First Quarter, Fiscal Year Ending March 2022

Financial Results
August 5, 2021

United, Inc.
(TSE Mothers：code 2497)

Agenda1

Financial Highlights of Q1 FY03/22

P１

2

Performance by Segment in Q1 FY03/22

P７

3

Appendix

P20

This presentation contains statements describing future plans, strategies, and performance forecasts of United and its affiliated companies. These statements reflect forecasts based on
management’s assumptions and beliefs using information available as of the date of this presentation. The accuracy of this information is not guaranteed. Actual performance may differ
substantially due to unforeseen circumstances in the operating environment. Company names and product names are trademarks or registered trademarks of their respective companies.

1Segments and Their Businesses

Growth drivers

Earnings drivers

DX Platform Segment
Operates a range of services (e.g.,
career support for students, corporate
training) centered on TechAcademy, an
online programming school

KiRAMEX Co.

Content Segment
Operates games such as CocoPPa Play andCrash Fever

Plus U, Inc.

Operates CHEERZ, a service to help
invigorate artists’ activities

Fogg, inc.

Develops apps and systems
Brewus Inc.
International Sports
Marketing Co., Ltd.

DX Consulting Business

Offersconsulting services to support※
digital transformation (DX)* of companies

Plans and operates Dream Mail, asweepstakes and gift site

TREiS, inc.

Investment Segment

Venture United, Inc.

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

Produces sports-related websites andplans and develops media

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 FY03/21
Sales fell YoY, in reaction to the heavy concentration of sale of securities*1 in Q1 a year ago.
We continued to make upfront investments in the DX Platform Segment using profits generated from earnings
driver businesses.

Consolidated
Operating
Performance

Sales :
¥4,752 million (-32％ YoY)
Operating Income : ¥3,003 million (-43％ YoY)

Growth Drivers
DX Platform
Segment

KiRAMEX Co.
Sales:¥540 million (+3％ YoY)
Operating Income: - ¥170 million (-152 million YoY) Brewus, Inc.

Investment
Segment

Sales:
Operating Income:¥3,280 million (-40％ YoY)
¥3,202 million (-41% YoY)

Investment Business
VENTURE UNITED, inc .

For theDetails

P8

For theDetails

P15

Earnings Drivers
Plus U ,Inc..

*2

Content Segment

Sales:
Operating Income:¥660 million (-2％ YoY)
¥76 million (+4% YoY)

Fogg, inc.
International Sports Marketing Co., Ltd.
TREiS, inc.

For theDetailsP18

Ad Technology
Segment

Sales:
Operating Income:¥268 million (-28％ YoY)
¥155 million (+1% YoY)

UNITED Marketing Technologies Inc.

For theDetailsP19*1 Q1 FY03/21 sales in the Investment Segment amounted to ¥5,456 million.
*2 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

Q1 Progress Toward Full-year FY03/22 Forecast
Progress versus the full-year FY03/22 targets reached 36.6% for sales and over 50% for all profit lines fromoperating income down, owing to the recording of gains on the sale of securities. However, we decided tomaintain our forecast as we will continue making upfront investments to grow the DX Platform Segment in Q2
and beyond.

Consolidated
Forecast *1

Sales:¥13,000 million (YoY +3％)
Operating Income: ¥5,700 million (YoY +2%)
Ordinary Income: ¥5,700 million (YoY +1%)
Net Income:¥3,900 million (YoY +5%)
EPS:
¥186.00 (YoY +11%)

Q1 Progress Toward Full-year FY03/22 Forecast
Sales

36.6%

Operating Income

52.7%

Ordinary Income

52.8%

Net Income

52.8%
0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%
4

Consolidated P/L Statement
Gross profit fell 40% YoY on lower sales in the Investment Segment and the bolstered ad investment at
KiRAMEX. SG&A expenses dropped 22% YoY, owing largely to the office downsizing we carried out in
FY03/21.

（Millions of yen）

Q1 FY03/21

Q1 FY03/22

QoQ

Sales

7,026

4,752

- 32%

Gross profit

6,128

3,651

- 40%

G&A expenses

827

647

- 22%

Operating Income

5,300

3,003

- 43%

Non-operating income

6

10

+71%

Non-operating expenses

4

5

+47%

5,303

3,008

-43%

Extraordinary profit

8

-

-

Extraordinary loss

3

-

-

5,308

3,008

- 43%

3,706

2,060

- 44%

Ordinary Income

Profit before income taxes
Net Income※* Refers to net income attributable to owners of patent5

Operating Income by Segment
Operating income excluding headquarters expenses was ¥3,263 million, reflecting the capital gain posted by
the Investment Segment. We continued to ramp up hiring and ad spend for future growth in the DX Platform
Segment.
(Millions of yen)

～
5,595

～

～
3,263

5,384

400
17
149

74
153
-17

3,202

435

165
68

190

88

125

55
116
118

76
155

-201

-170

161
-42

DX Platform
Investment
Ad Technology

Ramp up hiring& ad spend

Continued upfront investment

Q3

Q4

Content

Q1

Q2
FY03/21Q1
FY03/22
Note: Excludes headquarters expenses

6Agenda1

Financial Highlights of Q1 FY03/22

P１

2

Performance by Segment in Q1 FY03/22

P７

3

Appendix

P20

This presentation contains statements describing future plans, strategies, and performance forecasts of United and its affiliated companies. These statements
reflect forecasts based on management’s assumptions and beliefs using information available as of the date of this presentation. The accuracy of this information
is not guaranteed. Actual performance may differ substantially due to unforeseen circumstances in the operating environment. Company names and productnames are trademarks or registered trademarks of their respective companies.

7

DX Platform Segment: Sales and Operating Income
Sales rose 3% YoY, but operating income fell ¥152 million YoY on ramped-up hiring and higher ad spend.

Sales Trend (Millions of yen)

Operating Income Trend (Millions of yen)

712

679

YoY

661

＋3％
68
540

525

YoY

-152million

Q1

Q2

Q3

Q4

Q1

△ 17
△ 42

～
～
△170

△201

Q1

Q2

Q3
FY03/21Q4Q1
FY03/22

FY03/21

FY03/228

Highlights of KiRAMEX Co.
We aim for medium-term sales growth although we expect a reactionary slowdown from the stay-at-homedemand in FY03/21. Operating income is expected to fall temporarily on account of upfront investment for
future growth.

Number of Students (FY)＊

Sales (FY)

Sales growthsurpassed previous
rates on stay-athome demand

YoY
+67%

CAGR
+51%

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22(progress as of Q1)

Operating income (FY)30,17325,242

Ramp up hiring &ad spend

17,742
11,584

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22(progress as of Q1)

FY03/18

FY03/19

FY03/20

FY03/21

FY03/22(progress as of Q1)*Total for paying/free members of Online Bootcamp and corporate training.

9DX Platform Segment Challenges to Address
The DX market is expected to continue to grow in Japan, with the market size projected to reach ¥3,042.5
billion in 2030, approximately 3.8 times the size in 2019. On the other hand, there is a lack of talent capable ofpromoting DX throughout society, and the demand for training DX personnel is expected to grow.
Growing DX market *1
Domestic DX market size(amount invested)

Expanding IT Personnel Shortages*2(100 Millions of yen)Supply and demand of IT
personnel in Japan(‘000 people)

IT personnel shortage in JapanIT personnel in Japan

3.8x

79
41
30,425

106

113

2020

2030

7,912
2019

2030

*1 Fuji Chimera Research Institute (2020) "2020 Future Prospects of Digital Transformation Market" Domestic ICT-related investment for the purpose of digital transformation*2 Ministry of Economy, Trade and Industry “Survey on Supply and Demand of IT Human Resources” (2019). IT personnel defined as including systems consultants anddesigners, software creators, and other information processing and communication engineers

DX Platform Segment: Business Domains
On top of TechAcademy’s business domain of programming education and IT training, we will expand ourbusiness in the digital personnel services market, including recruitment support, and the domestic IT market,
including app and system development.

Programming education &IT training market *1￥105.4 billion

Digital personnel
services market￥913.5 billion*2*3

Domestic IT market￥12.35 trillion*1 Company's own estimate of the FY2021 programming education market for individuals of ¥29.4 billion, based on GMO Media, Inc. and Funai Research Institute's "2020 Programming Education Market
Survey for Children" and interviews with competitors, plus ¥76 billion for the corporate IT training market, extracted from Yano Research Institute's "Corporate Training Service Market Status and Outlook
2020"*2 The digital personnel services market is the sum of the digital personnel development and training services, digital personnel staffing services, and digital personnel placement services markets for FY2021,
based on a survey conducted by Yano Research Institute on the digital personnel services market (2021). Digital personnel is defined as information processing/telecommunications engineers, DX-related
project promotion personnel, etc.
*3 Forecast of domestic private-sector IT investment (including hardware, software, and services) for FY2021, based on "Survey on IT Investment by Domestic Companies (2020)" by Yano Research Institute11

DX Platform Segment: M&A
Acquired all shares of LIBASE, which operates JOOi, a crowdsourcing service specializing in designers*,
and IKETERU DUDES, which operates MOOCRES, a video creator school, in anticipation ofcollaboration with KiRAMEX Co. and future earnings contributions.

LIBASE Inc.

IKETERU DUDES, Inc.

Operates JOOi, a crowdsourcing*service specializing
in designers that matches high quality designers withcompanies in need of outsourcing design work

Operates MOOCRES, a hands-on-style video
creator school where students can learn productionand editing from professional video creators

Establishment dateVoting rights held after
share transfer
Share transfer dateJuly 2016
100% UNITED, Inc.
June 23, 2021

Prospects for collaboration within the Group
Collaboration with TechAcademy to improve the quality ofeducation in the design domain and strengthening support for
design projects at TechAcademy Works

Establishment dateVoting rights held after
share transfer
Share transfer date

October 2018
100% KiRAMEX Co.
July 5, 2021

Prospects for collaboration within the Group
Collaboration with TechAcademy to share knowledge andresources in the education domain to improve the quality ofservices for both companies* An online service used to outsource work to or solicit work from a large number of unspecified people over the internet
12

DX Platform Segment: Strategic Investments
We invested in Africa's Decagon Global, a global engineer training and talent placement* company, andin Inglewood, a DX support company specializing in the retail industry, with an eye toward forming
partnerships with businesses in the DX Platform Segment.

Decagon Global, Inc.

Inglewood Co., Ltd.

Provides integrated services for training and producing
engineers, from programming education to talent placement*,
globally in Nigeria, Europe, and the United States

Provides DX support specialized for the retail industry using AI
and data technology built on knowledge cultivated through theoperation of its own e-commerce business

Representative
Establishment date

Chika Nwobi, Founder & CEO
August 2015

Representative
Establishment date

Ryusuke Kurokawa, President& CEO
August 2005

Prospects for collaboration within the Group

Prospects for collaboration within the Group

Collaboration with TechAcademy to share knowledge
and expertise and build a future partnership toimprove the quality of services for both companies

Collaboration with TechAcademy Works tostrengthen services by building a joint DX support
implementation system for companies* Personnel services, including placement and staffing services
13

DX Platform Segment : Growth Strategy

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. In addition to growing our existing businesses, we plan tostrengthen our M&A and strategic investment efforts.

Business for Individuals

Match companies andindividuals

Business for Companies

IT Training forcompanies

Existing
Business

TechAcademy

TechAcademy Works *1
TechAcademy Career *2

M&A*1 TechAcademy Works provides TechAcademy graduates with the opportunity to gain practical experience before findinga job or starting their own business by working with mentors on real-world projects.
*2 TechAcademy Career provides career support to TechAcademy graduates and recruitment support to companies.

14

Investment Segment: Sales and Breakdown of Operational Investment Securities

Sales amounted to ¥3,283 million, reflecting capital gains from the listing of WonderPlanet and sale of Mercarishares. Operational investment securities at end-Q1 totaled ¥32,804 million*.

Sales Trend(Millions of yen)

Breakdown of Operational Investment Securities

5,456
InvesteeCompanies

As of June 30, 2021
(amount on BS)

Listed shares

Mercari, Inc.
Wonder Planet, Inc.
Confidence, Inc

Approx. ¥28.9 Bn

Unlisted
sharesMore than
50 companies

Approx. ¥2.6 Bn

Investment infunds as LP

More than
25 funds

Approx. ¥1.3 Bn

3,283

Q1

152

249

Q2

Q3
FY03/2179Q4Q1
FY03/22*Of this amount, operational investment securities related to Mercari totaled ¥27,671 million (3.0% of voting rights held, as of June 30, 2021).
Unlisted shares are valued at investment book value; listed shares are marked to market.

15

Investment Segment: IPOs
Two of our portfolio companies had IPOs in Q1.
• WonderPlanet, which operates the game Crash Fever, a joint business with UNITED• Confidence, which operates personnel services in the entertainment industry

WonderPlanet Inc.

Confidence Inc.

Representative

Representative

Noriyuki Takushi, Representative Director & President

Tomoki Tsunekawa, Representative Director & CEO

BusinessEngaged in the entertainment services business,
including game application development.
Key titles include Crash Fever, Jumputi Heroes

BusinessEngaged in personnel staffing, placement, outsourcing
and media management services in the entertainment
industry.

Results

Sales of ¥3,434 million, ordinary income of ¥312 million(consolidated FY08/20 results)

Results

Sales of ¥2,604 million, ordinary income of ¥331 million(consolidated FY03/20 results)

IPO date

June 10, 2021 (Tokyo Stock Exchange, Mothers
Market)

IPO date

June 28, 2021 (Tokyo Stock Exchange, Mothers
Market)Marketcapitalization￥8,232 million(Closing price at end-June 2021 x total number ofoutstanding shares)

Marketcapitalization￥13,771 million(Closing price at end-June 2021 x total number ofoutstanding shares)

Company
stake at IPO

9.03%

Company
stake at IPO

0.44%

16

Investment Segment: Investment Portfolio

Major Directly Invested Start-ups

Major Invested Funds as LP

Post IPO

Middle ～ Later

Seed ～ Early

17

Content Segment: Sales and Operating Income
Sales fell slightly by 2% YoY, but operating income rose 4% YoY.
As the Content Segment is an earnings driver, we aim to continue generating stable earnings from Q2 onward.

Sales Trend （Millions of yen）

Operating Income Trend （Millions of yen）

YoY

△2%

749
694

671

668

660

149
125

YoY

116

76

74

Q1

Q2

Q3
FY03/21Q4Q1
FY03/22

Q1

+4%

Q2

Q3
FY03/21Q4Q1
FY03/2218

Ad Technology Segment: Sales and Operating Income
Sales fell 28% YoY as we withdrew from the App Install Ad business, but operating income rose slightly.
In the Web Ad business, which will be continued, sales rose 10% YoY while operating income rose 20% YoY.

Sales Trend （Millions of yen）

Operating Income Trend （Millions of yen）

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

375

359
330

131

102

85

260

YoY

YoY

-28%

+1%

268

40
Web Install Ad
YoY+10%

243

Q1

257

244

Q2

Q3
FY03/21153

Q4

FY03/22

16

21

155
118
9

129

Q1

161

24

268
219

165

Q1

148

Web Install Ad
YoY+20%
155

140

109

Q2

Q3
FY03/21Q4Q1
FY03/22

19

Agenda1

Financial Highlights of Q1 FY03/22

P１

2

Performance by Segment in Q1 FY03/22

P７

3

Appendix

P20

This presentation contains statements describing future plans, strategies, and performance forecasts of United and its affiliated companies. These statements
reflect forecasts based on management’s assumptions and beliefs using information available as of the date of this presentation. The accuracy of this information
is not guaranteed. Actual performance may differ substantially due to unforeseen circumstances in the operating environment. Company names and productnames are trademarks or registered trademarks of their respective companies.

20

Consolidated P/L Statement Q1 FY03/22
Difference
Q1 FY03/21

Q4 FY03/21

Q1 FY03/22（Millions of yen）

Sales
DX Platform Segment

Investment Segment
Ad Technology Segment
Content Segment
Other Segment

Gross Profit
DX Platform Segment
Investment Segment
Ad Technology Segment
Content 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

7,026
525
5,456
671
375
-1
6,128
170
5,403
287
267
827
5,300
- 17
5,384
74
153
- 294
5,303
3,706

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

4,752
540
3,283
660
268
- 0
3,651
3
3,226
223
204
-0
647
3,003
170
3,202
76
155
260
3,008
2,060

- 32%
+3%
- 40%
- 2%
- 28%
- 40%
-173
- 40%
- 22%
- 24%
- 22%
- 43%
-152
- 41%
+4%
+1%
+34
- 43%
- 44%

QoQ

+185%
- 18%
+4,044%
- 1%
+3%
+502%
- 29
+4,313%
- 30%
+9%
- 6%
+3,089+31+5,711%
- 34%
+30%
- 85
+3,140+2,182*: Refers to net income attributable to owners of parent.
21

Consolidated Balance Sheet for 1Q FY03/22（Millions of yen）

Current Assets

End of FY03/21(Mar. 31, 2021)

End of FY03/21(June. 30, 2021)

Difference

46,11548,268+2,153

Cash & Deposits

13,774

13,454320

Operating Investment Securities

30,95332,804+1,851

1,240

1,544

+304

-

291

+291

Total Assets

47,35649,813+2,457

Current Liabilities

3,114

2,604

- 510

Non Current Liabilities

8,206

8,753

+547

8,098

8,647

+548

Total Liabilities

11,321

11,358+36

Net Assets

36,03438,455+2,42018,571

19,768+1,196

Non 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 +¥1,660 million, deferred tax liabilities +¥524 million, valuation difference on available-for-sale securities: +¥1,188 million
22

Consolidated Sales and Operating Income in Previous Fiscal Years

Recorded gains on thesale of securities
accompanying the listingof Mercari, Inc.

(Millions of yen)

Sales
Operating Income

Implemented selection andconcentration while securinga certain level of earnings
Profitability improved despite
lower sales due to the completionof selection and concentration

22,31816,267
13,00012,609
8,385
5,552

1,509

FY03/16

11,084

8,383
1,395

FY03/17

5,101

1,648
FY03/18

FY03/19

FY03/20

5,606

FY03/215,700

FY03/22(Forecast)23

Number of Consolidated Employees and Directors(Unit: Numbers employed)

Temporary employees

653

Other full-time employees

612

135

540

Ad Technology full-time employees

Number of consolidated
subsidiaries fell due toselection and concentration

Content full-time employees

126
DX Platform full-time employees

51

106
48

103

46

97

79

400

365
74
46

332

307

23
11

31
11

1Q

2Q

3Q
FY20/0350

42

Directors(United directors, corporate auditors andoutside directors)

348

342

332

334

48

49

50

48

39

41

37
32

70

68

57

40

37
35

101

97

97

94

97

134

65

96

99

107

108

112

11

8

8

8

8

8

4Q

1Q

2Q

3Q

4Q

1Q

267

21
11

Personnel transfers
accompanying a shift in focus
to the DX Platform Segment

FY21/03

FY22/03

24

DX Platform Segment: Group Companies and business overview
KiRAMEX Co.
Online Programming Education Business
Operation of a range of services (e.g., career support for students,
media management) centered on TechAcademy, an online school
where students learn about programming and app development

Brewus, Inc.
App and System Development Business
Development across a wide range of domains focusing on apps.

LIBASE Inc.
Operates JOOi, a crowdsourcing service specializing in designers

IKETERU DUDES, Inc.
Operates MOOCRES, a hands-on-style video creator school

DX Consulting Business
Consulting services to support DX of companies
25

Content Segment: Group Companies and business overview

Plus U ,Inc.
Operates games such as CocoPPa Play and Crash
Fever

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

International Sports Marketing Co., Ltd.
Produces sports-related websites and plans anddevelops media

TREiS, inc.
Plans and operates Dream Mail, a sweepstakes
and gift site

26

Ad Technology Segment: Group Companies and business overview

UNITED Marketing Technologies Inc.
Operates the following ad technology products

Products

DSP specializing smartphones

SSP specializing smartphones

Ad network optimizing ad effectiveness27