Makuake, Inc. · TSE:4479
Makuake — Q1 FY2026/9 Earnings Presentation
49 slides from Makuake's earnings presentation, Jan 27, 2026
Slide 1: Earnings Presentation Materials for Q1 FY2026/9
Securities code: 4479 Earnings Presentation Materials for Q1 FY2026/9 (Fiscal Year Ending September 30, 2026) Makuake, Inc.
Slide 2: Financial Results
Financial Results (Results for Q1 FY2026/9) Copyright © Makuake, Inc. All Rights Reserved. 2
Slide 3: Overview of Q1 FY2026/9
Overview of Q1 FY2026/9 Net Sales : JPY 1,463 million (YoY+49.2%) Operating Profit : JPY 334 million (YoY+232.6%) Results - Both net sales and operating profit significantly exceeded the plan for Q1 - Main factor was an increase in the total transaction volume due to the creation of large-scale proj
Slide 4: Total Transaction Volume
Total Transaction Volume* The total transaction volume grew 45.1 % YoY due to the creation of large-scale projects (Unit: JPY million) Secure System Usage Fees (including tax) • YoY : +45.1% Gross Amount of “Support” Pre-orders (including tax) • QoQ : +21.9% 5,689 133 4,887 4,569 4,679 4,592 4,666 1
Slide 5: Net Sales and Take Rate
Net Sales and Take Rate Sales of advertising delivery services also increased mainly from large-scale projects Record • YoY : +49.2% high • QoQ : +19.1% 1,600 (Unit: JPY million) Take Rate* 100% Net Sales of Advertising Delivery Services 1,463 Net Sales of Makuake and Other Ancillary Services 90% 1,
Slide 6: Gross Profit and Gross Profit Margin
Gross Profit and Gross Profit Margin Sales growth of advertising delivery services partially impacted gross profit 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% 1,400 (Unit: JPY million) 70% 1,200 Gross Profit Margin • YoY : +41.9% Gross Profit • QoQ : +18.6
Slide 7: Selling, General, and Administrative Expenses
Selling, General, and Administrative Expenses Major factor for the change was the elimination of one-time expenses (personnel expenses) incurred in Q4 of FY2025/9 (Unit: JPY million) Payment Fees/Others • YoY : +12.7% Advertising and Promotion Expenses • QoQ : -15.8% Personnel Expenses 930 910 864 8
Slide 8: Operating Profit (Loss) and Operating Profit Margin
Operating Profit (Loss) and Operating Profit Margin Operating profit soared 232.6% YoY due to sales growth that significantly exceeded the plan Operating Profit Margin Record (Unit: JPY million) • YoY : +232.6% Operating Profit (Loss) • QoQ : +1,130.0% high 35% 370 334 22.8% 270 25% 15.1% 158 15% 17
Slide 9: Key KPIs
Key KPIs Monthly project unit value surged 49.9% YoY, as large-scale projects drove unit value increases No. of Active Projects Monthly Project Unit Monthly Amount of during the Month*1 Value*2 "Support" Pre-orders Results (Unit: project) (Unit: JPY 10,000) (Unit: JPY million) • YoY : -3.6% • YoY :
Slide 10: Progress Rate Against FY2026/9 Performance
Progress Rate Against FY2026/9 Performance Progress rate for net sales and profits surpassed the plan, with profits reaching over 80% 25% of full-year forecast Total Transaction Volume ( Results : JPY 5,689 mil / Plan : JPY 17,695 mil ) 32.2% Strong Net Sales 30.7% Strong ( Results : JPY 1,463 mil /
Slide 11: Our approach to FY2026/9 Financial Forecasts
Our approach to FY2026/9 Financial Forecasts We plan to keep the FY2026/9 financial forecasts unchanged by Q2, when the evaluation of the impact of strategic upfront investments is completed Investment objective: to further strengthen our business structure and ensure sustainable growth Adding up Cu
Slide 12: Major Projects Published in Q1 FY2026/9 (Small and Medium-Sized Enterprises)
Major Projects Published in Q1 FY2026/9 (Small and Medium-Sized Enterprises) Scaling up of projects featuring high-priced and high value-added items Glasses equipped with Electric work chair Cinema-grade premium projector predictive and conversational AI Ultra-compact 360-degree rotation projector 3
Slide 13: Major Projects Published in Q1 FY2026/9 (Large Companies)
Major Projects Published in Q1 FY2026/9 (Large Companies) Items that improve quality of life using AI and R&D technology showed robust performance iFLYTEK Karcher Japan KOIWAI DAIRY PRODUCTS MIZUNO IWATANI-I-COLLECT Kai Corporation Doshisha NISHIKAWA TOKYO BASE Copyright © Makuake, Inc. All Rights R
Slide 14: SDGs-Related Projects Published in Q1 2026/9
SDGs-Related Projects Published in Q1 2026/9 Ethical consumption driven by empathy remained strong Experience-based Restaurant Tote bag using culled Fish leather goods using to nurture and expand Ezo deer skins discarded red sea beam skins a new seaweed culture Airy gilet made of Affordable rice tha
Slide 15: TOPICS
TOPICS Makuake STORE for EC Mall, Which Supports the Analyzing Hit Insights in 2025 and Seeds of Business Growth of Owners, Launched Service Future Hits in 2026 utilizing Makuake Insight Makuake STORE started opening stores on Rakuten Ichiba, We announced hit insights into the top 5 projects and Yah
Slide 16: TOPICS
TOPICS Announcement of the Projects and Companies Makuake Of The Year GOLD Recognized as the Makuake Award 2025 An unforgettable toast with you, twenty years later A whisky, lives your life together by Kirin Makuake Of The Year SILVER Voice transcription and handwriting note! iFLYTEK AINOTE: Never m
Slide 17: FY2026/9 Financial Forecasts
FY2026/9 Financial Forecasts Copyright © Makuake, Inc. All Rights Reserved. 17
Slide 18: FY2026/9 Financial Forecasts
FY2026/9 Financial Forecasts We aim to achieve net sales of JPY 4,763 million and operating profit of JPY 400 million for FY2026/9. With an eye on maintaining growth momentum from net sales from the previous fiscal year, which showed a significant increase, we neutrally assess the previous fiscal ye
Slide 19: Background to Calculate Financial Forecasts for FY2026/9
Background to Calculate Financial Forecasts for FY2026/9 When calculating financial forecasts, we will take a somewhat conservative approach until the base value of organizational capability can steadily generate profits. Makuake Insight and Makuake STORE for various mall platforms are expected to h
Slide 20: Management Strategies for FY2026/9
Management Strategies for FY2026/9 Based on a strategy to provide continuous support to businesses' Plan (product planning), Debut (pre-sales), and Growth (facilitation of regular distribution) in the domestic distribution market, we will deepen our understanding of customers and build a structure t
Slide 21: Status Targets for FY2026/9 in the Medium-Term Management Plan
Status Targets for FY2026/9 in the Medium-Term Management Plan To transform ourselves from the largest platform for new product and service pre-sales into a business growth partner for challengers, we will expand investments in enhancing our growth potential to ensure robust growth in FY2027/9 Restr
Slide 22: Human Capital Management Strategy for FY2026/9
Human Capital Management Strategy for FY2026/9 in the Medium-Term Management Plan We will begin disseminating various policies that strengthen our corporate culture, while steadily introducing and operating the new performance-based compensation system to enhance engagement, aiming to evolve into an
Slide 23: Business Model of Makuake Insight
Business Model of Makuake Insight Makuake Insight is a research service that provides data tailored to businesses' needs, derived from the analysis of consumers' true opinions based on accumulated purchase data in Makuake and views from over 3 million members Offered Services 01 02 03 User Research
Slide 24: Business Model of Makuake STORE for EC Mall
Business Model of Makuake STORE for EC Mall Makuake STORE is a service that supports project owners by acting as a sales agent of their products on domestic e- commerce malls after project completion on Makuake, to promote their smooth entry into the general distribution market Project Owners Makuak
Slide 25: Medium-Term Management Plan (FY2025/9 – FY2027/9)
M e d i u m - Te r m Management Plan (FY2025/9 – FY2027/9) Copyright © Makuake, Inc. All Rights Reserved. 25
Slide 26: Issues Facing the Company Based on Transaction Volume Trends to Date
Issues Facing the Company Based on Transaction Volume Trends to Date While we expanded transaction volume in the pre-sales e-commerce market for new products and services and secured the top position, our flagship business is flow-type, making it susceptible to external environmental factors, making
Slide 27: The Environment Surrounding Businesses and Challenges Faced by Customers
The Environment Surrounding Businesses and Challenges Faced by Customers As Japan's labor force declines, small and medium-sized enterprises and regional businesses, which account for the majority of our customers, are more likely to face labor shortages, forcing them to focus on their core competen
Slide 28: Makuake's Unique Business Assets that Contribute to Solving Customer Issues
Makuake's Unique Business Assets that Contribute to Solving Customer Issues While developing various services, we have accumulated unique assets that can only be found at Makuake and not at other companies. We believe that these assets will be extremely effective in providing precise solutions to th
Slide 29: Providing Solutions that Change Businesses' Resource Investment Points
Providing Solutions that Change Businesses' Resource Investment Points By leveraging our unique assets to provide solutions for the Plan-Debut-Growth of products, we believe that businesses will be able to focus on their core competencies, while we will be able to accompany them over the long term M
Slide 30: Support from Product Planning to Sales (Plan-Debut-Growth)
Support from Product Planning to Sales (Plan-Debut-Growth) for Products to be Realized by FY2027/9 From a focus centered on launching new products, we will transform our business model to one that provides continuous support to businesses from production to growth, centered on insight functions, and
Slide 31: Status Targets for Each Business Year by FY2027/9
Status Targets for Each Business Year by FY2027/9 We will transform ourselves from the largest platform for new product and service pre-sales into a business growth partner for challengers, and our medium-term milestone is to establish an overwhelming position in the domestic retail distribution mar
Slide 32: Targets and Future Revenue Outlook by FY2027/9
Targets and Future Revenue Outlook by FY2027/9 Through business development in the Plan and Growth domains, we will increase the services we provide to each customer and expand revenue per customer by combining flow-type revenue with stock-type revenue, with the aim of achieving net sales of JPY 5.2
Slide 33: Human Capital Management Plan to Ensure Realization of the Medium-Term Plan
Human Capital Management Plan to Ensure the Realization of the Medium-Term Management Plan by FY2027/9 We have identified three major issues for realizing our Medium-Term Management Plan and will implement solutions while driving growth through human capital management, leveraging our employees' str
Slide 34: Status Targets for Human Capital Management Strategy by FY2027/9
Status Targets for Human Capital Management Strategy for Each Business Year by FY2027/9 We will build a foundation for value judgment that will enable us to exceed our medium-term management targets, evolve the P-D-G (Plan-Debut-Growth) cycle led by the frontline, and aim to create a workplace where
Slide 35: Appendix
Appendix Copyright © Makuake, Inc. All Rights Reserved. 35
Slide 36: The World Makuake Aspires For
The World Makuake Aspires For Copyright © Makuake, Inc. All Rights Reserved. 36
Slide 37: Makuake—Venue for Launch of New Products and Services
Makuake—Venue for Launch of New Products and Services Copyright © Makuake, Inc. All Rights Reserved. 37
Slide 38: Makuake's Business Model
Makuake's Business Model More than Approx. 48,000 3.30 Million Copyright © Makuake, Inc. All Rights Reserved. 38
Slide 39: Factor Analysis of Makuake's Service Structure
Factor Analysis of Makuake's Service Structure Copyright © Makuake, Inc. All Rights Reserved. 39
Slide 40: Other Services: Advertising Delivery Agency
Other Services Advertising Delivery Agency Copyright © Makuake, Inc. All Rights Reserved. 40
Slide 41: Ecosystem of Makuake Service in the Distribution Market
Ecosystem of Makuake Service in the Distribution Market Copyright © Makuake, Inc. All Rights Reserved. 41
Slide 42: Financial Results Summary: YoY
Financial Results Summary: YoY FY2025/9 FY2026/9 Change Percent Change (Unit: JPY million) Q1 (standalone) Q1 (standalone) YoY YoY Total Transaction Volume* Sum of “Support” Pre-orders and 3,920 5,689 +1,769 +45.1 Secure System Usage Fees (including tax) Net Sales 980 1,463 +482 +49.2 Gross Profit 7
Slide 43: Financial Results Summary: QoQ (Standalone Quarter)
Financial Results Summary: QoQ (Standalone Quarter) FY2025/9 FY2026/9 Change Percent Change (Unit: JPY million) Q4 (standalone) Q1 (standalone) QoQ QoQ Total Transaction Volume* Sum of “Support” Pre-orders and 4,666 5,689 +1,023 +21.9 Secure System Usage Fees (including tax) Net Sales 1,228 1,463 +2
Slide 44: KPIs: YoY
KPIs: YoY FY2025/9 FY2026/9 Change Percent Change Q1 (standalone) Q1 (standalone) YoY YoY No. of Published Projects 1,424 1,384 (40) (2.8) No. of Published Projects by Repeat Project Owners 835 845 +10 +1.2 Project Owners' Repeat Rate (%)*1 58.6 61.1 - +2.4pt Amount of Repeat "Support" Pre-orders (J
Slide 45: KPIs: QoQ (Standalone Quarter)
KPIs: QoQ (Standalone Quarter) FY2025/9 FY2026/9 Change Percent Change Q4 (standalone) Q1 (standalone) QoQ QoQ No. of Published Projects 1,423 1,384 (39) (2.7) No. of Published Projects by Repeat Project Owners 890 845 (45) (5.1) Project Owners' Repeat Rate (%)*1 62.5 61.1 - (1.5)pt Amount of Repeat
Slide 46: Dividend Policy
Dividend Policy As the company is currently in a state of growth, we believe that by retaining profits and prioritizing investment in expanding business size and improving earning power will lead to maximization of our corporate value and a continuous stream of profit return to shareholders. As to f
Slide 47: 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 January 27, 2026 and certain assumptions deemed reasonable by Makuake, Inc., it may change due to shifts in business environment
Slide 48: IR Inquiries
IR Inquiries IR@makuake.co.jp Copyright © Makuake, Inc. All Rights Reserved. 48
Slide 49: Copyright © Makuake, Inc. All Rights Reserved.
Copyright © Makuake, Inc. All Rights Reserved. 49