Fiscal Year Ending March 2022

Financial Results

May 11, 2022

United, Inc.
(TSE Growth: code 2497)

Agenda1

Financial Highlights of FY03/22

P1

2

Performance by Segment FY03/22

P7

3

FY03/23 Outlook

P16

4

Appendix

P23

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was
created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registeredtrademarks of the respective companies.
1Segments and Their Businesses
Growth drivers

Earnings drivers

We actively invest in these businesses,
which we position as our future growth drivers.

We generate stable earnings in these businesses
through operation focusing on profitability.

DX Platform Segment

Content Segment

Operates TechAcademy, an online
programming school

KiRAMEX Co.

Operates CHEERZ, a service to help
invigorate artists’ activities
Fogg, inc.

Operates game apps such as CocoPPa Play andCrash Fever

Develops apps and systems

Brewus Inc.

Plus U, Inc.

DX Solution Division

Offers consulting services to support
digital transformation (DX)* of companies

Operates JOOi, a crowdsourcing service
specializing in designers

LIBASE Inc.

Investment Segment

Investment Division

Invests in a wide range of startups withgrowth potential, from seed to early stage
and middle to later stage companies

International Sports
Marketing Co., Ltd.

Produces sports-related websites andplans and develops media

Plans and operates Dream Mail, asweepstakes and gift site

TREiS, inc.

Ad Technology Segment

UNITED MarketingTechnologies Inc.

Operates Bypass, a DSP service specializing
in smartphones; adstir, an SSP service
specializing in smartphones; and HaiNa, an
ad optimization network* Digital transformation refers to the process of companies transforming their products, services, and business models based on the needs of customers and society byusing data and digital technology in response to drastic changes in the business environment, as well as transforming the business itself, organization, processes, andcorporate culture and climate to establish a competitive advantage. (Ministry of Economy, Trade and Industry, "DX Promotion Index")2

Financial Highlights of FY03/22

Consolidated
Operating
Performance

Sales:
Operating Income:¥12,714 million (+1% YoY)*¥5,738 million (+2% YoY)

Growth Drivers
KiRAMEX Co.
Brewus, Inc.
DX Solution Division
LIBASE Inc.

DX Platform
Segment

Sales:¥2,335 million (-9% YoY)
Operating Income: -¥382 million (-¥189 million YoY)

Investment
Segment

Sales:¥6,580 million (+11％ YoY)
Operating Income: ¥6,206 million (+10% YoY)

VENTURE UNITED, inc.

Content Segment

Sales:
Operating Income:¥2,886 million (+4% YoY)¥418 million (-10% YoY)

Plus U, Inc.
Fogg, inc.
International Sports Marketing Co., Ltd.
TREiS, inc.

Ad Technology
Segment

Sales:
Operating Income:

917 million (-31% YoY)*¥453 million (-24% YoY)

UNITED Marketing Technologies Inc.

For
Details

P8

For
Details

P9

Earnings Drivers
詳細はFor
Details
P16 P13For

Details
2Q詳細は

P15*1 In accordance with the application of the new revenue recognition standard (ASBJ Statement No. 29 "Accounting Standard for Revenue Recognition" and ASBJ
Guidance No. 30 "Guidance on Accounting Standard for Revenue Recognition”) from FY03/22, prior year results for the Ad Technology Segment are calculated
and presented using the same standard in this report for ease of comparison. Figures before the application of the new standard are presented in the consolidated
financial statements and quarterly report disclosed on the same day as this report.
3

FY03/22 Results vs. Forecast
Results were generally in line with forecast.
EPS rose 8% YoY thanks to the repurchase and retirement of treasury shares. *Forecast

ActualForecast

YoY

Sales

13,000 million yen

12,714 million yen

-2%

+1%

Operating Income

5,700 million yen

5,738 million yen

+1%

+2%

Ordinary Income

5,700 million yen

5,757 million yen

+1%

+2%

Net Income*

3,900 million yen

3,825 million yen

-2%

+3%

EPS

186.00 yen

181.26 yen

-3%

+8%

* Refers to net income attributable to owners of parent*Details shown on page 24: Results of Repurchases and Retirement Shares in FY03/22
4

Consolidated P/L Statement
SG&A expenses down 12% YoY owing to office downsizing accompanying a shift to working from homeand lower personnel expenses.

FY03/21

FY03/22

YoY(Millions of yen)Sales

12,60912,714+1%

Gross profit

8,590

8,363

-3%

SG&A expenses

2,983

2,625

-12%

Operating Income

5,606

5,738

+2%

Non-operating income

48

26

-46%

Non-operating expenses

9

7

-26%

5,645

5,757

+2%

Extraordinary profit

20

64

+218%

Extraordinary loss

177

10

-94%

Profit before income taxes

5,488

5,811

+6%

Net Income*

3,728

3,825

+3%

Ordinary Income* Refers to net income attributable to owners of parent
5

Dividend for FY03/22
We plan to pay a year-end dividend of ¥20 in accordance with our consolidated payout ratio target of
20%. This will bring the full-year dividend up to ¥37.0.*

Details of Annual Dividends
FY03/22

FY03/21

InterimYear-EndInterimYear-End

Record date

Sep.30, 2021

Mar.31, 2022

Sep.30, 2020

Mar.31, 2021

Dividend per
sh a r e (interim)

¥17.0

¥20.0

¥15.0

¥19.0

Dividend per
sh a r e (full year)

¥37.0

¥34.0

Totalannual
dividends¥764 million¥750 million

Payoutratio(Annual)

20.0％

20.1％

*To be decided at the 25th Annual General Meeting of Shareholders to be held in late June 2022.
6

Agenda1

Financial Highlights of FY03/22

P1

2

Performance by Segment FY03/22

P7

3

FY03/23 Outlook

P16

4

Appendix

P23

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was
created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registeredtrademarks of the respective companies.
7

DX Platform Segment: Sales and Operating Income
Full-year sales in services for companies continued to grow thanks to M&A and proactive expansion of business areas.
On the other hand, at TechAcademy business for individuals, the number of competitors increased in tandem with market
growth, which lead to lower efficiency in securing student enrollment and resulted in lower segment sales and operating
income. In the three-month period of Q4, the segment turned profitable thanks to a surge in sales booked by the corporate
business, Brewus Inc.

Sales Trend (Millions of yen)

Operating Income Trend (Millions of yen)

Services for companies*
Services for individuals-¥189 million
YoY-9％ YoY

68

2,578
712

2,335

679 661+0664

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

525

540

565 564

-17
-42
-92
-119

-193

-170
-201

-382

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
FY03/21

FY03/22

FY03/21

FY03/22

FY03/21

FY03/22

FY03/21

FY03/22*Details shown on page 25: Breakdown of DX Platform Segment

8

Investment Segment: Sales and Breakdown of Operational Investment Securities
Segment sales rose 11% YoY on the back of gains on sales of investment securities and gains on distributions
from investment in funds as LP.

Sales Trend (Millions of yen)

Breakdown of Operational Investment Securities

6,580

+11％
YoY

InvesteeCompanies

As of March 31, 2022
(amount on BS)

Listed shares

Mercari, Inc.
Wonder Planet, Inc.
CyberBuzz, Inc.
Socialwire Co., Ltd.,etc.

Approx. ¥14.1 bn*

Unlisted
sharesMore than
60 companies

Approx. ¥3 bn

Investment infunds as LP

34 funds

Approx. ¥1.7 bn

5,937

20年3月期
FY03/21

21年3月期
FY03/22*Of this amount, operational investment securities related to Mercari totaled ¥13,513 million (2.6% of shares held, as of March 31, 2022).
Listed shares are marked to market. Unlisted shares are valued at investment book value.

9Investment Segment: New Investments
In Q4, we made new investments in three startups (18 companies in FY03/22).

New Investments in Q4 FY03/22

New Investments in FY03/22

Subscription service for handmade
kits
Craftie inc.

https://craftie.co.jp/

Online English learning service
using VR devices
PlusOne, Inc.

https://www.plusone.space/company

3D scanning app using LiDAR
sensors for renovation businesses

nat Inc.

https://www.natincs.com/

10

Investment Segment: Major Startup Investments
VENTURE UNITED, inc. was merged into our Investment Division in April 2022 to strengthen theorganization. We will further focus on investing in and boosting the value of “seed- to early-stage” companies
by strengthening cooperation with the DX Solution Division.
Post IPO

Middle to later stage

シード～アーリー
Seedto early stage

NEW

NEW

NEW

11

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

Funds we invest in as LP

NEW

12

Content Segment: Sales and Operating Income
Sales rose 4% YoY on the back of higher sales at International Sports Marketing Co., Ltd. and TREiS, inc.
On the other hand, operating income fell 10% YoY due to investment in new service development at Fogg, inc.

Sales Trend (Millions of yen)
2,783

2,886

Operating Income Trend (Millions of yen)
+4％ YoY-10％ YoY

466
418

749
671

765

760
694

668 660

174

699
149

125
116

74

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY03/21

FY03/22

FY03/21

FY03/2276

82 84

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY03/21

FY03/22

FY03/21

FY03/2213

Dissolution of Business Alliance for Crash Fever
On May 1, 2022, our subsidiary Plus U Inc. and our investment company WonderPlanet Inc. dissolved theirbusiness alliance in the joint business of game app Crash Fever (hereinafter "this game"), and the joint
operating rights* were transferred to WonderPlanet Inc.
As a shareholder of WonderPlanet Inc., we will continue to support its growth over the medium term and work
to enhance its corporate value.

Details- Both companies agreed to have WonderPlanet operate this game on its own to ensure
long-term and stable operation of the game and to increase the corporate value of bothcompanies.
- In accordance with the dissolution of the business alliance, Plus U's joint operating rights
for this game will be transferred to WonderPlanet.

Transfer price・¥350 million

Effective date andtransfer date・May 1, 2022

Business impact- We expect to record an extraordinary gain of ¥350 million in Q1 FY03/23.
- The business impact of the dissolution and other factors is reflected in the full-year
FY03/23 earnings forecast shown on page 20.

Others- As of the end of February 2022, we hold 153,800 shares (7.1% of the total number ofshares issued) of WonderPlanet, Inc.

※ The right to plan, develop, and operate all aspects of this game and to receive sales from the project. and Pls U’s intellectual property right.
14

Ad Technology Segment: Sales and Operating Income
Both sales and operating income decreased YoY due to the withdrawal from the App Install Ad business andlower sales at Bypass.
On the other hand, the company landed above its internal budget plan and secured stable earnings.

Sales Trend (Millions of yen)

Operating Income Trend (Millions of yen)

App Install Ad (Discontinued)
Web Install Ad (Continuing)

App Install Ad (Discontinued)
Web Install Ad (Continuing)

1325

599
-31% YoY

375-24% YoY
71

359

360

330
917

453

13110285 260268261

153

40

24

165 161
16

118
9

527
917

144

21

193195

965

155

453
243 257 244

76 77

268 261219

129

193 195155

148 140

144

109

Web Install Ad

Web Install Ad-5% YoY-13% YoY

76 77

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

FY03/21

FY03/22

FY03/21

FY03/22

FY03/21

FY03/22

FY03/21

FY03/2215

Agenda1

Financial Highlights of FY03/22

P1

2

Performance by Segment FY03/22

P7

3

FY03/23 Outlook

P16

4

Appendix

P23

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was
created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registeredtrademarks of the respective companies.
16

PurposeWith the market maturing and the competitive environment becoming more sophisticated, we have established our
purpose to build our unique strengths and achieve sustainable growth over the medium to long term.

People who push themselves forward.
Businesses that move society forward.
The betterment of society is driven by people and businesses
with willpower.
Strong willpower is the source of energy that changes society
for the better.

Maximize willpower andaccelerate the betterment ofsociety.

UNITED will maximize this energy and willpower.

We will provide knowledge and opportunities to people withwillpower.
We will provide funds and know-how to businesses withwillpower.
And when both parties meet, their mutual growth will sparkeven further growth.
This cycle of growth will enrich society.
We will move society in a better direction faster withwillpower.
We will maximize willpower and accelerate the betterment ofsociety.
17

Business Policy
While we previously formulated strategies for each business individually, we will create a stable earnings baseby strengthening inter-business collaboration to create synergies for growth drivers, and continuing toformulate strategies for earnings drivers individually.

Up to FY03/22

FY03/23 onward

Formulate strategies foreach business individually

Creating synergies through inter-businesscollaboration
DX Platform Segment

Investment Segment

Investment Division

DX Solution Division

Investment Division

DX Solution Division

Formulate strategies for each businessindividually18

Collaboration Among Growth Driver Businesses
In the DX Platform Segment, we will develop Digital personnel and match them with companies. In theInvestment Segment, we will boost the value of our investee companies by matching them with Digital
personnel who can contribute to their growth. At the same time, we will strengthen new business developmentin the Digital personnel and company matching business.

Individuals

DX Platform Segment
Develop Digital
personnel

Companies

Investment Segment

Match Digital
personnel withcompanies

Invest in startups
Help boost value
Funding/know-how

Matching personnel that contribute to the growth of portfolio
companies

Provide hands-on
opportunities

Investeecompanies

Acquire IT skills※

Personnel
looking to gain
IT skills

TechAcademy

TechAcademy Works

Investment Division
JOOi

Personnel matching

Other companies

New business※A service that allows graduates of the Tech Academy to gain practical experience prior to employment by working
with a mentor on practical projects.
19New Management Structure*
To further boost our corporate value, we will have two representative directors who will share responsibility of theInvestment Segment and DX Platform Segment, which are growth drivers, and further strengthen KiRAMEX Co.

NamePrevious title(as of the end of March,2022)

New title

Main businesses anddivisions underresponsibility

Tomonori
Hayakawa

Representative Director,
President, and Executive
Officer

Representative Director,
President, and Executive
Officer

Investment Segment

Yozo Kaneko

Representative Director andExecutive Officer

Director and Executive
Officer

DX Platform Segment

Yuji Yamashita

Director and Executive
Officer

Executive Officer

Corporate Administration
Division

Director and Representative
Director of KiRAMEX
Corporation

Representative Director of
KiRAMEX Corporation

KiRAMEX Corporation

Takahiro
Higuchi*To be decided at the 25th Annual General Meeting of Shareholders to be held in late June 2022 and at a
meeting of the Board of Directors to be held after the meeting.
20

FY03/22 Forecast*

Forecast

ActualDifferenceSales

12,800 million yen

12,714 million yen+1%

Operating Income

5,800 million yen

5,738 million yen+1%

Ordinary Income

5,800 million yen

5,757 million yen+1%

Net Income*

4,200 million yen

3,825 million yen

+9%

EPS

202.35 yen

181.26 yen+12%*Earnings forecasts are formulated based on actual results through FY03/22 and other available information and forecasts.
21

Repurchase and Retirement of Treasury Shares
We plan to repurchase and retire treasury shares in order to improve capital efficiency and boost the value ofshares. Assuming we acquire the maximum number of shares allowed for the repurchase program, the total
number of shares to be retired will be equivalent to 2.7% of outstanding shares.
Details of share repurchaseTotal amount to beacquired
Total number of shares tobe acquired

Planned acquisition
periodAcquisition method

Up to ¥1,000 million
Up to 550,000 shares (2.7% of outstanding shares excluding
treasury shares)

May 12, 2022―December 23, 2022

Market purchases on the Tokyo Stock Exchange (based on adiscretionary trading contract)

Retirement of treasury shares (Planned retirement date: February 28, 2023)
Retirement of treasury
shares to be acquired

All treasury shares to be acquired as part of the repurchase program(up to 550,000 shares)

22

Agenda1

Financial Highlights of FY03/22

P1

2

Performance by Segment FY03/22

P7

3

FY03/23 Outlook

P16

4

Appendix

P23

All opinions, forecasts, and outlooks expressed in this presentation reflect the judgement of United, Inc. based on the information available at the time the material was
created, and actual performance and results may differ substantially due to changes in various factors. Company names and product names are trademarks or registeredtrademarks of the respective companies.
23

Results of Repurchases and Retirement Shares in FY03/22
We repurchased and retired shares in order to improve capital efficiency and boost the value of shares.
The total number of shares retired is equivalent to 12.3% of outstanding shares as of the FY03/21 results
announcement (May 11, 2021).

Details of share repurchaseTotal amount to beacquired

2,999,992,500 yen

Total number of shares tobe acquired

1,715,500 shares

Planned acquisition period

May 12, 2021―February 21, 2022

Retirement of treasury shares

1. Retirement of treasury
shares already held
Planned retirement date: May 31, 2021

2. Retirement of treasury
shares to be acquired
Planned retirement date: March 31, 2022

Number of retired shares: 1,200,000 shares
5.1% of outstanding shares as of the FY03/21 results announcement (May 11, 2021)

Number of retired shares: 1,715,500 shares
7.1% of outstanding shares as of the FY03/21 results announcement (May 11, 2021)

24

Breakdown of DX Platform Segment
We will promote the digital transformation (DX) of individuals and companies, and advance DX in society
as a platform that can also match the two.

Services for individuals

Business for Individuals

Services for companies

Match companies andindividuals

TechAcademy Works

Contributing
businesses

Business for Companies※

IT Training for companies

TechAcademy

新規事業
DX Solution Division※A service that allows graduates of the Tech Academy to gain practical experience prior to employment by working
with a mentor on practical projects.
25Consolidated P/L Statement for FY03/22(Q4)
Difference

Q4 FY03/21

Q3 FY03/22

Q4 FY03/22(Millions of yen)

Sales
DX Platform Segment
Investment Segment

Content Segment
Ad Technology Segment
Other Segment
Gross Profit
DX Platform Segment
Investment Segment
Content Segment
Ad Technology Segment
Other Segment
SG&A Expenses
Operating Income
DX Platform Segment
Investment Segment
Content Segment
Ad Technology Segment
Other Segment
Ordinary※Income

Net Income*

YoY

1,668
661
79
668
260
-0
605
25
73
318
188
-0
692
-86
-201
55
116
118
-175
-132
-122

2,686
564
1,230
699
193
-1
1,661
83
1,220
231
126
-0
608
1,053
-92
1,196
82
76
-208
1,066
728

1,927
664
304
765
195
-1
837
209
252
245
130
-0
711
125
0
230
84
77
-267
138
-49

+16%
+1%
+284%
+15%
-25%
-0
+38%
+705%
+246%
-23%
-31%
-0
+3%
+211
+202
+318%
-27%
-35%
-92
+220
+72

QoQ

-28%
+18%
-75%
+9%
+1%
-0
-50%
+149%
-79%
+6%
+3%
-0
+17%
-88%
+92
-81%
+2%
+2%
-58
-87%
-778

* Refers to net income attributable to owners of parent
26

Consolidated B/S Statement for FY03/22
Decrease in assets and liabilities mainly due to mark-to-market valuation and sales of listed shares held.
Net assets changed due to the above, as well as the recording of net income and share repurchases.

(Millions of yen)

Current Assets

End of FY03/21(March 31, 2021)

End of FY03/22(March 31, 2022)

Difference

46,11534,179-11,936

Cash & Deposits

13,774

12,165-1,608Operating Investment Securities

30,953

18,789-12,163 *

1,240

4,521

+3,281

-

327

+327

Total Assets

47,35638,701-8,655Current Liabilities

3,114

2,812

-302

Non Current Liabilities

8,206

5,600

-2,605

8,098

5,524

-2,574 *Total Liabilities

11,321

8,412-2,908Net Assets

36,03430,288-5,746

18,571

9,601-8,970Non Current Assets
Amortization of Goodwill

Deferred Tax Liabilities

Unrealized Gain on Securities** Of this amount, the impact of revaluation (mark-to-market) and disposal of operational investment securities (listed shares) was as follows:
operational investment securities, +¥13,101 million; deferred tax liabilities, +¥3,990 million; and valuation difference on available-for-sale securities, +¥9,042 million.
27

Cashflow
Cash flow from operating activities decreased YoY due to an increase in income taxes paid.
Cash flow from financing activities decreased YoY due to share repurchases.

FY03/21

FY03/22

Difference(Millions of yen)

*1*2

Cash Flow from Operating Activities

6,992

2,718

-4,273

Cash Flow from Investing Activities

-171

-477

-306

*3

*4

Cash Flow from Financing Activities-1,428-3,849-2,421

Cash and Cash Equivalents at
End of Period

13,774

12,165-1,608*1 The amount factors in ¥5,448 million from sale of operational investment securities and ¥724 million from income taxes refunded*2 The amount factors in ¥6,281 million from sale of operational investment securities and -¥2,111 million from income taxes paid
*3 The amount factors in -¥754 million from share repurchase and -¥378 million from cash dividends paid
*4 The amount factors in -¥3,000 million from share repurchase and -¥775 million from cash dividends paid
28

Consolidated Sales and Operating Income in Previous Fiscal Years(Millions of yen)
Recorded gains on thesale of securities
accompanying thelisting of Mercari, Inc.

Sales
Operating Income

Profitability improved despite
lower sales due to thecompletion of selection andconcentration

22,31816,267

8,385

12,80012,714

12,60911,084

8,383
1,395

FY03/17

1,648

FY03/18

5,101
FY03/19

FY03/20

5,606

FY03/215,738

FY03/225,800

FY03/23(Forecast)29

Number of Consolidated Employees and Directors(Numbers employed)
Temporary employees

653

Other full-time employees (Investment Segment/HQ staff)

612

Ad Technology Segment full-time employees

135
126
51

540

Content Segment full-time employees
DX Platform Segment full-time employees

106

48
103
97

46
79

365
74
46

332

307

50
42

348

342

332

334

335

331

325

48

49

50

48

54

39

58

56

41

34
32

34
32

30
31

70

68

57

40

37
35

37
32

101

97

97

94

97

97

134

93

94

96

99

107

108

112

110

106

106

267

21
11

23
11

31
11

65
11

Q1

Q2

Q3

Q4

FY03/20

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

400

8

8

8

8

8

8

8

8

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

FY03/21

FY03/2230