资生堂集团Shiseido（4911.T）2025年第三季度业绩报告「TSE」（英文版）（64页）.pdf

1、2025 Q3 Results(JanuarySeptember)and 2025 OutlookNovember 10,2025Shiseido Company,LimitedKentaro Fujiwara President and CEOAyako Hirofuji Chief Financial OfficerIn this document,statements other than historical facts are forward-looking statements that reflect our plans and expectations.These forwar

2、d-looking statements involve risks,uncertainties,and other factors that may cause actual results and achievements to differ from those anticipated in these statements.Where We Are Today and Where We Are Heading3Structural reforms was a foundation building process;Shiseido is now decisively shifting

3、towards a strong growth Sales momentum:Returned to growth trajectory Impact from Travel Retail market contraction and the drop in Drunk Elephant sales has subsided Achieved positive growth in Q3 Key brands and innovation are accelerating growth Structural reforms:Bold execution to shape the future E

4、arly retirement program Next Career Support Plan at Global HQ Marks the completion of all major initiatives under Action Plan 2025-2026;On track to deliver benefits of 25.0 bn in 2026 Profitability/Cash generation:Reform and financial discipline bearing fruit Core operating profit exceeded 30.0bn in

5、 Q3 YTD;approaching full-year target of 36.5bn Free cash flow for the year is expected to exceed initial expectations Americas turnaround:Drive growth and profit recovery Recognized a goodwill impairment loss(non-cash)Delivered tangible benefits of fixed cost reduction via structural reforms in July

6、GroupCore 3Next 5Regained Momentum in Key BrandsQ3+4%2025 Net Sales YoY(LfL)*Like-for-like increase(decrease)in net sales excludes the impacts of foreign exchange translation and all business transfers in 2025 and 2024 as well as the services provided during the transition period,and the impact ofsa