ASICS : The Fiscal Third Quarter Ended September 30, 2023

Summary of Consolidated Financial Statements

For the Third Quarter Ended September 30, 2023

(Japan GAAP)

November 10, 2023

Name of the Company: ASICS Corporation

Listing Exchanges: Tokyo

Code No.: 7936

URL: https://corp.asics.com/en/

President, CEO and COO, Representative Director: Yasuhito Hirota

Date of filing Securities Report by quarter: November 10, 2023

Date of scheduled payment of dividend: -

Quarterly Results Supplemental Materials: Yes

Quarterly Results Presentation Meeting: Yes (For institutional investors, analysts and press in Japan)

(Amounts less than one million yen are truncated)

1. Consolidated results for the third quarter ended September 30, 2023 (January 1, 2023- September 30, 2023)

1. Consolidated business results (Accumulated)

(The percentages indicate the rates of increase or decrease compared with the corresponding period of the previous fiscal year)

1. Consolidated financial position

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3. Forecast of consolidated business results for the fiscal year ending December 31, 2023 (January 1, 2023- December 31, 2023)

(The full-year percentages indicate the rates of increase or decrease compared with the previous fiscal year)

For details regarding the revision of the consolidated business results forecast, please refer to "Notice Concerning the Revision of the Consolidated Business Results Forecast for the Fiscal Year Ending December 31, 2023, and the Revision of Dividend Forecast (Increased Dividend)" announced on November 10, 2023.

• Notes

1. Changes in significant subsidiaries during the fiscal year (changes in specified subsidiaries that caused changes in the scope of consolidation): None
2. Adopting accounting treatment simplified or specialized for quarterly consolidation: Yes
3. Changes in accounting policy, changes in accounting estimates, and changes in presentation due to revisions

• Changes in accounting policy to conform to revisions in accounting standards and others: Adopted: Yes

• Changes in accounting policy adopted otherwise than in: None  Changes in accounting estimates: None

 Changes in presentation due to revisions: None

1. Number of shares (of common stock) issued and outstanding

 Number of shares outstanding (including treasury shares) at fiscal end:

• Number of treasury shares at fiscal end:

• Average number of shares during the term:

• Summary of Consolidated Financial Statements is not subjected to quarterly review by independent auditors
• Explanation of appropriate use of business performance forecasts; other special items

(Notes to the description about future, other)

The performance forecasts above are estimated based on information available as of the date hereof. This may cause actual results to differ from stated projections due to changing business conditions or other factors. Please refer to page 9, "(3) Explanation on forecast of consolidated business results and others " for the forecast of consolidated business results.

(How to access supplemental materials on quarterly business results)

The Company is scheduled to hold conference call on business results for institutional investors, analysts and press on Friday, November 10, 2023. We plan to post the materials used in the meeting on the Company's website (https://corp.asics.com/en/investor_relations/library/financial_summary) on Friday, November 10, 2023.

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1. Qualitative information for consolidated business results

(1) Explanation on business results

Forward-looking statements in the text are our estimation as of the end of the third quarter ended September 30, 2023.

Major initiatives during the third quarter ended September 30, 2023

The normalization of social and economic activities has progressed with in-person sporting events having truly reopened since the beginning of the year and people were able to move freely for the first time in several years.

Net sales were ¥448.1 billion recording the highest ever for the nine months ended September 30, 2023 and increased year on year in all regions and categories. By region, net sales for ASICS JAPAN Corp. in Japan region increased by 35.6% capturing inbound demand as well as enjoying rapid growth of the Core Performance Sports category, especially working shoes and basketball shoes. In the Greater China region, responding flexibly to local needs through continuing to implement a local oriented strategy, Performance Running and SportStyle categories performed well, and net sales increased by 28.8%. In Southeast and South Asia regions, not only India, which continues to perform well, but also Malaysia and Indonesia were the regions recording large revenue growth. Net sales continued to grow steadily in most of the regions during the nine months ended September 30, 2023.

Despite deteriorating foreign exchange rates in purchasing goods, the gross margin improved by

1.2 points year on year to 51.2% due to optimizing selling prices, improving the sales channel mix and so on.

Operating income was ¥55.8 billion, the highest ever for the nine months ended September 30, 2023, increased by 54.8% year on year. As a result of lowering Selling, General and Administrative expenses ratio due to continued controlling Selling, General and Administrative expenses as well as effects of sales increase, operating income ratio improved significantly to 12.5% from 9.9% of the same period of the previous fiscal year.

Profit attributable to owners of parent was ¥40.2 billion, also the highest ever for the nine months ended September 30, 2023.

Based on the progress of strong performance during the nine months ended September 30, 2023, we have opted to upwardly revise our annual consolidated business results forecast. In addition, the year-end dividend forecast has been revised to 35 yen per share, taking into consideration the overall performance and cash flow situation for the current fiscal year. As a result, the annual dividend forecast has been revised upward to 60 yen per share, a further increase from the record- high annual dividend forecast of 44 yen per share at the beginning of the fiscal year.

• Digital
  With the continued increase in OneASICS members (increasing by 32.6% year on year to around 8.82 million members), EC sales grew by 35.4% year on year to ¥76.5 billion. EC sales have shown steady growth accompanied by an increasing number of OneASICS members. We will continue promoting efforts to gain more direct touchpoints with runners as well as more OneASICS members for further expanding the running ecosystem.
• Running Ecosystem
  ① ASICS RUN TOKYO MARUNOUCHI, a comprehensive store with a run station located in Tokyo's Marunouchi district, was recently renovated and reopened in August. The store is conveniently located with easy reach of the Imperial Palace, a popular running spot. With the

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store's reopening, ASICS RUN TOKYO MARUNOUCHI aims to provide a complete range of running-related services, including analysis and diagnosis of foot shape and running style, purchase of shoes and sportswear, daily training support, race registration and post-race care.

• At the Sydney Marathon held in Australia in September, we provided a new customer experience spanning the runners' activities from entry to post-race completion. Benefits provided for OneASICS members from entry completion through to race day included training plan suggestions, invitations to member communities and challenge plans, and goal-based product recommendations. After the race, we provided recovery services, video streaming of the finishing scenes, and other services. In addition to significant new OneASICS member acquisitions, online sales of event-related products were also significantly higher than the previous fiscal year's. We will continue such expansion of our running ecosystem and aim for further global development.

◇World Athletics Championships Budapest 23

The World Athletic Championships, which ASICS officially sponsored, was held in Budapest, Hungary in August, and the number of ASICS sponsored athletes participating in the event increased significantly from 40 in the previous event to 92. Athletes wearing ASICS' METASPEED series were active in this competition, with Mohamed Katir of Spain winning a silver medal in the 5000m and Fred Kerley of the U.S. winning a gold medal in the 4x100m relay. The percentage of runners wearing ASICS shoes in the men's and women's marathons was also significantly higher than for the previous event, at 18.6% (in-house research).

• Category

• Performance Running

Net sales increased by 15.1% year on year to ¥227.0 billion with double-digit revenue growth in Japan region, Greater China region, Southeast and South Asia regions. In major regions, "GEL- KAYANO 30" performed well and outperformed the previous model.

• Core Performance Sports

Net sales increased by 48.9% year on year to ¥61.0 billion driven by tennis shoes and working shoes. Sales of tennis shoes increased significantly by 52.7% year on year to ¥20.0 billion.

At the U.S. Open Tennis Championships held from August to September, Novak Djokovic, who has a footwear contract with ASICS, won the 24th Grand Slam singles title of his career, tying for the record number of Grand Slam titles wins across men's and women's tournaments. The signature model worn by the player, "COURT FF 3 NOVAK" is a shoe combining stability and speed for maximum on-court performance.

• Onitsuka Tiger

• ① Net sales increased by 40.8% year on year to ¥44.8 billion due to significant growth in the

  Japan region, capturing inbound demand, as well as in other regions including Southeast and South Asia. In addition, category profits more than doubled year on year, partially due also to the effects of selling price controls.

• The brand opened the world's first concept store in Ginza in August specializing in its Yellow Collection, which uses a new logo with bold lettering. The concept store is adorned with this new logo and features a modern design with the entire building resembling a yellow box. Ginza is a district that continues to challenge itself while preserving its traditions, and through the concept store, we will present the worldview of the collection to the world.

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◇The Paralympic Games of Paris 2024

ASICS has signed a new contract with the International Paralympic Committee (IPC) to be the official supplier for the Paralympic Games of Paris 2024. We will provide staff sportswear and shoes for this competition.

We will continue to contribute to the development of the Paralympic Movement, as well as to a society where, anyone can have both a sound mind and a sound body through sports.

• Global Partnership Agreement With Renshi Chokai
• 
  ASICS has signed a Global Partnership Agreement with the wheelchair basketball player, Renshi Chokai. Chokai starts his career as a professional wheelchair basketball player in this contract. The contract marks the very first time that ASICS has signed a professional para-athlete.
  The Global Partnership Agreement with Chokai was realized as his passion for contributing to the diversity and inclusive society and his experience as a wheelchair basketball player coincided with ASICS's corporate vision.
• Sustainability
• • ASICS launched "GEL-LYTE III CM 1.95" - the lightest greenhouse gas emissions ("emissions") sneaker across the product life cycle on the market, in the SportStyle category in September.
    The sneaker is based on "GEL-LYTE III OG", one of the iconic ASICS SportStyle sneakers, and features a combination of quality and design while minimizing emissions to just 1.95 kgCO₂e*1 by incorporating advanced solutions. At the release, "GEL-LYTE III CM 1.95" has the lowest emissions across its life cycle of any sneaker currently on the market.*2

*1 Based on a calculation conducted by ASICS and validated by SGS (Société Générale de Surveillance) Japan, in accordance with ISO14067 standard in August 2022.

*2 Based on available industry data for life cycle emissions as of September 2023.

• Awarded the top prize in the ESG category of the "Sustainable Japan Award 2023" (hosted by The Japan Times, Ltd., and supported by Ministry of Economy, Trade and Industry (METI), Ministry of the Environment (MOE), and Financial Services Agency (FSA)). The "Sustainable Japan Award" is the fifth annual award given to companies, organizations, and individuals that have made advanced and sustainable efforts in their respective fields during the year, with the aim of communicating their activities both domestically and internationally. This award was given in recognition of our initiatives to address climate change throughout the value chain, including the aforementioned carbon footprint* labeling of our products such as "GEL-LYTE III CM 1.95", which has the lowest greenhouse gas emissions, and our collaboration with the supply chain through our green procurement policy.
  The Group is committed to pursuing sustainability on an ongoing basis.

*The amount of emissions is converted into a CO₂ amount and displayed.

• ROA Tree Management
  ROA was 12.1%. Total assets, a component of ROA, increased from the end of the previous fiscal year, partly due to an increase by fluctuations in foreign exchange rates, while gross margin improved year on year, mainly due to optimization of selling prices despite deteriorating foreign exchange rates in purchasing goods. The Selling, General and Administrative expenses ratio also

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declined year on year as a result of ongoing control of Selling, General and Administrative expenses.

In addition, the number of Cash Conversion Cycle days improved to 168 days. The inventory turnover period improved by 18 days year on year and by 21 days from the end of the previous fiscal year.

ROA calculation as follow (Annualized)

Profit attributable to owners of parent for the third quater ended September 30, 2023

(Total assets for the fiscal year ended December 31, 2022 + Total assets for the third qurter ended September 30, 2023) ÷ 2 × 4/3

• Resolution by the Board of Directors regarding the change of President
  At the Board of Directors meeting held on September 15, the Board resolved a personnel change whereby Yasuhito Hirota, President, CEO and COO, Representative Director, will become Chairman, CEO and Representative Director and Mitsuyuki Tominaga, Managing Executive Officer and CDO・CIO, will become President and COO, effective January 1, 2024.* Tominaga, newly appointed President, graduated from U.S. university and subsequently held senior management roles in IT-related companies. Since joining ASICS in 2018, Tominaga has consistently overseen the digital business.
  Through this change of President, the first in about six years, we aim to promote further globalization and digitalization.
  *Tominaga will be elected as a Director at the abovementioned Ordinary General Meeting of Shareholders scheduled to be held on March 22, 2024. He will be also elected as Representative Director at the meeting of the Board of Directors scheduled for the same day.

1. Net sales

Net sales increased 23.4% to ¥448,105 million due to the strong sales in all categories, as well as due to the fluctuation in exchange rate.

2) Gross profit

Gross profit increased 26.5% to ¥229,628 million due to the impact of the increase in net sales described above.

3) Operating income

Operating income increased 54.8% to ¥55,805 million due to the impact of the increase in net sales described above.

4) Ordinary income

Ordinary income increased 60.0% to ¥54,748 million mainly due to the impact of the increase in exchange gain, as well as due to the impact of the increase in net sales and profit described above.

5) Profit attributable to owners of parent

Profit attributable to owners of parent increased 73.3% to ¥40,280 million mainly due to the impact of the increase in net sales and profit described above.

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Business results by category were as follows.

(Millions of yen)

1) Performance Running

Net sales increased 15.1% to ¥227,070 million due to the strong sales in all regions.

Category profit increased 1.5% to ¥44,568 million mainly due to the impact of the increase in net sales described above.

2) Core Performance Sports

Net sales increased 48.9% to ¥61,048 million due to the strong sales in all regions.

Category profit increased 57.3% to ¥13,003 million mainly due to the impact of the increase in net sales described above.

3) SportStyle

Net sales increased 46.2% to ¥45,958 million due to the strong sales in all regions.

Category profit increased 94.1% to ¥10,377 million mainly due to the impact of the increase in net sales described above.

4) Apparel and Equipment

Net sales increased 5.2% to ¥28,018 million due to the strong sales in Greater China region and Oceania region.

Category profit returned to profitable at ¥2,016 million mainly due to an improvement in gross margin.

5) Onitsuka Tiger

Net sales increased 40.8% to ¥44,874 million due to the strong sales in all regions.

Category profit increased significantly 101.5% to ¥12,918 million mainly due to the impact of the increase in net sales described above.

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Business results by reportable segments were as follows.

1) Japan region

Net sales increased 14.3% to ¥101,942 million due to the strong sales in all categories.

Segment income increased significantly 160.1% to ¥11,229 million mainly due to an improvement in gross margin, as well as due to the impact of the increase in net sales described above.

2) North America region

Net sales increased 16.1% to ¥87,799 million due to the strong sales of the Performance Running category and Core Performance Sports category.

Segment income increased 33.0% ¥1,900 million mainly due to an improvement in gross margin, as well as due to the impact of the increase in net sales described above.

3) Europe region

Net sales increased 19.3% to ¥122,212 million due to the strong sales in all categories.

Segment income increased 21.6% to ¥15,274 million mainly due to the impact of the increase in net sales described above.

4) Greater China region

Net sales increased 28.8% to ¥61,393 million due to the strong sales in all categories.

Segment income increased 22.0% to ¥13,026 million mainly due to the impact of the increase in net sales described above.

5) Oceania region

Net sales increased 16.0% to ¥28,805 million due to the strong sales in all categories.

Segment income increased 18.0% to ¥4,956 million mainly due to the impact of the increase in net sales described above.

6) Southeast and South Asia regions

Net sales increased 54.3% to ¥21,446 million due to the strong sales in all categories.

Segment income increased 76.9% to ¥4,818 million mainly due to the impact of the increase in net sales described above.

7) Other regions

Net sales increased 15.5% to ¥38,611 million due to the strong sales of the Performance Running category and Onitsuka Tiger category.

Segment income increased 50.3% to ¥4,518 million mainly due to the impact of the increase in net sales described above.

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(2) Explanation on financial position

As for the consolidated financial position as of September 30, 2023, total assets increased 8.7% from the end of the previous fiscal year to ¥462,050 million, total liabilities decreased 6.4% from the end of the previous fiscal year to ¥236,274 million and total net assets increased 30.7% from the end of the previous fiscal year to ¥225,776 million.

1) Current assets

Current assets increased 9.3% to ¥323,800 million mainly due to an increase in notes and accounts receivable-trade.

2) Non-current assets

Non-current assets increased 7.2% to ¥138,249 million mainly due to an increase in software.

3) Current liabilities

Current liabilities increased 3.7% to ¥156,265 million mainly due to an increase in accrued income taxes and driven by reclassification of bonds payable from non-current liabilities to current liabilities due to redemption date within one year, while notes and accounts payable decreased.

4) Non-current liabilities

Non-current liabilities decreased 21.3% to ¥80,008 million mainly driven by reclassification of bonds payable from non-current liabilities to current liabilities due to redemption date within one year.

5) Net assets

Net assets increased 30.7% to ¥225,776 million mainly due to an increase in retained earnings.

(3) Explanation on forecast of consolidated business results and others

The Company has revised the forecast of consolidated business results and dividend forecast for the fiscal year ending December 31, 2023 (January 1, 2023－December 31, 2023). For details, please refer to "Notice Concerning the Revision of the Consolidated Business Results Forecast for the Fiscal Year Ending December 31, 2023, and the Revision of Dividend Forecast (Increased Dividend)" announced on November 10, 2023.

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Consolidated Balance Sheet

2.Consolidated Financial Statements and Notes

(1) Consolidated Balance Sheet

ASICS Corporation and Consolidated Subsidiaries

As of September 30, 2023 and December 31, 2022

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