Morito Co., Ltd.TSE: 9837

Presentation Material for the Fiscal Year Ended November 30, 2025

· Issued by Morito Co., Ltd.
MORITO CO., LTD. Presentation Materials for the Fiscal Year Ending November 30, 2025, Financial Results

Prime Market of TSE: 9837

January 2026

© 2026 MORITO CO.,LTD.



Message from the CEO

  • With the consolidation of Ms.ID in 2Q and MITSUBOSHI CORPORATION in 3Q, net sales, operating profit, and ordinary profit hit all-time highs, and gross profit reached the 30% range.

  • Due in part to the results of structural reforms, we achieved the operating profit target of 3,000 million JPY under the 8th Mid-term Management Plan (FY2022 to FY2026) ahead of schedule and are currently drafting the next mid-term management plan, which is scheduled to be completed around summer 2026.

  • The transportation business stagnated due to the external environment. On the other hand, the apparel business and other existing businesses, excluding newly consolidated companies, grew steadily.

  • In FY2026, the profit margin is expected to be affected by higher personnel expenses and the consolidation of MITSUBOSHI CORPORATION, but net sales and operating profit are expected to reach record highs.

Where innovation is the norm

© 2026 MORITO CO.,LTD. 1



CONTENTS

  1. FY2025 Financial Results
  2. FY2025 Segment Information
  3. (FYI) Operating Profit by Business Segment
  4. FY2026 Full-Year Forecast
  5. Progress in the 8th Mid-term Management Plan
  6. Topics
  7. Shareholder Returns
  8. (FYI) Company Profile

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© 2026 MORITO CO.,LTD. 2



FY2025 Financial Results

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© 2026 MORITO CO.,LTD. 3



FY2025 Summary of Financial Results

(Million JPY)

(FYI) 2023

2024

2025

Y/Y

Increase/

Decrease

Percentage

change

Net sales

48,529

48,537

56,867

+8,330

+17.2%

Gross profit

(%)

13,265

(27.3%)

14,138

(29.1%)

17,387

(30.6%)

+3,249

+23.0%

Cost

(%)

10,801

(22.3%)

11,269

(23.2%)

14,053

(24.7%)

+2,784

+24.7%

Operating profit

(%)

2,464

(5.1%)

2,868

(5.9%)

3,333

(5.9%)

+464

+16.2%

Ordinary profit

(%)

2,771

(5.7%)

3,003

(6.2%)

3,624

(6.4%)

+621

+20.7%

Net income

(%)

2,217

(4.6%)

2,572

(5.3%)

2,916

(5.1%)

+344

+13.4%

*FY2025 results include Ms.ID's 9-month results and MITSUBOSHI CORPORATION's 6-month results.

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© 2026 MORITO CO.,LTD. 4



FY2025 Major Factors for Y/Y Changes

Net sales, operating profit, and ordinary profit hit all-time highs. Some expenses, such as personnel expenses, increased.

Net sales +8,330 million JPY

+17.2%

Gross profit +3,249 million JPY

+23.0%

Operating profit +464 million JPY

+16.2%

(+) Recovery of domestic apparel market and increase in sports- and outdoor-related products

(+) Recent consolidation of Ms.ID and MITSUBOSHI CORPORATION

(-) Decrease in active sports products due to a warm winter the year before last and inventory adjustments

(-) Decline in Japanese automotive manufacturers' sales volumes in China

(+) Recent consolidation of Ms.ID and MITSUBOSHI CORPORATION

(+) Awareness about improving and maintaining gross profit ratio permeating across the company

(-) Decrease in active sports products

(+) Improved gross profit

(-) Increase in personnel expenses and expenses related to sales for Ms.ID

Ordinary profit +621 million JPY

+20.7%

(+) Increase due to foreign exchange gains

Net income +344 million JPY

+13.4%

Where innovation is the norm

(+) Gain on the bargain purchase of MITSUBOSHI CORPORATION, totaling

1,105 million JPY

(-) Impairment loss (825 million JPY) on the goodwill of Morito Scovill Americas to address future risks of the outlook for uncertain consumption

© 2026 MORITO CO.,LTD. 5

Y/Y

Major factors for changes

(+) Factor for increase (-) Factor for decrease



FY2025 Trends in Net Sales & Gross Profit Ratio

Gross profit ratio reached the 30% range for a full year for the first time. FY2026 may be affected by the full-year consolidation of MITSUBOSHI CORPORATION.

[Positive factors for gross profit ratio]

  • Recent consolidation of Ms.ID (beginning in 2Q)

  • Awareness about improving and maintaining gross profit ratio permeating across the company

    売上総利 益率

    4Q累計売 上高

  • Sales recovery and gross profit ratio improvement for the domestic apparel business

    [Negative factors for gross profit ratio]

  • Decreased net sales of active sports products

  • Recent consolidation of MITSUBOSHI CORPORATION

    (beginning in 3Q)

    Where innovation is the norm

    © 2026 MORITO CO.,LTD. 6

    10,000

    40,086

    22.0%

    20,000

    24.0%

    43,636

    40,727

    48,537

    45,987

    43,943

    41,388

    2025

    0

    20.0%

    2015

    2016

    2017

    2018

    2019

    2020

    2021

    2022

    2023

    2024

    26.9%

    4Q Total net sales

    (cumulative)

    Gross profit ratio

    (Million JPY)

    60,000

    30.6%

    30.0%

    50,000

    29.1%

    27.3%

    27.3%

    28.0%

    40,000

    43,293

    26.9%

    26.9%

    26.1%

    25.7%

    26.0%

    25.8%

    26.0%

    30,000

    56,867

    48,478

    48,529



    FY2025 Changes in Operating Profit (Y/Y)

    Although expenses increased, especially personnel expenses, the recent consolidation of Ms.ID and

    MITSUBOSHI CORPORATION made a big contribution to operating profit.

    [Details of expenses]

    • Personnel expenses → Expected to continue increasing due to the strengthening of human capital

    • Expenses related to Ms.ID sales → Expected to continue into FY2026 due to B2C-related advertising expenses, fees for sales platforms, etc.

    • Amortization of goodwill → Increased for Ms.ID in FY2025. Expected to decrease beginning in FY2026 due to the

impairment loss on the goodwill of Morito Scovill Americas

Where innovation is the norm

© 2026 MORITO CO.,LTD. 7

Increase in

3,333

to Ms.ID sales

-651

goodwill

Increase in other

expenses

-44

Foreign currency effects

Factors for increase in operating Factors for decrease

profit

2024

Operating profit

+464 Y/Y

2025

Operating profit

expenses related amortization of

Increase in

2,868

-112

-960

-1,099

Higher

personnel expenses

+2,673

businesses

+657

profit for two recent

consolidated companies

(Million JPY)

Increase in gross

profit for existing

Increase in gross



FY2025 Balance Sheet

The consolidation of the twonewly acquired companies hasmadean impact, suchasan increase in inventories and accounts receivable. Despiteimproving profitability, Morito ScovillAmericas recorded the impairment loss(825 million JPY) on goodwillto address future risks of the outlook for uncertain consumption. The trendtoward localproduction for the localconsumptionis accelerating in the globalsalesfootprint.

(Million JPY)

2024

2025

Assets

Current assets

32,049

31,001

(- 1,048)

Fixed assets

20,427

24,497

(+4,070)

Total assets

52,476

55,498

(+3,022)

2024

2025

Liabilities

Current liabilities

8,886

10,217

(+1,330)

Fixed liabilities

4,313

5,448

(+1,135)

Total liabilities

13,200

15,666

(+2,465)

Net assets

Shareholders'

equity

33,129

33,221

(+92)

Accumulated other comprehensive income

6,147

6,610

(+463)

Total net assets

39,276

39,832

(+556)

Total liabilities and net assets

52,476

55,498

(+3,022)

Equity ratio for FY2025：71.8%

(FY2024： 74.8％)

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© 2026 MORITO CO.,LTD. 8



FY2025 Consolidated Cash Flow Statement

There are some changes due to the acquisition of Ms.ID and MITSUBOSHI CORPORATION.

2024

2025

Cash and cash equivalents at beginning of period

13,009

15,460

Cash flows from operating activities

4,620

2,994

Cash flows from investing activities

638

(5,015)

Cash flows from financing activities

(2,680)

(4,142)

Effect of exchange rate change on cash and cash equivalents

(127)

104

Net increase (decrease) in cash and cash equivalents

2,450

(6,058)

Increase in cash and cash equivalents resulting from inclusion of subsidiaries in consolidation

-

-

Decrease in cash and cash equivalents resulting from

exclusion of subsidiaries from consolidation

-

-

Cash and cash equivalents at end of period

15,460

9,401

(Million JPY)

Where innovation is the norm

© 2026 MORITO CO.,LTD. 9



FY2025 Segment Information

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© 2026 MORITO CO.,LTD. 10



FY2025 Net Sales and External Environment by Region

Asia

Sales composition: 14%

Japan

Sales composition: 73%

(Million JPY)

2024 2025

8,280

8,372

2024 2025

33,012

41,310

Y/Y: +8,298 million JPY

(+25.1%)

Y/Y: -92 million JPY

(-1.1%)

Europe & the U.S. Sales composition: 13%

2024 2025

7,151

7,275

Y/Y: +123 million JPY

(+1.7%)

Demand recovery in the apparel market Recent consolidation of two companies

Increased production in Vietnam Sluggish performance of Japanese automotive manufacturers

Strong sales of transportation-related products in North America and workwear

Negative impact of partial withdrawal from the transportation business in Europe

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© 2026 MORITO CO.,LTD. 11



FY2025 Net Sales and Comments by Business

Net sales

Y/Y

Comments

Apparel Business

32,547 million JPY

*Net sales in Asia and Europe and the U.S. include "other revenue" stated in Financial Results (Segment Information, etc.).

+8,320 million JPY

[Japan]

(+) Recovery from the impact of inventory adjustments

(+) Increase in outdoor and athletic shoes products, workwear for Europe and the U.S., accessories for high-end outdoor brands, subsidiary material for apparel products sold at department stores, and bear sprays

(+) Recent consolidation of Ms.ID and increase in silver accessories

(+) Recent consolidation of MITSUBOSHI CORPORATION and increase in uniform-related materials

1Q 2Q 3Q 4Q

欧米

アジ ア

Europe &

the U.S.

1,174

1,410

1,599

1,405

1,297

1,489

1,551

1,421

Asia

1,444

1,736

1,783

1,821

1,750

1,929

1,692

1,855

Japan

2,512

3,167

2,898

3,270

2,884

4,463

5,881

6,329

2024

1Q 2Q 3Q 4Q

2025

+34.3%

[Asia]

(-) Decrease in accessories for casual wear in China

(+) Increase in workwear for Europe and the U.S. in China and Hong Kong and subsidiary

material for apparel products sold at department stores

(+) Increase in accessories for athletic shoes and workwear-related products in Vietnam [Europe & the U.S.]

(+) Increase in workwear and leather goods accessories in Mexico

日本

1Q 2Q 3Q 4Q

2024

1Q 2Q 3Q 4Q

2025

the U.S.

10

10

0

3

1

10

0

0

Asia

166

162

198

168

161

154

143

166

Japan

4,513

3,800

3,846

4,525

4,509

4,032

3,988

4,685

Product Business 17,855 million JPY

欧米

アジ ア

Europe &

日本

Transportation Business

1Q 2Q 3Q 4Q

2024

1Q 2Q 3Q 4Q

2025

Europe & the U.S.

393

408

280

452

302

424

371

405

Asia

359

185

187

159

115

119

86

102

Japan

1,169

1,122

1,080

1,105

1,139

1,018

1,075

1,303

6,463 million JPY

*Net sales in Asia include "other revenue" stated in Financial Results (Segment Information, etc.).

*Net sales in Europe and the U.S. include "other revenue" stated in the Financial Results (Segment Information, etc.).

+449 million JPY

+2.6%

-440 million JPY

欧米

アジ ア

-6.4%

[Japan]

(-) Decrease in snowboarding and surfing-related products due to a warm winter, inventory adjustments, and price hikes the year before last

(+) Increase in game-related products and products designed to beat the summer heat

(+) Increase in kitchen appliance rental, sales, and cleaning business

[Japan]

(+) Increase in automotive interior components for Japanese automotive manufacturers

[Asia]

(-) Decrease due to sluggish sales of Japanese automotive manufacturers in China

[Europe & the U.S.]

(+) Increase in automotive interior components for Japanese automotive manufacturers in North America

(-) Decrease due to streamlining by partially withdrawing from some businesses in Europe

日本

Where innovation is the norm

© 2026 MORITO CO.,LTD. 12



(FYI) FY2025 Sales Composition by Region & Business

The percentage for Japan in the Apparel Business increased due to the consolidation of Ms.ID and MITSUBOSHI CORPORATION and the recovery of the domestic apparel market. The Transportation Business remained strong in North America but was significantly affected by the withdrawal of some businesses in Europe and a decline in China.

2024

2025

Asia

4%

Asia 13%

Japan 65%

Europe & the U.S. 22%

Japan 49%

Asia 4%

Asia 7%

Japan

70%

Europe & the U.S. 23%

Japan 60%

Transportation

14%

Transportation 11%

Product 36%

Apparel 50%

Asia 28%

Japan

96%

Product 32%

Apparel 57%

Japan 96%

Europe & the U.S. 23%

Europe & the U.S. 18%

Asia 22%

*FY2025 net sales for the apparel business in Asia and Europe & the U.S., for the product business in Asia, and for the

transportation business in Europe & the U.S. include "other revenue" stated in Financial Results (Segment Information, etc.).

Where innovation is the norm

© 2026 MORITO CO.,LTD. 13



(FYI) FY2025 Net Sales by Segment

(Million JPY)

2025 results

1Q

2Q

3Q

4Q

Full year

Composition

Increase/

Decrease

Percentage

change

Japan

8,532

9,514

10,944

12,319

41,310

72.6%

+8,298

+25.1%

Asia

2,028

2,204

1,922

2,125

8,280

14.6%

-92

-1.1%

Europe &

the U.S.

1,600

1,924

1,922

1,827

7,275

12.8%

+123

+1.7%

Total

12,161

13,643

14,790

16,271

56,867

100.0%

+8,330

+17.2%

2024 results

1Q

2Q

3Q

4Q

Full year

Composition

Increase/ Decrease

Percentage change

Japan

8,195

8,090

7,825

8,900

33,012

68.0%

-1,058

-3.1%

Asia

1,969

2,084

2,169

2,149

8,372

17.3%

+667

+8.7%

Europe &

the U.S.

1,579

1,829

1,881

1,861

7,151

14.7%

+398

+5.9%

Total

11,744

12,005

11,875

12,911

48,537

100.0%

+7

+0.02%

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© 2026 MORITO CO.,LTD. 14



(FYI) Operating Profit by Business Segment

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© 2026 MORITO CO.,LTD. 15



FY2024 Net Sales and Operating Profit Composition by Business and Region

In presenting segment profit, businesses related to products that have been added to the MORITO Group through acquisitions or other means are classified as Product . Specific company names for Product are listed on the p18.

*The composition is based on figures before the elimination of intercompany transactions and goodwill amortization, and it may

事業別 売上高・営 業利益構成比

事業別×地域別 営業 利益構成比

differ from other disclosed documents.

Net Sales and Operating Profit Composition by Business

Operating Profit Composition by Region and Business

Transportation

16%

Product

10%

Apparel

Apparel

50%

46%

Product

Transportation

Asia 8%

Asia 31%

Japan

56%

Europe & the U.S. 13%

Apparel

Japan

56%

11%

22%

23%

Net Sales Composition by Business Segment

Operating Income Composition by Business Segment

22%

Japan 92%

Asia 14%

Japan 86%

Asia 31%

Europe & the U.S. 13%

Product Product

Where innovation is the norm

© 2026 MORITO CO.,LTD. 16



FY2025 Net Sales and Operating Profit Composition by Business and Region

The Apparel Business in Japan was increased by two recent consolidation companies. In particular, the operating profit composition of the Apparel Business in Japan increased significantly by recent consolidation of Ms.ID. Operating profit in Product Business decreased due to struggles with active sports.

*The composition is based on figures before the elimination of intercompany transactions and goodwill amortization, and it may differ from other disclosed documents.

Net Sales and Operating Profit Composition by Business Operating Profit Composition by Region and Business

Transportation

Product

9%

16%

13%

10%

Net Sales

Apparel

57%

54%

Product

Transportation

Asia 9%

Japan 91%

Asia 35%

Japan 50%

Europe & the U.S. 15%

Apparel

Japan

Product

21%

20%

Composition by

Business

Operating Profit Composition by Business

Asia 19%

Product

Japan 81%

Europe & the U.S.

11%

Asia 21%

68%

Where innovation is the norm

© 2026 MORITO CO.,LTD. 17



Group Companies by Segment

Apparel Business

Asia

Japan

MORITO SCOVILL HONG KONG

MORITO SHANGHAI

MORITO TRADING (THAILAND) MORITO (SHENZHEN)

MORITO DANANG

SCOVILL FASTENERS INDIA

MATEX SHANGHAI

MITSUBOSHI CORPORATION SHANGHAI

Product Business

MORITO APPAREL

MATEX

Ms.ID

MITSUBOSHI CORPORATION

MORITO JAPAN

ACE INDUSTRIAL MACHINERY

MANEUVERLINE

CANVAS

MORITO SCOVILL AMERICAS

WWhheerereininnonvaotvioantiios nthiesntohrme norm

Transportation Business

MORITO AUTO-PARTS

Product

MORITO NORTH AMERICA

MORITO SCOVILL MEXICO

MORITO (EUROPE)

Europe & the U.S.

© 2026 MORITO CO.,LTD. 18



FY2026 Full-Year Forecast

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© 2026 MORITO CO.,LTD. 19



FY2026 Full-Year Forecast

Considering external environmental risks, especially in apparel and transportation, the sales target of 60,000 million JPY for the 8th Mid-term Management Plan should be achieved.

MITSUBOSHI CORPORATION aims to improve operating profit by reviewing expenses.

(Million JPY)

FY2025 results

FY2026 forecast

Increase/

Decrease

Y/Y

Net sales

56,867

63,000

+6,133

+10.8%

Operating profit

(%)

3,333

5.9%

3,500

5.6%

+167

+5.0%

Ordinary profit

(%)

3,624

6.4%

3,700

5.9%

+76

+2.1%

Net income

(%)

2,916

5.1%

3,000

4.8%

+84

+2.9%

*FY2025 results include Ms.ID's 9-month results and MITSUBOSHI CORPORATION's 6-month results.

Where innovation is the norm

© 2026 MORITO CO.,LTD. 20



FY2026 Full-Year External Environment Outlook

Apparel Business

Opportu nities

  • Increase in demand for sports-related products due to the holding of major sporting events, etc.

  • Increase in demand for materials for workwear in Japan

  • Expected opening of new locations of TEN. operated by Ms.ID

  • Ongoing development of new environmentally friendly products

  • Full-year consolidation of Ms.ID and MITSUBOSHI CORPORATION

Risks

  • Stagnation in the women's apparel market

  • Stagnant sales of winter apparel due to a warm winter

  • Reduced production of American brands due to uncertainty about consumption in the U.S. caused by U.S. trade policy

  • Uncertainty of demand from inbound tourists

Product Business

Opportu nities

  • Positive outlook for game-related products

  • The Winter Olympics, the boom in ski resorts, and a recovery in snowboarding-related products from the previous year

  • Continued demand for kitchen appliance-related services

Risks

  • Sluggish active-sports-related markets due to high prices and inventory adjustments by volume retailers

  • Procurement uncertainty due to strained relations with China

Transportation Business

Opportu nities

  • Increased inquiries through the Mexico office

  • Establishment of an organizational structure for winning contracts from Japanese automakers for domestic production

Risks

  • Tough market due to slumping sales of Japanese automakers in China

  • Decrease in orders due to changes in specifications by automakers as well as the impact of

U.S. trade policy

Despite stagnation in the women's apparel market and a slowdown in the transportation business, we expect a positive effect from the consolidation of the two acquired companies for the full year as well as robust sales of workwear accessories in Japan and strong performance of the kitchen appliance-related services business.

Where innovation is the norm

© 2026 MORITO CO.,LTD. 21



FY2026 Forecasted Trends in Net Sales & Gross Profit Ratio

(Million JPY)

Although the full-year consolidation of MITSUBOSHI CORPORATION, which operates a wholesaler business, is expected to have an impact on the gross profit ratio, we will leverage intra-group procurement to create synergies. We will also leverage the full-year consolidation of Ms.ID while maintaining and improving the current lean profit structure of existing businesses, aiming to achieve the same level of gross profit ratio as in FY2025.

Where innovation is the norm

© 2026 MORITO CO.,LTD. 22

2026

forecast

2025

2024

2023

2022

2021

2020

2019

2018

2017

2016

43,636

40,727

45,987

43,943

41,388

26.9%

4Q total net sales (cumulative)

Gross profit ratio

(Million JPY)

30.6%

29.1%

27.3%

27.3%

26.9%

40,086

26.9%

26.1%

26.0% 25.8%

63,000

56,867

48,478

48,529

48,537



Progress in the 8th Mid-term Management Plan

Where innovation is the norm

© 2026 MORITO CO.,LTD. 23



(FYI) Positioning of the 8th Mid-term Management Plan

Period to sow seeds for further growth. The operating profit target of 3,000 million JPY has been achieved ahead of

schedule, and net sales are expected to exceed the initial target.

Build a global earnings base and management system

Revamp management structure and sow seeds for increasing profit

Establish a lean profit structure

+

Aggressively invest for the future

Increase both the top

line and profit margin

7th Mid-term Management

Plan

Period for building a business structure designed to weather the COVID-19

pandemic

8th Mid-term Management Plan

63,000

Our vision for FY2030 Net sales: 80,000 million JPY

Operating profit: 5,000 million JPY ROE10%

56,867

Bring net sales up to 100,000 million JPY

2,116

2,464

3

,333

2,868

5

FY2026 initial target Net sales: 60,000 million JPY

Operating profit: 3,000 million JPY

1,619

8th Mid-term Management Plan (5 years)

Net sales Operating profit

(Million JPY)

Target

Where innovation is the norm

© 2026 MORITO CO.,LTD. 24



Progress in the 8th Mid-term Management Plan (FY2022 - FY2026) Results of Structural Reforms Following Company Split

Significant improvement in profit structure and cash flow

Trends in Net Sales, Operating Profit, and Gross Profit Ratio

63,000

500

56,867

Trends in Cash Flows

5,258

FY2025

2 M&As

43,943

45,987

40,727 43,636

48,478 48,529 48,537

2,868

2,464

3,333 3,

3,725

3,614

2,462

4,477

2,644

2,994

4,399 4,620

850

1,725 1,734

26.9% 27.3%

856

1,619

2,116

27.3%

29.1%

30.6%

2,445 2,242 715

110 (16) (401) (135) 77 638

(2,021)

(5,015)

26.0% 26.1% 25.8%

2018 2019 2020 2021 2022 2023 2024 2025 2026

forecast

2019 2020 2021 2022 2023 2024 2025

Cash flows from operating activities Cash flows from investing activities

Net sales Operating profit

Gross profit ratio

Free cash flow

(Million JPY)

Issues at the beginning of the 8th

Mid-term Management Plan

Countermeasure: Change values and culture ingrained in employees

© 2026 MORITO CO.,LTD. 25

  • Slowdown in operating profit growth

  • Stagnation of sales expansion

  • Lack of inventory and cost awareness

    Cause: Lack of a healthy sense of urgency

  • Stable earnings through businesses

    that complement one another

  • Not enough investment in growth

  • Cash-rich financial base

Where innovation is the norm

Two pillars of the 8th Mid-Term Management Plan

  1. Establish a lean profit structure

    → In 2022, MORITO Japan Co., Ltd. was split into three companies by business

    segment.

    Visualized issues in each business and reviewed unprofitable businesses [Post-split-off initiatives]

    • Higher profit margin → Reviewed sales terms and conditions as well as bonuses

    • Improvement of CCC/inventory → Established a new executive evaluation system

    using CCC

  2. Formulate an investment strategy and aggressively invest for the future

→ Increased capital investment and carried out two M&As *See p. 29 for more

information

© 2026 MORITO CO.,LTD. 25



(FYI) Overview of the Growth Strategy for Achieving the 8th Mid-term Management Plan

Growth potential

Develop new fastener materials

Make capital investment for kitchen appliance-related business

Locally produce apparel accessories for local consumption

Environmental initiatives such as Rideeco®

Locally procure automotive interior components

Increase production in ASEAN

Focus on B2C business ･ 52 BY HIKARUMATSUMURA ･ YOSOOUⓇ

Increase market share for in-house brand shoe care products (is-fit®, etc.)

Streamline sales routes

Apparel Business Product Business Transportation Business

Common to all businesses

New apparel businesses

Profitability

Where innovation is the norm

© 2026 MORITO CO.,LTD. 26



Progress in the 8th Mid-term Management Plan [Environmental Initiatives]

Our environmental initiatives, including the full-scale launch of MURON® starting in FY2025, resulted in steady sales performance. Continued efforts have increased contacts with non-apparel areas.

New product development is also underway. We aim for net sales of 1,000 million JPY, the target of the 8th Mid-term Management Plan.

2,000 Environmental Initiatives (Million JPY)

Net Sales

5000

1,800

1,600

4000

1,400

1,200

3000

1,000 5,000

800

2000

600

1,000

400

1000

200

0 0

2023 result 2024 result 2025 result 2026 target 2030 target

445

776

868

FY2025 MURON® adoption results

Adopted for some products in Helly Hansen and agnès b. collaboration collection

Adopted for some products in Helly Hansen's 2025 Spring/Summer Collection

2023実績

2024実績

2025実績

2026目標

2030目標

Adopted for the bucket hats and bags for the NTT Pavilion at Expo 2025

Where innovation is the norm

© 2026 MORITO CO.,LTD. 27



Progress in the 8th Mid-term Management Plan: Focus on B2C Business

We have conducted B2C operations mainly in the apparel business (52 BY HIKARUMATSUMURA and YOSOOU®) and the product business (is-fit® and ZAT®). Since we consolidated Ms.ID in 2Q FY2025, its net sales have nearly quadrupled. Moving forward, we aim to leverage Ms.ID's know-how to create synergies with existing brands.

アパレ ル

プロダ クト

52 BY HIKARUMATSUMURA

launched Neon Genesis Evangelion collaboration bags and new bags co-created with actor Yumi Adachi.

TEN., a silver accessory brand by Ms.ID, drove sales up. Sales of the HEART COLLECTION increased after the products were worn by a popular singer.

Where innovation is the norm

© 2026 MORITO CO.,LTD. 28

2025

131

2024

109

2023

48

2022

44

2021

984

1,104

1,072

941

3,050

1,001

Product

Apparel

(Million JPY)

Net Sales for B2C Business



Progress in the 8th Mid-term Management Plan [Investment Strategy]

Continued to invest for future growth to improve ROE, including the purchase of land for the expansion of our factory in Vietnam.

Growth investment

New product development expenses

500 million JPY

  • Held a solo exhibition to boost sales to high-end apparel brands

  • Improved efficiency of plating process at our plant in the U.S.

  • Developed and expanded sales of sustainable products

  • Made capital investment in our plants in the U.S. and Vietnam.

  • Established an in-house service center and bolstered equipment for kitchen appliance-related services

  • Worked on advertising and promotion of 52 BY

    HIKARUMATSUMURA and YOSOOU

  • Strengthened lineup of existing B2C products

  • Worked on planning and development of D2C business

  • Built data infrastructure and enhanced BI functions

  • Use of AI

  • Worked on initiatives aimed at improving employee engagement

Initiatives to reduce environmental impact

500 million JPY

Capital investment

600 million

JPY

Result: 1,850

million JPY

Strengthening B2C

300 million JPY

Building data infrastructure and enhancing BI functions

500 million JPY

Investing in human capital

100 million JPY

Total investment for FY2024 - FY2026

Major developments in FY2024 and FY2025

5,000 million

M&A

Result:

5,440

million JPY

  • Acquired Ms.ID and MITSUBOSHI CORPORATION

    Result:

    6,280

    million JPY

  • The number of deals is increasing, and we will continue to actively look into future deals.

    6,000 million

Shareholder returns

  • Paid dividends and bought back shares based on our basic policy

Where innovation is the norm

© 2026 MORITO CO.,LTD. 29