Makuake, Inc. · TSE:4479

Makuake — Q2 FY2026/9 Earnings Presentation

41 slides from Makuake's earnings presentation, May 13, 2026

1. Slide 1: Earnings Presentation Materials for Q2 FY2026/9

   Securities code: 4479 Earnings Presentation Materials for Q2 FY2026/9 (Fiscal Year Ending September 30, 2026) Makuake, Inc.

2. Slide 2: Financial Results

   Financial Results (Results for Q2 FY2026/9) Copyright © Makuake, Inc. All Rights Reserved. 2

3. Slide 3: Overview of Q2 FY2026/9

   Overview of Q2 FY2026/9 Net Sales : JPY 1,349 million (YoY+26.1%) Operating Profit : JPY 234 million (YoY+45.3%) ＜Cumulative through Q2＞Net Sales : JPY 2,812 million (YoY+37.2%) Operating Profit : JPY 568 million (YoY+117.2%) Results - Both net sales and profit grew significantly year on year. As in

4. Slide 4: Total Transaction Volume

   Total Transaction Volume* Total transaction volume continued to grow, c driven mainly by large-scale projects • YoY : +22.5% • QoQ : -10.2% (Unit: JPY million) Secure System Usage Fees (including tax) Gross Amount of “Support” Pre-orders (including tax) 5,689 133 5,107 4,887 4,569 4,679 4,592 4,666

5. Slide 5: Net Sales and Take Rate

   Net Sales and Take Rate Net sales increased YoY, while again declining QoQ due to seasonality • YoY : +26.1% 1,600 (Unit: JPY million) Take Rate* 100% • QoQ : -7.8% Net Sales of Advertising Delivery Services 1,463 Net Sales of Makuake and Other Ancillary Services 1,400 1,349 90% 1,298 285 1,228 80%

6. Slide 6: Gross Profit and Gross Profit Margin

   Gross Profit and Gross Profit Margin Gross profit in line with net sales, while the gross profit margin fluctuated depending on the sales mix 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% 1,400 (Unit: JPY million) 70% • YoY : +21.7% 1,200 Gross Profit

7. Slide 7: Selling, General, and Administrative Expenses

   Selling, General, and Administrative Expenses Personnel expenses increased as headcount expanded, mainly among curators (Unit: JPY million) Payment Fees/Others Advertising and Promotion Expenses • YoY : +15.9% Personnel Expenses • QoQ : +1.8% 930 910 864 879 842 792 801 740 754 278 731 255 682 257 2

8. Slide 8: Operating Profit (Loss) and Operating Profit Margin

   Operating Profit (Loss) and Operating Profit Margin Profit increased with higher net sales, and upfront investments for the next fiscal year will begin in earnest from H2 (Unit: JPY million) Operating Profit Margin • YoY : +45.3% Operating Profit (Loss) • QoQ : -29.9% 350 334 45% 234 250 35% 161 22.

9. Slide 9: Key KPIs

   Key KPIs Higher project unit values drove growth in the amount of “support” pre-orders 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 : +2.8% • YoY : +17.8% • YoY : +21

10. Slide 10: Progress Rate Against FY2026/9 Performance

    Progress Rate Against FY2026/9 Performance Strong top-line performance, with profit significantly exceeding the plan Total Transaction Volume ( Results : JPY 10,797 mil / Plan : JPY 17,695 mil ) 61.0% Strong Net Sales 59.1% Strong ( Results : JPY 2,812 mil / Plan : JPY 4,763 mil ) Operating Profit (

11. Slide 11: Major Projects Published in Q2 FY2026/9 (Small and Medium-Sized Enterprises)

    Major Projects Published in Q2 FY2026/9 (Small and Medium-Sized Enterprises) The explosive potential of products driven by understanding of customers’ niche needs has been evident Tenniix AI tennis machine Smart AI glasses AI companion for daily living Automatic compression Laundry ball for washing

12. Slide 12: Major Projects Published in Q2 FY2026/9 (Large Companies)

    Major Projects Published in Q2 FY2026/9 (Large Companies) AI-powered products remained strong, and new cross-business collaborative products emerged TCL Japan LG Electronics SB C&S UHA Mikakuto Seibu Group Audio-Technica Corporation P–D collaborati on project SHOEI TEIJIN MALL NISHIKAWA Copyright ©

13. Slide 13: SDGs-Related Projects Published in Q2 2026/9

    SDGs-Related Projects Published in Q2 2026/9 Supporting the monetization of initiatives to preserve craftsmanship and serve minority communities Chemical dye-free, Silk scarf that carries Creating hair salons for “growable” indigo-dyed 100-year-old culture children with disabilities corduroy into th

14. Slide 14: TOPICS

    TOPICS Partnered with Nojima to open Home Appliances/Gadgets: 430,000 Received the Encouragement Prize at the “Makuake Corner” at two stores in the cumulative supporters; Tokyo Future Work Award 2025 Tokyo metropolitan area “support” pre-orders up 1.5x YoY We received the Encouragement Prize at the

15. Slide 15: FY2026/9 Financial Forecasts

    FY2026/9 Financial Forecasts Copyright © Makuake, Inc. All Rights Reserved. 15

16. Slide 16: Notice of Revisions to FY2026/9 Forecasts (against Initial Forecasts)

    Notice of Revisions to FY2026/9 Full-Year Financial Forecasts (against Initial Forecasts) Does not include any unforeseeable increase in sales and reflects in the profit the impact of fluctuations in investment aligned with progress FY2026/9 FY2026/9 (Unit: JPY million) Change Percent Change (Initia

17. Slide 17: Notice of Revisions to FY2026/9 Forecasts (against FY2025/9 Results)

    Notice of Revisions to FY2026/9 Full-Year Financial Forecasts (against FY2025/9 Results) Achieved double-digit growth in both net sales and profit, following the previous fiscal year FY2025/9 FY2026/9 (Unit: JPY million) Change Percent Change (Re s ul ts) (Re v ised F orecasts) Total Transaction Vol

18. Slide 18: Overview of Investment Plan for H2

    Overview of Investment Plan for H2 Aiming for strong growth from the next fiscal year onward through strategic upfront investments Investment items Expected effects Development Personnel • Investment in data infrastructure expenses Expenses • Improved quality of new features and services and faster

19. Slide 19: Medium-Term Management Plan

    M e d i u m - Te r m Management Plan (FY2025/9 – FY2027/9) Copyright © Makuake, Inc. All Rights Reserved. 19

20. Slide 20: Our Approach to the Medium-Term Management Plan through FY2027/9

    Our Approach to the Medium-Term Management Plan through FY2027/9 Revise once the full-year results c for FY2026/9 are finalized Net Sales Operating Profit Stock-type ¥5.2 bn Stock-type ¥0.7 bn New business creation and M&A, etc. + α The effect of improved project acquisition capacity thanks to the P

21. Slide 21: 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

22. Slide 22: 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

23. Slide 23: Debut: Makuake's Business Model

    Debut：Makuake's Business Model pre-purchase More than Approx. 50,000 3.40 Million Copyright © Makuake, Inc. All Rights Reserved. 23

24. Slide 24: 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

25. Slide 25: Chain of Solutions to Business Challenges Enabled by the PDG Cycle

    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 Comprehensiv

26. Slide 26: Conceptual Model of Revenue Growth through the PDG Cycle

    Conceptual Model of Revenue Growth for Businesses through the PDG Cycle Repeating the PDG cycle increases staple products and accumulates revenue Structure to enable sustainable 4thproduct revenue growth for businesses Regular sales Growth 3rdproduct Regular sales Growth 3rdproduct Regular sales 2nd

27. Slide 27: Appendix

    Appendix Copyright © Makuake, Inc. All Rights Reserved. 27

28. Slide 28: The World Makuake Aspires For

    The World Makuake Aspires For Copyright © Makuake, Inc. All Rights Reserved. 28

29. Slide 29: Makuake—Venue for Launch of New Products and Services

    Makuake—Venue for Launch of New Products and Services Copyright © Makuake, Inc. All Rights Reserved. 29

30. Slide 30: Makuake's Service Model

    Makuake's Service Model pre-purchase More than Approx. 50,000 3.40 Million Copyright © Makuake, Inc. All Rights Reserved. 30

31. Slide 31: Factor Analysis of Makuake's Service Structure

    Factor Analysis of Makuake's Service Structure Copyright © Makuake, Inc. All Rights Reserved. 31

32. Slide 32: Other Services

    Other Services Advertising Delivery Agency Copyright © Makuake, Inc. All Rights Reserved. 32

33. Slide 33: Financial Results Summary: YoY (Cumulative through Q2)

    Financial Results Summary: YoY (Cumulative through Q2) FY2025/9 FY2026/9 Change Percent Change (Unit: JPY million) Q1-2 Q1-2 YoY YoY Total Transaction Volume* Sum of “Support” Pre-orders and 8,089 10,797 +2,707 +33.5 Secure System Usage Fees (including tax) Net Sales 2,050 2,812 +761 +37.2 Gross Pro

34. Slide 34: Financial Results Summary: YoY (Standalone Quarter)

    Financial Results Summary: YoY (Standalone Quarter) FY2025/9 FY2026/9 Change Percent Change (Unit: JPY million) Q2 (standalone) Q2 (standalone) YoY YoY Total Transaction Volume* Sum of “Support” Pre-orders and 4,169 5,107 +937 +22.5 Secure System Usage Fees (including tax) Net Sales 1,070 1,349 +279

35. Slide 35: Financial Results Summary: QoQ (Standalone Quarter)

    Financial Results Summary: QoQ (Standalone Quarter) FY2026/9 FY2026/9 Change Percent Change (Unit: JPY million) Q1 (standalone) Q2 (standalone) QoQ QoQ Total Transaction Volume* Sum of “Support” Pre-orders and 5,689 5,107 (582) (10.2) Secure System Usage Fees (including tax) Net Sales 1,463 1,349 (1

36. Slide 36: KPIs: YoY (Standalone Quarter)

    KPIs: YoY (Standalone Quarter) FY2025/9 FY2026/9 Change Percent Change Q2 (standalone) Q2 (standalone) YoY YoY No. of Published Projects 1,234 1,224 (10) (0.8) No. of Published Projects by Repeat Project Owners 762 726 (36) (4.7) Project Owners' Repeat Rate (%)*1 61.8 59.3 - (2.4)pt Amount of Repeat

37. Slide 37: KPIs: QoQ (Standalone Quarter)

    KPIs: QoQ (Standalone Quarter) FY2026/9 FY2026/9 Change Percent Change Q1 (standalone) Q2 (standalone) QoQ QoQ No. of Published Projects 1,384 1,224 (160) (11.6) No. of Published Projects by Repeat Project Owners 845 726 (119) (14.1) Project Owners' Repeat Rate (%)*1 61.1 59.3 - (1.7)pt Amount of Re

38. Slide 38: 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

39. Slide 39: 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 April 28, 2026 and certain assumptions deemed reasonable by Makuake, Inc., it may change due to shifts in business environment an

40. Slide 40: IR Inquiries

    IR Inquiries IR@makuake.co.jp Copyright © Makuake, Inc. All Rights Reserved. 41

41. Slide 41: Copyright © Makuake, Inc. All Rights Reserved.

    Copyright © Makuake, Inc. All Rights Reserved. 42

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