Investors Guides

S e p t e m b e r, 2 0 2 4

Contents
１

Overview of MARUI GROUP

……P.2

２-１

Direction of Medium-term management plan……P.15２-２-１

Business strategy of Retailing Segment……P.26２-２-２

Business strategy of FinTech Segment……P.45２-２-３

Business strategy of Investment for the future……P.83２-３

Capital Measures and Shareholder Returns……P.95２-４

Impacts……P.103

３

Sustainability Management……P.110

４

Human Capital-Focused Management……P.118

５

References materials……P.1291

1Overview of MARUI GROUP

2

Our History
Since its establishment in 1931 as a merchant selling goods through monthly installment payments,
MARUI GROUP has consistently operated businesses that integrate retail and finance250

1st term（Founder）

2nd term （Second president）

3rd term （Third president）“monthly
installment payment ”“Younger generations × Fashion”“The main driver of growth shifted from retailing to finance”
FY2026

（yen）
200

150

100

Issued first credit card
EPS trendin JapanFounding
Listed on the Tokyo

Bubble burst

Stock Exchange

EPS ￥Issuance of multipurpose
credit card
Start of shopping
Revision of
COVID-19
centers
Money Lending
Business Act

The financial crisis

50

0

1931

1973

200

1992

2005

2015

2021

2026

-50

MARUI GROUP’s business initially involved selling furniture through monthly installment payments. By lending money through monthly installment payments,
we developed a business merging retailing and finance. I 2nd term, Income levels in Japan rose during the period of the Japanese economic miracle, causing
the need for credit sales of durable goods to decline in the 1980s and leading other stores using the monthly installment payment system to abandon retailingto focus on finance. In 3rd term, after partnering with Visa Inc. to transform its prior in-house credit cards into multipurpose EPOS cards usable anywhere in theworld, MARUI GROUP continued to develop its business model merging retailing and finance. Despite a temporary slump due to the impact of Coind-19, weplan EPS of 200 yen for the final year of the medium-term management plan.

3

Company Overview
MARUI GROUP has consistently operated businesses that integrate retail and finance

Brief Summary of Our Business＜Retailing Segment＞＜FinTech Segment＞

Currently operating a total of 22 MARUI department stores andother commercial facilities nationwide, mainlyin the greater
フィンテックTokyo area and other major urban centers. They consist ofdiverse tenant shops such as Apple Store, D2C brands, etc.

Issued first credit card in Japan. Annual Growth Rate is 15％,
which exceeds average rate in credit card industry (8%) becauseof our unique methods.

Operating income

7.0 billion yen

Operating income

42.4 billion yen

Number of stores

22 store
180 million customers

Cardholders

7.59 million

Transactions

4,100 billion yen

Number of customers（Pre-COVID19 （FY2020）10 billion yen）

＊24.3 Result＊24.3 Result

共創投資

Yurakucho Marui

Hakata Marui4

Unique Business Model Integrating Retailing and FinTech
Touch Point

Admission(credit)

Other
Companies

Enrollment primarily through online

Granted based on income,years of service, assets, etc.

MARUI
GROUP

Enrollment through Stores and Eventsin addition to online“Co-creation ofCreditability”(40% via stores and events)
・ 180 million store visits per year
・Hold anime and other events at stores and outsidefacilities (5,300 at stores, 300 at outside facilities/year)
・Faces available according to your “favorite” subject,such as anime, characters, artists, etc.
(78 projects in total)

Continuous
Contacts

To Main Card

Application focusing on
usage statements andpayment inquiries

Gold cardwith high annual fee

Application
pursuing UI and UXGold cardwith no annual fee(Only for applications
made through invitations)・Credit granted basedon usage and payment
results, not income

・Information on installment
revolving credit, etc.
according to the situation

・Guidance based on
frequency of use andamount of use, not income

・Low bad debt rate
based on co-creation of
creditability

・Visualization of the path to
the Gold card

・Increased usage while
maintaining high installment
revolving payment usage

Younger generations become members

High utilization(e.g., installment and revolving payments)

5

Financial Overview
Despite being in the retail sector, the majority of operating income comes from FinTech■ Operating income and cardholder numbers
Cardholders

フィンテック
FinTech(Billion yen)

800

600

Operating income

500
400

4.87 million
38.4

38.4

42.5

42.4

44.5

200

100

100

10
0 0
FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

3.6

7FY2023

FY2024

8.5

FinTechRetailing

8：2

300

200

FY2012Composition of Operating Income

700

小売
Retailing

500

300

(Million900
people)

小売関連サービス
Retail-related services

600

400

7.59 million

0

FY2025(Forecast)6

(Reference) Earnings Structure of the Company (Fiscal Year Ending March 31, 2024)
FinTech Segment
Gross Profit

Retailing Segment
Gross Profit

Selling, General and Administrative Expenses¥164.6 billion¥155.8 billion¥49.8 billion

21.5
Interest on
cash
advances2
Services*
（15%）

55.3

37.9

Others*3

23.4

51.9

3.6

（14%）

Sales
promotion
expenses（23%）

Affiliate
commission

36.3

Selling
officeexpenses

（33%）

35.0

14.8

Installment and1Others* revolving fees
（30%）

19.4
Personnel
（22%）
11.0
expenses
17.4（22%） Equipment
expenses Depreciation
（12%）

（35%）

Fixed-term
tenants, etc.
Income
（70%）

＊1

35.9

（7%） Provision forbad debts

6.6

¥41.0
billion

Others（11%）

Consolidated
Operating Income
Figures in parentheses represent the compositions of Gross profit in the Retailing/Fintech
segment and Selling, general and administrative expenses, respectively, as 100%.

Income from e-commerce, events, real estate, retailing affiliates, etc., other than fixed-term tenants＊2 Rent guarantee business, which mainly accounts for 70%, insurance and licenses, and annual membership fee income, etc.
＊3 Liquidated accounts receivable, income from FinTech related companies

7Earnings Structure based on Distinctive Business Model
Establishing a distinctive earnings structure that combines the high growth potential of the cardbusiness and stable fixed-term rental contacts revenue
Earnings structure of card business○ High profit growth× Deficit for several years

MARUI GROUP 's revenue structure○ High growth potential (Card revenue)○ Stable (Store revenue)（ Revenue ）Earnings structure of stores(fixed-term rental contracts)○ Stable× Low profit growth

CardrevenueStorerevenue（ Time ）＊ Specializing in credit card operations

8

Stable Growth of the Transactions of FinTech
Stable profit growth achieved due to sustained increase in transaction volume of existing cardholders
This graph shows transaction volume of cardholders by enrollment year.
It shows that the average annual growth rate and the year-on-year growth rate
are positive not only for members who have joined recently but also for those who joined six
years earlier. In this way, the transaction value of members who joined in the past hascontinued to increase over the following years, leading to a stable and accelerated increasein overall transaction value and a five-year average annual growth rate of 15%.

Usage record for the fiscal year ended
March 31, 2024, by year of enrollment← Transaction

FT2018FY2019FY2020

FY2021Time →FY2022

FY2023

Year of first
customerpurchase

YOY

CAGR

FY2024－－FY2023＋97％－

FY2022＋7％＋7％

FY2021＋2％＋6％

FY2020＋5％＋9％FY2019＋5％＋7％FY2018＋4％＋6％

FY20249

Large Revenue in the Business of the FinTech
We have been accomplishing lower ratio of bad debt write-offs compared to other companies in the industry
and large revenue because of the cardholder composition of predominately younger people, businesses that
integrate retail and finance, and the unique credit system that has been a strength since our founding
Cardholder composition by age groupMARUI GROUP

Credit card members

40s ~Industry
as a whole

26％

~ 30s

48％ 52％* Calculated based on active customers

74％

Installment and revolving payments receivable
per an EPOS Card in use

MARUI
GROUP

Distributor
Company A
Distributor
Company B

84,000yen

×2.5

33,000yen

16,000yen

×5.3

Ratio of bad debt write-offs
MARUI GROUP

1.6%

Distributor
Company C

2.1%

Distributor
Company D

1.1%

More than half of EPOS Card members are under 40 years old. Younger customers tend to spend a larger proportion of their income, so they tend to use
installment payments and revolving more. Some may think that a high ratio of installment and revolving balances would mean the ratio of bad debt write-offs
would also be high. However, our ratio of bad debt write-offs is 1.6%, which is comparable to other companies. This is possible thanks to our unique credit knowhow. This has enabled us to achieve high levels of profitability, which is one of our strengths.

10Credit Card Company Comparison
Transaction volume of installment and revolving payments per member remains at a high level,although the number of members and transaction volume are lower than those of major competitors■ Number of members (March 31, 2024)■ Credit card transaction volume per capita

40
30
20
10

7.59

million

MARUI
GROUP

150

MARUI GROUP

100

Company B

50

0Company A

Company B

Company C■ Credit card transaction volume (April 2023 - March 2024)30（trillion yen）

0

■ Installment revolving balance per capita
60.0

MARUI GROUP

¥58

0.0

0
MARUI
GROUP

Company B

Company A

Company B

Company C

thousandCompany A

20.0

trillionthousand

2021
2023
2022
2024
21年
22年
23年
23年
23年
23年
24年
（Jan.- （Jan.- Jan.-Mar. Apr.-Jun. Jul.-Sep. Oct.-Dec. Jan.-Mar.
1-3月
1-3月
1-3月
4-6月
7-9月
10-12月
1-3月
Mar.） Mar.）

40.0

¥4.1

¥138

Company C（thousand yen）

20
10

Company A（thousand200
yen）（million）

Company C
2021
21年
Mar.

1-3月

2022
22年
Mar.

1-3月

2023
23年
Mar.

1-3月

23年

Jun.

4-6月

23年

Sep.

7-9月

23年

Dec.

10-12月

2024
24年
Mar.
1-3月

11

Lifetime Value Management
Composition of recurring gross profit as a percentage of gross profit has expanded■ Recurring revenue / gross profit
generated on a recurring basis throughcontracts with customers and business partners
Retailing・Rent revenue, etc■ Recurring gross profit andContracted future recurring gross profit
67
4(Billion yen)vs. FY2016

＋91％

4,000

・Rent guarantee
FinTechvs. FY2016

・Affiliate commissions oncommunications, utilities, andother regular payments

3,000
300

・ Finance charges on installment
and revolving payments, etc.

2,000
200

＋31％

Gross profit
210.4

・ visualization of revenue
65%・ Target:Temporal revenue < Recurring revenue
Recurring
revenue

67
0
4

379.5

337.6
199.1

1,000
100

Temporalrevenue

＊1

67.4

131.9
(67%)

140.9
(67%)

Contracted future
recurring grossprofit ＊1
Retailing

65.0 billon

FinTech314.4 billion

Recurring grossprofit(42%)

FY2023
22.3
23.3
16.3
16.3FY2016
23.3
24.3FY2024＊1 Contracted future recurring revenue (gross profit) is an indicator of the earnings promised by contracts
with customers and business partners in the given fiscal year and in subsequent fiscal years＊ Gross profit includes selling, general and administrative expenses paid by business partners＊ Rent guarantee is calculated based on remaining years of occupancy, affiliate commissions (regular payments)
are based on card expiration dates, and store rental income is based on remaining contract durations

12

MARUI GROUP’s View of Corporate Value : Six Rings of Stakeholder Governance
We will pursue the growth of corporate value through harmony between the interests and happinessof all stakeholders

13

Stakeholder-oriented Management and ESG Initiatives
Stakeholder-oriented management■ Board of Directors is organized by CEO, CFO and4 directores below
Leader Development Expert
External Director

Long-Term Investor
External Director

Representative Director
and CEO,ProNova Inc.

Representative Director
and CEO,Misaki Capital Inc.

Etsuko Okajima

Yasunori Nakagami

Sustainability Expert

Wellbeing Expert

External Director

Internal Director

Representative Director of NPO
NELIS Professor, Shizenkan
University Graduate School

Executive Officer, CWO, MARUIGROUP General Manager, Wellbeing
Promotion Department, Company
PhysicianPeter D.Pedersen

ESG evaluation■ Global Socially Responsible Investment IndicesWe are selected for inclusion in the Dow Jones
Sustainability World Index for 6 consecutive years. We
have been selected for inclusion in the Dow Jones
Sustainability Asia Pacific Index for 7 consecutive
years.

For six consecutive years, we were selected forinclusion in the FTSE4Good Index Series *1, which
recognizes companies that meet FTSE Russell's ESG
evaluation criteria.

Reiko Kojima

At MARUI GROUP, we define our six stakeholder groups as customers, shareholders and investors, business partners, local communities and wider society,employees, and up-coming generations. We promote “Co-Creation Sustainability Management”, with the aim of increasing corporate value together with our
stakeholders. In June 2021, we added experts in the fields of long-term engagement investment, sustainability, and wellbeing to our Board of Directors in order todevelop a management structure better able to draw on stakeholder perspectives. The participation of these new members enables us to discuss issues frommultiple angles, taking into account the viewpoints of our various stakeholders.
In addition, MARUI GROUP is working to become a frontrunner in ESG management. As a result, we are highly rated by many external.

14

2-1
Direction of Medium-term management planF i v e - y ea r p l a n fo r F Y 2 0 2 2 t h r o u g h F Y 2 0 2 6

15Changes in Business Environment in Next Decade (Three Major Shifts)

Until now

From now

Current working-age generations

Future generations

Introduction of digital technologies

Deployment of digital technologies

Tangible assets

Intangible assets

16

1. Shift from Current to Next Generation
By 2024, the percentage of millennials or younger in Japan‘s working-age population will exceed thatof older than millennials■Trends in working-age population

Future generations(Born after 1981)

Generation
change61%

Common sense for
Future generations:

・Digital transformation (DX)・Sustainability
・Wellbeing

50％

Risk for companies

45%

Current working-age
generations(Born before 1980)

2021
2021

2024

2024
2024

Companies unable to adapt tofuture generations’ common
sense will lose favor

2030
2030

* Source: Marui Group based on Population Estimates, Statistics Bureau, Ministry of Internal Affairs and Communications17

2. Digital Technologies: From Introduction to Deployment
Digital technology, which has been developed mainly around software and online, will penetrate
the physical realm, and online and offline will become increasingly integrated■2020 was a turning point in the S curve of innovation2020
Diffusion rate

Introduction

Mainly software and online technologies

Deployment

Penetration into physical domains
Online-offline integration

Time* Source: Marui Group, based on Mirai wo Jisso suru (“Implementing the Future” (Eiji Press) by Takaaki Umada andTechnological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages (Edward Elgar Publishing, 2002) by Carlota Perez

18

3. From Tangible Assets to Intangible Assets
The long-term shift from tangible to intangible assets, which began around 2000, is expected toprogress rapidly in Japan in the future■Average intangible investment ratio (intangible investment / tangible investment)(Times)

1.6

1.2

US

UK

Approx.

1.0
0.7
0.5

Five-year
from 1995
系列 period
1Market cap ofTokyo Stock ExchangeFirst Section

GermanyJapan

10-yearperiodfrom 2001
系列
2• Source: Marui Group, based on RIETI Policy Discussion Paper “The Role of Intangible
Investment on Economic Growth in Japan“, by Tsutomu Miyagawa et al. (2015)

Market cap of
GAFA＋M

Approx.

¥720 trillion ＜ ¥850 trillion（2,186 companies)*As of March 31, 2021

19

Future Direction
1. Earn profits while also solving societal problems through co-creation with
future generations
2. Harness Retailing and FinTech to become an online-offline platform business3. Evolve into a knowledge-creation company through intangible investment in new
businesses and co-creative investments as well as human resources and software
4. Include stakeholders in board of directors to promote co-creation managementthat strives for harmony between profit and happiness
20

The outline of Medium-Term Management Plan

1. Business Strategy ： ・Creation of a trinity business model, adding Investingfor the future to Retailing and FinTech

→P.26

＋
2. Capital Policy：

・Capital allocation for optimal capital structure
・Growth investment
・implementation of stable shareholder returns

→P.95

＋
3. Impact： ・Marui Group’s declaration about future of 2050.
・Clarifying the direction of our purpose→P.10321

Overview of Future Group Business
Seek further enhancement of our corporate value by promoting a new trinity model

Forward-Looking
Investments

Retailing

Co-creative investment＋ Investing in new
businesses

FinTech22

Key Performance Indicators

EPS

ROE

ROIC

CO2 emissions reductions

1 million tons

¥200.0or moreor more¥117.0

4.0%

13.0％

or moreor more¥130.7

3.7%

9.9％

3.6%

8.8％
350,000t
170,000t

FY202020.3

FY202424.3

FY2026
26.3（Target）

FY202020.3

FY202424.3

FY2026
26.3（Target）

FY202020.3

FY2024
24.3* The figures above have been calculated in accordance with the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March 31, 2020).

FY2026
26.3（Target）

FY202020.3

FY202424.3

FY2026
26.3（Target）

23

Consolidated Operating Income Forecast（At the time of formulating the medium-term management plan ）Target consolidated operating income of ¥60.0 billion in final year of medium-term plan

FY2020

FY2026

Change fromFY2020Difference fromFY2020Billions of yen

Billions of yen％

Billions of yen

Retailing

10.0

12.0

120

2.0

FinTech

38.4

53.0

138

14.6

Investing for the future

―

2.0

―

―

Eliminations/Corporate

-6.5

-7.0

―

-0.5

Consolidated

41.9

60.0

143

18.1
24

Impact on the Final Fiscal Year of the Medium-term Management Plan
Due to factors that will continue to have an impact from this fiscal year onward and the review of investment for the
future, an impact of about -¥3 billion is expected in the fiscal year ending March 31, 2026. However, there is nochange to the medium-term management plan since the impact can be adequately covered by new strategies
FY2026Plan

Retailing

Impact to
FY2026

Billion yen

Billion yen

12.0

－

FinTech

53.0

△2.0

Investment for
the future

2.0

△1.0

Eliminations ・Corporate△7.0－

Consolidated
operating income

60.0

△3.0

Effects of new strategies to improve
operating income
Improved
Human Productivity¥1 billion

Strategies for main
carding theCards that support
individual interests¥2～ 3 billion(P.79)(P. 76)3～ 4 billion252-2-1Business strategy of Retailing Segment

26

Retailing Industry Status
Difficult environment for department stores and chain stores focused on goods, but strong growthof shopping centers capable of providing both goods and experiences■Sales by Store Type（2000 indexed to 100）

Shopping
centers

100

2000

117％

Chain
stores76％

Department
stores61％

2019* Source: Japan Council of Shopping Centers, Japan Chain Stores Association, and Ministry of Economy, Trade and Industry

27

Transition to Shopping Centers
During the previous period of medium-term management plan, the structural reform of stores by
fixed-term rental had been progressed, and the Non-retail categories such as food and services had
been expanded

FY2014
Department stores

FY2026（Plan）

FY2021

Shopping centers（stabilize of revenue by fixed-term rental)
Withdrawal of private-brand specialty stores
Expansion of non-retail tenants and permanent exhibit events

Department store transformation

Contract type Category

27%
Consignment
sales

68%

Private-brandspecialty stores

20%

Fixed-term
rental

12%

72%

18%

Apparel, generalmerchandise＜Traditional retail＞

Food/ services/
Experience focused＜Non-retail＞

30%

3%

64%

70%

3%
33%

30%
11%

Permanent
exhibit events＜Non-retail＞

70%

59%

Non-retail

70%

28

Complete Department Store Format Transformation
Accelerate efforts to stores that don't sell as the third stage, creating eventful stores as the fourth stage

5
4
3
2
1

?
“Eventful” stores
Stores that don’t sell
Expand food and services
Fixed-term rental contracts

29

STEP３：Stores that Don’t Sell

Stores＝Platforms for online/offline integration
・Attract unique tenants such as online services, storefront e-commerce, D2C brands, etc.
・Promote initiatives with about 20 companies that we invest in through co-creative investments
and about 200-strong co-creation team

Galaxy Studio Osaka

SHIBUYA BASE

FABRIC TOKYO30

Creating Stores that Don’t Sell
Non-retail tenant composition more than tripled to 61% in 10 years■ Category Composition
Expansion of food, beverageand services

Creating Stores that don’t
sell

61%
18%
FY201438%
FY2020Non-retail tenant area
composition

FY202431

Specific Examples: Experiential Tenants■ Transition of Experiential Tenants

×2

Magical Chiikawa Store

Fantasy Village

430sections

Shinjuku MARUI Honkan
Number of customers
per tsubo compared
to te same floor

220

FY2020

FY2024×4

Shinjuku MARUI Annex

Number of customers
per tsubo compared
to te same floor×3

Galaxy Studio Osaka

BYD AUTO Shizuoka

Namba MARUI

Shizuoka MODI

32

Specific Example: Service Tenants■ Transition of Service Tenants

egaco

×1.3

Bobinage famille Mizonokuchi

Professional tutoring illustration class

Sewing machine classes also popularamong male customers who love crafts

Omiya, Kobe, Namba MARUIMARUI Family Mizonokuchi

Japan CASINO School

Drone School

Shinjuku MARUI MEN, Namba MARUI

Shinjuku MARUI MEN

360sections
280

42
FY202066
FY2024

School33

Effects of Stores that Don’t Sell (1)Expansion of non-retail tenants with a large number of customers
increased the value of the facility and improved the monthly price per tsubo.
■Fixed-term rental contracts
results for the FY2024■ Fixed-term rental contracts Fixed-termmonthly tsubo unit price forecast（thousand yen）

conventional retail

Number ofcustomers
Monthly basis
income perunit price

1.0
1.0

＜
＜

51

Non-retail

1.4

×

1.1

50
50

48

×

FY2022

FY2023

FY2024FY2025

FY202634

Effects of Stores that Don’t Sell (2)Vacancy rates increased even after Corona for nationwide SCs centered on conventional retail.
MARUI maintains 3%.
■ Vacancy Rate Transition
（％）
15

11

12

9

10

Nationwide
SC

Nationwide SC

98%

5
5

3

0

FY2020＊ Estimated from Rhizome data

Transitions compared to FY2020

3

3

3

FY2023

FY2024

MARUI

100%

MARUI

35

STEP４： “Eventful” Stores
Create variety of events that integrate online and offline approaches
Design fun stores with events motivate consumers to visit
・Hold events for anime business and new businesses (anime/games, food, cosmetics, and social events)
・Collaborate with FinTech to commercialize events so that they can be held around the country
in commercial facilities other than Marui facilities

Entertainment
ZUTOMAYO
YouTube artist

Sustainability

All Precure Exibition

Minna-Denryoku

Anime

Renewable energy

Pocket Marche
Produce direct from growers andgrower support

36

Expansion of Event Revenues
While the number and the floor space of events held remained at the same level as the previous year,
event revenue increased ¥700 million year-on-year due to an increase in revenue per event.
■ Event revenue per unit

■ Results of events for FY2024
Results for FY2024

Revenue¥2.4

billionYoY change /Difference＋¥0.7billion

53（thousand yen）
50

38

40

Number of events

5,600 times

95％

Floor space

3,950 tsubo

97％

Revenue per unit

¥53 thousand

139%

34

30

20

FY2022

FY2023

FY202437

Online Store Opening Service “OMEMIE
This was achieved through collaboration with COUNTERWORKS Inc., a Co-Creative investment
partner. Full-scale operation started in January 2022.

Co-Creative
investment
partner

Openness of
information

COUNTERWORKS Inc.

Development and operation of IT services
for commercial facilities

Completed online
Store Operations
Support38

Effects of OMEMIE (1) Improvement in Revenue per Unit of Income
Revenue per unit increased 1.4 times for events held via OMEMIE.
OMEMIE's share of the number of events held increased to 60%, resulting in higher unit costs.
■ Unit Revenue for FY2024■ Number of Events OMEMIE Composition Transition

Events via OMEMIE are high unit price
×1.4

60％

OMEMIE

26％
Except1
OMEMIE2
OMEMIEFY2023

FY202439

Effect of OMEMIE (2) New Tenant Introduction
First Store in MARUIFirst Store in MARUI

Galaxy Studio Osaka

CHAKA

Latest digital equipment
Experience center

Popular pancake store
in Kitasenju
New business model

Namba MaruiFirst Store in MARUITABINAKA
Companies in Yakushima
New businessBaggage storage service& Tourist Information center
Hakata Marui

Yurakucho MaruiFirst Store in MARUICAFE PRI
Print your favorite image
on drinks and cookies
Kobe Marui

40

Changes in the Number of Customers
Although the impact of the pandemic has caused a drop in store entries since 2021,
we aim to reach 210 million by FY2026 by promoting “stores that do not sell” and “eventful” stores
Number ofcustomers target■ Number of Customers and Number of Purchases(Millions ofpeople)

200

210

210

Number of customers

180

170

150
100
50

Number of purchases

100

90

50

0
FY09

FY10

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

STEP1 Fixed-term rental contracts

FY20

FY21

FY22

FY23

FY24

FY26

STEP2 Expand food and services

STEP3 Stores that don’t sell
STEP4 “Eventful” stores

41

Revitalize E-commerce
Improving web user interface by utilizing digitally-savvy personnel has been leading to a recovery
trend since hitting the bottom in FY2022. We are aiming for 30 billion yen transaction volume in FY2026■ Initiatives■ Transactions
30.0 billion

Event-type e-commerce・Expand event-type e-commerce incoordination with retail stores

24.2

23.0

Improving web UI by utilizing
digitally-savvy personnel
・Increase in visitors and CVR by setting up
new UI designers, main of whom areexperts
FY19

FY20

FY21

FY22

FY23

FY24

FY26

42

Retailing Segment: Operating Income and ROIC Forecast
Forecasting operating income of ¥12.0 billion in final year of medium-term management plan

(Billionsof yen)ROIC

Current Medium-Term Management Plan Period(Average for previous
medium-term plan period)

4.3%

2.6%
10

Plan

¥12.0
billion

10.0
7.0

FY20201.5

2.0

FY2021

FY2022

3.6

FY2023

FY2024FY2025

FY202643

Assembling Operating Income for FY2026+¥1.5 billion due to one-time increase in expenses in FY2025, and +¥3.5 billion due to eliminationof the impact in FY2026＋¥2.3 billion
Tenant＋¥1.9 billion

FY2025Event＋¥0.3 billion

EC＋¥0.1 billion

Expensesand others-¥0.8 billion（＋¥1.5 billion）¥7.0 billion
FY2024FY2025＋¥2.4 billion

FY2026¥8.5 billion

Tenant＋¥1.6 billion

Event＋¥0.4 billion

EC＋¥0.4 billion

Expensesand others＋¥1.1 billion¥12.0 billion（＋¥3.5 billion）¥8.5 billion
FY2025

FY202644

2-2-2Business Strategy of FinTech Segment

45Breakdown of Enrollment Channels and Transaction Volume
More than 40% of new members join through commercial facilities including our stores,but more than 90% of credit card transactions are made outside the company■ Credit Card Transaction Volume■ New Member Enrollment Channel
1.2（million）

1.00

1.0

0.74

0.8

0.61

0.6

0.81
34

Commercial
facilities

FY2022

FY2023

e-commerce

2％

2

Other

33

Online14

Partnerships,
etc

FY2024

3.6

3

98％

1

0.2

FY2021¥4.1trillion Our stores and

3.1

0.4

FY202054Marui/Modi
Partner facilities

0.0¥5.3trillion～（trillion yen）

FY2026（Plan）

0

FY2020

FY2021

FY2022

FY2023

FY2024FY2026（Plan）

46

Strength of FinTech: Our Customer Profile
Realizing high earnings through high exposure to the younger generation■Distribution of Cardholders by Age
Whole industry

MARUI GROUP（Epos Card）

Distribution

26％

40s～ ～30s

47％ 52％CompanyＡ

74％

22％
78％

＊Active cardholders■Ratio of Installment and Revolving Payments Attribute to Installment Sales Account Receivable(including factoring accounts receivable)

Distribution

Distribution

MARUI GROUP

55％

CompanyＡ

36％

Company B

24％（Fiscal year ended March 31, 2024）

47

Strength of FinTech: Industry’s Lowest Bad Debt Rate
Bad debt rate is only 1.6% though installment and revolving balances account for 55% of the whole.
The credit loss rate remains at the lowest level in the industry due to the soundness of receivables
even under major environmental changes■ Ratio of Installment and Revolving
Payments Attribute to Outstanding
Shopping Balance(including factoring accounts receivable)

MARUI
GROUP

bad debt
rate

55%

1.6%

■ Transition in Bad Debt Rate
(％)

5
5.0
4

Global Financial Crisis

4.6

Total amount regulation enforcement

3.8
3.2

Great East Japan Earthquake
Bank loan regulation
started

3

Distribution
Company A

36%

Distribution
24%
Company B

2.1%

1.1%

（Fiscal year ended March 31, 2024）

2.1

2

1.4

1.6

1
0
FY202106.3 07.3FY2008
08.3 09.3FY2010
10.3 11.3
12.3 13.3 14.3 15.3 16.3
17.3 18.3 19.3 20.3 21.3
22.3 23.3FY2024
24.3
FY2006FY2011FY201648

Strength of FinTech: Unique Credit Know-how

Maximum spending limit

Established unique credit system, combining know-how accumulated since foundationand our IT expertise

Othercompanies Granted based on income, years of employment,■Comparison of Maximum Spending
Limit with Other Companies
Upon joining

Gold

EPOS

¥500,000¥1,500,000

CompanyA¥2,000,000¥5,000,000

Company
B¥1,000,000¥2,000,000

assets, etc.

EPOS

Fixed
(Set at asmall
amount)Gold Card(No annual fee forever)Upon joining
49

Fintech Business Structure
Fintech initiatives achieve high ROIC relative to peers due to a good balance between profitability
and capital efficiency■ ROIC for Japanese Credit Card Companies

5.0
％
5.0%

Factors for high ROIC
① High business mix with no B/S, such as rent
guarantees

1.2%
1.2
％

Company
A社
A

1.6%
1.6％

1.6%
1.6
％

Company
B社
B

Company
C社
C② High composition of interest-bearing debt andlow ratio of bad debt write-offs③ Low CPA through store joints, “EPOS Cards that
support individual interests", etc.

MARUI
Group
丸井G
FinTechフィンテック

Intangible assets
50

Cardholder Numbers
Number of cardholders at the end of March 31, 2024 reached record high of 7.59 million (+270,000 fromthe previous year). Percentages of cards that support individual interests, Platinum Cards and Gold Cards
grew steadily at 57%■ Cardholder Numbers Trend
Record High（million）
800

7.20

7.09

7.14

7.59

8.5～

600

400

Cards that support
individual interests

420
4.2

Platinum/Gold

90
0.90

200

0

130
1.3

340
3.40

FY2021

FY2022

FY2023

FY202457％

65％

FY202651

Unique Strategy to Increase New Cardholders：（1）Gold Card

Gold Cards drive growth of EPOS Card business, accounting for 41% of cardholders and 71%
of transactions■Unique Issuance Method-

Expand membership by diversifying
issuance methods

Family Cards
co-branded credit card
Immediate over-the-counter
issuance■Share of Cardholders and Transactions-

40% of the total number of members make up 70% of thetotal number of transactions

Gold Cards

43%

Cardholders

Transactions

3.25 million¥2.3 trillion

70%

Exclusive events, no annual fee
FY2009（Fiscal year ended March 31, 2024）

52

(Reference) Features of Epos Gold Card

Point

Family Card

TravelEPOS CardEPOS Gold Card

Point expiration date

2 years

Indefinite

Point redemption ratio

0.5％

0.5%

Choice of point increase―

Up to 3x points to 3 stores

Annual bonus points―

MAX 10,000pt

Invite your family
members to join the Gold
Card with no annual fee―〇

Family bonus points―

MAX 3,000pt

Family point share―〇

Airport lounge access

―

Free

Overseas travel damage
insurance maximum
compensation

MAX ¥300.0 millionMAX¥500.0 million
53

A Second Growth Engine (cards that support individual interests) Emerged
A second growth engine is emerging after Gold Card, which has been driving FinTech's growth.
■ Total FinTech Transactions
8（trillion yen）

Second growth engine

Cards that support

6

Average annual
growth rate

¥4.3
trillion

+16％

4

Gold
Card

3.6

2

0

individual interests

FY2007 08.3

09.3

10.3

11.3

12.3

13.3

14.3

15.3

16.3

17.3

18.3

19.3

20.3

21.3

22.3

23.3 FY2024

Future54

Unique Strategy to Increase New Cardholders：（2）Cards that Support Individual Interests

Total of78 projects
Cardholders
Number

0.9million＊ As of March 2024

55

Cards that Support Individual Interests
Cards that support the diverse “interests” of individuals through collaboration with animation, musicartists, games, etc. In recent years, social contribution cards also have been launched , in which a certain
percentage of the amount spent on a card is donated or returned to the target of the cardholder’s “interests”
Social Contribution

EPOS TOGETHER CardMusic

ZUTOMAYO

SportsRYUKYU GOLDEN KINGS

Anime

Character

Game

Evangelion

Chiikawa

FINAL FANTASY VII REBIRTH

Total 78 projects・ 900 thousand members

Only One
Card
1st
Pet Card＊Actual card design with customer's
permission for publication

56

Supporting the “Interests” of Each Individual = Long Tail Strategy
Number ofmembers

Gold Card＝

Increase in the number of projects

Cards that support
individual interests

Increase in the number of members

Number of
projects
57

Enrollment and LTV of Cards that Support Individual Interests
Cards that support individual interests account for more than 40% of new cardholders,and LTV is 2 to 7 times higher than that of general cards■ Composition of Cards that Support Individual
Interests in New Membership

■ LTV
10

1,000

（thousand）

810 thousand

800

600

140

270

330

Cards that
supportindividualinterests

40%

400

5

×2~7

200

0

room forgrowthFY2022

FY2023

FY20240GeneralCard

Card that
LTVsupport
individual interests

Gold
Card
58

Cards that Support Individual Interests Contribution to Installment and Revolving Credit
Cardholders that support individual interests, many of whom are young, contribute to the growth of
installment revolving credit■ Membership Composition

Installment
Revolving
Ratio

overall difference

Transaction
Growth Rate

62％
+14%

20％

11％

＜

900thousand～30s

Epos General＜

members of cards
that support
individual interests

Cards that
supportindividualinterests

115％

153％

59

Uniqueness of Cards that Support Individual Interests

1) Enrollment Channels

Increased awareness of the card through real events and increased enrollment both in real life andonlineMARUINew Admission

160thousand people

Hosting Events

1,000times

ZUTOMAYO（Shibuya MODI）

Outside Facilities

70thousand people■ Number of New Admissions for FY2024

350thousand

300times＊As of March 2024

All Precure Exhibition（PACIFICO YOKOHAMA and others）

230

Real

80

Online40

OnlineAdvertisement

Marui stores andoutside facilities

Event Effects

90%

60

Uniqueness of Cards that Support Individual Interests

2) Mechanism to Support Planning

Our advantage is the infrastructure that supports the expansion of the number of projects andthe operations that create unique benefits

Infrastructure

print-on-demand

Low cost and small lot issuance×

Operation

Unique Premiums and Privileges

Original prizes

130 kinds
61

Cardholder Distribution in Japan
Increase share of cardholders in areas outside Tokyo and neighboring prefectures, which offer
greater scope for growth
FY2015■ Cardholder ShareFY2022＋1%=

20%● Over 10%＋300,000● Over 5%● Under 5%

＋1%

=

15%

16%

4%

3%
0%

(万人)

Number of
Cardholder

Tokyo
Kanagawa
Saitama

Others

5.9 millions＋800,000

Tokyo
Kanagawa
Saitama

Others7.14 millions

62

Card Credit Transactions
Card credit transactions reached record high of ¥4.117 trillion■ Transaction Volume Trend¥5.3 trillion（trillion yen）

Record High

50000

5.0

¥4.117 trillion¥4.6 trillion（YOY 114％）

40000
4.0

30000
3.0

20000

10000

0

FY2020

FY2021

FY2022

FY2023

FY2024FY2025（Plan）FY2026（Plan）

63

Unique strategy to increase transaction volume ：“ Maximize Share of Household Finances”
In addition to progress of cashless payments, unique initiatives to maximize share of household
finances steadily increased usage per cardholder■ Annual Usage per Cardholder■ Share of Household Finance(Thousandyen)¥800thousandｰ

80080

60060

40040

＋¥300thousand

12％¥670thousand
Unique strategy

FY202622％–

Householdfinance＋¥150thousand¥3.7million

Cashless payments¥370thousand

FY2017＋¥150thousand

20020

0

*Excluding housewives and students
FY2017

FY2023

FY2026(Forecast)64

Card Credit Transaction Volume
Card credit transaction volume in FY2024 was ¥4.1 trillion (+¥550 billion YoY)
■ Card Credit Transaction Volume（Trillions of yen）

3.6

4.0

4.1trillion

3.1
3.0

2.0

YoY
Difference

Distribution
Ratio

Billions of yen

Billions of yen

％

Rent

780

＋103

19

E-commerce

625

＋40

15

Regularpayments

385

＋23

9

1,790

＋167

43

Total
1.0

0.0

FY2022

FY2023

FY202465

Expansion of Touch Payments
Transactions of touch payments are growing at a faster rate than those of code payments■ Results for FY 2023

400.0～（billion yen）
4,000
400.0

3,000
300.0

263％

¥200.0Code Payments

EPOS Card
Touch Payments（ industry average ）＊＜■ Transition of Touch Payment Transactions

137％

billion

2,000
200.0

76.0

1,000
100.0

15.0
0

FY202222.3

23.3
FY202324.3
FY202425.3
FY2025（Plan）＊Source: Ministry of Economy, Trade and Industry,“Cashless Payment Ratio in 2023”

66

Number of Customers and Unit Price per Use
Number of customers exceeded 5 million, with steady increase in unit spending.
■ Utilization Rate and Number of Customers■ Unit Price per Use

Record High

68 ％

66
63

（million）

5.18

¥650

（thousand yen）

thousand

600

5

4.72

470
4.47
400

4

3

FY2020

FY2021

FY2022

FY2023

FY2024200

FY2020

FY2021

FY2022

FY2023

FY202467

(Reference) Comparison with Industry Average
EPOS Card consistently grows above industry average■ Transitions Compared to FY2020

EPOS Card

163%

(%)
160

Industry Average

144％

140

120

100
100

80

FY2020

FY2021

FY2022

FY2023

FY2024＊ Source: Ministry of Economy, Trade and Industry, “Survey of Selected Service Industries”.

68Forecasts for New Memberships and Transactions
Future recovery of new cardholders will increase usage by members within 3 years of joining,
contributing to growth in transactions■ Image of Transactions of Members within 3 Years of Admission
810

740

810
thousandFY2023

FY2024

Number of new
cardholders

610
530

10000

（億円）
5000

3rd year
2nd year
1st year0
FY2020Transactions of members
within 3 years of admission

FY2021¥500.0billionFY2022¥400.0billionFY2025

FY2026(Plan）(Plan）¥500.0billion69

Maximize Share of Household Finances ：(1) Promotion of Card Payment of Rent （Rent Guarantee Service）
We promote card payment of rent through rent guarantee service (EPOS Card acts as a joint guarantor
for residents)■ Epos Card Share of Rent Guarantee Market■ Rent Guarantee Business Model
Pay rent andguarantee charge
by cardEpos Card share 8％（YOY＋1％）EPOS Card

Rent
replacement
payment

Guarantee
contract

Properties with rent
guarantee Service

Lease
agreement
Resident
Benefits
・Eliminates the hassle of finding a guarantor*
and checking the guarantor‘s income
・Can earn points by paying rent with an EPOS Card

Property Management Company

10.4

million units

Benefits
・Outsource rent collection work

＊In Japan, when signing a rental property contract, it is mandatory to have a joint guarantor or to
subscribe to rent guarantee services provided by a guarantee company.
Due to the revision of the Civil Code in April 2020, it is necessary to present the upper limit (limit)
for the guarantee of the joint guarantor, and the demand for guarantee companies as a
substitute for the joint guarantor has increased significantly in the last few years.

＊Estimated by our company, from materials of “Housing and land
survey of Japan “(Ministry of Internal Affairs and Communications )and “rent debt guarantor registration system”(Ministry of Land,
Infrastructure, Transportand Tourism)

70Rent Guarantee Status
In FY2025, partnerships with leading real estate management companies are in full-scale operation,and rent guarantees for offices and tenants are steadily expanding■ Transition of Operating Revenue¥19.6（billion yen）

¥16.7

200
20

billion(YoY 117％)

Partnership with major real estate
management companies
Number ofunits managed

billion(115％)

Major 3 companies

150
15

200
thousand houses※ABLE 230 thousand houses

Rent Guarantees for
Offices and Tenants

100

FY202450

FY2022

FY2023

FY2024FY2025（Plan）¥0.6 billion(YoY ×2.4)

FY2025¥1.0 billion
71

Maximize Share of Household Finances ：(2) EPOS Smartphone Cards

High usage in e-commerce and small payments; the number of users steadily progressed■ Usage■ Outlook for Number of Users(Million)
200

2.0 million people

Rate of use

EC

+23％

Small
+37％
Payments

150
1.5

100
1.0

* Comparison with the aggregate
50
0.5Started in October 2022
00.5 million people
0.25First year

6 months
5 years later72

Maximize Share of Household Finances ：(3) Regular Bill Payments（Utility bill, etc）
Seek further expansion of recurring payments thorough co-creation and digitalization■Regular Bill Payment Targets■Specific Initiatives(Billion yen)

1,000
10000

¥800 billion +
8000
800

1. Expand use for utility bill payments
centered on partnership with
“Minna-Denryoku”
Users:

6000
600

2. System linkage and business

4000
400

200
2000

500,000¥280
billion¥310
billioncoordination with major companies¥360
billion

3. Promote services using

0
FY2021

FY2022

FY2023

FY2024FY2025

FY2026

Lifestyle App73

Epos App to Promote Use as Main Card
Back up all aspects of customers’ lifestyles through new app (EPOS Lifestyle App)
■ Services Available in the Lifestyle App
Old AppCheckpayments
onlineSign up for
App

Card
statements

Cardholders can customize
Usage alert

App

Number of the app users（Target）(Lifestyle App)Householdaccounts

Payment
simulation
Investloyaltypointsunique services and features

FY20265million

Upgrade toGold Card74

Examples of App Initiatives
I’m worried about
overspending on my card.

Oh no, I spent a bit too much
this month!

How can I become
a Gold cardholder?

Alerts cardholder when usage
exceeds set limit

Customize payment method using
simulations

Visualize process of
becoming a Gold cardholder

Usage alert

Crisis aversion

Switch to Gold Card

Change in monthly card usage
compared to before use

Change in monthly card usage
compared to before use

Gold card membership switch rate

Up 30％Up 30%
Revolving credit Up 10%

Installment payments60%（ About 3 times higher than users
who do not use the app ）75

New Strategies for the Second Half of the Medium-Term Management Plan:

Cards that Support Individual Interests to Become the Main Card（1）While the design is well received, the opportunity to use it is limited by the card usage limit
Comments on Design for Cards that
Support Individual Interests
I don't want tochange the design.

64%* Questionnaire survey for EPOS Card
members conducted in May 2022
Targeting customers who have notswitched to a gold cardn=652

I downgraded from a gold card
because I wanted the design of thecard that support individual intersts

Deviation from the Needs of Customers of Cards
that Support Individual Interests
Current
System to increase
the card usage limit
by converting to agold card

Needs

Gap

existsI want to use it as amain card, but theopportunity is limited
due to the card usage
limit

Cards that support individual interests quickly reachthe usage limit.
I like the face of the card, but could you issue meanother card that I can use as my main card?

76

New Strategies for the Second Half of the Medium-Term Management Plan:

Cards that Support Individual Interests to Become the Main Card（2）Change the operation so that cardholders can increase the card usage limit without changing thecard type to a gold card
Increasing the limit of standard cards

Increasing the Limit of Cards that Support Individual
Interests

Switch to a gold card to increase the limit

Increase the limit according to card
usage without changing the card type

Limit

Limit

Amount ofusage

Number ofyears

1st year

Card type

Standard

2nd year

3rd year

4th yearGold

5th yearAmount ofusage

1st year

2nd year

3rd year

4th year

5th yearCards that Support Individual Interests

77New Membership Program to Make EPOS Cards that Support Individual
Interests into Main Cards
Unique UX redemption based on usage to further promote conversion to a main card

Gold cards

Cards that support
individual interests

Bonus Point

Unique UX Redemption（Economic Incentives）

Annual usage¥0.5million¥1.0million

2,500P
10,000P

Individual benefits for each project（Experience value）

Goods

Benefits that
respond toindividual interests
Live Experience

NFT･Digital Goods＊Image is for suggestion only78

New Strategies for the Second Half of the Medium-Term Management Plan:

Increased Productivity Following the Completion of Manpower Reallocation
Future productivity will significantly improve due to the review of the workforce plan andenhanced operational efficiency by DX following the completion of manpower reallocation
Future Direction and Cost Impact

Productivity per Employee in FinTech(1) Review of workforce plan for FinTech
FY2025 to FY2026 plan

Every period

100＋

Every period±0

FY202947,000 (1.6 times)（thousand yen）

FY202636,000 (1.2 times)

40,000Initial plan(2) Enhancement of operational efficiency by DX
20,000Upfront manpower investment

Cost impact on year ending March 2026-¥1.0billion

0

FY2014Contribution toearnings
Enhanced
operational
efficiency by DX

FY2024 FY2026

FY2029*Marginal profit basis

79

Transaction Forecast
By developing our own strategy, transaction volume for the fiscal year ending March 2026 will be doublethat of five years ago■EPOS Card Transaction Value¥5.3

More than double(trillion yen)5

trillion

Autonomous
growth:¥3.0 trillion

16%
Average annual
growth rate:

15%

¥2.6

¥3.1

trillionTransition to
cashlesstransactions:¥2.3 trillion

trillion（Average annual growth rate in credit card industry : 8％）

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY2024FY2025

FY2026* EPOS Card transaction value = Shopping + Rent

80

Outlook for Installment and Revolving Payments Balance
Revenues and contracted future recurring gross profit are forecast to expand with the increased
balance of interest-bearing receivables■ Trends in Balance of Interest-bearing Receivables (including securitized accounts receivable)
Revenue -¥1.0billion

Revenue +(Billion yen)
6,000
600

¥15.0billion¥650.0billion–

577.1

519.1

Installment andrevolving payments

400
4,000

200
2,000

Cash advance0

Contracted
future recurringgross profit

FY2020¥270.0billion

FY2021

FY2022

FY2023

FY2024¥310.0billion

FY2025

FY2026FY2026(Plan)¥350.0billionー81

FinTech: Operating Income and ROIC Forecast
Forecasting operating income of ¥53.0 billion, ROIC 4.7% in final year of medium-term management plan

(Billion yen)60

Current Medium-Term Management Plan Period

ROIC(Average for period of previous
medium-term management plan)

4.7%

3.8%
40

Plan

¥53.0
20

38.4

41.2

42.5

42.4

FY2022

FY2023

FY2024billion

20.2

FY2020

FY2021

FY2025

FY202682

2-2-3Business Strategy of Investment for the Future83

Intangible Investments in MARUI GROUP
Intangible investment reverses tangible investment after 2019250
(Billion yen)

200
20

Tangibleinvestment

15
150

10
100

5
50

0

Intangible
investment

FY2008
1

08.3

2

3

4

5

6

7

8

9

10

11

12
FY2019

19.3

13

14
FY2021

21.3

84

Breakdown of Investment Destinations
Intangible investment ratio( I ntang ibl e invest ments / Tang ibl e investments )

2.2 x

0.2 x

67

3
17

92

15.3
FY2015Intangible
investment
7.1 x
Tangibleinvestment
0.7 x

New businesses

32

Human resources andresearch and development

42

Software64

Store investment

21.3
FY202185

Evolve into Knowledge-Creation Company

From in1931(Establishment)

From 2006

From 2019

Labor-intensive

Capital-intensive

Knowledge-creation

Business model

Retailing-driven

FinTech-driven

Retailing + FinTech + Forwardlooking investments

AssetsFixed Assets

Financial assets

Intangible assets

Investment

Tangibleinvestments

Intangible investments

86

Investing for the Future
Investingfor the FutureInternalInnovation

Investment
in newbusinesses

Co-creative
investment

External
innovation

Enhance both impact and profit(Sustainability, wellbeing, and DX)
87

Investment in New Businesses
Build a unique and high-barrier business model based on e-commerce while utilizing our strengths
in store operations and FinTech
E-commerce

Storefront e-commerceMedia

Websites, social media,
owned media

StoresPop-up stores and events(to complement e-commerce)

FinTechProvide payment andcredit services, attract members

A brand that pursues
sustainability and comfort of use“Kesou”

Renovated community-stylerental apartment with worklounge“co-coono”

E-commerce site to eliminate thestress of selecting pumps“My Ideal”

E-commerce site specializing in
Korean cosmetics“KOREAJU”*Pop-up event outside MARUI88

Co-creative Investment
Cumulative co-creative investment as of March 31, 2024 stood at ¥28.0 billion■ Investment in Startups and Funds(Billion yen)

Total amount

880

7.1

￥28.0 billion

7.2
0.9

3.3
4.2

440

0

4.6

1.5

0.4

0.5

FY20173
FY2018

2.7

6.3

2.9
1.9

3.8

Startups
3.7

FY2020

FY2021

FY2022

1.0
0.7

1.0
FY2019Funds

0.9

FY2023

3
FY2024*Includes investment from D2C&Co. Inc.

89

Profit Contributions from Co-Creative Investment
Profit contribution of ¥2.8 billion through synergies with co-creative investees. Aiming for profit
contribution of ¥5.5 billion in fiscal year ending March 31, 2026
■ Profit Contribution（Billion yen）

￥5.5 billionｰ

60

IRR

4

40

2.8

20

0

1.3

1.3

2

0.8
FY2021
FY2021

FY2022
FY20224.0

FY2023
FY2023Fintech- Usage of cards at co-creative investees- Usage of cards made in collaboration withco-creative investees

1.5

1.5

FY202426.3
FY2026

Retailing- Tenant store openings by co-creative
investees（Plan）*Profit contributions included in operating income of Retailing and FinTech businesses■ IRR

FY202413％

Hurdle rate

＞

10％

90

Co-Creative Investment: Financial Returns（Forecast at the time of the medium-term management plan）

FY2021

FY2026 (Estimated)¥22.3 billion¥43.0 billion

Balance of investment securities¥42.1 billion¥72.0 billion

Unrealized gains¥13.5 billion¥37.0 billion

Companies invested in

28

Approx. 70

Listed companies

2

Approx. 20

71%

20%

Co-creative investment amount

IRR

Exit policy

・Decide on case-by-case basis depending on
1: progress with collaboration, 2:business perfomence, and3: market conditions
・Distribute 50% of profit from sales to shareholders andreinvest the remainder

91Change of Policy on Co-creative Investment
Impairment in the final year of the medium-term management plan is expected to be -¥1 billion
due to the review of investment criteria

PurposeInvestment percompany

Previously

From now on

Long-term earnings

Emphasis on collaboration

Profit contribution to existing businessand financial returnAve.

¥3 billion

Initial: Profit contribution to existing business
Addition: Financial returnAve.

¥0.05 billion

Investment
balance(FY2024 - FY2026 forecast)¥12 billion¥5 billion

Expected
impairment-2.5 billion-1 billion(FY2026)

92

The Establishment of “tsumiki Securities Co., Ltd.” (September 2018)■Services to Be Provided
Who

Younger generations and everyone else

What

Purchases of investment trusts applicable underTsumitate NISA

How

Credit payment via EPOS cards

Japan’s first scheme for purchasing investment trusts with credit■Structure of Earnings
Investment
trust fees+

Lifetime value of
EPOS cards＝

Group earnings

Target ¥1 trillion in balance of assets commence operations in summer 2018
93

The State of tsumiki Securities
Support from younger and first time investors won as anticipated. Started a service that allows you topurchase investment trusts with points, and the number of applications has expanded to 235,000■Cumulative Results■Applications Received by tsumiki Securities(from September 2018 to March 2024)(from January to March 2024)〈 Age 〉〈 Investment Experience 〉
Performance

Aged 39 andyounger

No experience

66%

71%

*Ratio of applicants aged 49 and younger

Approx. 30%

based on survey by The Investment
Trusts Association

Approx. 60%*Ratio of applicants with no Investment
experience

Approx. 40%

at independent fundmanagement companies

Application number

235,000

Active accounts

63%

Average monthinvestments¥35,000

at independent fund management companies

94

2-3
Capital Measures and Shareholder Returns

95Capital Allocation
Allocate ¥80 billion to investing for growth (including investment for the future),¥50 billion to share buybacks for capital optimization, and ¥100 billion to shareholder returns■Capital Allocation Plan (FY2022–FY2026)
Existing investments

Investing for
growthCore operating
cash flow¥230 billion¥50 billion

Investment for the future¥30 billion

Capitaloptimization

Share buybacks¥50 billion

Shareholder
returns

Dividends¥80 billion

Share buybacks¥20 billion
96

Balance Sheet Optimization in the Previous Medium-Term Management Plan
(2017.3-2021.3)

Achieved balance sheet optimization alongside transformation to a FinTech-led business structure
Total assets¥676 billion¥1 trillion¥900 billion
Liquidated accounts receivable¥180 billion

OperatingReceivables
Operatingreceivables¥355 billion

Liabilities¥680 billion

Liabilities¥730 billion

OperatingReceivables¥540 billion

Liabilities¥610 billion¥370 billion
Equity ratio

45%

Equity ratio

30% (approx.)

Equity ratio

Shareholder’sequity¥306 billion

Shareholder’sequity¥300 billion

Shareholder’sequity¥290 billion

FY2015

FY2021 (Plan)

32%

FY202197

Balance sheet at End Fiscal 2021
Retailing became stabilized after transition to fixed-term rental contracts, but equity capital remains
at high level< FinTech >< Retailing >70%< Investment
for the future >Department
stores40％
Real estate30%¥630 billion
Equity ratio

11%

Industry
Average
10％¥260 billion¥180 billion¥70 billion
Total assets Shareholder’scapital100%¥40 billion¥40 billion

Resolved surplus
shareholder’s equity
in Retailing98

Optimal Balance Sheet in the Current Medium-term Management Plan
Targets based on equity ratio of around 25％< FinTech >¥900 billion< Retailing >¥120 billion
Total assets Shareholder’scapital< Investment
for the future >¥1.2 trillion

Equity ratio ofaround10%

Optimalbalance sheet

25%

Approx.

¥250 billion

40%¥100 billion

Approx.

100%¥70–80billion¥70–80billion¥290 billion
Total assets Shareholder’sequity<FY2026>

99

Achieving Balance Sheet Optimization
Balance sheet optimization was achieved by capital optimization in FinTech and Retailingat the end of FY2023
End of FY2014

End of FY2023<Consolidated>

Balance sheet optimization<FinTech>

Share buybacks¥150.0billion¥660.0billion¥960.011%

billion*Average of card companies: 10%

Equity ratio

48%

Total assets Shareholder’sequityEquity ratio

26%

Total assets<Retailing>

Shareholder’sequity40%*Department store average: 40%,
real estate average: 30%

100

Future Shareholder Returns Policy
To realize the ideal balance sheet, we introduced DOE in the fiscal year ending March 31, 2024,
to improve capital efficiency and realize stable and long-term dividend increases

DOE
=

ROE
ROE

％以上
1313
% or
more
＊ 26.3期見通し* Planfor FY2026％
Payout ratio

×

About

55%

* Current policy

101Dividend and Share Buybacks
Basic policy is to return profits to shareholders by aiming for long-term, sustained dividend increases

DOE 8％

(Yen)
120

¥106

35
24

80

Treasury stockbuyback

60
40
20
0

101

30

100

Planned20¥15 billion

Dividend
Per share¥14

15

FY2012FY201318

19

FY2014FY201522

FY201633

FY2017

38

15

49
7

FY201851

50

FY20195259

7FY20203.4
FY2021

FY2022

FY2023

FY2024FY2025

FY2026102

2-4
Impacts103

Long-term Vision Announcement
We declared "Vision 2050" In February 2019, as a path to the realization of a flourishing andinclusive society that offers happiness to all■VISION BOOK 2050

■MARUI GROUP’s 2050 Vision

Harnessing the power of businessto build a world that transcends dichotomies

https://www.0101maruigroup.co.jp/en/sustainability/pdf/s_report/2018/s_report2018_a3.pdf

104Impact KPIs and Financial KPIs
Looking to the future in 2050, the direction we want to take as a company is clarified as "Impact"

IMPACT BOOK ：（URL）https://www.0101maruigroup.co.jp/en/ir/pdf/impactbook/2024/impactbook_all.pdf

105

Case 1: HERALBONY Card
Impressed by the Company’s pitch event, one of the employees recruited the members to form a teamto achieve an impact■ Corporate Introduction■ 1st Co-Creation Pitch (2021)

Release YourDistinctivenessA startup aiming to transform the welfare fieldby bringing the art of intellectually disabled
artists to society in various forms

Received excellence award

106

Case 1: HERALBONY Card
Promoted co-creation across the Group Companies and developed HERALBONY card that resonateswith many customers■ Cross-functional Team
Co-creative investee

Support for individual personalities

Voluntary
Team member participation“Card that helps propel society
forward every time it is used”
Co-creative investment

EventsNumber of cardholders

0.01 million people*FY2023107

Case 2: Supportive Investment
Working with Co-Creative investment partners to achieve VISION/Impact and providing investment
opportunities for developing countries by issuing digital bonds
Helped 33,000 people in developing countries with applications worth ¥3.5 billion made by the customers
Support for individuals in utilizing their money

Well-being
Customers
Amount publicly invited(Source: Gojo & Company)

Amount applied for¥0.2billion < ¥3.5billion(6,000 people)＊As of March 31,2023

Number of recipients

33,000 people
108

Case 2: Supportive Investment
The amount of money later used by the applicants for supportive investment increased 1.3 times
from the previous amount■ Amount of EPOS Card Usage After Application for Lottery of Supportive Investment (YoY)
Applicants

1.3 times
Non-applicants

1.1 times

From May 2021 to October 2021

From May 2022 to October 2022

*No. 1 bond n = 1,500 people, Gold membership continuing from previous year (all outcomes included)109

3
Sustainability Management

110

ESG Environmental and Social Initiatives
MARUI GROUP is working to become a frontrunner in ESG management
We joined the RE100 in July 2018. Our goal is to use renewable energy sources for 100% of the electricity
consumed through our business activities by 2030. In FY2024, renewable energy made up 70% of ourelectricity consumption (19 facilities and 6 offices).
In November 2018, we became the first company in Japan‘s retail industry to endorse the TCFD
recommendations. From FY2019, we began disclosing climate-related risks and opportunities in ourannual securities reports, and from FY2020 we further analyzed and expanded content relating toexposure to physical risks.

Percentage of male employees
taking parental leave

Ratio of female managers

Turnover rate within 3 years of
joining the company

100%

21%

13.1%

Japan average

Japan average

Japan average(6 consecutive years)

30.1％*Our results are for FY2024

12.7％

25.3％

111

Recognition for ESG Efforts
MARUI GROUP has received extensive recognition for its ESG initiatives■ Global Socially Responsible Investment IndicesWe are selected for inclusion in the Dow Jones
Sustainability World Index for 6 consecutive years.
We have been selected for inclusion in the Dow Jones
Sustainability Asia Pacific Index for 7 consecutive years.

For 8 consecutive years, we were selected for inclusionin the FTSE4Good Index Series *1, which recognizes
companies that meet FTSE Russell's ESG evaluation
criteria.

THE INCLUSION OF MARUI GROUP CO., LTD. IN ANY MSCI INDEX, AND THE USE OF MSCI LOGOS, TRADEMARKS, SERVICE MARKS OR INDEXNAMES HEREIN, DO NOT CONSTITUTE A SPONSORSHIP, ENDORSEMENT OR PROMOTION OF MARUI GROUP CO., LTD. BY MSCI OR ANY OF
ITS AFFILIATES. THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES AND LOGOS ARE
TRADEMARKS OR SERVICE MARKS OF MSCI OR ITS AFFILIATES.
FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that MARUI GROUP CO., LTD. has been
independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good
Index Series. Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance ofcompanies demonstrating strong Environmental, Social and Governance (ESG) practices. The FTSE4Good indices are used by a wide variety
of market participants to create and assess responsible investment funds and other products. *2 THE INCLUSION OF MARUI GROUP CO.,LTD. IN ANY MSCI INDEX, AND THE USE OF MSCI LOGO

■ Bloomberg ESG Disclosure Company Ranking
Worldwide
Other Financing
Business

Worldwide
All industries

1

MARUI GROUP

1

Company E（JAPAN）

2

Company A (USA)

2

Company F （Finland)

3

Company B (Japan)

3Company G (USA)4

Company C (Spain)

4Company H（JAPAN)

5

Company D (USA)5

MARUIAsGROUP
of July 2023

112

Corporate Governance: Emphasizing Corporate Value
Endeavor to practice sound management that is highly transparent and efficient to heighten earnings
capacity
Directors

6

External

20

External(independent)

4(independent)

FemaleNominating andCompensation
Committee Members

External

3

Executive
Officers

Audit & Supervisory
Board Members

4

3

2

(independent)

2（July, 2023）

113

Management with Stakeholders
We welcomed new members to the board in July 2021 to realize “management with 6 stakeholders”
The ratio of outside directors is 1/2 and the ratio of female directors is 1/3
Long-term investor

Yasunori Nakagami
CEO, Misaki Capital Inc.

Sustainability expert

Well-Being Expert

Peter D. Pedersen

Reiko Kojima

R e p r e s e n ta t i v e D i r e c t o r, N e xt
Leaders Initiative for Sustainability(NELIS);Ex e c u t i v e O f f i ce r a n d C W O , G e n e ra l
M a n a g e r, W e l l b e i n g P r o m ot i o n
Department, MARUI GROUP

P r o f e s s o r, G ra d u a t e S c h o o l o f
Leadership and Innovation
Shizenkan University

114

Structure of the Board to Achieve Stakeholder Management
Management Committee
Representative Director, President andCEO

Hiroshi Aoi

External Director

External Director

Sustainability Expert

Peter D. Pedersen

Leader Development Expert

Internal Director and CFO

External Director

Internal Director and CWO

Etsuko Okajima

Long-Term Investor

Yasunori Nakagami

Nominating and Compensation Committee

Sustainability Committee

Hirotsugu Kato
Wellbeing Expert

Reiko Kojima

Strategy Committee

Human Resource Strategy Committee
Recommendations on

Mr.Aoi／Ms.Okajima／
Mr.Nakagami

・ Promoting Co-Creation
Sustainability Management

・ Examine mid- to long-term
management strategies

・Human resources needed and humanresource portfolios

Chairperson Mr. Pedersen
Mr.Aoi／Mr.Kato／Ms.Kojima

Chairperson Mr. Nakagami
Mr.Aoi／Mr.Okajima／
Mr.KatoChairperson Mr. Ishii（CHRO）
Mr.Aoi／Ms.Okajima

・Recruitment and development plans
and human resource system

115

Activated Management Committee Meetings
Management Committee meetings are streamed on the Group's official Youtube channel"Konoyubi To-mare!”・ Vol.1 （November 10, 2022） ： https://youtu.be/33951KlztIE・ Vol.2（ February 6, 2023 ）：https://youtu.be/tzcDBvNyHtE

116

Cross-shareholdings
Since December 2015, we have gradually reduced the number and the amount of issues we held
＜ Policy ＞
In principle, the Company will not engage in crossshareholdings except shares deemed necessary for
maintaining or building upon collaborative ortransactional relationships that are strategically criticalfor improving corporate value■Changes in the Number of Issues of Listed Shares Held for Purposes
Other than Pure Investment and the Balance Sheet Amount
21

19

17
12
8

10 (2)
7 (1)＜ Inclusion in Annual Securities Reports ＞
In light of the Group's business model (expansion of
Co-creative investment), from the Annual Securities
Report for the fiscal year ending March 31, 2023,
cross-held shares (Specified shares for investment)
and Co-creative investment are listed separately

Number of issues(Co-creative
investment issues)
7 (1)

7 (1)

7 (4)

Balance sheet
amount3,647 (Millions of yen)
10,045
3,723＜ Co-creative
2,818
investment ＞

24,516

2,016
10,477

14,530 15,071

16,573 18,128

Balance sheet
amount(Millions of yen)

2015年
Dec. 2016年
Mar. 2017年
Mar. 2018年
Mar. 2019年
Mar. 2020年
Mar. 2021年
Mar. 2022年
Mar. 2023年
Mar. 2024年
Mar.

2015
12月

2016
3月

2017
3月

2018
3月

2019
3月

2020
3月

2021
3月

2022
3月

2023
3月

2024
3月

117

4
Human Capital-Focused Management

For more details, please visit this website.
h t t p s : / / w w w. 0 1 0 1 m a r u i g r o u p . c o . j p / e n / i r / l i b / h - r e p o r t . h t m l118

Management Philosophy “Equate the Development of Our People with theDevelopment of Our Company”
Based on our management philosophy, corporate culture and human growth come together toenhance corporate value

Corporate value

Development of our people

Human capital

Corporate culture
Corporatephilosophy
119Transformation of Corporate Culture
Transformed corporate culture and updated operating systems through eight measures since 2005

1 Corporate philosophy
2 A culture ofInteraction
3 Work style reform
4

Embracing diversity

5

A culture of voluntary
participation

6 Personnel transfers withinGroup to different job
categories
7 Appraisal based on both
performance and value
8 Well-being
Applications

Impact & profit

Old corporate cultureOS

New corporate culture

120

Dialogue on Corporate Philosophy

Over the past 10 years,
a cumulative total of more than 4,500 employees have participated in the dialogue“What are we working for in the first place?”“What did we join this company to do?”121

The Foundation of “Relationships of Choice and Selection
As a result of the reconciliation of corporate philosophies, the resignation rate temporarily
increased, but subsequently remained at a low level as the circle of sympathy grew.
■ Resignation Rate (Excluding Retirement)■ Resignation rate within 3 years of employment

（%）

（%）

14

13%

31%

Nation-wide

30

＊

12

20%

10

8

11%

15

6

MARUI Group

3%

4

2

0

0

FY2006FY2010FY2014FY2018FY2022

2007
Joined in

2009

2011

2013

2015

2017

2019

＊ Estimated in part from the Ministry of Health, Labour and Welfare’s“Transition in the Job Turnover Rate within Three Years of Employment” (college graduates).

122Promoting Diversity: Gender Diversity
Advancing women's participation in decision-making, and launching more substantive
initiatives.
■ External Evaluation■ Women's Vigor Index (excerpt)

N
E
W

FY2014FY2024FY2026

Ratio of female leaders

20

36

40

Women's orientation toward higher positions

41

58

75

Maintain 100% male maternity leave take-up
rate

14

100

100

Percentage of men taking maternity leave(within 8 weeks)

―

97

95

Rate of those who agree with the idea of gender roledivision of work for men and housework/child carefor women

―

56

50

Percentage of housework and childcare
responsibilities of men in the household

―

31

35
（％）

NADESHICO BRAND(7 consecutive years)

123Culture of Voluntary Participation
Creating an autonomous organization by encouraging each employee's autonomy to create
innovation.
■ Initiatives by Voluntary Participation■ Rate of Employees who Participate
Voluntarily

Dialogue on Corporate Philosophy
Authorized Project Initiatives
Intergroup Position Change Transfers
Dispatch to external business schools
Medium-Term Management
Promotion Meeting
Next Generation Management
Development Program

2008

2010

2012

2014

2016

2018

2020

82％
FY20222022

124

Change in Job Classification
Promoting growth by allowing each employee to experience a variety of companies and departments■ Occupation Change Rate

■ personnel Change

Retailing

FinTech

77％77％＊As of FY2022

IT

MARUI
Group

Housing-related

Logistics■Rate of Respondents who Experienced
Growth After Personnel Changes

Securities

CVC

86％
＊ Questionnaire conducted on 3Q of FY2016

125Investment: Redefining Human Capital Investment
Redefine items in income statement of each fiscal year connected with increasing corporate value inthe longer term as “human capital investment”■ Breakdown of Human Capital Investment in FY2022

STEP 3

Additional

STEP 2

R&D
expenditure

STEP 1

HR investment

・First year after job
category change・okos Co., Ltd.
investment

・Personnel expenses in new
businesses
・Co-creation team personnel
expenses・Seconded personnel expenses¥4.5billion¥2.2billion

Human capital
Investment¥7.7billion

・Education and training expenses
・Medium-Term Management Visionary Committee,
participation in projects and initiatives¥1.0billion
126

Human Capital Investment and Returns
Marginal profit of ¥56.0 billion and IRR of 12.7％ for new businesses generated through humancapital investment are forecast to exceed capital costs

Human capital investment
FY2017 to FY2021¥32billionReturns
FY2017 to FY2026

New businesses
Anime business
Rent guarantee
Co-creative
investment, etc.

Marginal profit
IRR

¥56

12.7％

billion127

Expansion of Human Capital Investment
Target highly efficient management by increasing effectiveness of human capital investment of
IRR 12.7％ to ¥65.0 billion in the next five years
Tangible investments

Intangible investments

Stores and facilities, etc.

Human capital investment

Hurdle rate = IRR 10％

FY2024 to FY2028
Investment
amount¥40 billion<

IRR 12.7％*

Highly efficientmanagement

FY2024 to FY2028
Investment
amount¥65 billion* Calculate return on investment by considering marginal profits from our Company’s unique new businesses and services created throughhuman capital investment as returns (Investment period: FY2017 to FY2021 – payback period: FY2017 to FY2026)

128

5References Materials

129

（Reference） Capital Efficiency
ROE in final year of medium-term management plan forecast to exceed cost of capital at 13%

FY2020

FY2026

Versus FY2020

EPS (¥)

117.6

200.0

82.4

ROE (%)

8.8

13.0

4.2

6.9

8.0

1.1

3.7

4.0

0.3

3.0

3.4

0.4

Capital costs (%)
ROIC (%)
WACC (%)

130

（Reference）About the Japanese Credit Card Market
The percentage of Cashless payments in
consumption expenditures in each country

Korea

UK

The U.S.

Japan

Market of Cashless in Japan

95%
65%
53%
33%

*Source： Cashless Roadmap 2023
(Payments Japan)¥158 trillion average annual
growth ratein credit card
industry

Credit Card Payment Methods inJapan and the U.S.
installment
and revolving
payments
5%

Payment byinstallments within
one times
40%

10％

＋

Japan

106

The U.S.

95%

58

FY201760%…

FY2023…

FY2028*Source ：Ministry of Economy, Trade and Industry
Official HP, Yano Research Institute Ltd.

*Source (Japan)：Credit Statistics of Japan 2021
*Source( The U.S.)：American Bankers Association

Although Japan‘s cashless ratio is 33%, which is low compared to South Korea, the U.K., and the U.S., the ratio is increasing year by year, partly due to thegovernment’s cashless promotion measures, and credit card transaction volume in 2023 increased by 47 trillion yen compared to six years ago. It is expected tocontinue to increase, and is projected to exceed 120 trillion yen by 2025. On the other hand, the overwhelming majority of credit card payments are made in theform of a single payment, and compared to the U.S., where revolving payments account for 60% of the total, this market has very low risk of bad debts and otherproblems.

131

(Reference) Breakdown of Cashless Market■ Breakdown of Cashless Payments (2023)■ Transition of Transactions
YoY（trillion yen）

113％

120

OthersQR CodePayments

100

9％Credit Card80

Cashless¥127
trillion

Credit
Card

84％

60

YoY

40

20

137％

QR Code Payments

0

2019

2020

2021

2022

2023

＊Source：Ministry of Economy, Trade and Industry, Japan Credit
Association, Cashless Promotion Council132

（Reference） Earnings Structure in Credit Card Transactions

International
brand

License fees
0.05％

Affiliate

3.2%

Provision of payment
infrastructure

Acquirers
Acquisition and(4%–5%)
management of
Small toaffiliates
mediumsized retailers

License fees
0.05％

2.3%

IssuerInterchange fees

Card issuanceand billing(Regulated rates)

Scope of transactions for Epos Card

Scope of transactions for standard credit card companies* Source: Cashless Vision, Ministry of Economy, Trade and Industry133

（ Reference ） Recurring Revenue ／ Contracted Future Recurring Revenue（Contracted Future Recurring Gross Profit）（Recurring Gross Profit）

Recognition ofrevenuein the current
periodRecurring revenue(gross profit)realized
after the second year is visualized as"Contracted Future Recurring Revenue″("Contracted Future Recurring Gross Profit″)＜Breakdown of Recurring Revenue＞
Retailing（Recurring Gross Profit）

5th year ｰ・Rent revenue, etc.

4th year

Fintech・ Rent guarantee

3rd year・Affiliate commissions on

Recurring
Revenuecommunications, utilities, andother regular payments＊Calculated based on remaining contract years for rent
revenue, remaining years of residency for rent guarantees,and validity period of the card for affiliate commissions

FutureRecurring
Revenue（Gross Profit）（ Gross Profit）

2nd year・Finance charges on installment
and revolving payments, etc.

Contracted

Recurring
Revenue（ Gross Profit）

1st year134

（Reference） Comparison of Installment and Revolving Payments■Results of FY2022

1．Installment payments have a short
payment period, which encourages
frequent use of cards⇒Fast turnover of funds
2． Affiliate commissions; ratio ofbad debt write-offs also half

Contributed to improving ROIC

Average balance(funds invested)

Installment

Revolving

Billions of yen

Billions of yen

58.9

294.5

Finance charge

10.2

37.7

Affiliate
commissions

2.5

2.0

Provision forbad debts

0.9

5.8

ROIC

5％

＞

2%
135

（ Reference ） Status of Nationwide Expansion
Cardholders outside trade areas increased as a result of promoting nationwide expansion● Branches and Sales Offices

7locations

Hokkaido Sales Office

Hiroshima Sales Office

Tohoku Sales Office

Kyushu Branch

Kansai Branch

Okinawa Branch Office

Nagoya Branch● Partner Facilities*Blue letters indicate partnerships started in April 2022 or later

Feeeal Asahikawa （ Hokkaido ）ELM（Aomori）

tonarie tsukuba square（Ibaraki）
NASU GARDEN OUTLET（Tochigi）
SMARK ISESAKI（Gunma）
tiara21（Saitama）
NiTTOH MALL（Saitama）
mallage SHOBU（Saitama）
mona SHIN URAYASU（Chiba）
unimo chiharadai （ Chiba ）mallage KASHIWA （ Chiba ）One’s mall（ Chiba ）KITTE MARUNOUCHI（Tokyo）
MORIPARK OutdoorVillage（ Tokyo ）Olinas KINSHICHO（ Tokyo ）HIKARIGAOKA IMA（Tokyo）
Dynacity（Kanagawa）
Coaska Bayside Stores （ Kanagawa ）BILLBOARD PLACE（Nigata）
MaLera GIFU（Gifu）
SUN TO MOON KAKITAGAWA（Shizuoka）
HOSHIGAOKA TERRACE（Aichi）
Central Park（ Aichi ）Ｔ－ＦＡＣＥ（ Aichi ）PIERI MORIYAMA（Shiga）
Kishiwada CanCan BAYSIDE MALL（Osaka）
KITTE OSAKA（Osaka）
ASPIA AKASHI（Hyogo）
eki soare Seishin-Chuo（Hyogo）
ONODA SUNPARK（Yamaguchi）
HUIS TEN BOSCH（Nagasaki）
Sasebo Gobangai（ Nagasaki ）mallage SAGA（Saga）
JR Kyushu Raillway Company（AMU PLAZA 7 facilities ）*As of July 2024

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