Supplementary
Financial Information
for the First Quarter of FYE Jan. 2025

￼First Quarter of FYE Jan. 2025

02

Summary of business performance

Struggled to achieve a recovery in the BUYMA business due to the ongoing challenging external environment,
including the continuing depreciation of the yen and other factors.
Utilized in uencer marketing and launched BUYMA VINTAGE, a new service.
In terms of new sources of pro t, we maintained high growth with a 257% increase in BUYMA TRAVEL’s booking amounts.
Expanded the scale of our business operations to achieve our mid-term goals, including two companies joining the group through M&A.

FYE 2025/1
Q1
GMV* Includes fees forsettlement of payment

FYE 2024/1
Q1

YoY

12,561Million

14,285Million

87.9%

Net sales

1,324Million

1,591Million

83.2%

Gross pro t

1,040Million

1,229Million

84.6%

SGA

894Million

998Million

89.6%

Advertising expenses

280Million

390Million

71.8%

Personnel expenses

438Million

439Million

99.8%

Operating income

145Million

230Million

63.1%

Ordinary income

143Million

229Million

62.5%

99Million

151Million

65.4%

Net proft(Unit: JPY)

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First Quarter of FYE Jan. 2025

03

First Quarter of FYE Jan. 2025 － Transitions in major KPI
Number of BUYMA members (Unit: person)

Number of active BUYMA members (Unit: person)
1,373,888

11,433,309

1,343,295

10,769,243
9,898,925

1,218,370

1,145,957

8,849,002

997,980

7,588,336

FYE Jan. 2021
Q1

FYE Jan. 2022
Q1

FYE Jan. 2023
Q1

FYE Jan. 2024
Q1

FYE Jan. 2025
Q1

BUYMA GMV (Unit: million yen)FYE Jan. 2021
Q1

FYE Jan. 2022
Q1

FYE Jan. 2023
Q1

FYE Jan. 2024
Q1

FYE Jan. 2025
Q1

BUYMA number of transactions handled (Unit: no. of transactions)
699,474

16,12815,170621,961

14,285
12,561

11,607530,360

532,597
410,475

FYE Jan. 2021
Q1

FYE Jan. 2022
Q1

FYE Jan. 2023
Q1

FYE Jan. 2024
Q1

FYE Jan. 2025
Q1

FYE Jan. 2021
Q1

FYE Jan. 2022
Q1

FYE Jan. 2023
Q1

FYE Jan. 2024
Q1

FYE Jan. 2025
Q1

*GMV: Amount of account settlements including such things as payment for goods and fees for settlement of payment in contracted transactions*Number of active members: members with a purchase history within the past year￼First Quarter of FYE Jan. 202504

BUYMA － Measures aimed at light users

To attract light users, something which has been a challenge,
held an event for Korean brands popular among young people at BUYMA STUDIO SHIBUYA.

BUYMA STUDIO『Korean brand event』

Influencers to win
over younger
consumers‣ Approx. 1,500 visitors during the 3-day event‣ Acquired new users who visited the event‣ Total impressions of collaborating influencers
exceeded 1 million

￼First Quarter of FYE Jan. 2025

05

Operation on social media

Appealed to a wide range of generations, including young people, starting with tie-ups with in uencers.
Number of impressions increased by more than 11 fold in 2 years.

Number of impressions on major social media services
100,000,000
90,000,000
80,000,000

Growth of more than 11 foldin 2 years

70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0FYE Jan.
2023 Q1
Instagram

YoutubeFYE Jan.
2024 Q1FYE Jan.
2025 Q1

TikTok06
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First Quarter of FYE Jan. 2025

BUYMA VINTAGE

As prices continue to skyrocket, more attention is being paid to vintage goods.
To meet this demand, in March, we pre-launched BUYMA VINTAGE, a luxury vintage market thatgathers pre-owned brand goods from around the world.

Objectives‣ Eliminate customer attrition caused by soaring
product prices‣ Capture diversified demand, such assustainable fashion

Features‣ Only vetted sellers can list their items (BUYMAauthorized corporations list items)‣ Pre-owned items can be purchased fromcountries all over the world‣ Free authenticity appraisals available‣ Inspections and consultations by sellers

￼First Quarter of FYE Jan. 2025

07

BUYMA VINTAGE － User interview results

In a survey of BUYMA members, the majority of members expressed a positive opinion ofluxury vintage products, and qualitative evaluations con rmed that there is a demand for these products.

A majority of members answered that they have purchased or are interested in purchasing luxury vintage
goods.

Opinions on "Have purchased"

Never purchased andhave no interest

Have purchased
・New items are expensive, but pre-owned items are affordable.

32%
36%

・I can buy things that I want but are no longer sold new anymore.
Survey of BUYMA
members onpurchasing luxury
vintage goods

Opinions on "Have never purchased, but am interested"

Have never purchased,
but am interested

・I want to find things that fit my sense of style, whether it’s new or
pre-owned.
・I am interested in pre-owned items because I am more
comfortable using them in daily life.

33%

08
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First Quarter of FYE Jan. 2025

BUYMA TRAVEL

Growth in booking amount for Q1 continued for the second consecutive year.
YoY growth remained steady at 257%.

BUYMA TRAVEL booking amount(Unit：yen)

140,000,000
119,258,966

120,000,000

100,000,000

Further growth isexpected for thewhole year

80,000,000

60,000,000

YoY growth for Q1
remained steadyat 257%40,000,000

38,247,990

20,000,000
9,651,612
781,294

14,860,038

0FYE Jan.
2023 Q1Q1FYE Jan.
2025 Q1

Whole year

First Quarter of FYE Jan. 2025
￼FYE Jan.
2024 Q1

09

We made the decision to close GLOBAL BUYMA because the competitive environment in the global fashion e-commercemarket is becoming increasingly severe, and it will be dif cult to generate high pro tability within the mid-term target period.
While the impact on sales at the company-wide level is expected to be negligible, operating income/loss is expected to improve.
We will continue to consider a different business model for our overseas business in the fashion e-commerce eld.

GLOBAL BUYMA GMB(Unit：yen)

GLOBAL BUYMA summary

YoY

150%

‣ GMV for FYE Jan. 2025 Q1 continued to exceed 100% YoY.

80,000,000120%‣ On the other hand, GLOBAL BUYMA posted sales of about
80 million yen and an operating loss of about 300 million yen
in FYE Jan. 2024 Q1, continuing a multi-year loss.

60,000,000

90%‣ In view of the capital ef ciency of the entire Enigmo Group,
GLOBAL BUYMA will close in FYE Jan. 2025.

40,000,000

60%

20,000,000

30%‣ Sales: Decrease of around tens of millions of yen for the year0%

‣ Operating pro t/loss: Decrease of around several tens of
millions of yen out of about 300 million yen operating loss of
the GLOBAL BUYMA business in the last scal year
Enigmo’s overall operating pro t improved

100,000,000

141%
125%
117%

0
Feb.

Mar.

Impact on nancial statements for FYE Jan. 2025

Apr.

YoY

GMV

10
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First Quarter of FYE Jan. 2025fi

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GLOBAL BUYMA￼Acquisition of
new sources of profit

First Quarter of FYE Jan. 2025

11￼

Revamped
BUYMA TRAVELFirst Quarter of FYE Jan. 2025

12

BUYMA TRAVEL transferred to subsidiary MEGURU through absorption-type split.
Group’s travel business consolidated into MEGURU and will start operating as
BUYMA TRAVEL Co., Ltd. from August 1.

Consolidation period

Aims‣ Strengthen cultivation of the in-destination activities market throughthe merger of BUYMA TRAVEL and MEGURU.

‣ B/S: Include in consolidated nancial statements from Q2‣ P/L: Include in consolidated nancial statements from Q3‣ Acquire foreign currency from overseas supplier businesses in Hawaii
and Guam*For details, please refer to the press releases of 5/15 and 6/14, as well as the “VISION for Next 20” document of 6/14.

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First Quarter of FYE Jan. 2025fi￼M&A － Conversion of MEGURU into a subsidiary and absorption-type split of the BUYMA TRAVEL business13

Our revamped BUYMA TRAVEL aims to become the No. 1 travel entertainment company in the travelindustry based on two core businesses: C to C platform provision business and overseas supplier business.

Platform businessIn addition to “private guide × activity”, a feature of BUYMA TRAVEL, we are sequentially implementing
other measures to increase the unit price per customer, such as “private guide × hotel”, “private guide ×
restaurant reservation”, etc.

Hotel arrangements

PG

Ticket/ museum arrangements

Targeted market size* to begreatly expanded throughbusiness integration

Concierge
GuidesStandard ac. arrangements

Local media coverage

Restaurant reservations

Overseas in-destination
activities market
Approx. 3 trillion yen

Overseas supplier businessTo date, MEGURU has expanded its business scale through a series of acquisitions of suppliercompanies in Guam, Hawaii, and other locations.
By operating a platform business, MEGURU has increased its knowledge of activities and local
transportation needs that are expected to be in stable demand, and can conduct roll-up M&A with ahigh probability of success.

Overseas optional
tour/activity EC
market 260 billion
yen*Enigmo’s estimates based on the nancial results oftravel industry companies

First Quarter of FYE Jan. 2025fi

￼Revamped BUYMA TRAVEL

14￼

Platform business ー Measures to improve the unit price of BUYMA TRAVELIn response to an increase in inquiries about choosing accommodation at travel destinations,
BUYMA TRAVEL has now released a new accommodation consultation function.
BUYMA TRAVEL’s package tours can now be created exclusively for BUYMA TRAVEL,
increasing sales per customer.

First Quarter of FYE Jan. 202515

￼Overseas supplier business

Invested resources in the services of MEGURU, which will become a consolidated subsidiary,
thereby evolving it into a business portfolio that can earn foreign currency from travelers, including
non-Japanese, in local markets.

Company

MEGURU（MMS Guam, MMS Hawaii,
Sea Eagle社）

Service

Net sales for FYE Jan. 2025 Q1

Settlement currency

U.S. (Hawaii and Guam)
supplier businessApprox. 150 million yen*(Approx. 1 Million USD)

USD

Businesses foroverseas markets

Investment of resources previously allocated to
GLOBAL BUYMA into MEGURU’s services

EnigmoGLOBAL BUYMAApprox. 23 million yen

Various currencies*Unaudited information on sales of approx. 150 million yen

First Quarter of FYE Jan. 2025

16￼

Entry into new fields

First Quarter of FYE Jan. 202517￼

M&A － Non Brokers joins our group

Decided to enter the real estate business as a new Specialty Marketplace.
Acquired stake in Non Brokers, a real estate trading platform.

A real estate sales platform that allows you to seek
the optimal appraisal value while greatly reducing the timeand effort required when requesting an appraisal ofproperties for saleA real estate purchase platform that allows individuals topurchase properties from specialist buyers withno commission

Aims‣ Enter new business areas where we can leverage our digital marketing and platform operation know-how.
‣ Provide new value to resolve the significant information asymmetry between buyers and sellers in real estate transactions.

Consolidation period‣ The acquired shares are non-voting shares (62% stake), and voting rights will come into effect and consolidation will commence when certain
performance requirements are met.

*For details on the acquisition of Non Brokers shares, please refer to the press release issued on 5/15.

First Quarter of FYE Jan. 202518￼Growth strategy in the real estate business

Provide new value in the legacy real estate industry by combining
Non Brokers’ unique business model with our marketing expertise

Industry challenges & solutions

Market size of matching fees forexisting-home sales market of 8 trillion yen*

‣ Real estate industry issues① Bulk appraisal websites require an enormous amount of communication between
sellers and each real estate company, and sellers become tired of dealing with such
communication.
② In addition, real estate companies are also suffering from increased costs because
they are charged for each customer referral.

TAM

256 billion yen/year‣ Non Brokers’ solution① Communication costs are reduced because NB’s representatives serve as
the primary contact and consolidate information.
② As real estate companies are charged only when a contract has been
formed, there is no reason not to introduce the system.

Tokyo metropolitan
area + major cities

204.8 billion yen/
year

Increased value through our company‣ Marketing
We inject our expertise in all aspects of digital marketing, including SEO and web
advertising. We have registered more than 1,700 intermediary and purchasing companies
on the real estate company side, and have accelerated the speed of growth by providing
support in attracting customers.

Tokyo metropolitan
area

102.4 billion
yen/year‣ Creditworthiness
The creditworthiness of the management company is also important due to the natureof real estate, which is a high-value product, and it is easy to take advantage of thefact that the company is a listed company group*Source: Ministry of Land, Infrastructure, Transport and Tourism, “Basic Plan for Housing Standards (National Plan)” (March 19, 2021), calculated based on the market size of existing home distribution and renovation.

※For more information on Non Brokers’ business, please refer to the Appendix.

First Quarter of FYE Jan. 2025

19

In collaboration with Getsuraku Co., Ltd., an equity-method affiliate involved in the human resources business,
we launched a new type of job change support service in June, which was being promoted as Specialty X.

～Process for generating new profits～

Specialty1
TRAVELGATE3Specialty
X
GATE2Specialty
Y1

Specialty
Y2

Specialty
Y3

Specialty
Z

Specialty
Z

SpecialtyZ*An overview of Q Job Change will be released at a later date.

GATE1
Specialty
Z

Specialty
Z

Getsuraku Co., Ltd. is a company that provides job change support services, mainly for venture start-ups.

First Quarter of FYE Jan. 2025fi￼New businessーStaf ng service

20￼

Appendix

First Quarter of FYE Jan. 2025

21

In addition to expanding business performance by enhancing the value of the experience in existing businesses
and increasing profitability by improving productivity, we will also seek to generate new sources of profit througha unique new business investment program that leverages our strong financial base.
Achieve net sales of 10 billion yen as the Enigmo Group in FYE January 2027.
Unit：million yen

FYE January 2024 performance

Net SalesFYE January 2027 target

6,203

10,000(Operating pro t)

999

2,500～3,000(Net income)

838

1,750～2,100

15,32835,000～40,000

7,293

16,000～20,000(Reference image)Market capitalization
Total market value in circulation※Market capitalization is calculated assuming a PER of 20x.

Sales targets and market capitalization for FYE January 2027

Unit: million yen

10,00050,0008,000

40,0006,000

30,0004,000

20,0002,000

10,00000
FYE Jan. 2024
Net salesfiFirst Quarter of FYE Jan. 2025fi￼Mid-term Target: Sales target of 10 billion yen

Operating pro t

FYE Jan. 2025

FYE Jan. 2026

FYE Jan. 2027

Market capitalization（right axis）

22

￼

Growth strategy

We are preparing to build a new Specialty Marketplace in multiple areas byutilizing stable profits gained from the BUYMA business.

Growth strategy① Maximize core business

Sustain BUYMA’s growth byenhancing product lineup,
improving price appeal,and improving UI/UX, etc.

② Expansion into
adjacent e-commerce segments③ Explore growth in
non-related fields

Discontinuous growth throughexpansion into other non-fashion
related specialty areas

Establish a new revenue base where
we can leverage our customer base,overseas seller network,
platform operation know-how,
and web marketing expertise

New businessareas under POC

TRAVELbusiness

Preparing toreleasenew business
areas

M&A

Domestic/ International
BUYMA

M&A

First Quarter of FYE Jan. 2025

M&A

23

￼

Non Brokers ー Business description

MissionCreate a new infrastructure for real estate transactions

Real estate sales platform

Brokerage fee-free real estate purchasing website

There is no rush of phone calls like on bulk
appraisal sites, allowing sellers to meet the best
real estate companies while protecting theirpersonal information

By listing only properties for which the realestate company is the seller, buyers canpurchase the property without brokerage fees.

First Quarter of FYE Jan. 202524￼Non Brokers ー Business description

Providing a three-way real estate sales platform that resolves industry issues andthe negative aspects of bulk appraisal sites① Access website

Seller

③ Telephone interview withthe seller about the reason forthe sale (5 min.)⑥ Report on the appraisal

Intermediary matching

Purchase matching

Want to sell at a high pricewithout rushing

Want to sell as soon as possible(3 months to 1 year)(1 week to 1 month)

Written appraisal
Real estatecompany

Appraised value

Real estate A

58 million yen

It is possible to see
the property

Real estate B

56.8 million yen

There is aninterested
candidate

Real estate C

54 million yen

Has a record of
selling after threemonthsComment⑤ Desktop appraisal・Appraised value
・Target period
・Comments② Input of property information andpersonal information④ Disclosure(hearing information and property information only)⑤ Desktop appraisal・Appraised value
・Comments

Registered real estate companies⑦ Select a real estate company only when
the seller wants to meet with themDecision on the negotiation rights(Personal information is made public)

First Quarter of FYE Jan. 2025

Intermediary company

Intermediary company

Purchasing company

Purchasing company

Intermediary company

Intermediary company

Purchasing company

Purchasing company

25

99.3% customer satisfaction rating from buyers and sellers.
Approximately 70% of real estate companies participated in the platform on the basis of word of mouth.

Evaluation from the buyer/seller

Evaluation of the platform

Since the service’s release in 2019,
customer satisfaction has been 99.3%

About 70% of real estate companies participated in theplatform on the basis of word of mouth, as the service
also solves issues on the real estate companies’ side.

Q How satisfied are you with the service?

26.5%

Very satis ed

Number of registered brokers

1,442

companies

Somewhat satis ed
Satis edSomewhat dissatis ed

72.8%

Dissatis ed*As of April 30, 2024

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First Quarter of FYE Jan. 2025fi

￼Non Brokers ー Business description

Number of registered buyers

1,362

companies*As of April 30, 2024

26

￼Non Brokers ー Business description

Realize a world where real estate can be bought and sold correctly by providing platforms for both sides,“Ieuri” for sellers and “Chokukai” for buyers, thereby solving the issues of each player.

SellerMatch withthe perfect company

SellerObtain services ofintermediary

Buyer
Introduce
candidate buyers

BuyerIntermediarycompany

Seller

Buyer

Free listing

Seller

売主DB

Purchasing
company
Direct purchase

SellerReal estate sales platform

買主DB
Matching

Buyer
Buyer

Brokerage fee-free real estate purchasing website

Advantages offered by “Ieuri” and “Chokukai”‣ Sellers: Can consolidate communication costs and search for the most suitable real estate company while protecting personal information.
‣ Intermediary companies: Can sell faster by receiving information on potential buyers, in addition to receiving information on properties forsale free of charge.
‣ Purchasing companies: Can purchase directly from the seller and sell directly to the buyer without going through an intermediary company(without paying an brokerage fee), in addition to receiving information on properties for purchase free of charge.
‣ Buyers: Can purchase properties without intermediary fees because they do not go through an intermediary company.

First Quarter of FYE Jan. 2025

27

￼

These presentation materials are provided solely forthe purpose of better understanding of our company
and are not intended for the purpose of solicitation.
Forward-looking projections and forecasts contained
within this document are made based on information
available as of today.
Actual business performance may differ fromprojections due to risks and uncertainties in the future.

First Quarter of FYE Jan. 2025

28