And ST HD : Summary of Consolidated Financial Reasults for FY2026/02 has been posted.

[Japanese GAAP] April 6, 2026

Company name: and ST HD Co., Ltd. Listing: Tokyo Stock Exchange

Stock code: 2685 URL: https://www.andst-hd.co.jp Representative: Taiki Fukuda, Representative Director and President

Contact: Masatake Hayashi, Group Executive Officer, General Manager of Corporate Planning Office

Scheduled date of Annual General Meeting of Shareholders: May 27, 2026

Scheduled date of payment of dividend: May 11, 2026

Scheduled date of filing of Annual Securities Report: May 26, 2026

Preparation of supplementary materials for financial results: Yes

Tel: +81 3 5466 2060

Holding of financial results meeting: Yes (for investors)

(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Fiscal Year Ended February 28, 2026 (March 1, 2025 - February 28, 2026)

   1. Consolidated results of operations (Percentages shown for net sales and incomes represent year on year changes)

      	Net sales		Operating profit		Ordinary profit		Net income attributable to owners of the parent
      	Million yen	%	Million yen	%	Million yen	%	Million yen	%
      Fiscal year ended Feb. 28, 2026	304,351	3.8	16,524	6.5	16,827	5.4	9,498	(1.2)
      Fiscal year ended Feb. 28, 2025	293,110	6.4	15,510	(13.9)	15,964	(13.2)	9,614	(28.9)

      Note: Comprehensive income Fiscal year ended Feb. 28, 2026: 9,482 million yen (down 3.2%)

      Fiscal year ended Feb. 28, 2025: 9,799 million yen (down 30.9%)

      	Net income per share	Diluted net income per share	ROE	Ratio of ordinary profit to total assets	Ratio of operating profit to net sales
      Fiscal year ended Feb. 28, 2026 Fiscal year ended Feb. 28, 2025	Yen 205.86 208.93	Yen - -	% 12.0 13.1	% 12.3 12.2	% 5.4 5.3

      Reference: Equity in earnings of affiliates Fiscal year ended Feb. 28, 2026: － million yen

      Fiscal year ended Feb. 28, 2025: (26) million yen

   2. Consolidated financial position

      	Total assets	Net assets	Equity ratio	Net assets per share
      	Million yen	Million yen	%	Yen
      As of Feb. 28, 2026	139,688	81,823	58.3	1,765.62
      As of Feb. 28, 2025	133,108	77,200	57.9	1,665.51

      Reference: Shareholders' equity As of Feb. 28, 2026: 81,444 million yen As of Feb. 28, 2025: 77,102 million yen

   3. Consolidated cash flow position

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of period
   Fiscal year ended Feb. 28, 2026	Million yen 20,566	Million yen (9,515)	Million yen (7,426)	Million yen 24,820
   Fiscal year ended Feb. 28, 2025	21,373	(16,971)	(7,111)	21,081

2. Dividends

   	Dividend per share					Total dividends	Dividend payout ratio (consolidated)	Dividend on equity (consolidated)
   	Q1-end	Q2-end	Q3-end	Year-end	Total
   Fiscal year ended Feb. 28, 2025 Fiscal year ended Feb. 28, 2026	Yen - -	Yen 35.00 45.00	Yen - -	Yen 55.00 45.00	Yen 90.00 90.00	Million yen 4,211 4,210	% 43.1 43.7	% 5.6 5.2
   Fiscal year ending Feb. 28, 2027 (forecast)	-	45.00	-	45.00	90.00		39.5

3. Consolidated Forecast for the Fiscal Year Ending February 28, 2027 (March 1, 2026 - February 28, 2027)

(Percentages represent year on year changes)

1. Significant changes in scope of consolidation during the period: Yes

   Newly added: 2 (KARRIMOR International Ltd.; ADASTRIA (MALAYSIA) SDN. BHD.) Excluded: 1 (Velvet,LLC)

2. Changes in accounting policies and accounting based estimates, and restatements

   1. Changes in accounting policies due to revisions in accounting standards, others: Yes

   2. Changes in accounting policies other than 1) above: None

   3. Changes in accounting-based estimates: None

   4. Restatements: None

      (Note) For details, refer to 3. Consolidated Financial Statements and Notes (5) Notes to Consolidated Financial Statements (Changes in Accounting Policies) on page 16 of the attached materials.

3. Number of outstanding shares (common stock)

   1. Number of shares outstanding at the end of the period (including treasury shares)

      As of Feb. 28, 2026: 48,800,000 shares As of Feb. 28, 2025: 48,800,000 shares

   2. Number of treasury shares at the end of the period

      As of Feb. 28, 2026: 2,672,130 shares As of Feb. 28, 2025: 2,506,369 shares

   3. Average number of shares outstanding during the period

      Fiscal year ended Feb. 28, 2026: 46,141,767 shares Fiscal year ended Feb. 28, 2025: 46,018,757 shares

      Reference: Summary of Non Consolidated Financial Results 1. Non Consolidated Financial Results for the Fiscal Year Ended February 28, 2026 (March 1, 2025 - February 28, 2026)

      1. Non consolidated results of operations (Percentages represent year on year changes)

         	Net sales		Operating profit		Ordinary profit		Net income
         	Million yen	%	Million yen	%	Million yen	%	Million yen	%
         Fiscal year ended Feb. 28, 2026	124,736	(46.0)	7,612	(43.4)	9,818	(34.1)	5,459	(49.4)
         Fiscal year ended Feb. 28, 2025	230,983	5.0	13,449	(17.7)	14,888	(8.8)	10,792	23.2

         	Net income per share	Diluted net income per share
         	Yen	Yen
         Fiscal year ended Feb. 28, 2026	118.31	-
         Fiscal year ended Feb. 28, 2025	234.52	-

      2. Non consolidated financial position

         	Total assets	Net assets	Equity ratio	Net assets per share
         	Million yen	Million yen	%	Yen
         As of Feb. 28, 2026	84,434	67,563	80.0	1,464.69
         As of Feb. 28, 2025	105,313	67,141	63.8	1,450.34

         Reference: Shareholders' equity As of Feb. 28, 2026: 67,563 million yen As of Feb. 28, 2025: 67,141 million yen

         (Note) The Company became a holding company via corporate split on September 1, 2025.

         For details, refer to 3. Consolidated Financial Statements and Notes (5) Notes to Consolidated Financial Statements (Changes in Accounting Policies) on page 16 of the attached materials.

         Note 1: The current financial report is not subject to audit by certified public accountants or auditing firms. Note 2: Cautionary statement with respect to forward looking statements

         Forward looking statements in this report are based on currently available information and certain assumptions judged to be reasonable. These statements are not promises by Adastria regarding future performance. Actual results may differ significantly from these forecasts for a number of factors. Please refer to the section " 1. Overview of Results of Operations

4. Outlook" on page 7 regarding preconditions or other related matters for the forecast shown above.

Attachments

Consolidated Results

The employment and personal income environment in Japan remained stable, supporting a gradual economic recovery throughout the current consolidated fiscal year. However, personal consumption faced downside risks as the ongoing weak yen and labor shortages continued to drive up food, raw materials, and energy costs. The outlook for the global economy as a whole remains uncertain due to U.S. tariff policies and the international landscape.

Against this backdrop, the and ST HD Group aims to position our e-commerce site and ST, as the driving force to generate synergies across group companies, as outlined in Medium-Term Management Plan 2030, announced in April 2025. In doing so, we aim to evolve into a Play fashion! platformer that expands our reach through collaboration with customers and external partners.

Consolidated net sales amounted to 304,351 million yen (up 3.8% year on year), operating profit was 16,524 million yen (up 6.5%), while ordinary profit was 16,827 million yen (up 5.4%) and net income attributable to owners of the parent was 9,498

million yen (down 1.2%). Pursuing our growth strategy, we expanded brands and categories through M&A, opened our own ecommerce site to products from other companies, and opened physical stores overseas. As a result, sales increased while net income attributable to owners of the parent decreased due to extraordinary losses. Sales and profit performance did not meet our initial forecasts due to challenges in responding to climate change in Japan and overseas, as well as the impact of the performance of major brands.

Net sales for casual fashion in the Apparel and Sundries Related Business in Japan were affected by unseasonal temperatures in April and September, which slowed the start of seasonal clothing; however, demand for casual fashion remained firm. Net sales in Japan increased 4.0% year on year, supported by a diverse product lineup driven by the multi-brand, multi-company strategy, along with promotions including TV commercials and points-reward programs. M&A also contributed to a net increase of four months for two brands, TODAY'S SPECIAL and GEORGE'S, which joined the group in July 2024, and a net increase for

KARRIMOR International Ltd., which joined the group in April 2025.

Under our platform strategy, we expanded promotional initiatives linking and ST with physical stores, and developed collaboration products with well-known characters and popular staff. As a result, membership in the shared point system for ecommerce and physical stores grew by 2 million from the end of the previous fiscal year to 21.7 million, and the number of active members reached 7.8 million. The number of brands and gross merchandise value also increased under the open-mall model on and ST, which allows external brands to list their products.

Overseas net sales (converted to yen) increased 18.6% year on year in mainland China, driven by strong performance in our cross-channel strategy to raise brand recognition through the opening of cost-efficient standard-format stores and to generate earnings through e-commerce, despite ongoing pressure from the real estate downturn and weak consumer sentiment. In Hong Kong and Taiwan, new store openings and e-commerce under the multi-brand strategy continued to perform well, resulting in year-on-year sales growth of 1.3% and 25.2%, respectively. We completed the equity interest transfer of Velvet, LLC, an operating subsidiary (sub-subsidiary) in the U.S., on July 25, 2025, withdrawing from the business. As a result, sales in our

U.S. business declined 44.3%. New store openings in Thailand and the Philippines led to higher net sales, while the overseas business overall recorded a 0.3% year-on-year decrease in net sales, impacted by the decrease in sales in the U.S.

Sales in Other (food and beverage business) increased 1.1% year on year, despite continued challenges in the food service industry, including rising raw material and utility costs and labor shortages. This result was supported by steady performance at existing stores and a net increase in new stores, including overseas locations, contributing to the increase in sales, despite the negative impact of the change in fiscal year-end and fewer months included in our results.

Given the upward pressure on costs due to the depreciating yen, we endeavored to control inventory and reduce costs by offering products at the right time, right price, and right volume. We also expanded our highly profitable platform business in

line with our growth strategy. At the same time, gross profit margin in the Apparel and Sundries Related Business declined year on year due to lower-than-expected full-price sales due to the year-round impact of the weather. In Other (food and beverage business), rising costs of materials, etc., outpaced our efforts to revise prices and reduce costs, resulting in a lower gross profit margin. As a result, consolidated gross profit margin declined 0.1 percentage points year on year to 54.6%.

Selling, general, and administrative expenses increased due to factors including stepped-up promotions, advertising expenses for new flagship store openings, higher personnel expenses due to improved employee compensation, and an increase in depreciation and amortization in line with new store openings and M&A. However, overall efficiency gains helped us hold SG&A ratio to within 0.3 percentage points at 49.1%.

As a result, operating profit margin rose 0.1 percentage points to 5.4% while operating profit increased 6.5% year on year.

We recorded 2 million yen in foreign exchange gains as non-operating income, 3,446 million yen in gain on sale of non-current assets as extraordinary income in connection with the sale of the Fukuoka Distribution Center, and extraordinary losses that included 2,502 million yen in impairment loss on intangible assets associated with goodwill, 1,137 million yen in impairment loss related to stores, and 695 million yen in loss on sales of shares in subsidiaries and affiliates in connection with the transfer of interest in Velvet, LLC.

Business segment performance was as follows.

1. Apparel and Sundries Related Business

   Net sales amounted to 289,770 million yen (up 4.0% year on year) and segment profit was 17,301 million yen (up 3.7%).

   We opened 108 new stores (including 35 overseas) and closed 53 locations (including 6 overseas). As a result, the segment operated 1,601 stores (including 157 locations overseas) as of the end of the current consolidated fiscal year.

2. Other (Food and Beverage Business)

Net sales amounted to 14,759 million yen (up 1.0% year on year) and segment loss was 474 million yen (compared with a segment loss of 717 million yen in the previous fiscal year).

The segment operated 73 stores as of the end of the fiscal year. We opened 3 new locations and closed 6.