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© ValueCommerce Co., Ltd. July 29, 2026 ValueCommerce Co., Ltd FY2026 Q2 Financial Results
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1 © ValueCommerce Co., Ltd. Table of Contents ● FY2026 Q2 Highlights 2 ● FY2026 Q2 Financial Results 3 ● Segment information 14 ● FY2026 Earnings/Dividends Forecasts 21 ● Appendix 25
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2 © ValueCommerce Co., Ltd. FY2026 Q2 Highlights *For comparisons with the previous period, we have used figures from the previous period (consolidated) and the current period (non-consolidated). (Million JPY) Q2 Result Y/Y First half year forecast (Achievement) Full-Year Forecast (Progress) Net sales 5,797 -63.7% 6,400 (90.6%) 14,400 (40.3%) Operating Income -560 - -700 (-) -700 (-) ＜Cumulative, YonY＞ ・Overall The contract for Online Mall Services was terminated as of July 31, 2025, resulting in a year-over-year decline in net sales and operating income. ・Affiliate Marketing While the shopping category performed well, net sales in the financial category declined due to changes in advertising policies by some advertisers, etc. ・Travel Tech Net sales declined due to review of the contracts with certain hotel chains. ・Forecasts While cost-cutting measures are already underway, a recovery in net sales is crucial to achieve full-year forecasts. Highlights
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3 © ValueCommerce Co., Ltd. FY2026 Q2 Financial Results [Assumptions Regarding Comparisons] As a result of the absorption-type mergers of Dynatech inc. and BUZMA Inc., - which were consolidated subsidiaries during the fiscal year ended December 2025 - the Company no longer has any consolidated subsidiaries and has therefore transitioned to non-consolidated financial statements starting with the fiscal year ended December 2026. In this document, since there has been no significant change in the scope of our business operations following the absorption mergers, we have used the consolidated figures from the previous fiscal year and the non-consolidated figures from the current fiscal year to ensure comparability.
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4 © ValueCommerce Co., Ltd. Cumulative Quarterly Jan.-Jun. 2026 Y/Y Apr.-Jun. 2026 Y/Y Q/Q Net sales 5,797 -63.7% 2,901 -62.7% +0.2% Cost of revenue 3,793 -65.9% 1,922 -64.6% +2.7% Gross income 2,003 -58.4% 979 -58.2% -4.4% SG&A expenses 2,564 -9.2% 1,303 -7.4% +3.4% Operating income -560 - -324 - - Ordinary income -548 - -324 - - Net income -460 - -235 - - Basic EPS -¥21.23 - - Financial Results Overview The contract for Online Mall Services was terminated as of July 31, 2025, resulting in a significant year-on-year decrease in net sales and operating income. *For comparisons with the previous period, we have used figures from the previous period (consolidated) and the current period (non-consolidated). (Million JPY) Results overview Continued cost-cutting efforts, while recording head office relocation cost. Includes one-time headquarters relocation expenses. Recorded gain on sale of non-current assets as extraordinary income.
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5 © ValueCommerce Co., Ltd. 3,903 3,694 3,382 4,278 4,083 1,470 7,685 7,101 6,964 7,644 7,653 7,304 7,310 8,142 8,181 7,777 4,853 3,357 2,896 2,901 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Consolidated Non-consolidated (Million JPY) Net Sales The contract for Online Mall Services was terminated as of July 31, 2025, resulting in a significant decrease in net sales. Quarterly results The contract for Online Mall Services was terminated as of July 31, 2025.
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6 © ValueCommerce Co., Ltd. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Consolidated Non- consolidated Operating Income 1,488 1,229 1,148 1,362 1,315 882 923 1,038 1,055 937 196 (217) (235) (324) Operating Margin(%) 19.4 17.3 16.5 17.8 17.2 12.1 12.6 12.7 12.9 12.0 4.0 0.0 0.0 0.0 1,488 1,229 1,148 1,362 1,315 882 923 1,038 1,055 937 196 -217 -235 -324 (Million JPY) Operating Income and Operating Margin The contract for Online Mall Services was terminated as of July 31, 2025, resulting in a significant decrease in operating income. Quarterly results - - The contract for Online Mall Services was terminated as of July 31, 2025. -
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7 © ValueCommerce Co., Ltd. 1,486 1,237 1,152 1,341 1,340 882 924 974 1,061 894 177 -652 -224 -324 1,021 828 827 722 913 598 625 718 1,053 831 408 -1,805 -224 -235 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Consolidated Non-consolidated Ordinary Income Net Income(Million JPY) Recorded Gain on sale of non-current assets as extraordinary income. The contract for Online Mall Services was terminated as of July 31, 2025. Ordinary Income and Net Income The contract for Online Mall Services was terminated as of July 31, 2025, resulting in a significant decrease in ordinary income and net income. Recorded Impairment Losses on Fixed Assets Quarterly results
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8 © ValueCommerce Co., Ltd. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Consolidated Non- consolidated Cost of Sales 5,033 4,685 4,544 4,984 4,970 4,944 4,949 5,563 5,709 5,432 3,384 2,294 1,871 1,922 Cost rate(%) 65.5 66.0 65.3 65.2 64.9 67.7 67.7 68.3 69.8 69.8 69.7 68.3 64.6 66.2 5,033 4,685 4,544 4,984 4,970 4,944 4,949 5,563 5,709 5,432 3,384 2,294 1,871 1,922 Cost of Sales and Cost Rate The contract for Online Mall Services was terminated as of July 31, 2025, resulting in a significant decrease in cost of sales. Quarterly results Consolidated Non-consolidated 2,681 2,542 2,319 3,028 2,890 1,064 5,033 4,685 4,544 4,984 4,970 4,944 4,949 5,563 5,709 5,432 3,384 2,294 1,871 1,922 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Consolidated Non-consolidated (Million Yen) Mainly Online Mall Services
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9 © ValueCommerce Co., Ltd. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Consolidated Non- consolidated Compensation 643 668 691 690 698 797 798 791 762 785 768 709 713 661 Other SG&A 519 519 579 607 668 679 637 749 653 622 504 570 546 642 SG&A total 1,163 1,187 1,270 1,297 1,367 1,477 1,436 1,541 1,415 1,407 1,273 1,280 1,260 1,303 SG&A ratio(%) 15.1 16.7 18.2 17.0 17.9 20.2 19.7 18.9 17.3 18.1 26.2 38.1 43.5 44.9 1,163 1,187 1,270 1,297 1,367 1,477 1,436 1,541 1,415 1,407 1,273 1,280 1,260 1,303 (Million JPY) SG&A and SG&A Ratio Continued cost-cutting measures and controlled selling, general, and administrative expenses while recording head office relocation cost. - One-time expenses related to the headquarters relocation: Q1: 28 million yen, Q2: 72 million yen - Increase in fixed costs due to the relocation of the headquarters: Q2 +25 million yen (YonY) Quarterly results
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10 © ValueCommerce Co., Ltd. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Total Employees 362 373 368 369 365 402 404 404 416 415 393 381 362 346 VC 265 279 280 279 279 311 308 309 299 396 393 381 362 346 Subsidiaries 97 94 88 90 86 91 96 95 117 19 - - - - (Temporary employees-VC) (18) (16) (19) (21) (37) (32) (29) (33) (31) (29) (27) (21) (18) (16) (Temporary employees-Subsidiaries) (1) (1) (2) (2) (4) (3) (3) (3) (3) - - - - - 362 373 368 369 365 402 404 404 416 415 393 381 362 346 (people) Number of Employees *The number of temporary employees is stated separately and not included in the total. Quarterly results The number of employees decreased as a result of stop hiring.
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11 © ValueCommerce Co., Ltd. 1,992 -2,288 -379 -51 -100 265 -560 (Million JPY) Breakdown of Operating Income The contract for Online Mall Services was terminated as of July 31, 2025, resulting in a significant decrease in operating income. Results overview Terminated as of July 31, 2025 *For comparisons with the previous period, we have used figures from the previous period (consolidated) and the current period (non-consolidated). 2025 Q1-Q2 (Actual) (Consolidated) Contract termination Service for online mall Affiliate Marketing Gross Income Travel Tech Gross Income One-time expenses Headquarters relocation Cost reduction Other 2026 Q1-Q2 (Actual) (Non-consolidated)
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12 © ValueCommerce Co., Ltd. Balance Sheet Facilities attached to buildings and tools, furniture and fixtures increased due to the relocation of the head office. ‘25 End (Dec.31,2025) Consolidated Q2‘26 End (Jun.30,2026) Non-Consolidated Change Factors of Change Current assets 15,045 13,360 -1,685 Cash: -1,013 Accounts receivable - trade: -260 Accounts receivable - other: -256 Cash and deposits [11,026] [10,013] -1,013 Non-current assets 1,096 2,046 + 949 Facilities attached to buildings: ＋298 Tools, furniture and fixtures: ＋270 Investment securities: ＋345 Total assets 16,142 15,407 -735 Current liabilities 3,821 3,850 +28 Accounts payable - trade: -62 Accounts payable - other: -238 Other: ＋315 Noncurrent liabilities 139 198 +59 Net assets 12,181 11,357 -823 Net loss: -460 Cash dividends paid: -520 *For comparisons with the previous period, we have used figures from the previous period (consolidated) and the current period (non-consolidated). Results overview (Million JPY)
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13 © ValueCommerce Co., Ltd. Cash Flows Acquired of property, plant and equipment relating to the relocation of the head office. Jan.-Jun. 2025 Consolidated Jan.-Jun. 2026 Non- Consolidated Operating cash flows 2,209 195 Investing cash flows -969 -691 Free cash flows 1,239 -496 Financing cash flows -690 -517 Incremental cash flows 549 -1,013 Ending cash balance 12,324 10,013 Purchase of investment securities Breakdown ●Operating cash flows Loss before income taxes -459 Decrease in accounts receivable – trade Decrease in accounts receivable - other 260 256 Decrease in accounts payable - other -228 Income taxes refund 157 ●Investing cash flows Purchase of property, plant and equipment -598 Purchase of investment securities -159 ●Financing cash flows Cash dividends paid -517 *For comparisons with the previous period, we have used figures from the previous period (consolidated) and the current period (non-consolidated). Results overview (Million JPY) (Million JPY)
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14 © ValueCommerce Co., Ltd. Segment Information
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15 © ValueCommerce Co., Ltd. Segment Information (Cumulative) Net sales declined in the Marketing Solutions segment due to changes in advertising placement policies by certain advertisers in the financial sector, among other factors. In the Travel Tech segment, net sales declined due to contract changes at certain hotel chains. *Marketing Solutions Business mainly includes “Affiliate Marketing”, TravelTech Business provides solutions mainly for acoｍmodation facilities. *(Notes) Segment operating income is adjusted to operating income in the non-consolidated financial statement. *For comparisons with the previous period, we have used figures from the previous period (consolidated) and the current period (non-consolidated). Overview by segment Cumulative Quarterly Jan.-Jun. 2026 Y/Y Apr.-Jun. 2026 Y/Y Q/Q Marketing Solutions Business Segment net sales 5,210 -25.0% 2,601 -23.3% -0.3% Segment operating income 542 -23.7% 252 -17.9% -13.0% Travel Tech Business Segment net sales 592 -10.0% 301 -0.7% +3.6% Segment operating income -128 - -55 - - (Million JPY)
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16 © ValueCommerce Co., Ltd. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 ASP 648 573 583 574 555 602 549 588 602 557 513 538 510 454 Consulting 2,016 1,931 1,791 1,913 2,120 1,825 1,835 1,813 2,124 1,784 1,666 1,365 1,329 1,390 Option 558 449 315 424 503 695 497 578 715 927 735 1,012 638 623 Affiliate Marketing total 3,223 2,954 2,689 2,912 3,179 3,123 2,882 2,980 3,442 3,270 2,916 2,916 2,478 2,468 3,223 2,954 2,689 2,912 3,179 3,123 2,882 2,980 3,442 3,270 2,916 2,916 2,478 2,468 (Million JPY) Affiliate Marketing Net Sales by Service Net sales in Affiliate marketing was 2,468 million yen. Affiliate marketing
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17 © ValueCommerce Co., Ltd. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 ASP 648 573 583 574 555 602 549 588 602 557 513 538 510 454 Consulting 298 282 266 350 467 266 244 225 251 225 207 184 183 195 Option 78 65 50 52 59 66 72 75 83 106 75 111 53 50 Affiliate Marketing total 1,025 922 900 976 1,083 935 866 889 937 889 797 834 747 700 Gross Income Margin(%) 31.8 31.2 33.5 33.5 34.1 30.0 30.1 29.9 27.2 27.2 27.3 28.6 30.2 28.4 1,025 922 900 976 1,083 935 866 889 937 889 797 834 747 700 (Million JPY) Affiliate Marketing Gross Income by Service Gross income in Affiliate marketing was 700 million yen. Affiliate marketing
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18 © ValueCommerce Co., Ltd. Affiliate Marketing Net Sales Breakdown by Category -Net sales in the financial category declined due to changes in advertising policies by some advertisers, etc. -While the shopping category performed well. Affiliate marketing 30% 31% 29% 33% 39% 37% 38% 35% 41% 34% 31% 31% 28% 29% 12% 12% 13% 13% 11% 13% 16% 16% 15% 20% 25% 26% 26% 27% 19% 18% 16% 17% 14% 13% 13% 15% 15% 18% 16% 14% 16% 13% 10% 10% 13% 11% 11% 10% 11% 11% 8% 9% 12% 11% 11% 13% 29% 29% 29% 26% 25% 27% 22% 23% 21% 19% 16% 18% 19% 18% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Finance Shopping Electronics Travel Other FY2026
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19 © ValueCommerce Co., Ltd. （Appendix）Affiliate Marketing Gross Sales “Gross sales" is an estimate which sum of the total amount of commissions (excluding tax) paid to publishers and net sales Affiliate marketing 5,647 5,008 4,812 5,066 5,245 5,338 4,948 5,286 5,820 5,461 5,006 5,158 4,551 4,326 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 (million JPY)
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20 © ValueCommerce Co., Ltd. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 Travel Tech Net sales 307 304 304 356 319 311 319 318 355 303 342 324 291 301 Travel Tech Gross income 273 270 296 301 287 280 292 296 308 280 299 283 266 271 Gross Income Margin(%) 89.0 88.9 97.3 84.5 90.2 90.1 91.7 93.2 86.8 92.3 87.6 87.4 91.4 90.0 307 304 304 356 319 311 319 318 355 303 342 324 291 301 (Million JPY) Travel Tech Net Sales, Gross Income by Service Quarterly net sales and gross profit remained flat. Travel Tech
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21 © ValueCommerce Co., Ltd. FY2026 Earnings/Dividends Forecasts
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22 © ValueCommerce Co., Ltd. FY2026 Earnings Forecasts - Full-year earnings forecasts remain unchanged. Q2 ’26 Result First Half Full Year Forecast (Y/Y) Q2’26 Progress Forecast (Y/Y) Q2’26 Progress Net Sales 5,797 6,400 (-59.9%) 90.6% 14,400 (-40.4%) 40.3% Operating income (loss) -560 -700 - - -700 - - Ordinary income (loss) -548 -700 - - -700 - - Net income (loss) -460 -800 - - -800 - - Basic EPS (loss) -¥21.23 -¥36.91 -¥36.91 (Million JPY) Earnings forecast * Although we have transitioned to non-consolidated financial statements starting with the fiscal year, since there have been no significant changes in our actual scope of business, we have used the consolidated figures from the previous fiscal year and the non-consolidated figures from the current fiscal year to ensure comparability.
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23 © ValueCommerce Co., Ltd. FY2026 Dividends Forecast - No change in dividends forecast - The Company aims to maintain stable dividend payments while comprehensively taking into account its financial soundness and free cash flow. Dividends per Share Interim Dividend ¥8.00 （actual） Year-end Dividend ¥8.00 （forecast） Total ¥16.00 （forecast） Dividends forecast
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24 © ValueCommerce Co., Ltd. Future Outlook ・With regard to the affiliate business, the market is maturing while consumer behavior continues to change, creating an environment in which significant growth in existing businesses is unlikely. In addition, due to the termination of the contract for Online Mall Services, the business environment is expected to remain challenging. ・In light of this situation, the Company aims to achieve profitability as soon as possible by optimizing its cost structure. ・The Company aims to maintain stable dividend payments while comprehensively taking into account its financial soundness and free cash flow. Dividends forecast
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25 © ValueCommerce Co., Ltd. Appendix
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26 © ValueCommerce Co., Ltd. Results and Cash Flows (Quarterly) (Million JPY) Consolidated Non-Consolidated FY2023 FY2024 FY2025 FY2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net sales 7,685 7,101 6,964 7,644 7,653 7,304 7,310 8,142 8,181 7,777 4,853 3,357 2,896 2,901 Affiliate marketing 3,223 2,954 2,689 2,912 3,179 3,123 2,882 2,980 3,442 3,270 2,916 2,916 2,478 2,468 Travel Tech 307 304 304 356 319 311 319 318 355 303 342 324 291 301 StoreMatch 3,281 3,052 3,203 3,504 3,343 3,174 3,390 4,061 3,678 3,503 1,275 - - - STORE’s R∞ 661 586 565 668 617 590 606 670 599 579 195 - - - Others 211 203 201 202 192 104 111 113 105 120 124 116 127 131 Cost of sales 5,033 4,685 4,544 4,984 4,970 4,944 4,949 5,563 5,709 5,432 3,384 2,294 1,871 1,922 Cost of sales (direct) 4,869 4,521 4,373 4,808 4,811 4,766 4,761 5,367 5,502 5,215 3,205 2,119 2,139 1,771 1,819 Affiliate marketing 2,197 2,032 1,789 1,935 2,096 2,187 2,015 2,090 2,504 2,380 2,082 1,730 1,768 Travel Tech 33 33 8 55 31 30 26 21 46 23 42 40 25 30 StoreMatch 2,616 2,434 2,554 2,798 2,664 2,529 2,701 3,237 2,933 2,793 1,026 - - - Others 21 21 20 19 18 18 16 17 17 18 17 16 15 21 Cost of sales (indirect) 163 163 171 175 158 177 188 195 206 216 178 155 100 102 Gross income 2,652 2,416 2,419 2,660 2,682 2,360 2,360 2,579 2,471 2,344 1,469 1,062 1,024 979 SG&A expenses 1,163 1,187 1,270 1,297 1,367 1,477 1,436 1,541 1,415 1,407 1,273 1,280 1,260 1,303 Compensation 643 668 691 690 698 797 798 791 762 785 768 709 713 661 Other SG&A 519 519 579 607 668 679 637 749 653 622 504 570 546 642 Operating income 1,488 1,229 1,148 1,362 1,315 882 923 1,038 1,055 937 196 -217 -235 -324 Ordinary income 1,486 1,237 1,152 1,341 1,340 882 924 974 1,061 894 177 -652 -224 -324 Extraordinary gains/losses (net) -7 -31 - -136 - -7 - - 511 -176 355 -1,028 - 88 Income before income taxes 1,478 1,205 1,152 1,205 1,340 874 924 974 1,572 718 533 -1,681 -224 -235 Net income 1,021 828 827 722 913 598 625 718 1,053 831 408 -1,805 -224 -235 Depreciation & amortization 118 117 119 118 100 110 111 113 118 130 60 83 0 23 Operating cash flow 653 1,486 -113 1,473 1,400 1,156 -79 984 1,350 858 -278 -7 -269 464 Investing cash flow -102 -78 -100 -123 -80 -339 -107 -180 -662 -306 -66 -408 -174 -516 Financing cash flow -931 -5 -805 -3 -900 -11,005 -539 -66 -686 -3 -537 -1 -510 -7 Affiliate marketing Advertisers (Number of ID) 773 751 726 725 708 698 688 687 674 672 672 685 697 726 Appendix
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27 © ValueCommerce Co., Ltd. Disclaimer ⚫ This presentation material is intended to provide reference information as material for investors. Neither ValueCommerce nor its personnel assume any responsibility for the accuracy, appropriateness, or integrity of the information contained in this material. ⚫ This presentation is not intended to solicit investment in connection with the acquisition of ValueCommerce’s securities. It does not contain all information essential to any decision on investment in ValueCommerce’s securities. In the event of making an investment decision, you are advised to refer to the Company’s securities reports and other statutory disclosure documents and its published materials in addition to this presentation material. ⚫ This presentation material contains financial outlooks and other statements on future results. Actual results may differ materially from those described in this material due to various factors. ⚫ For details about factors that may have an impact on ValueCommerce’s financial results, please refer to “Risk Factors” on ValueCommerce’s website (https://www.valuecommerce.co.jp/en/sustainability/risk_factors/). However, please note that the factors that have an impact on ValueCommerce’s financial results are not confined to those described in “Risk Factors.”
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28 © ValueCommerce Co., Ltd. Corporate Information Corporate name ValueCommerce Co., Ltd. Established 1996 Fiscal year end December HQ location 7F, Sumitomo Shibakoen Building 2-7-17 Shiba, Minato-ku, Tokyo 105-0014, Japan Representative Jin Kagawa, Representative Director, President and CEO Businesses Support for customer acquisition and sales promotion in the Commerce and Travel businesses, and promotion of digital transformation Mission Your Success is Our Value Our mission Efficiently Connecting Accurate Information Our vision Creating a Society with Diverse Choices Through Cutting-Edge Technology Corporate website https://www.valuecommerce.co.jp/en/ir/ Contact us E-mail: investor_relations@valuecommerce.co.jp