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.

Consolidated Financial Results for the Six Months ended August 31, 2023
(Under Japanese GAAP)
October 13, 2023
Company name
Listings
Security code
URL
Representative
Contact
Telephone

Mr Max Holdings Ltd.
Tokyo Stock Exchange, Fukuoka Stock Exchange
8203
https://www.mrmax.co.jp/
Yoshiaki Hirano, President
Hirokazu Ishii, Senior Executive Officer in charge of Finance Division+81-92-623-1111

Scheduled dates:
Submission of statutory quarterly financial report
Commencement of dividend payments
Supplementary materials to the quarterly results
Quarterly earnings results briefing

October 13, 2023—
Available
Yes (targeted at institutional investors and analysts)(Amounts rounded down to the nearest million)

1. Consolidated Financial Results for the Six Months ended August 31, 2023 (March 1, 2023 to August 31, 2023)(1) Operating Results(Percentage figures represent year-on-year changes)

Operating revenue

Profit (loss) attributable toowners of parent

Ordinary profit

million yen%

million yen%

million yen%

million yen%

65,5242.5

1,899(31.5)

1,851(31.6)

1,196(34.7)

63,952

1.3

2,771

6.2

2,707

5.8

1,832

12.0

Six months ended August 31,2023
Six months ended August 31,2022

Note: Comprehensive income:Operating profit

Six months ended August 31, 2023: 1,263 million yen [(31.8%)]
Six months ended August 31, 2022: 1,853 million yen [12.3%]
Earnings per share

Earnings per share – fully dilutedyen

Six months ended August 31,2023
Six months ended August 31,
2022

yen

36.00

—

55.19

—

(2) Financial Position
Total assets

Net assets
million yen%

82,42981,932

32,83632,45239.8
39.6

August 31, 2023
February 28, 2023

Reference: Total equity:

Total equity ratio

million yen

August 31, 2023: 32,836 million yen

February 28, 2023: 32,452 million yen

2. Dividends
Dividend per shareEnd-first quarterEnd-second quarteryenYear ended February 28,2023
Year ending February 28,2024
Year ending February 28,2024 (forecast)End-third quarter

yen

—

0.00

—

0.00

Fiscal year-end
yenAnnual total
yen

yen

—

27.00

27.00

—

21.00

21.00

Note: Revisions to the dividends forecasts most recently announced: None
3. Forecast of Consolidated Earnings for the Fiscal Year ending February 29, 2024 (March 1, 2023 to February 29, 2024)(Percentage figures represent year-on-year changes)

Operating revenue

Full year

Operating profit

Profit (loss) attributable toowners of parent

Ordinary profit

Earnings per
sharemillion yen%

million yen%

million yen%

million yen%

yen

129,500

2.0

4,000

(13.6)

3,800(16.0)

2,500(27.1)

75.25

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

* Notes(1) Changes affecting the consolidation status of significant subsidiaries during the period: None
Newly included: — (company name), Excluded: — (company name)(2) Application of special accounting treatment for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policy, changes in accounting estimates, and retrospective restatements:
1) Changes in accounting policies in accordance with amendments to accounting standards: None
2) Changes other than the above 1): None
3) Changes in accounting estimates: None
4) Retrospective restatements: None
(4) Number of shares issued (common stock)1) Number of shares issued at end of period (including treasury shares):
August 31, 2023:
39,611,134 shares
February 28, 2023:
39,611,134 shares
2) Number of treasury shares held at end of period:
August 31, 2023:
6,361,315 shares
February 28, 2023:
6,388,805 shares
3) Average number of shares outstanding during the period:
Six months ended August 31, 2023:
33,232,685 shares
Six months ended August 31, 2022:
33,203,976 shares*Quarterly review status
This report is exempt from a quarterly review by a certified public accountant or audit firm.
*Appropriate Use of Earnings Forecasts and Other Important Information
The above forecasts, which constitute forward-looking statements, are based on information available to the Company as of the date of the release of this document.
The actual results may differ materially from the above forecasts due to a range of factors. For the assumptions underlying the earnings forecasts and importantnotes on the use of the earnings forecasts, please refer to page 2 of the accompanying materials.

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2023

Accompanying Materials
Contents
1. Review of Operating Results and Financial Statements .................................................................................................................. 2(1) Analysis of Operating Results .................................................................................................................................................. 2(2) Consolidated Financial Condition ............................................................................................................................................ 2(3) Consolidated Earnings Forecast................................................................................................................................................ 2
2. Consolidated Financial Statements and Main Notes ....................................................................................................................... 3(1) Consolidated Balance Sheet ..................................................................................................................................................... 3(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ................................................... 5(Consolidated Statement of Income).................................................................................................................................. 5(Consolidated Statement of Comprehensive Income) ........................................................................................................ 6(3) Notes on the Consolidated Financial Statements ...................................................................................................................... 7(Notes on the Going Concern Assumption) ....................................................................................................................... 7(Notes on Significant Changes in the Amount of Shareholders' Equity)............................................................................ 7(Significant Subsequent Events) ........................................................................................................................................ 7-1-

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2023

1. Review of Operating Results and Financial Statements(1) Analysis of Operating Results
During the first six months of the fiscal year ending February 29, 2024 (March 1, 2023–August 31, 2023), the Japanese
economy saw a normalization of social and economic activities following the downgrading under Japanese law of COVID-19
to Class 5, the category for common infectious diseases. On the other hand, the economic outlook continued to be uncertain ashouseholds and corporate activities were affected by inflation caused by the soaring prices of energy and raw materials.
In such an environment, the Group fully implemented as an operator of general discount stores our EDLP (Everyday Low
Price) strategy of selling living necessities in the main at low prices every day under the management philosophy of “making
everyday life of customers richer, more convenient, and more fun” while focusing on our EDLC (Everyday Low Cost) strategy
to support EDLP. The Group has pushed forward with initiatives to contribute to the daily lives of our customers, including
lowering prices in an ongoing manner. In addition, the Group opened an online store in March while striving to increase theprofitability of its existing stores through renovation, in order to improve the customer convenience.
Sales at all stores for the six months under review increased 2.4% year on year to 62,976 million yen. By product category,sales of rice and daily foods remained strong as consumers became more cost-conscious. Sales of PB products increased by
20% year on year as sales were strong in broad categories. Among NB products, sales of drinks, confectionery, pet foods, etc.,
whose prices had been reduced, remained strong right from the beginning of the fiscal year as EDLP gained support from
customers. Trolley bags and cosmetics, among other items, also achieved sales growth due to increasing opportunities to goout.
Operating revenue (which consists of net sales, real estate lease revenue, and other operating revenue) for the first six
months of the fiscal year ending February 29, 2024 was 65,524 million yen (up 2.5% year on year). Sales of existing stores forthe six months under review also increased 2.5% year on year. While sales of PB products, whose profitability is high,increased, gross profit margin decreased by 1.1 percentage points due to a decrease in sales of COVID-related products, such asmasks and test kits, whose profit margin is high, and an increase in cost. As a result, gross profit was 13,837 million yen (down
2.6% year on year).
In terms of cost, personnel expenses remained flat from the previous fiscal year as we mainly worked to improve theoperating efficiency of stores. On the other hand, selling, general and administrative expenses were 14,484 million yen (up4.2% year on year) due to increases mainly in cashless payment charges, in addition to investments in renovation and EC
business.
As a result, the Company posted an operating profit of 1,899 million yen (down 31.5% year on year), an ordinary profit of
1,851 million yen (down 31.6% year on year), and a profit attributable to owners of parent of 1,196 million yen (down 34.7%
year on year). We will continue to strive to improve our financial performance by focusing on revenue expansion and low-cost
operations.
(2) Consolidated Financial Condition(Total assets)
Current assets as of August 31, 2023 were 18,761 million yen, an increase of 514 million yen from the end of the previous
fiscal year (February 28, 2023). The increase is mainly attributable to an increase of 1,062 million yen in accounts receivable –trade. Non-current assets were 63,667 million yen, a decrease of 18 million yen from the end of the previous fiscal year. The
decrease is mainly attributable to a decrease of 206 million yen in guarantee deposits.
As a result, total assets were 82,429 million yen, an increase of 496 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities as of August 31, 2023 were 28,881 million yen, an increase of 3,027 million yen from the end of theprevious fiscal year (February 28, 2023). The increase is mainly attributable to an increase of 2,593 million yen in notes andaccounts payable - trade. Non-current liabilities were 20,711 million yen, a decrease of 2,914 million yen from the end of theprevious fiscal year. The decrease is mainly attributable to a decrease of 2,570 million yen in long-term borrowings.
As a result, liabilities were 49,593 million yen, an increase of 112 million yen from the end of the previous fiscal year.
(Net assets)
Net assets as of August 31, 2023 were 32,836 million yen, an increase of 383 million yen from end of the previous fiscal
year (February 28, 2022). The increase is mainly attributable to an increase of 299 million yen in retained earnings.
(3) Consolidated Earnings Forecast
The consolidated earnings forecast for the fiscal year ending February 29, 2024 is unchanged from the forecast announced
on April 13, 2023.

-2-

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2023

2. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheet(Millions of yen)
As ofFebruary 28, 2023
AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Merchandise
Supplies
Other
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

-3-

As of
August 31, 2023

3,136
3,030
10,76945
1,265
18,246

1,893
4,092
11,40441
1,329
18,761

13,32830,115
4,983
48,4281,233

13,37330,115
4,952
48,442
1,480

7,284
6,774
(34)
14,023
63,686
81,932

7,077
6,701
(34)
13,744
63,66782,429

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2023
(Millions of yen)
As ofFebruary 28, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term borrowings
Current portion of long-term borrowings
Current portion of bonds payable
Income taxes payable
Provision for bonuses
Asset retirement obligations
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

-4-

As of
August 31, 2023

6,846
7,556
—
5,570
286
407
875
—
4,311
25,854

9,439
6,209
1,900
5,255
286
627
564
6
4,593
28,881

1,428
13,956
864
1,230
6,145
23,62549,4801,285
11,386
885
1,233
5,920
20,71149,593

10,2297,986
16,612(2,591)
32,237

10,229
7,992
16,911(2,580)32,553

115
(1)
5
95
215
32,452
81,932

172
7
5
97
282
32,83682,429

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2023
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income(Consolidated Statement of Income)(Millions of yen)

Net sales
Cost of sales
Gross profit
Operating revenue
Real estate lease revenue
Other operating revenue
Total operating revenue
Operating gross profit
Selling, general and administrative expenses
Selling expenses
General and administrative expenses
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Subsidy income
Dividend income of insurance
Other
Total non-operating income
Non-operating expenses
Interest on bonds
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Insurance claim income
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on disaster
Store closure-related losses
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controlling interests
Profit attributable to owners of parent-5-

Six months ended
August 31, 2022
61,48047,28014,199Six months ended
August 31, 2023
62,97649,13913,837

1,915
556
2,472
16,671

1,918
628
2,547
16,384

2,869
11,03013,9002,771

3,157
11,327
14,484
1,899

14
6
7
26
54

12
–
–
31
44

0
91
26
119
2,707

0
65
27
93
1,851

–
32
32

4
–
4

23
24
26
74
2,665
740
96
836
1,828
(3)
1,832

79
–
–
79
1,776
541
38
579
1,196
–
1,196

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2023
(Consolidated Statement of Comprehensive Income)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests-6-

Six months ended
August 31, 2022
1,828(Millions of yen)Six months ended
August 31, 2023
1,196

16
1
1
5
25
1,853

56
8
0
2
67
1,263

1,857
(3)

1,263
–

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2023
(3) Notes on the Consolidated Financial Statements(Notes on the Going Concern Assumption)
Not applicable(Notes on Significant Changes in the Amount of Shareholders' Equity)
Not applicable(Significant Subsequent Events)(Procurement of funds by way of positive impact finance)
The Company procured funds by concluding positive impact financing agreements on September 29, 2023.
The outline of these financing arrangements is as follows:(1) Lenders
The Bank of Fukuoka, Ltd.
The Nishi-Nippon City Bank, Ltd.
(2) Borrowing methods

Syndicated loan

(3) Borrowing amount

3.5 billion yen

One-to-one loan
2.0 billion yen(4) Drawdown date

September 29, 2023

(5) Borrowing period

Five years(6) Use of funds

Working capital-7-