Slides
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0 FY2026 H1 IR Materials October 8, 2026 Sugi Holdings Co., Ltd. (Stock Code: 7649, TSE Prime, NSE Premier)
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1 Contents 01 H1 Results Overall summary / Breakdown of operating profit increase / Breakdown of net sales, gross profit and SG&A (Q2) 02 Revision to Earnings Forecast Consolidated P&L summary (H2 / full year) / Consolidation of Seki Yakuhin / H2 assumptions / Business plan revision 03 Appendix Breakdown (H1) / Trends in ratios to net sales, SG&A ratio and gross profit margin / Monthly same-store sales trends
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2 Contents 01 H1 Results Overall summary / Breakdown of operating profit increase / Breakdown of net sales, gross profit and SG&A (Q2) 02 Revision to Earnings Forecast Consolidated P&L summary (H2 / full year) / Consolidation of Seki Yakuhin / H2 assumptions / Business plan revision 03 Appendix Breakdown (H1) / Trends in ratios to net sales, SG&A ratio and gross profit margin / Monthly same-store sales trends
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3 Summary H1 Results Q2 Actual Results Approach to the H2 Forecast Revision Key Assumptions Operating profit Up 4.4% YoY vs. budget (July revision): -¥1.95 billion Operating profit -¥2.15 billion vs. initial budget (excl. Seki Yakuhin) Revised to highly achievable figures Sugi Pharmacy Retail Same-store sales: 4.2% ⇒ 3.0% Gross profit margin (YoY): +0.5% ⇒ +0.4% (excl. Seki Yakuhin)
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4 Quarterly Trends (¥ million, %) Actual vs. budget YoY Actual vs. budget YoY Actual vs. budget YoY Net sales 270,175 100.7 +10.1 270,537 96.7 +6.2 540,713 98.7 +8.1 Gross profit margin 30.8 ― ― 31.7 ― ― 31.3 ― ― Gross profit 83,331 98.6 +10.2 85,687 96.4 +6.9 169,019 97.5 +8.5 SG&A ratio 26.3 ― ― 27.0 ― ― 26.7 ― ― SG&A expenses 71,121 98.8 +10.1 73,150 97.9 +8.4 144,272 98.3 +9.3 Operating margin 4.5 ― ― 4.6 ― ― 4.6 ― ― Operating profit 12,209 97.7 +10.9 12,537 88.3 -1.2 24,747 92.7 +4.4 Q1 (Mar–May) Q2 (Jun–Aug) H1 (Mar–Aug)
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5 H1 Results: Breakdown of Operating Profit Increase Earning power of the three core businesses grew by +30 (¥100 million); turning around subsidiaries and headquarters will enable further profit growth FY2025 H1 FY2026 H1+10 (¥100 million) (¥100 million) 237 FY2025 H1 +30 Three core businesses -6 Dispensing subsidiaries -17 Headquarters +3 Other / adjustments 247 FY2026 H1 Note: Three core businesses: Sugi Pharmacy Retail +21.1 / Dispensing +3.3 / Hanshin Dispensing Pharmacy +5.6 Note: Headquarters = combined results of the headquarters functions of SUGI Holdings (SUGI HD) and Sugi Pharmacy (excluding the Sales Division)
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6 Breakdown of Net Sales and Gross Profit (Q2) *Dispensing pharmacies: Hanshin Dispensing Pharmacy, etc. (¥ million, %) FY2026 Q2 (Jun–Aug) FY2025 Q2 (Jun–Aug) Actual Mix vs. budget YoY GP margin Actual Mix GP margin Gross profit 85,687 100.0 96.4 +6.9 31.7 80,144 100.0 31.5 Dispensing 29,191 34.1 97.3 +11.1 35.6 26,286 32.8 36.1 Sugi Pharmacy 19,619 22.9 99.9 +11.4 36.9 17,604 22.0 37.0 Dispensing pharmacies* 9,572 11.2 92.2 +10.3 33.3 8,681 10.8 34.3 Retail 54,100 63.1 94.2 +5.1 29.4 51,480 64.2 29.0 Other 2,396 2.8 165.5 +0.8 51.1 2,377 3.0 56.1 (¥ million, %) FY2026 Q2 (Jun–Aug) FY2025 Q2 (Jun–Aug) Actual Mix vs. budget YoY Actual Mix Net sales 270,537 100.0 96.7 +6.2 254,713 100.0 Dispensing 81,977 30.3 99.0 +12.4 72,916 28.6 Sugi Pharmacy 53,207 19.7 99.5 +11.8 47,600 18.7 Dispensing pharmacies* 28,770 10.6 98.1 +13.6 25,315 9.9 Retail 183,868 68.0 97.0 +3.6 177,561 69.7 Other 4,690 1.7 62.1 +10.7 4,235 1.7
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7 (¥ million, %) FY2026 Q2 (Jun–Aug) FY2025 Q2 (Jun–Aug) Net sales Mix vs. budget YoY Net sales Mix Retail 183,868 100.0 97.0 +3.6 177,561 100.0 Healthcare 39,918 21.7 98.4 +2.1 39,114 22.0 Beauty 44,879 24.4 99.0 +6.4 42,198 23.8 Home 44,441 24.2 99.2 +4.3 42,617 24.0 Foods 54,258 29.5 93.1 +1.9 53,262 30.0 Other 370 0.2 88.0 0.0 370 0.2 Retail: Breakdown by Product Category (Q2) (¥ million, %) FY2026 Q2 (Jun–Aug) FY2025 Q2 (Jun–Aug) Gross profit Mix vs. budget YoY GP margin Gross profit Mix GP margin Retail 54,100 100.0 94.2 +5.1 29.4 51,480 100.0 29.0 Healthcare 16,836 31.1 95.6 +3.2 42.2 16,306 31.7 41.7 Beauty 15,313 28.3 98.4 +8.4 34.1 14,123 27.4 33.5 Home 12,044 22.3 97.6 +7.8 27.1 11,175 21.7 26.2 Foods 9,840 18.2 83.1 +0.3 18.1 9,810 19.1 18.4 Other 64 0.1 87.1 +2.4 17.5 63 0.1 17.1
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8 Breakdown of SG&A Expenses (Q2) (¥ million, %) FY2026 Q2 (Jun–Aug) FY2025 Q2 (Jun–Aug) Actual Mix vs. budget YoY Actual Mix SG&A expenses 73,150 27.0 97.9 +8.4 67,453 26.5 Personnel expenses 36,764 13.6 98.4 +9.8 33,494 13.1 Depreciation 4,437 1.6 87.4 -0.2 4,444 1.7 Rent 12,685 4.7 101.5 +4.5 12,143 4.8 Utilities 2,892 1.1 103.3 +4.1 2,778 1.1 Taxes and dues 3,742 1.4 107.2 +16.9 3,200 1.3 Commissions paid 4,972 1.8 101.5 +24.5 3,993 1.6 Supplies 1,416 0.5 77.4 -17.6 1,719 0.7 Selling expenses 680 0.3 71.6 +12.7 603 0.2 Other 5,557 2.1 95.8 +9.5 5,075 2.0
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9 Contents 01 H1 Results Overall summary / Breakdown of operating profit increase / Breakdown of net sales, gross profit and SG&A (Q2) 02 Revision to Earnings Forecast Consolidated P&L summary (H2 / full year) / Consolidation of Seki Yakuhin / H2 assumptions / Business plan revision 03 Appendix Breakdown (H1) / Trends in ratios to net sales, SG&A ratio and gross profit margin / Monthly same-store sales trends
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10 FY2026 H2 Revised Plan: Consolidated P&L Summary Including four months of Seki Yakuhin, H2 net sales are +¥33,186 million vs. the Q1 revised plan; operating profit is -¥1,048 million (¥ million, %) FY2025 H2 (Actual) FY2026 H2 (Revised plan) Actual % of sales / gross margin Revised plan % of sales / gross margin YoY Net sales 510,164 100.0 577,186 100.0 13.1 Dispensing 162,167 31.8 177,039 30.7 9.2 Retail 338,583 66.4 390,104 67.6 15.2 Other 9,413 1.8 10,042 1.7 6.7 Gross profit 165,456 32.4 186,580 32.3 12.8 Dispensing 59,804 36.9 63,807 36.0 6.7 Retail 100,483 29.7 117,179 30.0 16.6 Other 5,168 54.9 5,593 55.7 8.2 SG&A expenses 140,585 27.6 160,327 27.8 14.0 Operating profit 24,871 4.9 26,252 4.5 5.6 Non-operating income/expenses (net) 954 0.2 1,236 0.2 29.6 Ordinary profit 25,825 5.1 27,488 4.8 6.4 Profit attributable to owners of parent 16,365 3.2 14,410 2.5 -11.9 EBITDA 35,151 6.9 37,862 6.6 7.7 Note: H2 = Sep. 2026–Feb. 2027. The revised plan includes four months of Seki Yakuhin (Sep.–Dec. 2026). EBITDA = Operating profit + Depreciation + Amortization of goodwill Note: Figures in the net sales rows are the sales mix; figures in the gross profit rows are the gross margin.
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11 FY2026 Full-Year Revised Plan: Consolidated P&L Summary Including four months of Seki Yakuhin, full-year net sales are +¥25,900 million vs. the Q1 revised plan; operating profit is -¥3,000 million (¥ million, %) FY2025 Full Year (Actual) FY2026 Full Year (Revised plan) Actual % of sales / gross margin Revised plan % of sales / gross margin YoY Net sales 1,010,336 100.0 1,117,900 100.0 10.6 Dispensing 307,324 30.4 341,378 30.5 11.1 Retail 685,218 67.8 756,755 67.7 10.4 Other 17,793 1.8 19,765 1.8 11.1 Gross profit 321,205 31.8 355,600 31.8 10.7 Dispensing 111,750 36.4 121,837 35.7 9.0 Retail 199,559 29.1 223,014 29.5 11.8 Other 9,896 55.6 10,747 54.4 8.6 SG&A expenses 272,636 27.0 304,600 27.2 11.7 Operating profit 48,568 4.8 51,000 4.6 5.0 Non-operating income/expenses (net) 1,494 0.1 400 0.0 -73.2 Ordinary profit 50,062 5.0 51,400 4.6 2.7 Profit attributable to owners of parent 44,982 4.5 27,400 2.5 -39.1 EBITDA 68,679 6.8 72,500 6.5 5.6 Note: The revised plan includes four months of Seki Yakuhin (Sep.–Dec. 2026). EBITDA = Operating profit + Depreciation + Amortization of goodwill Note: Figures in the net sales rows are the sales mix; figures in the gross profit rows are the gross margin.
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12 P&L Impact of the Seki Yakuhin Consolidation Seki Yakuhin's contribution to the H2 revised plan (four months, September –December 2026) Overview of the consolidation of Seki Yakuhin Co., Ltd. • Date of consolidation: September 1, 2026 (stake raised to 51% through additional acquisition) • P&L consolidation period: four months, September to December 2026 • As this period falls within H2 (September 2026 to February 2027), the impact on the full -year earnings forecast is the same amount Seki Yakuhin included in the H2 revised plan (September–December 2026) (¥ million) H2 revised plan (consolidated) of which SUGI HD (excl. Seki) of which Seki Yakuhin Net sales 577,186 541,020 36,166 Gross profit 186,580 175,614 10,966 SG&A expenses 160,327 150,489 9,838 Operating profit 26,252 25,125 1,127 Note: Seki Yakuhin's operating profit is after amortization of goodwill and acquisition-related costs Note: The H2 revised plan is on a consolidated basis including four months of Seki Yakuhin.
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13 H2 Assumptions: Retail Same-Store Sales (excl. Seki) H1: +2.5%. H2 is expected at +3.0%, reflecting a recovery in Healthcare, Beauty and Home (%) H1 actual 102.5% 100.0 Base +0.1 Healthcare +1.2 Beauty +1.3 Home -0.2 Foods +0.01 Other 102.5 YoY H2 outlook 103.0% 100.0 Base +0.8 Healthcare +1.0 Beauty +1.2 Home +0.01 Foods +0.01 Other 103.0 YoY H1 drivers • Healthcare: Category coupons worked; oral care offset weak tax-free sales (impact of travel restrictions from China) • Beauty: App coupons worked; hair care and facial care were strong • Home: Demand for extra-large refills matched single-item discounts via app coupons • Foods: Beverages and alcohol were weak on low summer temperatures H2 assumptions • Healthcare: Adds YoY rebound in OTC drugs and medical supplies • Beauty: Sales of 50th anniversary items, centered on hair care and facial care • Home: Adds YoY rebound in seasonal consumables • Foods: Assumes price increases plus an alcohol recovery from the Liquor Tax Act amendment (beer tax cut) Note: A YoY rebound in tax-free sales (lapping the end of Expo 2025 special demand last October and the Chinese travel self-restraint) is factored into each major category [+0.1pt]
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14 H2 Assumptions: Retail Gross Margin (YoY, excl. Seki) Recovered to +0.4pt in Q2. H2 assumes this level will be maintained YoY change (pt) +0.1 Q1 +0.4 Q2 +0.4 H2 (plan) H2 assumes the Q2 level (+0.4pt) is maintained H2 Key Points • Review the frequency of app promotions (8% / 15%) • Shift emphasis to point-based promotions • Expand sales of private brand (PB) products → Expand sales floors and promote new products • Expand space for high-price, high-margin products → e.g., 50th anniversary limited-edition items Gross margin back on an improving trend → From +0.1pt in Q1 to +0.4pt in Q2. This level will be maintained in H2
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15 H2 Assumptions: Revision to the SG&A Plan Of the ¥7,992 million full-year increase, Seki Yakuhin accounts for ¥9,838 million. Excluding Seki Yakuhin, SG&A decreases by ¥1,846 million Revision to the SG&A plan (full year) (¥ million, %) Q1 revised plan % of sales Revised plan % of sales Change of which Seki Excl. Seki Selling expenses 3,500 0.3 3,550 0.3 +50 +109 -59 Personnel expenses 150,700 13.8 155,200 13.9 +4,500 +4,702 -202 G&A expenses 142,408 13.0 145,850 13.0 +3,442 +5,028 -1,586 Total 296,608 27.2 304,600 27.2 +7,992 +9,838 -1,846 Revision to the SG&A plan (H2) (¥ million, %) Q1 revised plan % of sales Revised plan % of sales Change of which Seki Excl. Seki Selling expenses 1,750 0.3 1,903 0.3 +153 +109 +44 Personnel expenses 77,055 14.2 82,101 14.2 +5,046 +4,702 +344 G&A expenses 71,110 13.1 76,323 13.2 +5,213 +5,028 +185 Total 149,915 27.6 160,327 27.8 +10,413 +9,838 +575 Note: Seki Yakuhin figures cover four months, September–December 2026.
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16 Business Plan Revision (Stores, Same-Store Sales, Capex) Store count (stores) Previous Revised Drugstore openings 112 102 Dispensing pharmacy openings 18 18 Closures 30 30 Net increase 100 90 Stores at period end 2,421 2,411 Capital expenditure (capex) and depreciation (¥ million) Previous Revised New stores 21,200 17,920 Remodeling 4,500 2,550 DX 6,500 6,500 Total capex 32,200 26,970 Depreciation 20,900 18,711 Same-store sales: YoY (%) Company-wide Plan → Revised Company-wide Actual Dispensing Plan → Revised Dispensing Actual Retail Plan → Revised Retail Actual Q1 5.3 5.8 7.7 9.1 4.2 4.5 Q2 5.9 3.0 10.6 9.8 3.9 0.5 H1 5.6 4.4 9.1 9.4 4.1 2.5 Q3 5.4 → 4.0 ― 9.3 → 8.6 ― 3.6 → 2.2 ― Q4 4.5 → 5.5 ― 4.1 → 9.5 ― 4.8 → 3.8 ― H2 5.0 → 4.8 ― 6.6 → 9.1 ― 4.2 → 3.0 ― Full year 5.3 → 4.6 ― 7.8 → 9.2 ― 4.1 → 2.7 ―
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17 Contents 01 H1 Results Overall summary / Breakdown of operating profit increase / Breakdown of net sales, gross profit and SG&A (Q2) 02 Revision to Earnings Forecast Consolidated P&L summary (H2 / full year) / Consolidation of Seki Yakuhin / H2 assumptions / Business plan revision 03 Appendix Breakdown (H1) / Trends in ratios to net sales, SG&A ratio and gross profit margin / Monthly same-store sales trends
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18 Breakdown of Net Sales and Gross Profit (H1) *Dispensing pharmacies: Hanshin Dispensing Pharmacy, etc. (¥ million, %) FY2026 H1 FY2025 H1 Actual Mix vs. budget YoY GP margin Actual Mix GP margin Gross profit 169,019 100.0 97.5 +8.5 31.3 155,748 100.0 31.1 Dispensing 58,030 34.3 100.0 +11.7 35.3 51,945 33.4 35.8 Sugi Pharmacy 38,934 23.0 100.5 +10.1 36.5 35,378 22.7 37.0 Dispensing pharmacies* 19,095 11.3 99.1 +15.3 33.1 16,566 10.6 33.4 Retail 105,834 62.6 95.3 +6.8 28.9 99,075 63.6 28.6 Other 5,154 3.0 120.7 +9.0 53.0 4,727 3.0 56.4 (¥ million, %) FY2026 H1 FY2025 H1 Actual Mix vs. budget YoY Actual Mix Net sales 540,713 100.0 98.7 +8.1 500,172 100.0 Dispensing 164,339 30.4 100.4 +13.2 145,157 29.0 Sugi Pharmacy 106,625 19.7 100.4 +11.5 95,610 19.1 Dispensing pharmacies* 57,714 10.7 100.3 +16.5 49,547 9.9 Retail 366,651 67.8 98.7 +5.8 346,635 69.3 Other 9,722 1.8 75.3 +16.0 8,380 1.7
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19 (¥ million, %) FY2026 H1 FY2025 H1 Net sales Mix vs. budget YoY Net sales Mix Retail 366,651 100.0 98.7 +5.8 346,635 100.0 Healthcare 82,000 22.4 99.4 +3.8 79,012 22.8 Beauty 87,069 23.7 100.2 +8.3 80,430 23.2 Home 88,841 24.2 103.2 +9.1 81,446 23.5 Foods 107,990 29.5 93.8 +2.8 105,010 30.3 Other 749 0.2 89.8 +2.0 734 0.2 Retail: Breakdown by Product Category (H1) (¥ million, %) FY2026 H1 FY2025 H1 Gross profit Mix vs. budget YoY GP margin Gross profit Mix GP margin Retail 105,834 100.0 95.3 +6.8 28.9 99,075 100.0 28.6 Healthcare 34,449 32.6 96.1 +4.6 42.0 32,943 33.3 41.7 Beauty 28,996 27.4 98.5 +9.6 33.3 26,456 26.7 32.9 Home 22,459 21.2 98.8 +10.1 25.3 20,390 20.6 25.0 Foods 19,797 18.7 86.3 +3.3 18.3 19,156 19.3 18.2 Other 131 0.1 89.1 +2.8 17.6 128 0.1 17.5
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20 Breakdown of SG&A Expenses (H1) (¥ million, %) FY2026 H1 FY2025 H1 Actual Mix vs. budget YoY Actual Mix SG&A expenses 144,272 26.7 98.3 +9.3 132,051 26.4 Personnel expenses 73,098 13.5 99.3 +10.7 66,035 13.2 Depreciation 8,668 1.6 88.0 -0.2 8,684 1.7 Rent 25,191 4.7 101.2 +4.8 24,047 4.8 Utilities 5,097 0.9 100.1 +0.3 5,082 1.0 Taxes and dues 7,476 1.4 104.6 +16.2 6,432 1.3 Commissions paid 9,358 1.7 102.3 +24.5 7,513 1.5 Supplies 3,166 0.6 86.5 -1.1 3,200 0.6 Selling expenses 1,646 0.3 94.1 +22.3 1,346 0.3 Other 10,568 2.0 91.9 +8.9 9,707 1.9
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21 Trends in Ratios to Net Sales 38.0 37.4 36.8 35.8 35.3 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 Dispensing gross profit margin (%) 24.9 25.3 25.5 26.4 26.7 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 SG&A ratio (%) 26.7 27.3 27.9 28.6 28.9 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 Retail gross profit margin (%) 29.6 30.0 30.4 31.1 31.3 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 Gross profit margin (%)
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22 Trends in Ratios to Net Sales 4.6 4.7 4.9 4.7 4.6 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 Operating margin (%) 4.7 4.9 5.2 4.8 4.4 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 Ordinary profit margin (%) 2.7 2.8 3.2 5.7 2.4 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 Profit attributable to owners of parent to net sales, H1 (%) 6.4 6.5 6.8 6.7 6.4 FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 EBITDA (%)
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23 Trends in SG&A Ratio / Gross Profit Margin FY2022 H1 FY2023 H1 FY2024 H1 FY2025 H1 FY2026 H1 24.4% 24.9% 25.4% 25.9% 26.4% 26.9% 29.5% 30.0% 30.5% 31.0% 31.5% SG&A ratio Gross profit margin SG&A Ratio / Gross Profit Margin
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24 FY2026 Same-Store Sales: Monthly YoY Trends 12.0 9.3 5.8 11.4 8.3 9.7 Mar Apr May Jun Jul Aug 3.2 3.6 6.6 -1.5 0.6 2.3 Mar Apr May Jun Jul Aug 5.7 5.3 6.4 2.0 2.7 4.3 Mar Apr May Jun Jul Aug Plan Q1: 7.7% Actual Q1: 9.1% Q2: 10.6% Q2: 9.8% H1: 9.1% H1: 9.4% Plan Q1: 4.2% Actual Q1: 4.5% Q2: 3.9% Q2: 0.5% H1: 4.1% H1: 2.5% Plan Q1: 5.3% Actual Q1: 5.8% Q2: 5.9% Q2: 3.0% H1: 5.6% H1: 4.4% Dispensing: same-store Retail: same-store Sugi Pharmacy: same-store
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25 免責事項 Any plans, forecasts, strategies or other statements regarding the Sugi Pharmacy Group contained in this document that are not historical facts constitute forward-looking statements regarding future performance. These are based on the judgment of the management of Sugi Holdings Co., Ltd. using information currently available. Please be aware, therefore, that actual results may differ significantly from these forecasts due to various factors.