November 13, 2023

Brief Report on
Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2024
Estore Corporation

Estore GroupSummary of Consolidated Business Results
Business results improved due to the consolidation of SHIFFON and success in capturing strong DX demand
from enterprises (especially due to the growth of Commerce21)(Millions of yen)

Q2 FY3/23

Q2 FY3/24

YoY

2,850

5,214

183%

EC business

2,850

3,070

108%

HOI business

ー2,143ーOperating income

24723294%

EC business

247328133%

HOI businessー-98ー

Net income
attributable to owners of parent

92167

181%

EBITDA

356

471

132%

EC business

356

445

125%

HOI businessー24ーNet sales*EBITDA = Operating income + depreciation and amortization + amortization of goodwill*Figures are rounded to the nearest whole number and do not include adjustments

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Highlights
Business results improved due to the consolidation of SHIFFON and success in capturing strong DX demand
from enterprises (especially due to the growth of Commerce21)

Net sales

HOIbusiness

Sales increased due to the consolidation of SHIFFON (consolidation started in the second halfof the previous fiscal year)

Increase of 2,143 million yen

5,214 million yen

Increased by 83% year on year

Operating income

ECbusiness+

Operating income for the EC business increased by 81 million yen due to an increase in
the number of large-scale projects achieved by strengthening the consulting sales ofCommerce21, as well as the enhancement of business management.

−Prior investment in systems: 89 million yen increase
Extraordinary bonus (one-time): 69 million yen increase
Amortization of goodwill: 88 million yen increase, depreciation and amortization: 43
million yen increase

232 million yen

Decreased by 6% year on year

Business results improved due to success in capturing strong DX demand fromenterprises (especially due to the growth of Commerce21).
Increase of 221 million yen

EBITDA471 million yen

Increased by 32% year on year

Profitability increased by 115 million yen
2Sales increased due to the start of full-year consolidation of SHIFFON

Net sales(consolidation started in the second half of the previous fiscal year)

Sales increased due to the consolidation of SHIFFON and success in capturing strong DX demand fromenterprises (especially due to the growth of Commerce21)
7,000

Unit: Millions of yen

Started consolidationof SHIFFON

6,000

5,214

5,000

3,517
2,143

Previous year results ofSHIFFON(Reference values
not subject to audit)

4,000

3,000

2,000

2,842

2,905

2,850

3,083

3,070

1H
H12H
H2

1H
H12H
H2

1H
H1

1,000

0

FY3/22

FY3/23EC business

FY3/24

HOI business3

Operating income
EBITDA

Both operating income and EBITDA remained steady
EBITDA (profitability) increased

Breakdown of operating income

Unit: Millions of yen

Unit: Millions of yen

300500250

Operating income

247232

200

150

EBITDAEC business
350471250400200

350

10030050-98232200

Operating income/EBITDA of SHIFFON

15012224

Operating income

EBITA

500Total

010050

HOIbusiness

150250100300450356328

Amortization ofgoodwill, etc.

01H
H1

1H
H11H
H1

1H
H1

FY3/23

FY3/24

FY3/23

FY3/24*EBITDA = Operating income + depreciation and amortization + amortization of goodwill-98

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Commerce21: Business results improved, centered on consulting sales

Reference

Commerce21 offers not only system development proposals, but also continuous proposals with an eye to thebusiness as a whole, with the aim of building clients' value chains and cultivating loyal customers.

Concept &planning

Materialization

Maintenance &operation

Discuss the ideal/desired state↓
To achieve the above, identify requirements with an eye to the business as a whole↓
Define the required systems↓
Propose building a value chain that will achieve business growth and management
plan to cultivate loyal customers who continue to support the business even amid theshift to a new economic environment, such as declining birthrates, an aging
population, and accelerating inflation

Design and develop apps, and design and construct infrastructure.
Implement system migration in line with the migration plan.

Propose systems, etc. that
contribute to further
business growth↓
Continuous project orders

Development and maintenance, infrastructure maintenance, 24/365
monitoring, data utilization, etc.

5Both sales and operating income progressed as planned

Full-Year Forecast

Progressed as planned toward achieving the business plan for the current period(Reference)(Millions of yen)
*Figures are rounded to the nearest whole number

FY3/24
Shortfall from full-year
plan

FY3/24

FY3/23
2H results

Q2 results

Oct. 2022–Mar. 2023

FY3/24Full-year forecast

6,600

5,214

7,284

12,498EC business

3,083

3,070

3,095

6,165

HOI business

3,517

2,143

4,189

6,332

Operating income

636

232

603

835

EC business

384

328

158

486

HOI business

252

-98

448

349

826

471

754

1,226

Net sales

EBITDA*EBITDA = Operating income + depreciation and amortization + amortization of goodwill*Figures are rounded to the nearest whole number and do not include adjustments

6Full-Year Forecast:
Net Sales

Sales progressed as plannedWith a business structure that has sales concentrated in the second half of the fiscal year, sales progressed asplanned toward achieving the business plan for the current period
8,000

Shortfall fromfull-year planUnit: Millions of yen

7,284

7,000
6,000
5,000

Started consolidation ofSHIFFONPrevious year results of
SHIFFON(Reference values
not subject to audit)

5,214

4,189

3,517
2,143

4,000

3,000
2,000
1,000

2,850

3,083

3,070

3,095

1H
H12H
H2

1H
H12H
H20
FY3/23

FY3/23
FY3/24EC business

FY3/247Full-year Forecast:
Operating Income/EBITDA

Both operating income and EBITDA progressed as plannedWith a business structure that has sales concentrated in the second half of the fiscal year, operating income
progressed as planned toward achieving the business plan for the current period
Operating income

EBITDA

Unit: Millions of yen

Unit: Millions of yen

700

Shortfall fromfull-year plan

636

603

600

900

826

Shortfall fromfull-year plan

800

754

700
500

600

400
300

471

500
400

232

247

356

300

200

200
100

100001H
H12H
H2
FY3/231H
H12H
H2
FY3/23
FY3/241H
H12H
H2FY3/23

1H
H12H
H2
FY3/24
FY3/238

The contents of this presentation are based on information and estimates available as of the date of disclosure. In the event ofchanges due to future events, etc., we are under no obligation to update or alter the contents.
Please be aware that the forward-looking statements contained in this presentation and the briefing materials may include a numberof uncertain elements. As such, actual results may differ from these forward-looking statements due to changes in various factors.

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