Milbon Co., Ltd.
Q4 Financial Results Briefing for the Fiscal Year Ended December 2023
February 15, 2024

Event Summary[Company Name]

Milbon Co., Ltd.

[Company ID]

4919-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Q4 Financial Results Briefing for the Fiscal Year Ended December 2023

[Fiscal Period]

FY2023 Q4[Date]

February 15, 2024

[Venue]Webcast[Number of Speakers]

3
Ryuji Sato
Hidenori Sakashita
Masahiro Murai

Chairperson
President and CEO
Managing Executive Director

1Presentation

Sato: Good morning, everyone. Allow me to start with a few words of gratitude.
In December 2007, I was entrusted by Milbon’s founder - Ichiro Konoike - with the responsibility of running
the Company, and over the following 16 years dedicated myself to this mission as Representative Director,
President and CEO. I would like to sincerely thank all stakeholders for your ample support and feedback over
the years.

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My first year as President was 2008, which, as I am sure you remember, was the year the failure of Lehman
Brothers caused a massive strain on the world’s financial system.
Over the following years, we saw many natural disasters taking place, and more recently, even a pandemic in
the form of COVID-19.
Milbon has carried out a number of strategies over the years: it’s premium haircare strategy, a global strategy
upholding a global vision, a new initiative in the form of the cosmetics business, and lastly, a digitaltransformation strategy focused on meeting customer needs, against the backdrop of today’s changing
environment.
Thanks to these efforts, Milbon has been able to continue delivering growth.
The Company continues challenging itself in order to achieve new goals attuned to today’s changing times,
but I believe these initiatives and efforts will pay off, as the bulk of growth is still ahead of us.
Aujua has exceeded 10 billion yen in sales, as has our global strategy, but I nevertheless view these milestones
as a pit stop toward even greater results.
I would therefore like to entrust my successor with continuing this process, and will do my utmost to support
him and the Company in their endeavors, through my position as Chairperson.

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I’ll be 65 this year.
Looking back, in 2014, we started thinking about putting in place a succession plan, and formulated a blueprint
for this purpose. Additionally, between 2015 and 2019, we carried out a leader incubation training program.
Within this, every year, 10 employees would participate in this leader incubation program, for a total of 42
program graduates over the years, who then implement what they have learned. We therefore made steadyefforts and progress in the execution of internal discussions amongst Company directors on the topic of
human resources to succeed me as Company President.
Then, in 2021, we appointed 2 Board Directors and 8 executive officers from among graduates from theaforementioned Milbon Corporate University project, allowing us to put a robust structure in place.
Additionally, at the time, a unanimous decision was made to entrust Mr. Hidenori Sakashita with the post of
new President Mr. Sakashita is a talented individual with a bright and forward-looking personality, and with asense of balance. Furthermore, I believe Mr. Sakashita is an individual with a strong sense of responsibility
and commitment.
He has experience as a sales field person, in product planning, corporate planning, as President of Milbon USA,and in the Corporate Strategy Department, meaning he has amassed vast experience over the years. In 2023,
his appointment was finalized by the Nominating Committee and the Board of Directors, setting the beginningof a new business succession structure, starting in March 2024.

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Milbon has an unwavering commitment to creating the future of the beauty market along with salons andstylists, and this commitment will remain the same going forward.
Additionally, THE MILBON WAY is the core pillar of our Company’s corporate philosophy, and will remain sogoing forward, albeit naturally in a flexible way allowing us to adapt to changing times. Through this, we intend
to continue delivering sustainable growth.
To reiterate: there are several challenges over the short term, but over the long term, I believe Milbon has
the potential to deliver considerably further growth going forward, and this is a sentiment I would like to sharewith all stakeholders. We request your continued support and feedback going forward. My sincerest thanks
for everything over the past 16 years.

5Murai: My name is Masahiro Murai, Managing Executive Director at Milbon. I will be going over the financial
results for fiscal year 2023.
First are consolidated operating results. Please bear in mind that the rightmost column shows the percent
performance versus the revised plan announced on November 10th, 2023, and not to the initial plan.
Net sales reached a record high thanks to a strong performance from haircare products in Japan and overseas,
but fell short of the revenue target due to a slowdown in growth of hair coloring products.
Profits fell short of projections due to deteriorating manufacturing costs resulting from production
adjustments, soaring raw material prices, and an unfavorable product mix due to lower-than-expected haircoloring product sales. These factors were coupled with higher-than-expected SG&A expenses, ultimately
resulting in a decrease in profits.

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This waterfall chart illustrates the impact of the various factors in terms of year-on-year change inconsolidated operating income.
We recorded higher sales, so naturally, this led to an increase in gross profit. However, we recorded disposal
and write-downs associated with our hair dryer product. These disposal and write-down amounts had asignificant impact, and we ultimately recorded a decrease in profits.

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Next is consolidated sales by product category. Haircare products delivered very strong results in Japan,
growing by 4.9% year-on-year.
Not just that, but overseas operations fared even better, delivering sales growth of 19.4%.
Lastly, milbon:iD, too, progressed as planned.

8Next are new products.
I’d like to invite you to briefly peruse this page, but overall, Aujua’s new Inmmetry Line posted strong results.
Conversely, Milbon& unfortunately fell short of the fiscal year 2023 target.

9Here we have Miincurl, which posted a strong performance.
Elujuda Sun Protect, too, delivered a strong performance, with a progress rate of 128.5% versus the forecast.

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Next are the results for the Aujua brand overall.
The number of salons carrying the Aujua brand continues growing at a steady pace, as does consolidated grosssales.

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Global Milbon, too, continues to deliver a strong performance, with growth in the number of salons carrying
Global Milbon products, as well as a year-on-year consolidated gross sales growth of 19.6%.
Allow me to direct your attention to the footnote in red. The U.S. has posted very strong results in terms oftouchpoints, but unfortunately, this slide does not include data for the number of touchpoints in the country,
as we changed distributors in the fourth quarter and this made it impossible to collect the pertinent data. We
therefore ask for your understanding on this front.

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Next are the consolidated sales for hair coloring products, which grew by 1.9% year-on-year, overall.
That being said, hair coloring product sales in Japan unfortunately decreased by 0.8%, although results
overseas remain strong, with year-on-year sales growth of 9.0%.

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The results for Villa Lodola are as shown here.
We will be going over the details later on, but in 2024, we expect to further expand sales by significantly
strengthening the sales force for Villa Lodola.

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We invite you to review the results for our new products within Villa Lodola.

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Cosmetic products registered a slight year-on-year decrease of 0.1% and a rather significant
underperformance of 10% versus the plan target.

16Despite this underperformance versus the target, new cosmetic product releases performed very well,although admittedly, the absolute sales numbers are still quite small.

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Unfortunately, consolidated gross sales for the iMPREA brand decreased by 2.4% year-on-year.

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Shown here is the product category of Other.
Realized results for Elmista came in according to plan, although the progress rate shown here is versus therevised target announced in the third quarter.

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We invite you to review the consolidated trends in capital expenditures and R&D expenses later at yourconvenience, but overall, we carried out capital expenditures according to plan.

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Next is the trend in Fieldpersons.
As you can see, we have been growing the number of Fieldpersons in each country.
It may appear that the number of Fieldpersons hasn’t really increased in South Korea, but in fact, we havehired an additional 6 FPs. These FPs are currently undergoing employee training and consequently don’t yet
feature in the figures presented here. We expect these 6 FPs to start making a results contribution this year.

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Next are consolidated net sales in Japan and Overseas.
The figures are as shown here, with the overseas business having grown to account for 23.6% of sales.

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Next is consolidated operating income in Japan and Overseas.
We struggled in the domestic business in Japan, and this led to a significant decrease in operating income.
However, while we saw a challenging environment in the United States and China, we were nevertheless able
to grow profits in these two regions.

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Here is the outlook for our overseas subsidiaries.
We invite you to go over the details later at your convenience, but in terms of the highlights, haircare within
Milbon USA - which includes Global Milbon - posted a very strong year-on-year sales growth of 15.7%.
Additionally, while the absolute numbers are still quite small, sales of hair coloring products grew by 18.8%,
and we have hopes for further future growth.

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Amidst a very challenging market environment in the country, salons in China, too, were faced with trying
circumstances.
As such, given these headwinds, I believe we put up a good fight, with sales of haircare products growing by
12% in the region.

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Our operations in Milbon Korea proceeded almost exactly according to plan, as things went smoothly.
Sales of hair coloring products grew slightly slower, but haircare product sales grew by 13.9% year-on-year, inwhat was a very strong performance.
This business posted lower profits, but this decrease was due to the resumption of educational events andother types of events in the aftermath of the pandemic. We therefore saw an increase in expenses related tothese events, which, in turn, translated into lower profits.
This concludes my presentation.

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Sakashita: Good morning, everyone.
My name is Hidenori Sakashita, and starting in 2024, I have assumed the position of President & CEO at the
Milbon Group.
Allow me to use this opportunity to greet investors and stakeholders.
I would now like to go over progress in the execution of the Milbon Group’s Medium-Term Management Plan
and the initiatives for fiscal year 2024.
I would first like to start with an overview of the domestic beauty market in Japan and its current status. Allowme start in 2020, with the pandemic, and then go over the way things evolved in 2021, 2022, and 2023.
2020 was the first year of the COVID-19 pandemic and it was marked by the declaration of a state of
emergency. This resulted in salons having to temporarily shut down and consequently to sluggish growth in
the beauty industry. That being said, the degree of this decline was less pronounced when compared to otherindustries and professions.
The COVID-19 related decline was followed by growth resulting from a rebound in demand in 2021 and 2022.
It didn’t take long for people to once again leave their homes to visit their favorite salons, and the beauty
market also benefited from stay-at-home demand and staycation demand - both terms which saw frequent
use during the pandemic. In other words, during the pandemic, people took an interest in and prioritized
consumption in the areas of healthcare and beauty solutions at home. Thanks to these factors, the beauty
market grew steadily in 2021 and 2022.

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Finally, COVID-19 was reclassified as a Class 5 disease in May of 2023, from a previous Class 2 classification.
In other words, COVID was downgraded to the status of a common infectious disease, and this translated intoa sudden jump in people’s mobility, which has now returned to pre-pandemic levels. The end of the pandemic
led to the release of pent-up demand for eating out, traveling, etc., as consumers make up for the three years
they had to spend inside during COVID.
We have therefore identified an urgent need to create value to make beauty a spending priority in 2024 andbeyond.
Furthermore, in terms of long-term trends, we have an overall population decline and a stagnation andeventual decline in the working-age population. In other words, we are on the cusp of a new era characterized
by a shrinking customer pool. Because of this, there is a need for us to formulate and implement initiatives toact as a new growth driver going forward.

Next are Milbon’s results in the domestic beauty market in 2023. Sales of hair coloring products decreased by
0.8% on a year-on-year basis. As I mentioned earlier, we saw strong sales growth in hair coloring products in
2021 and 2022. This growth peaked in 2023, and furthermore, starting in 2023, we saw consumers prioritizing
going out and other activities done outside to the detriment of visiting salons, so ultimately, sales dropped by
0.8%. In 2024, we will focus on creating value for in-salon hair color.
In terms of haircare, sales increased by 4.9% on a year-on-year basis. Here, Premium Brands, led by Aujua,
drove growth and we met the targets we had set for ourselves in terms of new products within our
professional brands. These factors therefore allowed us to grow sales.

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We will be promoting higher-value hair color products as part of our strategy for retaking share in consumers’
priorities.
Within this, our first initiative is offering a new color proposal unique to salons, combining hair color andeyebrow care.
According to consumer survey data, approximately 66% of consumers have at one point or another shown
interest in changing their makeup after having their hair colored at salons. Of the people that actually changed
their makeup, the most common change was to their eyebrows, coming in at around 60%. We have therefore
identified market potential in this area.
In discussing this narrative combining hair coloring and eyebrow solutions, we have received a rather positive
response from distributors and salons. We want to leverage this positive response to newly redefine in-saloncolor services, and will be working toward this end.

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Next, we want to offer enhanced hair color options featuring our Villa Lodola organic brand. Our Villa Lodola
brand offers ICEA-certified organic products in the areas of haircare and hair coloring.
In particular, our hair coloring solutions have received acclaim as high-quality products. In fact, some salonsactually charge a premium of 1,000 yen for hair coloring treatments using our Villa Lodola products, and insome cases even a premium of 2,000 or 3,000 yen. We want to leverage this proven track record of successexpertise in 2024 and scale it and apply it widely.
More specifically, up until last year, the Villa Lodola brand had a sales force of 8 specialized staff. By expanding
this business by adding approximately 350 Fieldpersons starting in 2024, we seek to secure an added 5,000
accounts over the span of one year and grow sales by 380 million yen.

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Next, I would like to discuss our Smart Salon Strategy, which constitutes one of the core pillars of the Milbon
Group’s Medium-Term Management Plan.
Despite this initiative still being in its test marketing phase, this concept resonated with salon owners,
resulting in a total of 23 smart salons opened in fiscal year 2023. In fiscal year 2024, we intend to expand these
efforts nationwide and target a total of 100 smart salons by the end of the fiscal year.
This Smart Salon Strategy is therefore a business strategy that makes possible overwhelmingly higher in-salon
product sales. The plan is to generate synergies through the integration of three sales areas: a styling station,a tester station for in-store sales, and finally milbon:iD as an e-commerce framework supporting these efforts.
Through these efforts, we intend to offer our clients a better purchasing experience.

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I would now like to give you a progress report on milbon:iD, which is the base and core of smart salons.6
We position milbon:iD as a KPI within the Company’s Medium-Term Management Plan, within which we aretargeting a million members as a milestone by the end of 2026. Member registrations stood at 670,000 as ofthe end of 2023, underscoring very strong levels of growth.
Additionally, we have plans to add 2 new function in fiscal year 2024, with the objective of further improving
the appeal of milbon:iD.
The first function is a live shopping feature, the implementation of which was, over the past two years,
discussed extensively within the Company and for which we carried out a variety of test runs. We will be
releasing the new function this fiscal year, allowing for the salon-oriented operation of live shopping content
streamed exclusively to milbon:iD users.
The second new function is STYLE STOCK, which involves linking up a trove of content with each user’s
personal milbon:iD page. This includes, for example, information about the haircare and hair styling products
used by stylists doing customers’ hair, video content showing the styling process, images of fully done
hairstyles, comments and recommendations from the stylists themselves, etc.
Each visit is a new entry to this stock archive, giving customers the ability to go back and enjoy going
through a catalog of their past hairstyles and consult product information at their convenience. Since this32

information is contained within milbon:iD, this facilitates and enhances the purchasing process.

Next, I would like to discuss our pricing strategy.
Up until now, we have mitigated the risk of raw material price fluctuations by setting the price of new products
based on customer value. In other words, we have executed value-based pricing and accelerated the turnoverof new products.
Here, we show Aujua as an example of our pricing strategy. If you look at the trend in MSRP over the years,
our shampoo release in 2017 was priced at 3,500 yen, with the 2023 release being priced considerably higher,
at 5,000 yen.
This has been the case for products outside the Aujua brand, as well, with an increase of 29% over the past
10 years in the shipment value per SKU of all home-use products.
On the bottom left corner we have a progress report on this product turnover strategy. The manufacturing
cost ratio for all products stood at 33.1% in fiscal year 2023. However, the manufacturing cost ratio for
products released in the seven-year period between 2017 and 2023 was 30.5%. Additionally, the ratio of theseproducts to non-consolidated Milbon sales stood at 68.5% in fiscal year 2023.
By pricing new products on the basis of customer value, we therefore worked to reduce manufacturing costs.

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While the increase in raw material prices has slowed down somewhat in some cases, starting last year, we are
now seeing rising prices for other materials. We expect this trend to impact our results in fiscal year 2024, aswell.
As such, we do believe there are issues and challenges that need to be addressed for brands and productseries, when it comes to manufacturing costs. We will therefore work to solve these on an individual basis.
Additionally, as it pertains to products for professional use, like hair coloring products, we also face issues
related to competition, stemming from the fact that this is a B2B business. Put bluntly, we are up against othermanufacturers employing a low-price strategy for hair coloring products. As such, due to this competitiveelement, we currently don't plan on raising prices for our hair coloring products.
The areas where we will be raising prices are as listed here, with subject items being some of our haircare
products, such as shampoos, hair treatment products, and other home-use products. These products accountfor about 15% to 20% of domestic sales.
Another important consideration is the timing of implementation, which is planned to start in fiscal year 2025.
The MSRP is printed on our products, and we will be keeping a close eye on inventories to determine whento raise prices.
In terms of the benefits from these price increases, assuming an increase of 10% in MSRP, we expect this totranslate into an increase in gross profit margin of between 0.5 and 1.0 percentage points over a cumulative
12-month period.

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I would now like to touch upon the situation and initiatives of each overseas country.
Allow me to skip China, as we will be going over our operations in this country in greater detail on the next
page. Regarding South Korea, sales of our mainstay hair coloring products remained steady and grew, withhigher growth from haircare products.
In the United States, we continue building upon a strong foundation in the country, consisting of 10,000
haircare salons, as more salons use our hair coloring products. Furthermore, we expect this business to turnprofitable in 2025.
In Europe, we will be putting in place a new framework to expand our sales channels in the region.
Lastly, in ASEAN, we continue further nurturing and solidifying our partnerships with distributors in eachcountry in this region, which has grown to a promising sales level.

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Next, I would like to go over the situation in China. As you are aware, an economic downturn in China haseroded consumer confidence, making for a very challenging situation.
That being said, we take a forward-looking approach, forecasting and leveraging changes in our customers,
and dialogue and work together with each of our salon partners in the region to devise pertinent strategies.
Thanks to these efforts, we were able to grow sales by 3.8% in fiscal year 2023.
Pre-COVID, in 2019, Milbon was number 8 in terms of estimated market share, and since then, we have
improved our position, rising to number 4 in 2023. In light of this, we believe we have been able to show ourcompetitive advantage in the Chinese market.
Additionally, in terms of production, we have for the most part completed acquisition of sales approval forour hair coloring products manufactured at our factory in China, and will be shifting to full-scale production
in 2024.
While we continue to expect a challenging business environment in China, we will continue solidifying ourposition in the country, relying on our efforts to deliver growth and furthermore, we already have a structure
in place allowing us to capture demand once consumption trends improve.
Milbon’s global strategy is on a steady growth trajectory in China and other regions, and furthermore, we aretargeting a sales increase of approximately 10% for China in fiscal year 2024, on a local currency basis.

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I would now like to go over our scenarios for the Company’s Medium-Term Management Plan.
First, consolidated net sales are on track toward our 2026 goal of 58 billion yen.
Second, operating income was negatively impacted by an inventory write-down related to our hair dryer
product in 2023.
This is a temporary impact, but in terms of more permanent factors, we have changes in the cost structure
following the end of the pandemic, and this is an issue we need to address.

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We had an operating margin of 11.6% in fiscal year 2023, which we expect will increase to 13.0% in fiscal year
2024. That being said, both of these figures are still quite far from our stated target of 18.6% for fiscal year
2026. Regarding the profit plan within the Medium-Term Management Plan, here, we will be addressing twochanges following the end of the pandemic, namely by adapting to changes in the beauty market, andimproving the cost structure.
Against the backdrop of soaring raw material prices and rising personnel and logistics costs, we will be
releasing high value-added products to lower the cost ratio. In terms of existing products with challenges thatneed to be addressed, we will be implementing price revisions for these products, thereby working toward a
recovery in profits.
We will continue analyzing changes in market and cost structure trends toward releasing a profit plan to sharewith stakeholders

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Here are the assumptions underlying the earnings forecasts for fiscal year 2024.
We discuss topics related to sales in Japan and overseas, as well as in terms of profits, so we invite you toreview this information at your convenience later on.

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Next is the consolidated statement of earnings.
For fiscal year 2024, we are targeting 50.62 billion yen in net sales, which corresponds to a year-on-yearincrease of 6%.
In terms of our operations in Japan, we expect a sales increase of 5.8%, and of 6.6% from our operations
overseas, on a yen-denominated basis.
Lastly, the operating income forecast is 6.6 billion yen, corresponding to an increase of 19.5%.

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This page contains a waterfall chart detailing the impact of the factors in year-on-year change in consolidated
operating income for fiscal year 2024.
We invite you to review this information at your convenience later on.

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Next are the sales targets for fiscal year 2024, by product category.
As you can see from the table, we expect sales for haircare products to grow by 6.5%, and by 3.8% for haircoloring products. As I mentioned at the beginning, Japan’s working-age population will start declining, whichmeans a declining trend in the number of customers. In light of this, we are aware of the considerable difficultyin significantly expanding the market for hair coloring products. Despite this, we will be creating new value
allowing us to deliver steady growth in this product category.
Conversely, when it comes to the category of haircare products, we believe many consumers are yet topurchase products in-store at salons, so we view this as a significant opportunity. Furthermore, by carryingout pricing based on customer value, we seek to turn haircare products into a category with high margins,
and to continue delivering growth.

42This page shows the consolidated net sales and operating income targets for Japan and Overseas, so we invite
you to review this material at your convenience later on.

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We expect to carry out 4.258 billion yen in capital expenditures in fiscal year 2024, with the breakdown being
as shown here.

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Last is the topic of returns to shareholders.
As planned, we will be distributing a year-end dividend of 48 yen per share for fiscal year 2023, for a total
annual dividend of 88 yen per share.
While there might be some temporary variance, we continue to aim for stable and continuous dividends while
maintaining a dividend payout ratio of 50%.
This concludes my presentation.
Thank you for your time.
[END]

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