Aoyama Trading Co., Ltd.
FY3/2024
Results Briefing
And

FY3/2025 to FY3/2027
Mid-Term Management Plan

© Aoyama Trading Co., Ltd. All Rights Reserved.

2© Aoyama Trading Co., Ltd. All Rights Reserved.

Summary of Business Segments
Business Wear Business

Operates 742 stores nationwide, including “Yofuku-no-Aoyama” and “THE SUITCOMPANY”(as of the end of March 2024)
This segment also includes Blue Rivers Co., Ltd., Eisho Co., Ltd., MDS Co., Ltd., FUKURYO
Co., Ltd., Aoyama Suits (Shanghai) Co., Ltd., and Melbo Men’s Wear, Inc.

Credit Card Business(Aoyama Capital Co., Ltd.)This business issues and manages the Aoyama Card and other credit cards while seeking
to obtain new customers, thus supporting efficient sales promotion in our Business Wear
Business(the number of valid members stood at 3.91 million as of the end of February
2024)

Printing and Media Business(ASCON Co., Ltd.)This business provides sales promotion support to customers nationwide, mainly including
retail distributors.
This business supports “Yofuku-no-Aoyama” operations through sales promotion activities
involving newspaper insert flyers and direct mailing(Internal transactions account for about 20%.)

Sundry Sales Business(Seigo Co., Ltd.)This business operates 102 "Daiso" 100 yen shops at the end of February 2024
Supporting Business Wear Business by Using Closed “Yofuku-no-Aoyama” Stores

Total Repair Service Business(Minit Asia Pacific Co., Ltd.)

Under the Mister. Minit brand in Japan, Australia, New Zealand and other countries, weoffer total repair services, including shoe repairs and key duplication.
Japan 252 stores ANZ 338 stores SEA 33 stores (as of March 2024)

Franchisee Business(glob Co., Ltd.)This business operates 40 “Yakiniku King” stores and 13 “Yuzu-an” stores as a franchise of
The Monogatari Corporation, 18 stores “2nd STREET” as a franchise of Geo, and 9“Anytime Fitness” studios as a franchise of Fast Fitness Japan, Inc. (as of the end of March
2024)

Real Estate Business(Aoyama Trading Co., Ltd., Real
Estate Business)

The Company is engaged in the comprehensive management of real estate owned and leased, as
well as the business related to lease and transfer.
The segment was added as a new reportable segment from the fiscal year ended March 31, 2024.

OthersWTW Corporation
Customlife Co., Ltd.

WTW Corporation : Operation of 6 WTW stores (as of March 31, 2024)
Customlife Co., Ltd.: Operation of owned media "Customlife"© Aoyama Trading Co., Ltd. All Rights Reserved.

3

1. FY3/2024 Results
2. FY3/2025 Fiscal Year
Plan
3. Looking back on"Aoyama Reborn2023" Medium-Term
Management Plan
4. FY3/2025 to FY3/2027
Medium-Term
Management Plan

4
© Aoyama Trading Co., Ltd. All Rights Reserved.

1. FY3/2024 Results
2. FY3/2025 Fiscal Year
Plan
3. Looking back on"Aoyama Reborn2023" Medium-Term
Management Plan
4. FY3/2025 to FY3/2027
Medium-Term
Management Plan

5
© Aoyama Trading Co., Ltd. All Rights Reserved.

Consolidated Results for the Fiscal Year Ended March 31, 2024
Highlights
Net sales

Consolidated
P/L

193.6
billion yen
YoY + 8.1
billion yen

Operating income

Ordinary income

Profit Attributable toowners of the parent

YoY + 4.4
billion yen

YoY + 3.7
billion yen

YoY + 5.8
billion yen

11.9
billion yen

12.5
billion yen

10billion yen

Environment: Personal consumption is recovering on the back of the transition to Corona 5 andgradual improvement in the employment and income environment
Geopolitical risks and uncertainties such as a rise in consumers' desire
to save money due to yen depreciation and price increases
Results: Revenue and profit increased, Net sales 104% YoY, Operating income 159% YoY
Medium-Term Management Plan KPI was not achieved in Net sales, but achievedin Operating income and Profit
Nonconsolidated
P/L

Net sales

Operating income

Ordinary income

YoY + 5.6
billion yen

YoY + 3.8
billion yen

YoY + 3.7
billion yen

129.9
billion yen

7.7
billion yen

9billion yen

Profit7.6
billion yen
YoY + 5.3
billion yen

Environment: Despite the impact of the heat wave and warm winter, business and occasion demand recovered
due to the progress of social and economic activities
Measures: Review product prices from a value balance perspective, strengthen advertising andpromotional activities, and reduce property cost
Results: Revenue and profit increased, Net sales 104% YoY, Operating income 199% YoY
Plan not achieved, but the SG & A ratio declined due to the effects of ongoing structural reforms
and all profits were on target

6© Aoyama Trading Co., Ltd. All Rights Reserved.

Consolidated Results for the Fiscal Year Ended March 31, 2024
Achievement of Plan

Achieved target for profits at each stage, Profit recovered 10 billion yen for the first time in six periods

Although sales did not reach the target, each profit target was achieved due to the reduction of
SG & A expenses and income tax adjustments through the accumulation of deferred tax assets.
Previous
PeriodResults

Current
PeriodResults

Modifiedplan ratio(Ratio)Main Factors of Fluctuations

Net sales

1,855

1,936

+81

-8
(99.6%)

Reference "Achievement of Segment Targets"

Gross profit

941

998

+57

-8

YoY : Business wear + 5 billion yen Franchisee+ 1.2 billion yen

Gross profit
rate(50.7%)(51.6%)+0.9Pt- 0.2 pt

YoY : Business Wear + 1.0 pt Card + 0.1 pt
Printing and Media - 1.7 pt Total Repair - 1.3 pt
Sundry - 1.1 pt

SG & A
expenses

866

879

+12

- 13

YoY : Franchisee + 1 billion yen Business wear
+ 500 million yen Sundry - 300 million yen

Operatingincome

74

119

+44

+5

Reference: "Profit and Loss by Segment
Achievement of Targets"

Ordinary
income

87

125

+37

+8

Profit

42

100

+58

+28

Unit: 100 million yen

Note: Figures are rounded down to the nearest unit.
© Aoyama Trading Co., Ltd. All Rights Reserved.

YoY

Current Period Results : Impairment loss:
Business Wear 500 million yen Others 400 million
yen Income taxes - deferred: - 1.5 billion yen

7Consolidated Results for the Fiscal Year Ended March 31, 2024
Achievement of Segment Targets
Achievement of targets in each segment

Business Wear Business leads earnings, above modified plan.

Unit: 100 million yen

Previous
PeriodResults

Current
Period Results

Modifiedplan ratio

YoY

Main Factors of Fluctuations

Net
sales

Operating
incomeNet
sales

Operating
incomeNet
sales

Operating
incomeNet
sales

Operating
income

1,263

33

1,332

78

+68

+44

-5

+12

Credit Card

50

22

49

20

-0

-1

-0

-0

Printing and
Media

122

5

114

1

-8

-3

+1

-1

Sundry Sales

157

2

152

2

-4

+0

+0

+0

Total Repair
Service

123

2

133

1

+9

-1

-2

-1

Franchisee

131

8

151

10

+20

+2

+1

+0

Real Estate

30

1

30

5

+0

+3

+0

+0

Others

16

-3

14

-2

-1

+0

-3

-2

- 40

1

- 42

1

-1

+0

-0

-2

1,855

74

1,936

119

+81

+44

-8

+5

Business Wear

Adjustments
Total

Note: Figures are rounded down to the nearest unit.
© Aoyama Trading Co., Ltd. All Rights Reserved.

Net sales<Modified plan ratio>

・ Business wear - 500 million yen
・ Others - 300 million yen<YoY>・ Business wear + 6.8 billion yen
・ Franchisee + 2 billion yen
・ Printing and Media - 800 million
yen

Operating income<Modified plan ratio>

・ Business wear + 1.2 billion yen
・ Others - 200 million yen<YoY>・ Business wear 4.4 billion yen
・ Real estate + 300 million yen
・ Printing and Media - 300 million
yen8Consolidated Results for the Fiscal Year Ended March 31, 2024
Segment Information (1)Credit Card
Business(Aoyama Capital)

Printing
Media
Business(ASCON)

Sundry Sales
Business(Seigo)Decrease in sales and income
Number of active members at the end of February 2024: Approx. 3.91 million valid
members (down approx. 90 thousand people from the end of the previous fiscal year)
Although shopping and cash advance transaction volume increased, sales and operating
profit decreased due to a decrease in shopping revolving credit and cash advancebalance as well as an increase in membership acquisition costs.

Decrease in sales and income
Both revenue and profit decreased due to the impact of the large amount ofsales of taxi signage in the previous fiscal year and the reaction thereto, as wellas the increase in costs such as development costs for tablet terminals for
hospitals planned in the future.

Decrease in Sales, Increase in income, Net sales 96.8% YoY
In response to a rise in purchase prices, the Company implemented profit
structure reforms centered on cost reductions, including the closure of 11
unprofitable stores and a review of personnel systems. Sales decreased due to adecrease in the number of stores, but profits improved.

9© Aoyama Trading Co., Ltd. All Rights Reserved.

Consolidated Results for the Fiscal Year Ended March 31, 2024
Segment Information (2)Total Repair
Servicebusiness(Minit Asia Pacific)

Net sales: 107.9% YoY (Modified plan ratio: 97.9%)
Overseas: 371 stores (up 20 stores YoY) at end of period, completed acquisition of storesin Western Australia, sales and income increased. Although moderate economic slowdown
such as inflation and a decline in consumer confidence rent Sales remained steadythrough rationalization such as price reductions, as well as community-based services
and store openings.
Japan: Number of stores at year-end: 252 (down 5 stores YoY)
sales increased due to the expansion of new services such as caster replacement andprice revision. However, the deficit increased due to an increase in SG & A expenses asa result of hiring store staff in anticipation of opening new stores.

Net sales: 115.2% YoY (Modified plan ratio: 101.1%)

Franchisee
Business(glob)

Others(WTW・Customlife)

Record high performance with increased sales and profits Opened 5 stores (1 Yakiniku, 1
Reuse, 3 Fitness)
Food Service Business: Significant increase in sales at both the Yakiniku and Washok
businesses, while the deficit at the Washoku business decreased
Reuse business: Stable growth with market expansion, revenue and profit increase
Fitness business: Growth of existing stores and contribution of new stores to sales■ WTW
Improvement of Gross profit ratio by reducing discount sales, Drastic SG & A cost reduction andother efficiency measures are under way with the aim of achieving profitability.
■ Customlife
Media business sales decline due to decrease in PVs caused by Google Algorithm impact
Sales promotion support business of subscription Home Wine returns to full-year Profitability

10© Aoyama Trading Co., Ltd. All Rights Reserved.

Non-Consolidated Results for the Fiscal Year Ended March 31, 2024
Achievement of Plan
Previous
Period Results

Current
Period Results

1,242

1,299

+56

1

1,211

1,268

+56

-2

Real Estate

30

30

+0

+0

Gross profit (rate)

681(54.9%)721(55.6%)+40 (+0.7pt)- 5 (- 0.3 pt)

677(55.9%)714(56.4%)+37 (+0.5pt)- 5 (- 0.2 pt)

Real Estate3(12.5%)7(23.2%)+3 (+10.7pt)+ 0 (- 0.1 pt)

SG & A expenses

642

644

+1

- 17

Personnel
expense(a)

236

233

-3

-7

Selling
expense(b)

127

138

+10

-3

General andadministrative
expenses(c)

99

102

+3

-5

Property
expense(d)

179

169

-9

▲1

Transfer toReal Estate

-1

-1

+0

+0

Real estate

1

1

-0

-0

Operating income

38

77

+38

+12

Business Wear

36

72

+35

+12

Real Estate

1

5

+3

+0

Unit: 100 million yen
Net sales
Business Wear

Business Wear

Business Wear

Note: Figures are rounded down to the nearest unit.
© Aoyama Trading Co., Ltd. All Rights Reserved.

Modifiedplan ratio

YoY

Main Factors ofFluctuations

Business wear
Price revisions and restraints
on discount sales due to cost
increases
Modified plan ratio - 0.2 pt<Modified plan ratio>(a) Salary - 290 million yen(b) Advertisement expenses- 230 million yen(c) Utilities - 160 million yen(c) Internet expenses, etc.
- 100 million yen(d) Depreciation – 60 million
yen
<YoY>
(a) Provision for retirement
benefits - 520 million yen(c) Recruitment expenses+ 60 million yen(b) Advertising expenses+ 990 million yen(d) Rent - 910 million yen

By controlling SG & A
Modified Operating income
ratio + 1.2 billion yen

11(Reference)
Consolidated Results of Operations for the Past 6 Fiscal Years
Initial Sales Plan and Results
2,600
2,400

(Unit: 100 million yen)

2,615
2,466
2,503

2,200
2,176

2,000

1,723

1,800
1,600

1,855

1,614

1,659

FY/3 2021

FY/3 2022

1,400

1,970

1,845

1,825

1,936

1,200
1,000
FY/3 2019

FY/3 2020

Initial Plan

FY/3 2023

FY/3 2024

Results

Initial Operating Income Plan and Results
200
150

200 146

100

119
74

120

50

40
8

21

110

59

0

▲ 50

FY/3 2019

FY/3 2020

FY/3 2021

FY/3 2022

FY/3 2023

FY/3 2024

▲ 100
▲ 150

▲ 128

▲ 144
Initial Plan

© Aoyama Trading Co., Ltd. All Rights Reserved.

Results12

1. FY3/2024 Results
2. FY3/2025 Fiscal Year
Plan
3. Looking back on"Aoyama Reborn2023" Medium-Term
Management Plan
4. FY3/2025 to FY3/2027
Medium-Term
Management Plan

13
© Aoyama Trading Co., Ltd. All Rights Reserved.

Full-Year Plan for the Fiscal Year Ending March 2025
Summary
Consolidated
P/L

Net sales

Operating income

Ordinary income

Profit Attributable toowners of the parent

YoY + 5.1
billion yen

YoY + 1billion yen

YoY + 700
million yen

YoY – 900
million yen

198.8
billion yen

13billion yen

13.3
billion yen

9.1
billion yen

Environment assumptions:
Inflation, exchange rate fluctuations, raw material price increases, labor shortage, and Personnel expense increases
Concerns about an increase in geopolitical risks due to the impact of the Logistics 2024 issue and instability in the Middle East
The outlook is uncertain due to concerns about the loss of motivation of consumption and the increasing tendency ofhouseholds to economize due to rising prices
Basis of the plan:
Progress in social and economic activities / inbound demand, improvement in business efficiency such as DX ,102.6% YoY
Income tax adjustment due to the increase in deferred tax assets in the previous fiscal year Net income is expected to decrease

Nonconsolidated
P/L

Net sales

Operating income

Ordinary income

YoY + 2billion yen

YoY+ 700
million yen

YoY + 500
million yen

132billion yen

8.5
billion yen

9.6
billion yen

Profit7.3
billion yen
YoY – 300
million yen

Basis of the plan:
Further recovery of business / occasion demands, Net sales Total 101.6% YoY
Gross profit rate improve by + 0.2 pt by reviewing product prices and reducing discounts through custom order expansion and value balance
SG & A expenses such as costs and personnel expenses are expected to increase, but the effects of structural reforms and efficientuse of expenses will be promoted
At the same time, we will promote OMO and improve operational efficiency by strengthening store openings and replacing systems

14© Aoyama Trading Co., Ltd. All Rights Reserved.

Full-Year Plan for the Fiscal Year Ending March 2025
Consolidated and non-consolidated income
Consolidated
Unit: 100
million yen

Plan forthe current
term

YoY

Non-consolidated
Unit: 100
million yen(%)

Net sales

1,988

+51

102.6

Net sales

Gross profit

1,026

+27

102.8

Gross profit
rate

51.6%

± 0.0 Pt-

SG & A
expenses

896

+16

101.9

Operatingincome130+10Ordinary
income133
91

ProfitPlan forthe current
term

YoY

(%)

1,320

+20

101.6

Gross profit

737

+15

102.1

Gross profit
rate

55.8%

+0.2Pt-SG & A
expenses

652

+7

101.2

109.1

Operatingincome

85

+7

109.3

+7

106.4

Ordinary
income

96

+5

106.5

-9

90.2

Profit

73

-3

95.4

Note: Figures are rounded down to the nearest unit.

15© Aoyama Trading Co., Ltd. All Rights Reserved.

Full-Year Plan for the Fiscal Year Ending March 2025
Profit and loss by segment

Unit: 100 million yen

Business
Segment

Plan forthe current term

YoY

(%)

Net sales

OperatingincomeNet sales

OperatingincomeNet sales

Operatingincome

1,362

86

+29

+7

102.2

110.1

50

17

+0

-3

100.8

83.9

Printing and Media

120

3

+5

+1

104.8

240.3

Sundry Sales

148

1

-4

▲1

97.2

40.7

Total Repair Service

144

3

+10

+1

107.8

174.8

Franchisee

156

10

+4

-0

102.9

91.7

Real Estate

30

5

-0

-0

97.8

89.8

Others

17

1

+2

+3

114.2

-

Adjustments

- 39

4

+3

+2

-

267.3

Total

1,988

130

+51

+10

102.6

109.1

Business Wear
Credit Card

Note: Figures are rounded down to the nearest unit.
© Aoyama Trading Co., Ltd. All Rights Reserved.

16Full-Year Plan for the Fiscal Year Ending March 2025
Initiative policy for each segment (1)Planned increase in sales and decrease in income

Credit Card
Business(Aoyama Capital)

Revenue increase due to increase in shopping and cash advance transaction andrevolving credit balance Profits decline due to higher costs associated with system-related investments, such as
online application for membership■ Initiatives: Enhancement of card functions such as point initiatives Expansion of card
usage through effective campaigns to increase membership
Usage through online application and settlement system development
Planned increase in sales and income, Net sales 104.8% YoY

Printing
Media
Business(ASCON)

Maintain orders from existing customers and develop new customers in the Printing, DM
and Electronic Sales Promotion businesses
In the Electronic Component Division, expects sale an increase in sales due to an increasein orders for tablet devices from hospitals.

■ Initiatives: In the Printing, DM and Electronic Sales Promotion businesses
Improve gross profit by reducing costs through price negotiations with existing suppliers andreducing outside processing costs
Advance the development of new GIGA School tablets in the Electronic Component Division

Planned decrease in sales and income

Sundry Sales
Business(Seigo)Decrease in sales due to closing of 11 stores in the previous fiscal year and increasein purchasing costs expected
Reducing overall SG & A expenses through structural reforms while improving theaccuracy of purchases of popular products■ Initiatives: Increase sales at existing stores through store renewal
Establishment of low-cost operations through installation of self-cash registers, etc.
Reduce SG & A expenses through by part-time employees store operations

17© Aoyama Trading Co., Ltd. All Rights Reserved.

Full-Year Plan for the Fiscal Year Ending March 2025
Initiative policy for each segment (2)Total Repair
ServiceBusiness(Minit Asia Pacific)

Planned increase in sales and income, Net sales 107.8% YoYOverseas business: Opening 16 stores in Australia and other Asian countries
Aiming for Stable Growth by Expanding Existing Community-based Services
Promoting the establishment of stores in Western Australia acquired in
the previous fiscal year
Japan business : Opening 16 stores to promote steady growth of new services
Launch of own EC

Planned increase in sales and decrease in income, Net sales 102.9% YoYFranchisee
Business(glob)

Others(WTW・Customlife)

Opening 7 stores (Yakiniku 2, Reuse 2, Fitness 3), Increase in personnel costs etc., expected
Food Services: Focus on securing personnel in anticipation of labor shortage
Yuzu An operations turn profitable
Reuse Business : Promote profitable store openings in small commercial areas
Fitness Business : Strengthen store openings and promote operational standardization■ WTW Corporation Planned to increase in sales and return to profitability
Focus on strengthening women's services, reviewing e-commerce sites, improving Gross profit
rates, and reducing costs
Promotion of corporate sales expansion (WTW houses, new container houses)■ Customlife Co., Ltd. Planned to increase in sales and return to profitability
Identify the Media Business and Monetize CMS and SNS Advertising Business
Proposal for gifts and enhancement of educational content in "home wine" sales promotion
support business18© Aoyama Trading Co., Ltd. All Rights Reserved.

1. FY3/2024 Results
2. FY3/2025 Fiscal Year
Plan
3. Looking back on"Aoyama Reborn2023" Medium-Term
Management Plan
4. FY3/2025 to FY3/2027
Medium-Term
Management Plan

19
© Aoyama Trading Co., Ltd. All Rights Reserved.

"Aoyama Reborn 2023" Performance Report (1)Management Vision
1. Innovation and Challenge of Business Wear Business・Maximize customer lifetime value (LTV) centering on
rebranding
・Increase the exposure to customers through the DX
strategies(OMO strategy and digital infrastructure development)
・ Focus on growth areas

2. Promoting Group Management

・ Strengthen group governance and group-wide collaboration
・ Allocate management resources primarily on growth areas

3. Sustainability Initiatives

・ Strengthen ESG initiatives focused on SDGs

Achievement
・ Raising awareness of brand purpose and LTV
・ Started replacement of core system and EC system(scheduled to start operation in October this year)
・ Increase digital membership to 18.5 million people(+ 5.67 million people)
・ Start of store shipments to increase EC logistics capacity andefficiency
・ Expand introduction of staff coordination using SNS
・ Development of SUIT SQUARE, a narrow OMO-type store in
the heart of Tokyo・ Introduction of order service "SHITATE" at all stores・ Grouping Melbo Men’s Wear "azabu tailor"・ Launch of new business casual brand "ACTIBIZ"・ Expansion of formal and party suit rental services, etc.

・ Construction of a group-wide real estate management system
by Real Estate Business Department
・ Establishment of Real Estate Business segment
・ Build a group-wide risk management system
・ CO2 reduction targets and other KPIs achieved・ Newly established Sustainability Committee
・ Publish the ESG Databook
・ WEAR SHiFT (Install clothing collection boxes at all stores)
・ Acquisition of platinum KURUMIN certification, etc.

・ With regard to the three management visions, all of them have been started, and each of them was evaluated asAssessment andChallenges

having achieved a certain level of results.
・ Challenges include: (i) reducing store inventories and improving inventory turnover, (ii) improving store operational
efficiency to enable operations with a small number of staff, (iii) further leveraging e-commerce, and (iv) further
strengthening the custom-made suit business, which has growth potential.

20© Aoyama Trading Co., Ltd. All Rights Reserved.

"Aoyama Reborn 2023" Performance Report (2)KPI(Key Performance Indicator)

Review

Consolidated Net sales 200 billion yen, Consolidated Operating income 11 billion yen, Consolidated
net income 8 billion yen* Figures for each sales plan are before the application of the accounting standard for revenue recognition, so comparisonswith the plan are used as reference.

Achievement of Plan at each earnings level, driven by Business Wear Business and Franchisee Business

Plan

Unit: 100 million yen

FY3/2023 Results

Plan ratio (Reference)

Consolidated Net sales

2,000

1,936

- 63

Consolidated Operating
income

110

119

+9

Consolidated Profit

80

100

+20

Plan

Unit: 100 million yen

FY3/2023 Results

Plan ratio (Reference)

Net sales

OperatingincomeNet sales

OperatingincomeNet sales

Operatingincome

1,400

55

1,332

78

- 67

+23

Credit Card

52

22

49

20

-2

-1

Printing and Media

120

3

114

1

-5

-1

Sundry Sales

162

6

152

2

-9

-3

Total Repair Service

120

6

133

1

+13

-4

Franchisee

167

10

151

10

- 15

+0

Real Estate

-

-

30

5

+30

+5

27

8

14

-2

- 12

- 10

Adjustments

- 48

0

- 42

1

+5

+1

Total

2,000

110

1,936

119

- 63

+9

Business Segment

Business Wear

OthersNote: Figures are rounded down to the nearest unit.
© Aoyama Trading Co., Ltd. All Rights Reserved.

21

Innovation and Challenge of Business Wear BusinessIndividual Strategies (1)EC/OMOFY3/2024 Plan
7.6 billion yen

Year ended
March 2024

Year ended
March 2021

Year ended
March 2022

Year ended
March 2023

2.6 billion yen

2.6 billion yen

3.2 billion yen

3.5 billion • Achieved 10 billion
yen in e-commerceyen
and digi-lab sales■ Transition of digital members (from the end of March 2021)

Unit: 10thousandpeopleE-mail

LINE

Apps

Total

Instagram

X (formerly
Twitter)

Facebook

End of March 2021

625

110

507

15

16

8

1,283

End of March 2022

701

85

641

16

23

8

1,476

End of March 2023

751

165

706

15

30

11

1,680

End of March
2024

796

163

829

16

34

10

1,850

From the end of
March 2021

+171

+53

+322

+1

+18

+2

+567

• The total number of digital members has increased
by approximately 5.67 million people over the last
three years, reaching 18.5 million people.
• Steady Growth in Points of Contact with Customers,
Factors Necessary for Sales Growth Now in Place for
Future Expansion of EC Sales• Replacement of core and EC

Issue

systems• App, mail member's store, EC
customer22© Aoyama Trading Co., Ltd. All Rights Reserved.

Innovation and Challenge of Business Wear BusinessIndividual Strategies (2)Order
FY3/2024 Plan
6.5 billion yen

Year ended
March 2023

Year ended
March 2024

• Order sales ratio: 16.0% (3 years + 10.1 pt)• Order quantity ratio: 9.7% (3 years + 6.3 pt)

1.7 billion yen 2.6 billion yen 3.4 billion yen

5.9
billion yen• The Company and Melbo Group (azabu tailor)
achieve combined sales of 10 billion yen

Year ended
March 2021

Year ended
March 2022

Issue

• Improvement of Gross profit rates through review of sales and bargain offers andimprovement of multiple purchase rates• Shorter delivery times through changes in transportation methods and production sites

LadiesFY3/2024 Plan
26 billion yen

Year ended
March 2021

Year ended
March 2022

20.7 billion yen 21.2 billion yen 21.8 billion yen

Issue

Formal

FY3/2024 Plan
18.5 billion yen

Year ended
March 2023

Year ended
March 2021

Year ended
March 2022

21.9
billion yen• Demand for Job-Seeking, Enrollment, andEmployment Students Decreases Due toDiversification of Suit Styles• Demand for summer formal wear has increased
due to the heat wave, and formal wear has been
recovering.

• Examination of measures to stimulate demand for students• Brand Consolidation and Review of Price Lineups

Year ended
March 2023

12.4 billion yen 14.1 billion yen 17.2 billion yen

Issue

Year ended
March 2024

Year ended
March 2024

18
billion yen• Improving Freshness of Sales Floors by Focusing
on Bridal• Rental Revenue Grows 3.5 Times in 3 Years to
450 million yen• Consideration of measures to improve gross profit margin in response tohigh cost of sales

23© Aoyama Trading Co., Ltd. All Rights Reserved.

Innovation and Challenge of Business Wear Business
THE SUIT COMPANY
TSC• May 2023,

All TSC stores officially announced about the change of store format to SUITSQUARE, an OMO-style store• November 2023, Opened our first store in Nagasaki Prefecture,
an area where we had not opened a store before.
• February 2024, Debut of the brand "GOOVI" targeting new customer segments

SUIT SQUARETOKYO GINZA store(Opened on May 11, 2023)• Held a press conference at the TOKYO GINZA store theday before it opened, and announced that all TSC stores
would be renamed "SUIT SQUARE."

Issue

SUIT SQUARE
Amu Plaza Nagasaki Store(Opened on November 10, 2023)• Aiming to Establish a Regional
SC Style SUIT SQUARE by
Opening Stores in Unopened
Areas• Released February 9, 2024
Available at all SUIT SQUARE
stores• Plan to change all stores to "SUIT SQUARE" by summer 2025
• Build and scrap unprofitable existing stores and open new stores to achieve
profitability

24© Aoyama Trading Co., Ltd. All Rights Reserved.

Sustainability Initiatives (1)All ESG-targets set in Aoyama Reborn 2023 have been achieved, both initial and revised version.
We will further deepen our various initiatives based on the sustainability policy formulated this fiscal year.
Target in Aoyama Reborn 2023
Reduction of CO2 emissions(compared to fiscal year ended
March 2014)
30% reduction

Climate Change Response (CDP Evaluation)

B scorePromotion of women's
participation
Ratio of female managers
10% or more

* Retail industry average: 6.8%
(Source: Ministry of Health, Labour and Welfare,
July 2022 - June 2023)

SEDEX Registry promotion andinformation disclosure
More than 15 registeredfactories* Promotion of responsible business practices inconsideration of human rights, occupational healthand safety, the environment, ethics, etc.

Revised target

Results for FY3/2024

Reduction of CO2
emissions• Climate change 1.5 ° C Disclosure of
scenario analysis results• Expansion of verification items by third
53.0%reduction
party organizations (Each Scope,※Scope2(market standard） Energy Consumption, CFCs)• Expand introduction of renewable→energy (Approx. 2.6% of Head Office /A- score
Product Center)43%
reduction
Climate Change
Response (CDP
Evaluation)

B(A-)

Ratio of female
managers

Maintain or
increase by
10% or more

Number of registeredfactories

More than 23
plantsRatio offemale managers
10.8%(As of the end of March 2024)

Number ofregistered factories

23 plants(As of the end of March 2024)• Various career training and Continued
implementation of various work-lifebalance support seminars (Meet witheach role model according to the target
audience, such as young employees,
those returning from maternity leave,pre-moms and dads, etc.)• Development of boss valuing work-lifebalance of employees through the use ofcouncils• Expanded disclosure of list of major
garment factories• Strengthen our response to humanrights due diligenceFirst Implementation of Human Rights
Impact Assessment(On-site Visit toGarment Factory in Indonesia)

25© Aoyama Trading Co., Ltd. All Rights Reserved.

Sustainability Initiatives (2)Sustainability Policy

The Aoyama Trading Group, together with our customers and all other stakeholders, aims to create common value
with society and realize a sustainable society, based on our Mission Statement and Code of Conduct, which are basedon the Aoyama Mindset, "Let's Work for the People who Work," and on our Group Management Philosophy of "Aiming
to Further Contribute to Society through Retail and Services to Consumers based on Sustainable Growth."

Sustainability
Initiatives• In the previous fiscal year, the Sustainability Subcommittee was established within the Risk
Management Committee and the Sustainability Policy was established.
• ESG Databook published in November 2022
• Based on the Act on Advancement of Measures to Support
the Development of the Next Generation, "Platinum Kurumin"
is a special certification given to companies that havereceived "Kurumin" certification from the Minister of Health,Labour and Welfare as an Child-Rearing Support company
and have made efforts at a higher level.

Platinum
Kurumin
Certification• "Kurumin” certification in 2021, followed by this certificationin recognition of various initiatives based on the action planfrom April 1, 2021 to March 31, 2023.

Inclusion
In the ESG
investment
index• Selected as a Domestic and Overseas ESG Investment Index
Constituent for the Second Consecutive Year26
© Aoyama Trading Co., Ltd. All Rights Reserved.

1. FY3/2024 Results
2. FY3/2025 Fiscal Year
Plan
3. Looking back on"Aoyama Reborn2023" Medium-Term
Management Plan
4. FY3/2025 to FY3/2027
Medium-Term
Management Plan

27
© Aoyama Trading Co., Ltd. All Rights Reserved.

FY3/2025 to FY3/2027 Medium-Term Management Plan
Overview
Medium-Term Management Plan "Aoyama Reborn 2023"

Future Goals

Transform from one-person management to scrum-type management

Rather than focusing too much on sales of suits and formal wear that are dependent on top management,
we aim for growth as a group through the independence and cooperation of each organization that deals
with customers based on business and promotes business, products, and services.

1. Innovation and Challenge of Business Wear Business2. Promoting Group Management
3. Sustainability Initiatives

Management
VisionFurther Promoting the Innovation and Challenge of Business Wear Business
Management Vision to Realize the Ideal Company
Allocate management resources to fields and businesses with growth potential"Three years to implement specific strategies"

FY3/2025 to FY3/2027 Medium-Term Management Plan
"Five Basic Strategies"
BW businessBW business

Maintaining
and improving
the earnings
power ofexisting store

Expandingmarket shareby opening
new stores

Promotion of
profit oriented
management

Strengthening
Group
GovernanceInitiatives forsustainability

28© Aoyama Trading Co., Ltd. All Rights Reserved.

FY3/2025 to FY3/2027 Medium-Term Management Plan
Management Targets
Financial indicator

Non-financial indicator

Consolidated
Net sales

Consolidated
Operating income

CO2
emissions

210

17

59%

Billion yen

reduction

Billion yen(Scope1 + 2 compared tofiscal year 2013)

Consolidated
Profit12.6

Billion yen

Consolidated
ROE

6.6%

Ratio of female
managers

Number of factories
registered with Sedex

12.5%

32 plants

or moreor more29© Aoyama Trading Co., Ltd. All Rights Reserved.

FY3/2025 to FY3/2027 Medium-Term Management Plan
by Segment
Unit: 100 million yen

FY3/2027 PlanThree year increase(%)

Net sales

OperatingincomeNet sales

OperatingincomeNet sales

Operatingincome

1,415

117

+82

+38

106.2

149.8

Credit Card

53

17

+3

-3

106.9

83.9

Printing and Media

140

6

+25

+4

122.2

480.7

Sundry Sales

150

2

-2

-0

98.5

81.3

Total Repair Service

158

6

+24

+4

118.2

349.6

Franchisee

172

13

+20

+2

113.5

119.2

Real Estate

30

5

-0

-0

97.8

89.8

Others

22

4

+7

+6

147.7

-

Adjustments

- 40

0

+2

-1

-

-

Total

2,100

170

+163

+50

108.4

142.6

Business Segment
Business Wear

Note: Figures are rounded down to the nearest unit.

30© Aoyama Trading Co., Ltd. All Rights Reserved.

Basic Strategies :Business Wear Business Strategies and Profit-Oriented Management
BW businessBW business

Maintaining and improving the earnings power ofexisting store

Expanding market shareby opening new stores

Profit-oriented
management

Order

EC

Reduction of nonconsolidated inventories

Store
opening

Reduction and control ofheadquarters expenses

17

8

35

20~40

-2

Billion yen

Billion yen

Billion yen

Stores+ 6.5 billion yen
compared tofiscal year 2023

+ 4.6 billion yen
compared tofiscal year 2023

- 7 billion yen
compared tofiscal year 2023

+ 2 to 4 billion yen
Net sales compared tofiscal year 2023

(Net sales)(Net sales)(Inventory Cost)<Expansion of order-made products and services>・ Expand the combined market share of the Yofuku-no-Aoyama TSC azabu tailor 3 brands
・ Aoyama: Gross margin improvement 1 piece price improvement Set rate increase 2nd EC
usage enhancement<Efficient reduction of inventories of ready-made products>

・ Resetting of inventory per store by item and purchase adjustment<Improvement of gross profit rates by improving store inventory
efficiency and revising prices>

・ Promotion of utilization of Digi-Lab and EC, price revision based on value balance<Investment in renewal to strengthen product and service offerings
and improve shop-floor operational efficiency>

・ Enhancement of product planning, awareness of renewal investment beyond maintenance<Strengthen EC, deepen digital marketing and OMO strategy>

・ Promotion of OMO by setting evaluation standards for each digital involvement item
・ Focus on increasing the number of women's uniforms and focusing on business opportunities
such as the corporate uniforms website and ACTIBIZ
Note: Figures are rounded down to the nearest unit.

© Aoyama Trading Co., Ltd. All Rights Reserved.

Billion yen(compared to fiscal
year 2023)<New format and low-investment model>

・ Synergies with the creation of new customers and the revitalization ofexisting stores
・ Compact stores mainly in urban areas
・ Simplification of store operations<Build and scrap of unprofitable stores>

・ Policy to maintain the number of existing stores・ Improve profitability of unprofitable stores・ Net increase in customer base to expand market share<Promotion of profit-oriented management>

・ Reduce and control headquarter expenses while prioritizing
investments to strengthen the management base, including
investments in existing stores, new store openings, acquisition andtraining of human resources, DX, replacement of core systems, anddevelopment of logistics infrastructure, etc.

31Basic Strategies : Strengthening Group Governance

Promoting Business Portfolio Management■ Basic policy for promoting business portfolio management
Respond to businesses with low profitability and no growth potential based on thebasic policies described in (1) to (3) below.
(1) Fundamental restructuring(2) Rigorous investment (improvement of capital efficiency)(3) Profit-oriented management

Identify as a business, including
withdrawal and sale

Shift of management resources togrowth areas

・ Expansion of existing businesses
aiming for sustainable growth・ Development and fostering of new
businesses and M & A exploration

Hurdle rate
Set quantitative evaluation criteria for various
investment projects each year
Approx. 6% in fiscal 2023
32
© Aoyama Trading Co., Ltd. All Rights Reserved.

Basic Strategies : Strengthening Group Governance

Expand investment in existing businesses with the aim of sustainable growthCredit Card Business

Printing and Media Business

Sundry Sales Business

Increase in number ofmembers and occupancy rate

Total sales promotion support

Efficient store management• Strengthening of total sales promotion
support combining analog and digital・ Sales expansion through revitalizationof existing stores through planned
store remodeling・ Promotion of more efficient store
operations through the installation ofself-checkout counters and a review of
personnel systems
・ New business development initiatives(Aoyama Capital)• Start of application for membership on
the web for immediate screening,
promotion of use, and streamlining ofprocedures• Increase convenience and usage
through introduction of cashless
payment• Expansion of new point services• Raise operating rates through efficient
campaigns

Total Repair Service Business(Minit Asia Pacific)(ASCON)• Support for new GIGA terminals andexpansion of hospital TV terminals• Expanding sales of devices to retailers
and restaurants• Cooperation with Local Governments'
Child-rearing Support in the Baby Sling
Business

Franchisee Business(glob)

Profitability in Japan• Aggressively open new stores in Japanand promote conversion of directly
managed stores to franchise stores

Stable growththrough store openings• Opening small-sized stores withimproved cost efficiency• Expansion of new products andservices in Japan• Increase in number of customers
through measures to increase app
membership• Turnaround of acquired stores inWestern Australia and acquisition of
new customers• Opening new stores and expanding
services in Southeast Asia
© Aoyama Trading Co., Ltd. All Rights Reserved.

• Securing personnel by strengtheningreferral hiring• Aggressive new store openings in thefitness business(Seigo)Others(WTW / Customlife)[WTW]• Implementation of measures toincrease recognition through SNS
advertisements, etc.
• Restructure EC sites and strengthen
corporate tie-up activities[Customlife]• Early recovery of media business• Development and commercialization of
in-house content management system[Development and fostering of new
businesses and M & A exploration]

33

Basic Strategies : Sustainability Initiatives• Setting new targets to further deepen ESG management established in Aoyama Reborn2023• Contribute to the realization of a sustainable society by addressing important issues related to climate change (environment),
human rights, human capital, etc. (society), and supply chain management (governance)

Themes for Deepening ESG Management

Efforts to
Declare Carbon
Neutral by 2050

Major Initiatives

Target items are the same as in the previous mid-term plan
New initiatives added to target items• Promotion of energy conservation• Expansion of introduction of renewable energy

TargetCO2 emissions
59% reduction(scope1 + 2-go Total)

Promotion of Human
Rights Management,
Human CapitalManagement, andDiversity & Inclusion

Strengthen Supply
Chain Management

Introduction rate ofrenewable energy
18% or more

• Promotion of human rights due diligence• Support for balancing work, childcare, and nursing care
• Responding to diversity, including mid-career and foreignhires and LGBTQ+

TargetRatio of female
managers
12.5% or more

Percentage ofmale employees
taking childcare leave
60% or more

• Promote Sedex registration and ensure transparency• Human Rights, Occupational Safety and Health, and• Environmental Response
Percentage procured throughTargetNumber of factories
registered with
Sedex 32 plants

Sedex registered factories

Procurement 33% or more
Procurement value: 62% ormore34© Aoyama Trading Co., Ltd. All Rights Reserved.

Promotion of management that is conscious of
cost of capital and stock price■ Evaluation of current status (consolidated basis)
FY3/2018

FY3/2019

FY3/2020

FY3/2021

FY3/2022

FY3/2023

FY3/2024

ROE(%)

5.0

2.6

- 8.1

- 21.8

0.8

2.6

5.9

P / B (x)

0.92

0.56

0.23

0.25

0.20

0.28

0.49

P / E (x)

19.77

19.59

-

-

42.09

12.99

12.15

Net assets per
share(yen)4,505.53

4,418.58

3,932.57

3,231.50

3,234.47

3,339.33

3,552.28

Net Income(Loss) per
Share (yen)211.97128.45- 406.16- 586.68

16.06

72.23

144.40Year-end
Share Price
(yen)

4,190

2,516

928

827

676

938

1,755

Dividend
payout ratio
(%)

75.6

91.8

-

-

29.5

30.3

32.1

Note: Net assets per share (actual), net income (Loss) per share (forecast), and share price (closing price) are as of the end of eachfiscal year. Payout ratio is the actual annual dividend for the fiscal year.

• ROE has recovered to 5.9%, exceeding the level prior to the COVID-19 impact (FY3/2018), and capitalefficiency has improved. However, net income per share has not returned to its previous level, andimproving profitability is an urgent issue.

Assessment andIssue• Although the stock price has recovered from the bottom in the FY3/2022, the P / B is still below 1 x, atapproximately 0.5 x. (1) Returns (ROE) have not exceeded the expected returns (Shareholders' equity
costs) of shareholders and investors, and returns to dividends have not been sufficient. (2) The path tofuture profitability expansion has not been sufficiently demonstrated, and efforts to reduce Shareholders'equity costs have not been sufficient.

35© Aoyama Trading Co., Ltd. All Rights Reserved.

Measures to correct the situation where the P / B is below 1x■ Calculation of Shareholders' equity costs• Calculated using the Capital Asset Pricing Model (CAPM) as follows

Shareholders' equity
cost

6.835%

βRisk-free rate

=

0.87%

+

April 30, 2024
Compounded closing priceof new 10-year JGB

1.02

Equity risk premium
5.9%×For 15, 10, or 5 years
Ratio to TOPIX(including dividends)

1972 to 2023
Japanese stocks• Calculated by decomposing the expected growth rate, etc. as follows

PBR = ROE (profitability) x PER (market valuation)= ROE ÷ [Shareholders' equity cost - expected growth rate](Shareholders' equity cost in a broad sense)

P / B 0.49 x = *ROE 5.9% x P / E 12.15 x
P / B 0.49 x =〃÷ [Shareholders' equity cost in broad sense] / 8.23%
P / B 0.49 x =〃÷ [Shareholders' equity cost 6.835% - expected growth rate - 1.395%]* ROE is the actual result for the FY3/2024.

P / B below 1x
Actions for
Correction← The forecast for the fiscal year ending March 2024 is 4.0%.

• ROE is below Shareholders' equity costs and market expectations for growth are negative• Execution of the five "Basic Strategies" of the Medium-Term Management Plan and the accumulationof tangible results such as an improvement in asset turnover by increasing net income and efficiently
reducing inventories• Enhance corporate value by strengthening profitability, improving capital profitability, investing forsustainable growth, strengthening IR activities to eliminate information asymmetry, and improving
capital efficiency through shareholder returns.
• Plan to introduce a stock-based compensation plan, including Executive Officer, in order to raiseawareness of contributing to the increase of corporate value• Aim for consolidated ROE of 5.9% in FY3/2024 → 6.6% in FY3/2027 (Mid-Term Management Plan) →8% in FY3/2029
36© Aoyama Trading Co., Ltd. All Rights Reserved.

Cash allocation
Cash
Allocation

・ Cash generated is expected to be used mainly for growth investment in existing businesses + return ofdividends + financial improvement
・ Allowances shall be allocated to (i) investment in new business development and M & A, and (ii)acquisition of treasury stock, etc.
Cash generated over three years in
Mid-Term Management Plan

Operating income
after tax *30 billion yen* Calculated with(Operating income x 0.7)

Amortization expense

20 billion yen

Total amount

Policy allocation(Utilization of surplus funds and interestbearing debt, etc.)(i) New business development andM & A investment(ii) Acquisition of treasury stock, etc.

50 billion yen

Growth investment in existing
businesses(including renewal investment, DX andhuman capital)

30 billion yen

Dividend return(Payout ratio 40%, progressive
dividends)

13 billion yen

Allowances
7 billion yen

37© Aoyama Trading Co., Ltd. All Rights Reserved.

Shareholder Return Policy• The Company will return profits to shareholders based on policies established for each Medium-Term
Management Plan. With regard to the return of profits to shareholders in period from fiscal 2024 to fiscal
2026 (fiscal year ending March 31, 2025 to fiscal year ending March 31, 2027), which is the Medium-Term
Management Plan, the Company's basic policies are to invest in growth to maintain and strengthen
competitiveness, and to actively and stably return profits to shareholders while working to improve earning
capacity and strengthen its financial position.
• Specifically, we will pay a progressive dividend through profit growth, with a minimum annual dividend of 60
yen per share and aiming consolidated payout ratio of 40%. Regarding Treasury shares acquisitions, theCompany will flexibly implement them based on factors such as business performance, shareholders' equity,and market conditions including stock prices.
• For the fiscal year ending March 31, 2025, the interim (end of second quarter) The Company will pay
dividends of 30 yen and plan to pay year-end ordinary dividends of 31 yen per share.

Base dateCash dividends per share
End of second quarterEnd of fiscal year

Total

Previous Results(FY3/2024)

0.00 yen

Ordinary dividends
60.00 yen
Commemorative
dividends 5.00 yen

65.00 yen

Forecast(FY3/2025)

30.00 yen

31.00 yen

61.00 yen

38
© Aoyama Trading Co., Ltd. All Rights Reserved.

Supplementary Materials for
Financial Results Briefing© Aoyama Trading Co., Ltd. All Rights Reserved.

Stores Opened/Closed Results and Plans(Unit: store)
Number of store opened

Results for FY3/2024

Number of store closed

Number ofstores as of

1st Half

2nd Half

1st Half

2nd Half

Business Wear Business

3

1

14

6

777

Sundry Sales Business

0

0

4

7

102

Total Repair Service Business

14

18

7

10

623

Franchisee Business

4

1

0

0

80

Others

0

1

2

0

6

21

21

27

23

1,588

Total

Number of store openings

Plan for FY3/2025

Number of store closings

FY3/2024

Number ofstores as of

1st Half

2nd Half

1st Half

2nd Half

Business Wear Business

2

1

9

3

768

Sundry Sales Business

0

0

0

1

101

Total Repair Service Business

15

17

9

0

646

Franchisee Business

2

5

0

2

85

Others

1

0

0

0

7

20

23

18

6

1,607

Total

FY3/2025

Note: Business Wear Business includes Aoyama Suits (Shanghai) Co., Ltd. and Melbo Men’s Wear, Inc. stores.
© Aoyama Trading Co., Ltd. All Rights Reserved.

40

Store Relocation/Reconstruction
Amount of Capital Investment and Plans(Unit: store)

Results for FY3/2024

Relocation/
reconstruction

Plan for FY3/2025

1st Half

2nd Half

Full Year

1st Half

2nd Half

Full Year

Yofuku-no-Aoyama

1

0

1

1

0

1

The Suit Company etc.

1

1

2

1

0

1

2

1

3

2

0

2

Total

(Unit: million yen)
Results for FY3/2024

Capitalinvestment

Plan for FY3/2025

Business Wear Business

3,677

5,140

Credit Card Business

65

240

Printing and MediaBusiness

144

160

Sundry Sales Business

52

130

Total Repair Service
Business

2,798

2,140

Franchisee Business

538

1,000

-

300

24

120

7,301

9,230

Real Estate Business
OthersTotal© Aoyama Trading Co., Ltd. All Rights Reserved.

41

Consolidated Interim Results Summary and forecast

Sales

FY3/2023

FY3/2024

1st Half

1st Half

Results

OthersAdjustment
Gross profit
SGA expense
Operating income
Ordinary income
Interim lncome

77,80949,047
2,518
5,196
8,027
6,002
6,219
1,492
888
▲ 1,583
38,69340,468▲ 1,775▲ 438▲ 2,451

Interim income per share▲49yen20sen

Business Wear Business

Credit Card Buisiness
Printing and Media Business

Sundry Sales BusinessTotal Repair BusinessFranchisee Business
Real Estate Business

Ratio

Results

100.0 83,013― 53,528
―
2,498
―
5,069
―
7,721
―
6,399
―
7,179
―
1,548
―
852
― ▲ 1,783
49.7 42,168
52.0 40,769
▲ 2.3
1,399
▲ 0.6
1,797
▲ 3.2
463
― 9yen30sen

Ratio

100.0
―
―
―
―
―
―
―
―
―
50.8
49.1
1.7
2.2
0.6
―

YoY

(Unit: million yen)
FY3/2025
1st Half
Forecast
Ratio
YoY

106.7 85,400
109.1 54,900
99.2
2,600
97.6
5,200
96.2
7,400
106.6
7,100
115.4
7,500
103.8
1,500
95.9
800
― ▲ 1,600
1.1Pt 43,400
100.7 42,000
―
1,400
―
1,400
―
100
― 2yen01sen

100.0
―
―
―
―
―
―
―
―
―
50.8
49.2
1.6
1.6
0.1
―

102.9
102.6
104.1
102.6
95.8
110.9
104.5
96.9
93.9
―
0.0Pt
103.0
100.1
77.9
21.6
―

（Notes）1.Sales by segment are figures before elimination of intersegment transactions. 2.Gross profit for the YoY is the change in the sales
ratio.3.Interim income per share is calculated based on the average number of shares outstanding during the period (excluding treasury
stock) for actual results and the number of shares outstanding at the end of the period (excluding treasury stock) for the plan.

42© Aoyama Trading Co., Ltd. All Rights Reserved.

Consolidated Results Summary and forecast(Unit: million yen)

Sales

FY3/2023

FY3/2024

FY3/2025

Full-year

Full-year

Full-year

Results
185,580

Business Wear Business 126,379

Credit Card Buisiness

5,013
12,299Sundry Sales Business 15,731
Total Repair Business 12,382
Franchisee Business 13,157
Real Estate Business
3,051
Others1,654▲ 4,089
Adjustment
Gross profit
94,147
SGA expense
86,673Operating income
7,473
Ordinary income
8,734
Income4,278

Printing and Media Business

Income per share

85yen86sen

Ratio

Results

100.0 193,687― 133,210― 4,959― 11,452― 15,232― 13,362― 15,157― 3,066― 1,489― ▲ 4,243
50.7 99,853
46.7 87,934
4.0 11,918
4.7 12,503
2.3 10,089― 202yen38sen

Ratio

100.0
―
―
―
―
―
―
―
―
―
51.6
45.4
6.2
6.5
5.2
―

YoY

Forecast(Nov) Change(Nov)

Forecast

104.4 194,500 ▲ 812 198,800
105.4 133,750 ▲ 539 136,200
98.9 5,000 ▲ 40 5,000
93.1 11,350
102 12,000
96.8 15,150
82 14,800
107.9 13,650 ▲ 287 14,400
115.2 15,000
157 15,600
100.5 3,000
66 3,000
90.0 1,800 ▲ 310 1,700― ▲ 4,200 ▲ 43 ▲ 3,900
0.9Pt 100,700 ▲ 846 102,600
101.5 89,300 ▲ 1,365 89,600
159.5 11,400
518 13,000
143.2 11,700
803 13,300
235.8 7,200 2,889 9,100― 144yen40sen― 182yen50sen

Ratio

100.0
―
―
―
―
―
―
―
―
―
51.6
45.1
6.5
6.7
4.6
―

YoY

102.6
102.2
100.8
104.8
97.2
107.8
102.9
97.8
114.2
―
0.0Pt
101.9
109.1
106.4
90.2
―

（Notes）1.Sales by segment are figures before elimination of intersegment transactions. 2.Gross profit for the YoY is the change in the sales ratio.3.Income
per share is calculated based on the average number of shares outstanding during the period (excluding treasury stock) for actual results and thenumber of shares outstanding at the end of the period (excluding treasury stock) for the plan.

43© Aoyama Trading Co., Ltd. All Rights Reserved.

Non-Consolidated Interim Results Summary and forecast(Unit: million yen)

FY3/2023
FY3/2024
1st Half
1st Half
Results
Ratio
Results
Ratio
Sales
48,661
100.0
51,781
100.0
Business Wear Business
47,169100.0
50,232
100.0
Real Estate Business
1,492
100.0
1,548
100.0
Gross profit
26,41854.3
28,697
55.4
Business Wear Business
26,30755.8
28,336
56.4
Real Estate Business
110
7.4
360
23.3
SGA expense
29,511
60.6
29,21956.4
Business Wear Business
29,40362.3
29,13458.0
Real Estate Business
108
7.3
84
5.4
Operating income ▲ 3,093
▲ 6.4
▲ 521
▲ 1.0
Business Wear Business▲ 3,095
▲ 6.6
▲ 797
▲ 1.6
Real Estate Business
1
0.1
276
17.8
Non-operating income
1,541
3.2
1,305
2.5
Non-operating loss
102
0.2
187
0.4
Ordinary income ▲ 1,654
▲ 3.4
596
1.2
Extraordinary income
0
0.0
0
0.0
Extraordinary loss
951
2.0
218
0.4
Interim Income ▲ 2,755
▲ 5.7
177
0.3
Interim income per share ▲55yen29sen― 3yen55sen―

FY3/2025
1st Half
YoY
Forecast
Ratio
106.4
53,100100.0
106.5
51,600
100.0
103.8
1,500
100.0
1.1Pt
29,55055.6
0.6Pt
29,20056.6
15.9Pt
350
23.3
99.0
30,05056.6
99.1
29,950
58.0
77.8
100
6.7
―
▲ 500
▲ 0.9
―
▲ 750
▲ 1.5
―
250
16.7
84.7
1,220
2.3
182.7
120
0.2
―
600
1.1
770.1
0
0.0
23.0
250
0.5
―
200
0.4
― 4yen01sen
―

YoY
102.5
102.7
96.9
0.2Pt
0.2Pt
0.0Pt
102.8
102.8
118.5
―
―
90.5
93.5
64.0
100.6
―
114.3
112.9
―

(Notes) 1.Gross profit for the YoY is the change in the sales ratio. 2.Interim income per share is calculated based on the average number of shares outstanding during theperiod (excluding treasury stock) for actual results and the number of shares outstanding at the end of the period (excluding treasury stock) for the plan.

44© Aoyama Trading Co., Ltd. All Rights Reserved.

Non-Consolidated Results Summary and forecast(Unit: million yen)

FY3/2023
Full-year
Results Ratio Results
124,211
Sales
100.0 129,903
Business Wear Business 121,159
100.0 126,837
Real Estate Business
3,051
100.0
3,066
Gross profit
68,14254.9 72,191
Business Wear Business
67,75955.9 71,479
Real Estate Business
382
12.5
711
SGA expense 64,248
51.7 64,411
Business Wear Business
64,06352.9 64,256
Real Estate Business
184
6.1
154
Operating income
3,893
3.1
7,780
Business Wear Business
3,695
3.1
7,223
Real Estate Business
197
6.5
557
Non-operating income
1,759
1.4
1,643
Non-operating loss
363
0.3
410
Ordinary income
5,290
4.3
9,013
Extraordinary income
0
0.0
198
Extraordinary loss
2,735
2.2
1,916
Income
2,311
1.9
7,651
Income per share 46yen38sen― 153yen46sen

FY3/2024
FY3/2025
Full-year
Full-year
Forecast(Nov) Change(Nov) Forecast
Ratio
YoY
Ratio
100.0
104.6 130,100 ▲ 196 132,000
100.0
100.0
104.7 127,100 ▲ 262 129,000
100.0
100.0
100.5
3,000
66
3,000
100.0
55.6
0.7Pt 72,700 ▲ 508 73,700
55.8
56.4
0.5Pt 72,000 ▲ 520 73,000
56.6
23.2 10.7Pt
700
11
700
23.3
49.6
100.3 66,200 ▲ 1,788 65,200
49.4
50.7
100.3 66,000 ▲ 1,743 65,000
50.4
5.0
83.6
200
▲ 45
200
6.7
6.0
199.8
6,500
1,280
8,500
6.4
5.7
195.4
6,000
1,223
8,000
6.2
18.2
281.8
500
57
500
16.7
1.3
93.4
1,480
163
1,400
1.1
0.3
113.0
380
30
300
0.2
6.9
170.4
7,600
1,413
9,600
7.3
0.2
―
0
198
0
0.0
1.5
70.1
1,400
516
800
0.6
5.9
331.1
5,000
2,651
7,300
5.5
―
― 100yen28sen― 146yen40sen
―

YoY
101.6
101.7
97.8
0.2Pt
0.2Pt
0.1Pt
101.2
101.2
129.5
109.3
110.8
89.8
85.2
73.2
106.5
―
41.7
95.4
―

(Notes) 1.Gross profit for the YoY is the change in the sales ratio. 2.Income per share is calculated based on the average number of shares outstanding during the period (excluding
treasury stock) for actual results and the number of shares outstanding at the end of the period (excluding treasury stock) for the plan.

45© Aoyama Trading Co., Ltd. All Rights Reserved.

Non-Consolidated Main Expenses【1st Half】

FY3/2023 1st Half
Results
Ratio
Personnel expense
11,515
24.4
Selling expense
3,936
8.3
Advertising expense
1,934
4.1
General and Administrative expenses
4,838
10.3
1,223
2.6
Utility expense
Internet expense
1,279
2.7
Property expense
9,113
19.3
Rent
7,251
15.4
Depreciation
1,400
3.0
Business Wear Business
29,403
62.3
Real Estate Business
108
7.3
Total
29,511
60.6

51600（Unit:million yen）
FY3/2024 1st Half
FY3/2025 1st Half
Results
Ratio
YoY
Forecast
Ratio
YoY
10,893
21.7
94.6
11,480
22.2
105.4
4,739
9.4
120.4
4,550
8.8
96.0
2,610
5.2
135.0
2,530
4.9
96.9
5,044
10.0
104.3
5,530
10.7
109.6
1,390
2.8
113.7
1,430
2.8
102.8
1,247
2.5
97.5
1,170
2.3
93.8
8,457
16.8
92.8
8,390
16.3
99.2
6,818
13.6
94.0
6,650
12.9
97.5
1,188
2.4
84.8
1,300
2.5
109.4
29,13458.0
99.1
29,950
58.0
102.8
84
5.4
77.8
100
6.7
118.5
29,21956.4
99.0
30,05056.6
102.8【Full-year】

FY3/2023 Full-year
Results
Ratio
Personnel expense
23,595
19.5
Selling expense
12,695
10.5
Advertising expense
7,934
6.5
General and Administrative expenses
9,897
8.2
2,728
2.3
Utility expense
Internet expense
2,659
2.2
Property expense
17,875
14.8
Rent
14,424
11.9
Depreciation
2,535
2.1
Business Wear Business
64,06352.9
Real Estate Business
184
6.1
Total
64,248
51.7

Results
23,302
13,796
8,935
10,2102,730
2,652
16,947
13,5152,533
64,256
154
64,411129000FY3/2024 Full-year
FY3/2025 Full-year
Forecast(Nov) Change from forecast Forecast
Ratio
YoY
Ratio
YoY
18.4
98.8
24,050▲ 747
24,06018.7 103.2
10.9
108.7
14,150▲ 353
13,500
10.5
97.9
7.0
112.6
9,150
▲ 214
8,850
6.9
99.0
8.0
103.2
10,750▲ 539
10,7508.3 105.3
2.2
100.1
2,900
▲ 169
2,800
2.2 102.5
2.1
99.7
2,750
▲ 97
2,520
2.0
95.0
13.4
94.8
17,050▲ 102
16,690
12.9
98.5
10.7
93.7
13,550▲ 34
13,210
10.2
97.7
2.0
99.9
2,600
▲ 66
2,600
2.0 102.6
50.7
100.3
66,000 ▲ 1,743
65,00050.4 101.2
5.0
83.6
200
▲ 45
200
6.7 129.5
49.6
100.3
66,200 ▲ 1,788
65,20049.4 101.2

46© Aoyama Trading Co., Ltd. All Rights Reserved.

Non-Consolidated Non-Operating Revenue(Unit: million yen)

FY3/2023

FY3/2024

FY3/2025 Forecast

1st Half

Full-year

1st Half

Full-year

1st Half

Full-year

Interest Income Dividend

775

889

1,028

1,133

1,190

1,300

Gain on valuation of derivatives

162

―

―

―

―

―

Foreign exchange profit

540

697

168

223

―

―

Others

63

172

107

286

30

100

Total Non-operating profit

1,541

1,759

1,305

1,643

1,220

1,400

Interest expense

82

162

80

163

110

240

Loss on valuation of derivatives

―

144

78

140

―

―

Transfer to Allowance for doubtful accounts

―

―

―

51

―

―

Others

20

55

28

54

10

60

Total Non-operating expense

102

363

187

410

120

300

Non-Operating Revenue

1,438

1,396

1,117

1,233

1,100

1,100

（Financial revenue）( 693)( 726)( 948)( 970)( 1,080)( 1,060)
47© Aoyama Trading Co., Ltd. All Rights Reserved.

Trends in Sales and Inventory per Unit
FY3/2022

FY3/2023

FY3/2024

Full-year

Full-year

Full-year

Number of employees

3,023 people

2,746 people

2,703 people

Number of temporary employees

2,245 people

2,517 people

2,592 people

Total

5,268 people

5,263 people

5,295 people

Average

4,983 people

4,621 people

4,621 people( 1,713 people)( 1,741 people)( 1,855 people)

22,050 thousand yen

25,820 thousand yen

27,011 thousand yen（Of which, temporary employees）

Net sales per employee
Avarage sales area in use

485,517 ㎡

473,998 ㎡

466,404 ㎡

Net sales per m²

226 thousand yen

251 thousand yen

267 thousand yen

Avarage number of stores in use

779 stores

758 stores

746 stores

157,408 thousand yen

167,321 thousand yen

Net sales per store 141,047 thousand yen
Year-end inventories per m²

74 thousand yen

75 thousand yen

90 thousand yen

Year-end inventories per store

46,300 thousand yen

46,947 thousand yen

56,649 thousand yen（Notes）

1.Company employees are directly employed personnel, the number of temporary employees is calculated basedon an 8-hours working day per person.

48© Aoyama Trading Co., Ltd. All Rights Reserved.

Sales by Product Category(Unit: million yen)

FY3/2024 Full-year

Sales

Sales

Composition Ratio(％)

Composition Ratio(％)

YoY
Sales
Ratio(％)

Jackets
Slacks34,798
3,412
4,671

28.7
2.8
3.9

37,105
4,040
4,905

29.2
3.2
3.9

2,306
627
234

106.6
118.4
105.0

Coats
Formal wear

2,197
17,218

1.8
14.2

2,125
18,035

1.7
14.2

▲ 71
816

96.7
104.7

Vest

Sub-total

1,094
63,393

0.9
52.3

1,256
67,468

1.0
53.2

161
4,075

114.8
106.4

Shirts and clothing
Casual goods

20,278
2,625

16.7
2.2

21,435
2,703

16.9
2.1

1,157
77

105.7
103.0

Other products
Sub-total
Ladies

9,461
32,364

7.8
26.7

9,748
33,887

7.7
26.7

287
1,522

103.0
104.7

21,843
3,558
121,159

18.0
3.0
100.0

21,952
3,528
126,837

17.3
2.8
100.0

109
▲ 30
5,677

100.5
99.1
104.7

Suits/three-peace suits

Heavy wear
Light wear

Compensation processing fee

Total（Notes）

FY3/2023 Full-year

1.Other products include shoes, underwear, sundry goods, and others. 2.Ladies include ladies' suits, formal wear, clothing,pumps, etc.

49
© Aoyama Trading Co., Ltd. All Rights Reserved.

Number of Sold Men’s Suits and Average of Selling Price(Unit:thousand Suits)(Unit:yen)
34,0001,700

31,76432,000

1,500

1,601
28,79430,000

1,300

1,100

27,088

1,182

1,215

1,214

1,174

25,472900

28,00026,00026,76724,000700

500

22,000FY3/2020

FY3/2021

Number of suits sold

FY3/2022

FY3/2023

FY3/2024

Average of selling price50© Aoyama Trading Co., Ltd. All Rights Reserved.

Domestic Suit Imports(Unit: thousand pieces)

2021

2022

2023

（Jan～Dec）（Jan～Dec）（Jan～Dec）

China

1,566

1,647

1,978

Vietnam432

545

Myanmar615

Indonesia

Change inUnit

YoY(%) composition price(yenYoY of unit
price(%)

ratio(Pt)

)

120.1

▲ 1.2

11,677

109.1

723

132.6

0.8

9,385

104.7

878

1,075

122.5

▲ 0.3

6,253

114.1

574

797

1,144

143.4

2.6

8,045

106.0

Italy

24

21

26

122.2

0.0

98,885

120.4

Others

603

832

923

110.9

▲ 1.9

7,774

117.5

Total

3,814

4,720

5,869

124.3

0.0

9,466

110.0

Unit price (yen)

7,783

8,604

9,466

－

－

－

－

Average Foreign exchange (yen)

110.4

132.1

141.2

－

－

－

－

* Source: Ministry of Finance, Trade and Industry, Total

51© Aoyama Trading Co., Ltd. All Rights Reserved.

Disclaimer••••

This document is intended to provide general information of the Company and is notintended to solicit investment from investors.
The Company endeavors to ensure the accuracy of the information and materials
contained within this document, but makes no warranty as to completeness thereof.
The Company shall not be held liable in any way for any damages arising out of theinformation contained herein.
The forecasts contained in this document are based on the Company's assumptions andbeliefs in light of information available at the time of writing and include potential risks
and uncertainties. Actual results may differ materially from those anticipated in theseforward-looking statements as a result of various factors, including changes in thebusiness environment.
[Contact for inquiries regarding this document and the Company's IR]
Aoyama Trading Co., Ltd. General Planning Department
TEL:084-920-0029
URL:https://www.aoyama-syouji.co.jp/ir/contact/

52© Aoyama Trading Co., Ltd. All Rights Reserved.