Makuake, Inc. · TSE:4479
Makuake — FY2025/9 Earnings Presentation
51 slides from Makuake's earnings presentation, Oct 28, 2025
Slide 1: Earnings Presentation Materials for FY2025/9
Securities code: 4479 @® Makuake Earnings Presentation Materials for FY2025/9 (Fiscal Year Ended September 30, 2025) Makuake, Inc.
Slide 2: Financial Results
Financial Results (Results for Q4 FY2025/9)
Slide 3: Overview of Q4 FY2025/9
Results KPIs External Environ ment Overview of Q4 FY2025/9 Financial performance surpassed the upwardly revised forecasts disclosed on August 26, including the total transaction volume. For Q4, net sales. amounted to JPY 1,228 million, exceeding the forecast by 8.7%. Operating profit was JPY 27 mill
Slide 4: Total Transaction Volume
Total Transaction Volume* Although the total transaction volume decreased from the previous quarter, which had been significantly impacted by large-scale projects, we continued publishing high-quality projects and maintained steady quarterly growth (Unit: JPY million) HM Secure System Usage Fees(inc
Slide 5: Net Sales and Take Rate
Net Sales and Take Rate While net sales slightly decreased QoQ in line with the total transaction volume, the growth trend observed since Q2 of FY2024/9 has continued. Sales of advertising delivery service, a driver to increase gross amount of "support" pre-orders of Makuake, have also been on an up
Slide 6: Gross Profit and Gross Profit Margin
Gross Profit and Gross Profit Margin Gross profit increased 32.3% YoY to JPY 906 million, showing an ongoing growth trend. Gross profit margin has remained in the 73% range, aided by the growth in sales of advertising delivery services, which is recorded on a gross basis 81.7% 82.0% 81.6% 80.1% 79.5
Slide 7: Selling, General, and Administrative Expenses
Selling, General, and Administrative Expenses Although personnel expenses temporarily increased due to human capital investments, they remained within the scope of the disclosed plan, and costs other than personnel expenses decreased QoQ (Unit: JPY million) + YoY :+38.8% (HII Payment Fees/Others + Q
Slide 8: Analysis of Changes in Profits for Q4 FY2025/9
Analysis of Changes in Profits for Q4 FY2025/9 The temporary increase in personnel expenses in Q4 due to human capital investments amounted to JPY 104 million. We invest in developing executives' skills, including Al, and enhancing engagement, aiming to accumulate human capital and maximize value fo
Slide 9: Operating Profit (Loss) and Operating Profit Margin
Operating Profit (Loss) and Operating Profit Margin Operating profit decreased 82.8% QoQ, due to lower net sales compared with the previous quarter, which had been affected by large-scale projects, and a temporary increase in human capital investment costs. However, profitability has been sustained
Slide 10: Key KPIs
Key KPIs The number of active projects continued to increase QoQ, as a result of push-type acquisition measures to new and repeat customers. The unit price per project has maintained an upward trend due to ongoing measures to increase unit prices, excluding irregular increases in the previous quarte
Slide 11: FY2025/9 Results
| Results In FY2025/9, the effect of the earnings structure transformation in Makuake services implemented in H2 of FY2024/9 impacted the results throughout the fiscal year. Additionally, thorough SG&A management boosted profits significantly a ‘4 >) > (Unit: JPY million) FY2024/9 Change Percent Cha
Slide 12: FY2025/9 Results (Compared with Upwardly Revised Forecasts)
FY2025/9 Results (Compared with Upwardly Revised Forecasts) In August 2025, we revised our forecasts upward for the second time, mainly to reflect higher profit levels. After that, performance progressed steadily, slightly exceeding the revised forecasts ——————— la >) +) FY2025/9 (Unit: JPY million)
Slide 13: FY2025/9 Financial Results (vs. Initial Forecasts)
FY2025/9 Financial Results (vs. Initial | Forecasts) Net sales and operating profit exceeded the forecasts announced at the beginning of FY2025/9 by 20.5% and 272.7%, respectively, achieving results well above the forecasts. We believe this shows a steady expansion of the effects of various measures
Slide 14: Original products generated many support pre-orders
Original products with unique and particular functions generated many "support" pre-orders mainly in gadget, household item, and hobby categories = 2S ao ee IS-ADERANERAMNNS, MMRT—H I~ >t SLE, MERAC EOE, LERDESAIAY Nonelo ya Ege). —c 7 FLVKFGRE Saas Se EY YouBkUeybLA 54 ULTRA SLEEPER cat ee | oe as
Slide 15: Major Projects Published in Q4 FY2025/9 (Large Companies)
Major Projects Published in Q4 FY2025/9 (Large Companies) Multifunctional business products backed by advanced technology and products designed to deliver high-quality experiences gained strong support from Makuake supporters ~\ 5,733,20085 NRHA 88 BE 7y- Site BEES ery be “7 oh mae ea SMC ONRE WRESA
Slide 16: Products made from reused waste materials
We showcased many products made from reused waste materials, which aim to address the structural issues of mass production and mass disposal in the fashion industry. The emergence of sustainable products, designed with unique technologies and innovations to be continuously used and environmentally f
Slide 17: TOPICS
TOPICS "01 Bank," the First Digital Bank for Businesses in Japan, Launched as a Partnership Service Accelerate Challengers' Business Growth by Increasing Operational Efficiency Using Al ao Alcmses VITID BRMRRIR Makuake provides project data and results to "01 Bank." "01 Bank" evaluates the future po
Slide 18: FY2026/9 Financial Forecasts
FY2026/9 Financial Forecasts
Slide 19: 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 20: Background to Calculate Financial Forecasts for FY2026/9
Background to Calculate Financial Forecasts for FY2026/9 have a minor impact on the FY2026/9 forecasts 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 STOR
Slide 21: 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 22: Targets for FY2026/9 in the Medium-Term Management Plan
gets 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 FY2025/9 FY2026
Slide 23: 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 24: 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 25: Business Model of Makuake STORE for Various Mall Platforms
Business Model of Makuake S rious Mall Platforms 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 é
Slide 26: Medium-Term Management Plan (FY2025/9 - FY2027/9)
Medium-Term Management Plan (FY2025/9 - FY2027/9)
Slide 27: Issues Facing the Company Based on Transaction Volume Trends
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 28: 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 29: Our Assets to Contribute to Solving Customers' Issues
ribute to Solving C rlssues 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 the challenges faced by businesses but (Pre-sales)
Slide 30: Providing Solutions to Businesses' Resource Investment
Providing Soluti ge Businesses' Resource Inve 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 FF Needs of businesses + T
Slide 31: From Product Planning to Sales (Plan-Debut-Growth) by FY2027/9
‘om 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 establis
Slide 32: 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 33: 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 34: Human Capital Management Plan for the Medium-Term Management 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 35: Targets for Human Capital Management Strategy by FY2027/9
rgets 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 talented
Slide 36: Appendix
Appendix
Slide 37: The World Makuake Aspires For
The World Makuake Aspires For Guided by our vision and mission, we are striving for society enriched through the connection of the "new" that consumers seek and the "new" that companies wish to introduce to the world e e e e Vision Mission Standard Create a world where worthy Connect the world Suppo
Slide 38: Makuake—Venue for Launch of New Products and Services
Makuake—Venue for Launch of New Products and Services 20:42 TOP MB bst<he MyyF BR © Makuake casivrybewezs A SIORT Yb PH Laweeem Weare a marketplace where consumers can buy premiering IRIN. new products and services faster ROBO RPOKS. KIRIN through “support “ pre-orders +I YORMI—-ER as IRE a $3 604 A
Slide 39: Makuake's Business Model
Makuake's Business Model Businesses can pre-sell their new products and services still in the planning phase on Makuake, while consumers, in the spirit of cheering on, can pre-purchase their products of interest through “support” pre-orders Businesses=Project Owners Consumers=Project Supporters . “S
Slide 40: Factor Analysis of Makuake's Service Structure
Factor Analysis of Makuake's Service Structure Gross amount of "support" pre-orders, a KGI of Makuake, can be broken down into factors of two axes relating to project owners and supporters. These factors interact with each other and multiply to create a structure that generates accelerated growth t
Slide 41: Other Services
Other Services We aim to maximize the value of the Makuake ecosystem by offering various services related to Makuake’ s operations ® Makuake STORE ® Makuake SHOP ® Advertising Delivery Agency Maluake (2277) ieeamM7 yA Bt) Orataske ove aces 2tO207 ee Service selling products created Service exhibitin
Slide 42: Makuake Service in the Distribution Market
ke Service in the Distributio By providing wide-ranging support from new product and service planning phase to their launch and sales expansion after mass production, we accumulate various market data. Using these data, we provide businesses insights for their next new product while continuously off
Slide 43: Financial Results Summary: YoY (Full-Year)
Financial Results Summary: YoY (Full-Year) To la \ >) (Unit: JPY million) FY2024/9 [renee] Change Percent change TY JW J - * ( nal apee eear ed 16,637 [x68] +1,006 +6.0 Secure System Usage Fees (including tax) la >) Net Sales 3,652 [ssn] +925 +25.3 ) J ) >) >) cr ‘C0 >) Gross Profit 2,777 [3] +658 +
Slide 44: Q4 FY2025/9 Financial Results (Standalone)
— > (Unit: JPY million) Q4 ene TY re eae’ 3,992 Secure System Usage Fees (including tax) r Net Sales 921 ) +) >) Gross Profit 685 L ) y, >) >) Operating Profit (Loss) 51 ) ~ Ordinary Profit (Loss) 50 ) ) la >) >) Net Income (Loss) 58 S S * From Q4 FY2024/9, defined as a sum of “support” preorders an
Slide 45: Q3 FY2025/9 Financial Results (Standalone)
FY2025/9 Q3 (standalone) —___ ds Change Percent Change QoQ QoQ (Unit: JPY million) Total Transaction Volume* coh sonnet Menniseand 4,887 Secure System Usage Fees (including tax) Net Sales 1,298 Gross Profit 959 Operating Profit (Loss) 158 Ordinary Profit (Loss) 160 Net Income (Loss) 137 / S N ) XY /
Slide 46: KPIs: YoY (Standalone Quarter)
KPIs: YoY (Standalone Quarter) FY2024/9 Ll | Change Percent Change Q4 (standalone) YoY YoY No. of Published Projects 1,590 (aa) (167) (10.5) neojeminesrgeeey | | (28) 3.) Project Owners. Repeat Rate 57.7 (as) - +4.8pt gar ees Spee) [ 3.063] (346i) +398 +130] No. of Access Unique Users 7,995,873 [0,0
Slide 47: KPIs: QoQ (Standalone Quarter)
KPls: QoQ (Standalone Qu FY2025/9 Ll | Change Percent Change Q3 (standalone) QoQ QoQ No. of Published Projects 1,342 (aa) +81 +6.0 eI 331)|( 0) +59 am L rg frre ieee 230}(" Sei] 68) (.9)] ae “| (ns) | = No. of Access Unique Users 8,955,427 [0,028,376] +1,072,949 +12.0 No.of Members 3,180,906]|( | _3
Slide 48: 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 49: 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 28, 2025 and certain assumptions deemed reasonable by Makuake, Inc., it may change due to shifts in business environment
Slide 50: IR Inquiries
Copyright © Makuake, Inc. All Rights Reserved IR Inquiries |IR@makuake.co.jp 50
Slide 51: Makuake
@® Makuake