Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Ricecurry (195A TSE Growth)June 21, 2024

Utilizing Social Media Marketing to Provide Services to Businesses and Consumers
This report is an English translation of part of the report issued on June 21, 2024.
For inquiries concerning the report, please contract info@stock-r.org【195A Ricecurry Sector：Services】
Fiscal YearNet sales

YoY

OperatingprofitYoY

Ordinary
profitYoYProfit

YoY

EPS

BPS

DPS

(mn yen)(%)(mn yen)(%)(mn yen)(%)(mn yen)

(%)

(yen)

(yen)

(yen)Mar. 2023

1,833-

-166-

-166-

-121-

-45.3

234.0

0.0

Mar. 2024

2,374

29.5

87-89-

109-

40.2

274.2

0.0

2,841

19.7

320

3.7x

319

3.6x

269

2.5x

92.3

-0.0

Mar. 2025

fNote: Consolidated basis.Figures for the fiscal year ending March 2024 is the company's forecasts.
It conducted 1:10 stock split on January 16, 2024.Per share indicies are adjusted retroactively.

Ricecurry provides marketing support to companies and sells its own branded products touser communities on social media platforms such as Instagram and TikTok, which sharecommon values and interests.
The company operates in both the business-oriented enterprise domain and the consumer
domain for private customers. The enterprise domain accounted for 65.0% of net sales offiscal year ended March 2023, and the consumer domain accounted for 35.0%.
CCXcloud serves as a data infrastructure platform and a set of data analysis tools for boththe enterprise and consumer domains. It is linked to social networking services such as
Instagram via an application program interface (API). CCXcloud accumulates behavioral
data from client companies, influencers who can impact consumer behavior and social
networking accounts for the company's branded services for consumers, as well aspurchase data from Ricecurry's e-commerce sites.

Enterprise Domain
The enterprise domain comprises Marketing DX, which provides marketing support tolarge enterprises dealing primarily with consumer goods, food and everyday items, andData Cloud, centered on ad-start by CCXcloud, which places ads on social media andGoogle for small- and medium-sized companies for a low monthly fee.

Consumer Domain
In the consumer domain, the company conducts marketing activities targeting
communities formed through its media operations in a variety of domains, engaging inbrand development and product sales. Net sales are from the sale of the company’s own
branded products.
Ricecurry’s major brands include MiiS, an oral beauty brand that includes teeth whitening
gel, and RiLi, an apparel brand targeting Generation Z.

Newly Listed Company Introduction Report

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
makes no warranty or representation concerning the accuracy, reliability, completeness, adequacy and reliability of the information indicated in the report, and shall not assume
no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
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not be copied, reprinted, quoted, etc. without permission.

Newly Listed Company Introduction Report (Issued by The Stock Research Center)

Ricecurry (195A TSE Growth)June 21, 2024

Financial Statements

Statement of income

Fiscal Year

Mar. 2023(mn yen)

Net sales

Mar. 2024(%)(mn yen)

(%)

1,833

100.0

2,374

100.0

Cost of sales

821

44.8

1,088

45.8

Gross profit

1,011

55.2

1,286

54.2

Selling, general and administrative expenses

1,178

64.3

1,198

50.5

Operating profit-166-87

3.74-7-

Non-operating income
Non-operating expenses

4-5-

Ordinary profit

-166

-

89

3.7

Profit before income taxes

-169

-

89

3.7

Profit attributable to owners of parent

-121-

109

4.6

Balance sheet

Fiscal Year

Mar. 2023(mn yen)Current assets

Mar. 2024(%)(mn yen)

(%)

536

42.7

1,104

61.5

Cash and deposits

196

15.6

638

35.6

Accounts receivable-trade

192

15.3

256

14.3

Inventories

122

9.7

183

10.2
38.5

Non-current assets

719

57.3

690

Property, plant and equipment

161.3

160.9

Intangible assets

57746.0550

30.7Investments and other assets
Total assets
Current liabilities

125

10.0

123

6.9

1,255

100.0

1,794

100.0

375

29.9

590

32.9

Accounts payable - trade

107

8.5

115

6.4

Short-term borrowings

24

1.9

75

4.2

Current portion of long-term borrowings

68

5.4

156

8.7

237

18.9

452

25.2

233

18.6

449

25.0

641

51.1

751

41.9

641

51.1

751

41.9

Non-current liabilities
Long-term borrowings
Net assets
Owners' equity

Statement of cash flows

Fiscal Year

Cash flows from operating activities

Mar. 2023

Mar. 2024(mn yen)

(mn yen)-154

92

Depreciation

1217

Amortization of goodwill

3138

Cash flows from investing activities

-306

-28

Cash flows from financing activities

314353--Net increase in cash and cash equivalents-148416

Cash and cash equivalents

196

613

Dividends paid

Note:Consolidated
Source: Prepared by Stock Research Center based on the notifiable prospectus.

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accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

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