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

MFS (196A TSE Growth)July 3, 2024

Focusing on online mortgage brokerage services deployment
This report is an English translation of part of the report issued on June 25, 2024.
For inquiries concerning the report, please contract info@stock-r.org【196A MFS Sector：Other Financing Business】
Fiscal YearNet sales

YoY

OperatingprofitYoY

Ordinaryprofit

YoYProfit

YoY

EPS

BPS

DPS

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

(%)

(yen)

(yen)

(yen)

Jun. 2022

843--547

-

-552

--555

- -103.6-816.40.0

Jun. 2023

1,607

90.6

-139-

-147

-

-149-

-24.7

-891.3

0.0

1,965

22.2

-127

-

-127-

-127

-

-19.8

-0.0

Jun. 2024f

Note: Consolidated basis.Figures for the fiscal year ending June 2024 is the company's forecasts.
It conducted 1:200 stock split on March 22, 2024.Per share indicies are adjusted retroactively.

The Deploying Online Mortgage Brokerage and Real Estate Investment
Services
MFS' operations comprise the Mogecheck business, which brokers mortgage loans, andthe INVASE business, which centers on a real estate investment service. The company’s
primary business, Mogecheck, posted a segment loss in fiscal year ended June 2022
owing to high advertising costs. However, in fiscal year ended June 2023, net sales
increased 2.5 times year on year due to increased service use, leading to the segment
returning to profitability. Meanwhile, the INVASE business posted a segment profit in fiscal
year ended June 2022. However, since the acquisition of Condominium AssetManagement in February 2022, which became a consolidated subsidiary, the increased
costs have resulted in continued segment losses since fiscal year ended June 2023.

Mogecheck BusinessMogecheck business offers an online mortgage brokerage service. Mogecheck is a service
that provides information and brokerage services related to mortgage loans for prospective
home buyers or people planning to refinance their mortgages ("mortgage users"), either
online or through an app. When a mortgage user submits a loan application at a financial
institution, the company earns a commission from the advertising agency contracted by
the financial institution, which in turn generates revenue for MFS.
The information the company provides is the mortgage loan borrowing capacity per partner
financial institution based on an analysis of the mortgage user's creditworthiness and theestimated probability that the loan will be approved.

INVASE Business
The INVASE business provides real estate investment services for people consideringborrowing real estate investment loans for investment properties ("investment propertyusers"). MFS engages in the brokerage of investment real estate for investment property
investors and various services to secure customers for the brokerage of such investment
real estate.

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 investorsaccessing 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)

MFS (196A TSE Growth)July 3, 2024

Financial Statements

Statement of income

Fiscal YearJun. 2022
(mn yen)Nine months
to Mar.2024

Jun. 2023(%)(mn yen)(%)(mn yen)(%)

Net sales

843

100.0

1,607

100.0

1,420

100.0

Cost of sales

284

33.8

418

26.0

255

18.0

Gross profit

558

66.2

1,189

74.0

1,164

82.0

Selling, general and administrative expenses

1,106

131.1

1,328

82.6

1,212

85.4

Operating profit-547-64.9-139-8.7-47-3.3

Non-operating income

3-

6-0-

Non-operating expenses

8-14-

12-

Ordinary profit

-552

-65.4

-147-9.1-58-4.1

Profit before income taxes

-554

-65.7

-147-9.1-58-4.1

Net profit

-555

-65.8

-149-9.3-60-4.3

Balance sheet

Fiscal Year

Jun. 2022(mn yen)Current assets

Nine months
to Mar.2024

Jun. 2023(%)(mn yen)(%)(mn yen)

(%)

876

94.7

1,860

95.7

1,546

91.8

Cash and deposits

495

53.5

1,577

81.1

1,153

68.5

Accounts receivable-trade

136

14.7

253

13.0

362

21.5

Inventories

200

21.6

----

Non-current assets

44

4.8

80

4.1

136

8.1

Property, plant and equipment

70.9

70.4

110.7

Intangible assets

101.1492.5

101

6.1

Investments and other assets

25

2.8

23

1.2

23

1.4

50.6

3

0.2

00.0

Total assets

925

100.0

1,944

100.0

1,683

100.0

Current liabilities

275

29.7

439

22.6

255

15.2

Deferred assets

Accounts payable - trade------

Non-current liabilities

182

19.7

316

16.3

300

17.8

Net assets

468

50.6

1,188

61.1

1,128

67.0

468

50.6

1,188

61.1

1,128

67.0

Owners' equity

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation

Jun. 2022

Jun. 2023(mn yen)(mn yen)

-824

62

67

Cash flows from investing activities

102-130

Cash flows from financing activities

200

1,050

Dividends paid--Net increase in cash and cash equivalents

-522

981

Cash and cash equivalents

495

1,477

Note: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 maynot 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 ValueCreation.

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.
SMBC Nikko Securities Inc.
Nomura Securities Co., Ltd.
Mizuho Securities Co., Ltd.
KPMG AZSA LLC
ICMG Co., Ltd.
Deloitte Touche Tohmatsu LLC
SBI SECURITIES Co., Ltd.
PricewaterhouseCoopers Japan LLC
Ichiyoshi Securities Co., Ltd.
GYOSEI & CO.
Avantia G.P.
PRONEXUS INC.
Japan Securities Dealers Association
The Securities Analysts Association of Japan

Daiwa Securities Co. Ltd.
Ernst & Young ShinNihon LLC
Grant Thornton Taiyo LLCBDO Sanyu
A&A Partners
TAKARA PRINTING CO., LTD.

■Endorsement
Nagoya Stock Exchange, Inc.
Japan Venture Capital Association

Sapporo Securities Exchange
Japan Investor Relations Association

Japan Stewardship Forum

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 necessarysupplementary 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. Past
performance 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 profitand 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.