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.

January 30, 2024

Non-consolidated Financial Results
for the Three Months Ended December 31, 2023
<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:
January 31, 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 three months ended December 31, 2023
(from October 1, 2023 to December 31, 2023)(1) Operating results (cumulative)(Percentages indicate year-on-year changes.)

Net sales
Three months ended
December 31, 2023
December 31, 2022

Operating profit

Millions of yen

1,029
908

% Millions of yen

13.4ሺ21.2)

Basic earnings pershare
Three months ended
December 31, 2023
December 31, 2022

% Millions of yenሺ16)
ሺ186)

––

Diluted earnings per
share

Yen

ሺ0.48)
ሺ14.79)Ordinary profit

Yen––ሺ15)
ሺ183)

Profit% Millions of yen%

ሺ6)
ሺ185)

––––

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

Equity ratio

Millions of yen

Millions of yen%

8,211
7,9555,105
5,105

61.5
63.5

EquityAs of December 31, 2023
As of September 30, 2023

¥5,051 million¥5,051 million

2. Cash dividends
Annual dividends
Firstquarter-end

Secondquarter-end

Yen
Fiscal year ended
September 30, 2023–

Fiscal year ending
September 30, 2024

–

Third
quarter-end

Yen

Fiscal year ending
September 30, 2024 (Forecast)Fiscal year-end

Yen

Total

Yen

Yen

0.00

–

0.00

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.)
BasicOrdinary profit
Profitearnings pershare

Operating profit%

3.0

Millions ofyen

16%–Millions ofyen

21

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

Millions ofyen

5%–

Yen0.40

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 December 31, 2023

12,666,700 shares

As of September 30, 2023

12,636,700 shares(ii) Number of treasury shares at the end of the period
As of December 31, 2023

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 three months ended December 31, 2023

12,663,612 shares

For the three months ended December 31, 2022

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 forward-looking information including earnings forecasts ........................................ 32. 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 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) whopurchase new items and experiences based on their knowledge of the background and the ideas of theproject 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 three 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,
mainly in terms of personal consumption and inbound demand. Meanwhile, uncertainty toward thefuture remained amid a continuing rise in prices of raw materials due to global monetary tightening, theinternational situation, and other factors, as well as a continuing rise in commodity prices mainly due tosupply constraints.
Regarding the market environment surrounding the Company, the reopening (restart of economicactivities), 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 three months ended December 31, 2023, 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 through constant 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, recommended owners that the Company certified based on its established standards
have been marked with an original symbol to visualize them on the website. We have thereby enhanced
the environment where supporters can enjoy making “support” pre-order purchases with a sense ofincreased security. We also offer various functions to enrich supporters’ experience of “support” preorders, such as the function of enabling supporters to receive notification about the start of publicationof projects that they want to be quick to place “support” pre-orders for. In addition, we have facilitated
repeat “support” pre-orders by implementing various CRM measures, primarily the distribution ofvarious coupons that meet the needs of supporters.
As a result of these initiatives, the “support” pre-orders grew by 8.0% year on year to ¥4,592,270
thousand.
As a result, for the period under review, the Company recorded net sales of ¥1,029,895 thousand (up13.4% year on year), an operating loss of ¥16,900 thousand (operating loss of ¥186,298 thousand in thesame period of the previous fiscal year), an ordinary loss of ¥15,619 thousand (ordinary loss of¥183,237 thousand in the same period of the previous fiscal year) and a loss of ¥6,060 thousand (loss of¥185,900 thousand in the same period of the previous fiscal year).

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Makuake, Inc. (4479)

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 increased by ¥256,416 thousand from the previous
fiscal year-end to ¥8,211,627 thousand.
Current assets increased by ¥159,100 thousand to ¥7,220,388 thousand. The main components included
an increase of ¥289,702 thousand in cash segregated as deposits.
Non-current assets increased by ¥98,759 thousand to ¥990,758 thousand. The main components
included an increase of ¥87,813 thousand in intangible assets.
Liabilities
At the end of the quarter under review, liabilities increased by ¥256,331 thousand from the previous
fiscal year-end to ¥3,105,725 thousand.
Current liabilities increased by ¥259,720 thousand to ¥3,050,554 thousand. The main components
included an increase of ¥255,687 thousand in deposits received.
Non-current liabilities decreased by ¥3,389 thousand to ¥55,171 thousand. The main components
included a decrease of ¥2,700 thousand in provision for continuous services benefits.
Net assets
At the end of the quarter under review, net assets increased by ¥85 thousand from the previous fiscalyear-end to ¥5,105,902 thousand. The main components included increases of ¥3,090 thousand in sharecapital and capital surplus, respectively, due to the exercise of share acquisition rights.
(3) 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

As of December 31, 2023

4,148,6982,265,771
483,759
170,340
ሺ7,282)
7,061,287

4,056,047
2,555,474
440,562
175,587
ሺ7,282)7,220,388

4,664
541,620

5,048
629,433

353,250
ሺ7,537)345,713891,998
1,924
7,955,211

363,813
ሺ7,537)356,276
990,758481
8,211,627

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

14,6162,556,755
479,1823,050,554

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

2,738
52,432–
55,171
3,105,725

3,127,283
3,127,283
ሺ1,202,840)
ሺ625)
5,051,101
54,715
5,105,816
7,955,211

3,130,373
3,130,373
ሺ1,208,901)
ሺ659)
5,051,187
54,715
5,105,902
8,211,627

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-4-Makuake, Inc. (4479)(2) Quarterly statement of income(Thousands of yen)Three months ended
December 31, 2022
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
Foreign exchange losses
Amortization of share issuance costs
Total non-operating expenses
Ordinary loss
Loss before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Loss-5-Three months ended
December 31, 2023

908,438
163,780
744,657
930,956
ሺ186,298)

1,029,895
254,044775,851
792,751
ሺ16,900)

013
2,844
2,810
29
5,699

1–
1,968
340
586
2,897

169
2,468
2,637
ሺ183,237)
ሺ183,237)
2,662–
2,662
ሺ185,900)

172
1,443
1,616
ሺ15,619)
ሺ15,619)2,759
ሺ12,318)
ሺ9,558)
ሺ6,060)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
No applicable items.
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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