Supplementary
Financial Information
for the Second Quarter of FYE Jan. 2025
Enigmo Inc.

Second Quarter of FYE Jan. 2025

02

Highlights

Highlights of the Second Quarter of FYE Jan. 2025
Despite the continued challenging business environment in the BUYMA business to achieve a recovery due to the historic depreciationof the yen, the business has shown a sign of bottoming out owing in part to the e ects of pro ts ensured through thorough cost controls
and marketing measures by customer segment.
Our company transitioned to consolidated accounting in the second quarter of the current scal year, and is steadily developing asystem to link the process for generating new sources of pro t, including BUYMA TRAVEL, to expansion of pro ts as the Enigmo Group.

Overview of business performance
BUYMA GMV：

24.31 billion yen

Net sales：

2.56 billion yen(down 11.9% QoQ)

Despite the struggle due to the ongoing challenging external environment including the further depreciation of the yen, our business performance is on a recovery trend
a er bottoming out in Q1 based on the quarter-on-quarter comparison thanks to internal measures fostered in response to changes in consumption trends.

：

230 million yen

Selling and：administration costs

178 million yen

Operating income

Continued to invest in new businesses, including the redeployment of human resources, with the aim of developing e ective measure for existing businesses andgrouping them, while ensuring pro tability through business operations with an emphasis on the advertising expenses of 570 million yen (down 22.2% QoQ) and coste ciency.

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Second Quarter of FYE Jan. 2025

Highlights

Highlights of the Second Quarter of FYE Jan. 2025

BUYMA Topics‣ Establishment of original sale “BUYMA BIG DEAL DAYS”
Recognition by members as a regular sale has been established, and the GMV increased by approximately 40% compared to normal sales.

‣ Strengthening of in ow through social media contents
Millions of views were recorded for multiple contents, which increased their contribution to sales.

‣ Continued holding of o ine events by BUYMA STUDIO
The sales during the Hermès event held from May 18 to 26 amounted to approximately 12 million yen.

‣ Promotion of acquisition of good customers by AMEX x BUYMA Concierge
The second campaign was held due to the strong result of the rst campaign.

‣ Strengthening of safety and security measures
The number of appraisals in July increased by 169.5% YoY, further promoting the improvement of appraisal functions by expanding thenumber of brands to be appraised and strengthening the monitoring of listings.

‣ Full-scale release of “BUYMA VINTAGE”
GMV has steadily increased since the pre-launch

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Second Quarter of FYE Jan. 2025

Highlights

Highlights of the Second Quarter of FYE Jan. 2025

BUYMA TRAVEL Topics‣ Private guide booking amount continued high growthBookings for the second quarter of the scal year amounted to 72.7 million yen, up 73% QoQ and continuing to grow.

‣ HOTEL booking service launched
Aiming to increase the order amount per customer in combination with the private guide and local activity.

‣ Business grouping and operational integration
MEGURU Co., Ltd., which is mainly engaged in Activity business, became a consolidated subsidiary.
MEGURU Co., Ltd. changed its name to BUYMA TRAVEL Co., Ltd.
BUYMA TRAVEL business was integrated into BUYMA TRAVEL Co., Ltd.
through absorption-type split to streamline operations and enhance business growth and pro tability.

Reorganization‣ Grouping as a consolidated group
Transition to consolidated accounting from the second quarter of the current scal year. ※PL begins incorporating the consolidated subsidiaryin the third quarter.
Announced consolidated performance forecast for FYE Jan. 2025.

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Second Quarter of FYE Jan. 2025

Summary of business performance

Overview of business performance (consolidated)FYE January 2025
Q2 results
Net Sales

2,566 million yen

Gross margin

2,015 million yen

Selling and administration costs

1,785 million yen

Advertising costs

570 million yen

Labor costs

858 million yen

Operating income

229 million yen

Ordinary income

199 million yen

Interim net pro t
attributable to owners of the parent

131 million yen*The consolidated pro t and loss statement does not include the pro t and loss of BUYMA TRAVEL Co., Ltd. (former MEGURU Co., Ltd.） as it was deemed to have been acquired on June 30, 2024.

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Second Quarter of FYE Jan. 2025

Summary of business performance

Overview of business performance (non-consolidated)FYE January 2025
Q2 results

Change from the same quarterof the previous year

GMV

24.317 billion yen

27,593 billion yen

88.1%

Net Sales

2.566 billion yen

3.014 billion yen

85.1%

Gross margin

2.015 billion yen

2.356 billion yen

85.5%

Selling andadministration costs

1.784 billion yen

1.966 billion yen

90.8%

Advertising costs

0.570 billion yen

0.733 billion yen

77.8%

Labor costs

0.858 billion yen

0.900 billion yen

95.3%

Operating income

0.230 billion yen

0.389 billion yen

59.0%

Ordinary income

0.228 billion yen

0.397 billion yen

57.4%

Pro t

0.157 billion yen

0.275 billion yen

57.4%

Second Quarter of FYE Jan. 2025
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FYE January 2024
Q2 results

07Sales by business and investments in the rst half of FYE Jan. 2025

Promote moderate business investment to generate new sources of pro t,
while securing stable pro ts from existing businesses.

(Unit: million yen)(First half of
FYE January 2025)

Total for all
businesses

BUYMA

Composition ratio(JP)

Investment business(GLOBAL, TRAVEL, othernew businesses, etc.) (*)

Composition ratio

GMV

24,36623,937

98%

428

2%

Net Sales

2,566

2,518

98%

48

2%

Gross margin

2,015

1,982

98%

32

2%

1,784

1,642

92%

142

8%

230

340

148%

-110

-48%

Selling andadministration costs

Operating income*The pro t and loss gures do not include the pro t and loss of BUYMA TRAVEL Co., Ltd. (former MEGURU Co., Ltd.) as it was deemed to have been acquired on June 30, 2024.

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Second Quarter of FYE Jan. 2025

Transitions in major KPI for BUYMA for the second quarter of FYE Jan. 2025

Number of BUYMA members (Unit: person)

Number of active BUYMA members (Unit: person)
1,373,243

11,571,702
10,939,445

1,316,185

1,208,262

10,113,655

1,172,987

9,106,307
946,761

7,920,172

FYE Jan. 2021
Q2

FYE Jan. 2022
Q2

FYE Jan. 2023
Q2

FYE Jan. 2024
Q2

FYE Jan. 2025
Q2

BUYMA GMV (Unit: million yen)FYE Jan. 2021
Q2

FYE Jan. 2022
Q2

FYE Jan. 2023
Q2

FYE Jan. 2024
Q2

FYE Jan. 2025
Q2

BUYMA number of transactions handled (Unit: no. of transactions)
1,467,608

31,34829,295

1,303,172

27,59425,6091,292,290

24,317

1,097,365
853,216FYE Jan. 2021
Q2

FYE Jan. 2022
Q2

FYE Jan. 2023
Q2

FYE Jan. 2024
Q2

FYE Jan. 2025
Q2

FYE Jan. 2021
Q2

FYE Jan. 2022
Q2

FYE Jan. 2023
Q2

FYE Jan. 2024
Q2

FYE Jan. 2025
Q2

*GMV: Amount of account settlements including such things as payment for goods and fees for settlement of payment in contracted transactions*Number of active members: Members with a purchase history within the past year

Second Quarter of FYE Jan. 2025

09

BUYMA BIG DEAL DAYSBUYMA’s largest original sale “BUYMA BIG DEAL DAYS” has been held
As a regular sale, it has become well known among the members and has an e ect of promoting continuous purchases

Contents of three-part sale
1. SPECIAL SALE ITEMS- Loss leaders only available on BIG DEAL DAYS

2. COUPON- Coupon gift only available for 7 days

3. STOCK CLEARANCE SALE

- First come, first served. “One Item Only, Stock Clearance Sale”

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Second Quarter of FYE Jan. 2025

Operation on social media
With millions of impressions recorded with numerous contents, social media have evolved into e ective media for appeal.
The number of impressions increased by 57% QoQ, continuing high growth.

Number of impressions on major social media services
200,000,000
180,000,000
160,000,000

Growth of more than 6-fold in 2 years

140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
0FYE Jan. 2023 Q2
Instagram

YoutubeFYE Jan. 2024 Q2

FYE Jan. 2025 Q2

TikTok11
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Second Quarter of FYE Jan. 2025

BUYMA STUDIO

Held Hermès event planned in collaboration with premium personal shoppers

Influential(offline event)personal
shoppers

VIP
customers

Contracts worth approximately 12 million yen during the 7-day event period

Second Quarter of FYE Jan. 2025

12

BUYMA × AMEX

Held an additional campaign exclusively for American Express Platinum Card Members
Promoted acquisition of good customers by AMEX x BUYMA Concierge Desk

Second Quarter of FYE Jan. 2025

13

BUYMA VINTAGE“BUYMA VINTAGE,” a luxury vintage market that gathers pre-owned brand goods fromaround the world, was launched on a full scale, and GMV has grown steadily.

Objectives

Features‣ Eliminate customer attrition caused by soaring product prices‣ Only vetted sellers can list their items (BUYMA-authorizedcorporations list items)‣ Capture diversified demand, such as sustainable fashion‣ Pre-owned items can be purchased from countries all over theworld‣ Free authenticity appraisals available‣ Inspections and consultations by sellers

Second Quarter of FYE Jan. 2025

14

Strengthening of safety and security
Further improved appraisal functions by expanding the number of brands to be appraised
and strengthening the monitoring of listings.
Signi cant increase in the actual number of appraisals from the previous year.

Appraisal results
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
Q1
FYE January 2024

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Second Quarter of FYE Jan. 2025

Q2

Q3

Q4

FYE January 2024

15

BUYMA’s growth strategy
Expand coverage areas while improving BUYMA’s service quality and operating in line with the market environment.
Promote the expansion strategy in overseas markets through collaboration with other companies’ services.

New lines of business

International

LuxuryExternal concierge collaboration

Off-price designer brand items
by official overseas suppliers

Offsite event for VIPs

Released inAugust 2024

BUYMA
×International cross-border ecommerce platform[Partnership Part 1]

BUYMA×BUYEECollaboration started in August 2024

Overseas outlets

From in-house operation by
BUYMA.US to expansion of sales
channels through collaboration
with other companies.
that gathers pre-owned brand goods
from around the world

Korean trends
Value

Strengthening of safety and security

Second Quarter of FYE Jan. 2025

16

Acquisition of
new sources of profit

Second Quarter of FYE Jan. 2025

17

Revamped
BUYMA TRAVEL

Second Quarter of FYE Jan. 2025

18

BUYMA TRAVEL

Growth in booking amount continued.
YoY growth remained steady at 173%.

BUYMA TRAVEL booking amount(Unit：yen)

140,000,000
119,258,966

120,000,000

100,000,000

Further growth isexpected for thewhole year

80,000,000
72,735,766

60,000,000

YoY growth for Q2
remained steadyat 173%40,000,000

42,104,015

20,000,000
9,651,612
2,028,033

0
FYE January 2023
Q2

FYE January 2024

FYE January 2025

Whole year

Second Quarter of FYE Jan. 2025

19

M&A ー Conversion of MEGURU into a subsidiary and absorption-type split of the BUYMA TRAVEL business
BUYMA TRAVEL transferred to subsidiary MEGURU through absorption-type split.
Group’s travel business consolidated into MEGURU and will start operating as BUYMA TRAVEL Co., Ltd. from August 1.

Aims

Consolidation period‣ Strengthen cultivation of the in-destination activities market‣ B/S: Include in consolidated financial statements from Q2

through the merger of BUYMA TRAVEL and MEGURU.

‣ P/L: Include in consolidated financial statements from Q3‣ Acquire foreign currency from overseas supplier businesses in
Hawaii and Guam.

*For details, please refer to the press releases of 5/15 and 6/14, as well as the “VISION for Next 20” document of 6/14.

Second Quarter of FYE Jan. 2025

20

Revamped BUYMA TRAVEL
Our revamped BUYMA TRAVEL aims to become the No. 1 travel entertainment company in the travel industry based on
two core businesses: C to C platform provision business and overseas supplier business.

Platform businessIn addition to “private guide × activity”, a feature of BUYMA TRAVEL, we are sequentially implementing
other measures to increase the unit price per customer, such as “private guide × hotel”, “private guide ×
restaurant reservation”, etc.

Hotel arrangements

PG

Ticket/ museum arrangements

Targeted market size* to begreatly expanded throughbusiness integration

Concierge
GuidesStandard ac. arrangements

Local media coverage

Restaurant reservations

Overseas in-destination
activities market
Approx. 3 trillion yen

Overseas supplier businessTo date, MEGURU has expanded its business scale through a series of acquisitions of suppliercompanies in Guam, Hawaii, and other locations.
By operating a platform business, MEGURU has increased its knowledge of activities and local
transportation needs that are expected to be in stable demand, and can conduct roll-up M&A with ahigh probability of success.

Overseas optional
tour/activity EC
market 260 billion
yen*Enigmo’s estimates based on the nancial results oftravel industry companies

fiSecond Quarter of FYE Jan. 2025

21

Platform business ー Measures to improve the unit price of BUYMA TRAVELIn response to an increase in inquiries about choosing accommodation at travel destinations, BUYMA TRAVEL has
now released a new accommodation consultation function.
BUYMA TRAVEL’s package tours can now be created exclusively for BUYMA TRAVEL, increasing sales per customer.

Second Quarter of FYE Jan. 2025

22

Platform business ー Measures to improve the unit price of BUYMA TRAVELThe addition of an accommodation consultation function enables one-stop consultation and booking for “pick-up anddrop-o service,” “private tours,” and “accommodations” for overseas travel.
Realization of BUYMA TRAVEL’s exclusive package tours that allow customers to freely combine sightseeing and hotels.

Transportation /pick-up and drop-off

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Second Quarter of FYE Jan. 2025

Private tours

Accommodations

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Overseas supplier business ー Business expansion through acquisition of pick-up and drop-o function
Established a pick-up and drop-o company in Hawaii, where there is a high demand from BUYMA TRAVEL customers for reservations
for pick-up and drop-o service, and is preparing to start operations.
In addition to acquiring a new revenue source through pick-up and drop-o service, we aim to improve the frequency of activities andincrease the pro tability of the overall travel business by securing means of pick-up and drop-o service within our group.
Plans to aggressively promote M&A or alliance for elds where demand is strong in the platform business.

Overseas supplier business(New company)

MaikaiTransportation
Established a company
in Hawaii, and preparing
to obtain operating
licenseEnjoy everything from beach activities to marine sports
at Guam Ocean Park.

An event company o ering parasailing, a popular choice among
marine sports. Sunny Side Up GuamAt this integrated marine sports center, everyone from kids toadults can enjoy a full day of marine sports and activities, ranging
from relaxing at the beach, riding jet skis, and parasailing to namea few.

Sunny Side Up Guam is an activities and events company that lets you
take to the blue skies of Guam to gaze out upon the beautiful oceanwith their popular parasailing activity.
They o er 2-person parasailing, so you can enjoy it with friends andfamily.

Enjoy snorkeling and search for sea turtles. Hawaiian dive shop with 40 years of history!
Established in 1983, they are the longest-running dive shop operated by a Japanese national in Hawaii. Wanting togive everyone who visits Hawaii the best possible and authentic experience, they focus on o ering snorkeling anddiving tours.

Private tours

Transportation/pick-up and drop-off

Accommodations

Platform business
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Second Quarter of FYE Jan. 2025

Overseas supplier business
BUYMA TRAVEL’s overseas supplier business generated sales of approximately US$ 1.5 million in the rst half of the scal year.
On a simple sum base, 8% of the group’s total sales were earned in foreign currency.
Expect to continue to increase sales in foreign currency in line with the recovery of overseas travelers.

Company（MMS Guam, MMS Hawaii, Sea Eagle社）

Service

Net sales for FYE Jan. 2025 Q1

U.S. (Hawaii and Guam)
supplier businessApprox. 150 million yen*

Settlement currency

USD(Approx. 2,300 Million yen)

エニグモ

Domestic BUYMABusiness sales
2.56 billion yen

Approx. 8%of total group sales(Cumulative total for Q2 of FYE Jan. 2025)*Net sales of BUYMA TRAVEL are unaudited information, and not included in the consolidated net sales for the second quarter of the current scal year.

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Second Quarter of FYE Jan. 2025

Entry into new fields

Second Quarter of FYE Jan. 2025

26

In collaboration with Getsuraku Co., Ltd., an equity-method affiliate involved in the human resources business,
we launched a new type of job change support service, which was being promoted as Specialty X.
Grand opening is scheduled soon.

Process for generating new profits

Specialty1
TRAVELGATE3Specialty
X
GATE2Specialty
Y1

Specialty
Y2

Specialty
Y3

Specialty
Z

Specialty
Z

Specialty
Z

GATE1Specialty
Z

Specialty
Z*Getsuraku Co., Ltd. is a company that provides job change support services, mainly for venture career start-ups.

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Second Quarter of FYE Jan. 2025
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New business ー Sta ng service

New business ー Sta ng service

Mission-based selection type job change platform service
Aiming to be a platform where human resources flow freely and creatively.

Potential of the service as seen through PoC/user interviews‣ Pooling talented self-starters who empathized with output-based selection.
‣ 70% of registrations are for business positions. Providing innovations to business-side job changing activities.
‣ The cost to acquire job seekers is low, and promotion centered on marketing on social media is planned.

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Second Quarter of FYE Jan. 2025

28

New business ー Real estate business
Non Brokers, Inc., which is involved in the real estate business, has renewed landing pages and conducted joint
sales promotions with major distribution groups in order to improve the ability to attract customers. In addition,
Non Brokers is taking advantage of our company’s knowledge to strengthen SEO improvement measures,
rebranding and organizational structure, and is building a foundation for growth in the next fiscal year andbeyond.

Landing page improvement

Sales promotion with major distribution groups

Implemented major revisions to the landing page (https://www.ieuri.com/).

Implemented major revisions to the landing page (https://www.ieuri.com/).
Con rmed the e ect of “anonymous appraisal” in o ine marketing as well. Plans tocontinue to reach a wide range of customers through multiple channels.

29
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Second Quarter of FYE Jan. 2025

Consolidated performance
forecast for FYE Jan. 2025

Second Quarter of FYE Jan. 202530

Consolidated performance forecast for FYE Jan. 2025
The performance forecast for the second half of BUYMA TRAVEL Co., Ltd., which is subject to consolidation, is reflected.
The effect on consolidated operating income for the current fiscal year is expected to be -100 million yen (including
amortization of goodwill), but it is expected to be started to be posted as profit in the next fiscal year.

FYE January 2025
Consolidated performance
forecast for FYE Jan. 2025

Enigmo performance forecast

BUYMA TRAVEL
performance forecast （※1）

YoY

Net Sales

5,707 million yen

5,337 million yen

86.0%

370 million yen

Gross margin

4,566 million yen

4,199 million yen

86.4%

368 million yen

Selling andadministration costs

4,006 million yen

3,559 million yen

92.1%

447 million yen

Operating income （※2）

538 million yen

640 million yen

64.1%-79 million yen

Operating income （※2）

535 million yen

638 million yen

62.6%-81 million yen

Interim net pro t attributable toowners of the parent （※2）

334 million yen

441 million yen

52.6%-85 million yen*1. BUYMA TRAVEL performance forecast is for the six-month period from July 2024 to December 2024.
*2. Consolidated operating income takes into account amortization of goodwill.

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Second Quarter of FYE Jan. 2025

31

Appendix

Second Quarter of FYE Jan. 202532

Mid-term Target: Sales target of 10 billion yen
In addition to expanding business performance by enhancing the value of the experience in existing businesses
and increasing profitability by improving productivity, we will also seek to generate new sources of profit througha unique new business investment program that leverages our strong financial base.
Achieve net sales of 10 billion yen as the Enigmo Group in FYE January 2027.
Unit：million yen

FYE January 2024 performance

Net SalesFYE January 2027 target

6,203

10,000(Re ference im age)

(Operating pro t)

999

2,500

3,000

(Net income)

838

1,750

2,100

Market capitalization

15,32835,00040,000Total market value in circulation

7,293

16,00020,000※Market capitalization is calculated assuming a PER of 20x.

Sales targets and market capitalization for FYE January 2027

Unit: million yen

10,00050,0008,000

40,0006,000

30,0004,000

20,0002,000

10,00000
FYE Jan. 2024
Net sales

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Second Quarter of FYE Jan. 2025

Operating pro t

FYE Jan. 2025

FYE Jan. 2026

FYE Jan. 2027

Market capitalization（right axis）

33

Growth strategy

We are preparing to build a new Specialty Marketplace in multiple areas
by utilizing stable profits gained from the BUYMA business.

Growth strategy① Maximize core business② Expansion into
adjacent e-commerce segments③ Explore growth in
non-related fields

Sustain BUYMA’s growth by enhancing
product lineup, improving priceappeal, and improving UI/UX, etc.

Discontinuous growth through expansion
into other non-fashion related specialty
areas

Establish a new revenue base where we canleverage our customer base, overseas seller
network, platform operation know-how, andweb marketing expertise

TRAVEL
Business
Domestic/ International
BUYMA

Vintage

Second Quarter of FYE Jan. 2025

New
businessareas under
Pre-POC

M&A

Human
resources area
「Q転職」

M&A

Coming soon

M&A

34

These presentation materials are provided solely for the
purpose of better understanding of our company and are notintended for the purpose of solicitation.
Forward-looking projections and forecasts contained within thisdocument are made based on information available as of today.
Actual business performance may differ from projections due torisks and uncertainties in the future.
Contact information
Enigmo Inc. - IR Department
ir@enigmo.co.jp

Second Quarter of FYE Jan. 2025

35