Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

January 24, 2023

Non-consolidated Financial Results
for the Three Months Ended December 31, 2022
<under Japanese GAAP>
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:

Makuake, Inc.
Tokyo Stock Exchange4479
http://www.makuake.com/
Ryotaro Nakayama, CEO
Yuki Tamura, Corporate Officer and General Manager of Business ManagementDivisionTEL:+81-3-6328-4038 (from overseas)Scheduled date to file quarterly securities report:
January 25, 2023
Scheduled date to commence dividend payments:–
Preparation of supplementary materials for quarterly financial results: Yes
Holding of quarterly financial results presentation meeting:
Yes(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Performance for the three months ended December 31, 2022
(from October 1, 2022 to December 31, 2022)(1) Operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Three months ended
December 31, 2022
December 31, 2021Operating profit

Millions of yen

908
1,152

% Millions of yen(21.2)
16.1

Basic earnings per
share
Three months ended
December 31, 2022
December 31, 2021

Ordinary profit

Yen(14.79)
7.29

(186)
38

% Millions of yen–(74.6)

Diluted earnings per
share
Yen–
7.08

(183)
38

Profit% Millions of yen–(74.6)(185)
90%–(14.4)

(2) Financial position
Total assets
As ofDecember 31, 2022
September 30, 2022
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen

%

8,108
8,255

5,395
5,576

65.9
67.0

EquityAs of December 31, 2022
As of September 30, 2022

¥5,342 million¥5,528 million

2. Cash dividends
Annual dividendsFirstquarter-end

Secondquarter-end

Yen
Fiscal year ended
September 30, 2022–

Fiscal year ending
September 30, 2023–

Fiscal year ending
September 30, 2023 (Forecast)Third
quarter-end

Yen

Fiscal year-end

Yen

Total

Yen

Yen

0.00

–

0.00

0.00

0.00

–

0.00

0.00

Note: Revisions to the cash dividend forecasts most recently announced: None

3. Earnings forecasts for the fiscal year ending September 30, 2023
(from October 1, 2022 to September 30, 2023)
Net sales

Fiscal year ending
September 30, 2023

(Percentages indicate year-on-year changes.)
Basic
Ordinary profit
Profitearnings pershare

Operating profit

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

3,840

(8.7)

(880)

–(880)–(890)–(70.81)

Note: Revisions to the earnings forecasts most recently announced: None

* Notes(1) Application of special accounting treatments for the preparation of quarterly financial statements: None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i) Total number of issued shares at the end of the period (including treasury shares)
As of December 31, 2022

12,568,700 shares

As of September 30, 2022

12,568,700 shares(ii) Number of treasury shares at the end of the period
As of December 31, 2022

130 shares

As of September 30, 2022

130 shares(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the three months ended December 31, 2022

12,568,570 shares

For the three months ended December 31, 2021

12,430,700 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public
accountants or an audit corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
These statements do not purport that the Company pledges to realize such statements. Actual business andother results may differ substantially due to various factors.

Makuake, Inc. (4479)

Attached materials
Index
1. Qualitative information on quarterly financial results .............................................................................. 2(1) Information on operating results ........................................................................................................ 2(2) Information on financial position ....................................................................................................... 3(3) Explanation of forward-looking information including earnings forecasts ........................................ 32. Quarterly financial statements and significant notes thereto .................................................................... 4(1) Quarterly balance sheet ...................................................................................................................... 4(2) Quarterly statement of income ........................................................................................................... 5(3) Notes to quarterly financial statements .............................................................................................. 6
Notes on premise of going concern .................................................................................................... 6
Notes on significant changes in the amount of shareholders’ equity .................................................. 6Segment information .......................................................................................................................... 6-1-Makuake, Inc. (4479)1. Qualitative information on quarterly financial results(1) Information on operating results
The forward-looking statements in this report were prepared based on information available as of theend of the quarter under review.
Based on its vision of “Create a world where worthy things can come to be, grow and endure,” themission of Makuake, Inc. (the Company) is to “Connect the world through the creation of the ‘new.’ ”
We operate the Makuake service, a “support” pre-order platform to connect project owners(Businesses) who are providing something new to the world with project supporters (Consumers) who
purchase new items and experiences based on their knowledge of the background and the ideas of theproject owners.
As ancillary services, we also provide Makuake Incubation Studio, which supports the generation of
new businesses that leverage research and development technology owned by companies; agency
operations for the distribution of advertisements to facilitate the growth of “support” pre-order value at
Makuake; Makuake STORE, which enables continued sales on e-commerce sites even after projects
have ended; Makuake Global, which accepts “support” pre-orders from overseas; and Makuake SHOP,
which works with partner companies in a variety of formats nationwide to enable products launched on
Makuake to be displayed and sold in real-world stores.
During the first three months of the fiscal year ending September 30, 2023, while entering a new phaseof co-existence with COVID-19, the Japanese economy witnessed increasing normalization ofeconomic activities, thanks to the effects of various government policies, and expectations have beenhigh for an economic recovery. Personal consumption, in particular, has been on a moderate recovery
trend, mainly in terms of travel and dining out, backed by the government’s domestic travel subsidy
program. Meanwhile, uncertainty toward the future remained, reflecting the increasing prices of raw
materials caused by global monetary tightening and the prolonged situation in Ukraine, and thecontinuing rise in commodity prices due to supply constraints.
Our business is affected by the e-commerce market for debuting new products and the e-commercemarket for pre-ordering new services. During the period from 2020 to 2021, demand in these markets
grew rapidly due to changes in lifestyles and working styles, which emerged as a result of the spread ofCOVID-19, and subsequently, with the normalization of economic activities in Japan, demand hascalmed down but continues to grow in a more stable and consistent manner. Therefore, going forward,
we believe that the e-commerce market for debuting new products and services has extraordinarily highgrowth potential.
Against this backdrop, during the three months ended December 31, 2022, as measures to realize thebasic growth policy for the current fiscal year (from October 1, 2022 to September 30, 2023) of“expanding the foundations for stable business growth generated by repeat customers through thereinforcement of measures to raise customer satisfaction while at the same time building anorganization specializing in capturing repeat customers, further expanding the customer base, andactualizing the Total Addressable Market (TAM),” the Company went ahead and established systems
for repeatable customer experience mainly on the owner side.
Specifically, we developed a framework of customer satisfaction survey for all owners to moreaccurately monitor the needs of owners; established a system that enables operational improvements
based on the opinions of owners by utilizing systems to visualize the results of the survey; andimproved operations and developed functions to lessen, as much as possible, the burden on owners
until the projects are published. We also developed new tools that provide information on how owners
can accumulate fan supporters through Makuake and how to build a system for the business to growbased on these fan supporters. As a result of these measures, the number of new project publications
from repeat owners increased by 32 year on year to 1,116, compared to pre-implementation.
Furthermore, the effects of economic reopening, which began in the second half of the previous fiscal
year, continued to be felt during the three months ended December 31, 2022, and while the CVR(Conversion Rate = “Support” pre-orders / Access UU) improved by 0.2 percentage points year on year
to 3.0% due to enhanced owner support and measures to capture new owners, “support” pre-order value
declined by 20.8% year on year to ¥4,251,611 thousand.

-2-Makuake, Inc. (4479)

As a result, for the period under review, the Company recorded net sales of ¥908,438 thousand (down21.2% year on year), an operating loss of ¥186,298 thousand (compared to an operating profit of¥38,560 thousand in the same period of the previous fiscal year), an ordinary loss of ¥183,237 thousand(compared to an ordinary profit of ¥38,650 thousand in the same period of the previous fiscal year) anda loss of ¥185,900 thousand (compared to a profit of ¥90,561 thousand in the same period of theprevious fiscal year).
As the Company consists of a single business segment, the Makuake service, a platform for people toplace “support” pre-orders of new things and experiences, information by segment is omitted.
(2) Information on financial position
AssetsAt the end of the quarter under review, total assets decreased by ¥146,461 thousand from the previous
fiscal year-end to ¥8,108,672 thousand.
Current assets decreased by ¥290,247 thousand to ¥7,602,280 thousand. The main components
included a decrease of ¥379,092 thousand in cash and deposits.
Non-current assets increased by ¥146,254 thousand to ¥499,974 thousand. The main components
included an increase of ¥147,534 thousand in intangible assets.
Liabilities
At the end of the quarter under review, liabilities increased by ¥34,621 thousand from the previous
fiscal year-end to ¥2,713,405 thousand.
Current liabilities increased by ¥34,494 thousand to ¥2,650,934 thousand. The main components
included an increase of ¥18,439 thousand in accrued consumption taxes or consumption taxes refund
receivable included in other.
Non-current liabilities increased by ¥126 thousand to ¥62,470 thousand. The main components
included an increase of ¥486 thousand in provision for retirement benefits.
Net assets
At the end of the quarter under review, net assets decreased by ¥181,082 thousand from the previous
fiscal year-end to ¥5,395,267 thousand. The main components included a decrease of ¥185,900
thousand in retained earnings due to the recording of loss.
(3) Explanation of forward-looking information including earnings forecasts
There is no change to the earnings forecasts for the fiscal year ending September 30, 2023 from theforecasts announced on October 25, 2022.

-3-Makuake, Inc. (4479)

Quarterly financial statements and significant notes thereto(1) Quarterly balance sheet(Thousands of yen)
As of September 30, 2022

As of December 31, 2022

5,193,507
2,128,290
339,328
238,683(7,282)
7,892,528

4,814,415
2,146,420
387,464
261,262(7,282)7,602,280

–
–

1,564
147,534

361,257(7,537)353,719
353,7198,886
8,255,134

358,413(7,537)350,875
499,974
6,417
8,108,672

14,5652,138,393
463,4812,616,440

12,0472,148,641
490,245
2,650,934

1,658
60,68562,344
2,678,784

2,145
60,32562,470
2,713,405

3,120,279
3,120,279(711,764)(625)
5,528,170
48,1795,576,349
8,255,134

3,120,279
3,120,279(897,664)(625)
5,342,269
52,997
5,395,267
8,108,672

AssetsCurrent assets
Cash and deposits
Cash segregated as deposits
Accounts receivable - trade
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Deferred assetsTotal assets
Liabilities
Current liabilities
Income taxes payable
Deposits received
Other
Total current liabilities
Non-current liabilities
Provision for retirement benefits
Provision for continuous services benefits
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Share acquisition rights
Total net assets
Total liabilities and net assets-4-

Makuake, Inc. (4479)(2) Quarterly statement of income(Thousands of yen)Three months ended
December 31, 2021
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Lecture's fee income
Subsidy income
OtherTotal non-operating income
Non-operating expenses
Foreign exchange losses
Amortization of share issuance costs
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securities
Total extraordinary income
Profit (loss) before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit (loss)-5-Three months ended
December 31, 2022

1,152,566
229,372
923,193884,633
38,560908,438
163,780
744,657
930,956(186,298)

–
–
2,749
–
310
3,059

0
13
2,844
2,810
29
5,699

91
2,877
2,969
38,650

169
2,468
2,637
(183,237)

97,50097,500136,150
40,553
5,035
45,58890,561––(183,237)
2,662
–
2,662
(185,900)

Makuake, Inc. (4479)(3) Notes to quarterly financial statements
Notes on premise of going concern
No applicable items.
Notes on significant changes in the amount of shareholders’ equity
No applicable items.
Segment information
Segment information
As the Company consists of a single business segment, the Makuake service, a platform for people toplace “support” pre-orders of new things and experiences, this information is omitted.

-6-