Summary of Financial Results for the Second Quarter of the Fiscal Year Ending
December 31, 2024
July 30, 2024
KOKUYO Co., Ltd.

© 2024 KOKUYO Co.,Ltd.

Contents

1. Second Quarter FY2024 Results
2. Full-Year FY2024 Forecasts
3. Results in Each Business
4. Long-term Vision, CCC 2030
(target: ¥500 bn in net sales)
5. Reference Materials* The business segments are as follows:
Furniture Businesses: FN
Business Supply Distribution: BS
Stationery Businesses: ST
Interior Retail Businesses: IR* Unless otherwise indicated, monetary figures are rounded down
to the nearest million yen.
As such, the sum of the figures in a breakdown may not matchthe stated total.

© 2024 KOKUYO Co., Ltd.

Executive Summary
FY2024 (ended December 2024) Second Quarter Results✓ Net sales: Net sales fell short of initial targets amid inflation and other economic adversities overseas, although the Japanese furniture business saw
year-on-year revenue growth after successfully targeting the brisk demand.
✓ Operating income: Operating income was consistent with the result for the same period last year and with initial expectations. Strategic spending aheadof the fourth medium-term plan in line with initial expectations, and we controlled gross margin ratio and SG&A expenses.
✓ Interim net income increased significantly YoY, reflecting recording of gain on sale of fixed assets.

Full-year 2024 (ending December 2024) /Forecasts✓ Forecasts remain unchanged from the initial forecasts, announced on February 13, 2024.
✓ While continuing to monitor the situation in overseas markets, we’ll pursue our annual targets by continuing to capitalize on brisk demand in the domestic
furniture business and winning large contracts in the overseas furniture business.
✓ Net income in 2024 is likely to break another record, and we are likely to meet our ROE benchmark of 8% (as set out in the third medium-term plan),
thanks to organic business growth and sale of fixed assets and cross-held shares.

Long-term vision, CCC 2030 (goal: ¥500 bn in net sales)✓ To achieve the CCC 2030 goal (¥500 bn in net sales), we are tweaking existing businesses, expanding the reach of existing businesses, and nurturing
new business ideas.
✓ During the third medium term, we have focused on four priority tasks and have worked to expand the reach of our business fields, bringing us closer tothe CCC 2030 goal.
✓ For Dynamic Investment, we have improved our M&A process, massively increasing the number of M&A leads. For Empowered Talent, we havestrengthened talent development and recruitment.
✓ Capital policy: The third medium-term plan commits us to spending a growth investment of ¥30 bn, providing a payout ratio of 40%, and reducing ourcross-shareholdings until they account for 10% or less of our consolidated net assets, with a view to achieving an ROE of 8%.
✓ The fourth medium-term plan (currently being formulated) will clarify how we will allocate capital to further build the value of our organization.

3© 2024 KOKUYO Co., Ltd.

1. Second Quarter FY2024 Results4© 2024 KOKUYO Co., Ltd.

Second Quarter FY2024 Results: Year on Year Comparisons

Strategic expenditures were in line with initial expectations. We achieved operating profit by controlling gross margin
ratio and SG&A expenses.
Interim net income increased significantly YoY, reflecting recording of gain on sale of fixed assets.
2023
resultQ1
2024
result2023
resultQ2
2024
resultNet sales

92,55595,935+3.7%

81,02982,746+2.1%

173,585 185,300 178,681

+2.9%

-3.6%

Gross profit

37,11939,375+6.1%

30,89031,840+3.1%

68,01074,10071,216

+4.7%

-3.9%

(ratio)

40.1%

41.0%

38.1%

38.5%

39.2%

40.0%

39.9%

SG&A expenses

26,30027,71025,93527,82952,236

58,10055,539

+6.3%

-4.4%

(ratio)

28.4%

28.9%

32.0%

33.6%

30.1%

31.4%

31.1%

Operating income

10,818

11,665

4,954

4,011

15,77316,00015,676

-0.6%

-2.0%

(ratio)

11.7%

12.2%

6.1%

4.8%

9.1%

8.6%

8.8%

Ordinary income

11,222

12,565 +12.0%

6,044

5,409

17,266

16,60017,974

+4.1%

+8.3%

(ratio)

12.1%

13.1%

7.5%

6.5%

9.9%

9.0%

10.1%

Net income attributableto owners of parent

7,679

11,978 +56.0%

4,068

3,647

11,747

14,50015,625 +33.0%+7.8%(ratio)

8.3%

12.5%

5.0%

4.4%

6.8%

7.8%

YoY
change

+5.4%

+7.8%

YoY
change+7.3%-19.0%-10.5%-10.4%

2023
result2024
forecast

H1
2024
resultYoY
Divergencechange from target

8.7%

5

© 2024 KOKUYO Co., Ltd.

Second Quarter FY2024 Results: Contributors to YoY Change in Net Sales

Japan: Revenue increased. Growth was led by furniture business, which did well in winning contracts.
Overseas: Revenue decreased, reflecting worsening economic conditions.
Favorable exchange rates limited the scale of the decrease.
(Millions of yen)Japan
+5,745

H1 2023 result

Overseas-1,016

Other

Reconciliation+369

Foreignexchange

Reconciliation H1 2024 result6© 2024 KOKUYO Co., Ltd.

Second Quarter FY2024 Results: Contributors to YoY Change in Operating Income

Japan: Furniture and “other” businesses posted higher operating income.
Overseas: The decrease reflected lower net sales.
(Millions of yen)Japan
+1,304

Jan-Mar
FY2023 result

Overseas
-621

Other

Reconciliation-780

Foreignexchange

Reconciliation

Jan-Mar
FY2024 result7© 2024 KOKUYO Co., Ltd.

Contributors to YoY Change in Operating Income

Costs increased, but we continued to enjoy the effects of price revisions in the Japanese stationery businessand Business Supply Distribution.
In line with initial expectations, we proactively spent the strategic budget in preparation for the fourth medium-term(Millions of yen)plan while controlling SG&A expenses.
Gross profit+3,206

SG&A expenses-3,303

Hiring more staff
Across-board pay
raises

1H 2023 result

Impact of
Impact of sales
higher raw
price revisionmaterials costs

Impact of sales
expansion

M&A lead expenses,
hiring expenses, etc.

Personnel
expenses

Activity
expenses

System functionality
enhancements in FN and BS,
IT infrastructure building

Capitalexpenditures

IT system
expenditures

Other

1H 2024 result8© 2024 KOKUYO Co., Ltd.

2. Full-Year FY2024 Forecasts

9© 2024 KOKUYO Co., Ltd.

Full-Year FY2024 Forecasts: Year on Year Comparisons

Forecasts remain unchanged from those announced on February 13, 2024.
Our strategy is to invest in preparation for the fourth medium-term plan (in line with initial expectations)to unlock further growth.
2023 result

2024 target

YoY change% YoY change

Net sales

328,753

355,000+26,247+8.0%

Gross profit

127,392

140,100+12,708+10.0%(ratio)

38.8%

39.5%

SG&A expenses

103,561

115,600+12,039+11.6%(ratio)

31.5%

32.6%

Operating income

23,83024,500

+670

+2.8%

(ratio)

7.2%

6.9%

Ordinary income

25,98925,500

-489

-1.9%

(ratio)

7.9%

7.2%

Net income attributableto owners of parent

19,06921,400+2,331+12.2%(ratio)

5.8%

6.0%

ROE

7.8%

>8%

(Millions of yen)10
© 2024 KOKUYO Co., Ltd.

3. Results in Each Business11© 2024 KOKUYO Co., Ltd.

Workstyle Field: Furniture Businesses
In Japan, we have increased market share and improved efficiency of the businesses.
Overseas, we have improved production and sales.
Q2 result: Overseas businesses were adversely affected by Chinese economic downturn,
but Japanese businesses performed well and posted higher revenue and profit.

Full-year: Net sales, operating income ratio

Q2: Net sales, operating income ratio(Millions of yen)

(Millions of yen)

168,100
Net sales

154,472

Net sales

86,316

83,465% change+8.8%% change+3.4%

Operatingincome22,45824,200Operatingincome13,871

14,037(ratio)

14.5%

14.4%

(ratio)

16.6%

16.3%

2023

2024

Jan-Jun 2023

Jan-Jun 2024
12
© 2024 KOKUYO Co., Ltd.

Workstyle Field: Furniture Businesses
Japan: We have continued targeting a wider range of office leads, with pleasing progress overall.
Overseas: Amid the Chinese economic downturn, we have stepped up sales efforts to win contracts.
Japanese Furniture Business
1. Business climate
・Demand remains brisk for office relocations and renovations<No. of contracts won in provincial municipalities (as of July)>
100%

100%

105.5%

2. Progress in Q2
・We targeted a wider range of office needs (projects of various scales, projects
in provincial municipalities). Performance is pleasing overall.

3. Future actions
・To capture a wider range of office needs, we will leverage a key asset: ournationwide network of sales branches.
・Keep enlarging market share and increasing efficiency

50%

0%
H2 2023

Overseas Furniture Business

H2 2024<Chinese business: % of target met>

1. Business climate
・Tough circumstances persisted, with the Chinese economic outlook remaining
murky.

We will leverage ournationwide network of sales
branches to top last year’s
result for provincial contracts.

100%

2. Progress in Q2
・With adverse economic conditions worse than expected, performance fell short oftargets.

We will improve targeting to
win more contracts. In thisway, we are set to hit H2targets.

50%

3. Future actions
・Improve targeting and pursue leads more effectively to win contracts. With theseactions, we are set to hit targets in H2.
・Kokuyo Hong Kong to be at fulcrum of efforts to improve production and cross sell
・Press ahead in post-merger integration0%
H1 2024 result

H2 2024 forecast13© 2024 KOKUYO Co., Ltd.

Workstyle Field: Business Supply Distribution
To grow the business, we started marketing IT system solutions more effectively to a large corporate clientand further improved e-commerce.
Q2 result: Operating income ratio hugely improved following measures to improve profit.

Full-year: Net sales, operating income ratio

Q2: Net sales, operating income ratio(Millions of yen)

(Millions of yen)

Net sales

103,700

97,820Net sales

51,57050,977% change+6.0%% change+1.2%

Operatingincome

3,892

4,400

Operatingincome

2,176

2,708

(ratio)

4.0%

4.2%

(ratio)

4.3%

5.3%

2023

2024

Jan-Jun 2023

Jan-Jun 2024
14
© 2024 KOKUYO Co., Ltd.

Workstyle Field: Business Supply Distribution
We continue seeing growth in the number of companies subscribing to our solutions system for large corporate clients.
Growth in subscribers is slower than expected, but per-customer transaction has increased after we expanded the productlineup and reformed delivery fees.
Business Supply Distribution<Sales to large companies compared to 2022>

1. Business climate
・With economic normalization, the market continues to grow at a modest pace.

100%

109%

117%

126%

140%

・The market has grown crowded, creating tougher competition.

2. Progress in Q2
・A growing number of companies have subscribed to our solutions system forlarge corporate clients.
・We expanded our lineup by linking with another the catalogue websites of othercompanies.
・Growth in subscribers is slower than expected, but we are improving profits byreforming prices and delivery fees.

3. Future actions
・Improve the solutions system for large corporate clients to win more corporate
subscribers
・Accelerate e-commerce shift and improve customer experience value to drive
growthH1 2020 H1 2021 H1 2022 H1 2023 H1 2024

<No. of products on website>■Products on linked catalogue websites ofother companies■Products on our own website

Industry top
level for size of
product lineup

Product lines(multiple of 10 thousand )2,249✓ Improve the UI/UX to increase website traffic and win more subscribers
・Implement the marketing engine scheme

840✓ Utilize Kaunet’s vast marketing data

87

120

128

152

183

2020.12 2021.12 2022.12 2023.12 2024.6© 2024 KOKUYO Co., Ltd.

Lifestyle Field: Stationery Businesses
In Japan, we have secured revenue and expanded e-commerce. Overseas, we have expanded our geographic coverage.
Q2 result: Overseas, businesses were hit by economic adversities. In Japan, B2C sales were strong.

Full-year: Net sales, operating income ratio

Q2: Net sales, operating income ratio(Millions of yen)

(Millions of yen)

Net sales

90,70083,899Net sales

44,82843,859% change+2.2%% change+8.1%
Operatingincome

6,802

8,000

Operatingincome

3,911

4,165

営業利益率
+0.4pt(ratio)

8.1%

8.8%

2023

2024

(ratio)

8.9%

9.3%

Jan-Jun 2023

Jan-Jun 2024
16
© 2024 KOKUYO Co., Ltd.

Lifestyle Field: Stationery Businesses
Japan: Amid the tough business climate, we have focused on reallocating resources and optimizing costs to maximize revenue.
Overseas: To offset the risks of the Chinese downturn, we started expanding our geographic coverage further.
Japanese Stationery Businesses<Products jointly developed with FamilyMart>

1. Business climate

・Conditions remain challenging (digitalization, shrinking population, distribution channels)

2. Progress in Q2z

・ B2B sales were sluggish, but we saw steady growth in B2C by engaging in codevelopment projects and e-commerce.

3. Future actions

・Strengthen B2C sales by expanding e-commerce, improving digital marketing, andexpanding range of merchandise・Work closer with overseas subsidiaries to create new value and expand exports to new
areas
・Reallocate resources and optimize costs to maximize revenue

・35 items sold in 16,300 stores in Japan<Growing fan base in China*>

Overseas Stationeryzz Businesses

2,500,000

1. Business climate

2,000,000

・China’s economy continues to worsen. India is experiencing inflation and competition
there is intensifying.

1,500,000

2. Progress in Q2

・With adverse economic conditions worse than expected, performance fell short of targets.

3. Future actions

・China: Monitor customers’ shopping behavior, open new locations, expand customer
base・India: To expand business, organize ad campaigns, launch new products, and makeproduction and procurement more efficient・Expand into other Asian markets

Fan base is growing

1,000,000
500,000
0

2019.1*No. of likes from users on Tmall (a Chinese e-commerce site)2024.6© 2024 KOKUYO Co., Ltd.

Lifestyle Field: Interior Retail Businesses
To win growth opportunities, we have opened more outlets, strengthened e-commerce, and pursued B2B contracts.
Q2 result: The low yen squeezed profit margins, but the above actions produced strong net sales.

Full-year: Net sales, operating income ratio

Q2: Net sales, operating income ratio(Millions of yen)

(Millions of yen)

Net sales

20,34820,200Net sales

10,462

10,141% change-0.7%% change+3.2%

Operatingincome698

600(ratio)

3.4%

3.0%

2023

2024

Operatingincome452

300(ratio)

4.5%

2.9%

Jan-Jun 2023

Jan-Jun 2024
18
© 2024 KOKUYO Co., Ltd.

Lifestyle Field: Interior Retail Businesses
The business climate is tough, with the end to stay-at-home demand and the comedown from the large B2B contract won last year.
We will build a new portfolio emphasizing e-commerce and hotel-related B2B contracts.
Interior Retail Businesses<E-commerce as percentage of total sales>8%
1. Business climate

6%5%・Demand landscape has toughened with the end of the stay-at-home demand,

4%

which surged during the pandemic.
・ We face a tough comparison to the previous year (2023), when we won a large

3%

B2B contract (a residential project).
2. Progress in Q2

2020 1~6 2021 1~6 2022 1~6 2023 1~6 2024 1~6・The low yen creates a challenge, but performance is going largely to plan, withus winning B2B contracts, developing e-marketing, and controlling price<New Actus location (Tokorozawa)>

increases.

3. Future actions
・Offset the comedown from 2023 (the large contract mentioned above) by opening
new locations with strong demand prospects, strengthening e-commerce, andpursuing more B2B leads.
・Use price controls to improve gross profit margin
To open in September 2024

© 2024 KOKUYO Co., Ltd.

4. Long-term Vision, CCC 2030 (target: ¥500 bn in net sales)© 2024 KOKUYO Co., Ltd.

Accomplishing the Long-Term Vision, CCC 2030

Increase annual net sales to ¥500 billion through Forest-Like Model.
Become a group of diverse businesses that deliver sustainable growth

New needs:
Nurturingbusinessideas
Net sales:¥50–100
billion

Officemanagement

Talent andvaluesExisting
businesses:
Expandfields
Net sales:¥100 billion

Hybrid workplace

Existing
businesses:
Tweakbusiness
Net sales:¥300 billion

Furniturebusinesses

Total net sales in 2030:¥500 billion

Business
supplydistribution

Net sales:¥300–350 billion or more
Change from 2020:+¥100–150 billion

Self-driven
learning

Co-living

Lifestyle tools

Stationery
businesses

Interior
retailbusinesses

Net sales:¥150–200 billion or more
Change from 2020:+¥50–100 billion21© 2024 KOKUYO Co., Ltd.

Third Medium-Term Plan

We proceeded with the third medium-term plan to make progress toward our long-term vision (CCC 2030).
The plan’s theme is to achieve field expansion with progress in our global strategy and better earnings in Japanesebusinesses.

2022–2024: Field Expansion 2024

2025–2030(Billions of yen)

500.0
355.0
328.7
Field expansion
strategies:

Net sales

300.9

Gross profit(ratio)116.6(38.8%)

127.3(38.8%)

Operatingincome(ratio)19.1(6.4%)

23.8(7.2%)

2022

2023

Progress inglobal strategy
Better earnings
in Japanesebusinesses"

140.1(39.5%)
24.5(6.9%)

2024
target2030

22© 2024 KOKUYO Co., Ltd.

Four Priority Tasks

Work on our four priority tasks is starting to contribute to field expansion.
We will accelerate efforts to further expand the reach of the fields.

2022–2024

2025–2027

2028–2030

Dynamic
investment

・R&D share: Increased from 0.6% to 1.0%
・Growth CapEx: Over ¥30 billion
・Regular/maintenance CapEx: ¥20 billion

Strategic budget of ¥180 bn (including portion invested
under third medium-term plan) to be invested up to 2030

Empowered talent

Improve employee mobility and provide more
opportunities for employee growth・Make core posts more fluid・Appoint 30 leaders

Increase diversity toaccelerate innovation

Nurture talent for society

Active innovation

Establish business prototyping processes
and infrastructure
・Launch 15 startups
・500 people with experience in innovation
process

Accelerate innovation

Sell process to othercompanies

Social value andbusiness value

・Provide fund for building social value (c. 1% ordinary income: ¥0.2 billion)
・Provide fund for ESG initiatives© 2024 KOKUYO Co., Ltd.

Dynamic Investment: Current Growth-Investment Themes

We have focused on high-priority investments aligned with our growth strategy.
We are improving our M&A process to massively increase our M&A leads and improve the prospects of strategic
success.

Main themes and projects

Go global

Improve basic
earnings inexisting
Japanesebusinesses

Outcomes

ST: Expand globally
FN: Expand into ASEAN and other
Asian markets

・Kokuyo Hong Kong(c. ¥10 bn)

Jp FN: Make value chain more efficient✓Plant investments to expand productlineup✓M&As in office mgmt services sector
BS distribution: Invest in digital marketing✓System investments✓Distribution

JP furniture
・Origin Co., Ltd.
・Invest in own plants(expand product lineup)
Business-supplies distribution
・System investments

M&A leads
Keep exploring
potential M&A withoverseas makers

6.3 times
higher
63
33

10
2022

2023

2024

*H1 result© 2024 KOKUYO Co., Ltd.

Empowered talent

We have invested in training and recruitment to bolster our human capital. We train “yokoku” talent who will
drive forward our long-term vision, CCC 2030.

Human capital: Schema, actions

No. of new hires (Kokuyo and Kaunet)

Field expansion
200

Kokuyo talent: Talent who are passionate
about solving problems and can develop
creative solutions

Recruitment
strengthened to enablebusiness field expansion

160

60
120

A workplace climatethat empowers
diverse talent

74

Employeespotlighting

80
26

25
31

40

Examples of actions
・Strengthen competitive recruitment(higher starting salary, across-board pay raises)
・Reform HR system (new promotion system, better workstyles)
・Improve recruitment
・Improve talent-development system(Marketing University, Kokuyo’s 20% Challenge, Digital Academy)

51

60

2019

2020

45

113
57

33

36

2021

2022

0
Fresh-graduate hires
新卒採用

2023

Mid-career hires
キャリア採用2024
As of June end© 2024 KOKUYO Co., Ltd.

Capital Policy: Looking back on the third medium-term plan, looking forward to the fourth medium-term plan

With progress in our measures and with extra measures, we are on course to achieving 8% ROE.
The fourth medium-term plan will clarify the capital allocations for building long-term value.
<Capital policy in third medium-term plan, progress made>Key policies

Progress

Effective capital
allocation,
greater efficiency

・Strike optimal balance between reinvestment
and shareholder returns
・ Enhance efficiency of business assets
・Keep capital cost in mind when vetting
prospective investments and evaluating existing
investments

・We are set to achieve 8% ROE.
・We have balanced reinvestment with shareholder
returns and bought back shares.
・We have kept capital cost in mind when vetting
prospective investments and evaluating existing
investments

Investment
strategy forbuilding
sustainable
enterprise value

・Growth CapEx of ¥30 bn on top of
regular/maintenance CapEx of ¥20 bn

・We are yet to reach the ¥30 bn target, but we are on
course toward it
・We declined some prospective investments because
the purchase price was too high・Aim for a stable dividend increase with adividend payout ratio of 40%
・Fulfill responsibility to explain our corporate
growth story

・We revised the policy in July 2023, adding a new
benchmark: total payout ratio of 50%. To meet thisnew benchmark, we bought back shares worth¥5 bn
・We immediately retired treasury shares in excess
of 5% of our total issued stock

Shareholder
returns

26© 2024 KOKUYO Co., Ltd.

Capital Policy: Shareholder Returns

For 2024, the payout ratio will exceed the medium-term target at 40.5% (annual dividend of ¥76).
The forecast for total payout ratio (an additional KPI added in 2023) is 50% or more (2023–2024 average).

Dividend (JPY), payout ratio (%)
Forecast:¥9.5 more
to be paid

76.0

66.5
57.0
47.0
39.0

39.0

¥ 32.0

69.1%

57.6%
41.8%

a total payout
ratio of at 50%

55.6%
40.3%

26.6%
30.1%

2018

2019

2020

Dividend per share

2021

35.9%

2022

Payout ratio

40.2%

40.5%

2023

2024

Total payout ratio27© 2024 KOKUYO Co., Ltd.

Capital Policy: Reduce Cross-Shareholdings
We wanted to reduce our cross-shareholdings to less than 10% of our consolidated net assets stated at fair market value.
They remain above the 10% mark, but that is because fair value has trended upward. Our cross-shareholdings continue todecrease.

Cross-shareholdings
15.5%
14.5%

(Billions of yen)
13.7%
11.8%

12.2%

11.5%

10.2%

9.5%

350
320

309
282

320

2019

350

2020
Carrying amount

309

2021

282

2022

310
56

Portionattributable
to high fairvalue
compared
to 2022

311
61

254

250

2023

2024.6Percentage of consolidated net assets

Fair value at 2022 end:
<10%28
© 2024 KOKUYO Co., Ltd.

New Medium-Term Plan

We will unveil the fourth medium-term plan at the end of November.
We are working on ideas to implement our growth strategy aligned with CCC 2030.

Net sales¥315.1 bn (*2)
Operating income¥18.2 bn (5.8%)

Net sales¥292.6 bn (*2)
Operating income¥19.9 bn (6.8%)

Net sales¥355.0 bn
Operating income¥24.5 bn (6.9%)

To be unveiled at theend of November
2024

ROE >8.0%

First medium-term plan
(2016–2018)

Second medium-term plan(2019–2021)

Third medium-term plan
(2022–2024)

Fourth medium-term plan
(2025–2027)

Self-reform focusing
on value creation

Enabling sustainablegrowthTweaking existing
businesses, expand
the fields(Field expansionrelated theme to be
decided)* The quantitative financial amounts indicate the financial results for the relevant plan
(The revenue standard has been retroactively applied to numerical data in the second medium-term plan but not to that in the first.)

29© 2024 KOKUYO Co., Ltd.

5. Reference Materials© 2024 KOKUYO Co., Ltd.

Second Quarter Performance(Millions of yen)

Jan-Jun FY2021
resultJan-Jun FY2022
resultJan-Jun FY2023
resultJan-Jun FY2024
resultNet sales

155,281

156,424

173,585

178,681

Gross profit

61,92061,21968,01071,216(ratio)

39.9%

39.1%

39.2%

39.9%

SG&A expenses

47,26448,48752,23655,539(ratio)

30.4%

31.0%

30.1%

31.1%

Operating income

14,655

12,731

15,773

15,676(ratio)

9.4%

8.1%

9.1%

8.8%

Ordinary income

10,464

14,614

17,266

17,974(ratio)

6.7%

9.3%

9.9%

10.1%

Net income attributable toowners of parent

8,332

10,845

11,747

15,625(ratio)

5.4%

6.9%

6.8%

8.7%
31
© 2024 KOKUYO Co., Ltd.

Second Quarter Performance by Segment

Net sales
Workstyle Field

Operating income(ratio)Net sales
Furniture businesses

Operating income(ratio)Net sales
Business supply distribution Operating income(ratio)Net sales
Operating income
Lifestyle Field(ratio)Net sales
Operating income
Stationery businesses(ratio)Net sales
Operating income
Interior retail businesses(ratio)Net sales
Operating income
Other(ratio)Net sales
Reconciliation

Operating income

Net sales
Total

Operating income(ratio)Jan-Jun FY2021 Jan-Jun FY2022 Jan-Jun FY2023 Jan-Jun FY2024(Millions of yen)resultresultresultresult123,944
122,309
134,443
137,887
13,521
12,82016,04816,746
10.9%
10.5%
11.9%
12.1%
74,322
72,371
83,46586,316
11,913
10,927
13,871
14,037
16.0%
15.1%
16.6%
16.3%
49,622
49,93850,97751,570
1,607
1,892
2,176
2,708
3.2%
3.8%
4.3%
5.3%
46,85348,04354,001
55,290
4,224
3,947
4,363
4,465
9.0%
8.2%
8.1%
8.1%
37,91238,49743,85944,828
3,744
3,397
3,911
4,165
9.9%
8.8%
8.9%
9.3%
8,940
9,545
10,141
10,462
479
549
452
300
5.4%
5.8%
4.5%
2.9%
221
204
208
202
15
-53
-123
-239
6.8%
‐
‐
‐
-15,737-14,132-15,067-14,698-3,105-3,981-4,515-5,295
155,281
156,424
173,585
178,681
14,655
12,731
15,773
15,676
32
9.4%
8.1%
9.1%
8.8%
© 2024 KOKUYO Co., Ltd.

Annual Performance(Millions of yen)

FY2021 result

FY2022 result

FY2023 result

2024 target

Net sales

292,617300,929

328,753

355,000

Gross profit

113,526

116,671

127,392

140,100(ratio)

38.8%

38.8%

38.8%

39.5%

SG&A expenses

93,61897,543

103,561

115,600(ratio)

32.0%

32.4%

31.5%

32.6%

Operating income

19,907

19,12823,83024,500(ratio)

6.8%

6.4%

7.2%

6.9%

Ordinary income

16,415

21,161

25,98925,500(ratio)

5.6%

7.0%

7.9%

7.2%

Net income attributable toowners of parent

13,703

18,237

19,06921,400(ratio)

4.7%

6.1%

5.8%

6.0%

ROE

6.0%

7.8%

7.8%

>8%
33
© 2024 KOKUYO Co., Ltd.

Annual Performance by Segment
FY2021 result
Net sales

Workstyle Field

Operating income(ratio)Net sales

Furniture businesses

Operating income(ratio)Net sales

Business supply distribution

Operating income(ratio)Net sales
Lifestyle Field

Operating income(ratio)Net sales
Stationery businesses

Operating income(ratio)Net salesInterior retail businesses

Operating income(ratio)Net sales
Other
Reconciliation

Operating income(ratio)Net sales
Operating income

Net sales
Total

Operating income

Net sales

229,463
20,3028.8%
136,058
17,74413.0%
93,4052,557
2.7%
90,7457,014
7.7%
72,702
6,069
8.3%
18,043
944
5.2%
441
10
2.3%
-28,034-7,418292,617
19,907
6.8%

FY2022 result
230,200
19,792
8.6%
134,886
16,523
12.2%
95,3143,269
3.4%
98,1737,873
8.0%
78,4576,786
8.6%
19,716
1,087
5.5%
413
-133
‐
-27,857-8,404300,929
19,1286.4%

FY2023 result
252,293
26,351
10.4%
154,472
22,458
14.5%
97,8203,892
4.0%
104,248
7,501
7.2%
83,8996,802
8.1%
20,348
698
3.4%
438
-370
‐
-28,226-9,651
328,753
23,8307.2%

2024 target(Millions of yen)

271,800
28,60010.5%
168,100
24,20014.4%
103,700
4,400
4.2%
110,900
8,600
7.8%
90,7008,000
8.8%
20,200
600
3.0%
700
-500
‐
-28,400-12,200
355,000
24,5006.9%
34© 2024 KOKUYO Co., Ltd.

IR Unit, Financial Administration, KOKUYO Co., Ltd.

THE CAMPUS, 1-8-35 Konan, Minato-ku, Tokyo 108-8710

E-Mail: ir@kokuyo.com

35© 2024 KOKUYO Co., Ltd.

* Business forecasts and other forward-looking statements herein are based on expectations and judgments deemed reasonable in light ofbusiness information available as of the time of publication. They are not guarantees of future performance. Various uncertainties may
cause actual results to differ from what these statements suggest.

36© 2024 KOKUYO Co., Ltd.