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LY Corporation Earnings FY2026 Q1 August 3, 2026 Security Code: 4689
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FY2026 Q1 Earnings Highlights LY Corporation’s gross profit grew, with performance exceeding internal projections. - FY2026 Q1 Results: Consolidated revenue JPY553.9 B (YoY+13.1%) / Consolidated adjusted EBITDA JPY154.8 B (YoY+23.1%) 1 Expanded user base and promoted monetization of AI-powered services. - Agent i's domain agents expanded to 25 domains, and DAU increased to 12.00 million. 2 Planning a tender offer for Kakaku.com, Inc., aiming to create synergies1 through the business alliance.3 1. The alliance will be pursued on an arm's-length basis, on the premise that benefits to Kakaku.com are recognized from the perspective of Kakaku.com. 1
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Table of Contents 1 Financial Results – Consolidated 2 Financial Results – by Segment 3 Scheduled Commencement of Tender Offer for Kakaku.com
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Table of Contents 1 Financial Results – Consolidated 2 Financial Results – by Segment 3 Scheduled Commencement of Tender Offer for Kakaku.com
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Consolidated Segment Item FY2026 Q1 % YoY Change Progress Against Guidance Consolidated Revenue JPY553.9 B +13.1 % +24.7 % Adjusted EBITDA JPY154.8 B +23.1 % +26.5 % Adjusted EPS JPY9.70 +60.3 % +32.3 % Media Revenue JPY182.0 B +2.6 % +24.0 % Adjusted EBITDA JPY76.1 B +14.2 % +26.3 % Commerce Revenue JPY242.8 B +12.5 % +27.0 % Adjusted EBITDA JPY42.0 B +10.2 % +26.4 % Strategic Revenue JPY130.2 B +34.9 % +22.1 % Adjusted EBITDA JPY35.0 B +64.4 % +27.2 % Other/Adjustments Adjusted EBITDA JPY1.6 B N/A +23.1 % FY2026 Q1 – Performance Both revenue and profit have made steady progress toward achieving the full-year guidance 4
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Consolidated 125.8 125.4 126.0 119.3 154.8 +3.4% +11.3% -2.3% +11.2% +23.1% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 25.7% 24.8% 25.2% 22.1% 28.0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 489.6 505.7 499.9 541.0 553.9 +5.7% +9.4% -0.7% +10.7% +13.1% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Consolidated – Performance Adjusted EBITDA/ %YoY Growth (JPY B) Revenue/ %YoY Growth (JPY B) Adjusted EBITDA Margin Revenue % Growth Adjusted EBITDA % Growth Revenue grew 13.1%, adjusted EBITDA rose 23.1%, with a significant improvement in adjusted EBITDA margin 5
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Consolidated In addition to PayPay Consolidated, higher gross profit at LY Corporation contributed to overall profit growth Q1’25 Q1’26 Consolidated – Performance Factors of Change in Adjusted EBITDA1 (JPY B) Gross profit +13.7 Adjusted EBITDA of PayPay Consolidated +14.0 (YoY +23.1%) 154.8 Adjusted EBITDA of ZOZO/ASKUL/newly consolidated subsidiaries2 +0 125.8 SG&A, etc. -1.0 Adjusted EBITDA of LY Corporation, etc. +14.8 • ZOZO: +1.4 • ASKUL: -5.2 • Newly consolidated subsidiaries2: +3.9 • Media: +5.4 • Commerce: +4.3 • Strategic: +3.9 • Media: -4.0 • Commerce: -0.8 • Strategic: +5.5 • Other/adjustments: -1.8 6 1. Adjusted EBITDA: Operating income + depreciation & amortization ± EBITDA adjustment items. Depreciation & amortization: Depreciation, depreciation of right-of-use assets, etc. EBITDA adjustment items: Gains/losses on non-recurring and non- cash transactions within operating revenue and expenses (loss on retirement of fixed assets, impairment losses, stock compensation expenses, gains on remeasurement relating to business combinations, other transactions with undetermined cash outflows (one-time provisions, etc.), etc.). Also, gains/losses on sales of shares held by certain funds. Definitions changed from FY2022 Q3. Added certain rents to depreciation and amortization, and gains/losses on sales of shares held by certain funds to EBITDA adjustment items. 2. Subsidiaries newly consolidated in FY2025: BEENOS, LINE Bank Taiwan, LINE MAN
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Consolidated User Navigation & Feature Enhancements Usability Improvements User navigation enhancements and usability improvements drove greater everyday usage. Users exceeded 12 million. Agent i Domain agents: Expanded to 25 domains2 Number of Agent i users: 12 million DAU1 Seamless transition from LINE and Yahoo! JAPANto Agent i Shopping Outings Weather Cars Relationships Career advice Recipes - As of May 8, 2026 - - Expanding into new domains - Long-term memory of user preferences, etc. Image generation Lifestyle Finance Entertainment Fortune telling Learning Fashion Pets Hobbies & classes AI-powered comparisons Trending topics Sports AI shopping memo Yahoo! JAPAN News Comments summary Chat rooms Beauty & health Zubatoku navigation Weather- based outfits 1. Cumulative number of users based on the sum of the average DUB of Agent i (including domain agents); average DUB of Agent i of Yahoo! JAPAN Finance, etc.; and average DAU of Agent i of chat rooms; as of June 2026. 2. As of August 3, 2026. 7
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Consolidated Deliver a convenient and rewarding shopping experience to 100 million users Collaborative Initiatives with Seven-Eleven 1. As of March 2026 2. Screenshots and details of campaigns are for illustrative purpose only. 3. As of June 30, 2026. Includes bundled members, such as those with SoftBank, etc. 4. Number of visitors per day LYP Premium LINE Official Account LINE MINI App Higher point reward rates2 SEVEN CAFÉ coupons2 Hot snacks coupons2 Various campaigns for LYP Premium members Expansion of digital touchpoints via LINE Official Account and LINE MINI App LYP Premium Group Members 25.56 mil3 Digital customers Cumulative: Over 100 mil1 Physical customers Approx. 20.00 mil/day4 Monthly Users of LINE MINI App 28.97 mil1 Message delivery Chat functions Sales promotions LINE Call Digital membership Mobile ordering Booking/queue management Coupons/stamp cards … … 8
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Table of Contents 1 Financial Results – Consolidated 2 Financial Results – by Segment 3 Scheduled Commencement of Tender Offer for Kakaku.com
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Media Business 177.5 180.2 187.0 190.3 182.0 +0.6% -0.3% +0.1% +1.3% +2.6% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 76.1 66.7 68.0 72.9 73.2 -5.4% -4.2% -2.7% +4.0% +14.2% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Further shift in revenue mix. Double-digit adjusted EBITDA growth with margin up 4.2 percentage points YoY. 37.6% 37.8% 39.0% 38.5% 41.8% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Media Business – Performance Adjusted EBITDA/ % YoY Growth1, 2, 3 (JPY B) Revenue/ % YoYGrowth1, 2, 3 (JPY B) Adjusted EBITDA Margin1, 2, 3 Revenue % Growth Adjusted EBITDA % Growth 1. In FY2025 Q1, the standards for allocating personnel expenses of technology divisions and expenses related to data centers and i nternal infrastructure were revised. As a result, figures for FY2024 have been retroactively adjusted. 2. In FY2025 Q3, services were transferred between segments as part of an organizational restructuring. As a result, figures for FY2024, FY2025 Q1, and Q2 have been retroactively revised. 3. In FY2026 Q1, services were transferred between segments as part of an organizational restructuring. Furthermore, the standards for allocating expenses related to the back office, data centers, and internal infrastructure were revised. As a result, figures for FY2025 have been retroactively revised. 10
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Media Business Increase in revenue +4.5 Decrease in COGS -0.9 -4.0 Decrease in SG&A, etc. (YoY +14.2%) 76.1 66.7 37.3 42.0 33.8 38.3 60.2 58.7 46.1 43.0 177.5 182.0 Q1'25 Q1'26 -6.8% +13.3% +12.5% -2.5% +2.6% Media Business – Performance Revenue1, 2 (JPY B) Adjusted EBITDA1, 2, 3 (JPY B) Account Advertising Search Advertising Display Advertising 1. In FY2025 Q3, services were transferred between segments as part of an organizational restructuring. As a result, figures for FY2024, FY2025 Q1, and Q2 have been retroactively revised. 2. In FY2026 Q1, services were transferred between segments as part of an organizational restructuring. Furthermore, the standards for allocating expenses related to the back office, data centers, and internal infrastructure were revised. As a result, figures for FY2025 have been retroactively revised. 3. Adjusted EBITDA: Operating income + depreciation & amortization ± EBITDA adjustment items. Depreciation & amortization: Depreciation, depreciation of right-of-use assets, etc. EBITDA adjustment items: Gains/losses on non-recurring and non- cash transactions within operating revenue and expenses (loss on retirement of fixed assets, impairment losses, stock compensation expenses, gains on remeasurement relating to business combinations, other transactions with undetermined cash outflows (one-time provisions, etc.), etc.). Also, gains/losses on sales of shares held by certain funds. Definitions changed from FY2022 Q3. Added certain rents to depreciation and amortization, and gains/losses on sales of shares held by certain funds to EBITDA adjustment items. Q1’25 Q1’26 User Subscriptions, etc. 11
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Media Business 282 292 304 311 319 415 428 440 450 454 38 41 44 43 46 454 469 484 493 500 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Account Advertising No. of Paid LINE Official Accounts (Global/Japan)1 (Thousands) Revenue / % YoY Growth (JPY B) 1. Figures provided are the number of paid accounts as of the end of each quarter. Revenue for pay-as-you-go billing accounts comes from pay-as-you-go billing, while plan revenue accounts generate revenue exclusively from monthly fixed fees. Japan Pay-As-You-Go Billing Accounts1 Plan Revenue Accounts1 33.8 34.9 38.1 37.6 38.3 +16.5% +14.2% +13.3% +13.6% +13.3% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Expanding steadily, in line with the initial plan 12
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Media Business 35 23 25 30 33 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 22.18 14.73 16.85 20.48 28.97 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 YoY +50.6%YoY +50.4% LINE MINI App Increase due to temporary reinforcement of user traffic to the tab at launch, and campaign activities Growth exceeded 50% YoY both for the number of MINI Apps and MAU No. of LINE MINI Apps (Thousands) LINE MINI App MAU (Mil) 13
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Media Business Restaurant/Beauty Options CRM Options Centralizing reservations, customer engagement, and promotions on LINE to drive repeat usage Centralizing customer information and delivering personalized communication Customer data management Centralized customer information based on survey data Messaging Message delivery based on attributes, behavior, and events Chats Expanded saved data, chat management, and improved operational efficiency JPY5,000/month | Available from June 2026 Restaurant Option Beauty Option Order-taking appMobile ordering ConsultationReservation system Available from June 2026 Launch scheduled in FY2026 Q2 Attributes Events× Monetization for store DX began in June. Service deployment progressing smoothly. Digital Transformation (DX) Solutions for Stores and CRM DX Solutions for F&B and Hair/Beauty Industries Advanced LINE Official Accounts 14
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Media Business (Mil) LYP Premium 1. LYP Premium members who subscribed via the app (JPY650/month, tax included) or web (JPY508/month, tax included). Excludes members who are SoftBank or Y!mobile smartphone users and use LYP Premium without additional charges. New Plans Enhanced Benefits (From Aug. 2026 onward) Lite Plan Enjoy Pack (July 2026) Affordable plan focused on frequently used benefits (JPY290/month) New LINE MUSIC Plan (From fall 2026 onward) New plan bundling LINE MUSIC and LINE benefits (JPY1,080/month) Premium block Message edit Message scheduler Call recording Drive user growth with better plans and benefits 5.06 4.95 4.96 4.97 4.98 5.20 5.51 6.37 6.82 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 ・・・ Q4 FY2024 FY2025 FY2026 (YoY+36.8%) Unsend discreetly LYP Premium with Netflix Goal: 10.00 mil (New plans included) User subscriptions (e.g., LYP Premium) becoming a revenue pillar for the Media Business Membership Base Expansion New Plans and Enhanced Benefits No. of Direct Subscribers1 15
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Commerce Business Adjusted EBITDA/ %YoY Growth1, 2, 3 (JPY B) 215.9 216.5 194.9 230.3 242.8 +3.6% +7.3% -13.7% +8.6% +12.5% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 38.1 33.5 30.6 28.7 42.0 -8.5% -4.3% -26.9% -5.7% +10.2% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 17.7% 15.5% 15.7% 12.5% 17.3% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Commerce Business – Performance Adjusted EBITDA Margin1, 2, 3Revenue/ %YoY Growth1, 2, 3 (JPY B) Revenue % Growth Adjusted EBITDA % Growth 1. In FY2025 Q1, the standards for allocating personnel expenses of technology divisions and expenses related to data centers and i nternal infrastructure were revised. As a result, figures for FY2024 have been retroactively adjusted. 2. In FY2025 Q3, services were transferred between segments as part of an organizational restructuring. As a result, figures for FY2024, FY2025 Q1, and Q2 have been retroactively revised. 3. In FY2026 Q1, services were transferred between segments as part of an organizational restructuring. Furthermore, the standards for allocating expenses related to the back office, data centers, and internal infrastructure were revised. As a result, figures for FY2025 have been retroactively revised. Revenue and adjusted EBITDA both achieved double-digit growth, with a significant margin improvement 16
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Commerce Business Increase in revenue +6.6 +0.4 Increase in COGS -0.3 Decrease in SG&A 38.1 Q1’25 Q1’26 +83.8% -4.3% +12.5% (YoY +10.2%) 42.0 +2.5 Increase in adjusted EBITDA of LINE MAN and BEENOS Commerce Business – Performance Factors of Change in Adjusted EBITDA1, 2, 3 (JPY B) Revenue1, 2 (JPY B) LY Corporation ZOZO, ASKUL 174.8 167.2 41.1 75.6 215.9 242.8 Q1'25 Q1'26 Excl. BEENOS and LINE MAN (+11.2%) Decrease in adjusted EBITDA of ASKUL -5.2 1. In FY2025 Q3, services were transferred between segments as part of an organizational restructuring. As a result, figures for FY2024, FY2025 Q1, and Q2 have been retroactively revised. 2. In FY2026 Q1, services were transferred between segments as part of an organizational restructuring. Furthermore, the standards for allocating expenses related to the back office, data centers, and internal infrastructure were revised. As a result, figures for FY2025 have been retroactively revised. 3. Adjusted EBITDA: Operating income + depreciation & amortization ± EBITDA adjustment items. Depreciation & amortization: Depreciation, depreciation of right-of-use assets, etc. EBITDA adjustment items: Gains/losses on non-recurring and non- cash transactions within operating revenue and expenses (loss on retirement of fixed assets, impairment losses, stock compensation expenses, gains on remeasurement relating to business combinations, other transactions with undetermined cash outflows (one-time provisions, etc.), etc.). Also, gains/losses on sales of shares held by certain funds. Definitions changed from FY2022 Q3. Added certain rents to depreciation and amortization, and gains/losses on sales of shares held by certain funds to EBITDA adjustment items. 17
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Commerce Business 1. Please refer to P. 24 of the Appendix for a definition of transaction value. Reuse business sustained strong growth Transaction Value1 320.5 368.5 384.7 352.6 349.8 +5.6% +15.0% +0.6% +5.8% +9.1% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 250.2 262.8 290.3 295.3 296.4 +3.3% +15.9% +16.3% +21.1% +18.4% +0.5% +5.9% +6.7% +10.3% +10.8% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 185.1 222.6 213.5 203.8 204.0 +16.8% +12.7% +13.1% +10.0% +10.2% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 131.0 127.1 166.0 143.1 137.3 105.6 100.6 52.5 82.7 97.8 236.6 227.7 218.6 225.8 235.1 +10.7% +11.9% +10.5% +16.0% +4.8% +4.2% +2.9% -48.2% -15.9% -7.4% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 (Excl. BEENOS) ASKUL ZOZO ASKUL ZOZO Shopping Transaction Value / %YoY Growth (JPY B) Services Transaction Value / %YoY Growth (JPY B) ZOZO & ASKUL Transaction Value / %YoY Growth (JPY B) Reuse Transaction Value / %YoY Growth (JPY B) 18
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Commerce Business -0.9% -3.9% -2.7% -0.8% +3.3% +15.9% +16.3% +21.1% +18.4% +0.5% +5.9% +6.7% +10.3% +10.8% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 1. Began in February 2025. PayPay Points with an expiration date provided in Yahoo! JAPAN Shopping, etc., which can be used in Yahoo! JAPAN Shopping, Yahoo! JAPAN Auction, Yahoo! JAPAN Flea Market, etc. Continuous improvements to service features and promotions drove the growth in transaction value Shopping & Reuse Businesses +10.6% +3.7% +10.1% +2.4% +6.9% +19.9% +1.6% +6.3% +8.6% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Yahoo! JAPAN Shopping Transaction Value / %YoY Growth Reuse Transaction Value / %YoY Growth Last-minute demand ahead of the revisions to the Furusato Nozei (hometown) tax donation program • Introduced PayPay Points (Time Limited),1 reinforced frequently purchased products, enhanced AI-powered features, etc. (Excl. BEENOS) • Stimulated demand through shipping fee rebates, coupon distribution, etc., in line with the expansion of the entertainment market Yahoo! JAPAN Shopping Yahoo! JAPAN Auction & Yahoo! JAPAN Flea Market 19
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Strategic Business 96.5 109.6 118.4 120.9 130.2 +22.0% +34.9% +30.0% +34.9% +34.9% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 22.1% 21.0% 22.3% 19.7% 26.9% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 21.3 23.0 26.4 23.8 35.0 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Adjusted EBITDA1,2.3 (JPY B) Revenue/ %YoY Growth1,2,3 (JPY B) Adjusted EBITDA Margin1,2,3 Revenue % Growth Both revenue and adjusted EBITDA grew significantly, while the margin expanded to 26.9% Strategic Business – Performance 1. In FY2025 Q1, the standards for allocating personnel expenses of technology divisions and expenses related to data centers and i nternal infrastructure were revised. As a result, figures for FY2024 have been retroactively adjusted. 2. In FY2025 Q3, services were transferred between segments as part of an organizational restructuring. As a result, figures for FY2024, FY2025 Q1, and Q2 have been retroactively revised. 3. In FY2026 Q1, services were transferred between segments as part of an organizational restructuring. Furthermore, the standards for allocating expenses related to the back office, data centers, and internal infrastructure were revised. As a result, figures for FY2025 have been retroactively revised. 20
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Strategic Business Increase in revenue +33.7 +3.6 Increase in COGS Increase in SG&A +16.2 (YoY +64.4%) 35.0 21.3 Q1’25 Q1’26 +28.4% +81.7% +34.9% 11.8 21.5 84.6 108.6 96.5 130.2 Q1'25 Q1'26 Strategic Business – Performance Revenue1,2,3 (JPY B) Factors of Change in Adjusted EBITDA1,2,4 (JPY B) PayPay Consolidated Other Fintech 1. In FY2025 Q3, services were transferred between segments as part of an organizational restructuring. As a result, figures for FY2024, FY2025 Q1, and Q2 have been retroactively revised. 2. In FY2026 Q1, services were transferred between segments as part of an organizational restructuring. Furthermore, the standards for allocating expenses related to the back office, data centers, and internal infrastructure were revised. As a result, figures for FY2025 have been retroactively revised. 3. Figures are shown after the elimination of internal transactions between the companies and have been independently calculated following relevant IFRS adjustments. 4. Adjusted EBITDA: Operating income + depreciation & amortization ± EBITDA adjustment items. Depreciation & amortization: Depreciation, depreciation of right-of-use assets, etc. EBITDA adjustment items: Gains/losses on non-recurring and non- cash transactions within operating revenue and expenses (loss on retirement of fixed assets, impairment losses, stock compensation expenses, gains on remeasurement relating to business combinations, other transactions with undetermined cash outflows (one-time provisions, etc.), etc.). Also, gains/losses on sales of shares held by certain funds. Definitions changed from FY2022 Q3. Added certain rents to depreciation and amortization, and gains/losses on sales of shares held by certain funds to EBITDA adjustment items. 21
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Strategic Business 69.81 71.07 72.19 73.36 74.56 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 86.1 92.4 99.8 102.1 109.7 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 4.5 4.7 5.1 5.1 5.5 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 23.5 27.1 31.8 28.5 37.3 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 YoY +6.8% YoY +23.0% YoY +27.4% YoY +59.1% Revenue (Consolidated)3 (JPY B) EBITDA (Consolidated)4 (JPY B) No. of Registered Users1 (Mil) GMV (Consolidated)2 (JPY T) Accelerating the delivery of comprehensive financial services through the acquisition of T&D Financial Life Insurance PayPay Consolidated – Business Overview 1. Number of users who have registered to a PayPay account as of the end of each quarter. 2. Payments via "PayPay Balance," "PayPay Debit," "PayPay Balance Card," "PayPay Credit," "PayPay Card (physical card)," "VISA Debit Card," Alipay, LINE Pay, etc. are included. The use of the "Send/Receive" function of "PayPay Balance" between users and ATM withdrawals using the cash card function of the "VISA Debit Card" are not included. The figures represent the sum of GMVs of PayPay Corporation, PayPay Card Corporation, and PayPay Bank Corporation, with internal transactions eliminated. PayPay Bank Corporation became a subsidiary of PayPay Corporation in FY2025 Q1. In accordance with this change, the figures from FY2022 onward have been retrospectively adjusted. Figures are rounded down to the nearest billion yen and then rounded off to the nearest JPY100 billion. 3. The financial statements of PayPay Bank Corporation and PayPay Securities Corporation have been consolidated with PayPay Corporation from the beginning of FY2022, and those of PayPay Card Corporation have been consolidated with PayPay Corporation from the beginning of FY2021, by applying the pooling-of-interests method. IFRS. Non-audited. 4. The financial statements of PayPay Bank Corporation and PayPay Securities Corporation have been consolidated with PayPay Corporation from the beginning of FY2022, and those of PayPay Card Corporation have been consolidated with PayPay Corporation from the beginning of FY2021, by applying the pooling-of-interests method. EBITDA is calculated by adding depreciation and amortization and non-recurring expenses, such as impairment losses, and loss on retirement of fixed assets, etc. to operating income, IFRS. Non-audited. 22
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Table of Contents 1 Financial Results – Consolidated 2 Financial Results – by Segment 3 Scheduled Commencement of Tender Offer for Kakaku.com
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Overview of the Scheduled Tender Offer Items Details Tender Offer Price • Two tender offer price offered depending on Kakaku.com’s acquisition of treasury shares from KDDI - When all shares are acquired through the tender offer: JPY3,520/share - If Kakaku.com acquires its treasury shares from KDDI: JPY3,640/share Note: In either case, total acquisition price will be approx. JPY690.0billion • Share acquisition rights: JPY1/unit Key Terms • Tender offer period: 20business days • Scheduled number of shares to be purchased: No upper limit, minimum66.05% (131,805,000 shares) Significance of Joint Proposal & Ownership Ratio • Significance of joint proposal: Judged that combining Bain Capital's capital-provision capabilities and hands-on management support with LY Corporation's business foundation, data, and product development capabilities would constitute the framework most conducive to enhancing the long-term corporate value of Kakaku.com • Economic ownership ratio: Bain Capital 50.1%, LY Corporation 49.9% 24
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1. The alliance will be pursued on an arm's-length basis, on the premise that benefits to Kakaku.com are recognized from the perspective of Kakaku.com. 1. User referral to Kakaku.com’s businesses 2. Use of Kakaku.com’s assets in Agent i 3. Solutions for restaurants leveraging Tabelog and LINE 4. Deepening and expansion of HR solutions Leveraging LY Corporation's extensive user touchpoints, data, and payment platform (Subject to the successful completion of the transaction, a separate presentation will be provided on the details) Synergies1 to Be Created (Proposed) 25
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Disclaimer Statements made at the meeting or included in the documents that are not historical facts are forward-looking statements about the future performance of LY Corporation (Company) and its consolidated subsidiaries and affiliates. The Company cautions you that a number of important factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to, the items mentioned in “Risk Factors” in “Consolidated Financial Statements and Independent Auditor's Report” (Japanese only). Unauthorized use of the information or the data in this document is not permitted. Unless otherwise specified, English-language documents are prepared solely for the convenience of non-Japanese speakers. If there is any inconsistency between the English-language documents and the Japanese-language documents, the Japanese-language documents will prevail.
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