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Marui Group H1 FY2026 Earnings Presentation: a 102-page Japanese-language deck (決算説明会資料-style briefing titled '2027年3月期 第2四半期決算説明と今後の方向性') from Marui Group Co., Ltd. (丸井グループ), originally published on TDnet (Tokyo Stock Exchange timely disclosure) on November 10, 2026. FY2026 here means the fiscal year ending March 2027, and H1 is April to September 2026. It reports record H1 results with gross transaction volume up 9% to ¥2,846.6 billion (2兆8,466億円), operating profit up 17% to ¥30.8 billion (308億円), ordinary profit ¥25.4 billion and net profit ¥16.8 billion, then sets out the strategy for a world with interest rates.
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Marui Group H1 FY2026 Earnings Presentation: a 102-page Japanese-language deck (決算説明会資料-style briefing titled '2027年3月期 第2四半期決算説明と今後の方向性') from Marui Group Co., Ltd. (丸井グループ), originally published on TDnet (Tokyo Stock Exchange timely disclosure) on November 10, 2026. FY2026 here means the fiscal year ending March 2027, and H1 is April to September 2026. It reports record H1 results with gross transaction volume up 9% to ¥2,846.6 billion (2兆8,466億円), operating profit up 17% to ¥30.8 billion (308億円), ordinary profit ¥25.4 billion and net profit ¥16.8 billion, then sets out the strategy for a world with interest rates.
Detailed view of each slide page, including layout, key content and visual elements.
Cover of Marui Group Co., Ltd. (丸井グループ) presentation titled 'Q2 FY2027/3 Financial Results Explanation and Future Direction', dated November 10, 2026.
Left-aligned company name, deck title and date over white background, with a pink geometric mosaic graphic in the lower right.
Two agenda items: (1) Q2 FY2027/3 results overview and business status, presented by CFO Hirotsugu Kato (加藤 浩嗣); (2) Future direction, presented by President and CEO Hiroshi Aoi (青井 浩).
Numbered two-item list with presenter titles under each item, pink 'Today's contents' pill label top-left, logo top-right and mosaic bottom-right.
Section divider numbered 1: 'Q2 FY2027/3 results overview and business status', presenter CFO Hirotsugu Kato.
Large numeral and section title at upper left, mosaic graphic at right, minimal text.
Lists the topics of section 1: consolidated, retail, fintech, balance sheet/capital allocation, ESG, full-year outlook, impact of the new lease accounting standard (from FY ending March 2028), and information security response.
Centered title above a bulleted list of eight items; page number 4.
Repeat of the section outline with the first item, Consolidated (連結), highlighted and the remaining items greyed out.
Same list as the previous page with only the first bullet in dark text; others faded.
Gross transaction volume +9% to ¥2,846.6 billion (2兆8,466億円, +¥232.9 billion YoY); operating profit +17% to ¥30.8 billion (308億円, +¥4.4 billion), with retail +27% to ¥6.5 billion and fintech +11% to ¥28.3 billion; ordinary profit +10% to ¥25.4 billion and net profit +13% to ¥16.8 billion. All four metrics are record highs since interim consolidated disclosure began.
Three numbered text blocks with key figures in teal, a down-arrow and a closing summary line, with a footnote on the record-high definition.
Three bar charts for H1 of FY ending Mar 2025, 2026 and 2027: GTV 2.4 to 2.6 to ¥2.8466 trillion (+¥232.9 billion); operating profit ¥21.5 billion, ¥26.4 billion, ¥30.8 billion (+¥4.4 billion); net profit ¥12.1 billion, ¥14.8 billion, ¥16.8 billion (+¥1.9 billion).
Three side-by-side bar charts, grey for prior periods and teal for the current record year with callouts.
Operating profit ¥26.4 billion to ¥30.8 billion; non-operating expenses ¥3.8 billion to ¥6.1 billion (financial costs +¥2.1 billion, of which rate rise +¥1.8 billion); ordinary profit ¥23.1 billion to ¥25.4 billion; extraordinary gains ¥2.4 billion to nil; extraordinary losses ¥2.5 billion to ¥0.9 billion; pre-tax profit ¥23.0 billion to ¥24.5 billion; net profit ¥14.8 billion to ¥16.8 billion.
Table with prior-year, current-year (teal column), YoY %, YoY change and factor columns; subtotal rows shaded.
Retail revenue ¥39.1 billion, ¥42.8 billion, ¥43.8 billion (+¥0.9 billion) with operating profit ¥3.3 billion, ¥5.1 billion, ¥6.5 billion (+¥1.4 billion). Fintech revenue ¥89.2 billion, ¥98.1 billion, ¥110.3 billion (+¥12.2 billion) with operating profit ¥22.4 billion, ¥25.4 billion, ¥28.3 billion (+¥2.9 billion).
Two grouped bar charts, revenue in light bars and operating profit in darker bars for three half-years, current year in teal.
Operating profit rose from ¥26.4 billion to ¥30.8 billion: retail +¥1.4 billion, fintech +¥5.2 billion, eliminations +¥0.1 billion gives ¥33.1 billion ex receivables-securitization effect (+¥6.7 billion), then securitization effect -¥2.3 billion. A reference row shows the prior year, ¥21.5 billion to ¥26.4 billion.
Two stacked waterfall charts, current year on top and prior-year reference below, with bracket arrows for ex-securitization effect.
Ordinary profit excluding the receivables securitization effect rose 20% to ¥27.7 billion: from ¥23.1 billion, retail +¥1.4 billion, fintech +¥5.2 billion, eliminations +¥0.1 billion, non-operating items -¥2.1 billion, then securitization -¥2.3 billion, ending at ¥25.4 billion (110% YoY).
Single waterfall chart with bracket arrows for ex-securitization (+¥4.6 billion) and securitization (-¥2.3 billion) effects.
Section outline repeated with the Retail (小売) item highlighted and others greyed.
Bulleted list with one dark item and seven faded items.
Retail operating profit up ¥1.4 billion to ¥6.5 billion on higher tenant and event income: ¥5.1 billion base, tenant +¥1.5 billion, events +¥0.4 billion, EC +¥0.2 billion, expenses and other -¥0.7 billion (utilities, promotion, systems), related businesses +¥0.2 billion = ¥6.7 billion (+¥1.6 billion), special factors -¥0.2 billion. Prior-year reference row shows ¥3.3 billion to ¥5.1 billion.
Two waterfall charts (current year, prior-year reference) with bracketed breakdown boxes for expenses and special factors.
Existing-store transaction volume exceeded the prior year for 50 consecutive months; Q2 was 112% of the prior year. A monthly line chart from July 2022 to September 2026 compares Marui's existing stores against Tokyo-area department stores (Japan Department Stores Association data).
Full-width line chart with a 100% dashed baseline, fiscal-year dividers, arrow banner and a Q2 callout bubble.
Tenant income rose ¥1.5 billion excluding store closures: from ¥23.3 billion to ¥23.8 billion. Closures -¥1.0 billion, vacant-area effect +¥0.3 billion, monthly rent per tsubo effect +¥1.2 billion (sales-linked +¥0.6 billion, fixed rent +¥0.6 billion). Vacant area fell from 5,200 to 4,000 tsubo; monthly rent per tsubo rose from ¥51,000 to ¥53,000.
Waterfall chart with a KPI strip underneath showing vacant area and rent per tsubo.
Section outline repeated with Fintech (フィンテック) highlighted.
Bulleted list with one dark item and the rest faded.
Fintech operating profit ex-securitization rose ¥5.2 billion to ¥30.6 billion: revenue +¥12.2 billion (GTV-linked +¥2.7 billion, non-linked +¥9.5 billion, mainly installment/revolving fees +¥7.6 billion) offset by costs -¥7.0 billion (GTV-linked -¥3.1 billion, non-linked -¥3.9 billion). Securitization -¥2.3 billion gives ¥28.3 billion (+¥2.9 billion). Prior-year reference row below.
Two waterfall charts with revenue and cost bracket arrows and breakdown boxes; small text in boxes is dense.
Q2 card credit GTV was ¥1,331.8 billion (1兆3,318億円), 109% of the prior year and a record for a single quarter. Chart shows quarterly GTV from Q1 FY ending Mar 2025 to Q2 FY ending Mar 2027 with YoY ratios of 109 to 111%.
Quarterly bar chart with a YoY line above; final bar highlighted in teal.
Installment and revolving GTV stayed at about 107% YoY, and fee income rose 24% to ¥39.1 billion (315 to 391), including +¥5.6 billion from the fee-rate change. Bars show H1 from Sept 2020 to Sept 2026.
Line of YoY ratio above a bar chart with a stacked highlight for the fee-rate effect.
After the installment/revolving fee-rate revision, the credit loss rate held at 1.0%, in line with the prior year. Period-end receivables ¥1,086.4 billion (1兆864億円) versus ¥1,027.7 billion; write-offs ¥11.2 billion versus ¥9.8 billion. The rate is write-offs divided by period-end receivables, excluding guarantees.
Combined chart of receivables and write-off bars with a loss-rate line; footnote defines the rate.
New card sign-ups reached a record 440,000 in H1, helped by cards that support fans' favorites ('推し' style cards); 430,000 a year earlier. Of the total, 210,000 came from the fan-support cards (190,000 in the prior year). Bars cover H1 from Sept 2020 to Sept 2026.
Stacked bar chart with a highlighted current-year bar and a call-out label.
Rent guarantee revenue grew to ¥11.9 billion (114% YoY), exceeding cashing revenue for the first time. Rent guarantee: 66, 78, 91, 104, 119 (¥100 million) from Sept 2022 to Sept 2026; cashing: 102 to 114.
Paired bar chart per half-year, with legend labels for rent guarantee and cashing.
Section outline repeated with Balance Sheet / Capital Allocation highlighted.
Bulleted list with one dark item and the rest faded.
Total assets rose ¥65.4 billion from the prior period-end to ¥1,206.7 billion (1兆2,067億円) from ¥1,141.3 billion. Operating receivables ¥783.9 billion (+¥70.2 billion); interest-bearing debt ¥770.2 billion (+¥54.0 billion) including ¥50.0 billion of convertible bonds; equity ¥231.4 billion, equity ratio 19.2% (-2.2 points). Securitization-inclusive receivables ¥1,114.0 billion.
Side-by-side stacked balance-sheet blocks for March 2026 and September 2026 with an arrow between them.
¥50.0 billion zero-coupon euro-yen CB (decided Aug 24, 2026, payment Sept 9, 5-year term): minimizes cash interest, has conversion-restriction and cash-settlement clauses to limit dilution, and is paired with a ~¥15.0 billion buyback to improve ROE and EPS. Financial cost saving: ¥0.1 billion in FY Mar 2027, ¥0.7 billion per year from FY Mar 2028 through FY Mar 2031.
Issue summary header, three numbered points with teal highlights, and a rounded pill with cost-saving figures.
H1 allocation from core operating cash flow of ¥27.9 billion (of which ¥20.2 billion): growth investment ¥5.4 billion (existing ¥4.9 billion, future ¥0.5 billion; human capital ¥6.2 billion, 33% of personnel cost; ¥11.6 billion including human capital) and shareholder returns ¥14.8 billion (dividends ¥11.9 billion, buybacks ¥2.9 billion). Separately, ¥15.0 billion of the ¥50.0 billion CB proceeds funded a share buyback.
Flow diagram from cash-flow boxes through growth/return/optimization categories to colored allocation bars.
Section outline repeated with ESG highlighted.
Bulleted list with one dark item and the rest faded.
Renewable energy ratio is on track to hit 100% in FY ending Mar 2027, four years ahead of the original plan, thanks to expanded in-house generation (35 sites). Left chart: renewable share bars FY2022 to FY2027 with in-house generation segments (14, 23, 35). Right chart: electricity price hikes mitigated, +35% (Ukraine crisis, FY2023) and +10% (Middle East tension, FY2027).
Two bar charts side by side with dashed target bars and cause tags.
Section outline repeated with Full-Year Outlook highlighted.
Bulleted list with one dark item and the rest faded.
Operating profit forecast raised by ¥1.0 billion (retail +¥0.5 billion, fintech +¥0.5 billion) on strong results. Policy rate hikes may continue: plan was two hikes (June, December), now four hikes (June, Sept, December, March) expected; financial costs up ¥1.0 billion, so ordinary and net profit forecasts are unchanged.
Two numbered statements with arrow bullets and teal highlighted conclusions.
Retail FY operating profit is forecast at ¥12.5 billion (+12%), ¥0.5 billion above the Q1-revised plan, on higher tenant and event income. H1 actual ¥6.5 billion (+¥1.4 billion); H2 forecast ¥6.0 billion (-¥0.1 billion). Full year: ¥11.2 billion prior year, ¥13.0 billion before special factors, ¥12.5 billion after.
Two stacked waterfall charts (H1 actual, H2 forecast with dashed result bars) and a bottom row of annual totals and plan variance.
Fintech FY operating profit is forecast at ¥51.5 billion, ¥0.5 billion above plan. H1 actual ¥28.3 billion (+¥2.9 billion); H2 forecast ¥23.2 billion (+¥1.6 billion). Full year ¥47.0 billion prior year to ¥51.5 billion, with ex-securitization profit ¥51.5 billion shown against the published plan.
Two stacked waterfall charts for H1 actual and H2 forecast with revenue/cost brackets and detail boxes; small text is dense.
Retail ¥12.5 billion (112%, +¥1.3 billion YoY, +¥0.5 billion vs revised plan); fintech ¥51.5 billion (109%, +¥4.5 billion, +¥0.5 billion); corporate/eliminations -¥7.5 billion; consolidated operating profit ¥56.5 billion versus ¥50.2 billion (113%, +¥6.3 billion, +¥1.0 billion vs plan).
Table with prior-year, current-year (teal), plan variance, YoY ratio and YoY change columns.
FY ordinary profit forecast unchanged at ¥44.0 billion (+¥1.3 billion): from ¥42.7 billion, retail +¥1.3 billion, fintech +¥4.5 billion, eliminations +¥0.5 billion, non-operating -¥5.0 billion (policy rate hikes 2 to 4 times), ¥1.3 billion higher ex-securitization with special factors zero (securitization -¥1.5 billion, interest refunds +¥1.5 billion).
Waterfall chart with bracket arrows and a variance row below showing changes from the Q1-revised plan.
FY ending Mar 2027 forecast: EPS ¥167.7 (106%, +¥9.3) and ROE 12.3% (+0.7 points); GTV ¥5,885.0 billion (109%, +¥492.9 billion); revenue ¥297.8 billion; gross profit ¥261.8 billion; SG&A ¥205.3 billion; operating profit ¥56.5 billion; ordinary profit ¥44.0 billion; net profit ¥29.5 billion (104%, +¥1.0 billion).
Two stacked tables: KPIs (EPS, ROE) on top and reference P&L lines below, with teal current-year column.
Section outline repeated with the new lease accounting standard item (from FY ending March 2028) highlighted.
Bulleted list with one dark item and the rest faded.
Marui plans to measure right-of-use assets as if the new standard had applied from the contract start date (option 2, marked 'planned adoption'), rather than at the application date (April 2027). Two conceptual charts compare rent versus depreciation and interest expense over the lease term.
Two side-by-side conceptual charts on amount versus time with sloped shaded areas and labeled arrows.
Section outline repeated with the information security response item highlighted.
Bulleted list with one dark item and the rest faded.
Customers who created accounts to apply for digital corporate bonds were affected, up to 9,086 people. Leaked data: name, address, phone, email, birth date, gender, bank account number and investment units; 54 customers may have had bank account numbers leaked. No credit card information was leaked. Affected customers have been contacted individually, and oversight is being strengthened.
Text slide with section labels, teal key phrases, a down arrow and a closing statement.
Customers who receive notice of a card-number leak elsewhere or see unfamiliar charges can file from the usage statement or menu screen; Marui compensates losses from unauthorized use retroactively for 61 days.
Left illustration of two people with a card alert; right shows two app screenshots with highlighted buttons.
To help customers use the EPOS Card with confidence, Marui is strengthening guidance on add-on services: usage notification settings (payment alerts by app or email) and a virtual card with an online-payment-only card number whose spending limit customers can set themselves.
Two columns, each with a teal pill label, a phone illustration and short teal-highlighted description.
Section divider numbered 2: 'Future Direction', presented by President and CEO Hiroshi Aoi (青井 浩).
Large numeral and title at left, mosaic graphic at lower right, logo top-right.
Section 2 contents: 1. Responding to a world with interest rates; 2. Progress of businesses that support customers' favorites ('好き').
Title bar with two centered numbered items.
Contents repeated with item 1, responding to a world with interest rates, highlighted and item 2 faded.
Two centered items, first dark and second grey.
A speech bubble states the concern: while Marui grew profit with receivables in a zero-rate world, in a world with interest rates, financing costs on accumulated receivables could become a burden and slow growth through lower fintech profitability.
Large rounded speech bubble with teal highlighted phrases on a mostly blank slide.
Three measures: (1) further revision of installment/revolving fee rates, (2) expansion of off-balance-sheet businesses, (3) development of financing methods distinctive to Marui Group.
Centered list of three numbered items on a blank slide.
Fintech profit has grown with operating receivables: receivables (including securitized) reached ¥1,079.7 billion (1兆797億円), 2.8x March 2014, from ¥384.7 billion; fintech operating profit ¥47.0 billion, 3.0x March 2014 (from ¥15.6 billion), a 9.6% average annual growth rate. Chart covers FY Mar 2014 to Mar 2026.
Line chart of receivables above a bar chart of fintech operating profit, with a dotted growth-rate arrow and teal latest bar.
Policy rates keep rising and may reach a level above expectations in FY ending Mar 2028: forecast 2.0% versus the initial assumption of 1.0%. Step chart runs from -0.1% (FY Mar 2024) through 1.25% to FY Mar 2031, with the gap between forecast and assumption shaded.
Step line chart with a shaded gap, double-headed arrow and callouts for forecast and initial assumption.
Divider page for measure 1, a further revision of installment/revolving fee rates.
Single centered title on a blank slide.
Marui plans a further revision in FY ending March 2028: after the Oct 2025 increase from 15.0% to 18.0%, the rate will move from 18.0% to up to 19.8%, with timing under consideration.
Two rows with period pills and rate arrows; teal highlight for the planned change.
Operating receivables of ¥783.9 billion make up about 70% of total assets of ¥1,206.7 billion, and a similar amount is funded by interest-bearing debt of ¥770.2 billion as of Sept 2026.
Single stacked asset/liability column pair with teal receivables and grey debt boxes, centered on white.
About 50% (46%) of operating receivables are installment/revolving receivables whose fee rates can be revised; one-time payment 40% and cashing 14% have effectively no room for revision (cashing limited by the legal rate cap). Others in the industry are roughly 10 to 30%. Composition is the average of period-ends from H1 FY Mar 2024 to H1 FY Mar 2027.
Left stacked bar with three segments and labels, linked by dotted lines to the right balance-sheet column pair.
Fee-rate increase income: rate increase of 4.8 points (15.0% to a planned 19.8%) times 46% composition gives +2.2%, which exceeds the +2.0% cost from a funding-rate rise (2.0% times 100% of interest-bearing debt).
Central balance-sheet bar with teal and coral callouts on each side leading with dotted arrows to a comparison inequality at the bottom.
Speech bubble asks whether raising installment/revolving fee rates could lead to (1) a decrease in customer usage and (2) an increase in credit losses.
Wide rounded speech bubble with the question in teal highlights on a mostly empty slide.
Installment and revolving GTV reached ¥473.2 billion (4,732億円) in FY Mar 2026: installment 3,377 (about 70%) and revolving 1,355 (about 30%), versus 1,252 in FY Mar 2015. Banner marks the start of 'Atokara Bunkatsu' (post-purchase installments) in December 2017.
Stacked bar chart across FY Mar 2015 to 2026 with a banner arrow and right-side labels.
47% of EPOS Card members are in their 30s or younger (as of Sept 2026) against 26% for the industry average (Japan Credit Association statistics, 2025 edition). Young customers have many life events and often make large lump-sum expenditures.
Two pie charts on the left and a teal pill with five life-event icons on the right.
Illustrates a 20-something employee: after a move the month's balance falls short, but with the app she can shift payments afterward into installments and spread the cost across months. Bar charts compare monthly payment capacity before (red overrun in May) and after.
Two panels with speech bubbles and character illustrations above before/after bar charts.
Installment/revolving share of shopping GTV stayed flat after the Oct 2025 revision: 11.2%, 11.1%, 11.3%, 11.3%, 11.3% and 11.3% at Sept 2026, with the same level assumed after the planned FY Mar 2028 re-revision.
Line chart over FY Mar 2022 to 2029 with vertical markers for the two revision dates and a dotted projection.
Credit loss rate was steady after the revision, 1.0% at Sept 2026 (1.0, 0.9, 0.8, 0.8, 0.8, 1.0 over earlier years), and the impact of the re-revision is expected to be limited. Rate is write-offs divided by period-end receivables excluding guarantees.
Line chart with vertical dotted revision markers and a footnote defining the loss rate.
After temporary swings from rate rises and the fee-rate revision, fintech profit growth is expected to exceed the past pace: about ¥4.0 billion a year historically versus about ¥5.0 billion afterward. Conceptual curve marks Covid impact, end of negative rates, policy rate 1% and 2%, and fee revisions across FY Mar 2016 to 2031.
Conceptual line chart with a dashed forecast, circled peak and valley, rate tags and growth-pace arrows.
Divider page for measure 2, expansion of businesses that do not use the balance sheet.
Single centered title on a blank slide.
Off-balance-sheet businesses grew with the rent guarantee expansion. External revenue of the fintech segment: ¥48.3 billion in FY Mar 2008 (cashing 80%, insurance etc. 3%) versus ¥195.8 billion in FY Mar 2026 (installment/revolving 35%, merchant fees 32%, rent guarantee 11%, insurance 5%, other 5%, remaining 12% segment shown in coral). Off-balance-sheet share 16% (about ¥30.0 billion) in March 2026, targeted at about 20% by March 2031.
Two donut charts with an arrow, plus a right-hand KPI callout of share now and target.
Partnering with Daito Kentaku Partners (No. 1 in Japan for managed units for 30 straight years, per Zenkoku Chintai Jutaku Shimbun's 2026 ranking) from 2027 as a trigger to expand ties with major property managers and aim for the industry top. Rent guarantee revenue ¥22.3 billion in FY Mar 2026, targeted at ¥40.0 billion or more by FY Mar 2031; GTV about ¥1 trillion versus ¥0.4 trillion.
Left partner panel with logo and arrow; right bar chart FY Mar 2021 to 2026 with a dashed target bar.
Marui expands a guarantee-fee business that needs no funding by working with banks: EPOS Card members are introduced to loans, banks provide them, and Marui sends customers and guarantees loans in exchange for guarantee fees. Partners are Nishi-Nippon City Bank and ORIX Bank, with services starting from 2027 and aiming to expand with banks nationwide.
Left triangle flow diagram of EPOS, bank and members; right partner logos and a teal pill with roll-out notes.
Marui's earnings structure for a rate world rests on three items: (1) a further fee-rate revision, (2) expansion of off-balance-sheet business, and (3) development of financing means distinctive to Marui Group (under study), leading to achievement of the FY Mar 2031 KPIs.
Bordered teal box with three numbered items and a downward arrow to the target statement.
Contents repeated with item 2, progress of businesses that support customers' favorites, highlighted with sub-items Retail and Fintech.
Two items, the first faded, the second dark with two sub-items.
Section divider titled Retail (小売).
Single centered title on a blank slide.
Retail operating profit grew steadily and a sixth consecutive annual increase is expected: ¥10.0 billion (100) in FY Mar 2020, a Covid-affected trough, ¥11.2 billion (112) in FY Mar 2026 and a forecast of ¥12.5 billion (125) for FY Mar 2027.
Bar chart for FY Mar 2020 to 2027 with a Covid arrow, teal latest actual bar and dashed forecast bar; values labeled in ¥100 million (億円).
Two teal pills name the drivers of retail strength: expansion of tenant income and units that support customers' favorites ('好き').
Two centered pill labels on a blank slide.
Vacant area has been reduced to about 4,000 tsubo: average operating vacant area peaked at 11,300 tsubo (vacancy rate 12%) in FY Mar 2021 and is now 4,000 tsubo, a 5% vacancy rate, at Sept 2026.
Bar chart of vacant area with a vacancy-rate line above and a teal latest bar.
Marui moves from stage one, accumulating know-how (tenant replacement, compressing vacant area), to stage two, using that know-how: expanding sales-linked rent, value-up of facilities, and finishing vacant-area compression.
Two columns of stacked blocks, grey for stage one and teal for stage two, connected by a dotted line.
Visitor count and GTV have grown above pre-Covid levels: 180 million visitors (+900,000 vs FY Mar 2019) and ¥290.0 billion GTV (+¥33.0 billion), existing stores, FY Mar 2026. Improved facility value will be reflected in terms at each contract renewal.
Two teal pills with large KPI numbers, a down arrow and a closing teal statement.
Variable income ratio across Marui and Modi rose from 13% (FY Mar 2021) to 20% (2025), 23% (2026), with 24% forecast for FY Mar 2027 and a target of 30% or more by FY Mar 2031; urban shopping centers and station buildings are 30 to 40% for reference.
Bar chart with dashed forecast bars, teal current bar and a grey reference pill on the right.
Value-up and higher sales-linked rent are expected to add ¥8.0 billion of tenant income by FY Mar 2031 versus FY Mar 2026: fixed income +¥2.0 billion from value-up and variable income +¥6.0 billion from expanded sales-linked rent.
Two teal pills with numbers and a bracket combining them into a large total.
Retail know-how is applied in each area of the 'favorites' units: events (store and floor operations), goods (planning, manufacturing and sales of private-brand items) and cards (member recruitment through customer service), shown as a three-part heart-shaped pie.
Pie-style diagram split in three pink segments around a heart logo with leader labels.
Events supporting fans' favorites grew: GTV ¥8.3 billion (160% YoY) versus 52 (¥100 million), and new cardholders from events 82,000 (138%) versus 60,000. GTV per day rose from ¥760,000 to ¥910,000.
Two bar charts comparing Sept 2025 and Sept 2026 with a per-day strip below the first chart.
Experience events that include exhibits lift visitors, new members and sales. Per-day results: item-sales-focused events attract 135 visitors, 9 new members and ¥970,000; experience events 256 visitors, 19 new members and ¥2.13 million (as of Sept 2026).
Two columns comparing space composition and revenue, with small bar groups and up-arrows for the experience type.
Facilities and flow to improve experience quality and lead to goods and card guidance: immersive equipment (large monitors and sound, lighting) and a route of (1) enjoy the world view, (2) meet goods, (3) card guidance at the register.
Left photos of equipment, right isometric floor-plan with numbered route and three step icons.
Event bookings at Yurakucho Marui 8F are scheduled out one and a half years. Number of experience event space sections rises from 14 (Sept 2026) to 38 by March 2031.
Left photo of the event hall, right pill with a before and after section count.
Marui's event space for supporting customers' favorites, 'SUKI PLACE', opens its first outside location at LUCUA Osaka (LUCUA SOUTH, Umeda area) on November 24, 2026.
Large logo at top, rendering image at left and an opening-date pill with location text at right.
SUKI PLACE will expand to major cities nationwide, centered on areas without Marui or Modi stores; a Nagoya-area opening is planned for 2027. Japan map shows Marui/Modi areas (teal) and external openings (pink) with arrows for expansion.
Map of Japan with colored dots and arrows on the left, SUKI PLACE logo and message at right.
Using private-brand know-how, Marui will expand its own planned goods. Event product sales (¥100 million): 100 in FY Mar 2026, 155 planned for FY Mar 2027 (of which own-planned goods 12), and ¥30.0 billion by FY Mar 2031 (own-planned ¥12.0 billion).
Bar chart with solid actual bar and dashed forecast bars with a highlighted own-planned segment.
Section divider titled Fintech (フィンテック).
Single centered title on a blank slide.
While new member recruitment struggles across the credit card industry, EPOS Card sign-ups keep growing: YoY new members 106% for EPOS versus 97% for the industry average in FY Mar 2026. Chart covers FY Mar 2015 to 2026 using Japan Credit Association statistics; YoY is based on new cards issued January to December.
Two-series line chart with a dashed 100% baseline, labeled end values and source footnotes.
Two teal pills name the drivers: face-to-face guidance at stores and events, and cards that support customers' favorites, shown as an illustration of a staff member helping a customer and EPOS Card plus a heart-logo card.
Two columns with pills, an illustration on the left and card images with a plus sign on the right.
While online sign-ups slow, in-store and event enrollment grows: YoY new members by channel FY Mar 2023 to 2026, online 129, 122, 102, 98; stores/events 123, 101, 99, 107. New cardholders from favorites events 82,000 (138%), versus 60,000.
Left two-series line chart, right two-bar comparison.
Members of the favorites-support cards grew to 1.53 million from 1.26 million, with people in their 30s or younger making up 59% versus 47% for all EPOS Card members (as of Sept 2026).
Bar chart at left, two donut charts at right with percentages in the centers.
Concept diagram: consumption for oneself expands through 'favorites' to support and donations for someone, then to society, so that the favorites-support card combines impact and profit.
Left-to-right circle diagram with arrows, a sprout icon, and an overlapping-circle phone motif beneath.
Marui introduces cards for global artists' fans: the TREASURE EPOS Card (disaster relief and humanitarian support group) and the BABYMONSTER EPOS Card (international support group). 0.1% of the card spending amount is donated to each supported organization.
Headline figure at top with two pills above card images and recipient labels.
As donations continue, artists send limited videos: 0.1% of usage is donated, creating a loop of everyday use, donation and exclusive video. Limited videos are delivered by tenure: at first donation, after 6 months, after 12 months.
Circular loop diagram on the left and a speech-bubble timeline of three steps on the right.
Targets for March 2031 versus Sept 2026: favorites-support card members 1.53 million to 3.0 million; support/donation participants 180,000 to 1.0 million; support/donation amount ¥4.2 billion to ¥10.0 billion.
Three rows with teal label pills, current value, arrow and target value in large teal numerals.
Fintech: respond to a rate world through a fee-rate re-revision and off-balance-sheet business; retail: further growth via value-up, expanded sales-linked rent and nationwide roll-out of favorites units. FY Mar 2031 KPIs: group GTV ¥10 trillion; PBR 3 to 4x = ROE 15%+ times PER 25x+; EPS CAGR 9%+ and TSR CAGR 12%+.
Two teal pills with descriptions above a bordered KPI box with an equation of PBR, ROE and PER.
Message that the strategy for businesses supporting customers' favorites, fusing retail and fintech, will be explained at the earnings briefing in May 2027.
Centered text with teal emphasis on a blank slide under a title bar.
Closing image with the slogan 'Toward an economy driven by favorites' over a sunrise seascape. Small print notes copyrights (NAOE/SQUARE ENIX, YG), a forward-looking statements caution and the IR contact address.
Full-bleed photo with large white slogan, small disclaimer text at lower left and the Marui Group logo lower right.
Section divider labeled Appendix, introducing supplementary data pages.
Large centered title with the pink mosaic graphic at lower right.
Average operating vacant area fell from 5,200 tsubo (Sept 2025) to 4,700 tsubo (March 2026) and 4,000 tsubo (Sept 2026).
Three-bar chart with dotted trend lines and a teal latest bar.
EC GTV year on year by quarter from FY Mar 2023 to Q2 FY Mar 2027: most quarters above 100%, ranging from 98% to 116%, with 104% in Q1 and 108% in Q2 of FY Mar 2027.
Line chart with dashed 100% baseline, fiscal-year dividers and labeled points.
Merchant fee rate (merchant fee income divided by fintech GTV): 1.18%, 1.22%, 1.24%, 1.21% across FY Mar 2026 Q1-Q4, then 1.20% in Q1 and 1.21% in Q2 of FY Mar 2027.
Single line chart with labeled quarterly points and a footnote definition.
Card members reached a record 8.51 million at Sept 2026 versus 8.11 million a year earlier, with a forecast of 8.70 million for March 2027. Favorites-support cards total 1.53 million; a bracket shows favorites-support plus platinum/gold cards as 62% of members in Sept 2025, 67% (+5 points) in Sept 2026 and 70% forecast for March 2027.
Stacked bars for three dates with brackets showing ratios and a dotted trend line; dashed forecast bar.
Quarterly interest refund claims (受入高) and refunds (利息返還高) have steadily declined since FY Mar 2020; Q2 FY Mar 2027 claims were ¥330 million (3.3億円) and the allowance balance is ¥3.7 billion (37億円).
Line chart of claims above a bar chart of refunds across 30 quarters with the final bar highlighted.
FY Mar 2027 table in ¥100 million: securitization effect +7 in H1 (-23 YoY), -45 forecast H2 and -38 full year (-15); gain on transfer 66, amortization etc. -104; fee-rate change effect +56 H1, 116 full year (+66); rate rise impact -18 H1, -50 full year; total +14 H1, -13 H2, +1 full year.
Dense data table with quarterly actuals/forecasts, half-year and full-year columns and teal header cells.
Final slide marked END with the pink mosaic graphic.
Mosaic graphic at left and centered END text.
Common questions about this slide and the underlying presentation content.
It is a 102-page earnings briefing for H1 of the fiscal year ending March 2027 with consolidated, retail and fintech results, balance sheet and capital allocation, ESG, full-year outlook, a lease accounting note, an information security update, a strategy section on responding to rising interest rates, and an appendix.
FY2026 here means the fiscal year ending March 2027. H1 is April to September 2026, and the deck is dated November 10, 2026.
H1 gross transaction volume was ¥2,846.6 billion (+9%), operating profit ¥30.8 billion (+17%), ordinary profit ¥25.4 billion (+10%) and net profit ¥16.8 billion (+13%), all records since interim consolidated disclosure began. The full-year operating profit forecast was raised by ¥1.0 billion to ¥56.5 billion.
The original is in Japanese (決算説明会資料-style briefing material) and was published on TDnet, the Tokyo Stock Exchange's timely disclosure service. The gallery page gives English analysis of every slide.
The CEO section covers a response to a rising-rate world: a further installment/revolving fee-rate revision (18.0% to up to 19.8%), expanding off-balance-sheet businesses such as rent guarantees, and developing new funding means, plus retail growth and fintech KPIs for FY ending March 2031 (group GTV ¥10 trillion, ROE 15%+).
You can download the slides from the gallery page when download buttons are offered. The original company PDF is available from Marui Group's investor relations site.
Yes, the structure (agenda, section dividers, waterfall bridges, KPI pills, segment tables, appendix) is a good pattern for any earnings deck. Replace the content and keep the figures and Marui branding for the original company only.
Yes. Pages 8, 33, 35 and 101 are tables, pages 7, 9, 18 to 22 and 96 to 100 are mainly charts, and the waterfall pages (10, 11, 13, 17, 31, 32, 34) contain dense small text.
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