Supplementary Explanatory Materials for the Full-Year Financial Results for the Fiscal Year Ending February 2026 | BAROQUE JAPAN LIMITED (3548) timely disclosure

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Contents of this document

Supplementary materials to the earnings reportFull fiscal year ended February 202611 items taken from the company’s own explanation

Financial Results Figures (The key points of this material are explained below)

Net Sales51,499 Millions of yen-11.5%

Operating profit321 Millions of yen-60.5%

Ordinary income383 Millions of yen

Net income366 Millions of yen

Gross Profit Margin60.1%

Operating profit margin0.6%

Selling, general and administrative expenses30,606 Millions of yen

Results for the three months of the current quarterThe standalone fourth-quarter results for segment revenue were ¥4,926 million for the FB and SB brands, ¥6,804 million for the SC brand, and ¥1,210 million for the department-store brands.

Full-year earnings forecast

Fiscal year ending February 2027

Consolidated revenue

52,970 Millions of yen

Consolidated gross profit

32,245 Millions of yen

Consolidated selling, general and administrative expenses

30,892 Millions of yen

Consolidated operating profit

1,352 Millions of yen

Consolidated ordinary income

1,302 Millions of yen

Profit attributable to owners of the parent

743 Millions of yen

What the company explained in this material

Self-assessment against the planThe company's self-assessment against its own plan.

The targets of the previous medium-term management plan were not achieved

Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.

Consolidated revenue

Difference from the previous year's results including the China JV-6,680 Millions of yen

Difference from the previous year's results excluding the China JV-4,439 Millions of yen

Consolidated gross profit

Difference from the previous year's results including the China JV-2,172 Millions of yen

Difference from the previous year's results excluding the China JV-1,183 Millions of yen

Consolidated selling, general and administrative expenses

Difference from the previous year's results including the China JV-1,681 Millions of yen

Difference from the previous year's results excluding the China JV-710 Millions of yen

Consolidated operating profit

Difference from the previous year's results including the China JV-491 Millions of yen

Difference from the previous year's results excluding the China JV-473 Millions of yen

Consolidated ordinary income

Difference from the previous year's results including the China JV2,067 Millions of yen

Difference from the previous year's results excluding the China JV1,948 Millions of yen

Profit attributable to owners of the parent

Difference from the previous year's results including the China JV2,941 Millions of yen

Difference from the previous year's results excluding the China JV2,475 Millions of yen

New initiatives

Formulation of a new medium-term management plan covering the fiscal years ending February 2027 through February 2028
Rebranding AZUL BY MOUSSY, product development, stronger PR, and store renovations
Reorganizing brand operations into a centralized structure
Expansion into other industries through DB Capital Limited, a joint venture with JD.com
Joint investment of ¥15.0 billion in DB Capital Limited (the Company's ownership interest: 25%)
Introduction of an employee share-based compensation plan
Introduction of a paid hourly leave system and expansion of the reduced-hours work system

Key KPIsA metric the company considers important as a management benchmark.

Domestic revenue50,771 Millions of yen
Year on year against the same period last year+96.3%
Store sales37,900 Millions of yen
Year on year against the same period last year+97.1%
EC sales10,147 Millions of yen
Year on year against the same period last year+93.4%
MOUSSY revenue
Year on year against the same period last year+103.8%
RODEO CROWNS WIDE BOWL same-store sales
Year on year against the same period last year+112.3%

Unit price and quantity metricsThese figures show sales broken down by price and volume.

The materials present year-on-year trends in same-store sales, average spend per customer, and customer traffic for AZUL BY MOUSSY. Customer traffic was 98.9%, 99.6%, and 92.8%; average spend per customer was 101.6%, 92.4%, and 92.6%; and same-store sales were 102.7%, 92.8%, and 94.6%, among other figures.

Segment results

FB/SB brands

Net Sales19,257 Millions of yen

Year on year against the same period last year+100.9%

SC brand

Net Sales24,774 Millions of yen

Year on year against the same period last year+95.3%

Department-store brands

Net Sales5,262 Millions of yen

Year on year against the same period last year+92.0%

Medium-term management plan targets

Fiscal year ending February 2028

Consolidated revenue¥57.0 billion

Consolidated operating profit¥2.60 billion

Consolidated operating margin4.5%

Profit attributable to owners of the parent¥1.50 billion

ROE10.6%

Comparison with actual resultsCompared with actual results for the fiscal year ended February 2026 and the full-year outlook for the fiscal year ending February 2027

Financial targets

ROE

Fiscal year ended February 2026 results2.4%

Outlook for the fiscal year ending February 20275.1%

FY2028 target10.6%

Operating profit margin

Fiscal year ended February 2026 results0.6%

Outlook for the fiscal year ending February 20272.6%

FY2028 target4.5%

Market Size / Share

JD.com revenue¥29.6 trillion (fiscal year ended December 2025)

JD.com e-commerce active usersApproximately 600 million

Annual Dividend

Annual dividend per share¥38

Payout ratio

Not disclosed (the trend in DOE is provided)

Contents of this document
Item	Details
Document type	Supplementary materials to the earnings report
Fiscal Period Covered	Full fiscal year ended February 2026
Net Sales	51,499 Millions of yen (YoY -11.5%)
Operating profit	321 Millions of yen (YoY -60.5%)
Ordinary income	383 Millions of yen
Net income	366 Millions of yen
Gross Profit Margin	60.1%
Operating profit margin	0.6%
Selling, general and administrative expenses	30,606 Millions of yen
Results for the three months of the current quarter	The standalone fourth-quarter results for segment revenue were ¥4,926 million for the FB and SB brands, ¥6,804 million for the SC brand, and ¥1,210 million for the department-store brands.
Full-year earnings forecast	Fiscal year ending February 2027 Consolidated revenue 52,970 Millions of yen / Consolidated gross profit 32,245 Millions of yen / Consolidated selling, general and administrative expenses 30,892 Millions of yen / Consolidated operating profit 1,352 Millions of yen / Consolidated ordinary income 1,302 Millions of yen / Profit attributable to owners of the parent 743 Millions of yen
Self-assessment against the plan	The targets of the previous medium-term management plan were not achieved
Segment results	FB/SB brands Net Sales 19,257 Millions of yen / Year on year against the same period last year 100.9 Millions of yen / SC brand Net Sales 24,774 Millions of yen / Year on year against the same period last year 95.3 Millions of yen / Department-store brands Net Sales 5,262 Millions of yen / Year on year against the same period last year 92 Millions of yen
Breakdown of Factors Affecting the Change	Consolidated revenue Difference from the previous year's results including the China JV -6,680 Millions of yen / Difference from the previous year's results excluding the China JV -4,439 Millions of yen / Consolidated gross profit Difference from the previous year's results including the China JV -2,172 Millions of yen / Difference from the previous year's results excluding the China JV -1,183 Millions of yen / Consolidated selling, general and administrative expenses Difference from the previous year's results including the China JV -1,681 Millions of yen / Difference from the previous year's results excluding the China JV -710 Millions of yen / Consolidated operating profit Difference from the previous year's results including the China JV -491 Millions of yen / Difference from the previous year's results excluding the China JV -473 Millions of yen / Consolidated ordinary income Difference from the previous year's results including the China JV 2,067 Millions of yen / Difference from the previous year's results excluding the China JV 1,948 Millions of yen / Profit attributable to owners of the parent Difference from the previous year's results including the China JV 2,941 Millions of yen / Difference from the previous year's results excluding the China JV 2,475 Millions of yen
Key KPIs	Indicator name Domestic revenue / Value 50,771 Millions of yen / Year on year against the same period last year 96.3 Millions of yen, Indicator name Store sales / Value 37,900 Millions of yen / Year on year against the same period last year 97.1 Millions of yen, Indicator name EC sales / Value 10,147 Millions of yen / Year on year against the same period last year 93.4 Millions of yen, Indicator name MOUSSY revenue / Value Not disclosed / Year on year against the same period last year 103.8 103.8% year on year, Indicator name RODEO CROWNS WIDE BOWL same-store sales / Value Not disclosed / Year on year against the same period last year 112.3 112.3% year on year
Unit price and quantity metrics	The materials present year-on-year trends in same-store sales, average spend per customer, and customer traffic for AZUL BY MOUSSY. Customer traffic was 98.9%, 99.6%, and 92.8%; average spend per customer was 101.6%, 92.4%, and 92.6%; and same-store sales were 102.7%, 92.8%, and 94.6%, among other figures.
Medium-term management plan targets	Subject Fiscal year ending February 2028 / Consolidated revenue ¥57.0 billion / Consolidated operating profit ¥2.60 billion / Consolidated operating margin 4.5% / Profit attributable to owners of the parent ¥1.50 billion / ROE 10.6% / Comparison with actual results Compared with actual results for the fiscal year ended February 2026 and the full-year outlook for the fiscal year ending February 2027
Financial targets	ROE Fiscal year ended February 2026 results 2.4% / Outlook for the fiscal year ending February 2027 5.1% / FY2028 target 10.6% / Operating profit margin Fiscal year ended February 2026 results 0.6% / Outlook for the fiscal year ending February 2027 2.6% / FY2028 target 4.5%
Annual Dividend	Annual dividend per share ¥38 / Interim and Year-End Breakdown Not disclosed
Payout ratio	Not disclosed (the trend in DOE is provided)
Market Size / Share	JD.com revenue ¥29.6 trillion (fiscal year ended December 2025) / JD.com e-commerce active users Approximately 600 million
New initiatives	Formulation of a new medium-term management plan covering the fiscal years ending February 2027 through February 2028, Rebranding AZUL BY MOUSSY, product development, stronger PR, and store renovations, Reorganizing brand operations into a centralized structure, Expansion into other industries through DB Capital Limited, a joint venture with JD.com, Joint investment of ¥15.0 billion in DB Capital Limited (the Company's ownership interest: 25%), Introduction of an employee share-based compensation plan, Introduction of a paid hourly leave system and expansion of the reduced-hours work system

Items this document does not state (9)

Progress against full-year forecastNumber of stores and locationsNumber of employeesAssumptions Underlying the Business OutlookRisk amount incorporated into the outlookAcquisition of treasury sharesCapital expendituresOrders received and order backlogKey points of the Q&A

These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.

The reasons the company gives

The company's own explanation, not something inferred from the numbers.

Revenue was affected by a decline in customer traffic at AZUL BY MOUSSY and the dissolution of the China joint venture. Gross profit benefited from lower inventory valuation losses through tighter purchasing controls and the early conversion of inventory into cash based on inventory conditions. Selling, general and administrative expenses declined due to lower outsourced sales commissions linked to revenue and tighter control of fixed costs. Net profit returned to profitability following the elimination of equity-method investment losses associated with the dissolution of the China joint venture and the recognition of gains on the sale of shares in an affiliate.

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