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Consolidated Financial Statements

Last update: January 9, 2026

Consolidated Quarterly Financial Statements

(1) Consolidated quarterly balance sheets

(Millions of yen)
  February 28, 2025
Amount 		November 30, 2025
Amount
ASSETS
Current assets 2,823,782 1,725,833
  Cash and bank deposits 1,368,663 578,687
Notes and accounts receivable - trade, and contract assets 441,630 303,314
Trade accounts receivable - financial services 111,029 36,304
Marketable securities - 100,000
Merchandise and finished goods 312,739 219,735
Work in process 46 80
Raw materials and supplies 3,002 359
Prepaid expenses 94,707 86,502
ATM-related temporary payments 118,172 -
Other 388,696 407,998
Allowance for doubtful accounts (14,905) (7,149)
Non-current assets 8,561,745 7,187,719
  Property and equipment 4,981,298 4,133,968
  Buildings and structures, net 1,749,166 1,393,454
Furniture, fixtures and equipment, net 538,598 415,745
Land 1,172,559 873,560
Lease assets, net 1,641 738
Right-of-use assets, net 1,289,807 1,231,403
Construction in progress 206,223 195,430
Other, net 23,300 23,634
Intangible assets 2,711,382 2,388,711
  Goodwill 2,264,441 2,029,505
Software 295,814 219,161
Other 151,125 140,044
Investments and other assets 869,065 665,039
  Investments in securities 321,086 366,451
Long-term loans receivable 14,295 7,577
Long-term leasehold deposits 264,136 157,920
Net defined benefit asset 126,974 40,441
Deferred tax assets 75,058 42,506
Other 69,189 50,279
Allowance for doubtful accounts (1,675) (137)
Deferred assets 582 428
  Bond issuance cost 582 428
TOTAL ASSETS 11,386,111 8,913,981
(Millions of yen)
  February 28, 2025
Amount 		November 30, 2025
Amount
LIABILITIES
Current liabilities 3,316,615 2,119,695
  Notes and accounts payable, trade 519,497 453,456
Short-term loans 172,497 205,280
Current portion of bonds 210,000 425,966
Current portion of long-term loans 290,128 149,343
Income taxes payable 36,003 16,466
Accrued expenses 282,395 249,660
Contract liabilities 178,031 67,506
Deposits received 146,967 211,916
ATM-related temporary advances 73,388 -
Lease obligations 180,624 156,535
Allowance for loss on business of subsidiaries and associates 18,235 9,851
Allowance for restructuring expenses 2,626 -
Allowance for sales promotion expenses 815 300
Allowance for bonuses to employees 14,249 1,224
Allowance for bonuses to Directors and Audit & Supervisory Board Members 501 359
Deposits received in banking business 813,388 -
Call money 100,000 -
Other 277,264 171,829
Non-current liabilities 3,846,283 3,265,064
  Bonds 1,244,036 893,876
Long-term loans 778,068 679,401
Deferred tax liabilities 233,635 222,687
Allowance for retirement benefits to Directors and Audit & Supervisory Board Members 439 123
Allowance for stock payments 4,947 1,396
Net defined benefit liability 16,313 14,657
Deposits received from tenants and franchised stores 44,178 13,752
Lease obligations 1,223,438 1,174,328
Asset retirement obligations 235,024 206,627
Other 66,201 58,214
TOTAL LIABILITIES 7,162,898 5,384,760
NET ASSETS
Shareholders' equity 3,054,284 2,693,841
  Common stock 50,000 50,000
Capital surplus 293,455 293,432
Retained earnings 2,727,937 2,811,982
Treasury stock, at cost (17,108) (461,574)
Total accumulated other comprehensive income 981,693 808,072
  Unrealized gains (losses) on available-for-sale securities, net of taxes 51,770 64,456
Unrealized gains (losses) on hedging derivatives, net of taxes 5,035 4,481
Foreign currency translation adjustments 901,059 724,292
Remeasurements of defined benefit plans 23,827 14,842
Subscription rights to shares 80 -
Non-controlling interests 187,154 27,307
TOTAL NET ASSETS 4,223,212 3,529,221
TOTAL LIABILITIES AND NET ASSETS 11,386,111 8,913,981

(2) Consolidated quarterly statements of income and consolidated quarterly statements of comprehensive income
Consolidated quarterly statements of income

(Millions of yen)
  Nine Months Ended
November 30, 2024
Amount 		Nine Months Ended
November 30, 2025
Amount
Revenues from operations 9,069,591 8,050,937
  Net sales 7,838,965 6,864,796
Cost of sales 6,454,108 5,635,874
Gross profit on sales 1,384,856 1,228,921
  Operating revenues 1,230,626 1,186,140
Gross profit from operations 2,615,482 2,415,062
  Selling, general and administrative expenses 2,300,081 2,089,989
Operating income 315,401 325,073
Non-operating income 20,080 15,101
  Interest income 7,952 8,292
Gain on valuation of investment securities 7,138 1,924
Equity in earnings of affiliates 483 -
Other 4,506 4,884
Non-operating expenses 53,848 50,021
  Interest expenses 31,310 24,064
Interest on bonds 15,482 14,719
Equity in losses of affiliates - 5,494
Other 7,055 5,742
Ordinary income 281,633 290,152
Special gains 12,536 74,242
  Gain on sales of property and equipment 1,959 40,635
Gain on sales of investments in securities 8,190 5,041
Gain on change in equity in superstore business - 19,596
Other 2,386 8,969
Special losses 178,994 54,745
  Loss on disposals of property and equipment 14,433 9,845
Impairment loss 80,077 21,006
Restructuring expenses 16,621 873
Loss on business of subsidiaries and associates 45,892 -
Loss on transfer of subsidiary 4,782 -
Other 17,187 23,020
Income before income taxes 115,175 309,650
Total Income taxes 43,416 105,039
  Income taxes - current 53,022 76,731
Income taxes - deferred (9,606) 28,307
Net income 71,758 204,610
Net income attributable to non-controlling interests 8,128 6,148
Net income attributable to owners of parent 63,630 198,461

Consolidated quarterly statements of comprehensive income

(Millions of yen)
  Nine Months Ended
November 30, 2024
Amount 		Nine Months Ended
November 30, 2025
Amount
Net income 71,758 204,610
Other comprehensive income
  Unrealized gains (losses) on available-for-sale securities, net of taxes 6,006 12,209
Unrealized gains (losses) on hedging derivatives, net of taxes 287 (553)
Foreign currency translation adjustments 22,038 (183,719)
Remeasurements of defined benefit plans, net of taxes (804) (9,358)
Share of other comprehensive income (loss) of entities accounted for using equity method, net of taxes 21 343
Total other comprehensive income (loss) 27,550 (181,077)
Comprehensive income (loss) 99,309 23,532
  Comprehensive income (loss) attributable to owners of parent 90,395 24,840
Comprehensive income (loss) attributable to non-controlling interests 8,913 (1,307)

(3) Consolidated quarterly statements of cash flows

(Millions of yen)
  Nine Months Ended
November 30, 2024
Amount 		Nine Months Ended
November 30, 2025
Amount
Cash flows from operating activities
  Income before income taxes 115,175 309,650
Depreciation and amortization 325,682 292,272
Impairment loss 120,164 21,006
Amortization of goodwill 103,033 102,719
Interest income (7,952) (8,292)
Interest expenses and interest on bonds 46,793 38,784
Equity in losses (earnings) of affiliates (483) 5,494
Gain on sales of property and equipment (1,959) (40,635)
Loss on disposals of property and equipment 15,392 10,442
Loss on transfer of subsidiary 4,782 -
Loss (gain) on sales of investments in securities (8,123) (5,014)
Gain on change in equity in superstore business - (19,596)
Decrease (increase) in notes and accounts receivable, trade 18,627 (30,355)
Decrease (increase) in trade accounts receivable, financial services (8,331) (4,838)
Decrease (increase) in inventories 726 4,307
Increase (decrease) in notes and accounts payable, trade (6,409) 55,487
Increase (decrease) in deposits received 63,594 68,284
Net increase (decrease) in borrowings in banking business - 10,000
Net increase (decrease) in deposits received in banking business 21,284 28,797
Net increase (decrease) in call money in banking business 75,000 (100,000)
Net decrease (increase) in ATM-related temporary accounts (35,826) (41,969)
Other 1,560 (59,946)
Subtotal 842,730 636,597
Interest and dividends received 8,765 9,346
Interest paid (45,462) (46,109)
Insurance income received 1,514 2,779
Income taxes paid (39,605) (85,233)
Income taxes refund 18,829 1,978
Net cash provided by operating activities 786,773 519,357
(Millions of yen)
  Nine Months Ended
November 30, 2024
Amount 		Nine Months Ended
November 30, 2025
Amount
Cash flows from investing activities
  Acquisition of property and equipment (335,465) (231,237)
Proceeds from sales of property and equipment 6,213 69,452
Acquisition of intangible assets (81,710) (57,178)
Payment for purchase of investments in securities (40,466) (45,774)
Proceeds from sales of investments in securities 26,702 54,324
Payment for purchase of shares in subsidiaries resulting in change in scope of consolidation (166,404) -
Proceeds from sales of shares in subsidiaries resulting in change in scope of consolidation 2,603 538,359
Payment for sales of shares in subsidiaries resulting in change in scope of consolidation (22,573) (758,627)
Payment for long-term leasehold deposits (6,750) (4,201)
Refund of long-term leasehold deposits 19,969 18,275
Proceeds from deposits from tenants 2,800 1,110
Refund of deposits from tenants (2,521) (1,074)
Payment for acquisition of business (108,941) (172)
Payment for time deposits (7,089) (4,248)
Proceeds from withdrawal of time deposits 4,483 5,982
Other (14,528) (11,077)
Net cash used in investing activities (723,679) (426,086)
Cash flows from financing activities
  Net increase (decrease) in short-term loans 246,280 33,848
Proceeds from long-term debts 197,330 31,700
Repayment of long-term debts (119,656) (222,739)
Payment for redemption of bonds (340,785) (30,000)
Proceeds from share issuance to non-controlling shareholders 619 -
Purchase of treasury stock (59,642) (446,123)
Dividends paid (101,198) (113,226)
Dividends paid to non-controlling interests (4,162) (4,444)
Payment for changes in ownership interests in subsidiaries that do not result in change in scope of consolidation (367) (0)
Other (14,587) (11,428)
Net cash used in financing activities (196,168) (762,412)
Effect of exchange rate changes on cash and cash equivalents 15,836 (14,049)
Net increase (decrease) in cash and cash equivalents (117,237) (683,190)
Cash and cash equivalents at beginning of period 1,562,493 1,349,820
Cash and cash equivalents at end of period 1,445,255 666,629