Consolidated Financial Results
for the First Quarter of the Fiscal Year Ended March 31, 2025
(under Japanese GAAP)
August 7, 2024

Company name: for Startups, Inc.
Listing: Tokyo Stock Exchange
Securities code: 7089
URL: https://forstartups.com/en/
Representative: Yuichiro Shimizu, President and CEO
Contact:
Isao Kikuchi, Operating officer and Head of Corporate DivisionMail:
ir@forstartups.com
Planned start date for payment of dividends:
Preparation of supplemental explanatory material for full-year results: Yes (published on the Company’s website)
Holding of briefing for full-year results:
Yes (for institutional investors and analysts)(Note: Amounts less than one million yen are rounded down)
1. Consolidated Financial Results for the First Quarter of the Fiscal Year Ended March 31, 2025 (April 1, 2024 to June 30,2024)(1) Consolidated Operating Results(Percentage figures represent year-on-year changes)
Profit attributable toNet sales
Operating income
Ordinary profit
owners of parent
Millions of yen%

Millions of yen%

Millions of yen

Three months ended
865
18.7
78 (22.4)
June 30, 2024
Three months ended
729
2.9
101 (38.0)
June 30, 2023
(Note)
Comprehensive income:Three months ended June 30, 2024 50 million yen (down 20.7%)
Three months ended June 30, 2023 63 million yen (down 42.2%)%

Millions of yen%78(21.2)

59(17.2)

99(39.3)

71(38.4)

Basic net income Diluted net income
per shareper share
YenYenThree months ended
June 30, 2024
Three months ended
June 30, 2023

16.27

16.23

20.21

19.68

Total assets

Net assets(2) Consolidated Financial Position

As of June 30, 2024
As of March 31, 2024
(Reference)

Equity:As of June 30, 2024
As of March 31, 2024

Equity ratio

Millions of yen

Millions of yen

%

3,202
3,241

2,602
2,545

69.8
67.1

2,234 million yen
2,174 million yen

2. Dividend Status
Dividend per share
1Q-end2Q-endYen

3Q-end4Q-end

Total

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024
－0.00－
Fiscal year ended March 31, 2025
－0.00
Fiscal year ending March 31, 2025 (Forecast)(Note) Revisions to the dividend forecasts announced most recently: None－0.00

0.00

－0.00

0.00

for Startups, Inc. (7089) Consolidated Financial Results for the First Quarter of the Fiscal Year Ended March 31, 2025

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)

Net sales
Millions of yen

Operating income% Millions of yen(Percentage figures represent year-on-year changes)
Profit attributable to Basic net income
Ordinary profit
owners of parent
per share% Millions of yen

4,100
20.0
450
6.3
450
Full year(Note) Revisions to the dividend forecasts announced most recently: None

% Millions of yen

5.0%Yen310 (19.7)

85.02* Notes(1) Changes in significant subsidiaries during the period(Changes in specified subsidiaries resulting in changes in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatements(i) Changes in accounting policies due to revisions to accounting standards:(ii) Changes in accounting policies due to other reasons:(iii) Changes in accounting estimates:(iv) Restatements:

Yes
None
None
None

(3) Number of shares issued (common stock)(i)
Number of shares issued at the end of the period (including treasury stock)
As of June 30, 2024
3,646,400 shares
As of March 31, 2024
3,646,400 shares(ii) Number of treasury stock at the end of the period
As of June 30, 2024
156 shares
As of March 31, 2023
156 shares(iii) Average number of shares during the period
Three months ended June 30, 2024
3,646,244 shares
Three months ended June 30, 2023
3,547,145 shares* Review by a certified public accountant or an auditing firm of the attached condensed quarterly consolidated financial
statements and notes : None

* Description concerning the appropriate use of earnings forecasts and other remarks
The Company plans to hold an earnings briefing on August 7, 2024. The earnings briefing materials used on the day will be
published on the Company’s website.

for Startups, Inc. (7089) Consolidated Financial Results for the First Quarter of the Fiscal Year Ended March 31, 2025
Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet(Units: thousand yen)First Quarter ofFiscal Year 2024
(As of June 30, 2024)

Fiscal Year 2024
(As of March 31, 2024)
AssetsCurrent assets
Cash and deposits

1,655,674

1,897,733

Accounts receivable - trade

512,905

284,771

Operational investment securities

378,171378,171

Prepaid expenses

34,37043,645

Other

2,969

3,354

Allowance for doubtful accounts(1,989)(756)

2,582,102

2,606,919

67,953

39,110

13

10

Other

595,408

560,194

Allowance for doubtful accounts(4,015)(4,015)

Total investments and other assets

591,393556,179

Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets

659,361595,300

3,241,463

3,202,220

Accounts payable - other

235,353

242,895

Income taxes payable

114,368

12,414

Accrued consumption taxes

58,32056,472

Provision for bonuses

127,828

54,772

Provision for loss of office transfer expenses

31,08531,085

Other

129,243

202,279

Total current liabilities

696,198

599,919

696,198

599,919

Share capital

238,259

238,259

Capital surplus

238,577

238,577

Retained earnings

1,697,752

1,757,094

Total non-current assets
Total assets
Liabilities
Current liabilities

Total liabilities
Net assets
Shareholders’ equity

(540)

(540)

2,174,048

2,233,390

Valuation difference on available-for-sale securities

692782

Total accumulated other comprehensive income

692

782

Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income

Share acquisition rights

32,37836,153

Non-controlling interests

338,145

331,974

Total net assets

2,545,264

2,602,301

Total liabilities and net assets

3,241,463

3,202,2201

for Startups, Inc. (7089) Consolidated Financial Results for the First Quarter of the Fiscal Year Ended March 31, 2025
(Units: thousand yen)(2) Quarterly Consolidated Statements of Income and Comprehensive Income(Quarterly Consolidated Statement of Income)(For the three-month period)(Units: thousand yen)Three months ended
June 30, 2024
(April 1, 2024 toJune 30, 2024)

Three months ended
June 30, 2023
(April 1, 2023 toJune 30, 2023)
Net sales

729,767

865,872

Cost of sales

110,959

145,794

Gross profit

618,807

720,077

Selling, general and administrative expenses

517,092

641,157

Operating income

101,715

78,920Miscellaneous income

220847

Total non-operating income

220847

Non-operating income

Non-operating expenses
Interest expenses
Loss on investments in investment partnerships

86－

2,253

1,269

2,340

1,269

Ordinary profit

99,59578,497

Profit before income taxes

99,59578,497

Total non-operating expenses

Income taxes - current

8,904

6,424

Income taxes - deferred

25,237

18,901

Total income taxes

34,141

25,326

Profit65,45453,170

Profit (loss) attributable to non-controlling interests(6,228)(6,170)

Profit attributable to owners of parent

71,682

59,3412

for Startups, Inc. (7089) Consolidated Financial Results for the First Quarter of the Fiscal Year Ended March 31, 2025

(Quarterly Consolidated Statement of Income)(For the three-month period)
Three months ended
June 30, 2023
(April 1, 2023 toJune 30, 2023)(Units: thousand yen)Three months ended
June 30, 2024
(April 1, 2024 toJune 30, 2024)

Profit65,45453,170

Other comprehensive income
Valuation difference on available-for-salesecurities
Total other comprehensive income(1,489)(2,445)(1,489)(2,445)Comprehensive income

63,96450,72570,193(6,228)56,895(6,170)Total comprehensive income attributable to:Owners of parent
Non-controlling interests3