Makuake, Inc. · TSE:4479

Makuake — Investor Presentation (December 2025)

62 slides from Makuake's investor presentation, Dec 19, 2025

Slide 1: Business Plans and Matters Related to High Growth Potential
Securities code: 4479 @® Makuake Business Plans and Matters Related to High Growth Potential December 19, 2025 Makuake, Inc.
Slide 3: 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 4: Corporate Profile
Corporate Profile Company Name Makuake, Inc. fend offce Location LDAnbada, Meguro, Tokyo Uedalet——=—‘TlgoStockEuhange Growth atet socofteonleheen ee sososssgnsnnnnnnnunnnunnnonnunsnunnnnunnsnsnneninneennseeeeel Copyright © Makuake, Inc. All Rights Reserved.
Slide 5: History
History 2016 2020 Jan. Began providing Makuake Incubation Studio (MIS) Aug. Opened the Nagoya office Mar. Began providing Makuake STORE Dec. Formed a business tie-up with Mizuho Bank 2013 May. Established as a wholly owned subsidiary of CyberAgent Inc. ‘Aug, Launched Makuake ¢ 2022 2018 Oct. Opened
Slide 6: Board of Directors Introduction
Board of Directors Introduction Nom Aucit & Supervisory Committee Member Directors —— Autit& Supervisory Committee Member Directors i 2 Ryotaro Nakayama Humiaki Kiuchi Go Nakayama Hisashi Katsuya President and Representative Director Representative Director Non-executive Director Non-executive Direc
Slide 8: 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 9: 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 10: A range of new products premiered daily on Makuake
In addition to goods, a range of new products, including experiences such as new store openings and tickets to entertainment works, across a broad spectrum of genres from various regions are premiered daily on Makuake eo Ld En. eo BEA EF ORRAXIVY vacoa Alcoholic beverages Labor-saving essentials of
Slide 11: 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 12: 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 13: Value Provided by Makuake: Businesses
Value Provided by Makuake: Businesses We not only help businesses avoid the risks and burdens of distribution but also support the creation of a structure to develop new products for sustainable business growth and provide a mechanism that can turn customers of the businesses we serve into a loyal f
Slide 14: Value Provided by Makuake: Consumers
Value Provided by Makuake: Consumers We offer a unique purchasing experience that caters to the current needs of consumers, allowing them to go beyond being mere buyers. By connecting them with project owners and fostering mutual interaction, we help customers become fans of the project owners, and
Slide 15: 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 16: 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 Consignment sales > Sh
Slide 17: 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 19: Pre-Primary Distribution Market (Target Market)
Pre-Primary Distribution Market (New Product Launch Market) A marketplace, e.g., an exhibition or a trade show, for market testing and pre-selling new products or services with the goal of researching consumer reactions and acquiring initial customers Makuake Bringing into the world products that ma
Slide 20: Target Market Size: Maximum Potential Market Size for New Products (Goods)
Target Market Size: Maximum Potential Market Size for New Products (Goods) We recognize that the JPY 1 trillion online pre-primary distribution market, which is a subset of the pre-primary distribution market (the new product launch market), is the total addressable market for Makuake oe "Sale tain
Slide 21: Makuake's Competitive Environment
Makuake's Competitive Environment By establishing a pre-sales model that specializes in new products and services before their general distribution, we have established a unique position differentiated from conventional e-commerce marketplaces and crowdfunding sites--we are thus operating our busine
Slide 22: Competitive Advantage
Competitive Advantage By combining our strengths, we are able to offer a service - continuous introduction of new products ahead of the primary distribution market - that was not possible before re A Screening/Monitoring re Ability to reach businesses : hewn ae Ability to attract across Japan Sound
Slide 23: Competitive Advantage (1) Ability to Reach Businesses Across Japan
Competitive age (1) Ability to Reach Businesses Across Ja We have established a system for securing quality projects through tie-ups with over 100 financial institutions nationwide and Makuake Incubation Studio Financial institutions introduce ( > companies tous See ——> ®Makuake M I > KY Makuake Inc
Slide 24: Competitive Advantage (2) Curator Consulting Maximizes Project Appeal
Competitive Advantage (2) Curator Consulti ximizes Project Appeal For all projects, the curator in charge supports maximizing appeal of the product's project page and the amount of “advocacy” buying it generates Maximization of Project Page Appeal Maximization of the Amount of “Advocacy” Buying + Ad
Slide 25: Competitive Advantage (3) Screening/Monitoring System
antage (3) Screeni In addition to inspecting all projects at three stages based on per-category screening items, we monitor execution from project listing to product delivery with the aim of building a safe and worry-free site, while continuously working on improving our operational efficiency Scree
Slide 26: Competitive Advantage (4) Ability to Attract Customers
Competitive Advantage (4) Ability to Attract Customers In addition to an average of over 9,000 articles appearing every month in the news media about Makuake’s projects, our initiatives to attract customers have created a feedback effect where an increase in the number of projects leads to an increa
Slide 27: Competitive Advantage (5) Self-sustaining Growth Model
Competitive Advantage (5) self-sustaining growth model Makuake operates on a self-sustaining growth model that enables both project owners and supporters to thrive, thus accelerating overall growth. We believe that the virtuous cycle of self-sustaining growth leads to GMV growth, which in turn actua
Slide 29: Financial Results
ial 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 C
Slide 30: 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 31: FY2025/9 Financial Results (vs. Initial Financial Forecasts)
FY2025/9 Financial Results (vs. Initial Financial 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
Slide 32: 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 33: 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 34: 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 35: 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% [HIME Payment Fees/Others +0
Slide 36: 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 37: 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 38: FY2026/9 Financial Forecasts
05 FY2026/9 Financial Forecasts
Slide 39: 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 40: 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 41: 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 42: Human Capital Management Strategy for FY2026/9 in the Medium-Term Management Plan
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 operatingthe new performance-based compensation system to enhance engagement, aiming to evolve into an
Slide 44: 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 45: 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 46: Makuake's Unique Business Assets to Contribute to Solving Challenges
ke's Unique Business ribute to Solving 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 sToc
Slide 47: Providing Solutions to Businesses' Resource Investment Needs
Providing Soluti e Businesses' Resource Inves' 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 +
Slide 48: From Product Planning to Sales (Plan-Debut-Growth) for Products to be Realized 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 49: 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 50: 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 51: Human Capital Management Plan to Ensure the Realization of the Medium-Term Management Plan by FY2027/9
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 52: Targets for Human Capital Management Strategy for Each Business Year by FY2027/9
gets 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 53: Risk Factors and Countermeasures
e, Inc. All Rights Reserve O07 Risk Factors and Countermeasures 53
Slide 54: Seasonality for Makuake
Seasonality for Mak In Q2 (January-March), the number of projects published tends to be low compared with other quarters due to seasonal factors, including the quarter having fewer business days and an extremely slow start for businesses at the beginning of the year. As a result, the total amount of
Slide 55: Risk Factors and Countermeasures
Risk Factors and Countermeasures We will grasp, analyze, and evaluate risks that may emerge as we execute our medium-term growth plan, and implement countermeasures to control these risks Possible risks Leakage of personal information through Hich hacking, etc. ig @) Issues with projects, such as de
Slide 57: Dividend policy: prioritizing retained earnings for growth
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 future distributi
Slide 59: Business Locations
Business Locati Copyright © Makuake, Inc. All Rights Reserved. Head Office Kansai Office Nagoya Office Chugoku and Shikoku Office Kyusyu Office Hokuriku Office Korea Office Tokyo Osaka Aichi Hiroshima Fukuoka Ishikawa Seoul Special City 59
Slide 60: Disclaimer and Cautions Regarding Future Outlook
Disclai nd Cautions Regarding Future Outlook @ While the content of this document has been prepared based on generally recognized economic and social conditions as of December 19, 2025 and certain assumptions deemed reasonable by Makuake, Inc., it may change due to shifts in business environment and
Slide 62: Makuake
@® Makuake

Makuake — Investor Presentation (December 2025) on 6ix

Makuake — Investor Presentation (December 2025)

Slide 1: Business Plans and Matters Related to High Growth Potential

Slide 2: Company Overview

Slide 3: The World Makuake Aspires For

Slide 4: Corporate Profile

Slide 5: History

Slide 6: Board of Directors Introduction

Slide 7: Business Overview

Slide 8: Makuake Service in the Distribution Market

Slide 9: Makuake—Venue for Launch of New Products and Services

Slide 10: A range of new products premiered daily on Makuake

Slide 11: Makuake's Business Model

Slide 12: Factor Analysis of Makuake's Service Structure

Slide 13: Value Provided by Makuake: Businesses

Slide 14: Value Provided by Makuake: Consumers

Slide 15: Business Model of Makuake Insight

Slide 16: Business Model of Makuake STORE for EC Mall

Slide 17: Other Services

Slide 18: Target Markets and Market Environment

Slide 19: Pre-Primary Distribution Market (Target Market)

Slide 20: Target Market Size: Maximum Potential Market Size for New Products (Goods)

Slide 21: Makuake's Competitive Environment

Slide 22: Competitive Advantage

Slide 23: Competitive Advantage (1) Ability to Reach Businesses Across Japan

Slide 24: Competitive Advantage (2) Curator Consulting Maximizes Project Appeal

Slide 25: Competitive Advantage (3) Screening/Monitoring System

Slide 26: Competitive Advantage (4) Ability to Attract Customers

Slide 27: Competitive Advantage (5) Self-sustaining Growth Model

Slide 28: FY2025/9 Financial Results

Slide 29: Financial Results

Slide 30: FY2025/9 Results (Compared with Upwardly Revised Forecasts)

Slide 31: FY2025/9 Financial Results (vs. Initial Financial Forecasts)

Slide 32: Total Transaction Volume

Slide 33: Net Sales and Take Rate

Slide 34: Gross Profit and Gross Profit Margin

Slide 35: Selling, General, and Administrative Expenses

Slide 36: Analysis of Changes in Profits for Q4 FY2025/9

Slide 37: Operating Profit (Loss) and Operating Profit Margin

Slide 38: FY2026/9 Financial Forecasts

Slide 39: FY2026/9 Financial Forecasts

Slide 40: Background to Calculate Financial Forecasts for FY2026/9

Slide 41: Management Strategies for FY2026/9

Slide 42: Human Capital Management Strategy for FY2026/9 in the Medium-Term Management Plan

Slide 43: Growth Strategy

Slide 44: Issues Facing the Company Based on Transaction Volume Trends to Date

Slide 45: The Environment Surrounding Businesses and Challenges Faced by Customers

Slide 46: Makuake's Unique Business Assets to Contribute to Solving Challenges

Slide 47: Providing Solutions to Businesses' Resource Investment Needs

Slide 48: From Product Planning to Sales (Plan-Debut-Growth) for Products to be Realized by FY2027/9

Slide 49: Status Targets for Each Business Year by FY2027/9

Slide 50: Targets and Future Revenue Outlook by FY2027/9

Slide 51: Human Capital Management Plan to Ensure the Realization of the Medium-Term Management Plan by FY2027/9

Slide 52: Targets for Human Capital Management Strategy for Each Business Year by FY2027/9

Slide 53: Risk Factors and Countermeasures

Slide 54: Seasonality for Makuake

Slide 55: Risk Factors and Countermeasures

Slide 56: Dividend Policy

Slide 57: Dividend policy: prioritizing retained earnings for growth

Slide 58: Appendix

Slide 59: Business Locations

Slide 60: Disclaimer and Cautions Regarding Future Outlook

Slide 61: IR Inquiries

Slide 62: Makuake