FY2026 Third Quarter Business Presentation

B u s i

FY2026 Third Quarter

n e s s R e s u l t s P r e s e n t a t i o n

February 13, 2026 Wacoal Holdings Corp.

Securities Code：3591

1

C O N T E N T S

1. FY2026 3Q Financial Overview ・・・P.3

2. FY2026 3Q Financial Overview（By Segment） ・・・P.11

3. Finance and Shareholder Returns ・・・P.17

4. Progress in Formulating the Next Medium-Term Management Plan ・・・P.20

5. Appendix ・・・P.23

3

FY 2026 3 Q Financial Overview

In a repeat of the results from the first half, revenue declined due to the sale of

unprofitable businesses in the previous fiscal year

Domestically, Wacoal Corp. and Peach John performed strongly, but the situation remained challenging overseas, with market conditions failing to recover in the U.S., China and Asia

The gross profit margin improved by 1.1pt YoY to 57.6%, mainly due to the sale of unprofitable businesses and higher retail ratio following the acquisition of Bravissimo, despite a decline in gross profit due to the impact of decreased revenue

Overseas, profit declined due to the sluggish performance in the U.S., China and Asia, combined with the effects of the fire at Bravissimo. Domestically, however, profit moved back into the black, reflecting improvements to the gross profit margin at Wacoal Corp. and success in reducing SG&A expenses

Peach John also contributed to the results, driving an increase in consolidated profit

Operating profit increased significantly, helped by a gain on sales of fixed assets

(Shin-Kyoto Building, dormitories and company housing, etc.)

4

FY2026 3Q Results

（Millions of yen）

*Figures for FY2025 3Q have been retrospectively revised following the finalization of accounting treatment for a business combination in 2Q FY2026. 5

Quarterly Trends in Revenue, Gross Profit, and Business Profit

In addition to improvements to the gross profit margin, domestic SG&A expenses declined, with

business profit increasing ¥1.6 billion YoY as a result

(Millions of Yen) (Millions of Yen) (Millions of Yen)

57.1%

58.4%

56.9%

56.6%

55.9%

56.7%

55.7%

56.3%

27,850

25,83425,877

26,275

24,524

24,78124,437

57.6%

54.4%

26,233

24,522 24,370

21,951

53.5%

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

FY2024

FY2025

FY2026

48,789

46,341 46,277 45,801 46,462

43,705 43,367

40,362

44,956

42,55542,833

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

FY2024

FY2025

FY2026

2,371 2,358

Wacoal Business (Domestic)

Wacoal Business (Overseas)

Peach John Business

Other

Gross Profit Gross Profit margin

(820)

1,561

1,445

1,140

743

687

73

1Q 2Q

3Q ~4Q

1Q

2Q 3Q ~4Q 1Q

~

2Q 3Q

FY2024

FY2025

FY2026

-820

-1,446

-4,921

6

Profit Impact Factors for FY2026 3Q

*Figures for FY2025 3Q have been retrospectively revised following the finalization of accounting treatment for a business combination in 2Q FY2026.

(Millions of Yen)

7

YoY Change in Revenue and Business Profit for FY2026 3Q

（Billions of yen） （Billions of yen）

Previous Year 133.5

Wacoal Business (Domestic)

-0.3

Wacoal Business (Overseas)

+0.0

Peach John Business

+0.6

Other

-1.5

-3.5

Current Year 130.3

Wacoal Business (Domestic)

+2.9

¥1.6 billion increase in

business profit▲

Peach

John Business

+0.1

Other

+0.1

Current Year

3.1

Previous Year

1.5

Wacoal

Business (Overseas)

-1.4

¥3.2 billion decrease

in revenue ▼

8

Trends in SG&A Expenses for FY2026 3Q

Although the SG&A ratio remained roughly equal to the previous fiscal year due to decreased revenue, cost controls at each company proved successful, leading to a year-on-year decrease in SG&A expenses of ¥2 billion.

76.7

74.6

*Based on consolidated figures for the Wacoal Group

60.7

（52.8％）

7.3

5.6

3.7

3.7

8.4

4.6

27.4

+0.8

+1.3

±0.0

+0.2

+3.0

+0.1

+2.4

68.5

（52.7％）

8.1

6.9

3.7

3.9

11.4

4.7

29.8

-1.2

+5.1

+4.7

＋0.4

＋0.3

-3.2

+2.1

（53.3％）

6.9

12.0

8.4

4.3

11.7

1.5

31.9

＋0.4

＋0.7

-0.6

-0.6

-0.8

+0.2

-1.4

（52.8％）

7.3

12.7

7.8

3.7

10.9

1.7

30.5

＋0.8

＋0.6

-0.2

-0.2

-0.4

-0.1

-1.1

74.0

（55.4％）

8.1

13.3

7.6

3.5

10.5

1.6

29.4

-0.2

-0.3

-0.2

±0.0

-0.4

+0.1

-1.0

72.0

（55.2％）

7.9

13.0

7.4

3.5

10.1

1.7

28.4

（Billions of yen）

Other

Payment fees

Depreciation & Amortization Logistics expenses Advertising

Rent expenses Personnel expenses

FY2021 3Q FY2022 3Q FY2023 3Q FY2024 3Q FY2025 3Q FY2026 3Q

U.S. Accounting Standards

IFRS

Due tochangesin accountingstandards,depreciationexpensesand paymentfeeshave increasedsincethe fiscal yearendingMarch 2023 9

Progress of EC Business for FY2026 3Q

The combined EC ratio of the five companies has remained at a level exceeding 30% since the end of the previous fiscal year, driven by expanded EC sales at Wacoal Corp. and the acquisition of Bravissimo contributing to performance

（EC ratio：Wacoal (Japan) 23％、Peach John (Japan) 52％、Wacoal America 47％、Wacoal Europe 37%、Wacoal China 26％）

（Billions of yen）

34.2

（28.3％）

28.3

（28.6%）

1.7

1.8

2.5

-3％

+72％

＋11％

31.1

（28.1％）

1.6

3.1

2.8

-5％

+30％

-5%

33.7

（27.2％）

1.6

4.1

2.6

-2％

+17％

-42％

1.5

33.9

（29.1％）

1.5

37.0

（31.1％）

1.1

-23％

4.8

-5％

+28％

8.2

6.1

+35％

1.5

8.5

8.6

8.9

8.9

-4％

6.0

＋19％

7.2

+19％

+4％

0％

4.1

5.1

-6％

4.8

-11％

4.3

-16％

3.6

0％

3.6

+14％

+4％

+8％

+11％

0％

＋9％

15.1

11.2

11.6

12.6

13.9

13.9

• Wacoal China

• Wacoal Europe*Including Bravissimo

• IO Inc. *Withdrew in FY2024

• Wacoal America

• Peach John（Japan）

• Wacoal（Japan）

FY2021 3Q FY2022 3Q FY2023 3Q FY2024 3Q FY2025 3Q FY2026 3Q

*Created on the basis of data before consolidation adjustment.

*Japanese yen basis

(including foreign exchange effects) 10

*Foreign exchange rate at a settlement term was used

(including foreign exchange effects)

FY 2026 3 Q Financial

11

Overview（ By Segment ）

[By Segment] Overview of Wacoal Business (Domestic)

The struggling performance of AMPHI was offset by strong results from CW-X, GOCOCi and other lines, resulting in a steady performance for Wacoal Corp. in the third quarter. However, revenue declined slightly due to weak subsidiary performance

• Bychannel

  Physicalstores:Revenuedeclinedoveralfrom theeffectsofstoreclosuresand reducedcustomertraffic.However,inventoryfulfilment ratesatexistingstoresimproved.

  EC: Theweakerperformanceatphysicalstoreswas offsetby EC growthfrombothown EC (up 5% YoY) andthird-party EC (up 11% YoY).

• Bybrand

  ◎Inadditionto CW-Xandtheaffordablypriced Wingand GOCOCilines,the high-pricedSaluteline also sawgrowth.

  • Afterstrugglingup tothefirst half oftheyear, WACOALshowed signsof improvementstartingin thethird quarteras theeffectsof rebrandingeffortsmaterialized.

    ▲AMPHI,nightwearandune nanacoolcontinuedto struggle,impactedby physicalstoreclosuresand reducedsalesspacesin existing stores.

    YoY

    +2.9billion yen

    （ー)

Business profit returned to positive territory, benefiting from improved gross profit and reduced SG&A

expenses in addition to increased revenue at Wacoal Corp.

Trend in revenue and gross profit margin at Wacoal Corp. (non-consolidated) (*)

• Grossprofit marginimprovedto a levelexceedingboth thepreviousfiscal

  yearandtwoyearsprior, thankstotheeffectsof costrestructuring pursuedundertherevisedmedium-term managementplan.

• SG&A expensesdeclined,in partfromtheabsenceofrebranding

56.7%

FY2023 3Q

56.2%

55.7%

56.4%

expensesincurred in thepreviousfiscalyear, along withreduced depreciationexpensesdue toasset-lightstrategiesand thereversalof personnelexpensesduetochangestothepersonnelsystem.

72.2

FY2024 3Q

FY2025 3Q

70.2

66.0

FY2026 3Q 66.2

（Billions of yen）

Revenue Gross Profit margin

12

(*) JGAAP basis including intragroup revenue

Enhanced the CW-X product lineup, releasing new recovery wear and products aimed at professional athletes Some measures implemented for the core WACOAL brand were effective

Enhanced the CW-X product lineup

Advanced measures to improve WACOAL products

Re-entered the growing recovery wear market

• Rolling out the &RECOVERY recovery wear line across the brand In the first phase, tops and tights from CW-X were launched in late December through own EC and retail stores

• Sales in the first two weeks were 117% of the previous level*1

A system was developed to retain product numbers for

key products and ensure stable supply

• Mechanisms have been set up to retain product numbers for products with the same function even following design changes.

• The strategy has improved inventory fill rates and partially alleviated lost sales opportunities for Collection Line, which accounts for the largest percentage of total sales

• The system has helped accumulate product reviews and ensure stable

  supply, and as a result, EC revenue*2 from the Collection Line rose

  • From mid-January 2026, sales will launch on six third-party EC sites, followed by 44 outlets including department stores from March

    significantly 117% year on year.

    	FY2025 3Q	FY2026 3Q
    Inventory fill rate	66%	72%

    Change in inventory fill rate for Collection

    Collection Line as a percentage of total

    6% improvement year on year

    WACOAL sales

    Collection Line

    Arm Brace developed for Shohei Ohtani

             released for professional athletes      

    Others

    Basic

    approx. 40%

    Premium

  • The Arm Brace is an elbow supporter developed into a product by combining CW-X's proprietary taping principles with feedback from Shohei Ohtani

  • From February 2026, the product will be sold exclusively to professional baseball players and major leaguers

    *1: Comparative period: August 2021

    *2:Total from own EC and third-party EC / calculation period:: August 2025 to January 2026

    Simple designs for popular functional bras have

                    performed strongly         

• Sales of Gravity Care Bra wireless (Simple) have been strong at 102% versus the forecast

• With designs that cater to market needs, we have acquired new customers in their 20s and 30s that previously could not be reached

  13

  [By Segment] Overview of Wacoal Business (Overseas)

  YoY

  +0 billion yen

  （+0.0%）

In Europe, revenue increased due to the effects of the Bravissimo acquisition in the previous fiscal year, but companies in the U.S., China and Asia struggled

• The U.S.: Duetotheadvanceof K-shapedconsumption patterns*1,businesswas difficultdue to the restraint on purchases, dedicatedEC retailersin particular.*2

  *1 A phenomenon where consumption behaviordiverges,with high-income households increasingspending, andlow-to-middle-income households pullingback.

  *2 Asaprovision for receivablesfrom the U.S. departmentstore Saks, whichwent out of businessin January,was alreadyrecorded inprevious fiscal periods, there isnoimpact on profit or loss for thecurrent period.

• Europe: Dueto opportunitylosses from the fire thatbroke out ata Bravissimo logistics warehouse*3, theeffectsof increased revenuefrom acquisitionswere lower thanexpected.

  *3 As of June 27, 2025,thecompany disclosed detailson itswebsite. Shipmentsfrom own ECwere suspendedafter the fire andbegan tobe resumed one by one in September.

  YoY

  -1.4 billion yen

  （-93.3%）

• China:Inaddition toadelayedrecovery in market conditions, thesluggish performance in November, a major shopping season,had animpact, with revenuebelow that of thesame period of thepreviousfiscal year.

  Efforts willbe made to regain revenuethrough measures tohighlight brand value,includingstore renovationsand theuse of celebrities.

  Business profit declined at major subsidiaries in the U.S., Europe and China, and Bravissimo suffered a loss in 3Q year to date due to a fire

• The U.S.: The gross profit margin andthe SG&A ratio both deterioratedbecause of theeffectsof lower revenueand thepartialeffect of tariffs. Wewillwork to reduce theimpact byimplementingmeasures todealwithtariffs, revisingretailprices and optimizingproduction sites.

• Europe: Business profit declinedatexistingWacoal Europe, despiteimprovement in gross profit margin, duetoaloss at Bravissimo that resultedfrom the fire,higher UKsocial insurancecosts, andincreased D2Cadvertising.

  Subsidiary	Revenue （Billions of yen）		Business Profit （Billions of yen）		Gross Profit margin		SG&A ratio
  	FY2026 3Q	YoY	FY2026 3Q	YoY	FY2026 3Q	YoY	FY2026 3Q	YoY
  Wacoal International Corp. (U.S.)	17.2	-2.4	0.1	-0.8	46.1%	-2.8pt	45.6%	+1.1pt
  Wacoal Europe Ltd. (Including Bravissimo）	22.1	+4.7	0.3	-0.2	64.2%	+3.9pt	63.0%	+4.7pt
  Wacoal China Co., Ltd.	5.4	-1.4	-0.7	-0.2	69.2%	+0.8pt	81.6%	+6.4pt

• China:Despitelower businessprofit, the gross profit margin istrendingtoward improvement thankstothewithdrawalfrom underperformingstores andthesuccessful promotion of full-pricesales.

14

Despite a temporary recovery following the fire at its logistics warehouse, Bravissimo is now in a slump. It had to close unprofitable stores in China and is working to improve profitability

The impact from the fire at Bravissimo's logistics warehouse is ongoing

Focusing on improving profitability and

strengthening product capabilities in China

After resuming e-commerce sales, business showed signs of recovery in September and October, but inventory shortages occurred

• Following the fire in June, EC shipments were suspended for two months and resumed in September

• Following the resumption, EC sales exceeded expectations, recording strong performance in September and October

• However, sales slumped in November and December due to inventory shortages and a decline in EC traffic

• Insurance for lost profits may be posted in the next fiscal year or later because detailed investigations will take time.

14 underperforming stores were closed by the end of December

• Following a careful review of unprofitable stores, 3 department store locations, 8 mall locations and 3 outlets were closed

• The closure of an additional 15 stores is also under consideration in 4Q

  Full-Year Forecast Including the Impact of the Fire

  （Billions of yen）

  Store renovations were carried out, with some stores recording +20% single-

  Impact items	Sales opportunity loss		Loss on valuation of inventories		Insurance income		Total
  	As of October	As of December	As of October	As of December	As of October	As of December	As of October	As of December
  Revenue	-2.2	-1.6	ー	ー	ー	ー	-2.2	-1.6
  Business profit	-1.0	-0.9	ー	-0.2	ー	ー	-1.0	-1.1
  Operating Profit	-1.0	-0.9	-1.9	-1.9	+2.9	+2.8	0	0

  month growth in December.

  • Three stores were renovated in the first half of the year to revamp the images of stores.

  • Two additional stores will be renovated by March, with 16 more stores progressively renovated from April onward

    Improved product capabilities

We plan to roll out value-added products that combine simple designs that cater to market needs with knowledge from the Human Science Research & Development Center

In January, restoration of the warehouse was completed and inventory shortages are expected to be resolved going forward.

• From January 17 to 21, the transfer of inventory from the temporary warehouse to the original warehouse was completed

• Rebuilding of the operational structure is scheduled to be completed by the end of February

• It will be possible to secure stable inventory from that point forward

Current product offered by Wacoal China

Conceptual image of the new product

• Market needs are for simple designs

• From Spring/Summer 2026, in addition to catering to market needs from a design standpoint, we plan to roll out functional products that leverage knowledge from the Human Science Research & Development Center

  15

  [By Segment] Overview and Topics of Peach John Business

  Continuing to acquire new customer groups with customer-centric product design

  Revenue

  8.4billion yen

  A number of initiatives proved successful and sales increased across all channels, with third-party EC performing particularly well.

  • Communication strategies and product strategies to acquire new customers continued

    Business Profit

    0.14billion yen

    to prove successful

    Based on customer data analyses from the previous fiscal year, production development was strengthened to reflect the needs of key customers. Releases of new products based on those policies have led to the successful acquisition of new customers

    YoY

    +0.6billion yen（+7.0%)

    YoY

    +0.1billion yen（ +336.4%)

    Trigger purchase intent with the use of celebrities who appear to the target groups

    A deterioration in the gross profit margin due to rising costs was offset by the effects of increased revenue, with business profit improving significantly.

    • OveralSG&A ratio improved due tosales growth, despite higher personnelexpenses due to increased bonuses, etc.

For the winter season, a lingerie collection featuring Kasumi Mori was well received and drove new customer acquisition

「The Nice Body Bra」 Misty Bouquet

「Moreru (Boost) Wireless Bra」

「Ribbon motif bra」 front hooking wireless bra

16

Fin

17

ance and Shareholder Returns

Financial Policies

Net income

* excluding impairment loss

¥ 10.0 billion

Depreciation costs *excluding lease liabilities

¥ 20.0 billion

Total: ¥ 110.0 billion

Asset reduction and

debt utilization

¥ 80.0 billion

Of this, ¥ 30 billion is for

reducing cross-shareholdings

Investment in new and existing businesses

   ¥ 40.0 billion   

• Focusing on IT and digital investments for growth

• Investment in human capital

Returning dividends

  ¥ 15.0 billion   

• Continuing to pay stable dividends while taking into account our consolidated financial results and the status of asset sales

Purchase of treasury

shares

  ¥ 55.0 billion   

• Actively promoting improvements in capital efficiency

18

Progress of Financial Strategy

Cumulative Results

Cumulative Results

Cumulative Forecast

Revised Medium-

Category Key Strategies Key Initiatives

for FY2025

for Revised Medium-Term Management

for Revised Medium-Term Management

Term Management Plan Target Figures

Summary

Financial Strategy

FY2025

Results

FY2026

results

FY2026

Forecast

Revised Medium-Term Management Plan Target Figures

Summary

19

20

Pr o gr ess i n Fo r mulat ing t he N ex t M e d ium- Ter m M anage ment Plan