Noevir Holdings Co., Ltd.
Results for the First Half of Fiscal 2024
(October 1, 2023 – March 31, 2024)

May 16, 2024
Noevir Holdings Co., Ltd.
Ikkou Yoshida, Managing Director

Copyright © 2024 Noevir Holdings Co., Ltd. All Rights Reserved.

Company Overview
Noevir Holdings Co., Ltd. Tokyo Stock Exchange, Prime Market Ticker: 4928
Date of Establishment

March 22, 2011 (Noevir Co., Ltd. was founded in April 1964.)

Paid-in Capital¥7,319 million

Consolidated Subsidiaries 13 subsidiaries (6 domestic / 7 international)
Employees

1,368 (Consolidated) (As of September 30, 2023)

Number of Shareholders

19,663 (As of March 31, 2024)

Outstanding Shares

34,156 thousand shares

Market Capitalization¥181.030 billion (May 15, 2024 @ ¥5,300)

Line of BusinessApparelbusiness
Aviationrelated
business

Cosmetics

Pharmaceuticals & Health Food
Copyright © 2024 Noevir Holdings Co., Ltd. All Rights Reserved.

Other1. Results for the First Half of Fiscal 2024
2. The First Half of Fiscal 2024
Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives
for the Second Half of Fiscal 2024

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The First Half of Fiscal 2024
Consolidated Results Summary
Increased sales and profits vs. actual results year on year

1st half offiscal 2024

Year-on-yearchangeNet sales

31.6 billion yen+2.4

Operating income

6.1 billion yen

+7.2

19.5

+0.9ptOperating income margin➢ Factors increasing sales and profits(1) Self-selection cosmetics performed strongly(2) SG&A expenses were streamlined

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Operating income
margin19.5

The First Half of Fiscal 2024 Highlights
Net sales 31.6 billion yen (+2.4% year-on-year), operating income 6.1 billion yen (+7.2%),
ordinary income 6.2 billion yen (+7.5%), net income attributable to owners of the parent 2.5 billion yen (-2.8%)
1st half ended
March 31, 2024

1st half ended
March 31, 2023

Millions of yen

Millions of yen

Year-on-year change
Millions of yen

31,62530,896

729

2.4

9,935

9,629

306

3.2

21,68921,267

422

2.0

SG&A

15,524

15,5177

0.0

Operating income

6,165

5,750

415

7.2

80

59

21

36.5

6,246

5,809

436

7.5

Extraordinary income (loss)

13

(1)

15

Income before income taxes

6,259

5,807

451

7.8

Income taxes

3,661

3,135

526

16.8

2,597

2,672

(74)

(2.8)

Cost of sales ratio (%)

31.4

31.2

0.2pt

Operating income margin (%)

19.5

18.6

0.9pt

Ordinary income margin (%)

19.8

18.8

0.9pt

Net income attributable to owners of the parent margin (%)

8.2

8.6

(0.4pt)SG&A ratio (%)

49.1

50.2

(1.1pt)Net sales
Cost of sales
Gross profit

Non-operating income (expenses)
Ordinary income

Net income attributable to owners of the parent

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Operating Income Margin

19.6%

20.2%

19.5%

18.3%

17.6%

16.7%
14.6%

FY2014

15.4%

15.1%

FY2015FY201615.5%

FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

1st half offiscal 2024

Continued to maintain a high operating income margin in 1H FY2024

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The First Half of Fiscal 2024
Reasons for Change in Operating Income(Millions of yen)
Factors increasing profit
Factors decreasing profit

+24

+422

1st half offiscal 2023

Decrease in sundry
expenses

Increase in A&P

5,750

Increase in gross profit
due to sales increase-31

Increase in operating income of 415 million yen

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6,165

1st half offiscal 2024

Monthly Net Sales in the
Cosmetics Segment Year on Year

Fiscal 2024

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

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Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

1. Results for the First Half of Fiscal 2024

2. The First Half of Fiscal 2024
Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives
for the Second Half of Fiscal 2024

Copyright © 2024 Noevir Holdings Co., Ltd. All Rights Reserved.

The First Half of Fiscal 2024
Segment-Based Highlights
1st half ended
March 31, 2024

1st half ended
March 31, 2023

Millions of yen

Millions of yen

Year-on-year change

Other

Millions of yen

3.2%

Cosmetics
Net sales

25,10324,091

1,011

4.2

Segment income

6,507

6,174

333

5.4

Pharmaceuticals &Health Food

17.4%

Pharmaceuticals &Health Food
Net sales
Segment income

5,498

5,579

(81)

(1.5)

683

542

141

26.1

Net sales

31,625
million yen

Other

Cosmetics

1,024

1,225

(201)

(16.4)

Segment income

150

164

(14)

(8.8)

79.4%

Consolidated net
sales

31,62530,896729

2.4

Composition of net sales in the first half of fiscal 2024

Net sales

Cosmetics

Sales and profits
increased year on year

Sales and profit increased due to firm sales of self-selection cosmetics

Pharmaceuticals &Health Food

Sales decreased andprofits increased
year on year

Profit increased due to improved cost efficiency, despite decreased sales offunctional drinks

Other

Sales and profits
decreased year on year

Sales decreased in aviation-related business

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The First Half of Fiscal 2024 Cosmetics
1st half ended
March 31, 2024

1st half ended
March 31, 2023

Millions of yen

Millions of yen

Year-on-year change

Cosmetics

79.4%

Millions of yen

Net sales

25,10324,091

1,011

4.2

Segment income

6,507

6,174

333

5.4

25,103
million yen

Composition of net sales in the first half of fiscal 2024

Face-to-facechannel cosmetics➢ New beauty serum product NOEVIR WRINKLE 91 contributed to sales➢ Noevir SPECIALE skincare line performed well, but overall sales of skincare
products slightly declined

NOEVIR WRINKLE 91
45 g 30,800 yen (tax inclusive) On sale November 2023

Premium Noevir SPECIALE
skincare line
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Noevir SPECIALE
Medicated cushion foundation serum
45 g 12,100 yen (tax inclusive) On sale January 2024

The First Half of Fiscal 2024 Cosmetics
Self-selection
cosmetics➢ Nameraka Honpo skincare brand
Performed strongly due to increased demand resulting from theaddition of a new line

Brightening skincare line (Prevention of skin problems & pore care)
Moisture skincare line (Lotion for sensitive skin)

Nameraka Honpo skincare brand20th anniversary event

On sale February 2024

February 7 – February 13, 2024 at @cosme TOKYO

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The First Half of Fiscal 2024 Cosmetics
Self-selection
cosmetics➢ excel brand
Strong performance due to strengthening of base makeup category

In-store promotions
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The First Half of Fiscal 2024 Cosmetics
Self-selection
cosmetics➢ Pore Putty, New Born makeup brands and NOV brandFirm performance© Momoko Sakura

Pore Putty makeup brand

New Born makeup brand

NOV brand

Loose powder infused with beauty serum

3 in1 Eyebrow (product with three functions)

UV care for sensitive skin

Popular powder that helps minimize
the appearance of poresand prevents dryness

Collaboration with COJI-COJI,a popular manga series
by Momoko Sakura

UV care products performed firmly due
to increased opportunities
to go outside

Overseas and OEM
business sales➢ Decreased overseas sales and increased OEM sales

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The First Half of Fiscal 2024
Pharmaceuticals & Health Food

Net sales
Segment income

1st half ended March
31, 2024

1st half ended March
31, 2023

Millions of yen

Millions of yen

Year-on-year change
Millions of yen

5,498

5,579

(81)

(1.5)

683

542

141

26.1

Pharmaceuticals &Health Food

17.4%
5,498 million yen➢ Sales decreased due to low sales of functional drinks,
despite increased sales of nutritional supplements

Composition of net sales
in the first half of fiscal 2024

➢ Profit increased due to improved cost efficiency

The First Half of Fiscal 2024 Other
Net sales
Segment income

1st half ended March
31, 2024

1st half ended March
31, 2023

Millions of yen

Millions of yen

Year-on-year change
Millions of yen

1,024

1,225

(201)

(16.4)

Other

150

164

(14)

(8.8)

3.2%
1,024 million yen➢ Sales decreased in aviation-related business

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Composition of net sales
in the first half of fiscal 2024

The First Half of Fiscal 2024 Balance Sheets(Millions of yen)Previous year
As of March 31, 2023

As of March 31,
2024

Change47,125
26,595
9,606
26,93920,552
723
5,663
2,808
74,064

48,40027,212
10,512
26,703
20,104
972
5,626
3,150
75,104

1,275
616
906
(235)
(447)
248
(36)
342
1,040

Total liabilities and net assets

11,287
14,688
11,79925,97545,6287,319
38,311
48,08874,064

12,827
13,485
11,371
26,31245,713
7,319
38,396
48,791
75,104

1,539(1,202)
(428)
337
84
84
703
1,040

Equity ratio

64.4%

64.3%

(0.1pt)Current assets
Cash and cash equivalents
Notes and accounts receivable
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Total assets

Current liabilities
Long-term liabilities
Guarantee deposits received
Total liabilities
Shareholder's equity
Common stock
Retained earnings
Total net assets

Points of B/S➢ Balance of net cash and deposits
Cash and cash equivalents– Guarantee deposits received

15.8 billion yen(

1 billion yen year on year)➢ Equity ratio

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64.3(-0.1 pt year on year)1. Results for the First Half of Fiscal 2024
2. The First Half of Fiscal 2024
Segment-Based Highlights
3. Medium-term Management Plan

4. Forecasts and Initiatives
for the Second Half of Fiscal 2024

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Medium-term Management Plan
Having positioned net sales, operating income and return on equity (ROE) as key management
indicators, the Noevir Group aims to maximize its corporate value and enhance profitability.

Medium-termManagement Plan
Concept

Realizing steady corporate growth by securing sustainability in every
Group business segment

Pursue innovation and continuous profit generation in the domestic market

Enhance our brand value
Accelerate efforts to diversify human resources and our corporate structure
Five Policies
Strengthen our competitiveness by stepping up the diversification of our R&D,
production and logistics systems
Promote a management approach that is responsive to changes in thebusiness environment

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1. Results for the First Half of Fiscal 2024

2. The First Half of Fiscal 2024
Segment-Based Highlights
3. Medium-Term Management Plan
4. Forecasts and Initiatives
for the Second Half of Fiscal 2024

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Fiscal 2024 Forecasts

Year ended
September 30, 2023

Full year forecasts

Millions of yen

Millions of yen

Millions of yen

Year-on-year change

Net sales

62,55263,000447

0.7Operating income

11,024

11,200175

1.6

Ordinary income

11,295

11,400104

0.9

Net income attributable to owners of
the parent

7,673

7,800

126

1.6

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Fiscal 2024 Reasons for Change in
Operating Income Forecast(Millions of yen)
Factors increasing profit
Factors decreasing profit

FY2023-25-36
Increase in sundry
expenses

Increase in A&P

11,024

Increase in gross profit
due to sales increase-100

Increase in personnel
expenses+336

Forecast increase in operating income
175 million yen

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11,200

FY2024(Forecast)Major initiatives forthe second half of fiscal 2024

Cosmetics

Strive for improved profitability as a core business

Face-to-facechannelcosmetics

Strengthened sales capability
Increased customer contact points

Self-selection
cosmetics

Timely presentation of highly competitive
products understanding customer’s needs

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Major initiatives forthe second half of fiscal 2024

Cosmetics

Face-to-face channel
cosmetics➢ Strengthened sales capability
Increased customer contact points

NOEVIR Beauty Studio salons➢ Roll out to about 2,000
stores in regions nationwide

Directly-managed NOEVIR SALON DE SPECIALE stores➢ Roll out 10 stores nationwide
NOEVIR SALON DE SPECIALE
official website

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Major initiatives forthe second half of fiscal 2024

Cosmetics

Face-to-face channel
cosmetics➢ Noevir 99 Plus and BIOSIGN skincare lines
Sell and focus on sales expansion of new products

Gently-enveloping foam face wash forchangeable skin conditions
Noevir 99 Plus skincare line
SKIN CONDITIONING FOAM
（foam face wash）
150 mL 6,380 yen (tax inclusive) On sale March 2024

Serum that supports beauty promoted through sleep
Noevir BIOSIGN NIGHT SMOOTHY

Nevir 99 Plus SKIN
CONDITIONING FOAM
official website

60 g 19,800 yen (tax inclusive) On sale May 2024

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Noevir BIOSIGN NIGHT
SMOOTHY
official website

Major initiatives forthe second half of fiscal 2024

Self-selection
cosmetics

Cosmetics➢ Nameraka Honpo skincare brand
Expand earnings by raising brand recognition, centered on
the mainstay Moisture skincare line

Nameraka Honpo skincare brand is the largest soymilk skincare brand*1, with cumulative
product sales volume of 200 million units*2.
Continuing to grow since its launch, the brand achieved record sales in FY2023.
Nameraka
Honpo
official
websiteAging Care skincare line

Brightening skincare line
(Prevention of skin problems & pore care)

Moisture skincare line

Brightening skincare line

Haritsuya skincare line

*1 Based on the storefront sales of self-selection skincare products incorporating soymilk ingredients calculated from POS data gleaned by five retailers throughout 2022
*2 Total sales from February 2004 to September 30, 2023

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Major initiatives forthe second half of fiscal 2024

Cosmetics

Self-selection
cosmetics
excel
official
websiteIn-store promotions➢ excel brandSell and focus on sales expansion of new products
Smart cosmetics that require no technique, allowing you to freely andintuitively apply makeup based on real Tokyo trends

2024 Spring Collection
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Major initiatives forthe second half of fiscal 2024

Self-selection
cosmetics

Cosmetics➢ Pore Putty and New Born make up brands
Sell and focus on sales expansion of new products

New Born
official website

Pore Putty
official website

Pore Putty makeup brand

New Born makeup brandNo. 1*1 brand of pore-concealing base makeup

Multiple functions in one product!
Easy, professional-level makeup Cumulative brandsales volume of 26 million units*2

Oil-blocking Pore Less Powder
On sale February 2024
*1 Total sales of all Pore Putty makeup brand items, based on 2023 survey of sales of self-selected pore-concealingbase makeup brands by TPC Marketing Research Corp.

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Powdery Pencil Brow EX 06（Lavender Brown）
On sale for a limited time in April 2024
*2 Total sales from July 2022 to November 30, 2023

Major initiatives forthe second half of fiscal 2024

Cosmetics

Self-selection
cosmetics➢ NOV brandLaunched NOV plus, the first new skincare line in nine years

NOV is a skincare line based on clinicaldermatology studies for those who have dry,
sensitive or acne-prone skin.

Image: Examination at medical institutions(dermatologists, etc.)

NOV plus skincare line

NOV L&W skincare line

Functional skincare based on
cosmetic dermatology researchHighly moisturizing aging care forsensitive skinOn sale April 2024

NOV L&W wrinkle essence bright
NOV L&W tone up cream UV
On sale April 2024

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Major initiatives forthe second half of fiscal 2024

Pharmaceuticals & Health Food

➢ Launch distinctive new products centered on functional and nutritional drinks➢ Strengthen orders for OEM➢ Focus on sales expansion
Nanten Nodo Ame
Pharmaceuticals
cough drop brandNutrient tonic drinks

Nanten Nodo
Ame coughdrops
official website

Nanten Nodo Ame
cough drop brandHealth Food

➢ Focus on sales expansion
Min Min Da Ha functional
drink brand lineup
Nutritional supplements

LIVE master
official website

Min Min Da Ha
functional drink brandofficial website

Min Min Da Ha
functional drink brand lineup

Distributed 100,000 bottles in a free sampling LIVE master GEKIMI
energy drink
event around Shibuya, Shin-Okubo
and Shinjuku stations
On sale May 2024

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Major initiatives forthe second half of fiscal 2024

Other

➢ Improve Profitability

Apparel business

Launch new products

Aviation-related
business

Continue responding
carefully

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Return on Equity

14.1

14.6

14.6

FY2022

FY2023

13.8

12.3

12.3
10.7

8.9%

9.2

FY2015FY2016

8.0

FY2014FY2017FY2018FY2019FY2020

FY2021

Achieved stable management efficiency
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Dividend and Dividend Payout Ratio
Increased dividends
for 12 consecutive periods

¥200

¥205

¥210

¥215

¥220

¥220

96.8

97.9% 96.3%

¥180
¥150
129.5

*

¥120
¥100
124.6
112.4

94.5

¥60
¥50
¥36

¥40
54.5

40.9

84.2
73.1

75.1

78.8

51.7

Continue stable shareholder return by maximizing corporate value
and enhancing profitability* Dividend payout ratio for fiscal 2011 was calculated from the sum of net income attributable to owners of the parent of Noevir Co, Ltd. for Q2 fiscal 2011 and Noevir Holdings Co., Ltd. for fiscal 2011.
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[Inquiries] Noevir Holdings Co., Ltd. Public & Investor Relations
Tel: +81-3-5568-0305 Fax: +81-3-5568-0441
E-mail ir@noevirholdings.co.jp WEB https://www.noevirholdings.co.jp
These materials contain information that constitutes forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks anduncertainties. Actual results may differ from those in the forward-looking statements due to various factors including changes in material circumstances.
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