2026 Q1 Results (January-March)

from the beginning

2026 Q1 Results (January-March)

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Key Highlights of 2026 Q1 Results Briefing

Overview of 2026 Q1 Results

Core Operating Profit: Structural Reform Benefits and Cost Discipline Offset Net Sales Decline

Net Sales by Reportable Segment: Impact of Japan-China Tensions within Expectations; Net Sales Declined on Shipment Timing Shifts and Inventory Adjustments

Japan: Local Remained Robust, Driven by Key Brands and New Products; Maintained Profitability Despite Significant Decline in Inbound Sales

China & Travel Retail: Recapture Shifting Demand to Deliver Full-year Growth

Americas: Progressing toward Full-Year Profitability; Shift Focus to Drive Consumer Purchases Recovery

Asia Pacific: Strong Consumer Purchases and Share Gains

Progress on Global Cost Structure Transformation

Q1 Highlights and Key Strategic Actions

Restoring Growth with Clear Issue Identification and Agile Resource Allocation

Americas: Roadmap to Full-Year Profitability

Americas: Two Key Brands Drove Strong Growth

Americas: Drunk Elephant Turnaround Progress Net Sales Composition in Q1

Optimizing the Global Production Structure:

Geopolitical Risks and Full-Year Forecast

Japan-China Tensions: Aim to Mitigate Impact Through Active Management;　Boosting Profitability Under the New Inbound Structure

Full-Year Forecast Unchanged: Intensifying Actions to Contain Risk Amid Uncertainty

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Q&A

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• Q&A 9