Startia : Summary of Consolidated Financial Results for the First Half Ended September 2022

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2023 (April 1, 2022 - March 31, 2023)

(Percentage figures represent year-on-year changes)

• Notes
• 1. Changes in significant subsidiaries during the first half ended September 30, 2022 (Changes in specific subsidiaries accompanied by changes in the scope of consolidation): None

1. Use of accounting methods that are specific to the preparation of the quarterly consolidated financial statements: None
2. Changes in accounting policies, changes in accounting estimates, and restatements
3. 1. Changes in accounting policies accompanying revisions in accounting standards and other regulations: None
   2. Changes other than in (a): None
   3. Changes in accounting estimates: None
   4. Restatements: None
4. Number of issued shares (common shares)
5. 1. Total number of issued shares at the end of the period (including treasury shares)

(c) Average number of shares during the period (quarterly consolidated cumulative period)

(Note) 1. The number of treasury shares at the end of the period includes the Company's shares held by the trust account regarding the stock benefit trust (BBT・J-ESOP) (325,900 shares for the first half ended September 2022 and 326,600 shares for the fiscal year ended March 2022).

• 2. As for the average number of shares during the period, for the first half ended September 2022, the Company's shares held by the trust account regarding the stock benefit trust (BBT・J-ESOP), totaling 325,956 shares, were included in the number of treasury shares, which were to be deducted from the calculation of the average number of shares during the period. For the first half ended September 2021, the Company's shares held by the trust account regarding the stock benefit trust (BBT・J-ESOP) and those held by the trust account regarding the stock benefit trust (employee stockholding association purchase-type), totaling 345,383 shares, were included in the number of treasury shares, which were to be deducted from the calculation of the average number of shares during the period.

• This quarterly earnings report is not subject to the audit by certified public accountants or auditing firms
• Explanation of the proper use of these earnings forecasts and other matters

(Note on forward-looking statements)

The forward-looking statements shown in this report are based on information currently available and certain assumptions that the Company regards as reasonable. The Company cautions that these statements do not guarantee future achievements. Actual results of operations may differ significantly from forward-looking statements for various reasons. Please refer to "1. Qualitative information regarding earnings for the first half of the fiscal year (3) Explanation of consolidated earnings forecasts and other forward-looking statements" on page 7 for the suppositions that form the assumptions for earnings forecasts and cautions concerning the use thereof.

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In the first half of the fiscal year under review, the Company launched "Cloud CIRCUS CMP," a consent management tool for personal information, to create an environment in which small and medium-sized enterprise customers can comply with laws and regulations and implement their marketing initiatives while they use Cloud CIRCUS with peace of mind. As for BowNow, a marketing automation tool ("MA tool"), has been introduced to more than 10,000 companies and won the Good Service Award in the MA Tool (BtoB) category of the "BOXIL SaaS AWARD Autumn 2022." We have created an environment that facilitates partner companies' making proposals and conducting sales by achieving system integration with kintone of Cybozu, Inc.

Previously, we established and promoted an organizational structure under a Sales-Led Growth (SLG) strategy led by the sales team. However, we have started to build a new organizational structure by combining the SLG strategy with a Product-Led Growth (PLG) strategy, led by the product team, in the current fiscal year. By doing so, we are working to establish a customer acquisition pipeline and aim to obtain high unit-price orders with combined products, while we increase customers for single products through reducing the unit cost for acquiring them. In the first half of the current fiscal year, we saw a slowdown in MRR (monthly recurring revenue) in SaaS of Cloud CIRCUS as a result of focusing on the launch of the new organizational structure as planned, but sales increased year on year.

* Cloud CIRCUS

As a result, segment sales in the first half of the fiscal year under review totaled 1,453,849 thousand yen (up 17.5% from a year before) and the segment loss (operating loss) of 151,888 thousand yen (the segment loss (operating loss) of 154,937 thousand yen a year before).

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(IT Infrastructure)

In the IT Infrastructure segment, the Group is in charge of the sale, construction or maintenance of information and communication equipment such as MFPs (multi-function printers), UTM (Unified Threat Management) equipment, network equipment and business phones. It also provides consistent SI services from installing servers to system operation and maintenance as well as maintenance of equipment. In addition, it provides "RoboTANGO," an original RPA (Robotic Process Automation) solution tool to automate back-office operations, as well as AI-OCR and an electronic signature tool.

In the first half of the fiscal year, in addition to promoting the expansion of the customer base through mergers and acquisitions, the accumulation of customer and asset information through a customer and sales management system has enabled the visualization of information, which has allowed us to conduct cross-selling of products and services, and their replacement at the appropriate time. Furthermore, the systematic development of the customer approach mechanism through marketing has enabled the development of a customer follow-up system both by the sales staff, and by the Wakayama Contact Center and Customer Success (CS). During the previous fiscal year, we established the structure composed of organization and system, in which not only the sales staff, but also the Wakayama Contact Center, and Customer Success (CS) can handle the series of processes from an approach, negotiation/proposal, order receipt, to delivery, resulting in an improvement in the sales turnover rate and enabling us to see the far better results than in the first quarter of the current fiscal year, when our performance remained solid. Sales and profit increased significantly in the first half of the current fiscal year because both direct and partner sales for MFPs, in particular, were strong, and because sales of network equipment, mainly UTM (Unified Threat Management) equipment, an information security product, continued to be strong following the first quarter.

As a result, segment sales in the first half of the fiscal year under review totaled 8,342,882 thousand yen (up 45.0% from a year before) and the segment profit (operating profit) of 933,312 thousand yen (up 171.7% from a year before).

(CVC)

The CVC business conducted no fresh investment during the period.

Consequently, the segment reported no sales and the segment loss (operating loss) of 499 thousand yen compared with the segment loss (operating loss) of 184 thousand yen in the same period in the previous year.

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