FY4/25 1Q
IR PRESENTATION

September 2024

Results Overview© AIN HOLDINGS INC. All Rights Reserved.

1Consolidated P/L
Net sales increased 9.5% YoY and 5.9% against the plan due to contribution of stores opened in theprevious year and growth at existing stores in both businesses. Ordinary profit decreased 23.5% YoYand increased 12.8% against the plan.
FY4/24 1Q
results

FY4/25 1Q
plan

FY4/25 1Q
results

YoYchange

YoYchange(%)

Vsplan (%)

Net sales

94,65497,850103,603

8,949+9.5+5.9

Gross profit

13,19912,642

12,931

(268)

(2.0)

+2.3

9,588

10,191

10,174

586

+6.1

(0.2)

3,610

2,451

2,757(853)(23.6)

+12.5

3,881

2,631

2,969(912)(23.5)

+12.8

2,140

1,404

1,642(498)(23.3)

+17.0

2.3

1.4

1.6

60.93

40.12

46.93

(14.00)(23.0)+17.0（¥ million）% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Ordinary profit% of net sales
Profit attributable toowners of parent% of net sales
Profit per share(¥)

13.9
10.1
3.8
4.112.9
10.4
2.5
2.7

12.5
9.8

2.7
2.9

Figures in the table are rounded down
© AIN HOLDINGS INC. All Rights Reserved.

2

Dispensing Pharmacy Business (Consolidated)
Net sales increased 8.8% YoY and 6.0% against the plan because the average prescription price ofexisting stores and stores opened in the previous year rose due to an increase in high-cost.
Segment profit decreased 21.8% YoY and 0.6% against the plan because of the effect of dispensing
fee revisions, etc.
FY4/24 1Q
results

FY4/25 1Q
Plan

FY4/25 1Qresults

YoYchange

YoYchange(%)

Vs
plan (%)

Net sales

84,40586,67091,866+7,461

+8.8

+6.0

Gross profit

9,349

8,360

8,464(885)

(9.5)

+1.2

4,150

4,240

4,423+273+6.6

+4.3

5,198

4,120

4,041

(1,157)(22.3)

(1.9)

5,429

4,270

4,245

(1,184)(21.8)

(0.6)

1,215

1,234

1,235+20+1.6+0.1（¥ million）% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

Number ofpharmacies

11.1
4.9
6.2
6.49.6
4.9
4.8
4.9

9.2

4.8
4.4
4.6

Figures in the table are rounded down
Segment profit is adjusted to ordinary profit shown on the quarterly consolidated statement of income© AIN HOLDINGS INC. All Rights Reserved.

3

Cosmetic and Drug Store Business (Consolidated)
Net sales up 20.7% YoY and 7.9% against the plan because unit prices per customers increased due
to growth in sales of Asian cosmetics, etc., maintaining the trend from the previous fiscal year.
Segment profit increased 43.1% YoY and 22.4% against the plan along with increase in sales.
（¥ million）

FY4/24 1Q
results

FY4/25 1Q
plan

Gross profit

7,412
2,855

% of net sales

38.5

38.5

38.8

2,149

2,360

2,467

% of net sales

29.0

28.5

27.6

Operating profit

706

830

1,006

9.5

10.0

11.2

710

830

1,016

% of net sales

9.6

10.0

11.4

Number ofstores

7883

82

Net sales

SG&A expenses% of net sales

Segment profit

8,290
3,190

FY4/25 1Q
results

8,947
3,474

YoYchange

YoYchange(%)

Vs
plan (%)+1,535+20.7+7.9+619+21.7+8.9+318+14.8+4.5+300+42.5+21.2+306+43.1+22.4+4+5.1(1.2)

Figures in the table are rounded down
Segment profit is adjusted to ordinary profit shown on the quarterly consolidated statement of income© AIN HOLDINGS INC. All Rights Reserved.

4

Consolidated B/S
Net cash became ¥43,239 million and shareholders’ equity ratio became 54.1%. We are
maintaining a sound financial structure.
End-FY4/24
AssetsLiabilities and Net Assets

Current assets 110,743
Cash and deposits

Non-current
assetsGoodwill

48,611

138,666

44,066DeferredassetsTotal assets

Current
liabilities

103,232

Non-current
liabilities

10,765

Short-termborrowings

Long-term
borrowings

3,467

3,227

- Total net assets 135,411
Total liabilities

249,409 and net assets 249,409

Net cash
Shareholders’ equity
ratio(%)

End-FY4/25 1Q(¥ million)

41,617
54.3

AssetsLiabilities and Net Assets

Current assets 109,359
Cash and deposits

Non-current
assetsGoodwill

49,404

138,780

43,020

Deferred
assetsTotal assets(¥ million)

Current
liabilities

103,608

Non-current
liabilities

10,176

Short-termborrowings

Long-term
borrowings

3,385

2,479

- Total net assets 134,354
Total liabilities

248,139 and net assets 248,139

Net cash
Shareholders’ equityratio(%)

43,23954.1

Figures in the table are rounded down
Net cash = Cash and deposits – Interest-bearing debt
© AIN HOLDINGS INC. All Rights Reserved.

5

Assets
The balance of total assets decreased ¥1,270 million from the end of the previous fiscal year
because of increase in inventories due to decrease in accounts receivable – trade and goodwill,etc.
(¥ million)
Cash and deposits
Accounts receivable - trade
Inventories
Total current assets
Buildings and structures, netLand
Total property, plant andequipment
Goodwill
Total intangible assets
Investments securities
Deferred tax assets
Leasehold and guarantee deposits
Total investments and otherassets
Total non-current assets
Total deferred assets
Total assets

Figures in the table are rounded down

End-FY4/24 1Q

End-FY4/24

End-FY4/25 1Q

Change47,373
12,71924,340101,400
23,336
10,481

48,611
15,852
24,645
110,743
27,122
10,20749,404
13,88626,329109,359
27,625
10,158+793(1,966)+1,684(1,384)+503(49)

40,11343,45044,096+646

45,611
51,613
2,791
5,974
24,95044,066
51,242
3,345
6,403
25,18643,02050,3803,515
6,214
25,474(1,046)
(862)
+170
(189)
+288

42,52043,97344,303+330

134,246
235,647

138,666
249,409

138,780
248,139+114(1,270)Change:End-FY4/25 1Q compared with End-FY4/24

Capital expenditures (Property, plant and equipment and intangible assets + Leasehold and guarantee deposits)
totaled ¥3,310 million© AIN HOLDINGS INC. All Rights Reserved.

6

Liabilities and Net Assets
Accounts payable – trade increased ¥4,978 million due to M&A and new store openings. Shortterm and long-term borrowings decreased ¥830 million.
(¥ million)

End-FY4/24 1Q

End-FY4/24

End-FY4/25 1Q

ChangeAccounts payable – trade64,85965,50670,484+4,978

Short-term borrowings

3,648

3,467

3,385(82)

Total current liabilities

97,840103,232

103,608+376

Long-term borrowings

3,848

3,227

2,479(748)11,18910,765

10,176(589)

Total liabilities

109,029

113,998

113,784(214)

Share capital

21,894

21,894

21,894‐

Capital surplus

20,131
95,257
134,847

20,131
94,073
133,765‐

Total shareholders’ equity

20,50485,996
126,394(1,184)(1,082)

Total net assets

126,617

135,411

134,354(1,057)

Total liabilities and net assets

235,647

249,409248,139(1,270)Total non-current liabilities

Retained earnings

Figures in the table are rounded down

© AIN HOLDINGS INC. All Rights Reserved.

Change:End-FY4/25 1Q compared with End-FY4/24

7

Review© AIN HOLDINGS INC. All Rights Reserved.

8Consolidated (YoY results)
Ordinary profit decreased ¥0.9 billion YoY due to the effect of dispensing fee revisions indispensing pharmacy business, etc.
Net sales¥94.6 billion

Dispensing
pharmacy¥84.4 billion

Ordinary profit¥103.6 billion +¥9.0 billion+9.5%

Dispensing
pharmacy¥91.9 billion

Cosmetic and drug store Cosmetic and drug store¥7.4 billion¥8.9 billion

Others ¥2.8 billion

Others ¥2.8 billion

FY4/24

FY4/25¥3.8 billion¥2.9 billion ¥(0.9) billion(23.5)%■Dispensing
pharmacy+¥7.5 billion■Cosmetic anddrug store+¥1.5 billion

Dispensing
pharmacy

Dispensing
pharmacy¥5.4 billion¥4.2 billion

Cosmetic and drug store¥0.7 billion

Cosmetic and drug store¥1.0 billion¥(1.2)billion

Others ¥0.0 billion

Others ¥0.0 billion

Administrative expense, etc.
¥(2.3) billion

Administrative expense, etc.
¥(2.3) billion

FY4/24

FY4/25Decrease against profit：（© AIN HOLDINGS INC. All Rights Reserved.

■Dispensing
pharmacy■Cosmetic anddrug store+¥0.3 billion）
9Consolidated (vs Plan)
Ordinary profit increased ¥0.3 billion against the plan due to increase in sales along with unit
prices per customers increase in the cosmetic and drug store business.
Net sales¥97.8 billion

Dispensing
pharmacy¥86.6 billion

Ordinary profit¥103.6 billion +¥5.8 billion+5.9%

Dispensing
pharmacy¥91.9 billion

FY4/25planFY4/25
results¥2.9 billion ＋¥0.3 billion+12.8%■Dispensing
pharmacy+¥5.3 billion■Cosmetic anddrug store+¥0.7 billion■Others

Cosmetic and drug store Cosmetic and drug store¥8.9 billion¥8.2 billion
Others ¥3.0 billion
Others ¥2.8 billion¥2.6 billion￥(0.2) billion

Dispensing
pharmacy

Dispensing
pharmacy¥4.2 billion¥4.2 billion

Cosmetic and Drug Store¥0.8 billion

Cosmetic and Drug Store¥1.0 billion

Others ¥0.0 billion

Others ¥0.0 billion

Administrative expense, etc.
¥(2.4) billion

Administrative expense, etc.
¥(2.3) billion

FY4/25plan

FY4/25
results■Cosmetic anddrug store+¥0.2 billion

Administrative
expense, etc.
＋¥0.1 billion

Increase against profit：+© AIN HOLDINGS INC. All Rights Reserved.

10Number of Pharmacies and Stores

Opening■ Plan and Results

PlanResults

Plan

Dispensing Pharmacy

111280Organic

66564022101314908081168918M&ACosmetic and drug store
Total

ClosureFY4/25

FY4/25 1Q

Dispensing Pharmacy
Cosmetic and drug store
Total

402

■ Transition of dispensing pharmacies
FY4/17 FY4/18 FY4/19 FY4/20 FY4/21 FY4/22 FY4/23
Organic
M&A

EV/EBITDA ratio

ClosedSold
No. of total stores

FY4/24 FY4/25 1Q

27252314152527196182
5.502221,066

113.96
41
32
1,029

134
4.88
2430
1,132

63.71
22
42
1,088

143.74
18
34
1,065

24
4.13
1051,099

114
6.55
24
7
1,209

21
4.41
13
51,231

64.21
08
1,235

EV/EBITDA ratio=EV(Purchase price)/EBITDA(Operating profit + Depreciation)© AIN HOLDINGS INC. All Rights Reserved.

11

Revised Plan

© AIN HOLDINGS INC. All Rights Reserved.

12

FY4/25 Plan (Dispensing Pharmacy Business)
The group forecasts net sales increase 6.3% YoY and 2.8% against the initial plan, andsegment profit decrease 8.3% YoY and increase 1.0% against the initial plan as theaverage prescription price rose due to an increase in high-cost prescriptions.
（¥ million）

FY4/24
results

FY4/25initial plan

Net sales

357,571369,540

Gross profit

43,575% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

Number ofpharmacies

FY4/25
revised plan

YoYchange (%)

Vs initial planchange (%)

380,000

+6.3

+2.8

42,39042,700(2.0)

+0.7

12.2

11.5

11.2

16,94918,08018,100+6.8+0.1

4.74.94.8

26,62524,31024,600(7.6)

+1.2

7.4

6.6

6.5

27,58725,04025,300(8.3)

+1.0

7.7

6.8

6.7

1,231

1,295

1,295

+5.2

0.0Figures in the table are rounded down
Segment profit is adjusted to ordinary profit shown on the consolidated statements of income© AIN HOLDINGS INC. All Rights Reserved.

13

FY4/25 Plan (Cosmetic and Drug Store Business)
The group forecasts net sales increase 97.0% YoY and 84.4% against the initial plan, andsegment profit increase 52.5% YoY and 38.8% against the initial plan due to the addition ofFrancfranc Corporation to the Group and steady sales growth of AINZ & TULPE.
FY4/25initial plan（¥ million）

FY4/24
results

Net sales

31,111

33,24061,290

+97.0

+84.4

Gross profit

11,967

12,80029,120+143.3+127.5

38.5

38.5

47.5

8,913

9,400

24,395+173.7+159.5

28.6

28.3

39.8

3,054

3,400

4,725

+54.7

+39.0

9.8

10.2

7.7

3,096

3,400

4,720

+52.5

+38.8

10.0

10.2

7.7

8189

89+9.90.0% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Segment profit% of net sales

Number ofstores

FY4/25
revised plan

YoYchange (%)

Vs initial planchange (%)

Figures in the table are rounded down
Segment profit is adjusted to ordinary profit shown on the consolidated statement of income© AIN HOLDINGS INC. All Rights Reserved.

14

FY4/25 Plan (Consolidated)
The group forecasts net sales for the fiscal year ending April 30, 2025 increase 13.4% YoY and9.3% against the initial plan, and ordinary profit will decrease 6.4% YoY and increase 8.1%against the initial plan due to the revision of both businesses plans.
FY4/25initial plan（¥ million）

FY4/24
results

Net sales

399,824

415,000

453,500

+13.4

+9.3

Gross profit

59,522

59,671

76,200

+28.0

+27.7

39,09041,871

56,840

+45.4

+35.8

20,432

17,80019,360(5.2)+8.8

21,37718,50020,000

(6.4)

+8.1

11,401

9,180

10,000(12.3)

+8.9

2.9

2.2

2.2

Profit per share(¥)

324.64262.33285.68(12.0)+8.9

Annual dividend (¥)

80.00

80.00

80.00

0.0

0.0

% of net sales

SG&A expenses% of net sales

Operating profit% of net sales

Ordinary profit% of net sales

Profit attributable toowners of parent

14.9
9.8
5.1
5.3

% of net sales

14.4

10.1
4.3
4.5

FY4/25
revised plan

YoYchange (%)

Vs initial planchange (%)

16.8
12.5
4.3
4.4

Figures in the table are rounded down
© AIN HOLDINGS INC. All Rights Reserved.

15

Revised plan (YoY results)
The group forecasts net sales increase ¥53.7 billion and ordinary profit will decrease ¥1.3billion YoY.
Net sales

Ordinary profit¥399.8 billion¥453.5 billion+¥53.7 billion+13.4%■Dispensing
pharmacy

Dispensing
pharmacy

Dispensing
pharmacy¥357.5 billion ¥380.0 billion

Cosmetic and drugstore¥31.1 billion
Others ¥11.2 billion

FY4/24
results

Cosmetic and drugstore
¥61.2 billion
Others ¥12.3 billion

FY4/25
revised plan

© AIN HOLDINGS INC. All Rights Reserved.

+¥22.5 billion■Cosmetic anddrug store+¥30.1 billion■Others
Others ¥2.8 billion+¥1.1 billion¥21.3 billion¥20.0 billion ¥(1.3) billion(6.4)%■Dispensing
pharmacy

Dispensingpharmacy

Dispensing
pharmacy¥27.6 billion¥25.3 billion¥(2.3) billion■Cosmetic anddrug store+¥1.6 billion■Others

Cosmetic and drugstore¥4.7 billion¥(0.1) billion

Cosmetic and drugstore¥3.1 billion
Others ¥0.0 billion

Others ¥(0.1) billion

Administrative
expense, etc.
¥(9.4) billion

Administrative
expense, etc.
¥(9.9) billion

FY4/24
results

Administrative
expense, etc.

FY4/25
revised plan

Decrease against profit：（）¥(0.5) billion

16

Revised plan (vs Initial Plan)
The group forecasts net sales increase ¥38.5 billion and ordinary profit increase ¥1.5billion against the initial plan.
Net sales

Ordinary profit¥415.0 billion

Dispensing
pharmacy¥369.5 billion

Cosmetic and drugstore
¥33.2 billion
Others ¥12.3 billion

FY4/25initial plan

¥453.5 billion +¥38.5 billion+9.3%

Dispensing
pharmacy¥380.0 billion

Cosmetic and drugstore¥61.2 billion
Others ¥12.3 billion

FY4/25
revised plan

© AIN HOLDINGS INC. All Rights Reserved.

¥18.5 billion¥20.0 billion +¥1.5 billion+8.1%■Dispensing
pharmacy■Dispensingpharmacy+¥10.5 billion■Cosmetic anddrug store+¥28.0 billion

Dispensing
pharmacy

Dispensing
pharmacy¥25.0 billion¥25.3 billion+¥0.3 billion■Cosmetic anddrug store+¥1.3 billion

Cosmetic and drugstore

Cosmetic and drugstore¥3.4 billion
Others ¥(0.1) billion

Others ¥(0.1) billion

Administrative
expense, etc.
¥(9.8) billion

Administrative
expense, etc.
¥(9.9) billion¥4.7 billion

Administrative
expense, etc.

FY4/25
FY4/25initial plan revised plan
Decrease against profit：（）¥(0.1) billion

17Inquiries related to this presentation should be addressed toAIN HOLDINGS INC.
Corporate Planning Division
TEL: +81-3-5333-1812
https://www.ainj.co.jp/corporate/
This document may not be reproduced or distributed to any third party without
prior approval of AIN HOLDINGS INC. This document has been prepared for
information purpose only and does not form part of a solicitation to sell orpurchase any securities. Information contained herein may be changed orrevised without prior notice. This document may contain forecastingstatements as to future results of operations. No forecast statement can be
guaranteed and actual results of operations may differ from those projected.

© AIN HOLDINGS INC. All Rights Reserved.

18