Slide 1: Q2 FY2025 Financial Results
Q2 FY2025 Financial Results (Six months ended September 30, 2025) Kurashiru inc.｜TSE Growth : 299A October 31, 2025
Slide 2: Executive Summary: Q2 FY2025 Overview
Exective Summary : Q2 FY2025 Overview Both revenue and Non-GAAP operating profits* remained on a solid growth trajectory ⚫ For Q2 alone, revenue increased by 42.0% YoY, and Non-GAAP operating profits rose by 77.2% YoY. As a result, the cumulative performance for the first half of FY3/2026 also remai
Slide 3: Executive Summary: Q2 FY2025 Performance Highlights
Executive Summary：Q2 FY2025 Performance Highlights Whole Company Revenue Gross Profit Non-GAAP Operating Profit* Financial Results JPY 4.0Bn JPY 1.9Bn JPY 0.8Bn YoY +42.0% QoQ +5.9% YoY +41.6% QoQ +4.4% YoY +77.2% QoQ +6.5% Media Sales Promotion Others Revenue JPY 1.9Bn Revenue 1.3Bn JPY Revenue JPY
Slide 4: Progress Against Full-Year Guidance
Progress Against Full-Year Guidance As of the second quarter, both net sales and non-GAAP sales income have progressed steadily, reaching 45.7% and 46.5% of their respective full-year targets. Q1 Q2 JPY7.8bn Full-Year Guidance H1 FY2025 22.2% 23.5% 45.7% JPY17.1bn Revenue Q1 Q2 JPY5.8bn Full-Year Re
Slide 5: Content Company and Services Overview Q2 FY2025 Financial Results
Content 01 Company and Services Overview ・・・P.06 02 Q2 FY2025 Financial Results ・・・P.13 Future Growth Strategies for the Sales Promotion 03 Business ・・・P.23 04 Q&A ・・・P.40 05 Appendix ・・・P.42 © Kurashiru, Inc. 5
Slide 6: Company and Services Overview
01 Company and Services Overview
Slide 7: 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 © Kurashiru, Inc. 7
Slide 8: Continuous business expansion leveraging robust existing assets
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.37MM*1 2.6MM*4 MAU MAU Meal Planning
Slide 9: At a Glance
At a Glance User Base Brands / Retail Customer Financials MAU*1 Revenue (FY2024) Approx. 37 MM Coverage of Japanese with approx. 7.29 MM users from APP Food & Beverage CPG Brands*4 JPY 13.1 Bn Brand Awareness of Kurashiru in Japan*2 93% Revenue Growth (FY2024 YoY) 58.1% # of Partnered Retail Stores
Slide 10: Tailwinds for Kurashiru and Kurashiru Rewards Driven by Inflation
Tailwinds for Kurashiru and Kurashiru Rewards Driven by Inflation As inflation raises consumer awareness toward saving, both Kurashiru and Kurashiru Rewards (which offers point-based incentive) are benefiting from strong demand for value-driven shopping experiences. Rising prices of dining out Overa
Slide 11: Illustrative Graph showing Past Growth and Future Business Expansion
Illustrative Graph showing Past Growth and Future Business Expansion M&A Others Sales Promotion Media 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 © Kurashiru, Inc. 11
Slide 12: (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 Sales Promotion Shopping (Purchase-based offers) Others Live Streaming © Kurashir
Slide 13: Q2 FY2025 Financial Results
02 Q2 FY2025 Financial Results
Slide 14: Q2 FY2025 Financial Results
Q2 FY2025 Financial Results For the cumulative total of Q2, revenue increased by 34.3% and gross profit by 23.4% compared to Q2 FY2024. On a YoY basis, revenue grew by 42.0%, while gross profit rose by 41.6%. Cumulative Total Second Quarter Progress vs. (Unit: JPY MM) FY2024 Q2 FY2025 Q2 YoY Guidanc
Slide 15: Net Sales by Business Segment (Quarterly)
Net Sales by Business Segment (Quarterly) Overall, revenue increased by 42.0% YoY and 5.9% QoQ. When looking at each business sector, the Media Business sector achieved a 4.3% QoQ revenue increase, driven by steady growth in both the number of PVs as well as the unit price, while the Sales Promotion
Slide 16: Composition of Net Sales by Business Segment (Quarterly)
Composition of Net Sales by Business Segment (Quarterly) As a result of revenue growth in the Sales Promotion business, its share of total revenue rose to 33.6%, while the Media business accounted for 48.8% of the total revenue. Gross profit margin of Others (for illustrative purpose) 16.6% 17.0% 16
Slide 17: Gross Profit/Gross Profit Margin (Quarterly)
Gross Profit/Gross Profit Margin (Quarterly) As a result of a significant YoY increase in revenue, gross profit also rose substantially by 41.6%. In addition, the gross profit margin for the most recent quarter was 47.2%, remaining at a similar level to that of FY2024 Q2 through FY2025 Q1. 2,500 (Un
Slide 18: Trends in Non-GAAP Operating Profit (Quarterly)
Trends in Non-GAAP Operating Profit* (Quarterly) In Q2 of the current fiscal year, while continuing to make active investments in advertising and promotion, gross profit increased significantly YoY. As a result, Non-GAAP sales profits rose substantially, up 77.2% YoY. 1,200 (Unit: JPY MM) 47.0% 40.7
Slide 19: SG&A (Quarterly)
SG&A (Quarterly) As mentioned in the FY2024 full-year results, advertising and promotion expenses remained at approximately JPY330MM, roughly the same as in Q1 FY2025. In addition, hiring expenses increased by approximately JPY16MM QoQ due to an ongoing recruitment campaign. Breakdown of SG&A SG&A r
Slide 20: Kurashiru Rewards related APP MAU
Kurashiru Rewards related APP MAU MAUs for Kurashiru Rewards-related apps increased by 240K to 2.67MM, driven by targeted initiatives to expand the user base of Purchase-based offers. Kurashiru Rewards related MAU* (MM) 2.67 2.43 2.23 2.00 1.89 1.65 1.35 1.04 0.79 0.66 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
Slide 21: Factors Behind the Change in Non-GAAP Operating Profit (YoY Comparison)
Factors Behind the Change in Non-GAAP Operating Profit (YoY Comparison) Gross profit increased by JPY559MM, driven by growth in both the Media Business and Shopping Business sectors respectively. Due to proactive marketing investments in Kurashiru Rewards, which had been planned since the beginning
Slide 22: Factors Behind the Change in Non-GAAP Operating Profit (QoQ Comparison)
Factors Behind the Change in Non-GAAP Operating Profit (QonQ Comparison) Compared to the previous quarter, gross profit increased by JPY81MM, and in Non-GAAP SG&A expenses, outsourcing costs related to the development of Kurashiru Rewards increased by JPY21MM. As a result, Non-GAAP sales profits ros
Slide 23: Future Growth Strategies for the Sales Promotion Business
03 Future Growth Strategies for the Sales Promotion Business
Slide 24: 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 price cuts fo
Slide 25: 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. © Kurashiru, Inc. 25
Slide 26: Offline-shopping (Purchase-based offers) Overview
Offline-shopping (Purchase-based offers) Overview We 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 expenses
Slide 27: 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 28: 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 29: 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 30: 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 31: Update on Kurashiru Retail Network
Update on Kurashiru Retail Network Since August, we began offering our Purchase-based offers system as a service for external apps. Since its launch, the system has already been implemented in both the Yahoo! Japan and SmartNews apps. We expect this to provide a more substantial contribution to our
Slide 32: 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 33: Offline Shopping Update: Retail Partner Expansion
Offline Shopping Update: Retail Partner Expansion Five companies have already joined as "Retail Partners" for Kurashiru Rewards. With the support of these Retail Partners, we aim to further expand the number of client companies utilizing Kurashiru Rewards. Retail Partner collaborations are driving f
Slide 34: Kurashiru Rewards Product Updates
Kurashiru Rewards Product Updates To transform Kurashiru Rewards' business model with a stronger focus on purchase-based offers, we plan to rebrand the product as ”Receipt Challenge by Kurashiru" in November. Old User Interface New User Interface Shifting product features and Balanced mix of purchas
Slide 35: Illustrative per-user transaction volume growth: Purchase-based offers
Illustrative per-user transaction volume growth : Purchase-based offers As the number of participating CPG brands and retailers for purchase-based offers increases, users gain access to more attractive deals, driving growth in transaction volume per user. Illustrative Trend of Transaction Volume per
Slide 36: Illustrative ARPU growth: Online vs. Offline (Purchase-based offers)
Illustrative ARPU growth: Online vs. Offline (Purchase-based offers) Online services generate higher ARPU from the initial phase but exhibit some volatility. In contrast, purchase-based offers drive ARPU growth through sales efforts that expand the client. ARPU Offline ⚫ Initial ARPU is relatively l
Slide 37: Growth outlook for purchase-based offers (Illustrative)
Growth outlook for purchase-based offers (Illustrative) Through the product update to "Receipt Challenge by Kurashiru", we aim to increase the revenue mix from offline channels, enabling business expansion while reducing volatility. Before Product Update After Product Update Revenue Revenue Reducing
Slide 38: Company Name Change Update: Collaboration with Popular Shueisha Comic Series
Company Name Change Update: Collaboration with Popular Shueisha Comic Series To commemorate the company name change to "Kurashiru" on October 1, 2025, we launched a collaboration with Shueisha, one of Japan’s largest publishing companies. © Kurashiru, Inc. 38
Slide 39: Regarding our Withdrawal from the HR Business (Kurashiru Job)
Regarding our Withdrawal from the HR Business (Kurashiru Job) What Led Up to the Withdrawal? ⚫ We launched a job matching service leveraging the user base of Kurashiru Rewards. ⚫ While we successfully acquired a certain number of job seekers, the matching rate remained below our initial expectations
Slide 40: Q&A
« Kurashiru O04 Q&A
Slide 41: Expected Questions for Q2 FY2025 Financial Results
Expected Questions for Q2 FY2025 Financial Results Question Answer • Overall, performance slightly exceeded our initial expectations. In addition to the strong performance of the Media Business sector, both the Sales Promotion How did the Q2 results compare to the Business sector and Others Business
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 Q2 FY2023 Q2 FY2024 Q2 FY2025 (Unit: JPY MM) (Actual) (Actual) (Forecast) (Actual) (Actual) (Actual) Net Sales 9,897 13,101 17,140 4,418 5,836 7,841 YoY Growth 41.9% 32.4% 30.8% 27.3% 32.1% 34.3% Gross Profit 5,391 6,494 - 2,401 3,018
Slide 45: Non-GAAP Operating Profit / Profit (Adjustment)
Non-GAAP Operating Profit / Profit (Adjustment) Full-year Cumulative Total FY2023 FY2024 FY2025 Q2 FY2023 Q2 FY2024 Q2 FY2025 (Unit: JPY MM) (Actual) (Actual) (Forecast) (Actual) (Actual) (Actual) Operating Profit 2,340 2,662 3,374 954 1,267 1,562 Goodwill Amortization 128 128 128 64 64 64 Amortizat
Slide 46: Balance Sheet
Balance Sheet (Unit: JPY MM) FY2023 (Actual) FY2024 (Actual) Q2 FY2025 (Actual) Cash and cash equivalent 7,087 8,888 7,042 Marketable securities - - 2,995* Other current assets 1,503 2,138 2,294 Total current assets 8,591 11,026 12,331 Goodwill 770 642 578 Contract-related intangible assets 53 26 13
Slide 47: Cash Flow Statement
Cash Flow Statement (Unit: JPY MM) FY2023 (Actual) FY2024 (Actual) Q2 FY2025 (Actual) Net cash provided by (used in) operating activities 1,406 2,114 1,171 Net income before tax 2,325 2,606 1,565 Depreciation 41 34 20 Goodwill amortization 128 128 64 Increase (decrease) in provision for user rebates
Slide 48: Company Overview
Company Overview Company name Kurashiru, 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
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 Kurashiru during his Worked in the Investment Upon graduating from Waseda time at Keio University. Grew Banking Divis
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 busine ss is still in a conceptual phase. It doe s not refer to specific initiatives at this time *2 Survey conducted by M
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. Media Sales Promotion CPG Retailers Customer Attraction Efficiency Customer Challenges CPG Retailers Digital Transformation “DX” BtoB Advertisement Revenue Revenue B
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 m a
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: (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 57: # 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 78 148,692 128,919140,000 71 68 125,412 64 2,500 123,882 109,578 61 59 1
Slide 58: Kurashiru's Cash Allocation Policy
Kurashiru’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 dr
Slide 59: Growth through M&A
Growth through M&A M&A track-record : 4 deals in the past Kurashiru’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 f
Slide 60: 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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