2023 Third QuarterResults (January-September)
and 2023 Outlook

from the beginning

2023 Third QuarterResults (January-September) and 2023 Outlook

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• 2023 Q3 Key Headlines

• 2023 Q3 YTD (January-September) Executive Summary

• Softness in China and Travel Retail Offset by Steady Growth of Cle de Peau Beaue, NARS, Drunk Elephant and Fragrance

• Net Sales : Negative Growth in Q3 Affected by the Decline in China and Travel Retail

• Japan: Continued Growth in Mid-to-High Price Range, Boosting the Total Market Share Gain

• China: Negative Growth in Q3 by Consumer Pullback on Japanese Products due to the Release of Treated Water in Japan

• Travel Retail: Negative Growth Widened in Q3 amid Consumer Pullback on Japanese Products due to the Treated Water Release in Japan

• Americas, EMEA, Asia Pacific: Continued Double Digit Growth

• COGS LfL Ratio: Improved ca. 2pts YoY with Productivity Improvement, etc.

• 2023 Q3 YTD Core Operating Profit by Reportable Segment

• 2023 Outlook: Revised in Light of Changing Market Environment in China and TR

Navigating the Evolving Business Landscape (Japan, China and Travel Retail)

• Medium-Term Strategy SHIFT 2025 and Beyond

• Japan: Achieving Core Operating Profit of \50.0 bn in 2025

• Japan: Driving Sales Growth Towards 2025

• Japan: \25.0 bn Profitability Improvement Plans towards 2025

• Our Views on Current China Market Environment

• China, TR: Business Transformation to Build Resilience and Profitability

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Q&A

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• Q&A 3

• Q&A 4

• Q&A 5

• Q&A 6

• Q&A 7

• Q&A 8