ZOZO (3092) investor relations material

Executive summary

• GMV excluding other GMV rose 12.4% year-over-year to JPY 646.1 billion; total GMV for core businesses up 5.1% to JPY 603.9 billion; overall GMV reached ¥666,035 million, up 8.4% year-over-year, though slightly below plan.

• EBITDA increased 10.2% year-over-year to JPY 76.9 billion, with a margin of 11.9%, hitting record highs and meeting targets.

• Net sales rose 7.2% year-over-year to ¥228,373 million, with operating profit up 7.1% to ¥69,366 million and profit attributable to owners of parent up 5.7% to ¥47,926 million.

• Strong winter sales in Q4 offset earlier shortfalls; LYST underperformed due to luxury market weakness and U.S. tariff changes.

• Acquisitions of High Link (Coloria) and LYST LTD to expand into fragrance, Near Fashion, and global domains.

Financial highlights

• EBITDA growth attributed to higher GMV, advertising business growth, LYST consolidation, and logistics cost reductions.

• EBITDA margin was 11.9% (down 0.2 points year-over-year); SG&A-to-GMV ratio decreased by 1.0 point to 22.2% year-over-year.

• Net sales rose 7.2% year-over-year to ¥228,373 million; operating profit increased 7.1% to ¥69,366 million.

• Average retail price (ARP) decreased 1.6% year-over-year to JPY 3,974; average order value (AOV) down 1.3% to JPY 8,864.

• Profit attributable to owners of parent was ¥47,926 million, up 5.7% year-over-year.

Outlook and guidance

• FY 2026 forecast: GMV excluding other GMV to rise 5.0% to JPY 678.6 billion; operating profit up 7.3% to JPY 74.4 billion; adjusted EBITDA up 7.2% to JPY 77.9 billion.

• Dividend payout ratio target remains at 70% or higher; estimated dividend per share for FY2026 is 40.0 yen.

• FY 2026 promotion expenses budgeted at 4.8% of GMV, same as FY 2025.

• Medium-term plan targets adjusted EBITDA of JPY 90 billion by FY 2029/FY2030.

• HIGH LINK, INC. will be consolidated from May 2026, impacting the "Others" segment.