• Consolidated Balance Sheet 16

• Number of Stores and Plan 17

• FY2026/02 Forecast 18

2

Overview

Sales and profit increased for the three-month period of 3Q, net sales exceeded the plan and hit a record high

Gross profit margin improved, and we controlled ratio to net sales despite strategic SG&A spending

(Millions of yen)

(Note) We finalized the provisional accounting treatment for the business combination at the end of the consolidated third quarter of the previous fiscal year. Accordingly, the figures for the second quarter of the consolidated fiscal year ended February 2025 reflect significant revisions to the initial allocation of acquisition cost resulting from the finalization of the provisional accounting treatment.

*: Rent & depreciation costs are the sum of Rent expenses, Lease expenses and Depreciation

• Platform Business

  *before elimination

• Global Business

(+2.8% YoY)

External brand participation on and ST increased steadily

(through the open e-commerce marketplace model)

Mainland China and Taiwan performed well; business in Hong Kong was strong despite typhoon-related impacts

Withdrew from U.S. in July

Performance struggled due to extended summer heat, but falling

• Brand Retail Business

*before elimination

56.3％ (+0.2p YoY)

71.9billion yen

temperatures supported solid winter product sales All group companies in Japan performed well

• Positive factors: Rebound from one-time expenses due to changes in point usage rates in 3Q of the previous year (+0.5 p); higher e-commerce sales through the open platform; improved markups from a stronger yen and cost reduction initiatives; downsizing of the wholesale business

• Negative factors: Inventory clearance discounts for fall products; increase in points granted; negative rebound from the higher gross margin in zetton's prior four-month fiscal period

48.7 % (▲1.0p YoY)

Ran television advertisements to expand awareness of and ST

Improvement driven by workforce management; impact of the food and beverage business fiscal year change (-0.4 billion yen)

Impairment losses related to flagship store opening and system investments

Credit card fees, small-parcel delivery costs, and store expenses increased; however, expenses under Others decreased due to the fiscal-year end change in the food and beverage business and withdrawal from the U.S

(+21.4% YoY)

(+31.1% YoY)

(+20.3% YoY)

Operating income ratio : 7.6% EBITDA : 11.7%

Non-Operating income Foreign exchange profit of 160million yen

Extraordinary losses

Loss on sale of U.S. business 420million yen, Impairment of store assets of 50million yen

• Transitioned to a holding company structure in September; Adastria renamed and ST HD and spun off New Adastria

• Consolidated sales and profit increased in 3Q for the three companies New Adastria, and ST, and and ST HD (non-consolidated figures for Adastria in the previous year)

• Domestic group company sales increased 8% in 3Q (excluding the impact of one company added through M&A and two companies reduced through absorption mergers)

• Overseas group company sales decreased; however, excluding the impact of the U.S. withdrawal, sales increased 24% in 3Q

• Sales at zetton, our food and beverage business, decreased due to the change in the fiscal-year end, which resulted in a four-month 3Q in the previous fiscal year;

  however, sales increased 2% when compared on a three month basis

  (Millions of yen)

  		FY2025/02 3Q		FY2026/02 3Q
  		Nine Months Ended	Three Months Ended	Nine Months Ended			Three Months Ended
  					Ratio	YoY		Ratio	YoY
  Net Sales		220,089	75,886	227,372	7,283	103.3%	78,027	2,141	102.8%
  	New Adastria+AST+HD*1	173,775	58,764	180,430	6,654	103.8%	61,975	3,210	105.5%
  	Domestic subsidiaries*2	20,486	8,125	20,826	339	101.7%	8,249	124	101.5%
  	Overseas subsidiaries*3	17,653	5,699	17,814	160	100.9%	5,389	▲ 310	94.5%
  	zetton (Food & Beverage Subsidiary)*4	11,556	4,614	11,631	75	100.6%	3,673	▲ 940	79.6%
  	Consolidation adjustment	▲ 3,383	▲ 1,317	▲ 3,330	52	-	▲ 1,259	57	-
  Operating profit (Excl. HD Impact)		14,770	4,874	13,893	▲ 877	94.1%	5,919	1,045	121.4%
  	New Adastria+AST+HD*1	13,573	4,210	10,938	▲ 2,635	80.6%	4,682	472	111.2%
  	Domestic subsidiaries*2	1,253	854	2,005	752	160.0%	1,166	312	136.6%
  	Overseas subsidiaries*3	283	▲ 58	658	375	232.5%	13	72	-
  	zetton (Food & Beverage Subsidiary)*4	▲ 181	▲ 8	301	483	-	65	73	-
  	Consolidation adjustment	▲ 158	▲ 123	▲ 10	147	-	▲ 8	114	-

  *1: Figures in FY2025/02 reflect Adastria's performance. Figures in FY2026/02 reflect adjustments for intercompany eliminations between Adastria and and ST Co., Ltd., and are presented on the same basis as FY2025/02

  *2: Domestic subsidiaries are the sum of three subsidiaries FY2025/02 : BUZZWIT Co.,Ltd., ELEMENT RULE Co., Ltd., ADOORLINK Co., Ltd., TODAY'S SPEACIAL CO., Ltd. Domestic subsidiaries are the sum of three subsidiaries FY2026/02 : BUZZWIT Co.,Ltd., ELEMENT RULE Co., Ltd., KARRIMOR International Ltd.,

  *3: Overseas subsidiaries (Mainland China, Hong Kong, Taiwan, Thailand, the Philippines, USA), net sales is shown after intercompany eliminations, operating profit is the sum of subsidiaries (Period Jan. to Sep.2025)

  *4: Net Sales and operating profit of zetton, inc. is shown after consolidation adjustments. Due to change in financial year, Feb-Nov (FY2025/02) and Mar-Nov(FY2026/02)

  Net Sales and Operating Profit for New Adastria + and ST + and ST HD and Group Companies

  
  
  

• Sales progressed as planned due to lower temperatures and strong winter product performance offsetting the impact of the extended summer heat in September

• Gross profit margin improved, despite fall inventory clearance discounts, due to improved markups and the rebound from one-time expenses stemming from changes in point usage rates in the previous year

• Rent and depreciation increased; however, we controlled the overall SG&A amount and the ratio to net sales within the planned range

(Millions of yen)

*1: Figures exclude sales eliminated from other group companies arising from the transition to a holding company structure.

*2: Based on monthly releases

• Target Business Structure for 2030

  ¥400 billion

  Consolidated Net Sales

  
  
  

  Glocalization

  Play fashion!

  Consolidated Operating

  Profit Margin

  8 %

  
  
  

  Platformer

  Driving group value expansion

  Global Business

  • Strengthen multi-brand strategy in Greater China to achieve stable growth

  • Position Southeast Asia as the next growth pillar by focusing investment and launching the e-commerce platform ahead of physical stores

  • Leverage M&A opportunities and pursue business expansion with speed

    ¥100 billion

    Gross Merchandise Value

    (GMV)

    
    
    

    and ST Membership Base

    Mobility

    Multi-Brand

    Transition to a Multi-Company Structure

    Net sales: ¥40 billion Operating profit margin: 8% Overseas net sales ratio: 10%

    Powering group value innovation

    Platform Business

    • Grow and ST into a comprehensive mall and media platform, aiming for ¥100 billion in GMV

    • Implement a strategy to align ID and LTV through category expansion, point program partnerships, and media collaboration

    • Drive revenue growth through production and solution-based services

      GMV: ¥100 billion

      Value Chain and Digital Transformation

      Open Platform Engagement

      Physical Stores and Staff

      Supporting group value creation

      Brand Retail Business

  • Clarify each company's mission and further advance

    brand portfolio management

  • At Adastria, the core of the Group, focus investments on GLOBAL WORK, LAKOLE, and GEORGE'S

  Net sales: ¥340 billion

  Net sales: ¥34 billion (¥20 billion after intercompany eliminations)

  Operating profit margin: 31% (22% after intercompany eliminations)

  Operating profit margin: 7.2%

  (5.8% after intercompany eliminations)

  34.5 billions yen

  and ST GMV

  
  
  

• and ST GMV exceeded plan

  （3rd Quarter nine months）

  （+14.3% YoY）

  (million yen)

  14,000

  GMV performance

  (YoY)

  
  
  

  120%

  Group Brand Sales

  31.3 billions yen

  12,000

  115%

  Ratio

  External Brand Sales

  Ratio

  （+5.6% YoY）

  90.6%

  3.2 billions yen

  （+435.3% YoY）

  9.4%

  10,000

  8,000

  6,000

  4,000

  110%

  105%

  100%

  95%

  90%

  "and ST" members

  21.2 million members

  
  
  

  （at 30 November, 2025）

  （+1.5million more than at the end of FY2025/02）

  2,000

  85%

  +12.0%

  7.8

  0

  FY2024/2 FY2024/2 FY2024/2 FY2024/2 FY2025/2 FY2025/2 FY2025/2 FY2025/2 FY2026/2 FY2026/2 FY2026/2

  80%

  自社グル ープ

  グルー プ外

  前年対 比

  Group Brand

  
  
  

  External Brand

  
  
  

  Active members

  million members

  （+0.3million more than at the end of FY2025/02）

  1Q 2Q

  3Q 4Q

  1Q 2Q

  3Q 4Q

  1Q 2Q 3Q

  YoY

  
  
  

• External brand participation exceed plan

  51 shops

  No. of External shops

  
  
  

  （at 30 November, 2025）

  （+29shops YoY）

• Major brands including new balance, BEUTY & YOUTH UNITED ARROWS, Afternoon Tea LIVING, ADAM ET ROPÉ

join and ST