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Consolidated Financial Statements

Last update: October 10, 2025

Semi-annual Consolidated Financial Statements

(1) Semi-annual consolidated balance sheets

(Millions of yen)
  February 28, 2025
Amount 		August 31, 2025
Amount
ASSETS
Current assets 2,823,782 1,877,210
  Cash and bank deposits 1,368,663 709,581
Notes and accounts receivable - trade, and contract assets 441,630 330,349
Trade accounts receivable - financial services 111,029 39,349
Merchandise and finished goods 312,739 290,335
Work in process 46 48
Raw materials and supplies 3,002 2,091
Prepaid expenses 94,707 88,325
ATM-related temporary payments 118,172 -
Other 388,696 426,309
Allowance for doubtful accounts (14,905) (9,181)
Non-current assets 8,561,745 7,772,370
  Property and equipment 4,981,298 4,577,380
  Buildings and structures, net 1,749,166 1,625,903
Furniture, fixtures and equipment, net 538,598 450,362
Land 1,172,559 1,107,559
Lease assets, net 1,641 2,022
Right-of-use assets, net 1,289,807 1,183,167
Construction in progress 206,223 184,570
Other, net 23,300 23,792
Intangible assets 2,711,382 2,384,494
  Goodwill 2,264,441 2,009,492
Software 295,814 234,308
Other 151,125 140,693
Investments and other assets 869,065 810,496
  Investments in securities 321,086 293,610
Long-term loans receivable 14,295 16,860
Long-term leasehold deposits 264,136 248,825
Net defined benefit asset 126,974 126,146
Deferred tax assets 75,058 62,596
Other 69,189 64,112
Allowance for doubtful accounts (1,675) (1,656)
Deferred assets 582 479
  Bond issuance cost 582 479
TOTAL ASSETS 11,386,111 9,650,060
(Millions of yen)
  February 28, 2025
Amount 		August 31, 2025
Amount
LIABILITIES
Current liabilities 3,316,615 2,698,622
  Notes and accounts payable, trade 519,497 573,091
Short-term loans 172,497 580,920
Current portion of bonds 210,000 360,791
Current portion of long-term loans 290,128 133,391
Income taxes payable 36,003 44,568
Accrued expenses 282,395 259,904
Contract liabilities 178,031 98,126
Deposits received 146,967 247,069
ATM-related temporary advances 73,388 -
Lease obligations 180,624 163,266
Allowance for Loss on transfer of subsidiary 18,235 10,013
Allowance for restructuring expenses 2,626 265
Allowance for sales promotion expenses 815 494
Allowance for bonuses to employees 14,249 15,370
Allowance for bonuses to Directors and Audit & Supervisory Board Members 501 434
Deposits received in banking business 813,388 -
Call money 100,000 -
Other 277,264 210,913
Non-current liabilities 3,846,283 3,339,577
  Bonds 1,244,036 934,760
Long-term loans 778,068 706,064
Deferred tax liabilities 233,635 221,962
Allowance for retirement benefits to Directors and Audit & Supervisory Board Members 439 445
Allowance for stock payments 4,947 2,561
Net defined benefit liability 16,313 15,034
Deposits received from tenants and franchised stores 44,178 44,069
Lease obligations 1,223,438 1,125,497
Asset retirement obligations 235,024 225,943
Other 66,201 63,237
TOTAL LIABILITIES 7,162,898 6,038,199
NET ASSETS
Shareholders' equity 3,054,284 2,841,648
  Common stock 50,000 50,000
Capital surplus 293,455 293,430
Retained earnings 2,727,937 2,796,978
Treasury stock, at cost (17,108) (298,760)
Total accumulated other comprehensive income 981,693 737,274
  Unrealized gains (losses) on available-for-sale securities, net of taxes 51,770 63,787
Unrealized gains (losses) on hedging derivatives, net of taxes 5,035 4,442
Foreign currency translation adjustments 901,059 646,910
Remeasurements of defined benefit plans 23,827 22,133
Subscription rights to shares 80 -
Non-controlling interests 187,154 32,938
TOTAL NET ASSETS 4,223,212 3,611,861
TOTAL LIABILITIES AND NET ASSETS 11,386,111 9,650,060

(2) Semi-annual consolidated statements of income and semi-annual consolidated statements of comprehensive income
Semi-annual consolidated statements of income

(Millions of yen)
  Six Months Ended
August 31, 2024
Amount 		Six Months Ended
August 31, 2025
Amount
Revenues from operations 6,035,534 5,616,637
  Net sales 5,220,606 4,788,994
Cost of sales 4,317,995 3,909,215
Gross profit on sales 902,610 879,779
  Operating revenues 814,927 827,642
Gross profit from operations 1,717,538 1,707,422
  Selling, general and administrative expenses 1,530,541 1,499,034
Operating income 186,996 208,388
Non-operating income 16,235 10,952
  Interest income 6,093 5,687
Gain on valuation of investment securities 6,244 1,266
Equity in earnings of affiliates 440 -
Other 3,456 3,998
Non-operating expenses 36,011 32,903
  Interest expenses 19,661 16,400
Interest on bonds 10,456 9,811
Equity in losses of affiliates - 1,039
Other 5,892 5,653
Ordinary income 167,220 186,436
Special gains 10,145 48,329
  Gain on sales of property and equipment 1,515 39,363
Gain on sales of investments in securities 7,448 3,964
Other 1,181 5,001
Special losses 86,237 31,200
  Loss on disposals of property and equipment 6,871 6,758
Impairment loss 10,626 8,041
Restructuring expenses 5,196 873
Loss on business of subsidiaries and associates 45,877 -
Loss on transfer of subsidiary 4,782 -
Other 12,883 15,527
Income before income taxes 91,128 203,566
Total Income taxes 33,669 76,009
  Income taxes - current 38,468 67,651
Income taxes - deferred (4,799) 8,357
Net income 57,459 127,556
Net income attributable to non-controlling interests 5,216 5,754
Net income attributable to owners of parent 52,242 121,802

Semi-annual consolidated statements of comprehensive income

(Millions of yen)
  Six Months Ended
August 31, 2024
Amount 		Six Months Ended
August 31, 2025
Amount
Net income 57,459 127,556
Other comprehensive income
  Unrealized gains (losses) on available-for-sale securities, net of taxes 8,087 11,953
Unrealized gains (losses) on hedging derivatives, net of taxes 974 (592)
Foreign currency translation adjustments 367,943 (260,547)
Remeasurements of defined benefit plans, net of taxes (498) (2,115)
Share of other comprehensive income (loss) of entities accounted for using equity method, net of taxes 77 (26)
Total other comprehensive income (loss) 376,584 (251,328)
Comprehensive income (loss) 434,043 (123,772)
  Comprehensive income (loss) attributable to owners of parent 426,401 (122,617)
Comprehensive income (loss) attributable to non-controlling interests 7,642 (1,154)

(3) Semi-annual consolidated statements of cash flows

(Millions of yen)
  Six Months Ended
August 31, 2024
Amount 		Six Months Ended
August 31, 2025
Amount
Cash flows from operating activities
  Income before income taxes 91,128 203,566
Depreciation and amortization 216,764 207,854
Impairment loss 39,800 8,041
Amortization of goodwill 67,746 69,207
Interest income (6,093) (5,687)
Interest expenses and interest on bonds 30,118 26,211
Equity in losses (earnings) of affiliates (440) 1,039
Gain on sales of property and equipment (1,515) (39,363)
Loss on disposals of property and equipment 7,654 7,355
Loss on transfer of subsidiary 4,782 -
Loss (gain) on sales of investments in securities (7,447) (3,964)
Decrease (increase) in notes and accounts receivable, trade (28,156) (26,726)
Decrease (increase) in trade accounts receivable, financial services (4,330) (8,340)
Decrease (increase) in inventories (8,458) 1,948
Increase (decrease) in notes and accounts payable, trade 74,879 74,075
Increase (decrease) in deposits received 79,950 85,007
Net increase (decrease) in borrowings in banking business - 10,000
Net increase (decrease) in deposits received in banking business 26,005 28,797
Net increase (decrease) in call money in banking business 10,000 (100,000)
Net decrease (increase) in ATM-related temporary accounts (26,791) (41,969)
Other (2,380) (34,246)
Subtotal 563,216 462,805
Interest and dividends received 6,810 6,494
Interest paid (24,914) (27,956)
Insurance income received 1,523 2,785
Income taxes paid (23,042) (64,007)
Income taxes refund 18,828 1,982
Net cash provided by operating activities 542,422 382,104
(Millions of yen)
  Six Months Ended
August 31, 2024
Amount 		Six Months Ended
August 31, 2025
Amount
Cash flows from investing activities
  Acquisition of property and equipment (238,106) (160,346)
Proceeds from sales of property and equipment 4,450 66,349
Acquisition of intangible assets (59,003) (42,726)
Payment for purchase of investments in securities (27,487) (44,891)
Proceeds from sales of investments in securities 21,999 51,909
Payment for purchase of shares in subsidiaries resulting in change in scope of consolidation (167,141) -
Proceeds from sales of shares in subsidiaries resulting in change in scope of consolidation 2,603 -
Payment for sales of shares in subsidiaries resulting in change in scope of consolidation (22,573) (758,627)
Payment for long-term leasehold deposits (4,775) (3,246)
Refund of long-term leasehold deposits 11,530 16,136
Proceeds from deposits from tenants 1,727 959
Refund of deposits from tenants (2,116) (1,011)
Payment for acquisition of business (109,835) (173)
Payment for time deposits (6,976) (3,983)
Proceeds from withdrawal of time deposits 3,283 5,476
Other (8,362) (9,189)
Net cash used in investing activities (600,782) (883,364)
Cash flows from financing activities
  Net increase (decrease) in short-term loans 290,935 417,227
Proceeds from long-term debts 186,980 18,000
Repayment of long-term debts (92,679) (190,815)
Payment for redemption of bonds (342,810) (30,000)
Proceeds from share issuance to non-controlling shareholders 399 -
Purchase of treasury stock (59,641) (283,306)
Dividends paid (49,449) (51,950)
Dividends paid to non-controlling interests (4,044) (4,259)
Payment for changes in ownership interests in subsidiaries that do not result in change in scope of consolidation (367) (0)
Other (5,857) (7,821)
Net cash used in financing activities (76,534) (132,925)
Effect of exchange rate changes on cash and cash equivalents 41,997 (21,358)
Net increase (decrease) in cash and cash equivalents (92,897) (655,544)
Cash and cash equivalents at beginning of period 1,562,493 1,349,820
Cash and cash equivalents at end of period 1,469,596 694,276