Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 15, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Under Japanese GAAP)
Company name: Estore Corporation
Listing:
Tokyo Stock Exchange
Securities code:
4304
URL:
https://Estore.co.jp/
Representative:
Yoichi Yanagida, Representative Director
Inquiries:
Akiko Tsukada, Public and Investor Relations Dept.
Telephone:+81-3-6434-0978
Scheduled date of annual general meeting of shareholders:June 27, 2024
Scheduled date to commence dividend payments:
June 28, 2024
Scheduled date to file annual securities report:
June 28, 2024
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
Yes (for institutional investors and analysts)(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 to March 31,2024)(1) Consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended
March 31, 2024
March 31, 2023%

Millions of yen%

Millions of yen%

Millions of yen%

12,566
9,449

33.0
64.4

1,086
882

23.0
-16.0

1,317
734

79.4
-31.9

462
304

52.0
-55.0

For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

Basic earnings
per share

Reference:

Profit attributable toowners of parent

Ordinary profit

Millions of yen

Note: Comprehensive income

Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Diluted earnings
per share\590 million\391 million

Return on equity[50.8%][-44.3%]

Ratio of ordinary
profit to total assets

Ratio of operating
profit to net sales

Yen

Yen%%%

90.36
60.55

86.20
55.12

15.4
11.1

10.6
7.3

8.6
9.3

Share of profit (loss) of entities accounted for using equity method
For the fiscal year ended March 31, 2024: \8 million
For the fiscal year ended March 31, 2023: \-0 million
EBITDA (*1)

EBITDA before deducting
upfront investment costs (*2)

Yen
Yen
Fiscal year endedMarch 31, 2024
1,529
29.41,844
22.4
March 31, 2023
1,182-8.6
1,506
16.4
*1: EBITDA = Operating profit + Depreciation + Amortization of goodwill*2: EBITDA before deducting upfront investment costs = EBITDA + Upfront investment costs(As we actively promote forward-looking investment for the future, we emphasize these items as the most appropriate indicator toexpress the actual value of our business.)(2) Consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023
Reference:Net assets

Equity-to-asset ratio

Net assets per share

Millions of yenMillions of yen%

Yen

12,841
12,036

3,665
3,444

25.0
23.1

610.63554.07

EquityAs of March 31, 2024:
As of March 31, 2023:\3,215 million\2,786 million(3) Consolidated cash flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash and cash
equivalents at end ofperiod

Cash flows fromfinancing activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

-115
1,009

-561
-1,237-226
994

4,296
5,185

2. Cash dividends
Annual dividends per shareFirstSecond
Third
quarter-end quarter-end quarter-end
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024

Fiscalyear-end

Total cash
dividends(Total)

Total

Yen

YenYenYen-

0.00

-

50.00

50.00

-

0.00

-

53.00

53.00

Ratio of
Payout ratio dividends to(Consolidated) net assets(Consolidated)

Yen Millions of yen%%

251

82.6

9.2

279

58.7

9.1

Fiscal year ending
March 31, 2025
(Forecast)
Note: The year-end dividend per share for the fiscal year ended March 31, 2024, which was undecided, has been changed to 53yen. The Company's Articles of Incorporation stipulate the end of the second quarter and the end of the fiscal year as therecord dates for dividends, but at this time the amount of dividends forecast for these record dates has not yet been
determined.

3. Forecast of consolidated financial results for the year ending March 31, 2025 (from April 1, 2024 toMarch 31, 2025)(Percentages indicate year-on-year changes.)
Net sales

Full year

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

13,3506.2

1,206

11.0----EBITDA before deducting
upfront investment costs (*2)

EBITDA (*1)
Millions of yen%

Millions of yen%

Full year
1,556
1.7
1,966
6.6
*1: EBITDA = Operating profit + Depreciation + Amortization of goodwill*2: EBITDA before deducting upfront investment costs = EBITDA + Upfront investment costs(As we actively promote forward-looking investment for the future, we emphasize these items as the most appropriate indicator toexpress the actual value of our business.)

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change
in scope of consolidation): None
(2) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(3) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of March 31, 2024

6,131,780 shares

As of March 31, 2023

5,636,636 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2024

865,377 shares

As of March 31, 2023

607,802 shares(iii) Average number of shares outstanding during the period
Fiscal year ended March 31, 2024

5,120,617 sharesFiscal year ended March 31, 2023

5,028,834 shares[Reference] Overview of non-consolidated financial results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024 (from April 1, 2023 toMarch 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)

Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

2,796
2,747

1.8
-2.8

233
205

13.8
-50.3

364
250

45.5
-40.1

177
115

53.1
-55.4

Basic earnings
per share
Fiscal year ended
March 31, 2024
March 31, 2023

Diluted earnings
per share
YenYen

34.63
23.03

33.04
20.97

(2) Non-consolidated financial position
Total assets
As ofMarch 31, 2024
March 31, 2023
Reference:

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

8,035
7,505

2,003
1,898

24.9
25.3

380.42377.45EquityAs of March 31, 2024:
As of March 31, 2023:\2,003 million\1,898 million

* Financial results reports are exempt from audit conducted by certified public accountants or an audit
corporation.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements regarding future performance in this material are based on information currently
available to the Company and certain assumptions that the Company deems to be reasonable at the time thisreport was prepared. Therefore, the Company does not make promises about the achievements. Actual results
may differ significantly from the forecasts due to various factors.