1Q2 FY 03/24

Financial Results
Presentation
CROOZ, Inc.
TSE Standard; Code 2138

2Key strategies for CROOZ

1Make SHOPLIST a brand that represents fast fashion e-commerce

2

Invest in new businesses to create second and third core businesses
after SHOPLIST

3

Adopt two-pronged strategy for new businesses:(1) new launches within group, and (2) M&A

4

New businesses will focus on the GameFi field
and the media business centered on Rank King5

100 managers x JPY10.0bn business ＊* To be achieved through CROOZ’ Vision for Continual Evolution. Click herefor details.

3

Consolidated results summary(million yen)

2023
Q22024
Q2

YoY

Transaction
value

7,339

6,219

−15.3％

Operatingprofit−149275−

Net proﬁt *−176

677−

EBITDA−85339−* Net profit attributable to owners of the parent.

4Earnings Summary by Segment(million yen)

YoY Change

Q2 2023

Q2 2024

Transaction Operating
value
profitTransaction Operating
value
profitTransaction
value

Operatingprofit

−32

4,248

84

−21.9％−GameFi

587 −112855

228+45.7％−Media714

24666

Other599 −118

E-commerce

5,437

114

868 −104−65.5％ −41.5％+44.7％−* From Q1 FY03/24, CROOZ added the GameFi related business previously included in the other business to the former Game business to create theGameFi business, and changed the name of the former Online Advertising and Media business into Media business.

5

Consolidated balance sheet summary(million yen)

Q4
FY03/23Q2
FY03/24

YoY

17,49818,700+6.9％

Cash and deposits

14,306

15,051+5.2％

Non-current assets

7,801

9,468+21.4％

25,40828,266+11.2％

Current liabilities

5,904

7,028

+19.0％Non-current liabilities

9,534

9,767

+2.4％

Total liabilities

15,43916,796+8.8％

Total net assets

9,968

11,470+15.1％

Current assets

Total assets

6

Trends of transaction value

35,18732,27831,8207,309

27,78728,500
5,111

7,193

26,372

8,762
Q3

Q1

8,035
7,653

5,102

2015

2016
Q1

Q2

12,567

8,948
8,002

7,701

7,339
6,219

5,751

6,728

7,799

(million yen)

8,710

9,828

5,486

28,890

10,297

9,109

8,048
Q2

9,553

5,749

5,048

7,223

7,018

6,807
7,541

4,555

7,759

5,915

20,841Q435,700

2017
Q3

6,159

2018
Q4

7,992

8,495

8,694

8,342

7,599

6,348

2019

2020

2021

2022

2023

2024
2Q

7

Trends of transaction value (by segment)

35,187
31,82027,787138

28,500327

26,372
2,216

9,114

20,841

3,202

35,700
1,737
3,478

4,302

4,704

2,211

2,142

2,248

32,278
2,038
3,369
2,680

2,701＊1

28,890
2,571
2,759
2,620

13,080169

10,94525,307

25,13928,23524,18912,567
1,671

21,455
19,05820,9391,796

14,567
9,726

2015(million yen)8,619

2016
E-commerce

2017
GameFi

2018
Media

2019
Other2020

2021

2022

2023

2024
2Q

*1 In November 2016, CROOZ sold the bulk of its IT Businesses operations, retaining only a portion of the business.
*2 From Q1 FY03/24, CROOZ added the GameFi related business previously included in the other business to the former Game business to create theGameFi business, and changed the name of the former Online Advertising and Media business into Media business.

480

8

Operating profit trends

2,373

2,480
2,134

2,105

1,238
725

644

546
275
271

−97−1,002
2015(million yen)

2016Full2017
Q1

Q2

2018
Q3

2019
Q4

2020

2021

2022

2023

2024
2Q

9Ultralong objective for CROOZ

Ultralongobjective

Expand market cap to JPY1tn by 20XXMedium- tolong-termtargets

SHOPLIST
annual sales

Q2
FY03/24

Second and thirdbusinesses
after SHOPLISTBusinesses withsales of JPY1.0bnor more

Representative
directors

100.0bn

10100

100

20.2bn0615JPY

JPY(FY03/23 result)* Includes businesses expected to generate sales of JPY1.0bn or more over the medium to long term.

＊10Investment strategy concerning new businesses

To achieve our long-term goal of “market capitalization of 1 trillion yen”
as soon as possible, we will continue to develop a wide range of Internet
services in line with the changing times, focusing on entertainment
areas such as shopping and games, centered on SHOPLIST.com byCROOZ.

11

Message from Koji Obuchi, President and CEO of CROOZ GroupIn order to help you better understand the current situation of our groupregarding the financial results for Q2 FY03/24, we would like to share
the thoughts and impressions of Koji Obuchi as the representative of theGroup. Please read the message as well.

12The CROOZ GROUP comprises the pure holding company
CROOZ, Inc., and the present 15 subsidiaries.

E-commerce field

CROOZ SHOPLIST, Inc.
Planning, development, and operation of fashion e-commerce platform SHOPLIST.com by CROOZ

GameFi fieldStudioZ, Inc.
Planning, development, and operation of smartphone games

CROOZ Blockchain Lab, Inc.
Planning and consulting services in the field of FINTECH and NFT game planning and operation services

Media field

Rank King, Inc.
Planning, development, and operation of e-commerce media Rank king.

* As of July 30, 2023, CROOZ had also set up 11 other subsidiaries. These are not listed above because the impact and probability of success for these ventures areunclear at present. If there is any progress with related initiatives, we will provide reports through appropriate channels such as press releases and results briefing materials.
* Venture capital funds such as Sevenwoods Investment 1 Limited Partnership etc are excluded from numbers of subsidiaries above.

13

Glossary

Meaning / definition
EBITDA

Operating profit that excludes M&A-related goodwill amortization and othernon-recurring factorsAnnual uniquepurchasers

The number of unique purchasers that have purchased products from SHOPLIST
at least once in the most recent year
* If a user purchases items on four separate occasions during the period, thatuser is still counted as one unique purchaser.

Vision forContinual Evolution

A framework to create the strongest company organization through an ecosystemof people, equipment, and money, and facilitate (1) the creation and growth ofnext-generation businesses, (2) the development and growth of next-generation
managers, and (3) continued development at the pace of a venture company

14

ReferenceEarnings forecasts

The CROOZ Group operates in a business environment that is susceptible tomajor changes, and aggressively engages in new businesses and businesses
distinguished by a high degree of novelty.
This makes it difficult to calculate appropriate and reasonable forecasts, and
the Group has therefore not disclosed earnings forecasts since FY03/15.

15

The material herein contains medium- to long-term plans
and forecasts made by CROOZ.
The information contained in these pages is not intended toguarantee the future business results of the company and bears
certain risks and uncertainties.
As future business results can be affected by various factors andmay change from the company outlook, we ask the reader torefrain from relying solely on the information presented herein.