Noevir Holdings Co., Ltd.
Fiscal 2023
(October 1, 2022 – September 30, 2023)

November 14, 2023
Noevir Holdings Co., Ltd.
Ikkou Yoshida,Managing Director
Copyright © 2023 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

19,254 (As of September 30, 2023)

Outstanding Shares

34,156 thousand shares

Market Capitalization¥178.980 billion (November 13, 2023 @ ¥5,240)

Line of BusinessApparelbusiness
Aviationrelated
business

Cosmetics

Pharmaceuticals & Health Food
Copyright © 2023 Noevir Holdings Co., Ltd. All Rights Reserved.

Other1

1. Results for Fiscal 2023
2. Fiscal 2023 Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives for Fiscal 2024

Copyright © 2023 Noevir Holdings Co., Ltd. All Rights Reserved.

2Fiscal 2023 Consolidated Results SummaryIncreased sales and profits vs. both planned company target and actual
results year on year
Fiscal 2023

Year-on-yearchangeNet sales

62,500 million yen

+2.3％

+1.5％

Operating income

11,000 million yen

+9.0％

+3.0％

Operating income margin

17.6％+1.1pt+0.2pt➢ Factors increasing sales and profits(1) Self-selection cosmetics performed strongly(2) SG&A expenses were streamlined

Copyright © 2023 Noevir Holdings Co., Ltd. All Rights Reserved.

Planned company target(vs. forecast target)

Operating income margin17.6％

3Fiscal 2023 Highlights
Net sales 62,500 million yen (+2.3% year-on-year), operating income 11,000 million yen (+9.0%),
ordinary income 11,200 million yen (+8.5%),
net income attributable to owners of the parent 7,600 million yen (+1.1%)
Year ended September Year ended September
30, 2023
30, 2022

Millions of yen

Millions of yen

Year-on-year change
Millions of yen

Earning forecast target%

Millions of yen

Net sales

62,552

61,143

1,408

2.3

Cost of sales

19,98819,050937

4.9

Gross profit

42,56442,093

471

1.1

SG&A

31,54031,977(437)(1.4)

Operating income

11,024

10,115

908

9.0

271

291(19)(6.7)

11,295

10,406889

8.5

Extraordinary income (loss)

2754(751)(99.7)

Income before income taxes

11,298

11,161137

1.2

Income taxes

3,625

3,571

53

1.5

Net income attributable to owners of the parent

7,673

7,589

83

Cost of sales ratio (%)

32.0

31.2

Operating income margin (%)

17.6

Ordinary income margin (%)%

61,6001.5

10,7003.0

10,900

3.6

1.1

7,700

(0.3)

－

0.8pt

16.5

－

1.1pt

―
17.4―
0.2pt

18.1

17.0－

1.1pt17.7

0.4pt

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

12.3

12.4－(0.1pt)

12.5(0.2pt)SG&A ratio (%)

50.4

52.3

－(1.9pt)－―

Non-operating income (expenses)
Ordinary income

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4

Net Sales and Operating Income(Millions of yen)

Net sales

46,516

Operating income

49,38748,25351,18054,47357,82859,25261,143

59,252
51,841

62,552

51,272

11,0247,252
FY20137,064
FY20147,588
FY20157,706
FY20169,986
FY2017

11,343
FY2018

11,992FY20198,060
FY2020

10,1158,557
FY2021

FY2022

FY2023

Sales and profit increased for two consecutive periods
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5

Operating Income Margin

19.6%

20.2%

18.3%
15.6%

14.6%

15.4%

16.7%
15.1%

15.5%

15.5%

FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

16.5%

17.6%

FY2021

FY2022

FY2023

Continued to maintain a high operating income margin in FY2023

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6

Fiscal 2023 Reasons for Change in Operating Income(Millions of yen)
Factors increasing profit
Factors decreasing profit

FY2022+159
Decrease insundry expenses

Decrease in A&P

10,115

Increase in gross profit
due to sales increase+471+279

Increase in operating income of 908 million yen

Copyright © 2023 Noevir Holdings Co., Ltd. All Rights Reserved.

11,024FY20237

Monthly Net Sales in the Cosmetics Segment Year on Year

Fiscal 2023

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

Jan.

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Feb.

Mar.

Apr.

MayJun.

Jul.

Aug.

Sep.

8Return on Equity

14.6％
14.1％
12.3％

14.6％
13.8％

12.3％
10.7％

8.9％

FY20138.0%

FY20148.9％

9.2％

FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

Achieved stable management efficiency
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91. Results for Fiscal 2023
2. Fiscal 2023 Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives for Fiscal 2024

Copyright © 2023 Noevir Holdings Co., Ltd. All Rights Reserved.

10Fiscal 2023 Segment-Based Highlights
Year ended
September 30, 2023

Year ended September
30, 2022

Millions of yen

Millions of yen

Year on year
Millions of yen%

OtherCosmetics
Net sales

48,17547,0321,143

2.4

Segment income

11,867

10,814

1,052

9.7

Net sales

11,985

11,408577

5.1

Segment income

1,185

1,157

27

2.4

Pharmaceuticals &Health Food

Pharmaceuticals &Health Food

19.2%

3.8%

Net sales

62,552
million yen

Other

Cosmetics

Net sales

2,391

2,703(311)(11.5)

Segment income

260381(120)(31.6)

Consolidated netsales

62,552

61,143

1,408

2.3

77.0%
Composition of net sales in fiscal 2023

Cosmetics

Sales and profits
increased year on year

Sales increased due to firm sales of self-selection cosmetics and profit increased
due to streamlining of SG&A expenses

Pharmaceuticals &Health Food

Sales and profits
increased year on year

Sales increased due to strong sales of functional drinks and nutritional
supplements, and SG&A expense streamlining contributed to profit growth

Other

Sales and profits
decreased year on year

Sales decreased in aviation-related business
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11Fiscal 2023 Cosmetics
Year ended
September 30, 2023
Millions of yen

Year ended
September 30, 2022
Millions of yen

Net sales

48,17547,032

1,143

2.4

77.0%

Segment income

11,867

10,814

1,052

9.7

million yen

Year on year
Millions of yen%

Cosmetics

48,175Compositionof net sales in fiscal 2023
セルフ化粧品

Face-to-facechannel cosmetics➢ New moisturizing beauty serum productNoevir Dewdrop Glow Serum (serum) contributed to sales➢ Noevir SPECIALE skincare line performed well,
but sales of skincare products declined overall

New moisturizing beauty serum productNoevir Dewdrop Glow Serum (serum) went on sale

Premium Noevir SPECIALE skincare line
Copyright © 2023 Noevir Holdings Co., Ltd. All Rights Reserved.

12Fiscal 2023 Cosmetics
Self-selection
cosmetics➢ Nameraka Honpo skincare brand and Pore Putty makeup brand performed strongly➢ NOV brand sales increased

セルフ化粧品

Nameraka Honpo skincare brand
Mist Skin Lotion NC
Brightening Mist Skin Lotion (quasi-drug)
On sale February 2023

Overseas and OEM
business sales

excel brandReal clothes shadow
Revamped product went on sale
April 2023

Pore Putty makeup brand
Oil Blocking Pore Less Primer
Revamped product went on sale
March 2023

NOV brand

NOV III Cleansing Cream/Washing
Cream/Face Lotion L
Revamped product went on sale
September 2023

➢ Increased sales overseas and OEM
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13

Fiscal 2023 Pharmaceuticals & Health Food
Year ended
September 30, 2023
Millions of yen

Year ended
September 30, 2022
Millions of yen

Year on year
Millions of yen%Net sales

11,985

11,408577

5.1

Segment income

1,185

1,157

272.4➢ Sales increased due to brisk performance of Min Min Da Ha

Pharmaceuticals &Health Food

19.2%
11,985

million yen

Nanten Nodo Ame
cough drop brandfunctional drink brand lineup and nutritional supplements

Composition of net sales in fiscal 2023

➢ New product L. lactis strain Plasma OISHII AOJIRU
contributed to sales

Min Min Da Ha
functional drink brand lineup

Fiscal 2023 OtherYear ended
September 30, 2023
Millions of yen

Year ended
September 30, 2022
Millions of yen

Year on year
Millions of yen%Net sales

2,391

2,703(311)(11.5)

Segment income260381(120)(31.6)

Other

3.8%
2,391

L. lactis strain Plasma OISHII AOJIRU(Foods with Function Claims)

million yen➢ Sales decreased in aviation-related business
Composition of net sales in fiscal 2023
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14

Fiscal 2023 Balance Sheets(Millions of yen)Previous year
As of September 30,
2022

As of September 30,
2023

Points of B/S

Change50,56951,175605

Cash and cash equivalents

29,74728,883(864)

Notes and accounts receivable

8,970
26,212
20,692
418
5,100
2,132
76,781

10,49526,071
20,193
699
5,178
2,611
77,246

1,524(141)
(499)
280
77
478
464

Total liabilities and net assets

9,653
14,743
12,001
24,39750,3007,319
42,982
52,38476,781

10,506
13,534
11,58324,04050,6297,319
43,31253,20577,246852(1,209)
(418)
(356)
329
329
820
464

Equity ratio

67.8%

68.3%

0.5pt

Current assets

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➢ Balance of net cash and deposits
Cash and cash equivalents– Guarantee deposits received= 17.3 billion yen(-400 million yen year on year)➢ Equity ratio

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68.3％ (+0.5pt year on year)151. Results for Fiscal 2023
2. Fiscal 2023 Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives for Fiscal 2024

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16

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 segment❶ Pursue innovation and continuous profit generation in the domestic market

Five Policies❷

Enhance our brand value❸

Accelerate efforts to diversify human resources and our corporate structure❹ Strengthen our competitiveness by stepping up the diversification of our R&D,
production and logistics systems❺Promote a management approach that is responsive to changes in thebusiness environment

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171. Results for Fiscal 2023
2. Fiscal 2023 Segment-Based Highlights
3. Medium-term Management Plan
4. Forecasts and Initiatives for Fiscal 2024

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18

Fiscal 2024 Forecasts
Year ended
September 30, 2023

Full year forecasts

Millions of yen

Millions of yen

Year-on-year change
Millions of yen%Net sales

62,55263,000447

0.7Operating income

11,024

11,200175

1.6

Oridinary income

11,295

11,400104

0.9

Net income attributable to owners ofthe parent

7,673

7,800

126

1.6

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19

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

FY2023+230+20
Decrease insundry expenses-110
Increase in personnel
expenses

11,024

Increase in gross profit
due to sales increase+35

Decrease in A&P

Factors decreasing profit

Forecast increase in operating income
175 million yen
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11,200

FY2024(Forecast)20

Major initiatives
for 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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21

Major initiatives
for fiscal 2024

Cosmetics
Strengthened sales capability
Increased customer contact points

Face-to-face channel
cosmetics

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

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

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22

Major initiatives
for fiscal 2024

Cosmetics

Face-to-face channel
cosmetics

Launched new product NOEVIR WRINKLE 91 Strengthened
sales capability Increased customer contact points

Formulation contains bakuchiol (known as“next-generation retinol”) and beauty ingredient niacinamide

Skincare serum that reduces wrinkles caused
by dehydration, helping to restore the skin’s
moisture and elasticity

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

NOEVIR WRINKLE 91
official website

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23

Major initiatives
for fiscal 2024

Cosmetics

Self-selection
cosmetics

Nameraka Honpo skincare brand
Acquire a wide array of customers and further expand earnings

Soymilk-based skincare product market leader*1 Nameraka Honpo skincare brand launched
the new, authentic, Wrinkle Brightening skincare product range
Contains niacinamide and pure retinol

Nameraka Honpo
official website

Nameraka Honpo Wrinkle Brightening Lotion
Nameraka Honpo Wrinkle Brightening Emulsion
Nameraka Honpo Wrinkle Brightening Night CreamNameraka Honpo Wrinkle Brightening Eye Cream[Quasi drug] on sale August 2023

Nameraka Honpo skincare brand 20th anniversary“Thank you” promotional campaign started

Nameraka Honpo range hasgrown into the largest soy milk
skincare brand*1, with cumulative
product sales volume of 200
million units*2

Nameraka Honpo
20th anniversary
website*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 2004 to April 30, 2023

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24

Major initiatives
for fiscal 2024

Cosmetics

Self-selection
cosmetics

excel brandSell and focus on sales expansion of attractive new products

excel
official
websiteIn-store promotions

2023 Autumn Collection
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25

Major initiatives
for fiscal 2024

Cosmetics

Self-selection
cosmetics

Focus on growing sales of Pore Putty andNew Born make up brands

Pore Putty
official website

New Born
official website

Pore Putty

No. 1* brand of pore-concealing base makeup
Revamped Essence BB Cream/Essence BB Powder
on sale August 2023

New Born© さくらももこ© Momoko
SakuraCollaboration with COJI-COJI, a popular manga series
by Momoko Sakura
3 in1 Eyebrow (product with three functions)on sale for a limited time in November 2023

* Total sales of all Pore Putty items, based on 2022 survey of sales of self-selected pore-concealing base makeup brands by TPC Marketing Research Corp.

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26

Major initiatives
for fiscal 2024

Cosmetics

Self-selection
cosmetics

NOV brands
Focus on Expanding Sales of Mainstay Series

Novofficial website

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

NOV Ⅲ skincare line

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

NOV AC ACTIVE skincare line

(Skincare for those concerned about sensitive and dry skin)(Function-focused proactive skincare for adult acne)

NOV L&W skincare line

NOV Body moisturizers（Highly moisturizing aging care for sensitive skin）
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27

Major initiatives
for fiscal 2024

Pharmaceuticals & Health Food

➢ Launch distinctive new products centered on functional and nutritional drinks
and increase profitability by strengthening cost control➢ Strengthen orders for private brands, OEMPharmaceuticals➢ Focus on sales expansion・Nanten Nodo Ame cough drop brand・Nutrient tonic drinks

Nanten NodoAme coughdrops official
websiteNanten Nodo Ame
cough drop brandHealth Food

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

Min Min Da Ha
functional drink brandofficial website

Min Min Da Ha
functional drink brand lineup

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L. lactis strain Plasma
OISHII AOJIRU（Foods with Function Claims)

NOEVIR Hizabiyori(Foods withFunction Claims)

28

Major initiatives
for fiscal 2024

Other➢ Improve profitability

Apparel business

Launch new products

Aviation-related businessContinue responding
carefully

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29

Dividend and Dividend Payout Ratio
Increased dividends for
12 consecutive periods
Dividends
Dividend payout ratio (%)

¥205

¥200

¥210

¥215

¥220

¥220

¥180
¥150

*129.5％¥120¥100¥36FY2011¥50¥4054.5％

FY201240.9％
FY2013¥60

124.6％

73.1％

84.2％

94.5％
75.1％

112.4％

78.8％

96.8％ 97.9% 96.3%

51.7％

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

FY2023

FY 2024
FY2024…
(Forecast)Continue stable shareholder return by maximizing corporate valueand 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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30

[Inquiries] Noevir Holdings Co., Ltd. Public & Investor Relations Tel: +81-03-5568-0305 Fax: +81-03-5568-0441E-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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31