First Quarter, Fiscal Year Ending March 31, 2025

Financial Results
August 7, 2024

United, Inc.
(TSE Growth: code 2497)© UNITED, Inc.

1

Agenda1 Financial Highlights of Q1 FY03/25

p.3

2 Q1 FY03/25 Business Overview

p.9

3 Appendix

p.30

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time thematerial was created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names aretrademarks or registered trademarks of the respective companies.

2

Financial Highlights of Q1 FY03/25

Consolidated
operatingperformance• We are on track to achieve our full-year plan, with sales of ¥4,711 million andoperating profit of ¥2,922 million in Q1.

p.4
for details

Core businesses• We expanded the number of investment projects in Q1, investing in 11
companies (vs. our full-year target of 30 companies).
• Personnel Matching business sales grew 52% YoY.

p.12 & p.22
for details

Earnings drivers• Fogg Inc. plans to raise funds and aims for an IPO in the future.

p.28
for details• We joined the Premium Yutai Club*2. Adding this to the dividend yield of 5.85% at
end-July 2024, the total yield is a maximum of 7.38%*3.

p.7
for details

Enhanced
shareholder
returns*1 22 companies in FY03/24.
*2 Open to shareholders with 1,000 or more shares of Company stock listed on the shareholder register at end-September and end-March each year.
*3 When holding 4,000 or more shares of Company stock.

3

Financial Highlights of Q1 FY03/25
We are on track to achieve our full-year plan. Sales and profit declined due to fewer securities sold in the Investment
business compared to Q1 FY03/24.
The Personnel Matching business saw top-line growth driven by higher sales and a reduction in operating losses
compared to Q1 FY03/24.

4,711 million (-35％ YoY)
Operating profit ¥ 2,922million (-45% YoY)
Sales

¥

Investment

Sales
Operating profit¥3,314 million (-43% YoY)
3,209 million (-44% YoY)

Education

Sales
Operating profit¥259 million (-24% YoY)-¥59 million (-¥41 million YoY)

Personnel Matching

Sales
Operating profit¥173 million (+53% YoY)-¥32 million (+¥105 million YoY)

Sales
Operating profit¥965 million (+1% YoY)
¥51 million (-25% YoY)

Consolidated
operating performanceCore businesses

Earnings drivers
Ad Tech/Content

4Q1 Progress vs. Full-year FY03/25 Forecast
We are on track to achieve our full-year plan. As sales of investment securities were concentrated in Q1, progress rates
for profit items from operating profit and below exceeded 100%.
As an operating loss is expected in the Personnel Matching business, the full-year earnings forecast remains
unchanged.

Forecast (millions of yen)Q1 results

Sales

9,400–10,300

4,711

46%–50%Operatingprofit2,000–2,500

2,922

117%–146%

Ordinary profit

2,000–2,500

2,898116%–145%

Net income*

1,150–1,500

1,929

129%–168%(millions of yen)

Progress rate

* Refers to net income attributable to owners of parent

5

Dividend Forecast for FY03/25
To enhance shareholder returns, we will pay a special dividend of 25 yen per share. The total dividend per share is
expected to be 48 yen.
After securing funds for business operations, including funds for growth investments, we will aim to improve capitalefficiency.
Dividend per Share Forecast
Dividend Forecast

Previous Fiscal Year

(FY03/25)(FY03/24)

Ordinary
Dividend *

¥23

¥23

(DOE4%)(DOE4%)

Commemorative
dividend-¥25

Special dividend

¥25

-

Total

¥48

¥48

DOE

9.0%

9.4%

Payout ratio* DOE of 4% or payout ratio of 50%, whichever is larger.

(Including special dividend)

124.7–165.5%(Including special dividend)(Including commemorative
dividend)

79.4%(Including commemorative
dividend)
6

Enhancement of Shareholder Returns
Joined the Premium Yutai Club provided by WILLs Inc. for the purpose of enhancing shareholder returns.
Adding this to the dividend yield of 5.85% at end-July 2024, the total yield is a maximum of 7.38%

Premium Yutai Club Overview
Point-based shareholder benefit service provided WILLs Inc.

Name
TeaserwebsiteUnited Premium Yutai Club Details*

Eligibleshareholders

Shareholders with 1,000 or more shares of Company stock listed on
the shareholder register at end-September and end-March eachyear.

Product
exchanges

Semiannually
・Early November (vested shareholders at end-September)・Early May (vested shareholders at end-March)

United Premium Yutai Club
https://united.premium-yutaiclub.jp/

Shareholder Benefit Points Table (1 point ≒ 1 yen)•
Benefits

Starting
period•Shareholder benefit points awarded according to number ofshares held
Points can be exchanged for products listed on the United
Premium Yutai Club dedicated website, as well as for“WILLsCoin” shareholder benefit coins, which are common to allcompanies on the Premium Yutai Club platform.

End September 2024
Late October 2024
Early November 2024

Vesting period
Notice sent to eligible shareholders
Special shareholder website launch,
product exchanges begin*For details, please check the timely disclosure "株主優待制度の新設に関するお知らせ"**Based on the closing price of 820 yen on July 31, 2024.

Shareholding

Points conferred at
end-September

Points conferred at
end-March

Annual benefit
yield**

Annual total yield**

1,000–1,999
shares2,500 pt

2,500 pt

0.31～0.61%

6.16～6.46%

2,000–2,999
shares7,500 pt

7,500 pt

0.61～0.91%

6.46～6.77%

3,000–3,999
shares

15,000 pt

15,000 pt

0.91～1.22%

6.77～7.07%

4,000–4,999
shares

25,000 pt

25,000 pt

1.22～1.52%

7.07～7.38%

5,000 or moreshares

25,000 pt

25,000 pt

1.22%

7.07%

7

Agenda1 Financial Highlights of Q1 FY03/25

p.3

2 Q1 FY03/25 Business Overview

p.9

3 Appendix

p.30

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time thematerial was created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names aretrademarks or registered trademarks of the respective companies.

8Investment Business9Investment Business: Sales and Operating Profit
Sales proceeded according to full-year plan. Due to the nature of the Investment business, quarterly performancefluctuates significantly depending on the timing of security sales and other factors.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

-43％ YoY-44％ YoY

5,813

5,731

3,314

435

175

210

277

1Q

2Q

3Q

4Q

1Q

Q1

Q2

Q3

Q4

Q1

FY03/243,209

FY03/25

48
-132

Q1

Q2

Q3
FY03/24Q4

Q1
FY03/25

10

Investment Business: FY03/25 Progress
In FY03/25, we plan to invest approximately ¥1.5 billion* in 30 companies. In Q1 FY03/25, we invested approximately¥300 million in 11 companies.

Investments (companies)

Investments (millions of yen)

30 (Plan)
1,500 (Plan)

1,187
22

18

18
750

11

825

362

5
300
FY03/21

FY03/22

FY03/23

FY03/24*Equivalent in scale to a fund of over ¥5.5 billion (if invested over 3 years)

Q1 FY03/25(進捗)(In progress)

FY03/21

FY03/22

FY03/23

FY03/24Q1 FY03/25(進捗)(In progress)

11

Investment Business: Investment Track Record
At end-Q1 FY03/25, we held unlisted shares in 102 companies with a market value of ¥7.4 billion.

Value of Unlisted Shares Held (millions of yen)*

Acquisition costs

Unrealized gains

Breakdown of Operational Investment Securities

Shares held (companies)

InvesteeCompanies

As of June 30, 2024
(amount on BS)

102
92

Listed shares• Mercari, Inc.
• Wonder Planet, Inc.
• CyberBuzz, Inc.
• Socialwire Co., Ltd.
• Interworks Confidence Inc.
• Excite Holdings Co., Ltd.

Unlisted
sharesLP
investments

76
7,407

61

6,815

53
5,971

Approx.

¥1.3 bn

102 companies

Approx.

¥4.0 bn

41 funds

Approx.

¥1.7 bn

3,324
2,985

4,653
2,950

2,834

2,473

1,244

3,830

4,083

3,020
1,590

End of FY03/21

2,180

End of FY03/22

End of FY03/23*Calculated based on the latest reports from issuers.

End of FY03/24

End of Q1 FY03/25

12

Investment Business: Strategy for FY03/25
We will increase the number of investment projects and amount invested to generate repeatable profits.
Investments will be made in two categories: Tech investments and impact investments.

Investments using our own funds enables us to flexibly invest in business domains that require time for growth

Accelerating investment based on results*1 up to now

Tech investments

Investments in startups that use technology to
produce innovations

Taking on new challenges based on our purpose statement

NEW

Impact investments

Investments in startups that aim to achieve abalance between the resolution of social issues*2and economic rationality*1 Since January 2013, the investment multiple has been 6.8 times, (the net multiple of domestic VC funds established in 2013 was 2.2 times [Source: Fifth edition of the benchmark for measuring theperformance of domestic VC funds, Japan Venture Capital Association])*2 Social issues Japan will face before the rest of the world, including a super-aging society, urban concentration, and uniform education.

13

Investment Business: Impact Investment Example
Making investments as lead investor, providing hands-on support to increase value.

NEWGREEN INC.
Formerly Yukimai Design Co., Ltd.
Investment executed
November 2023

Ms.Engineer Inc.
Investment executedMarch 2023

Gotoschool inc.
Investment executed
October 2022

L&F, Inc.
Investment executed
July 2022

Company
nameIssuesaddressed

Aging and shortage of agricultural workers,
environmental impact of pesticides andchemical fertilizers

Provides total support for the developmentof automated weeding robots for ricepaddies and organic rice production
support, distribution and sales

Gender and wage gaps

Lack of support systems for children andadults with developmental disabilities,
low employment and retention rates forpeople with developmental disabilities

Vacant house management issues
resulting from an aging anddeclining population

Programming education services
for women

Operates a physical therapy center forchildren with developmental disabilities,
provides employment support services forpeople with developmental disabilities

Operates Nihon Akiya Support vacanthouse management services

Businessdetails14

Investment Business: New Investee
We made new investments in 11 companies* in Q1 FY03/25.

Established
Representative
Next Genba Inc.

Business

June 2024

Established
Representative
DRD4 Inc.
April 2024

Habitat Inc.
April 2024

*This is not a complete list.

Tetta Sato
Development of DX support services for the manufacturingindustry

Established
Representative

Established

November 2022

Representative

Yosuke Kubota

Business

Operates CareFran, a platform that enables users to createcare plans online

Established

December 2018

Representative

Hiroaki Matsuoka

June 2024

Keiichi Segawa
Develops and operates En-kiro, a personal car lease service
for which monthly payments vary according to mileage

REVORN Co., Ltd.

Business

Research and developments involving scent x AI x DX
Development of odor sensing device "Obre"

December 2017

Established

April 2024

Hayato Akedo

Representative

Business

Operates the AITuber Office “AI CAST” and provides
solutions for corporate clients using AITuber management
technolgies

Established
Representative
Business

CareFran Inc.

May 2022

Business

Pictoria Inc.
May 2024

September 2023

May 2024

Hisashige Hashimoto

Coopel, Inc.
Business

Supports the implementation of RPA tools

October 2020

Established

November 2022

Kota Kitamura

Representative

Fumihito Fukino

Operates the DX tool “habitat: for hot springs facilities

June 2024

mightypiece inc.

Business

Artist-produced festivals combining real and virtual worlds

April 2024

15

Education Business

16

Education Business: Sales and Operating Profit
Sales declined and operating losses increased compared to Q1 FY03/24 due to a decrease in the number of students
enrolled in the Tech Academy.
By streamlining the Education business operational structure, we plan to improve profitability and achieve a profit for
the full fiscal year.
Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

-24％ YoY341-¥41 million YoY

336

8

316
259

255

-17

-34

-56

Q1
1Q

Q2
2Q

Q3
3Q
FY03/24

Q4
4Q

Q1
1Q
FY03/25Q1Q2Q3
FY03/24

-59

Q4

Q1
FY03/25

17

Education Business: Strategy for FY03/25
We will focus on LINE Yahoo TechAcademy* and generative AI domain to improve earnings and restore profitability.

LINE Yahoo TechAcademy

Generative AI DomainFirst Prompt Engineering Course

LLM Application Development Course

Students gain practical skills that are based on
LINE Yahoo’s expertise.

Students gain the skills to utilize AI in
actual work.

* Taking advantage of the practical technologies of LINE Yahoo, the academy enables students without any programming experience to be work-ready as a web engineer in just four months.
Also supports the students’ career-change activities.
LINE Yahoo TechAcademy was chosen for the Reskilling-based Career Development Support Program led by the Ministry of Economy, Trade and Industry.

18

Education Business: Generative AI Domain Initiatives
We provide AI training programs for companies and support the development of AI talent for local governments.

Supporting the development of AI talent for local governments

Through the LINE Yahoo! Tech Academy, we provide
Kagawa Prefecture with the know-how needed to put data
analysis and generative AI to practical use.
Course name

Data Analysis Course

Overview

Teaches the basic concepts of data analysis andhow to apply them in practice.

Providing AI training programs
through collaboration with Neos Corporation
In collaboration with AIdea Suite*, an AI solution service
operated by Neos, we provide training programs to support
corporate AI human resource development.
Program name

Overview

AI Utilization
Academia

Trains participants on AI through the LINE Yahoo!
Tech Academy's Data and AI Utilization Human
Resource Development

Prompt Engineering
CourseChatGPT Course

Teaches the basics of prompt engineering andbuild the skills required to utilize generative AI
such as ChatGPT in work activities.

Coaching Desk

Note: A service that supports the creation and customization of a secure GPT utilization environment for corporations and local governments.

Basic training on prompt engineering

Support for use of AIdea Suite

19

Personnel Matching Business

20Personnel Matching Business: Constituent Companies

Company

Business

Consolidation started in August 2022

UNITED Recruitment Inc.*

Provides personnel referrals and operates offer Brain, a recruitment
support tool

Consolidation started in December 2022

Operates Kasooku, a side job matching service
Kasooku inc.

Consolidation started in July 2023

Provides personnel referrals and operates Carry Up, a matching
service for HR professionals
ONX inc.

Consolidation started in June 2021

Operates JOOi, a designer-focused matching service
LIBASE Inc.

Note: In July 2024, Innoop Inc. merged with Bushing inc. and changed its name.

21Personnel Matching Business: Sales and Operating Profit
To achieve medium-term growth, we will focus on top line expansion on FY03/25.
Sales increased YoY in line with the consolidation of ONX inc., and the expansion of Libase Inc.
In addition, the operating loss declined YoY in line with the impairment of goodwill recorded in FY03/24.
Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)
+53％ YoY

173+¥105 million YoY

146
129

128

113
-32
-62
-84

Q1
1Q

Q2
2Q

Q3
3Q
FY03/24

Q4
4Q

Q1
1Q
FY03/25

-137

-135

Q1

Q2

Q3
FY03/24Q4

Q1
FY03/25

22

Personnel Matching Business: Market Environment
As Japan’s workforce shrinks, it is becoming increasingly difficult for companies to recruit job seekers, and the market
size for the recruitment industry is also expanding. At the same time, the spread of workstyle reforms and remote work
is leading to a rise in the number of people working side jobs or freelancing, a trend that is expected to grow going
forward.
Japan’s shrinking workforce

Recruiting industry market size

Side-job and freelance population
Side job & freelance
population

Referral fee income

Labor shortages

Population of those who have no side-job
experience but have the intent to work side jobs

644
(10,000 people)

770.3(Billions of yen)505

(10,000 people)

631.5

1,784

524.0

384

2,482
1,470

2020

2025
(Forecast)

2030(Forecast)

2020年
2020

2021年
2021

2022年
2022

2015

1,775

1,882

1,895

1,854

1,770

2016

2017

2018

2019

2020

2021

Sources:
New Freelance Fact-Finding Investigation Report 2021–2022, “Segment-specific Trends,” by Lancers, Inc.
Freelance Fact-Finding Investigation Report 2021, “Increase of Side-job and Multiple-job Workers,” byLancers, Inc.
Freelance Fact-Finding Investigation Report 2018, “Trends in the Economic Scale and Population of Sidejob

Source: Labor Market Future Estimates 2030, published by PERSOLRESEARCH AND CONSULTING Co., Ltd., and Chuo University.

Source: Ministry of Health, Labour and Welfare, “Aggregate results of business
reports on recruiting businesses”

Workforce,” by Lancers, Inc.
”CrowdWorks Conducts Survey on Side Jobs,” by CrowdWorks, Inc.

23

Personnel Matching Business: Strategy for FY03/25
As the difficulty of finding job candidates increases, it will be possible to amass a unique group of job seekers,
including those who are considering changing jobs, by providing a diverse range of employment opportunities.
We will match talent with the needs of growth companies through appropriate contractual arrangements.

Unique job seeker group(including those consideringchanging jobs)
Career change
Worker referral

Kasooku inc.

UNITED Recruitment Inc.

ONX inc.

Provide a diverse range of
employment opportunities for side
job and freelance workers registeredwith Kasooku (including thoseconsidering changing jobs)

Growthcompanies

Side job/freelance workers

Kasooku inc.

Side job and freelance
matching

24Personnel Matching Business: Expand Job Seeker GroupThe number of active workers increased through business growth.
The number of Kasooku registered users increased, and unique group of job seekers expanded.
Changes in the number of active workers* (quarterly average)

Kasooku registered users+81％ YoY

2022/06
Q1

2022/09
Q2

2022/12Q3

FY03/232023/03Q4

2023/06
Q1

2023/09Q2

2023/12Q3

FY03/4+15％ YoY

2024/03Q4

2024/06
Q1

Q4
23.3-4Q

FY03/25

FY03/23Q1
24.3-1Q

Q2
24.3-2Q

Q3
24.3-3Q
FY03/4Q4
24.3-4Q

Q1
25.3-1Q
FY03/25*The number of people registered with any of the Personnel Matching companies and who have worked as side-job workers or freelancers, and those who changed their jobs through personnel referral services.

25

Ad Tech/Content Business

26

Ad Tech/Content Business: Sales and Operating Profit
We are generating sustained profits throughout the segment, and project higher sales and profit for the full year.

Sales Trend (Millions of yen)

Operating Profit Trend (Millions of yen)

Ad Technology
Content+1％ YoY-25％ YoY

168
1,072

1,058

1,097
965

959

112
82

68

Q1
1Q

Q2
2Q

Q3
3Q
FY03/24

Q4
4Q

Q1
1Q
FY03/25Q1Q2Q3
FY03/2451

Q4Q1
FY03/25

27

Content Business: Fogg, inc., Fundraising
Fogg, inc. plans to raise approximately ¥300 million by the end-September 2024.
The company plans to use these funds for business investments, such as strengthening human resources, with
future plans to pursue an IPO.
Fogg, inc. overview
Develops fan businesses in the entertainment market,
centered on the operation of RAFFLE, an online lottery
platform.

Fogg, inc. performance (net sales)(Millions of yen)

1,000

Established

June 2013

Representative

Yusuke Sekine

Shareholder
composition

United, Inc.: 71.39% (as of end-July 2024)

Business• Operates online lottery platform RAFFLE• Operates the CHEERZ fan community fortalent and artists

5000FY03/15

Note: After funds have been raised, United’s shareholding ratio is expected to be 50.63%.

FY03/16

FY03/17

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22

FY03/23

FY03/24

28

Agenda1 Financial Highlights of Q1 FY03/25

p.3

2 Q1 FY03/25 Business Overview

p.9

3 Appendix

p.30

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time thematerial was created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names aretrademarks or registered trademarks of the respective companies.

29

Consolidated P/L Statement(Millions of yen)

Q1 FY03/24

Q1 FY03/25

YoY (%)

Sales

7,224

4,711

-34.8%

Gross profit

6,241

3,728

-40.3%

SG&A expenses

880

805

-8.5%

Operating Profit

5,361

2,922

-45.5%

Non-operating profit

8

13+57.8%

Non-operating expenses

337+1,022.1%

5,366

2,898

-46.0%

Extraordinary profit

-

0

+0

Extraordinary losses

-

50

+50

Profit before income taxes

5,366

2,848

-46.9%Net Income*

3,685

1,929

-47.6%

Ordinary Profit*Refers to net income attributable to owners of parent

30

Consolidated P/L Statement for Q1 FY03/25, by Business(Millions of yen)

Sales

Q1 FY23/04

Difference

Q1 FY03/25

YoY (Amount)

YoY (%)

7,224

4,711

-2,512

-35%

5,813

3,314

-2,499-43%

Personnel Matching

341

259

-82

-24%

Investment

113

173

+59

+53%

Ad Tech/Content

959

965

+5

+1%

-4

-0

+3

-

Gross Profit*1

6,241

3,728

-2,513-40%

Education

5,777

3,264

-2,512-43%

Personnel Matching

118

76

-41

-35%

Investment

28

63

+35

+128%

Ad Tech/Content

321

323

+1

+1%

-3

-0

+3

-

SG&A Expenses

880

805

-74

-8%

Operating Profit

5,361

2,922

-2,438-45%

Education

5,731

3,209

-2,521-44%

Personnel Matching

-17

-59

-41

-

Investment

-137

-32

+105

-

68

51

-16

-25%

-282

-247

+35

-

Ordinary Profit

5,366

2,898

-2,467-46%

Net Income*2

3,685

1,929

-1,757-48%

Education

Other

Other

Ad Tech/Content
Other* Cost of sales for each business mainly includes advertising, outsourcing, and personnel expenses

31Consolidated B/S Statement(Millions of yen)

End of FY03/24(March 31, 2024)

End of Q1 FY03/25(June 30, 2025)

Difference

24,37922,533-1,845

Cash & deposits

12,985

14,195+1,210Operating investment securities

7,836

7,171

-664 *

2,365

2,319

-46

76

70

-6

Total assets

26,74524,852-1,892Current liabilities

2,063

2,362

+298

Non current liabilities

1,141

131

-1,0091,089

81-1,007 *Total liabilities

3,204

2,494

-710

Net assets

23,54022,358-1,181914

254-659 *

Current assets

Non current assets

Amortization of goodwill

Deferred tax liabilities

Unrealized gain on securities

Note) Of this amount, the impact of revaluation (mark-to-market) and disposal of operational investment securities (listed share s) were as follows:
Operational investment securities -¥1,118 million
Deferred tax liabilities -¥322 million
Unrealized gain on securities -¥752 million.

32

Purpose
People who push themselves forward.
Businesses that move society forward.
The betterment of society is driven by people andbusinesses with willpower.
Strong willpower is the source of energy thatchanges society for the better.
UNITED will maximize this energy and willpower.

Maximize willpower andaccelerate the betterment of society.

We will provide knowledge and opportunities topeople with willpower.
We will provide funds and know-how to businesses
with willpower.
And when both parties meet, their mutual growth
will spark even further growth.
This cycle of growth will enrich society.
We will move society in a better direction fasterwith willpower.
We will maximize willpower and accelerate thebetterment of society.
33

Business Segments and Their Components

Core Businesses

Investment businessBusiness

Provision of capital andhands-on support to startups

Education business

Online education service thatallows students to gain digitalskills

Earnings Drivers
Personnel Matchingbusiness
Matching of talent (including
freelancers, side-job workers, andthose seeking career changes) in linewith the needs of growing company

Ad Tech/Content business

Development and operation ofadvertising products,
media, and apps

UNITED Recruitment Inc. *Kasooku inc.

UNITED Marketing Technologies
Inc.

Fogg, inc.

ONX inc.

LIBASE Inc.

Brewus, Inc.

International Sports Marketing
Co., Ltd.

Components
Investment Division

KiRAMEX Co.

*In July 2024, Inop Inc. will absorb Bushin Inc. and change the company name.

34Collaboration of the Core Businesses
We will create synergies by strengthening collaboration of our core businesses.
Match personnel who
can contribute to
growth of investee
companies

Supply trained digital
personnel

Educationbusiness

Personnel Matchingbusiness

Develop and improveeducational curriculum

Investment
business

Provide access tostaffing needs atstartups

35

Investment Business: Major Startup Investments
Post IPO

Middle to later stage

Seed to early stage

As of end-June 2024
36

Investment Business: Major Funds We Invest in as LP
We expect to record gains on distribution from the multiple external funds (41 in total) we invest in as an LP. These
funds also serve as our source of new investment projects, as they allow us to reach out to over 1,000 startups.
Major Funds We Invest in as LP

37

Sales and Earnings (FY03/13–FY03/25)

Recorded gains on the saleof securities accompanying
the listing of Mercari, Inc.

(Millions of yen)
Sales

Designated corebusinesses in line with
our purpose statement

Operating profit
22,31816,267

13,14012,714

12,60912,573

11,0849,400 –10,300
8,385

8,383

5,552
5,101

4,325

3,955

5,606

5,738

5,823
4,859

2,530
1,509
2
FY03/13138

370

FY03/14

FY03/15

FY03/16

1,395

FY03/172,000–2,500

1,648

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22*

FY03/23

FY03/24

FY03/25(Forecast)*We adopted the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29) and the ASBJ Guidance No. 30 (Implementation Guidance on Accounting Standard for Revenue Recognition)from FY21. In this document, we applied this standard to the past earnings of the Ad Technology business in order to make the comparison easier.

38

Number of Consolidated Employees and Directors

Officers (Directors and corporate auditors ofparent, including outside directors/auditors)

Investment full-time employees

Ad Tech/Content full-time employees

Headquarters divisions full-time employees

Personnel Matching full-time employees

Education full-time employees
Temporary employees(Numbers employed)

359
325
51

340

331

67

54

20

21

169

171

21

355

357

72

65

65

22

24

172

348

346

57

54

23

23

23

173

175

175

175

23

22

23

23

22

45

45

46

45

44

346

69

22

22

167

168

23

22

25

46

45

45

45

7
11

6
11

6
11

6
11

14
11

15
11

14
11

14
11

17

FY23-1Q
Q1

FY23-2Q
Q2

FY23-3Q
Q3

FY23-4Q
Q4

FY24-1Q
Q1

FY24-2Q
Q2

FY24-3Q
Q3

FY24-4Q
Q4

FY25-1Q
Q1

FY03/23

FY03/2411

FY03/2539

40