Translation
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any
discrepancy between this translated document and the original Japanese document, the latter shall prevail.

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2023
(Based on Japanese GAAP)
August 14, 2023
Company name:m-up holdings, Inc.
Stock exchange listing: Tokyo
Stock code:
Representative:

3661
CEOURLhttp://www.m-upholdings.co.jp/
Mito Koichiro

Inquiries:
CFO
Scheduled date to file Quarterly Securities Report:Fujiike Toshiki
August 14, 2023

Scheduled date to commence dividend payments:
Preparation of supplementary material on quarterly financial results:–No

Holding of quarterly financial results meeting:

NoTEL

03-5467-7125(Amounts less than one million yen are rounded down)
1. Consolidated financial results for the three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)(1) Consolidated operating results (cumulative)
Net sales
Three months ended June 30, 2023
Three months ended June 30, 2022

Millions of yen4,393
3,861Percentages indicate year-on-year changes
Profit attributable toOperating profit
Ordinary profit
owners of parent% Millions of yen% Millions of yen% Millions of yen%
13.878329.2786
29.4
430
35.7
25.5
605
66.6
608
76.0
317
60.7

Earnings per share

Diluted earnings per share

Yen
11.91
8.77

Three months ended June 30, 2023
Three months ended June 30, 2022

Yen
11.78
8.74

(2) Consolidated financial position
Total assets
As of June 30, 2023
As of March 31, 2023

Net assets

Millions of yen
15,89816,442Equity ratio

Millions of yen
6,398
6,657%
36.6
37.5

2. Cash dividends
Annual dividends per share

Year ended March 31, 2023
Year ending March 31, 2024

1st quarter-end

2nd quarter-end

3rd quarter-end

Fiscal year-end

Yen––

Yen
0.00

Yen–

Yen
10.00

Yen
10.00

0.00

–

12.00

12.00

Year ending March 31, 2024 (Forecast)Total

3. Forecast of consolidated financial results for the year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
Percentages indicate year-on-year changes
Profit attributable toNet sales
Operating profit
Ordinary profitEarnings per shareowners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Yen
Full year
17,500
9.8
2,500
20.5
2,500
20.9
1,500
37.2
41.49

1

4. Notes(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in the change in scope of consolidation):Yes(2) Application of special accounting methods for preparing quarterly consolidated financial statements:

No(3) Changes in accounting policies, changes in accounting estimates, and restatement of prior period financial statements
Changes in accounting policies due to revisions to accounting standards and other regulations:
Changes in accounting policies due to other reasons:

NoNo

Changes in accounting estimates:
Restatement of prior period financial statements:

NoNo(4) Number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2023

36,496,388 shares As of March 31, 2023

36,496,388 shares

Number of treasury shares at the end of the period
As of June 30, 2023

339,371 shares As of March 31, 2023

339,345 shares

Average number of shares during the period (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2023

36,157,032 shares Three months ended June 30, 2022

236,153,043 shares

Quarterly consolidated financial statements
Consolidated balance sheets(Millions of yen)
As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade

6,929
1,866

6,161
2,672

MerchandiseWork in process

111

16
1

Supplies
Advance payments

15
1,192

25440

Cryptocurrency
Other0
1,416

0
1,994

(0)

(0)

11,432

11,312

Property, plant and equipment
Intangible assets

993

987

Goodwill
Customer related assets

327
231

273
218

Other

667

596

1,226

1,088

2,046
818

1,754
831

Allowance for doubtful accounts
Total current assets
Non-current assets

Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts

(75)

(75)

Total investments and other assets

2,790

2,510

Total non-current assets

5,010

4,585

16,442

15,898

Accounts payable - trade
Accounts payable - other

4,571
376

3,567
902

Income taxes payable
Deposits received

571
106

178
110

Contract liabilities
Provision for bonuses

3,542
61

4,339
13

170
244

34231

Total assets
Liabilities
Current liabilities

Provision for bonuses for directors (and other officers)
Other
Total current liabilities

9,646

9,378

Non-current liabilities
Asset retirement obligations

39

39

Deferred tax liabilities
Other90972
9Total non-current liabilities

139

121

9,785

9,500

Total liabilities

3

(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Net assets
Shareholders' equity
Share capital

317

317

Capital surplus
Retained earnings

3,816
2,656

3,816
2,708

Treasury shares

(200)

(200)

Total shareholders' equity

6,589

6,641

Valuation difference on available-for-sale securities

(425)

(818)

Total accumulated other comprehensive income

(425)

(818)

Accumulated other comprehensive income

Share acquisition rights

30

30

Non-controlling interests

461

544

Total net assets
Total liabilities and net assets

4

6,657

6,398

16,442

15,898

Consolidated statements of income (cumulative) and consolidated statements of comprehensive income(cumulative)
Consolidated statements of income (cumulative)(Millions of yen)Three months ended

Three months ended

June 30, 2022

June 30, 2023

Net sales
Cost of sales

3,861
2,596

4,393
2,848

Gross profit

1,265

1,545

Selling, general and administrative expenses

659762

Operating profit

605

783

Rental income
Commission income

040
3

Outsourcing service income
Other–010

Total non-operating income

45

Non-operating income

Non-operating expenses
Loss on sale of electronically recorded monetary claims0–

Commission expenses
Other10

10Total non-operating expenses

22

Ordinary profit

608

786

Profit before income taxes

608

786

Income taxes - current

128

170

Income taxes - deferred

104

117

Total income taxes

232

288

Profit375

498

Profit (loss) attributable to non-controlling interests

58

68

Profit attributable to owners of parent

317

430

5

Consolidated statements of comprehensive income (cumulative)(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Total other comprehensive income

Three months ended

Three months ended

June 30, 2022

June 30, 2023
375

498

29(393)29(393)Comprehensive income

404

105

Comprehensive income attributable toComprehensive income attributable to owners of parent

346

3758

68

Comprehensive income attributable to non-controllinginterests

6