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, 2022
(Under Japanese GAAP)
October 14, 2022
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 14, 2022—
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, 2022 (March 1, 2022 to August 31, 2022)(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%

63,952

1.3

2,771

6.2

2,707

5.8

1,832

12.0

63,108

(8.0)

2,609

(29.4)

2,559(29.7)

1,636(23.6)

Six months ended August 31,
2022
Six months ended August 31,
2021

Note: Comprehensive income:Operating profit

Six months ended August 31, 2022: 1,853 million yen [12.3%]
Six months ended August 31, 2021: 1,650 million yen [(24.3%)]
Earnings per share

Earnings per share – fully dilutedyen

Six months ended August 31,
2022
Six months ended August 31,
2021

yen

55.19

—

49.31

—

(2) Financial Position
Total assets

Net assets
million yen%

81,996
82,21630,677
29,70637.4
36.1

August 31, 2022
February 28, 2022

Reference: Total equity:

Total equity ratio

million yen

August 31, 2022: 30,677 million yen

February 28, 2022: 29,699 million yen

2. Dividends
Dividend per shareEnd-first quarterEnd-second quarteryenYear ended February 28,2022
Year ending February 28,2023
Year ending February 28,
2023 (forecast)End-third quarter

yen

—

0.00

—

0.00

Fiscal year-end
yenAnnual total
yen

yen

—

27.00

27.00

—

27.00

27.00

Note: Revisions to the dividends forecasts most recently announced: None
3. Forecast of Consolidated Earnings for the Fiscal Year ending February 28, 2023 (March 1, 2022 to February 28, 2023)(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

127,800

2.4

5,000

11.4

4,800

10.4

3,000

5.1

90.38

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: Yes
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, 2022:
39,611,134 shares
February 28, 2022:
39,611,134 shares
2) Number of treasury shares held at end of period:
August 31, 2022:
6,388,721 shares
February 28, 2022:
6,418,171 shares
3) Average number of shares outstanding during the period:
Six months ended August 31, 2022:
33,203,976 shares
Six months ended August 31, 2021:
33,193,561 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, 2022

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(Change in Accounting Policies) ....................................................................................................................................... 7(Significant Subsequent Events) ........................................................................................................................................ 7-1-

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2022

1. Review of Operating Results and Financial Statements(1) Analysis of Operating Results
During the first six months of the fiscal year ending February 28, 2023 (March 1, 2022–August 31, 2022), the Japanese
economy saw a gradual progress in consumption toward normalization owing to the relaxation of movement restrictions despitea resurgence of COVID-19 cases. On the other hand, the Japanese economy continues to face a challenging environment. Most
notably, saving propensity is rising further as food prices and power rates rise due to the rapid depreciation of the yen andsoaring resource prices.
In such an environment, the Group, as an operator of general discount stores that support the lives of people in local
communities, has focused on 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."
Sales of existing stores for the fiscal year under review increased 0.7% year on year. One of the contributing factors was ourmerchandising strategy focused on low prices, which garnered support from customers. For example, sales of PB products
increased as a result of price freeze from March through August. Moreover, the prolonged period of brutal heat following theearliest end of the rainy season observed in history boosted the sales of seasonal home appliances, such as air conditioners andelectric fans. In addition, reflecting the increasing opportunities to go out, outdoor products, such as pool toys and coolers, aswell as suitcases, hats, and oral care products, sold well. Strong sales of these products supported net sales while sales ofinterior goods and storage furniture, whose demand had risen due to the stay-at-home life, as well as rice and daily foods fell inreaction to previous rises in sales.
As a result, operating revenue (which consists of net sales, real estate lease revenue, and other operating revenue) for the firstsix months of the fiscal year ending February 28, 2023 was 63,952 million yen (up 1.3% year on year).
Gross profit was 14,199 million yen (up 3.0% year on year). In the current challenging environment of the weaker yen andsoaring raw material prices, gross profit margin improved by 0.4% from 22.7% last year to 23.1% as the Company focused on
freezing of prices and product development, which led to an increase in the ratio of PB products in total sales, as well as onstrict inventory control.
In terms of cost, selling, general and administrative expenses were 13,900 million yen (up 2.0% year on year) due to soaring
power rates and increases in cashless payment charges.
As a result, the Company posted an operating profit of 2,771 million yen (up 6.2% year on year), an ordinary profit of 2,707
million yen (up 5.8% year on year), and a profit attributable to owners of parent of 1,832 million yen (up 12.0% year on year).
We will build a chain of competitive general discount stores by strengthening the earning power of existing stores through thepromotion of renovation and digital transformation (DX) to provide new services as well as cost reduction achieved throughproductivity improvement.
(2) Consolidated Financial Condition(Total assets)
Current assets as of August 31, 2022 were 17,766 million yen, an increase of 753 million yen from the end of the previous
fiscal year (February 28, 2022). The increase is mainly attributable to an increase of 916 million yen in accounts receivable –trade and an increase of 901 million yen in merchandise. Non-current assets were 64,230 million yen, a decrease of 973 million
yen from the end of the previous fiscal year. The decrease is mainly attributable to a decrease of 1,094 million yen in guarantee
deposits.
As a result, total assets were 81,996 million yen, a decrease of 219 million yen from the end of the previous fiscal year.
(Liabilities)
Current liabilities as of August 31, 2022 were 26,831 million yen, an increase of 113 million yen from the end of theprevious fiscal year (February 28, 2022). The increase is mainly attributable to an increase of 1,496 million yen in notes andaccounts payable - trade. Non-current liabilities were 24,487 million yen, a decrease of 1,305 million yen from the end of theprevious fiscal year. The decrease is mainly attributable to a decrease of 849 million yen in long-term borrowings.
As a result, liabilities were 51,318 million yen, a decrease of 1,191 million yen from the end of the previous fiscal year.
(Net assets)
Net assets as of August 31, 2022 were 30,677 million yen, an increase of 971 million yen from end of the previous fiscal
year (February 28, 2022). The increase is mainly attributable to an increase of 936 million yen in retained earnings.
(3) Consolidated Earnings Forecast
The consolidated earnings forecast for the fiscal year ending February 28, 2023 is unchanged from the forecast announced
on April 14, 2022.

-2-

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2022

2. Consolidated Financial Statements and Main Notes(1) Consolidated Balance Sheet(Millions of yen)
As ofFebruary 28, 2022
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, 2022

2,887
2,645
9,866
40
1,573
17,012

2,033
3,562
10,76743
1,359
17,766

13,43931,093
4,320
48,852
1,036

13,742
31,105
4,111
48,960
1,089

8,614
6,756
(56)
15,31465,203
82,216

7,519
6,695
(34)
14,18064,23081,996

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2022
(Millions of yen)
As ofFebruary 28, 2022
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
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
Non-controlling interests
Total net assets
Total liabilities and net assets

-4-

As of
August 31, 2022

7,412
7,477
5,842
286
361
861
5
4,470
26,717

8,909
6,406
5,514
286
802
672
—
4,240
26,831

1,714
15,316
1,082
1,162
6,516
25,79352,5101,571
14,467
1,087
1,176
6,185
24,48751,318

10,2297,980
14,081(2,603)29,688

10,2297,986
15,017(2,591)30,642

53
—
5
(47)
10
6
29,706
82,216

69
1
5
(41)
35
—
30,677
81,996

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2022
(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
Reversal of allowance for doubtful accounts
Other
Total non-operating income
Non-operating expenses
Interest on bonds
Interest expenses
Loss on discontinuation of a systems development
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Insurance claim income
Total extraordinary income
Extraordinary losses
Loss on disaster
Loss on retirement of non-current assets
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, 2021
60,662
46,872
13,790Six months ended
August 31, 2022
61,48047,28014,199

1,918
526
2,445
16,235

1,915
556
2,472
16,671

2,772
10,854
13,626
2,609

2,869
11,03013,900
2,771

17
—
—
30
39
87

14
6
7
1
25
54

—
97
16
23
137
2,559

0
91
—
26
119
2,707

3
3

32
32

15
10
—
25
2,536
673
237
911
1,625
(11)
1,636

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

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2022
(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, 2021
1,625(Millions of yen)Six months ended
August 31, 2022
1,828

9
—
6
9
24
1,650

16
1
1
5
25
1,853

1,659
(8)

1,857
(3)

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2022
(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(Change in Accounting Policies)(Application of the Accounting Standard for Revenue Recognition, etc.)
The "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29, March 31, 2020; hereinafter the "AccountingStandard for Revenue Recognition"), etc. has been applied since the beginning of the first quarter of the current fiscal year.
Under this accounting standard, the Company recognizes revenue at the time of the transfer of control of promised goods orservices to the customer at the price expected to be received in exchange for those goods or services. The application has no
impact on quarterly consolidated financial statements.
(Application of the Accounting Standard for Fair Value Measurement, etc.)
The "Accounting Standard for Fair Value Measurement" (ASBJ Statement No. 30, July 4, 2019; hereinafter the "AccountingStandard for Fair Value Measurement"), etc. has been applied since the beginning of first quarter of the current fiscal year, andthe new accounting policy prescribed by the Accounting Standard for Fair Value Measurement, etc. will be applied
prospectively in accordance with the transitional provisions prescribed in paragraph 19 of the Accounting Standard For Fair
Value Measurement and paragraph 44-2 of the "Accounting Standard for Financial Instruments" (ASBJ Statement No. 10, July4, 2019). The application has no impact on quarterly consolidated financial statements.
(Significant Subsequent Events)(Establishment of a subsidiary and a company split between consolidated subsidiaries)
At the meeting of its Board of Directors held on September 8, 2022, the Company resolved to establish a new subsidiary(hereinafter the "New Company").
At the same meeting, the Company also resolved to undertake a company split in which the New Company as the succeedingcompany succeeds to the logistics business of Mr Max Ltd., a consolidated subsidiary of the Company, as the splitting
company (hereinafter the "Company Split").
1. Purpose of establishing the New Company and undertaking a company split
The Company has decided to establish the New Company and transfer the logistics business of Mr Max Ltd. to the New
Company by way of business succession through the Company Split for the purpose of expanding and improving the efficiencyof the business of the Group.
The Group intends to expand its business by enhancing its logistics support services through a structure in which the New
Company contracts to provide cargo collection, inventory control, etc., on behalf of other companies including its existing
business partners. It is also our intention to realize speedier decision making and agile business operations through the transferof the logistics business, which has been operated as part of the discount store business of Mr Max Ltd., to the New Company
by way of business succession in order to further increase the corporate value of the Group.
2. Summary of the establishment of the New Company and the Company Split(1) Schedule
Resolution of the Board of Directors of the Company toSeptember 8, 2022
establish the New Company
Incorporation of the New Company

November 2022 (plan)

Execution of an absorption-type split agreement

November 2022 (plan)

Resolutions of the general meetings of shareholders of Mr
Max Ltd. and the New Company to approve the absorptiontype split agreement

January 2023 (plan)

Effective date of the absorption-type split

March 2023 (plan)(2) Method of establishing the New Company and undertraining the Company Split
The Company plans to establish the New Company as its wholly-owned subsidiary in November 2022 and carry out abusiness succession in March 2023 through an absorption-type split in which the Mr Max Ltd.is the splitting company and the
New Company is the succeeding company.
(3) Allotment pertaining to the Company Split
There will be no allotment of shares, money, etc., in relation to the Company Split.

-7-

Mr Max Holdings Ltd. (8203)
Financial Results for the Six Months ended August 31, 2022
(4) Treatment of share subscription rights and corporate bonds with subscription warrants in connection with the Company Split
Not applicable.
(5) Change in share capital
There will be no change in capital as a result of the Company Split.
(6) Rights and obligations to be succeeded by the New Company
The New Company will succeed to the assets, liabilities, and contractual status pertaining to the business that is subject to
the Company Split and other rights and obligations incidental thereto that are specified by the absorption-type split agreement.
(7) Prospect of performance of obligations
We have determined that any obligations to be assumed by the Mr Max Ltd. (splitting company) and the New Company(succeeding company) in the Company Split are highly likely to be performed.
3. Outline of the splitting company and the succeeding company
Splitting company(1) Name
Mr Max Ltd.
1-5-7 Matsuda, Higashi-ku, Fukuoka(2) Location
City, Fukuoka(3) Representative's title and nameYoshiaki Hirano, President(4) Description of business

Discount store operation business(5) Capital
10 million yen(6) Date of incorporation
March 1, 2017(7) Total number of issued shares
250 shares(8) Financial year end dateFebruary(9) Major shareholder and its
Mr Max Holdings Ltd.: 100%
shareholding ratio(10) Financial condition and operation results
Accounting period
Fiscal year ended February 28, 2022
Net assets
4,155 million yen
Total assets
22,771 million yen
Net assets per share
16,621,503 yen
Net sales
119,933 million yen
Operating profit
2,305 million yen
Ordinary profit
2,346 million yen
Profit1,502 million yen
Earnings per share
6,010,905.75 yen

Succeeding company
To be determined
1-5-7 Matsuda, Higashi-ku, Fukuoka
City, Fukuoka
President (to be appointed from within theGroup)
Third-party logistics business within the
supply chain of the Group(Comprehensive service contracting ofcargo collection, inventory control, etc.)
10 million yen
November 2022 (plan)
To be determined
February
Mr Max Holdings Ltd.: 100%
—
—
—
—
—
—
—
—
—

4. Impact on earnings
We expect that the impact of the establishment of the New Company and the Company Split will be insignificant. We willpromptly disclose information on any matters that should be disclosed as they may arise.

-8-