Marui Group Co Ltd IR Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Junichi Kanamori - Okasan Securities Co Ltd - Analyst : This is Kanamori from Okasan. Can you hear me? Unidentified Company Representative Yes, we can hear you fine.

Question: Junichi Kanamori - Okasan Securities Co Ltd - Analyst : Also, It's a question, I guess. LTV this much. It's like 8.4 times difference with the non-main colder. The level is totally different. The usage. You will, the growth rate will be totally different for you as well. The household 33% or 35%. This target If it achieves a 35%, your fee income. How would it be presented? In what form that we can have visibility. We are concerned about the visibility, rent and the other payment on page 11 you have in the circle from on page 11, you can drop it to the P&L. We can tie it to each other somewhat, like the rent guarantee, et cetera for the items for rent. But if you add on top of each other in the variable part, you have to have all the variable also with you. For your P&L what would be the benefit for you P&L wise for yourselves was not very clear. What's the image that I should be looking for bank card holding rate goes up, your company's handling and then fees and income will be a totally different playing field or where would, should we be focusing our attention if you can give us your guidance, please? Unidentified Company Representative Thank you for the question. I would like to respond to that if I may. In terms of the household share expansion. Shopping, it's going to be synced in, how much expansion we see in shopping. Household share going up. The shopping affiliate fee also increases for us. If the household share goes up as we explained. In terms of installment, revolving payment also can happen. So that usage also, so we have a double-decker with our income increasing is what we expect to see directly the main cardholding rate to break it down to profitability will be difficult, but, shopping, handling, and revolving payment, we would be disclosing those numbers, so maybe you can confirm it through that and.

Question: Atsuro Takemura - Morgan Stanley - Analyst : This is Takemura from Morgan Stanley MUFG Securities. Thank you for the opportunity. I have a couple of questions. The first question is regarding the overspending alert function and the household budget management functions. These functions are very interesting. The question I had is that at the very beginning, your approach was completely different from the norm in the industry, that's what you mentioned. But afterwards, your competitors, are they adding the similar functions to the apps? Are they following suit afterwards, that's my question. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / NTS, 8252.T - Marui Group Co Ltd IR Day In addition to that, the other companies, your peers and competitors, are they promoting the main card adoption at the core of their strategy? Are they pursuing the similar direction? If we can hear your views on that, that would be helpful. Next is regarding the development structure or the team. So those apps are playing important roles in your strategy. That's what I understood. In terms of the development structure you have comparing against the other competitors, do you think that your development capabilities are better than the others, or do the others also have the similar development structure as yours? And if you can hear your views on those, that would be appreciated. Unidentified Company Representative Thank you for your question. To the first question, the overspending alarm and budget, household budget management functions, whether others are following suit? Well, for sure the overspending alert or the household budget management, we were the first one, but the other companies, they are gradually releasing those functions on apps. But when we look into the details when it comes to the household budget control and management, well, the users will have to add the tags and make the settings or they have to link with the other household budget management tools. At the time of our developments, we considered that as well, but it wasn't really appreciated by the users. The users mentioned that, if that's the case, I'm not going to use it because it's too troublesome and we ended up with having the one that we just released with better functions. So we believe that others, our competitors' functions are similar but different, totally. And for the other companies to focus on the main card adoption rate, of course, the main credit card. It is important to follow the main card adoptions. So other companies are working to increase the main card adoption rate, but, as we mentioned in the latter half of the presentation, we are working on the business to support Suki. As part of that, we are promoting the main card adoption rate. So we are taking a completely different approach, and that's where the difference lies. And in the latter half, in terms of our development structure, on our side, we are bolstering the internal development capabilities. We have been changing the ways in which we develop. The other companies who are ahead of us, there are some of them. They were ahead of them. But as a latecomer, we are enjoying some sort of benefits or and strengths because we are a latecomer. We are separating the companies and change the compensation schemes to hire engineers, and this is what we are able to do because we are a latecomer. The other financial companies out there who were ahead of these initiatives, they envied us so much. They were jealous. Because, the organization of engineers, they have to, they had to adopt the same compensation scheme as the head office. That's why they were struggling. Well, we'd like to tap into these kind of benefits as a latecomer.

Question: Shigeo Kasam - Daiwa Securities - Analyst : Shigeo Kasam, Daiwa Securities. Thank you very much for your interesting presentation today. So, one big question. Event, doubling the number of events and merchandizing the number of headcount. Good be a bottleneck is the question. Previously, in your presentation, you have given the narrative for the moment. The event should be selective. And the number of events could increase in volume so that your profit could grow. However, the number of events goes above a certain level. There is a limit, so mid to long-term to continue to grow. What is your plan? So, first answer that, please. Unidentified Company Representative Thank you for the question. I will be answering that. Even the number of events that we hold the structure at the moment on the screen you can see the number of events, even that support Suki anime, kind of. events are included. Besides this, we also have in the store. There are like food events. In terms of number of events, focusing on the event that supports Suki, other events will be shrinking. Therefore other events, the resources that work on the other events could be shifting to the event that supports Suki. So although it seems total it is growing, other events will be declining. So the resources involved in the event could be shifting towards the Suki events. That's one. The other. In terms of talent, how we expand our talent is the point. Our company employee, of course, not just event development, they do planning and development of merchandise. We have, besides in our promotion office that supports Suki, there are other people who belong to other departments. We can reallocate these people, mid to long-term, these talents, so that offices support Suki unit, the event and goods part could be consolidated maybe. So by doing so, we can reallocate our resources. So that internally, we can draw these resources from it inside the company. I don't know whether that answered your question. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / NTS, 8252.T - Marui Group Co Ltd IR Day

Question: Shigeo Kasam - Daiwa Securities - Analyst : For a related topic. I wanted to ask another question. In terms of allocating resources, events doing it outside like external third-party sites or goods development in reallocating your talent, what's the balance? How will you make the decision? Who makes the decision as to how much you want to do outside, inside? It's all within the promotion that supports Suki, but In terms of retail and fintech resource allocation, how do you decide? In terms of the process that goes in making that decision, how the resources get allocated including the future direction. Unidentified Company Representative Thank you very much for the question. I will be answering that as well. First the skill set. The office that support Suki Talent at the moment operation planning. Our members explained to you earlier, the planning is what we do mainly going forward for merchandizing development that we will focus. Earlier, repeating myself, product development members also can be reallocated. So, Planning and operation balance. The planning rather than making that bigger, we want to make sure that the operation also nationwide is going to be in demand. So planning an operation balanced, operation will be higher in weight going forward nationwide. The other question internal. With the Marui Group allocating resources. With the group HR, switching jobs and roles within the group. We have done that. S, we don't think there will be any major challenges of reallocation, where we strengthen which area we will focus. A postcard and retail event goods related will be the focus going forward. So resource allocation will be thought from that perspective in talking to the group HR department will be the direction that we will be following.

Question: Atsuro Takemura - Morgan Stanley - Analyst : Thank you. This is Takemura from Morgan Stanley MUFJ Securities. I have three quick questions. First one is regarding the event planning, and merchandizing planning. Within your company, I'm sure that these roles, positions are popular. Am I right to assume so? Well, there are some employees volunteering in serving in these roles. In that sense, it is easy for you to secure human resources working in these areas, I assume. Second question is regarding the possibility of exhausting the event ideas. Well, everyone have their passions and they are planning events on those areas where they have passions. How are you actually generating the new ideas and planting seeds for future events? My third question is regarding, what you mentioned earlier about in these games, what is the potential size of the market? It is difficult for us to really identify the market opportunities and the size. When you look into that, are you able to identify the number of potential buyers or the number of potential visitors? It is also important to manage the inventory risks. So, in that regard, how are you able to identify the market opportunities on the site? Unidentified Company Representative Thank you. To the first part of your question, I will answer that, and to your second and third questions, Inui will answer. Whether those positions are popular or not, in conclusion, they are popular, not only event goods and merchandise, the cards that support Suki. These are the core of our businesses. In that sense, every six months, we are introducing a so-called voluntary system where the employees can volunteer in serving those roles. The ski, supporting cards and the event and merchandise, the roles and the positions are very popular according to what we hear from the HR. Rather than exhausting the ideas, we are, we believe that the opportunities for those people to engage in the efforts will not decrease. The second part of your question. Are we worried about the ideas to be exhausted or plans to be exhausted? I don't think that will be the case. At this point in time, as a matter of fact, the event plans, there are not enough ideas and plans for events. So from makers and other parties, we are collecting ideas, but not all of them have been materialized in the events. So we are dropping and giving up on some of the ideas. So in terms of the number of plans, we are not really worried. When it comes to new developments, the individual creators through the penetration of SNS, social networking sites, and the gadgets, they are increasing in number and, the situation is such that the IPs are more easily created and generated by tapping into those, we believe that we will always be able to plan for new events. And the third part of your question regarding the market challenges, where we see the difficulty in tapping into the market opportunities. As you mentioned, in the past, the anime IPs or manga IPs compared to those, We have less truck recourse. So it is not easy for us to figure out how we can advance these businesses, but media makes situations and what is on the SNS, we believe that we can refer to them. So that's what we are trying to do. We'd like to leverage those sources to identify the probabilities and possibilities for the future events. PRESENTATION

Question: Junichi Kanamori - Okasan Securities Co Ltd - Analyst : Kanamori, Okasan Securities. Thank you. Two questions that I'd like to ask you. Now that you are in the position of external director. Investment, you're a professional in investment. From Nakagami-san's perspective, this Marui group's, initially, your talk was about governance and factors that you mentioned. The first, how the market views monitors from the perspective, this Marui Group. From the market, how is it viewed? How do you think it's viewed as my first question to you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / NTS, 8252.T - Marui Group Co Ltd IR Day

Question: Junichi Kanamori - Okasan Securities Co Ltd - Analyst : For the investor who wants stable growth. It's a good value, but expectation growth is not high, then the share price increase valuation may not grow as much. What would be your take on that? Nakagami san.

Question: Junichi Kanamori - Okasan Securities Co Ltd - Analyst : So thank you for your valuable comment. That's all. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / NTS, 8252.T - Marui Group Co Ltd IR Day

Question: Shigeo Kasam - Daiwa Securities - Analyst : Am I coming through? Can you hear me?

Question: Shigeo Kasam - Daiwa Securities - Analyst : Nakagami San, this is a sort of nebulous question. So the presenters mentioned this and Nakagami San also mentioned this corporate culture or hand-raising culture. From the external director's perspectives, when it comes to mid to long-term corporate growth strategy, is there any gap between that and the corporate culture? Would you be able to help filling the gap. Well, in the past presentation, there is no mention of the economy driven by the Suki, but now that you have the hand raising culture, corporate culture, and now that you are ready to promote the Suki supporting businesses, in terms of the maturity level of the corporate culture and its alignment with the corporate growth strategy, how can you support as an independent director, or will you not be able to support that part?