Makuake, Inc. · TSE:4479
Makuake — FY2026/9 Earnings Presentation
47 slides from Makuake's earnings presentation, Oct 27, 2026
Slide 1: Earnings Presentation Materials for FY2026/9
Securities code: 4479 Earnings Presentation Materials for FY2026/9 (Fiscal Year Ended September 30, 2026) Makuake, Inc.
Slide 2: Makuake's Value Chain: PDG Cycle
Makuake’s Value Chain: PDG Cycle* A co-creation cycle platform that enables businesses to continuously understand consumers and sustain sales—from planning to expanded distribution of products and services * PDG cycle: The sales process for products and services is defined as Plan (planning) – Debut
Slide 3: Financial Results
Financial Results (Results for Q4 FY2026/9) Copyright © Makuake, Inc. All Rights Reserved. 3
Slide 4: Overview of Q4 FY2026/9
Overview of Q4 FY2026/9 Net Sales : JPY 1,552 million (YoY+26.4%) Operating Profit : JPY 37 million (YoY+38.2%) Results [Cumulative through Q4] Net Sales : JPY 5,944 million (YoY+29.9%) Operating Profit : JPY 881 million (YoY+97.2%) - Quarterly total transaction volume continued to perform strongly,
Slide 5: Total Transaction Volume
Total Transaction Volume* The second-highest quarterly total transaction volume on record despite a decline from Q3, which included the extremely large-scale project • YoY : +27.8% • QoQ : -4.0% (Unit: JPY million) Secure System Usage Fees (including tax) 6,216 Gross Amount of “Support” Pre-orders (
Slide 6: Net Sales and Take Rate
Net Sales and Take Rate The take rate recovered as the impact of the extremely large-scale project wore off, while quarterly net sales remained at the Q3 level, supported by growth in advertising delivery services 2,000 (Unit: JPY million) • YoY : +26.4% 100% • QoQ : -1.7% 1,800 Net Sales of Adverti
Slide 7: Gross Profit and Gross Profit Margin
Gross Profit and Gross Profit Margin Gross profit margin declined due to a higher revenue share of advertising delivery services, for which revenue is recognized on a gross basis 1,600 82.0% 81.6% 79.0% 79.0% 78.2% 76.5% 77.2% 75.9% 75.3% 74.4% 80% 73.9% 73.8% 73.4% 73.3% 72.4% 1,400 70.1% (Unit: JP
Slide 8: Selling, General, and Administrative Expenses
Selling, General, and Administrative Expenses Selling, general, and administrative expenses increased due to upfront investments for growth and bonus payments resulting from stronger-than-expected performance (Unit: JPY million) • YoY : +19.5% • QoQ : +21.1% Payment Fees/Others Advertising and Promo
Slide 9: Operating Profit (Loss) and Operating Profit Margin
Operating Profit (Loss) and Operating Profit Margin Operating profit came in at the expected levels through flexible control of upfront investments and non-recurring personnel expenses • YoY : +38.2% (Unit: JPY million) • QoQ : -86.4% Operating Profit Margin 350 334 Operating Profit (Loss) 45% 276 2
Slide 10: Major Upfront Investment Items in Q4
Major Upfront Investment Items in Q4 Upfront investments toward the realization of the co-creation cycle platform progressed steadily Priority investments Investment items Expected effects Development Personnel • Investment in data infrastructure expenses Expenses • Improved quality of new features
Slide 11: Key KPIs
Key KPIs The project unit value continued to rise, driven primarily by large-scale projects in priority categories, while the number of projects remained flat No. of Active Projects Monthly Project Unit Monthly Amount of during the Month*1 Value*2 “support” Pre-orders Results (Unit: project) (Unit:
Slide 12: FY2026/9 Full-Year Financial Results
FY2026/9 Full-Year Financial Results FY2027/9 targets under the medium-term management plan were achieved one year ahead of schedule, with significant increases in both net sales and profit Net Sales ¥5.2 bn / Operating Profit ¥0.7 bn (Unit: JPY million) FY2025/9 FY2026/9 Change Percent Change Total
Slide 13: Full-Year Financial Results
Full-Year Financial Results Total transaction volume, net sales, and operating profit all significantly exceeded initial plan, achieving significant increases in both net sales and profit for the second consecutive year (Unit: JPY million) Total Transaction Volume* Net Sales Operating Profit 22,980
Slide 14: Major Projects Published in Q4 FY2026/9 (Small and Medium-Sized Enterprises)
Major Projects Published in Q4 FY2026/9 (Small and Medium-Sized Enterprises) High-performance home appliances and gadgets continued to drive growth, extending to products that support everyday living Heat-sterilizing humidifier 4K projector Made-in-Japan charger with four output modes requiring no m
Slide 15: Major Projects Published in Q4 FY2026/9 (Large Companies)
Major Projects Published in Q4 FY2026/9 (Large Companies) Overseas brands now regularly use Makuake to debut new products, and major Japanese companies to create new categories BLUETTI JAPAN XGIMI HUAWEI LG Electronics Kärcher Japan Kirin Holdings Dream Factory ANGFA KYOCERA CORPORATION Copyright ©
Slide 16: SDGs-Related Projects Published in Q4 FY2026/9
SDGs-Related Projects Published in Q4 FY2026/9 Highly relatable SDGs projects continued to emerge, including those supporting disaster relief and those leveraging local resources Limited-edition denim 2026 Kumamoto Earthquake Sustainable basket bag made from reconstructed disaster relief donation fu
Slide 17: TOPICS – Touchable Makuake
TOPICS – Touchable Makuake – The experiential pop-up event created significantly more consumer touchpoints than planned Event period No. of projects showcased No. of visitors 12 days 29 projects 24,792 visitors September 19–30, 2026 Approx. 500% of plan Copyright © Makuake, Inc. All Rights Reserved.
Slide 18: FY2027/9 Financial Forecasts
FY2027/9 Financial Forecasts Copyright © Makuake, Inc. All Rights Reserved. 18
Slide 19: FY2027/9 Financial Forecasts
FY2027/9 Financial Forecasts Formulated forecasts as a range, starting from performance levels that exceeded the plan for two consecutive fiscal years FY 2026/9 FY 2027/9 (Unit: JPY million) (Re s ul ts) (Forecasts) Change Percent Change Total Transaction Volume 23,000 +19 +0.1 Sum of “Support” Pre-
Slide 20: Background to Calculate Financial Forecasts for FY2027/9
Background to Calculate Financial Forecasts for FY2027/9 Disclosed forecasts as a range, taking into account fluctuations in the business environment and the execution timing of upfront investments Background of the forecast range Net Sales Operating Profit • Changes in market conditions in priority
Slide 21: Key KPIs Going Forward
Key KPIs Going Forward Shift the focus of total transaction volume from individual projects to project owners and build a revenue structure that generates cumulative growth Total transaction volume = No. of project owners* × Total transaction volume per project owner Previously (Flow-type) Going for
Slide 22: Key KPIs Going Forward (Reference Data: Historical Results)
Key KPIs Going Forward (Reference Data: Historical Results) Growth in the amount of “support” pre-orders per project owner • The focus on priority drove total transaction volume growth 1,530 categories began at this point 423.3 5,952 • Impact of projects carried 402.4 5,743 384.1 5,497 over from the
Slide 23: Key Growth Strategies for FY2027/9
Key Growth Strategies for FY2027/9 Increase both the number of project owners and total transaction volume per project owner to build a structure in which total transaction volume accumulates Total transaction volume per No. of project owners Total Transaction Volume project owner • Continue acquiri
Slide 24: Overview of Investment Plan for FY2027/9
Overview of Investment Plan for FY2027/9 Strengthen development across three areas—user experience, operational efficiency and risk management—and continue to invest in organizational capabilities Investment area Investment items Major expenses Expected effects Improvement of the Development expense
Slide 25: Medium-Term Management Plan
M e d i u m - Te r m Management Plan Copyright © Makuake, Inc. All Rights Reserved. 25
Slide 26: Planned Announcement of the New Medium-Term Management Plan
Planned Announcement of the New Medium-Term Management Plan A new three-year plan is scheduled to be announced by the end of 2026 taking into account the FY2026/9 results Achievement of the medium-term management plan targets in FY2026/9, one year ahead of schedule (Targets) Net sales of JPY 5.2 bil
Slide 27: Appendix
Appendix Copyright © Makuake, Inc. All Rights Reserved. 27
Slide 28: The World Makuake Aspires For
The World Makuake Aspires For Copyright © Makuake, Inc. All Rights Reserved. 28
Slide 29: Makuake's Value Chain: PDG Cycle
Makuake’s Value Chain: PDG Cycle* A co-creation cycle platform that enables businesses to continuously understand consumers and sustain sales—from planning to expanded distribution of products and services * PDG cycle: The sales process for products and services is defined as Plan (planning) – Debut
Slide 30: Debut Makuake—Venue for Launch of New Products and Services
Debut Makuake—Venue for Launch of New Products and Services Copyright © Makuake, Inc. All Rights Reserved. 30
Slide 31: Debut Makuake's Service Model
Debut Makuake’s Service Model pre-purchase More than Approx. 52,000 3.60 Million Copyright © Makuake, Inc. All Rights Reserved. 31
Slide 32: Debut Factor Analysis of Makuake's Service Structure
Debut Factor Analysis of Makuake’s Service Structure Copyright © Makuake, Inc. All Rights Reserved. 32
Slide 33: Growth Business Model of Makuake STORE for EC Mall
Growth Business Model of Makuake STORE for EC Mall Stores to bring the “new” born on Makuake to a wider audience Project Owners Makuake STORE (Rakuten, Yahoo!, TTS) Consumers Consignment purchase Shipping Transfer sales revenue after deducting commissions Copyright © Makuake, Inc. All Rights Reserve
Slide 34: Plan Business Model of Makuake Insight
Plan Business Model of Makuake Insight New product development support tools that enable confident decision-making based on consumer feedback and behavioral data Offered Services 01 | Consumer research service 02｜Data dashboard Online questionnaire surveys and N1 interviews Analytics dashboard of cu
Slide 35: PDG Chain of Solutions to Business Challenges
PDG Chain of Solutions to Business Challenges Enabled by the PDG Cycle Supporting businesses in addressing their challenges through cross-business collaboration Marketability demonstration Link businesses struggling with continuous sales Sustainable scaling Advance sales of new products and Comprehe
Slide 36: PDG Conceptual Model of Revenue Growth for Businesses
PDG Conceptual Model of Revenue Growth for Businesses through the PDG Cycle Repeating the PDG cycle increases staple products and accumulates revenue 4th product Structure to enable sustainable revenue growth for businesses expanded distribution Growth 3rd product expanded distribution Growth 3rd pr
Slide 37: FAQs on the PDG Cycle
FAQs on the PDG Cycle Q1 Having grown with the Makuake service at your core, what was your aim in beginning to offer new services? This reflects the strong needs of project owners (businesses) for support not only in debuting with the Makuake service but also in the process of developing products in
Slide 38: Other Services: Advertising Delivery Agency
Other Services Advertising Delivery Agency Copyright © Makuake, Inc. All Rights Reserved. 38
Slide 39: Financial Results Summary: YoY (Full-Year)
Financial Results Summary: YoY (Full-Year) Change Percent Change (Unit: JPY million) FY2025/9 FY2026/9 YoY YoY Total Transaction Volume Sum of “Support” Pre-orders and 17,643 22,980 +5,336 +30.2 Secure System Usage Fees (including tax) Net Sales 4,577 5,944 +1,366 +29.9 Gross Profit 3,435 4,294 +858
Slide 40: Financial Results Summary: YoY (Standalone Quarter)
Financial Results Summary: YoY (Standalone Quarter) FY2025/9 FY2026/9 Change Percent Change (Unit: JPY million) Q4 (standalone) Q4 (standalone) YoY YoY Total Transaction Volume Sum of “Support” Pre-orders and 4,666 5,965 +1,299 +27.8 Secure System Usage Fees (including tax) Net Sales 1,228 1,552 +32
Slide 41: Financial Results Summary: QoQ (Standalone Quarter)
Financial Results Summary: QoQ (Standalone Quarter) FY2026/9 FY2026/9 Change Percent Change (Unit: JPY million) Q3 (standalone) Q4 (standalone) QoQ QoQ Total Transaction Volume Sum of “Support” Pre-orders and 6,216 5,965 (250) (4.0) Secure System Usage Fees (including tax) Net Sales 1,579 1,552 (26)
Slide 42: KPIs: YoY (Standalone Quarter)
KPIs: YoY (Standalone Quarter) FY2025/9 FY2026/9 Change Percent Change Q4 (standalone) Q4 (standalone) YoY YoY No. of Published Projects 1,423 1,384 (39) (2.7) No. of Published Projects by Repeat Project Owners 890 835 (55) (6.2) Project Owners' Repeat Rate (%)*1 62.5 60.3 - (2.2)pt Amount of Repeat
Slide 43: KPIs: QoQ (Standalone Quarter)
KPIs: QoQ (Standalone Quarter) FY2026/9 FY2026/9 Change Percent Change Q3 (standalone) Q4 (standalone) QoQ QoQ No. of Published Projects 1,357 1,384 +27 +2.0 No. of Published Projects by Repeat Project Owners 826 835 +9 +1.1 Project Owners' Repeat Rate (%)*1 60.9 60.3 - (0.5)pt Amount of Repeat “sup
Slide 44: Shareholder Return Policy
Shareholder Return Policy The Company recognizes the return of profits to shareholders as one of its key management priorities. To date, the Company has prioritized expanding its business scale and establishing a solid earnings base and striven to strengthen its retained earnings. However, after com
Slide 45: Disclaimer and Cautions Regarding Future Outlook
Disclaimer and Cautions Regarding Future Outlook While the content of this document has been prepared based on generally recognized economic and social conditions as of October 27, 2026 and certain assumptions deemed reasonable by Makuake, Inc., it may change due to shifts in business environment
Slide 46: IR Inquiries
IR Inquiries IR@makuake.co.jp Copyright © Makuake, Inc. All Rights Reserved. 46
Slide 47: Copyright © Makuake, Inc. All Rights Reserved.
Copyright © Makuake, Inc. All Rights Reserved. 47