April 26, 2022
(For Translation Purposes Only)
Company Name:

Makuake, Inc.

Representative:

President andRyotaro Nakayama

Representative
Director
Tokyo Stock Exchange code: 4479
Contact:

Executive Officer andYuki Tamura

General Manager ofBusiness Management
Division
TEL. 03-6328-4038

Notice of Revisions to Full-Year Financial Forecasts
Please be advised that Makuake Inc. (“Makuake”, “the company” or “we”), with the announcement of its nonconsolidated financial results (under Japanese GAAP) on April 26, 2022 for the fiscal year ending September 2022, hasrevised its full-year financial forecasts for the fiscal year ending September 2022 (October 1, 2021 to September 30,2022) as shown below.
1.

Revisions to Full-Year Financial Forecasts for the Fiscal Year Ending September 30, 2022 (October 1, 2021 toSeptember 30, 2022)
Net sales

Operating profit

Ordinary profit

Net income

Earnings Per
SharePreviously

Million yen

Million yen

Million yen

Million yen

Yen

6,200

465

460

350

28.22

Revised forecast (B)

4,700

02065

5.19

Difference (B-A）-1,500-465-440-285-

Change (%)-24.2%-100%-95.7%-81.4%-4,621329326

246

20.44

announced forecast(A）(Reference)
Results for theprevious fiscal year
(Year ended
September 2021)
12.

Reason for Revisions

Makuake, Inc. has been giving the highest priority to growing the gross amount of “support” pre-orders on Makuake
service, aiming to establish the company as the largest marketplace in the online market for the launch of new products
and services.

When the pandemic struck, the needs to use Makuake service expanded rapidly, and we were able togrow at an extremely brisk pace that exceeded our expectations.
As a result, while the gross amount of “support” pre-orders increased significantly, issues with employee headcount,
operational structure and development of new functionalities tailored to the size of the platform emerged.

These hadthe effect of degrading user experience on Makuake service and, for that reason, we have pursued—through Q2
FY2022/9—aggressive hiring, operational improvements and development of new functionalities.

However, securing

new personnel while at the same time building a new operational structure, optimizing it and developing a variety of
new functionalities required more time than we had originally planned, and our business results (cumulative throughQ2) came in below plan.
To strengthen the foundations for growth from the next fiscal year onwards, we will continue this term to improve ouroperational structure and develop new functionalities while at the same time focus on the robustness/soundness of
Makuake platform—a prerequisite for its use by our members.

We will concentrate on promoting repeat use of theplatform by project owners and project supporters by strengthening screening/monitoring, laying the groundwork forbetter user experience and accumulating customer assets.

Reflecting the above and following a review of our full-year

earnings forecasts, we now expect to come below the earnings forecasts announced on October 26, 2021.

Note thatthe revised estimates include the following factors:
1.

Sales: while we expect to see results from operational improvements and releases of new functionalities in the2nd half, we do not anticipate significant growth as we concentrate on laying the groundwork for growth fromthe next fiscal year onwards by focusing on strengthening screening/monitoring, further streamlining ofoperational structure and training of new personnel.

2.

Operating Profits: our costs are temporarily up as we went ahead with upfront hiring of talent to accumulate
human assets allowing us to improve user experience and accelerate future growth.

Now that we have anadequate number of personnel to address operational improvements, additional hiring will be kept to aminimum as we work to improve operational efficiency.

On the other hand, there is no change from theoriginal plan with regard to advertising and promotion expenses for the Web as these contribute to continued
user acquisition and accelerated sales growth.

(Caution regarding forward-looking statements)
Forward-looking statements in this document such as projections of future financial performance are based on theinformation currently available to Makuake and certain assumptions Makuake considers reasonable, and do notconstitute a promise by the company to achieve them.

Actual financial results may be materially different due tovarious factors.

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