Makuake, Inc. (4479)
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.

April 23, 2024

Non-consolidated Financial Results
for the Six Months Ended March 31, 2024
<under Japanese GAAP>
Company name: Makuake, Inc.
Listing:
Tokyo Stock Exchange
Stock code:
4479
URL:
https://www.makuake.co.jp/
Representative:
Ryotaro Nakayama, CEO
Inquiries:
Junghyun Kim, Head of Investor Relations
TEL:+81-3-6328-4038 (from overseas)
Scheduled date to file quarterly securities report:
April 24, 2024
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 six months ended March 31, 2024
(from October 1, 2023 to March 31, 2024)(1) Operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Six months ended
March 31, 2024
March 31, 2023

Operating profit

Millions of yen

1,860
1,789

% Millions of yen

4.0(20.2)

Basic earnings per
share
Six months ended
March 31, 2024
March 31, 2023

(98)
(378)

% Millions of yen% Millions of yen

%

–
–

–
–

Yen

–
–

Profit––Diluted earnings per
share

Yen

(6.07)(30.20)Ordinary profit

(96)
(374)

(76)
(379)

Makuake, Inc. (4479)(2) Financial position
Total assets
As ofMarch 31, 2024
September 30, 2023
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen

%

6,620
7,955

5,039
5,105

75.3
63.5

EquityAs of March 31, 2024
As of September 30, 2023

¥4,988 million¥5,051 million

2. Cash dividends
Annual dividendsFirstquarter-end

Secondquarter-end

Yen
Fiscal year ended
September 30, 2023
Fiscal year ending
September 30, 2024

Thirdquarter-end

Yen

–

0.00

–

0.00

Fiscal year-end

Yen

Fiscal year ending
September 30, 2024 (Forecast)

Total

Yen

Yen

–

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, 2024
(from October 1, 2023 to September 30, 2024)
Net sales
Millions ofyen
Fiscal year ending
September 30, 2024

3,925

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

Operating profit%

3.0

Millions of
yen

16

%

–

Millions ofyen21

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

Millions of
yen

5

%

–

Yen

0.40

Makuake, Inc. (4479)* 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 March 31, 2024

12,704,700 shares

As of September 30, 2023

12,636,700 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

180 shares

As of September 30, 2023

130 shares(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the six months ended March 31, 2024

12,679,594 shares

For the six months ended March 31, 2023

12,568,570 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 cash flows .................................................................................................................. 3(4) Explanation of forward-looking information including earnings forecasts ........................................ 4
2. Quarterly financial statements and significant notes thereto ....................................................................... 5(1) Quarterly balance sheet ...................................................................................................................... 5(2) Quarterly statement of income ........................................................................................................... 6(3) Quarterly statement of cash flows ...................................................................................................... 7(4) Notes to quarterly financial statements .............................................................................................. 8
Notes on premise of going concern .................................................................................................... 8
Notes on significant changes in the amount of shareholders’ equity .................................................. 8
Additional information ....................................................................................................................... 8
Segment information .......................................................................................................................... 8-1-

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 the
project 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 six months of the fiscal year ending September 30, 2024, after the legal status of
COVID-19 being downgraded to Class 5, the Japanese economy was on a moderate recovery trend, in
terms of personal consumption amid an improving employment and income environment, partly due tothe effects of various government policies; however, some stalling was seen in the Consumption Trend
Index. Moreover, uncertainty toward the future remained amid a continuing rise in prices of raw
materials due to global monetary tightening, the international situation, and other factors, as well as acontinuing rise in commodity prices mainly due to supply constraints, in addition to the need to pay
close attention to the impact of the Noto Peninsula Earthquake in January 2024 on the economy.
Regarding the market environment surrounding the Company, the reopening (restart of economic
activities), which started mainly offline after various restrictions related to COVID-19 were lifted, hasbeen observed in experiential consumption, particularly traveling, participation in events, and dining
out. This trend is expected to continue in the current fiscal year.
Against this backdrop, during the six months ended March 31, 2024, the Company concentrated its
efforts on increasing the unit price per project rather than increasing the number of project publications,and at the same time, pursued various initiatives mainly for repeat owners and repeat supporters. For
owners, in order to encourage repeat owners to create fine-quality projects, we supported them throughconstant contact, and enhanced support primarily for projects with high target amounts of “support”
pre-orders to increase the unit prices of such projects by leveraging various ancillary services. We also
concentrated our efforts on maximizing the amount of “support” pre-orders on the first day for all
projects as the amount on the first day greatly affects the growth of “support” pre-order value.
For supporters, an original symbol, which marks recommended owners certified based on the
Company’s established standards, and supporter evaluations of owners are displayed on the project
page. We have thereby enhanced the environment where supporters can enjoy making “support” preorder purchases with a sense of increased security. We also offer various functions to enrich supporters’
experience of “support” pre-orders, such as the function of enabling supporters to receive notification
about the start of publication of projects that they want to be quick to place “support” pre-orders forand a renewed top page on the Makuake website. In addition, we have facilitated repeat “support” preorders by implementing various CRM measures, primarily the distribution of various coupons that meetthe needs of supporters.
As a result of these initiatives, the “support” pre-orders grew by 2.3% year on year to ¥8,549,560
thousand.
We have also thoroughly controlled various SG&A expenses, particularly advertising expenses, basedon our internal ROI standards, and have proactively scrutinized unnecessary costs, while at the sametime striving to improve cost effectiveness.

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Makuake, Inc. (4479)

As a result, for the period under review, the Company recorded net sales of ¥1,860,065 thousand (up4.0% year on year), an operating loss of ¥98,851 thousand (operating loss of ¥378,399 thousand in thesame period of the previous fiscal year), an ordinary loss of ¥96,569 thousand (ordinary loss of¥374,151 thousand in the same period of the previous fiscal year) and a loss of ¥76,935 thousand (lossof ¥379,577 thousand in the same period of the previous 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 ¥1,334,772 thousand from the previous
fiscal year-end to ¥6,620,438 thousand.
Current assets decreased by ¥1,514,285 thousand to ¥5,547,001 thousand. The main components
included a decrease of ¥1,192,637 thousand in cash segregated as deposits.
Non-current assets increased by ¥181,438 thousand to ¥1,073,436 thousand. The main components
included an increase of ¥160,902 thousand in intangible assets.
Liabilities
At the end of the quarter under review, liabilities decreased by ¥1,268,710 thousand from the previous
fiscal year-end to ¥1,580,684 thousand.
Current liabilities decreased by ¥1,262,333 thousand to ¥1,528,500 thousand. The main components
included a decrease of ¥1,216,666 thousand in deposits received.
Non-current liabilities decreased by ¥6,377 thousand to ¥52,183 thousand. The main components
included a decrease of ¥6,180 thousand in provision for continuous services benefits.
Net assets
At the end of the quarter under review, net assets decreased by ¥66,061 thousand from the previous
fiscal year-end to ¥5,039,754 thousand. The main components included a decrease of ¥76,935 thousandin retained earnings due to the recording of a loss.
(3) Explanation of cash flows
The balance of cash and cash equivalents (“cash”) at the end of the period under review amounted to¥4,978,032 thousand, down ¥1,436,436 thousand compared with the previous fiscal year-end. The
respective cash flow positions and the factors thereof in the period under review are as follows.
Cash flows from operating activities
Net cash used in operating activities was ¥1,228,611 thousand (¥495,843 thousand was used in thesame period of the previous fiscal year). This was primarily due to a decrease in deposits received of¥1,216,666 thousand.
Cash flows from investing activities
Net cash used in investing activities was ¥221,798 thousand (¥295,341 thousand was used in the same
period of the previous fiscal year). This was primarily due to purchase of intangible assets of ¥220,418
thousand.
Cash flows from financing activities
Net cash provided by financing activities was ¥13,974 thousand (no cash flows in the same period of
the previous fiscal year). This was primarily due to proceeds from issuance of shares of ¥14,008
thousand.

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Makuake, Inc. (4479)(4) Explanation of forward-looking information including earnings forecasts
There is no change to the earnings forecasts for the fiscal year ending September 30, 2024 from theforecasts announced on October 24, 2023.

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Makuake, Inc. (4479)

2. Quarterly financial statements and significant notes thereto(1) Quarterly balance sheet(Thousands of yen)
As of September 30, 2023
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 assets
Total 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
Other
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-5-

As of March 31, 2024

4,148,698
2,265,771
483,759
170,340(7,282)
7,061,287

3,904,899
1,073,133
439,068
137,182(7,282)5,547,001

4,664
541,620

4,798
702,522353,250(7,537)345,713891,998
1,924
7,955,211

373,653(7,537)366,116
1,073,436–
6,620,438

28,8662,301,067
460,900
2,790,834

26,4701,084,401
417,628
1,528,500

2,435
55,132992
58,5602,849,394

3,230
48,952–
52,183
1,580,684

3,127,283
3,127,283(1,202,840)(625)
5,051,101
54,715
5,105,816
7,955,211

3,134,287
3,134,287(1,279,776)(659)
4,988,139
51,6155,039,754
6,620,438

Makuake, Inc. (4479)(2) Quarterly statement of income(Thousands of yen)Six months ended
March 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating loss
Non-operating income
Interest income
Dividend income
Lecture’s fee income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Amortization of share issuance costs
Other
Total non-operating expenses
Ordinary loss
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Loss before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Loss

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Six months ended
March 31, 2024

1,789,246
326,193
1,463,052
1,841,452(378,399)

1,860,065
434,798
1,425,266
1,524,117(98,851)

1
24
5,215
3,326
367
8,936

4
–
3,440
340
709
4,493

4,021
666
4,687
(374,151)

1,924
287
2,212
(96,569)––(374,151)
5,426
–
5,426
(379,577)

3,100
3,100
(93,469)
5,524(22,058)(16,534)(76,935)

Makuake, Inc. (4479)(3) Quarterly statement of cash flows(Thousands of yen)Six months ended
March 31, 2023
Cash flows from operating activities
Loss before income taxes
Depreciation
Increase (decrease) in provision for retirement benefits
Increase (decrease) provision for continuous services
benefits
Interest and dividend income
Amortization of share issuance costs
Decrease (increase) in trade receivables
Gain on reversal of share acquisition rights
Increase (decrease) in advances received
Increase (decrease) in accounts payable - other
Increase (decrease) in accrued expenses
Increase (decrease) in deposits received
Increase (decrease) in accrued consumption taxes or
consumption taxes refund receivable
Other, net
SubtotalInterest and dividends received
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from refund of leasehold and guarantee
deposits
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from issuance of shares
Purchase of treasury shares
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period-7-

Six months ended
March 31, 2024

(374,151)
2,712
844

(93,469)
49,502795(2,893)(6,180)(26)
4,021(79,318)–
5,773(30,583)2,740(108,062)

(4)
1,924
44,690(3,100)(4,211)(76,850)
7,146(1,216,666)

1,697

46,13732,237(545,008)
27(2,588)51,725(495,843)

32,455(1,217,828)
4(10,787)0(1,228,611)(5,294)(291,177)(1,962)(220,418)

1,130

581

(295,341)(221,798)–––(791,185)
7,321,798
6,530,613

14,008(33)
13,974(1,436,436)
6,414,469
4,978,032

Makuake, Inc. (4479)(4) 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.
Additional information
In the quarter under review, the Company has shortened the remittance schedule for project owners in
the Makuake service, a “support” pre-order platform. Previously, the remittance date was the third
business day of the second month following the month in which projects had ended; however, it has
been changed to the 25th of the month following the month in which projects end. This is expected tofurther enrich supporters’ experience of “support” pre-orders by helping project owners improve their
cash flows and facilitating the smooth provision of products and services for which “support” preorders are placed.
As a result, cash segregated as deposits and deposits received in the balance sheet and cash flows fromoperating activities and cash and cash equivalents at end of period in the statement of cash flows
decreased by ¥724,819 thousand, respectively.
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.

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