J. Front Retailing Co., Ltd.TSE: 3086

Financial Results for Third Quarter of Fiscal Year Ending February 28, 2026 (Reference Data)

· Issued by J. Front Retailing Co., Ltd.

Financial Results for Third Quarter of Fiscal Year Ending February 28, 2026

＜Reference Data＞ December 26, 2025

Create and Bring to Life "New Happiness."





3Ｑ (Sep-Nov) FY2025 Financial Results

＜３Ｑ Financial Summary＞

3Q (September-November) saw steady sales performance, resulting in higher year-on-year business profit, slightly above plan.

Regarding the outlook for the second half, while the impact of the decline in visitors from China remains uncertain, we aim to achieve the forecast announced in October.

・Due to the reorganization of the group on September 1, 2024, part of the operations of J. Front ONE Partner Co., Ltd. were transferred to PARCO SPACE SYSTEMS Co., Ltd. and other companies. Based on these changes, the results for the previous year have been retroactively adjusted to reflect the transfer from March 1, 2024.



3Q FY2025 Consolidated Results (IFRS)

In 3Q (September-November), business profit increased by 900 million yen driven by revenue growth in the department store and shopping center businesses.

Operating profit decreased by 1.0 billion yen due to losses recorded from renovations at Daimaru Umeda and the decision to close Shizuoka PARCO.

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

3Q (September-November)

Cumulative 3Q (March-November)

Result

YoY

Result

YoY

Amount

%

Amount

%

Gross sales

317.7

14.1

4.6

940.3

26.2

2.9

Revenue

108.2

1.5

1.5

328.1

12.1

3.8

Gross profit

54.0

3.9

7.8

161.6

3.0

1.9

SGA

40.7

2.9

7.8

120.1

6.3

5.6

Business profit

13.3

0.9

7.9

41.5

(3.3)

(7.4)

Other operating income

0.2

0.1

92.9

3.1

(5.8)

(64.7)

Other operating expenses

2.8

2.1

307.3

4.0

1.2

47.2

Operating profit

10.7

(1.0)

(9.0)

40.6

(10.4)

(20.4)

Profit attributable to owners of parent

6.3

(1.6)

(20.4)

24.6

(12.3)

(33.4)



3Q FY2025 Segment Information (IFRS) (1)

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Department Store

Gross sales

Revenue

Business profit

Operating profit

SC

Gross sales

Revenue

Business profit

Operating profit

Developer

Gross sales

Revenue

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

201.8

10.8

5.7

64.5

4.7

8.0

7.8

0.9

14.4

6.2

0.2

5.0

89.9

7.2

8.8

17.0

0.6

3.7

4.4

0.3

9.3

3.4

(0.5)

(14.1)

18.5

(7.4)

(28.6)

18.5

(7.4)

(28.6)

1.3

(0.7)

(34.7)

1.2

(0.8)

(40.2)

Cumulative 3Q (March-November)

Result

YoY

Amount

%

595.7

5.6

1.0

194.1

7.0

3.8

23.8

(3.0)

(11.4)

22.8

(2.4)

(9.6)

262.8

17.3

7.1

50.1

1.9

4.0

12.7

0.8

7.3

13.0

1.8

16.5

61.8

(3.1)

(4.9)

61.8

(3.1)

(4.9)

5.7

(0.6)

(9.5)

5.6

(0.6)

(10.6)



3Q FY2025 Segment Information (IFRS) (2)

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Payment and Finance

Gross sales

Revenue

Business profit

Operating profit

Other

Gross sales

Revenue

Business profit

Operating profit

Adjustment Amount

Gross sales

Revenue

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

3.4

0.1

3.7

3.4

0.1

3.7

0.1

(0.4)

(75.2)

0.1

(0.5)

(77.4)

15.4

2.0

15.5

14.9

1.9

14.8

0.1

0.0

124.2

0.1

0.0

131.6

(11.4)

1.2

-

(10.2)

1.5

-

(0.6)

0.7

-

(0.4)

0.4

-

Cumulative 3Q (March-November)

Result

YoY

Amount

%

10.0

0.2

2.6

10.0

0.2

2.6

0.6

(1.1)

(64.4)

0.5

(0.9)

(62.9)

45.0

8.6

24.0

43.8

8.5

24.1

0.5

0.1

30.6

0.4

0.0

7.6

(35.1)

(2.5)

-

(31.9)

(2.4)

-

(2.1)

0.4

-

(1.9)

(8.2)

-



Segment Information (1) Department Store Business (IFRS)

Revenue increased due to steady domestic consumption and a rebound in duty-free sales.
Duty-free sales reached 28.4 billion yen, up 12.0% year on year, tracking above plan,

driven by factors such as the weak yen.

Despite an increase in Osaka-Kansai Expo-related and other costs, business profit for 3Q (September-November) rose by 900 million yen.

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Gross sales

Revenue

Gross profit

SGA

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

201.8

10.8

5.7

64.5

4.7

8.0

41.9

2.9

7.7

34.0

1.9

6.2

7.8

0.9

14.4

6.2

0.2

5.0

Cumulative 3Q (March-November)

Result

YoY

Amount

%

595.7

5.6

1.0

194.1

7.0

3.8

124.4

2.4

2.0

100.5

5.5

5.8

23.8

(3.0)

(11.4)

22.8

(2.4)

(9.6)



Daimaru Matsuzakaya Department Stores Major Store Sales

Growth in duty-free sales drove the strong performance at Shinsaibashi, up 11.7%, and Kobe, up 6.3%.

Following the end of the Osaka-Kansai Expo effect, Umeda, where the closure of sales floors on upper levels has begun, saw a sales increase of 6.0%.

Nagoya, which completed renovations of its main building at the end of August, recorded a 9.0%

increase in sales.

（% increase/decrease）

Fiscal year ending February 28, 2026

YoY

1Q

2Q

3Q

Shinsaibashi

(9.3)

(0.9)

11.7

Umeda

10.6

14.6

6.0

Tokyo

(5.3)

(0.5)

3.4

Kyoto

(13.8)

(10.9)

(0.2)

Kobe

1.7

(1.4)

6.3

Sapporo

0.1

(2.5)

1.6

Nagoya

(0.5)

2.0

9.0

Total

directly managed stores

(2.8)

(0.4)

5.2

3Q

cumulative

0.1

10.5

(0.9)

(8.6)

2.2

(0.3)

3.5

0.6

7



Daimaru Matsuzakaya Department Stores Duty-free Sales

3Q (September-November) duty-free sales reached 26.7 billion yen, up 14.8% year on year, driven by a rise in the number of visitors.

Currently, the number of inbound tourists from China has noticeably declined, and performance is trending below the prior year level.

Duty-free Sales (Mar 2023 - Nov 2025)

(billion yen)

14

12

10

No. of customers / Avg. spend per customer

YoY Change (％)

1Q

(Mar-May)

2Q

(Jun-Aug)

3Q

(Sep-Nov)

Customers

＋14.2

＋5.8

＋15.4

Avg. spend

-33.4

-24.9

-0.5

8 Duty-free sales share by country and region (%)

China
Hong Kong
Taiwan
Korea
Thailand
Other

6

66.0

FY2025

4 3Q cumulative

2

0

Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb

FY2023
FY2024
FY2025

FY2024

65.6

0% 20% 40% 60% 80% 100%



Daimaru Matsuzakaya Department Stores SGA

In 3Q (September-November), SGA increased by 2.2 billion YoY mainly owing to increases in fees.

Excluding Osaka-Kansai Expo expenses, there was an 800 million yen increase YoY.

(Unit: Millions of yen)

Item

3Ｑ

(Sep-Nov)

YoY

Cumulative 3Q

(Mar-Nov)

YoY

Major reasons for YoY change (Sep-Nov)

Personnel

8,150

101

23,561

187

【Personnel expenses】

・Salary and bonuses ＋140

【Advertising】

・Inbound initiatives ＋340

【Other】

・Fees ＋1,290

・Outsourcing costs ＋360

※Of the above,

Excl. Expo-related items ＋820

Advertising

2,967

447

7,857

801

Packaging and transportation

359

93

1,498

191

Depreciation

4,998

(44)

15,093

(205)

Operational

2,862

(30)

8,465

285

Other

11,853

1,660

35,649

4,748

Total SGA

31,192

2,227

92,126

6,008



Segment Information (2) SC Business (IFRS)

Tenant transaction volume remained strong for both domestic and international customers.

Despite a decline in operating profit in 3Q (Sep-Nov) due to losses recorded from the decision to close Shizuoka PARCO, cumulative results as of the end of 3Q showed an 800 million yen increase in business profit and a 1.8 billion yen increase in operating profit.

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Gross sales

Revenue

Gross profit

SGA

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

89.9

7.2

8.8

17.0

0.6

3.7

7.1

0.6

10.8

2.6

0.3

13.3

4.4

0.3

9.3

3.4

(0.5)

(14.1)

3Q cumulative (March-November)

Result

YoY

Amount

%

262.8

17.3

7.1

50.1

1.9

4.0

20.6

1.3

6.9

7.8

0.4

6.3

12.7

0.8

7.3

13.0

1.8

16.5



PARCO Major Store Tenant Transaction Volume

Shibuya PARCO, which completed a major renovation in September, saw significant growth in transaction volume.

Nagoya PARCO and Sendai PARCO maintained double-digit revenue growth, driven by

the effects of renovations and other factors.

（% increase/decrease）

Fiscal year ending February 28, 2026

YoY

1Q

2Q

3Q

Sapporo PARCO Sendai PARCO Urawa PARCO Ikebukuro PARCO Shibuya PARCO Chofu PARCO Nagoya PARCO Shinsaibashi PARCO

Fukuoka PARCO

12.0

7.5

3.0

7.1

17.5

12.9

2.3

7.2

9.4

(1.8)

1.1

4.3

1.8

6.2

26.3

2.1

3.8

5.7

14.6

21.2

13.2

16.8

3.6

8.9

9.0

4.9

2.8

Total stores

5.8

6.6

9.5

Total comparable stores

6.9

7.6

10.5

3Q

cumulative

7.4

12.5

6.3

1.2

11.4

3.8

16.3

9.5

5.5

7.3

8.3



Segment Information (3) Developer Business (IFRS)

3Q (September-November) revenue and profit decreased due to factors including the reactionary impact from large-scale construction orders booked by J. Front Design & Construction in the previous year.

Cumulative business profit through the third quarter declined by 600 million yen, but performance progressed slightly above plan.

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Gross sales

Revenue

Gross profit

SGA

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

18.5

(7.4)

(28.6)

18.5

(7.4)

(28.6)

3.1

(0.5)

(15.7)

1.8

0.1

7.2

1.3

(0.7)

(34.7)

1.2

(0.8)

(40.2)

Cumulative 3Q (March-November)

Result

YoY

Amount

%

61.8

(3.1)

(4.9)

61.8

(3.1)

(4.9)

11.0

(0.3)

(3.4)

5.2

0.2

4.3

5.7

(0.6)

(9.5)

5.6

(0.6)

(10.6)



Segment Information (4) Payment and Finance Business （IFRS）

Revenue increased due to higher merchant fees driven by growth in card transaction volume.

Cumulative business profit through the third quarter declined by 1.1 billion yen due to increased costs associated with acquiring new members following new card issuance.

(Unit: Billions of yen, %)

Fiscal year ending February 28, 2026

Gross sales

Revenue

Gross profit

SGA

Business profit

Operating profit

3Q (September-November)

Result

YoY

Amount

%

3.4

0.1

3.7

3.4

0.1

3.7

3.4

0.1

3.7

3.2

0.6

23.2

0.1

(0.4)

(75.2)

0.1

(0.5)

(77.4)

3Q cumulative (March-November)

Result

YoY

Amount

%

10.0

0.2

2.6

10.0

0.2

2.6

10.0

0.2

2.6

9.4

1.3

16.8

0.6

(1.1)

(64.4)

0.5

(0.9)

(62.9)



Consolidated Statement of Financial Position (IFRS)

Total assets were 1,148.9 billion yen, a decline of 15.1 billion yen from the end of the previous year.

Interest bearing debt (excl. lease liabilities) was 178.7 billion yen, a decrease of 11.3 billion yen from the end of the previous year.

Equity attributable to owners of parent was 404.9 billion yen, a decrease of 4.7 billion yen from the end of the previous year.

Total assets

1,164.1

1,148.9

Interest-bearing debt

Equity attributable to owners of parent

35.2%

to owners of p

35.2%

Ratio of equity attributable

arent

-15.1

～

～

363.5

-22.2

341.3

409.6

-4.7

404.9

-11.3

（Excl. lease liabilities）

Bonds and borrowing 178.7

Bonds and borrowing 190

Lease liabilities 162.5

Lease liabilities 173.5

End of Feb 2025 End of Nov 2025

End of Feb 2025 End of Nov 2025

End of Feb 2025 End of Nov 2025

(Billions of yen, unless otherwise stated) 14



Consolidated Statement of Cash Flow (IFRS)

Net cash provided by operating activities was 51 billion yen, down 19.9 billion yen year on year, mainly due to an increase in corporate tax payments.

Net cash used in investing activities was 11.0 billion yen, mainly due to store renovations in the department store business and PARCO.

Free CF decreased by 13.7 billion yen year on year but remained positive at 40 billion yen.

Operating CF Investing CF Free CF Financing CF

71.0

Balance of cash and deposits

51.0

53.7

61.3

40.0

32.6

＜＋6.2＞

＜＋1.4＞

＜-19.9＞

＜-13.7＞

＜-28.6＞

(17.2) (11.0)

＜ ＞Figures in brackets represent YoY changes

(63.7) (62.3)

(Billions of yen)

3Q Results for FY ending Feb 2025
3Q Results for FY ending Feb 2026



Large-scale Renovation of Matsuzakaya Nagoya Store South Wing

Renovation work on the Nagoya store's South Wing will begin in February next year in preparation for a spring 2027 opening.

Matsuzakaya Nagoya Store Strategic renovation

Early Summer 2026

Centered on Matsuzakaya, PARCO, and HAERA, the entire area will target high-quality, high-aspiration consumer segments.

2024～2025

Spring 2027

Nagoya PARCO

Strategic renovation

HAERA

(new commercial facility) Opening

Matsuzakaya Nagoya Store South Wing

"Department Store

x PARCO"

10F

8F

7F

6F

5F

Floors subject to renovation

4F

3F

2F

1F

B1F

B2F

Renovation area Approx. 19,000㎡

Enhancing our presence in the Sakae area

Website

https://www.j-front-retailing.com/english/

Create and Bring to Life

"New Happiness."



Forward-looking statements in this document represent our assumptions based on information currently available to us and inherently involve potential risks, uncertainties, and other factors. Therefore, actual results may differ materially from the results anticipated herein due to changes in various factors.