ブイキューブ（3681） – [Summary]Summary of Consolidated Financial Results for the Three Months Ended March 31, 2022 (Japanese GAAP)

Summary of Consolidated Financial Results for the Three Months Ended March 31, 2022 (Japanese GAAP) April 28, 2022 Company name: V-cube, Inc. Securities code: 3681 Stock exchange listings: The First Section of the Tokyo Stock Exchange URL: (Japanese) http://jp.vcube.com/ (English) http://www.vcube.com/ Quarterly statement filing date (as planned): May 13, 2022 1.Results of the first quarter ended March 31, 2022 (1) Consolidated quarterly operating results: (millions of Yen, except per share amounts) Net sales Operating profit Ordinary profit Adjusted EBITDA Profit attributable to owners of parent Three months ended Mar. 31, 2022 Mar. 31, 2021 Millions of yen 3,608 % 7.5 Millions of yen 677 % -36.3 Millions of yen 390 Millions of yen 370 % -53.6 Millions of yen 300 % -61.8 3,356 116.6 1,064 272.5 820 798 811.7 787 964.8 % -52.4 － Note: Comprehensive income For the first quarter ended Mar. 31, 2022: ¥730 million [-9.6%] For the first quarter ended Mar. 31, 2021: ¥808 million [－%] Three months ended Mar. 31, 2022 Mar. 31, 2021 Basic earnings per share Diluted earnings per share Yen 12.37 32.43 Yen 12.22 31.47 (2) Consolidated financial position: Total assets Net assets Capital adequacy ratio Net assets per share As of Millions of yen Millions of yen Mar. 31, 2022 Dec. 31, 2021 Reference: 2.Dividends 17,026 15,259 5,636 5,100 Owner’s equity As of Mar. 31, 2022: ¥5,563 million As of Dec. 31, 2021: ¥5,046 million % 32.7 33.1 Yen 229.23 207.92 First quarter-end Second quarter-end Annual dividends per share Third quarter-end Fiscal year-end Total Yen Yen Yen 0.00 0.00 – – Yen 8.00 8.00 Yen 8.00 8.00 Note: Revisions to the forecast of cash dividends most recently announced: None Fiscal year ended Dec. 31, 2021 Fiscal year ended Dec. 31, 2022 Fiscal year ending Dec. 31, 2022 (Forecast) – – 3.Consolidated forecasts Net sales Adjusted EBITDA Operating profit Ordinary profit Millions of yen % Millions of yen % Millions of yen % Millions of yen % (millions of Yen, except per share amounts) Profit attributable to owners of parent Millions of yen % Basic earnings per share Yen 6,700 Six months ended Jun. 30, 2022 Fiscal year ended Dec. 31, 2022 Note: Revisions to the forecasts most recently announced: None 3,380 27.5 13,900 1,500 20.9 11.2 -3.0 850 -16.7 800 -14.7 700 -23.1 28.84 2,000 48.0 1,900 54.2 1,500 13.3 61.80 1 4.Others (1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in the change in scope of consolidation): None (2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: None (3) Changes in accounting policies, changes in accounting estimates, and restatement (i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes (ii) Changes in accounting policies due to other reasons: None (iii) Changes in accounting estimates: None (iv) Restatement: None (4) Number of issued and outstanding shares (common stock) (i) Number of issued and outstanding shares at the period end (including treasury stock) As of December 31, 2021 24,737,400 shares As of March 31, 2022 24,737,400 shares (ii) Number of treasury stock at the end of fiscal year As of December 31, 2021 466,443 shares As of March 31, 2022 466,443 shares (iii) Average number of shares (quarterly period-YTD) Three months ended March 31, 2021 24,268,438 shares Three months ended March 31, 2022 24,270,957 shares * Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit corporation. * Explanation related to appropriate use of results forecasts and other items warranting special mention The above forecasts are based on the information available as of the date of the release of this document. As a result, a variety of factors in the future may cause actual results to differ from these forecasts. 2 (Thousands of yen) As of December 31, 2021 As of March 31, 2022 Consolidated Financial Statements (1) Consolidated Balance Sheet Assets Current assets Cash and deposits Notes and accounts receivable – trade Advance payments to suppliers Other Allowance for doubtful accounts Total current assets Non-current assets Property, plant and equipment Intangible assets Software Software in progress Goodwill Other Total intangible assets Investments and other assets Investment securities Shares of subsidiaries and associates Leasehold and guarantee deposits Long-term loans receivable Deferred tax assets Long-term prepaid expenses Other Allowance for doubtful accounts Total investments and other assets Total non-current assets Total assets 1,823,797 1,728,357 49,156 621,147 △200 4,222,259 1,694,812 1,704,740 661,894 3,759,122 62 6,125,820 273,208 307,569 305,460 48,755 1,651,506 82,102 548,418 △894 3,216,127 11,036,760 15,259,020 2,480,282 2,393,661 48,550 546,985 △20,896 5,448,583 1,672,916 1,997,519 661,081 3,903,241 62 6,561,904 344,703 304,315 350,352 50,602 1,670,310 58,637 564,756 △894 3,342,784 11,577,605 17,026,189 3 (Thousands of yen) As of December 31, 2021 As of March 31, 2022 Liabilities Current liabilities Accounts payable – trade Short-term borrowings Current portion of long-term borrowings Contract liabilities Provision for bonuses Income taxes payable Other Total current liabilities Non-current liabilities Long-term borrowings Lease obligations Asset retirement obligations Other Total non-current liabilities Total liabilities Net assets Shareholders’ equity Share capital Capital surplus Retained earnings Treasury shares Total shareholders’ equity Accumulated other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustment Total accumulated other comprehensive income Share acquisition rights Non-controlling interests Total net assets Total liabilities and net assets 546,312 1,642,912 512,980 882,928 104,119 51,897 837,834 4,578,983 4,828,100 496,941 245,219 8,925 5,579,185 10,158,169 92,190 2,831,834 2,609,803 △794,757 4,739,070 7,380 299,904 307,284 2,160 52,336 5,100,851 15,259,020 593,866 3,112,208 1,773,420 741,534 64,769 51,311 916,133 7,253,243 3,459,200 422,786 245,285 8,790 4,136,061 11,389,305 92,190 2,831,834 2,715,969 △794,757 4,845,236 48,650 669,813 718,463 2,160 71,023 5,636,883 17,026,189 4 (2) Consolidated Statement of Income and Comprehensive Income (Consolidated Statement of Income) (Thousands of yen) Three months ended March 31, 2021 Three months ended March 31, 2022 Net sales Cost of sales Gross profit Selling, general and administrative expenses Operating profit Non-operating income Interest income Insurance claim income Subsidy income Gain on valuation of investment securities Other Total non-operating income Non-operating expenses Interest expenses Foreign exchange losses Commission expenses Rents Share of loss of entities accounted for using equity method Other Total non-operating expenses Ordinary profit Extraordinary losses Loss on retirement of non-current assets Loss on cancellation of leases Litigation settlement Other Total extraordinary losses Profit before income taxes Income taxes – current Income taxes – deferred Total income taxes Profit Profit attributable to non-controlling interests Profit attributable to owners of parent 3,356,189 1,658,818 1,697,371 876,727 820,644 603 250 6,449 6,057 5,601 18,962 6,518 11,309 1,099 9,949 8,321 4,053 41,252 798,353 1,022 － － － 1,022 797,330 309 △1,036 △727 798,057 11,020 787,036 3,608,939 1,947,337 1,661,602 1,271,194 390,408 798 420 5,286 － 679 7,184 10,875 10,600 170 － 5,031 242 26,920 370,672 759 4,170 7,282 630 12,843 357,828 21,180 16,880 38,061 319,767 19,434 300,333 5 (Consolidated Statement of Comprehensive Income) (Thousands of yen) Three months ended March 31, 2021 Three months ended March 31, 2022 Profit Other comprehensive income Valuation difference on available-for-sale securities Foreign currency translation adjustment Total other comprehensive income Comprehensive income Comprehensive income attributable to Comprehensive income attributable to owners of parent Comprehensive income attributable to non-controlling interests 798,057 10,182 △13 10,168 808,226 797,344 10,881 319,767 41,270 369,908 411,179 730,946 712,259 18,687 6