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

Will Smart (175A TSE Growth)

April 19, 2024

Promoting digital transformation (DX) in the mobility industry
This report is an English translation of part of the report issued on April 19, 2024.
For inquiries concerning the report, please contract info@stock-r.org【175A Will Smart Sector：Information & Communication】
Fiscal YearNet sales

YoY

OperatingprofitYoY(mn yen)(%)

Ordinary
profitYoY(mn yen)(%)

ProfitYoY(mn yen)

(%)

EPS

BPS

DPS(yen)

(yen)

(yen)

(mn yen)(%)

Mar.2022

1,103-14.6

-21-

-20-

-33-

-24.6

493.3

0.0

Mar.2023

813

-26.3

-179-

-179-

-287

- -225.1

228.8

0.0

1,080

32.8

30

-29-

24-

0.0

Mar.2024f-

19.3

Note: Non-consolidated basis.Figures for the fiscal year ending March 2024 are the company's forecasts.

Providing Systems to Promote DX in the Mobility Industry
Will Smart's business consists of the mobility segment, which provides systemdevelopment and operation services to companies in the mobility industry that areengaged in the movement of people and goods, and the import segment, which imports
overseas mobility equipment and sells it to trading companies engaged in the domestic
retail business. Its mainstay mobility business accounted for 91.5% of net sales in fiscal
year ended March 2023. However, the company plans to withdraw from the importbusiness in fiscal year ending March 2025.

Main Mobility Services
The company not only conducts contracted development of individual systems but also
constructs the Will-MoBi platform, which offers system development and services for themobility industry, and provides system packages for the platform for various operations.
Will Smart provides the following four main services.
1) A comprehensive information distribution service that utilizes digital signage to display
public transportation service operation statuses in public transport, public spaces, outdoor
areas, facilities and stores;
2) a cloud computing support service that allows customers to shift their on-premise sales
and reservation systems to the cloud and to develop core sales systems for newbusinesses;
3) a mobility system service that utilizes vehicle data, including location, remaining fueland vehicle information obtained from in-vehicle devices to provide an IoT gateway
package for vehicle management such as car sharing, as well as a reservation system forcar sharing, rental cars and EV chargers; and4) an AI and data science service that provides local governments, local public
transportation service providers and such customers with services to analyze and visualize
service usage data of multiple transportation operators and local municipalities for mobilityrelated verification tests and reorganization of local public transportation services.

Newly Listed Company Introduction Report

1/2

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
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.

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

Will Smart (175A TSE Growth)

April 19, 2024

Financial Statements

Statement of income

Fiscal Year(%)(mn yen)(%)(mn yen)(%)(mn yen)Nine months
to Dec.2023

Mar.2023

Mar. 2022

1,103

100.0

813

100.0

662

100.0

Cost of sales

748

67.8

572

70.4

465

70.2

Gross profit

354

32.1

240

29.5197

29.8

Selling, general and administrative expenses

375

34.0

420

51.7

324

48.9

Operating profit

-21-

-179-

-126-

1-

1-

2-

Net sales

Non-operating income0-1-2-

Ordinary profit

-20-

-179-

-127

-

Profit before income taxes

-20-

-273-

-127

-

Net profit

-33-

-287-

-128

-

Non-operating expenses

Balance sheet

Fiscal Year(%)(mn yen)(%)(mn yen)

10.6

92

16.4

40.4

224

39.9

12.9

64

60.4

245

Cash and deposits

136

Accounts receivable-trade

635

(%)
62.7

60.9

75.4

(mn yen)
352

369

792

Current assets

Dec.2023

Mar.2023

Mar. 2022

50.5

18

3.0

112.0

258

24.5

236

38.9

209

37.3

Property, plant and equipment

15

1.4

23

3.8

29

5.2

Intangible assets

217

20.6

187

30.9

155

27.6

Investments and other assets

24

2.3

25

4.1

24

4.3

1,051

100.0

606

100.0

561

100.0

387

36.8

309

51.0

393

70.1

Accounts payable - trade

130

12.4

27

4.5

12

2.1

Short-term borrowings

150

14.3

116

19.1

299

53.3

-

-

20.3

20.4

00.0

12

2.0

112.0--122.0

10

1.8

662

63.0

284

46.9

156

27.8

662

63.0

284

46.9

156

27.8

Inventories
Non-current assets

Total assets
Current liabilities

Current portion of long-term borrowings
Non-current liabilities
Long-term borrowings
Net assets
Owners' equity

Mar. 2022

Mar.2023(mn yen)(mn yen)

-169

134

4661

-

12

Cash flows from investing activities

-66

-80

Cash flows from financing activities

144

-126

--

Net increase in cash and cash equivalents

-91

-72

Cash and cash equivalents

136

64

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation
Amortization of goodwill

Dividends paid

Note:Non-consolidated
Source: Prepared by Stock Research Center based on the notifiable prospectus.

Newly Listed Company Introduction Report

2/2

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
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.

About Stock Research Center
Stock Research Center is engaged in the preparation of analyst reports, mainly on companies that are not sufficiently
covered by analysts, based on a neutral perspective, and broadly disclose the reports to the public with an aim torevitalize the stock market.
Note: Reports prepared by Stock Research Center are created in reference to the Ministry of Economy, Trade andIndustry’s Guidance for Integrated Corporate Disclosure and Company-Investor Dialogues for Collaborative Value
Creation.

Discretionally select companies tocover, interview them and prepare
reports
Listed Companies

TSE, Securities Companies, Audit Companies, etc.

Support

Stock Research Center

Provide reports through websites,
smartphone apps, etc. (free of chargein principle)
Investors, Media, etc.

No cost burden on listed companies■Supporting Members
Tokyo Stock Exchange, Inc.
Nomura Securities Co., Ltd.
KPMG AZSA LLC
Deloitte Touche Tohmatsu LLC
PricewaterhouseCoopers Japan LLC
A&A Partners
TAKARA PRINTING CO., LTD.
Japan Securities Dealers Association

SMBC Nikko Securities Inc.
Daiwa Securities Co. Ltd.
Mizuho Securities Co., Ltd.
Ernst & Young ShinNihon LLC
ICMG Co., Ltd.
Grant Thornton Taiyo LLC
SBI SECURITIES Co., Ltd.
BDO Sanyu
J Trust Global Securities Co.,Ltd.
Ichiyoshi Securities Co., Ltd.
GYOSEI & CO.
Avantia G.P.
PRONEXUS INC.
The Securities Analysts Association of Japan■Endorsement
Nagoya Stock Exchange, Inc.
Japan Venture Capital Association

Sapporo Securities Exchange
Japan Investor Relations Association

Certification by Analysts
Analysts indicated in the reports certify that the content indicated in the report precisely reflects the personal opinions of the analysts
on all securities and issuer companies discussed in the report. In addition, it is ensured that the opinions directly or indirectly indicatedin the report will have no influence on the analyst’s compensation in the past, present, and future upon writing the report.

Disclaimer∙ The report is prepared by stock analysts affiliated with the Stock Research Center for the purpose of disclosure to a wide range ofinvestors as reference information and not to recommend or solicit to buy or to sell any particular securities or financial instrument.
∙ The content and indication of the report is based on disclosed information available publicly and is prepared by adding necessary
supplementary information gained through interviews by analysts. The writer of the report is, without exception, prohibited to use
insider information, or to acquire such information. The information included in the report is believed to be precise and reliable, but
its preciseness is not verified objectively. In addition, the report is not intended to comprehensively include all information requiredby investors.
∙ The information included in the report may become outdated due to changes in the financial market, economic environment, etc.
There are risks that the prices of stocks featured directly or indirectly in the report will fall below the par value due to fluctuations instock prices, changes in management/financial conditions of the issuers, fluctuations in exchange rates or interest rates, etc. Pastperformance does not imply or guarantee future performance.
∙ The opinions indicated in the report are subject to change without notice and the Stock Research Center has no obligation to update
the information or opinions included in the report.
∙ The Stock Research Center does not bear any responsibility for any results, including direct losses, indirect losses, losses of profit
and damages, suffered by investors due to using the report or relying on the report. Final investment decisions shall be made byinvestors themselves and the sole responsibility concerning the investment lies with the investors that viewed the report.
∙ The copyright of the report belongs to the Stock Research Center and it may not be copied, reproduced, quoted, etc. in any form
without prior consent.