Consolidated Revenue Report December 2025

January 15, 2026

1. Revenue (Sales) by Segment (% change year on year)

   	December	H2 Total
   Department Store Business	(3.7)	3.9
   SC Business	5.9	4.2
   Developer Business	(41.4)	(31.6)
   Payment and Finance Business	(1.6)	2.2
   Other	(6.0)	9.1
   Total Consolidated	(7.7)	(1.5)

   (Reference) Gross sales
   December	H2 Total
   (2.0)	3.1
   5.0	7.7
   (41.4)	(31.6)
   (1.6)	2.2
   (3.6)	10.2
   (2.0)	2.5

   Notes:	1. J. Front Retailing (the "Company") has voluntarily applied the International Financial Reporting Standards (IFRS) since March 2017.
   	2. Gross sales are calculated by converting sales from purchase recorded at the time of sale (shoka shiire ) of the Department Store Business
   	which are recognized as revenue under IFRS, into gross amount and converting the net amount of sales of the "SC Business" into tenant transaction
   	volume (gross amount basis).
   	3. Each figure of the reportable segment above is calculated based on simple sum of entities included in each segment.
   	Therefore, intercompany transactions within each segment are not eliminated.
   	4. Matsumoto PARCO closed on February 28, 2025.

   2. Sales of Department Store Business (Gross sales)

   a) Sales and Customer Traffic of Each Store (% change year on year)

   	December		H2 Total
   	Sales	Customer traffic	Sales	Customer traffic
   Daimaru Shinsaibashi	(6.8)	(3.8)	5.6	9.4
   Daimaru Umeda	(8.3)	(3.7)	0.9	7.4
   Daimaru Tokyo	0.4	4.5	2.4	5.0
   Daimaru Kyoto	(6.2)	(2.0)	(2.3)	(1.4)
   Daimaru Kobe	4.3	0.3	5.6	0.4
   Daimaru Suma	11.2	(2.9)	2.3	3.6
   Daimaru Ashiya	8.3	(0.5)	5.9	0.4
   Daimaru Sapporo	1.4	(1.0)	1.5	(0.4)
   Daimaru Shimonoseki	(5.7)	(1.3)	(4.2)	(1.1)
   Matsuzakaya Nagoya	3.4	(3.9)	7.1	(1.4)
   Matsuzakaya Ueno	(1.3)	3.6	(2.5)	2.9
   Matsuzakaya Shizuoka	2.5	(4.2)	(1.5)	(3.8)
   Matsuzakaya Takatsuki	(1.9)	2.2	(0.9)	2.1
   Total stores	(0.8)	(0.9)	3.1	3.4
   Corporations, head office, etc.	(8.8)	-	36.1	-
   Total Daimaru Matsuzakaya	(1.1)	(0.9)	4.2	3.4
   Of which: net sales of goods	(1.2)	-	4.1	-
   Of which: real estate lease revenue	0.8	-	8.2	-
   Hakata Daimaru	(13.0)	(5.3)	(10.7)	(2.2)
   Kochi Daimaru	(4.3)	(2.2)	(2.4)	(1.8)
   Total Department Store Business	(2.0)	(1.2)	3.1	3.0

   b) Daimaru Matsuzakaya Department Stores Sales by Merchandise Category (% change year on year)

   	Total all stores
   	December	H2 Total
   Men's clothing	(10.8)	(3.2)
   Women's clothing	(3.7)	3.2
   Children's clothing	(16.5)	(8.9)
   Other clothing	(10.2)	(8.7)
   Total clothing	(4.7)	2.2
   Accessories	3.2	26.4
   Cosmetics	(4.0)	6.1
   Fine arts / jewelry / precious metals	10.1	3.6
   Other general goods	(2.6)	1.7
   Total general goods	2.9	4.7
   Furniture	2.5	1.6
   Electric appliances	1.0	(14.5)
   Other household goods	(6.0)	(7.3)
   Total household goods	(4.4)	(5.6)
   Perishable foods	(3.1)	(2.6)
   Confectionary	4.6	10.3
   Delicatessen	(0.2)	0.8
   Other foods	(1.5)	(0.0)
   Total foods	0.7	3.6
   Restaurants & cafés	(1.0)	2.7
   Services	81.6	23.0
   Other	0.0	6.1
   Total	(1.2)	4.1

   3. Tenant Transaction Volume of PARCO Stores

   *"Tenant transaction volume" is the total value of the tenant transaction volume (sales) of PARCO stores. Previous year values are also calculated using

   the same standards.

   1. Tenant Transaction Volume by Store (% change year on year)

      	December	H2 Total
      Sapporo PARCO	8.0	4.6
      Sendai PARCO	11.4	12.5
      Urawa PARCO	4.0	7.8
      Ikebukuro PARCO	5.1	4.5
      PARCO_ya Ueno	13.0	19.9
      Hibarigaoka PARCO	(1.6)	2.9
      Kichijoji PARCO	11.9	12.0
      Shibuya PARCO	29.4	27.2
      Kinshicho PARCO	2.9	6.8
      Chofu PARCO	(1.8)	3.4
      Shizuoka PARCO	(3.4)	1.5
      Nagoya PARCO	4.0	10.4
      Shinsaibashi PARCO	(7.9)	3.9
      Hiroshima PARCO	(4.6)	(2.2)
      Fukuoka PARCO	(0.5)	1.8
      Total all stores	4.6	8.0
      Total comparable stores	5.6	9.0

      Note: 1.Matsumoto PARCO closed on February 28, 2025.

2. Total comparable stores does not include the values of Matsumoto PARCO.

1. Sales by Merchandise Category (% change year on year)