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

MAMEZO DIGITAL HOLDINGS (202A TSE Growth)July 2, 2024

Helping companies to achieve the digital shift, increasing competitivenessThis report is an English translation of part of the report issued on June 28, 2024.
For inquiries concerning the report, please contract info@stock-r.org【202A MAMEZO DIGITAL HOLDINGS Sector：Information & Communication】
Fiscal YearNet sales

YoY

OperatingprofitYoY

Ordinary
profitYoYProfitYoY

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

(%)

(yen)

(yen)

(yen)

Mar. 2023

8,859

8.4

1,562

2.4×

1,589

2.4×

1,103

-2.6

68.9

211.9

6.16

Mar. 2024

9,586

8.2

1,799

15.2

1,820

14.5

1,159

5.1

72.5

141.4

26.79

10,552

10.1

2,071

15.1

2,050

12.6

1,366

17.9

85.2

Mar. 2025

f- 59.58

Note: Consolidated basis.Figures for the fiscal year ending March 2025 is the company's forecasts.
It conducted 5:1 reverse stock split on April 15, 2024.Per share indicies are adjusted retroactively.

Supporting Sustainable Digital Transformations for Client Companies
The MAMEZO DIGITAL HOLDINGS group consists of the company and its consolidated
subsidiaries, Mamezou Co., Ltd., KOWAMEX Inc. and NT Solutions Co., Ltd.
The group’s business is classified into the following four services.
1) Cloud consulting, through which the group provides DX in-house execution consulting
and ERP deployment for major firms using cloud computing and other state-of-the-art
technologies;
2) AI consulting, which provides AI-based data utilization and system planning, design
algorithm development and consulting services to DX-promoting companies;
3) AI robotics engineering, which provides technical implementation support and AI
software development consulting to companies handling embedded systems such as
automobiles and robots, and4) mobility automation, which provides support for AI software and hardware development
related to automobiles, marine vessels and other transportation equipment.
Cloud consulting accounted for 36.3% of net sales in fiscal year ended March 2024, AI
consulting for 7.7%, AI robotics engineering for 15.1% and mobility automation for 40.9%.

Restructuring Business through MBO
The company’s predecessor, MAMEZOU HOLDINGS, was established in 2006. However,in June 2020, the company became a wholly owned subsidiary of a company established
for a management buyout (MBO) and was subsequently delisted from the Tokyo StockExchange.
At the time of the MBO, there were ten operating subsidiaries. However, on the occasionof the relisting, the company reduced the group to three subsidiaries that offer significantsynergies. Unlike general system integrators, these subsidiaries are involved in businesssimilar to DX consulting and possess infrastructure and knowledge in manufacturing. Thecompany transformed itself from a labor-intensive company to one with strong knowledgeintensive elements, and it was relisted.

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)

MAMEZO DIGITAL HOLDINGS (202A TSE Growth)July 2, 2024

Financial Statements

Statement of income

Fiscal Year

Mar. 2022(mn yen)Mar. 2023(%)(mn yen)Mar.2024(%)(mn yen)(%)

Net sales

8,174

100.0

8,859

100.0

9,586

100.0

Cost of sales

5,793

70.9

5,980

67.5

6,405

66.8

Gross profit

2,380

29.1

2,878

32.5

3,180

33.2

Selling, general and administrative expenses

1,729

21.2

1,315

14.8

1,381

14.4

Operating profit

651-

1,562

17.6

1,799

18.8

Non-operating income

25-

28-

24-

Non-operating expenses

2-

1-

3-

Ordinary profit

674

8.2

1,589

17.9

1,820

19.0

Profit before income taxes

1,350

16.5

1,582

17.9

1,672

17.4

Profit attributable to owners of parent

1,133

13.9

1,103

12.5

1,159

12.1

Balance sheet

Fiscal Year

Mar. 2022(mn yen)Current assets

Mar. 2023(%)(mn yen)Mar.2024(%)(mn yen)

(%)

2,801

81.8

3,709

80.4

2,598

73.3

468

13.7

39

0.8

828

23.4

1,074

31.4

1,110

24.1

1,180

33.3

140.4

28

0.6

99

2.8

1,097

32.0

2,271

49.2

--621

18.1

904

19.6

944

26.6

211

6.2

356

7.7

431

12.2

Intangible assets

89

2.6

205

4.4

113

3.2Investments and other assets

320

9.3

343

7.4

399

11.3

Total assets

3,423

100.0

4,614

100.0

3,543

100.0

Current liabilities

1,010

29.5

1,215

26.3

1,273

35.9

Accounts payable - trade

122

3.6

139

3.0

135

3.8

Short-term borrowings

100.3

----

90.3

90.2

8

0.2

2,403

70.2

3,390

73.5

2,261

63.8

2,402

70.2

3,389

73.5

2,261

63.8

Cash and deposits
Accounts receivable-trade
Inventories
Short-term loans receivable
Non-current assets
Property, plant and equipment

Non-current liabilities
Net assets
Owners' equity

Mar. 2022

Mar. 2023

Mar.2024(mn yen)(mn yen)(mn yen)

587

1,241

1,154

4673

100

Cash flows from investing activities-1,145-1,544

1,922

Cash flows from financing activities

-26

-126

-2,288

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation--116-2,288Net increase in cash and cash equivalents

Dividends paid

-584

-429

788

Cash and cash equivalents

468

39828

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

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
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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.

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