Slide 1: Q1 FY2025 Financial Results
Q1 FY2025 Financial Results (Third months ended June 30, 2025) dely inc.｜TSE Growth : 299A August 1, 2025
Slide 2: Executive Summary: Q1 FY2025 Overview
Executive Summary： Q1 FY2025 Overview Both net sales and Non-GAAP operating profit* remained solid ⚫ Revenue increased by 27.1% YoY, while Non-GAAP operating profit declined by 8.5%, primarily due to planned advertising investments in Kurashiru Rewards initiated at the beginning of the fiscal year.
Slide 3: Executive Summary: Q1 FY2025 Performance Highlights
Executive Summary：Q1 FY2025 Performance Highlights Whole Company Revenue Gross Profit Non-GAAP Operating Profit* Financial 3.8Bn 1.8Bn 0.7Bn Results JPY JPY JPY YoY +27.1% QoQ +5.2% YoY +8.8% QoQ +6.6% YoY -8.5% QoQ +26.1% Media Sales Promotion Others Highlights Revenue JPY 1.8Bn Revenue JPY1.2Bn Re
Slide 4: Agenda
Content 01 Company and Services Overview ・・・P.05 02 Q1 FY2025 Financial Results ・・・P.11 Future Growth Strategies for the Sales Promotion 03 Business ・・・P.26 04 Q&A ・・・P.40 05 Appendix ・・・P.42 © dely inc. 4
Slide 5: Company and Services Overview
01 Company and Services Overview
Slide 6: Corporate Vision / Service
Corporate Vision / Service Our Vision BE THE SUN Be a positive force that brings a bright and significant impact to the world Main Services Media Sales Promotion Others Entertainment © dely inc. 6
Slide 7: High barriers to entry
Continuous business expansion leveraging robust existing assets We have developed its business from brand awareness advertising services to promotional campaigns by leveraging business relationships cultivated through Kurashiru. 2016 2022 Media Sales Promotion c.40MM*1 2.4MM*4 MAU MAU Meal Planning
Slide 8: At a Glance
At a Glance User Base Brands / Retail Customer Financials MAU*1 Revenue (FY2024) Approx. 39 MM Coverage of Japanese with approx. 7.44 MM users from APP Food & Beverage CPG Brands*4 JPY 13.1 Bn Brand Awareness of Kurashiru in Japan*2 90% Revenue Growth (FY2024 YoY) 58.1% # of Partnered Retail Stores
Slide 9: Illustrative Graph showing Past Growth and Future Business Expansion
Illustrative Graph showing Past Growth and Future Business Expansion M&A Others HR Sales Promotion Media 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 © dely inc. 9
Slide 10: (Reference) Main Revenue Stream by Business Sector
(Reference) Main Revenue Stream by Business Sector (Ref) Revenue Stream Advertising Revenue Other Media Revenue Subscription Fee Media Ad Network Tie-up Ads for Premium Digital Flyers Membership Offline Shopping Online HR Sales Promotion Shopping (Purchase-based (In PoC phase) offers) Others Live St
Slide 11: Q1 FY2025 Financial Results
02 Q1 FY2025 Financial Results
Slide 12: Q1 FY2025 Financial Results
Q1 FY2025 Financial Results Net sales increased by 27.1% and gross profit increased by 8.7% YoY. On a QoQ basis, net sales increased 5.3% and gross profit increased 6.6%. (Unit: JPY MM) Q1 FY2025 Q1 FY2024 YoY Q4 FY2024 QoQ Net Sales 3,808 2,997 +27.1% 3,618 +5.2% Media 1,888 2,017 -6.4% 1,922 -1.8%
Slide 13: Net Sales by Business Segment (Quarterly)
Net Sales by Business Segment (Quarterly) Sales by business segment show that Media business net sales declined YoY in the latest quarter. However, Sales Promotion business net sales increased significantly. YoY 3,808 +26.4% (Unit: JPY MM) +27.1% 3,646 3,618 QoQ 646 +7.1% 660 603 2,997 2,747 2,839 2
Slide 14: Composition of Net Sales by Business Segment (Quarterly)
Composition of Net Sales by Business Segment (Quarterly) Due to the significant increase in Sales Promotion business net sales, the business segment's share of overall net sales increased by 3.3% QoQ and up to 33.5% in the latest quarter. Gross profit margin of Others (for illustrative purpose) 16.6
Slide 15: Gross Profit/Gross Profit Margin (Quarterly)
Gross Profit/Gross Profit Margin (Quarterly) Although the revenue share of the Sales Promotion business, which has relatively lower gross margins, expanded, the gross profit margin for the latest quarter reached 47.8%. 2,500 (Unit: JPY MM) +8.8% 75.0% 71.5% 69.7% 2,000 66.9% Gross Profit Margin cont
Slide 16: Trends in Non-GAAP Operating Profit (Quarterly)
Trends in Non-GAAP Operating Profit* (Quarterly) Non-GAAP OP for Q1 FY2025 decreased by 8.5% as a result of proactive investments in company advertising and promotional activities. However, it is on a significant rise again QoQ. 1,200 (Unit: JPY MM) 47.0% 40.7% 42.0% 1,000 -8.5% 34.1% 37.0% 31.8% 29
Slide 17: SG&A (Quarterly)
SG&A (Quarterly) For advertising expenses, we executed proactive investments of c. JPY 320MM. The increase in other SG&A expenses includes higher outsourcing costs for post-IPO compliance activities. Breakdown of SG&A SG&A ratio 1,200 (Unit: JPY MM) 1,118 50.0% 50.0% (%) 48.9% 0.5 1,066 45.0% 45.0%
Slide 18: Kurashiru Rewards related APP MAU
Kurashiru Rewards related APP MAU Kurashiru Rewards related app MAU steadily increased by 200,000 users to a total of 2.43 million MAU, following on from the solid growth seen in Q4 FY2024 Kurashiru Rewards related APP MAU* (MM) 2.43 2.23 2.00 1.89 1.65 1.35 1.04 0.79 0.66 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 19: Factors Behind the Change in Non-GAAP Operating Profit (YoY)
Factors Behind the Change in Non-GAAP Operating Profit (YoY Comparison) On a YoY basis, gross profit increased by JPY147MM, and Non-GAAP OP decreased by JPY 73MM, primarily driven by proactive investments in Kurashiru Rewards advertising and promotional expenses. (Unit: JPY MM) 135 805 867 -664 -94
Slide 20: Factors Behind the Change in Non-GAAP Operating Profit (QoQ)
Factors Behind the Change in Non-GAAP Operating Profit (QonQ Comparison) On a QoQ basis, gross profit increased by JPY 113MM, and combined with the favorable variance of JPY 48MM from the lump-sum accounting of size-based business tax in Q4, Non-GAAP OP increased by JPY 165MM. (Unit: JPY MM) 43 181
Slide 21: Outlook of Net Sales and Non-GAAP OP for FY2025
Outlook of Net Sales and Non-GAAP OP* for FY2025 As demand for sales promotions is expected to be concentrated in the second half of this fiscal year. Q2 is expected to show significant increases in both revenue and profit YoY. Outlook of quarterly net sales (for illustrative purpose) Outlook of qua
Slide 22: (Reference) Business Policy for FY2025
(Reference) Business Policy for FY2025 Guidance Policy and main measures Net sales JPY 17.14 Bn Non-GAAP OP* JPY 3.52 Bn Further accelerate the growth in Sales Promotion business sector （YoY +30.8%） （YoY +25.3%） Media Sales Promotion Others Policy Policy Policy • Plan to implement the price • Number
Slide 23: (Reference) Predicted Future Growth in Each Business Sector
(Reference) Predicted Future Growth in Each Business Sector The full-year guidance for net sales and Non-GAAP OP* remains unchanged from what was disclosed in the FY2024 annual results. YoY +30.8% Trends in Non-GAAP OP YoY +25.3% Trends in net sales （Unit: JPY MM） 17,140 （Unit: JPY MM） 3,529 3,022 1
Slide 24: (Reference) Medium- and Long-term Profit Structure
(Reference) Medium- and Long-term Profit Structure Increase in COGS ratio is expected to be constrained due to the small range of change in the sales mix for this fiscal year compared to the last fiscal year. Non-GAAP OP margin is expected to increase due to the reduction in SG&A, benefitted from op
Slide 25: dely's Cash Allocation Policy
dely’s Cash Allocation Policy Prioritize investments in business and M&A using cash on hand and deposits and operating CF, with the aim of achieving medium and long-term value creation. Source of funding Cash allocation Priority • Prioritize using cash and Cash and • Execute investments that drive d
Slide 26: Future Growth Strategies for the Sales Promotion Business
03 Future Growth Strategies for the Sales Promotion Business
Slide 27: Our Vision for the Digitalization of the Sales Promotion Market
Our Vision for the Digitalization of the Sales Promotion Market While traditional sales promotion marketing often involved inefficient approaches, we are shifting toward digitalization to enable more direct and effective engagement with users. Currently Optimized world Across-the-board Profits of Ta
Slide 28: Providing Value-driven Shopping Experiences both Online and Offline
Providing Value-driven Shopping Experiences both Online and Offline Through Kurashiru Rewards, we offer users a unique value-driven shopping experience across both online and offline channels. © dely inc. 28
Slide 29: Offline-shopping (Purchase-based offers) Overview
Offline-shopping (Purchase-based offers) Overview dely provides sales promotion services to CPGs and retailers through purchase-based offers. It is a scheme designed to redeem reward points to users while receiving from CPGs operational expenses and funds to redeem points, and sales promotion expens
Slide 30: Comparison with Other Sales Promotion Services
Comparison with Other Sales Promotion Services The combination of five key elements: ① maintaining in-store retail prices, ② quick implementation, ③ performance-based pricing, ④ strong sales impact, and ⑤ visibility into offline purchasing data, sets us apart from other promotional support services.
Slide 31: Comparison with Other Sales Promotion Services
Comparison with Other Sales Promotion Services The combination of five key elements: ① maintaining in-store retail prices, ② quick implementation, ③ performance-based pricing, ④ strong sales impact, and ⑤ visibility into offline purchasing data, sets us apart from other promotional support services.
Slide 32: Kurashiru Rewards differentiation factors versus existing promotional services
Kurashiru Rewards differentiation factors versus existing promotional services The combination of five key elements: ① maintaining in-store retail prices, ② quick implementation, ③ performance-based pricing, ④ strong sales impact, and ⑤ visibility into offline purchasing data, sets us apart from oth
Slide 33: Business Expansion Strategies for Purchase-based Offer
Business Expansion Strategies for Purchase-based Offer While the number of participating companies is relatively high in the food and beverage category and drugstores, there remains significant room for growth in the number of brands introduced per company. # of brands / # of brands per Deal amount
Slide 34: Offline Business Update (1): Kurashiru Retail Network
Offline Business Update (1): Kurashiru Retail Network Launched provision of the Purchase-based Offer Engine for third-party applications, with initial B2C partner integrations beginning in August. Partner’s Apps CPG Expansion of user base EC Point Secure a large Provide the backend system to Media v
Slide 35: Offline Business Update (2): Industry-First AI Receipt
Offline Business Update (2): Industry-First "AI Receipt" We have launched "AI Receipt," an industry-first service that utilizes purchase data across all retail channels and product categories. AIでレシート分析 Utilize this data for 企業がマーケティング・販促に活用 Upload Receipt Analize by AI marketing and sales promotion
Slide 36: Offline Business Update (2): Industry-First AI Receipt
Offline Business Update (2): Industry-First "AI Receipt" With AI Receipt, we can significantly reduces the cost of purchase data analysis. It enables the implementation of initiatives such as promoting brand switching and new customer targeting, as well as conducting post-campaign purchase lift anal
Slide 37: Offline Business Update (3): End-to-End Service
Offline Business Update (3): End-to-End Service By leveraging platforms such as Kurashiru, Kurashiru Rewards, we implement a full-funnel user approach, from awareness to actual cooking, thus differentiating ourselves from competitors. During purchase Location data In-store Purchase data Cooking plan
Slide 38: Flywheel Effect Driven by Expansion of Users, Partner Brands, and Retailers
Flywheel Effect Driven by Expansion of Users, Partner Brands, and Retailers The Flywheel effect exists where an increase in the number of users enhances the attractiveness of the platform, and an increase in appealing projects from toB clients leads to improved user engagement. More Users Increased
Slide 39: Live Commerce Service Update
Live Commerce Service Update In July 2025, we were officially certified by the TikTok Shop as a Creator Agency Partner (CAP) and TikTok Affiliate Partner (TAP). dely’s MCN Business dely inc. Certified as an Official Partner For Creators For Sellers of TikTok Shop. Receives Dual Accreditation as CAP
Slide 40: Q&A
Gdely O04 Q&A
Slide 41: Expected Questions for Q1 FY2025 Financial Results
Expected Questions for Q1 FY2025 Financial Results Question Answer Please provide details on the Q1 • Overall, both net sales and gross profit exceeded our initial expectations, performance relative to the company's driven by the continued strong growth momentum in our Sales Promotion initial guidan
Slide 42: Appendix
05 Appendix
Slide 43: FY2025 Full-year Forecast
FY2025 Full-year Forecast We aim to achieve growth while maintaining profitability, with 30.8% YoY in Net Sales and Non-GAAP OP*1 margin 20.6% YoY in FY2025. (Unit: JPY MM) FY2024 Actual FY2025 Forecast YoY Net Sales 13,101 17,140 +30.8% Non-GAAP Operating Profit*1 2,817 3,529 +25.3% Non-GAAP Operat
Slide 44: Profit and Loses
Profit and Loses Full-year Cumulative Total FY2023 FY2024 FY2025 Q1 FY2023 Q1 FY2024 Q1 FY2025 (Unit: JPY MM) (Actual) (Actual) (Forecast) (Actual) (Actual) (Actual) Net Sales 9,897 13,101 17,140 2,108 2,997 3,808 YoY Growth 41.9% 32.4% 30.8% 20.4% 42.2% 27.1% Gross Profit 5,391 6,494 -※ 1,166 1,675
Slide 45: Non-GAAP Operating Profit / Profit (Adjustment)
Non-GAAP Operating Profit / Profit (Adjustment) Full-year Cumulative Total FY2023 FY2024 FY2025 Q1 FY2023 Q1 FY2024 Q1 FY2025 (Unit: JPY MM) (Actual) (Actual) (Forecast) (Actual) (Actual) (Actual) Operating Profit 2,340 2,662 3,374 447 828 755 Goodwill Amortization 128 128 128 32 32 32 Amortization
Slide 46: Balance Sheet
Balance Sheet (Unit: JPY MM) FY2023 (Actual) FY2024 (Actual) Q1 FY2025 (Actual) Cash and cash equivalent 7,087 8,888 5,936 Marketable securities - - 2,995* Other current assets 1,503 2,138 2,305 Total current assets 8,591 11,026 11,236 Goodwill 770 642 610 Contract-related intangible assets 53 26 20
Slide 47: Cash Flow Statement
Cash Flow Statement (Unit: JPY MM) FY2023 (Actual) FY2024 (Actual) Q1 FY2025 (Actual) Net cash provided by (used in) operating activities 1,406 2,114 110 Net income before tax 2,325 2,606 745 Depreciation 41 34 9 Goodwill amortization 128 128 32 Increase (decrease) in provision for user rebates 318
Slide 48: Company Overview
Company Overview Company name dely inc. Address Shibaura, Minato City, Tokyo Establishment April 2014 LY Group Major ※ LY Group includes LY Corporation and YJ2 Investment shareholders Partnership Yusuke Horie Capital JPY100,449,500 (as of March 2025) # of employees* 204 employees (as of March 2025)
Slide 49: Executive Officers
Executive Officers Management with experienced members Representative Director Director / CFO and President / CEO Senior Executive Officer Yusuke Horie Shota Toda Kai Shibata Founded dely during his time at Worked in the Investment Upon graduating from Waseda Keio University. Grew Banking Division o
Slide 50: Shareholder Composition
Shareholder Composition*1 Achieved sale by VCs / corporates / angel investors and long-term lock-up period to minimize overhang concerns Pre-IPO As of March 31 % TSO % TSO Lock-up # Shareholder % TSO (incl. SO)*2 % TSO (incl. SO)*2 Period 1 LY Group 50.1% 45.8% 56.3% 51.5% 360days 2 Yusuke Horie 24.
Slide 51: Kurashiru Ecosystem
Kurashiru Ecosystem Expand Kurashiru Ecosystem with the growing business domains backed by the brand awareness of Kurashiru and users of Kurashiru / Kurashiru Rewards *1 Fintech business is still in a conceptual phase. It does not refer to specific initiatives at this time *2 Survey conducted by Mac
Slide 52: Continuous business development utilizing existing strong assets
Continuous business development utilizing existing strong assets While acquiring users by leveraging strong brand and points base, LTV per user is high due to cross- selling to the existing toB customers such as retailers and brand companies. Media Sales Promotion Others Revenue base from B to B cus
Slide 53: Customer Challenges and Revenue Model
Customer Challenges and Revenue Model Leveraging a strong user / customer base in the media domain to expand into the Sales Promotion and HR sectors. Media Sales HR Promotion CPG Retailers Retailers Customer Attraction Efficiency Labor Shortage Customer Challenges CPG Retailers Digital Transformatio
Slide 54: Further Growth Captured by Expansion into Sales Promotion Market
Further Growth Captured by Expansion into Sales Promotion Market Expansion from Media to Sales Promotion with extensive TAM by leveraging competitive advantages Media Sales Promotion Digital Advertisement Market*1 Sales Promotion Market*2 USD 1.8 Bn USD 100 Bn Notes:The size of total addressable mar
Slide 55: Competitive Advantages of Kurashiru and Kurashiru Rewards
Further Growth Captured by Expansion into Sales Promotion Market Competitive Advantages of Kurashiru and Kurashiru Rewards # of customers Offline Data In-store signage Brands / Retail Customers Largest in Japan 1st Party Data Strong Customer base Demographics Coverage of Japanese Food & Beverage CPG
Slide 56: # of Streamers / Unit Price (LIVEwith)
# of Streamers / Unit Price (LIVEwith) The number of active streamers continued to grow steadily in the latest quarter. # of Monthly Active Streamers*1 / Monthly Unit Price (JPY) # of Highly Profitable Streamers*2 3,000 160,000 70 68 148,692 64 59 123,882 125,412 140,000 60 2,500 123,851 54 119,179
Slide 57: Growth through M&A
Growth through M&A M&A track-record : 4 deals in the past dely’s M&A Track-record • Achieved significant growth through operational excellence including enhanced management of KPI Companies focus on Sales promotion enabling cross-selling • Acquisition of companies contributing to expansion of functi
Slide 58: Disclaimer
Disclaimer Handling of this material This material includes forward-looking statements. These forward-looking statements were created based on the information available at the time they were created. They do not guarantee our future results and involve certain risks and uncertainties. Please note th
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