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.

July 27, 2021

Non-consolidated Financial Results
for the Nine Months Ended June 30, 2021
<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:
July 28, 2021
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 nine months ended June 30, 2021
(from October 1, 2020 to June 30, 2021)(1) Operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Nine months ended
June 30, 2021
June 30, 2020

Operating profit

Millions of yen

3,332
2,092

% Millions of yen

59.3
128.2

Basic earnings pershare
Nine months ended
June 30, 2021
June 30, 2020

Ordinary profit

Yen

10.86
32.21

201
530

% Millions of yen(62.1)
842.7

200530

Profit% Millions of yen(62.2)
795.1

129355%(63.5)
747.0

Diluted earnings pershare
Yen

10.37
29.99

Note: For the diluted earnings per share for the nine months ended June 30, 2020, because the Company’s shares werelisted on the Mothers section of the Tokyo Stock Exchange on December 11, 2019, the figure is calculated using theaverage share price from the date the shares were newly listed to the end of the quarter under review as the average
share price for the period.

(2) Financial position
Total assets
As ofJune 30, 2021
September 30, 2020
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen%

10,416
6,173

6,733
2,673

64.4
43.1

EquityAs of June 30, 2021
As of September 30, 2020

¥6,707 million¥2,662 million

2. Cash dividends
Annual dividendsFirstquarter-end

Secondquarter-end

Yen
Fiscal year ended
September 30, 2020
Fiscal year ending
September 30, 2021

Thirdquarter-end

Yen

Fiscal year-end

Yen–0.00

––

0.00

–

Fiscal year ending
September 30, 2021 (Forecast)

TotalYen

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, 2021
(from October 1, 2020 to September 30, 2021)
Net sales

Fiscal year ending
September 30, 2021

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

Operating profit

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

Yen

4,670

44.8

311(39.0)309(39.5)

205(44.3)

17.06

Note: Revisions to the earnings forecasts most recently announced: Yes* 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 June 30, 2021

12,316,700 shares

As of September 30, 2020

11,667,700 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2021

64 shares

As of September 30, 202024 shares(iii) Average number of shares during the period (cumulative from the beginning of the fiscal year)
For the nine months ended June 30, 2021

11,960,170 shares

For the nine months ended June 30, 202011,037,876 shares* Quarterly financial results reports are exempt from quarterly review conducted by 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 businessand other results may differ substantially due to various factors.
For matters regarding the above earnings forecasts, please refer to “(3) Explanation of forward-looking
information including earnings forecasts” in “1. Qualitative information on quarterly financial results”
on page 3.

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 ........................................ 3
2. 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 resultsThe 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 all the good things are born, spread, and continue toexist,” the mission of Makuake, Inc. (the “Company”) is to “Connect the world through the creation ofnew things.” We operate the “Makuake” platform to connect business operators who want to create andspread new things with consumers who wish to find new items that fit their own tastes and preferences.
The first nine months of the fiscal year ending September 30, 2021, saw a continuation of the difficult
conditions caused by the effects of the novel coronavirus disease (COVID-19), but the Japanese
economy is expected to follow a path of recovery, as measures to prevent the spread of COVID-19 arebeing taken and vaccination programs are being expedited both in Japan and overseas. However, wemust pay close attention to the risk of global economic decline caused by future changes in the spreadof infection, and the future remains uncertain.
The business environment for the Company is affected by multiple markets, including the new productoffline debut market, the e-commerce market for debuting new products, and the e-commerce market
for pre-ordering new services. We believe that the e-commerce market for debuting new products andservices has extraordinarily high growth potential.
Under these conditions, the Company is accelerating innovation in its previous business model, helpedby the tailwind of the digital transformation of Japanese society, providing a place for business
operators (project owners) to debut new products and services online for test marketing and PR prior tomass production. In this way the Company continues to provide support for the introduction to theworld, in a way that was difficult under the primarily off-line business models of the past, of products
and services that use wonderful technology and ideas.
In addition, we are providing to consumers (project supporters), and spreading awareness of, a newform of consumption called “support purchases.” This provides consumers with something that could
not be experienced in the past, namely a sense of specialness that is derived from being able to acquire
products that fit their own tastes and preferences before anybody else as well as a sense ofconnectedness with business operators (project owners), and that allows them to enjoy the sense of trustand expectation that comes from knowing the story behind the product being created.
In the period under review, the spread of COVID-19 led to restrictions on offline venues for debuting
new products. However, the number of new projects posted on Makuake rose significantly due to arising awareness of the benefits of debuting new products and services on Makuake without incurring
inventory risk. This approach also enables confirmation of consumer needs and the acquisition ofpurchaser data before mass production, while at the same time making it possible to manufacture only
the required volume after securing initial customers, and to then move on to the mass-production phase.
Moreover, brand recognition rose as a result of television commercials, and we increased our exposureon television programs and strengthened our Internet and app advertisements. This led to a further
expansion in unique users, and total support purchase value at Makuake grew 67.1% year on year.
However, having put the highest priority on growth in total support purchase value and having moved
forward with upfront investments in promotions and in the hiring of personnel, the unexpectedly large
increase in the number of new projects posted resulted in a rise in the operational burden for curators.
We became aware that there were issues related to the hiring and development of curators and ofinspection, legal and monitoring personnel, as well as in the examination of operational flows and thedevelopment of operations systems.
As a result, for the period under review, the Company recorded net sales of ¥3,332,990 thousand (up59.3% year on year), operating profit of ¥201,096 thousand (down 62.1% YoY), ordinary profit of¥200,403 thousand (down 62.2% YoY) and profit of ¥129,918 thousand (down 63.5% YoY).
As the Company consists of a single business segment, the Makuake service, a platform for people to
make support purchases of new things and experiences, information by segment is omitted.

-2-Makuake, Inc. (4479)(2) Information on financial position
AssetsAt the end of the quarter under review, total assets increased by ¥4,243,552 thousand from the previous
fiscal year-end to ¥10,416,999 thousand.
Current assets increased by ¥3,894,501 thousand to ¥9,542,339 thousand. The main components
included an increase of ¥3,758,502 thousand in cash and deposits.
Non-current assets increased by ¥338,118 thousand to ¥851,385 thousand. The main components
included an increase of ¥181,276 thousand in intangible assets.
Liabilities
At the end of the quarter under review, liabilities increased by ¥183,189 thousand from the previous
fiscal year-end to ¥3,683,619 thousand.
Current liabilities increased by ¥172,236 thousand to ¥3,644,329 thousand. This was due mainly todeposits received increasing by ¥643,349 thousand and accounts payable - other included in otherdecreasing by ¥257,471 thousand.
Non-current liabilities increased by ¥10,953 thousand to ¥39,289 thousand. The main components
included an increase of ¥10,840 thousand in provision for continuous services benefits.
Net assets
At the end of the quarter under review, net assets increased by ¥4,060,362 thousand from the previous
fiscal year-end to ¥6,733,379 thousand. The main components of this were increases in share capitaland capital surplus of ¥1,957,476 thousand each as a result of the issuance of new shares through aninternational offering, among other factors, and an increase of ¥129,918 thousand in retained earnings
due to the recording of profit.
(3) Explanation of forward-looking information including earnings forecasts
The Company puts the highest priority on growth in the total support purchase value for the Makuake
service, and aims to establish a position for itself as the largest marketplace for the online debut of newproducts. To this end, it is moving forward with upfront investments, primarily in promotions and in thehiring of personnel.
The earnings forecasts announced on October 27, 2020, were based on trends such as the increase ininquiries from business operators wanting projects posted, which continued even after the rapid growthrecorded in the fiscal year ended September 30, 2020, the expansion in the number of active uniqueusers visiting Makuake, and the rise in consumption via online marketplaces. At this point in time,earnings continue to grow but results have undershot the levels projected, and we have therefore
revised our forecast for net sales to ¥4,670 million (up 44.8% year on year). In addition, as we havecontinued to move forward with various upfront investments aimed at maximizing total support
purchase value, we have revised operating profit to ¥311 million (down 39.0% YoY), ordinary profit to¥309 million (down 39.5% YoY), and profit to ¥205 million (down 44.3% YoY).

-3-Makuake, Inc. (4479)

2. Quarterly financial statements and significant notes thereto(1) Quarterly balance sheet(Thousands of yen)
As of September 30, 2020
AssetsCurrent assetsCash and 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
Total non-current liabilities
Total liabilitiesNet 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-

As of June 30, 2021

5,109,351
530,318
15,164(6,996)
5,647,838

8,867,854
507,033
174,448(6,996)
9,542,339

46,969356,458

46,858537,735

117,376(7,537)
109,839513,267
12,3406,173,446

274,329(7,537)
266,791
851,385
23,273
10,416,999

155,480
2,345,603
971,008
3,472,093

23,713
2,988,952631,663
3,644,329–
28,33628,3363,500,429

113
39,17639,2893,683,619

1,136,847
1,136,847
388,949(115)
2,662,529
10,4882,673,017
6,173,446

3,094,323
3,094,323
518,868(357)
6,707,158
26,2206,733,379
10,416,999

Makuake, Inc. (4479)(2) Quarterly statement of income(Thousands of yen)
Nine months ended
June 30, 2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Lecture fees and other income
Other
Total non-operating incomeNon-operating expenses
Interest expenses
Amortization of share issuance costs
Total non-operating expenses
Ordinary profit
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Profit-5-

Nine months ended
June 30, 2021

2,092,494
373,111
1,719,383
1,188,685
530,697

3,332,990
558,716
2,774,273
2,573,177
201,096

2,950
211
3,161

5,325
654
5,980

111
3,107
3,218
530,640
530,640
181,546(6,431)
175,114355,525

–
6,672
6,672
200,403
200,403
74,115(3,629)70,485
129,918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
Due to the issuance of 1,000 new shares as restricted share-based remuneration with a payment date ofJanuary 22, 2021, share capital and capital surplus each increased by ¥4,440 thousand. In addition, due
to the issuance of 500,000 new shares through an international offering with a payment date ofFebruary 24, 2021, share capital and capital surplus each increased by ¥1,937,792 thousand.
The exercise of share acquisition rights resulted in share capital and capital surplus increasing by¥15,244 thousand each.
As a result, at the end of the quarter under review, share capital came to ¥3,094,323 thousand, andcapital surplus was ¥3,094,323 thousand.
Segment information
Segment information
As the Company consists of a single business segment, the Makuake service, a platform for people to
make support purchases of new things and experiences, this information is omitted.

-6-