Third Quarter, Fiscal Year Ending March 2023

Financial Results

February 8, 2023

United, Inc.
(TSE Growth: code 2497)

0Agenda1

Financial Highlights of theFirst Nine Months of FY03/23

P2

2

Q3 FY03/23 Business Overview

P93

FY03/23 Growth Strategies for Core Businesses

P21

4

Appendix

P38

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created, and actual performance andresults may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of the respective companies.

1

Business Domains and Their Components

DX Platform

Investment

Core Businesses

Consolidated in July 2022

KiRAMEX Co.

The TechAcademy online
programming school, and
TechAcademy Works
through which graduatesand mentors offer
development
support to companies

Consolidated in August 2022

LIBASE Inc.

Cocodoru, Inc.

Innoop Inc.

JOOi,
a crowdsourcing
service specializing
in designers

Operation of a workready-humanresources sharing
business and a jobby-job matchingbusiness for those
who take on sidejobs

Operation of a
recruitment
support business“offerBrain,”Consolidated in December 2022

Kasooku inc.

Matching platform
for side jobs andcareer changes

Brewus Inc.

DX Solution Division

Investment Division

App andsystemdevelopment

Provision of
consulting
services anddevelopment of
new businesses

Investment in startups
and provision of support
to boost their value

Content

Ad Technology

Fogg, inc.

International Sports
Marketing Co., Ltd.

Plus U, Inc.

TREiS, inc.

UNITED MarketingTechnologies Inc.

CHEERZ, a service to help
invigorate artists’ activities

Sports-related business

CocoPPa Play, an avatar game app

Dream Mail, a sweepstakes
and gift site

Bypass (DPS), adstir (SSP)

2

Financial Highlights of Q3 FY03/23
Earnings are progressing according to plan. Sales and profit are expected to increase for the full year.

Consolidated
Operating
Performance

Sales:¥10,175 million (-5.7% YoY)

Operating Profit: ¥4,933 million (-12.1% YoY)DX Platform

Sales:
Operating Profit:¥1,658 million (-0.7% YoY)-¥211 million (+¥171 million YoY)

KiRAMEX Co.
LIBASE Inc.
Cocodoru, Inc.
Innoop Inc.

Investment

Sales:
Operating Profit:¥5,630 million (-10.3% YoY)
¥5,358 million (-10.3% YoY)

Investment DivisionFor
Details P14

Content

Sales:
Operating Profit:¥2,098 million (-1.1% YoY)
¥2 million (-99.3% YoY)

Fogg, inc.
International Sports Marketing Co., Ltd.
Plus U, Inc.
TREiS, inc.

詳細はFor
Details
P16P19Ad Technology

Sales:
Operating Profit:¥791 million (+9.5% YoY)¥421 million (+12.1% YoY)

UNITED Marketing Technologies Inc.

Brewus, Inc.
Kasooku inc.
DX Solution DivisionFor
Details P9For
Details P20
2Q詳細は

3

Overall picture of our businessWe are making upfront investments in DX platform using the profit generated in other business areas as we seek to ensure its medium-term
growth.

Continuous profit generation

Medium-term earnings generation

Investment

Operating profit *¥5.3 billion

DX Platform

Upfront
investments
Ad Technology

Operating profit *Content

Operating loss*-¥0.2 billion¥0.4 billion* cumulative Q3 FY03/23

4

Q3 Progress vs. Full-year FY03/23 Forecast
Each indicator is progressing according to plan. Earnings are expected to meet the full-year forecast.

Consolidated
Forecast

Sales: ¥12,800 million (+1% YoY)

Operating Profit: ¥5,800 million (+1% YoY)

Ordinary Profit: ¥5,800 million (+1% YoY)

Net Income *: ¥4,200 million (+10% YoY)

EPS:

¥208.00 (+12% YoY)

Q3 Progress vs. Full-year Forecast (as of the end of Q3 FY03/23)
Sales

79.5%

Operating Profit

85.1%

Ordinary Profit

85.3%

Net Income*85.5%* Refers to net income attributable to owners of parent.

5Completion of Share Repurchase Program
We completed a share repurchase program launched in May 2022 after acquiring 550,000 shares, the maximum number of shares
we had planned to purchase. We began to purchase additional shares from November 2022, and completed the purchase after we acquired¥1,000 million worth of shares, the maximum planned for this fiscal year.

Completion of share repurchaseTotal number ofshares repurchased

550,000 shares (100% of the upper limit of 550,000 shares)

Total amount repurchased¥871 million (87% of the upper limit of ¥1,000 million)

Period of repurchase

May 12, 2022 to October 3, 2022

Completion of additional share purchaseTotal number of shares toacquireTotal value of shares toacquire

98,400 shares
Percentage of the total number of shares outstanding, excluding treasury shares: 0.5%

Period of repurchase

November 10, 2022 to December 21, 2022

¥129 million

6Retirement of Treasury Shares
Of the shares we repurchased during this period, we plan to retire 550,000 shares.

Retirement of treasury shares
Number of shares to retire

550,000 shares(2.6% of total shares outstanding [excluding treasury shares] as of May 11, 2022)

Retirement dateFebruary 28, 2023

7

Agenda1

Financial Highlights of theFirst Nine Months of FY03/23

P2

2

Q3 FY03/23 Business Overview

P93

FY03/23 Growth Strategies for Core Businesses

P21

4

Appendix

P38

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created, and actual performance andresults may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of the respective companies.

8

Core Business

DX Platform: Sales and Operating Profit

Earnings drivers

DX Platform

Investment

Content

Education Personnel Matchingbusinessbusiness

Investment business

Ad Technology

The Personnel Matching business expanded YoY as we strengthened M&A activities.
Sales fell YoY as the number of students declined in the TechAcademy education business,while profit also fell YoY because of upfront investments in the Personnel Matching business.
Sales Trend (Millions of yen)
Education business

Operating Profit Trend (Millions of yen)

Personnel Matching business

Other businesses-8% YoY-¥49 million YoY

664

540

565

586

564

559
512

9

～～～

0

～～
-78

-92
-119

-142
-170
1Q
1Q

2Q
2Q

3Q
3Q

FY03/22

4Q
4Q

1Q
1Q

2Q
2Q

FY03/23

3Q
3Q

1Q

2Q

3Q

FY03/22

4Q

1Q

2Q

3Q

FY03/23

9

Education Business:
Expansion of Educational Opportunities and Career Change Support throughAlliance with Yahoo! JAPANCore Business

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

We launched Yahoo! TechAcademy jointly with Yahoo! JAPAN.
We draw on the expertise of Yahoo! JAPAN to teach practical skills and provide career-change support.
Launched on
January 23, 2023

Yahoo! TechAcademy offers a practical curriculum. People with no programming experience will beable to acquire the skills necessary to work as web engineers. We recruited additional students
because we had received more applications than expected.

Practical curriculum
Students acquire necessary skills in fourmonths through practical training that draws
on the expertise of Yahoo! JAPANOne-on-one instructions
Career support through one-on-one
instructions by Yahoo! JAPAN engineers

Career-change support
Meticulous career-change support for thosewith no experience

10Core Business

Education Business:More Graduates Find Work through TechAcademy Works

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

The number of TechAcademy Works projects is expanding, providing graduates with the opportunity to practice what they have learned.
More TechAcademy graduates are getting paid for the skills they have acquired.

Number of TechAcademy Works projects

Number of workers*

1,000
200

900
800

+55% YoY

700

150+213% YoY

600
500
100
400
300
50

200
100
0

0
3Q FY03/22 (cumulative)

3Q FY03/23 (cumulative)

3Q FY03/22 (cumulative)

3Q FY03/23 (cumulative)*TechAcademy graduates working on TechAcademy Works projects

11Core Business

Personnel Matching Business:
Strengthened Efforts to Pursue M&A Opportunities

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Content

Investment business

Ad Technology

We will expand the Personnel Matching business by pursuing more M&A opportunities. We executed three M&A deals so far this fiscal year.
We aim for continuous growth based on the strategies for each of our businesses.

Strengthened efforts to pursue M&A opportunities
Consolidated in July 2022

Number of corporate users (KPI)
700+115％ YoY
(users)600
Cocodoru, Inc.
500
Consolidated in August 2022

400

Innoop Inc.

300

Consolidated in December 2022

200

Kasooku inc.

100

Matching platform for side jobs and career changes;
It has more than 18,000 registered users
0
2022年3月期 2Q

2Q

2022年3月期 3Q

3Q

FY03/222022年3月期 4Q

4Q

2023年3月期 1Q

1Q

2023年3月期 2Q

2Q

2023年3月期 3Q

3Q

FY03/2312

Core Business

Investment Business:
Sales and Breakdown of Operational Investment Securities

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

Earnings are progressing according to plan. Sales and profit are expected to increase for the full year.

Sales Trend (Millions of yen)

3,283

Breakdown of Operational Investment Securities+72% YoY

InvesteeCompanies

As of December
31, 2022(amount on BS)

3,258

Listed shares•Mercari, Inc.
•Wonder Planet, Inc.
•CyberBuzz, Inc.
•Socialwire Co., Ltd.
•Confidence Inc.

Approx. ¥8.1 bn*

Unlisted
shares69 companies

Approx. ¥3.4 bn

Investment infunds as LP

37 funds

2,110
1,761
1,230

304
1Q
1Q

2Q
2Q

3Q
3Q

FY03/22

4Q
4Q

261
1Q
1Q

2Q
2Q

3Q
3Q

Approx.

¥1.8 bn*Of this amount, operational investment securities related to Mercari totaled ¥7,648 million.

FY03/23*We have forward contracts for some stocks. Including derivatives in the balance sheet,
the amount was ¥11,279 million as of end-December 2022.
13

Core Business

Investment Business:
Increase in Investment Projects, Growth of Investees

Earnings drivers

DX Platform

Investment

Content

Education Personnel Matchingbusinessbusiness

Investment business

Ad Technology

We will continue to increase the number of investment projects and the amount of investment. We plan to invest ¥858 million in 20 companies
this fiscal year. Investees continue to expand their operations. We expect that they will start contributing to earnings.

Number of investment projects, the amount ofinvestment

Increase in the market capitalization of investees
Valuation of shares held as of end-December 2022

Number of investment projects (number of investees)
Investment amount (million yen)
30

858

800

750

700

25

20

20

15

900

18

500

362

Unrealized gain

600

400

Market capitalization*
Approx.

Approx.

¥14.4 bn300

10Investment value
200

5¥10.2 bn5

Approx.

¥4.1

bn

100
0

0

FY03/21

FY03/22

FY03/23 (forecast)* For unlisted companies, the calculation is based on their most recent reports. 14

Core Business

Investment Business:
Acting as Lead Investor, Providing Hands-on Support

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

In line with our purpose statement, we act as lead investor* to provide hands-on support to increase the value of our investees.
We provide investees with hands-on support through UVS,** our investee support organization made up of venture capitalists and consultants,
for free.

Investee support organization UVS**

Act as lead investor
We invested in three companies as lead investor so far thisfiscal year.

Investment Divisionventure capitalists

MentaRest

L&F, Inc.

InvesteeCompanies

UVS

Provide hands-on
support to increase thevalue of investees

StartupDX Solution Divisionconsultants

ExampleBusiness strategy andplanning

Financing support

Organizational strategy
development and execution

Digital marketingstrategy development
and execution

Gotoschool inc.

*The largest investor in an investment round**UNITED Venture Success

15

Core Business

Investment Business: Major Startup Investments

Post IPO

Middle to later stage

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

Seed to early stage

new

new

new

new

16

Core Business

Investment Business: Major Funds We Invest in as LP

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

We expect to record gains on distribution from the multiple external funds we invest in as an LP. These funds, which allow us to reach out to over
1,000 startups, also serve as our source of new investment projects.

Funds we invest in as LP

17

Core Business

Content: Sales and Operating Profit

Earnings drivers

DX Platform

Investment

Content

Education Personnel Matchingbusinessbusiness

Investment business

Ad Technology

Sales rose YoY because a sales decline associated with the transfer of Crash Fever was offset by the growth of Fogg, inc. andInternational Sports Marketing Co., Ltd. Operating profit fell YoY because of the transfer of Crash Fever.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

+1% YoY-91% YoY
174

765

760
699

660

733

704

661

82

76

84

17

6

-22
1Q
1Q

2Q
2Q

3Q
3Q

FY03/22

4Q
4Q

1Q
1Q

2Q
2Q

FY03/23

3Q
3Q

1Q

2Q

3Q

FY03/22

4Q

1Q

2Q

3Q

FY03/2318

Core Business

Ad Technology: Sales and Operating Profit

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Content

Investment business

Ad Technology

Sales and operating profit are expected to decline YoY in 2H, as in the case of a year earlier, because of seasonal factors.
However, they are likely to increase YoY for the full year.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

+10% YoY+25% YoY
307

268

174

270

261

155

152

144
212
193

195
94

1Q
1Q

2Q
2Q

3Q
3Q

FY03/22

4Q
4Q

1Q
1Q

2Q
2Q

FY03/23

3Q
3Q

1Q
1Q

2Q
2Q

76

77

3Q
3Q

4Q
4Q

FY03/22

1Q
1Q

2Q
2Q

3Q
3Q

FY03/23

19

Agenda1

Financial Highlights of theFirst Nine Months of FY03/23

P2

2

Q3 FY03/23 Business Overview

P93

FY03/23 Growth Strategies for Core Businesses

P21

4

Appendix

P38

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created, and actual performance andresults may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of the respective companies.

20

Purpose
People who push themselves forward.
Businesses that move society forward.
The betterment of society is driven by people andbusinesses with willpower.

Strong willpower is the source of energy thatchanges society for the better.

Maximize willpower andaccelerate the betterment ofsociety.

UNITED will maximize this energy and willpower.
We will provide knowledge and opportunities topeople with willpower.
We will provide funds and know-how to businesses
with willpower.
And when both parties meet, their mutual growth
will spark even further growth.
This cycle of growth will enrich society.
We will move society in a better direction fasterwith willpower.
We will maximize willpower and accelerate thebetterment of society.

21

Repost) Business Domains and Their Components

DX Platform

Investment

Core Businesses

Consolidated in July 2022

KiRAMEX Co.

The TechAcademy online
programming school, and
TechAcademy Works
through which graduatesand mentors offer
development
support to companies

Consolidated in August 2022

LIBASE Inc.

Cocodoru, Inc.

Innoop Inc.

JOOi,
a crowdsourcing
service specializing
in designers

Operation of a workready-humanresources sharing
business and a jobby-job matchingbusiness for those
who take on sidejobs

Operation of a
recruitment
support business“offerBrain,”Consolidated in December 2022

Kasooku inc.

Matching platform
for side jobs andcareer changes

Brewus Inc.

DX Solution Division

Investment Division

App andsystemdevelopment

Provision of
consulting
services anddevelopment of
new businesses

Investment in startups
and provision of support
to boost their value

Content

Ad Technology

Fogg, inc.

International Sports
Marketing Co., Ltd.

Plus U, Inc.

TREiS, inc.

UNITED MarketingTechnologies Inc.

CHEERZ, a service to help
invigorate artists’ activities

Sports-related business

CocoPPa Play, an avatar game app

Dream Mail, a sweepstakes
and gift site

Bypass (DPS), adstir (SSP)

22

Core Businesses

In line with our purpose statement, we designated the Education business, the Personnel Matching business, and the Investment business as core businesses
starting this fiscal year. These businesses will drive our growth going forward. We will tackle social issues through these core businesses and help improvesociety.

Education business

Personnel Matchingbusiness

Investment business

Online education service thatallows students to gain digitalskillsMatching of digital personnel(mainly freelancers and thosetaking on side jobs) with growthoriented companies

Provision of capital andhands-on support toenhance the value of startups

Efforts to address social issues
Fostering ofdigital personnel

Optimal allocation ofhuman resources

Creation of
new businesses

23Collaboration of the Core Businesses

We will create synergies by strengthening collaboration of our core businesses.

Supply trained digital
personnel

Education business

Match personnel who cancontribute to growth ofinvestee companies

Personnel Matchingbusiness

Develop and improveeducational curriculum

Investment business

Provide access to staffing
needs at startups

24

Growth Mechanism

We will build a unique growth mechanism where the growth of each core business will lead to mutual enhancement of competitive
strengths and KPIs.

Education business

Personnel Matching business

Investment business

Increase the levelof skills gained

Improvematching rate

Expand investment
opportunities

Expand/improveeducation service

Expand/improvetalent pool

Discover superior
growth companies

Widen reach to growthcompanies

Accumulate
skills/know-how

Increase matching
opportunities

KPI The number of individual users

KPI The number of corporate users

Build investment
track record

KPI The number of investment projects

Growth of core businesses as a whole25
25

Education Business26
26

Core Business

Education Business: Overview

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

We operate multiple businesses centered on TechAcademy, an online school operated by KiRAMEX Co.
The school teaches digital skills, such as programming and app development.

Service overview

Wide range of courses

In addition to TechAcademy, which targets individuals, we also
provide IT training for corporations and offer services forchildren.

In addition to website creation, we offer a wide range ofcourses (at least 50*) from introductory courses for nonengineers to courses on advanced technologies such as AI.

Online training for companies

Programming school for children
Online school for programming and app development*Total number of courses for individuals and for corporate users

27
27

Core Business

Education Business: Growth Strategy

1. Enhance the value we provide bycollaborating with the Personnel
Matching business
Strengthen collaboration between
TechAcademy and TechAcademy Works tosupport the acquisition of practical skills thatlead to various career paths

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

2. Expand into new fields

Launch education service in new fields,
leveraging the needs cultivated in theInvestment business and the Personnel
Matching business.

28
28

Core Business

Education Business:①Enhance Value through Collaboration with Personnel Matching

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Content

Investment business

Ad Technology

We will provide graduates of TechAcademy with the opportunity to acquire practical skills through TechAcademy Works, thereby
supporting the realization of diverse career paths.

(1) Learning

Education business
Takes
classesCompletion

Student learns digital skills
online with the support of anactive engineer who serves asa mentor(2) Practice(3) Career change

Personnel Matching business

Employment/
career change

Practical work
opportunities

Improves
skillsStudent gains practicalskills by working with thementor to provide
development support
to a company

Career path

Side job/
freelancing

29
29Personnel Matching Business

30
30

Core Business

Personnel Matching Business: Overview

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

We match digital personnel, particularly those who take on side jobs or work freelance, with growth-oriented companies.

Consolidated subsidiaries

Capital / Business alliances
July 4, 2022

June 2021

Service began in September 2021

June 10, 2022

TechAcademy WorksLIBASE Inc.

Cocodoru, Inc.

HeaR Inc.

The TechAcademy online
programming school, and
TechAcademy Works
through which graduates andmentors offer development
support to companies

The TechAcademy online
programming school, and
TechAcademy Works
through which graduates andmentors offer development
support to companies

Operation of a work-ready-humanresources sharing business and a
job-by-job matching business for
those who take on side jobs

Offers Job Test, a SaaS to test
applicants’ skills, and operates a
recruitment consulting service

August 3, 2022

June 23, 2022

December 30, 2022

Innoop Inc.

Kasooku inc.

Lbose, Inc.

Operation of a recruitment support
business“offerBrain,”Matching platform for side jobs andcareer changes

Operates ATTEND biz, a platform forthe development of digital products

31Core Business

Personnel Matching Business: Growth Strategy

1. Promote growth ofexisting businesses

Expand operations of
TechAcademy Works (KiRAMEXCo.), LIBASE Inc., Cocodoru, Inc.,and Innoop Inc.

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

2. Strengthen M&A as wellas capital and businessalliances

3. Strengthen
development of new
businesses

Expand and improve our businessportfolio through M&A as well as
capital and business alliances.

Launch matching service between
digital personnel and growthoriented companies, focusing on
our investee startups, in multiple
fields.

Ad Technology

32
32

Core Business

Personnel Matching Business:
2. M&A and Capital/Business Alliances

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

We aim to expand our business portfolio through M&As and capital/business alliances.

Reach out to growth companies, Identify their recruiting needs
Develop andimproveeducational
curriculum

Discover andintroduce
growth companies

HeaR Inc.

Innoop Inc.

Capital and businessalliance formed on June 10, 2022

Became a consolidated
subsidiary on August 3, 2022

Mutual supply of corporate needs

Educationbusiness

Investment
business

Supply personnel to growth companies/grasp theexperience and skills of personnel

Supplydigital personnel

TechAcademy WorksLIBASE Inc.

Lbose, Inc.

Cocodoru, Inc.

Kasooku inc.

Service began in
September 2021

Became a consolidated
subsidiary inJune 2021

Capital/businessalliance formedon June 23, 2022

Became a consolidated
subsidiary on
July 4, 2022

Business transfer

Supply personnel
in demand

December 30, 2022

33
33

Investment Business

34

Core Business

Investment Business: Overview

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

We provide funding and hands-on support mainly to seed- to early-stage startups so that their value can be enhanced.

Characteristics of the Investment business

Extensive
track record

Investments
using own
funds

We can reach out to startups that are potential
investees and make forward-looking investment
decisions thanks to our investment/exit
track record.

Wide range of
network

Our network includes managers and venture
capitalists. We have invested in many externalfunds through limited partnerships. Thus, we
maintain ties with various startups.

We can make flexible and speedy decisions
because we invest solely with our own funds.

Knowledge
gained frombusiness
operations

We can execute investments and provide
hands-on support based on our experienceand track record involving various projects.

35Core Business

Investment Business: Growth Strategy

1. Strengthen hands-on support
through business collaboration• Provide investees with expertise in valueenhancement through UVS,* our investee
support organization

Earnings drivers

DX Platform

Investment

Education Personnel Matchingbusinessbusiness

Investment business

Content

Ad Technology

2. Expand number ofinvestment projects
In line with our purpose statement, boost the
number of investment projects, particularly
those involving seed- to early-stage startups.

• Work with the Personnel Matching businessto provide digital personnel that suit the needsof investee startups.
*UNITED Venture Success
Investee support organization comprised of venture capitalists and consultants

36
36

Agenda1

Financial Highlights of theFirst Nine Months of FY03/23

P2

2

Q3 FY03/23 Business Overview

P93

FY03/23 Growth Strategies for Core Businesses

P21

4

Appendix

P38

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was created, and actual performance andresults may differ substantially due to changes in various factors. Company names and product names are trademarks or registered trademarks of the respective companies.

37

Consolidated P/L Statement for Q3 FY03/23
We transferred joint operating rights for Crash Fever on May 1, 2022. This resulted in ¥359 million in extraordinary income.

Q3 FY03/22 (cumulative)

Q3 FY03/23 (cumulative)

YoY (%)(Millions of yen)Sales

10,786

10,175-5.7%

Gross Profit

7,526

7,030

-6.6%

SG&A Expenses

1,913

2,096

+9.6%

Operating Profit

5,612

4,933

-12.1%

Non-operating income

1230+140.5%

No-operating expenses

6

14+144.9%

5,619

4,948

-11.9%

Extraordinary profit

-

359

-

Extraordinary losses

-

3

-

Profit before income taxes

5,619

5,304

-5.6%

Net Income*

3,875

3,591

-7.3%

Ordinary Income*Refers to net income attributable to owners of parent

38

Consolidated P/L Statement for Q3 FY03/23(Millions of yen)
Sales
DX Platform
Investment
Content
Ad Technology
Other

Gross Profit*1
DX Platform
Investment
Content
Ad Technology
Other
SG&A Expenses
Operating Profit
DX Platform
Investment
Content
Ad Technology
Other
Ordinary Profit
Net Income*2

Q3 FY03/22

Difference

Q3 FY03/23
YoY (Amount)

2,686
564
1,230
699
193
-1
1,661
83
1,220
231
126
-0
608
1,053
-92
1,196
82
76
-209
1,066
728

3,537
512
2,110
704
212
-2
2,528
129
2,084
173
142
-1
731
1,796
-142
2,066
6
94
-229
1,802
1,217

YoY (%)

+851
-52
+879
+4
+19
-1
+866
+45
+863
-57
+15
-1
+123
+743
-49
+869
-75
+18
-20
+735
+488

+32%
-9%
+72%
+1%
+10%
+52%
+55%
+71%
-25%
+13%
+20%
+71%
+73%
-92%
+25%
+69%
+67%

*1 Cost of sales for each business mainly includes advertising, outsourcing, and personnel expenses. *2 Refers to net income attributable to owners of parent

39Consolidated B/S Statement
Decrease in assets and liabilities mainly due to mark-to-market valuation and sales of listed shares held.
Goodwill amortization increased because of the acquisition of Cocodoru, Inc., Innoop Inc., and Kasooku inc. Goodwill amortization increased because of theacquisition of Co(Millions of yen)

End of FY03/22(March 31, 2022)

End of Q3 FY03/23(December 31, 2022)

Difference

34,17929,117-5,061

Cash & Deposits

12,165

12,710+544

Operating Investment Securities

18,78913,309-5,480 *1

4,521

4,363

-157

327

963

+635

Total Assets

38,701

33,481-5,219Current Liabilities

2,812

2,606

-205

Non Current Liabilities

5,600

3,503

-2,096

5,524

3,438

-2,086

Total Liabilities

8,412

6,110

-2,302

Net Assets

30,28827,371-2,917

9,601

5,497

-4,104 *3

Current Assets

Non Current Assets
Amortization of Goodwill

Deferred Tax Liabilities

Unrealized Gain on Securities*2Note) Of this amount, the impact of revaluation (mark -to-market) and disposal of operational investment securities (listed share s) was as follows:*1 Operational investment Securities -¥6,045 million*2 Deferred tax liabilities -¥1,822 million*3 Unrealized gain on securities -¥4,130 million.
40

Sales and Earnings (FY03/13–FY03/23)(Millions of yen)

Recorded gains on the saleof securities accompanying
the listing of Mercari, Inc.

Sales
Operating Profit

Designate corebusinesses in line with
our purpose statement

22,31816,267

12,80012,714

12,60911,084

8,385

8,383

5,552

5,101

5,606

5,738

5,800

FY03/21

FY03/22

FY03/23(Forecast)

4,325

3,955
2,530

2

FY03/13138

370

FY03/14

FY03/15

1,509

1,395

1,648

FY03/16

FY03/17

FY03/18

FY03/19

FY03/20**We adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) and the ASBJ Guidance No. 30 (Implementation Guidance on Accounting Standard for
Revenue Recognition) from FY03/22. In this document, we applied this standard to the past earnings of the Ad Technology business in order to make the comparison easier.

41
41

Number of Consolidated Employees and Directors
Temporary employees
Headquarters divisions full-time employees
Investment full-t ime employees
Ad Technology full-t ime employees
Content full-t ime employees
DX Plat form full-t ime employees
Officers (Directors and corporate auditors of parent ,including outside directors/auditors)(Numbers employed)

365
348

342

332

334

335

331

50

48

54

6

31
6

30
7

28
6

40

35

32

32

97

94

97

50
48

49

36
6

33

35

6
68

57

331

340

325

325

58

56

51

54

67

28
6

20
7

32

24
6
31

31

21
6
31

22
6
31

97

93

94

100

103

100

101

97

96

99

107

108

112

110

106

106

105

105

103

8

8

8

8

8

8

8

8

11

11

11

1Q
1Q

2Q
2Q

3Q
3Q

4Q
4Q

1Q
1Q

2Q
2Q

3Q
3Q

4Q
4Q

1Q
1Q

2Q
2Q
FY03/23

3Q
3Q

FY03/21

FY03/2242

43