Zensho Holdings Co., Ltd.TSE: 7550

Results Briefing through the third quarter of 44th Period

· Issued by Zensho Holdings Co., Ltd.
February 12, 2026

Consolidated Financial Results

for 3Q FY2025

(Nine months ended December 31, 2025)

0

ZENSHO HOLDINGS CO., LTD.



1. Financial Results for 3Q FY2025 P.3

2. Capital Investment and Financial Indexes P.10

Table of Contents



2

ZENSHO HOLDINGS CO., LTD.



1. Financial Results for 3Q FY2025



3

Income Statement Summary



FY2024

FY2025

Apr.-Dec.

results

Apr.-Dec.

results

YoY

Amount

%

Sales

846.7

936.6

+89.9

+10.6%

Cost of Sales

(Percentage of total)

382.5

(45.2%)

428.9

(45.8%)

+46.3

(+0.6pt)

+12.1%

SG&A

(Percentage of total)

406.0

(48.0%)

446.8

(47.7%)

+40.7

(-0.3pt)

+10.0%

Operating Profit

(Percentage of total)

58.0

(6.9%)

60.9

(6.5%)

+2.8

+4.9%

Ordinary Profit

(Percentage of total)

55.2

(6.5%)

59.1

(6.3%)

+3.8

+7.0%

Profit

(Percentage of total)

34.1

(4.0%)

35.5

(3.8%)

+1.4

+4.1%

Cash flow from operating activities

52.4

66.4

+14.0

+26.7%

(Unit: Billions of yen)

4

ZENSHO HOLDINGS CO., LTD.



Same Store Sales (compared to 2019) by Segment

21/3

22/3 23/3

24/3 25/3

26/3

(%)

1st

2nd

3rd

4th 5th

6th

7th

8th

9th

(%)

180

wave

wave

wave

wave wave

wave

wave

wave

wave

187

166.9 171.6

153.9 158.4 157

143.3 149.4 150

139.2

134.3 142

135.8

121.0 132.1 136.5 131.4

114.0 120.6

103.1 106.0 110.7 105.4 107.2

101.3 101.3 106

85.3

95.5 93.6 96.3

80.6 80.8 80.6

68.8 68.4

63.5 64.4

58.6

42.7

.9 Global Hamasushi

180

160

160

.4

Global Sukiya

.4 Restaurants

140

120

.6 1G4lo0bal Fast Food

120

Retail

100

80

60

40

Jan Apr

July Oct



Jan Apr July Oct Jan Apr July Oct Jan Apr July Oct Jan Apr July Oct Jan Apr July Oct Jan

.8

100

80

60

40

①

21/3

② ③ ➃

22/3

23/3

24/3 25/3

* ①-➃ indicate periods under

26/3 the state of emergency 5

ZENSHO HOLDINGS CO., LTD.



  • Up ¥89.9 bn YoY

    Others

    YoY Changes in Segment Sales



    936.6 (2.5) (-8.3%)

    (Unit: Billions of yen)

    846.7

    FY2024

    3Q (Cumulative)

    FY2025

    3Q (Cumulative)

    *Figures in parentheses indicate percentages of net sales.

    ZENSHO HOLDINGS CO., LTD.

    Corporate and Support

    +3.7 (+91.3%)

    Retail

    +0.6 (+1.2%)

    Restaurants

    +12.3 (+10.7%)

    Global Fast Food

    +7.0 (+9.0%)

    Global Prepared Food

    +6.7 (+4.3%)

    Global Hamasushi

    +51.1 (+28.4%)

    Global Sukiya

    +10.8 (+4.9%)

    *Figures in parentheses indicate percentages of change. 6



  • Up ¥2.8 bn YoY

    Others

    YoY Changes in Segment Profit



    +1.3 (-)

    (Unit: Billions of yen)

    Corporate

    58.0 60.9 Corporate and Support

    Retail

    and Support

    Others

    Retail Others



    +5.5 (-)

    Retail

    +0.1 (-)

    Restaurants

    +1.8 (+23.9%)

    Global Fast Food

    +0.2 (+9.4%)

    Global Prepared Food

    +2.6 (+13.9%)

    Global Hamasushi

    Global Sukiya

    (12.8) (-63.7%)



    +3.4 (+23.8%)

    FY2024

    3Q (Cumulative)

    FY2025

    3Q (Cumulative)

    *Figures in parentheses indicate percentages of operating profit.

    *Figures in parentheses indicate percentages of change. 7

    ZENSHO HOLDINGS CO., LTD.



  • Up ¥89.9 bn YoY (Unit: Billions of yen)

    Restaurant business

    Global

    Prepared Food

    Retail business

    Corporate and Support Other segments



    936.6

    Same stores

    +49.8

    +6.7 +0.6 +1.1

    Store openings and closures

    +31.7 846.7

    FY2024

    3Q (Cumulative)

    FY2025

    3Q (Cumulative)

    8

    ZENSHO HOLDINGS CO., LTD.



    Segment Analysis: Net Sales

    Segment Analysis: Operating Profit

  • Up ¥2.8 bn YoY

Store



openings and

Restaurant business

Impact on

net sales of

same stores Cost of sales

+30.2 -9.4

Personnel expenses of same stores

-11.3

SG&A

expenses of same stores

Global Prepared

Retail business

(Unit: Billions of yen)

Corporate and

Support Other segments

58.0

closures

+3.5 -14.1

Food

+2.6

+0.1 +1.3 60.9

FY2024

3Q (Cumulative)

FY2025

3Q (Cumulative)

9

ZENSHO HOLDINGS CO., LTD.



2. Capital Investment and Financial Indexes



10

Number of Store Openings, Capital Investment, and Depreciation

(Unit: Stores)

FY2021

FY2022

FY2023

FY2024

FY2025 3Q

Number of stores opened

(consolidated)

434

444

971

880

818

Domestic

92

80

103

98

79

Overseas

342

364

868

782

739

Number of stores at end of period

10,078

10,283

15,109

15,419

14,918

(Unit: Billions of yen)

Capital investment (cash flow basis)

27.5

30.9

40.1

61.5

57.4

Operating cash flow

45.4

53.0

85.9

78.9

66.4

(of which, Depreciation)

28.3

30.4

34.4

46.5

38.3

11

ZENSHO HOLDINGS CO., LTD.





Global Development

Number of stores: 14,918 stores (As of December 31, 2025)



From Dec. 2019

Europe From Sep. 2023

From Jan. 2008 From Nov. 1982

1,096 stores

Middle East Asia Japan From Nov. 2018

5 stores

1,028 stores

4,886 stores

North America 7,462 stores From Nov. 2018 Oceania 390 stores From Mar. 2010 Central and South America

51 stores

12

ZENSHO HOLDINGS CO., LTD.



25/3末

25/12末

25/3末

25/12末

Balance Sheet



(Unit: Billions of yen)

Mar. 31,

2025

Dec. 31,

2025

Mar. 31,

2025

Dec. 31,

2025

Changes

Mar. 31,

2025

Dec. 31,

2025

Mar. 31,

2025

Dec. 31,

2025

Changes

Current assets

31.0%

34.9%

252.0

329.2

+77.1

Liabilities

70.4%

65.5%

572.7

618.2

+45.4

Cash and Deposits

79.6

131.4

+51.8

Interest-bearing debt

299.7

321.6

+21.9

Other Current Assets

172.3

197.7

+25.3

Other Liabilities

273.0

296.5

+23.5

Noncurrent assets

68.9%

65.0%

560.5

613.7

+53.2

Total Net assets

29.6%

34.5%

240.3

325.4

+85.0

Tangible Assets

274.3

319.2

+44.8

Paid-in capital

121.6

170.1

+48.5

Intangible Assets

215.7

226.5

+10.7

Retained earnings

113.0

136.7

+23.6

Investments and Other Assets

70.4

67.9

-2.4

Treasury shares

-13.7

-15.6

-1.9

Deferred assets

0.5

0.6

+0.0

Accumulated other comprehensive income

19.0

33.6

+14.5

Total assets

813.1

943.6

+130.5

Total Liabilities and Net Assets

813.1

943.6

+130.5

13

ZENSHO HOLDINGS CO., LTD.



Financial Indexes





Interest-bearing Debt, Net D/E ratio

Interest-bearing Debt *1 Net D/E ratio *1

Net D/E ratio *2

(Unit: Billions of yen, times)



Equity Capital ratio

Equity Capital *1 Equity Capital ratio *1

Equity Capital ratio *2

(Unit: Billions of yen, %)



14

*1: Subordinated loans and preferred shares are capitalized. (Until FY2023, includes 20.0 billion yen of preferred shares subscribed by Development Bank of Japan)

*2: Based on accounting Balance Sheet

ZENSHO HOLDINGS CO., LTD.

















LOTTERIA



W derfietd







ZENSHO HOLDINGS CO., LTD.

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