Slides
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November 13, 2025 83rd Investor Meeting Financial Results Briefing for FY2025 Outperformed FY2025 OP Target by 4.4%; next milestone is OP ¥100.0 bn by FY2030 or FY2031
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 2 Safe Harbor Statement for Forward Looking Statements The contents of this document is based on generally recognized economic and social conditions, as well as certain assumptions judged to reasonable by GMO Payment Gateway as of November 13, 2025. Note that the contents are subject to change without prior notice in the event of changes in the business environment, etc. Abbreviations used in this document is as follows: GMO-PG : GMO Payment Gateway GMO-EP : GMO Epsilon GMO-RP : GMO Reserve Plus (formerly GMO Medical Reservation Technology) GMO-PS : GMO Payment Service GMO-FG : GMO Financial Gate GMO-CAS : GMO Card System Merchandise EC : Apparel, food/beverage, cosmetic/health food, delivery/newspaper, daily goods/office supplies and CtoC, etc. Non-merchandise EC : Digital content/telecommunication, utility, travel/ticket, insurance, membership fees/services, etc. PF : Platform MSB : Money Service Business BaaS : Banking as a Service GMP : Global major players PSP : Payment Service Provider
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 3 Agenda 1. FY2025 Earnings Summary 2. FY2026 Earnings Guidance 3. Growth Strategy 4. Sustainability 5. Financial Highlights and Reference Materials
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 4Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 4 1. FY2025 Earnings Summary
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 5 （¥ mil） FY2024 FY2025 % YoY FY2025 Guidance (% achievement) Q4 FY2025 (% YoY) Revenue 73,785 82,499 +11.8% 83,377 (98.9%) 21,496 (+9.7%) Gross Profit 48,103 55,495 +15.4% 52,319 (106.1%) 14,175 (+11.0%) Operating Profit 25,187 31,340 +24.4% 30,225 (103.7%) 7,895 (+39.3%) Pre-tax Profit 27,504 31,911 +16.0% 28,722 (111.1%) 7,972 (+41.7%) Profit Attributable to owners of parent 18,705 21,829 +16.7% 18,511 (117.9%) 6,241 (+40.1%) Dividend Per share ¥116 ¥8 ¥124 ¥144 ¥0 ¥144 +¥28 －¥8 +¥20 － 1.1 Summary of Consolidated Results Revenue grew 11.8%; OP by 24.4% Total Ordinary Special (¥20 higher than plans) Operating Stores*1*2 /IDs*1 End-FY2025 Consol. TRX Volume End-FY2025*1*3 Consol. TRX Value End-FY2025*1 KPI (% YoY) Online payment CP payment Consol. 163,890 stores 438,563 IDs － (+4.7%) (+16.8%) － ≒ 7.30 bn ≒ 1.38 bn ≒ 8.69 bn (+13.8%) (+41.0%) (+17.4%) ≒ ¥13.1 trn ≒ ¥8.7 trn ≒ ¥21.8 trn (+8.6%) (+30.8%) (+16.5%) *1 The figure for operating stores is for GMO-PG and GMO-EP, and the figures for IDs is the number of active IDs for GMO -FG and includes terminal-free but excludes GMO-PG’s GMO Cashless Platform. Online payment TRX volume and value figures are the sum totals for GMO -PG, GMO-EP, GMO-PS. CP payment TRX volume and value a re the sum totals for GMO-FG and GMO-PG’s GMO Cashless Platform. *2 The standards for recognition of the number of operating stores has been revised from Q4 FY2023. Figures exclude a specific case and fincode byGMO. If included, the number of operating stores for the same period would be 782,780 IDs, up 13.5% YoY. *3 TRX volume is calculated based on fee revenue standard, which in the case of online consists of multiple (1 to 3) transactions pe r payment including authorization (tentative sales proceeds) and actual sales proceeds. CP transaction volume is based on one transaction per payment.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 6 73,785 83,377 82,499 0 20,000 40,000 60,000 80,000 100,000 FY2024 Actual FY2025 Guidance 端末影響 決済収益 FY2025 Actual Revenue was a 1% shortfall versus plans due to terminal sales; OP exceeded plans even after absorbing the one-time cost Revenue Operating Profit 1.2 Revenue and OP Performance Versus Guidance Terminal sales ▲4,272 Payment, etc. +3,394 ¥878 mil below plan (▲1.1%) 25,187 30,225 31,340 0 10,000 20,000 30,000 40,000 FY2024 Actual FY2025 Guidance 端末影響 決済収益 FY2025 Actual One-time cost ▲1,028 Payment, etc. +2,143 ¥1,115 mil above plan (+3.7%) （¥ mil） （¥ mil）
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 7 1.3 FY2025 Earnings Wrap-Up Issued tackled and advanced mid-to-long term initiatives at each consolidated subsidiary Positives Negatives (=issues tackled) Consol. GMO-EP*1 GMO-PS GMO-FG*2 Performance vs. plan GMO-PG ・GMO Enpay joins PG group Achieved single month of positive profit ・GMO-RP: Increased equity & reorganization ・¥20.0 bn raised from bond issuance ・Revenue missed plans (mainly due to shortfall of terminal sales) → Improve consolidated oversight/ Improve budgeting accuracy ・Strengthened sales structure and product ・Advanced B2B domains and industry-specific initiatives ・One-time costs in Q2 due to system trouble → No additional cost ・Payment revenue in non-merchandise*3*4 +453.7% ・Launch inter-company payment PF with Mizuho Bank ・EP non-consol revenue*4 reached single digit growth +9.6% →Expanding on new initiatives ・Low and stable default rates OP outperformed plans by 125.7% ・Revenue affected by specific sector *4 +7.3% →Strengthen synergy with PG consolidated ・Recurring-model revenue*4*5 +31.6% ・OP*4 +45.6% ・Shortfall in terminal sales to SMEs →Improve planning accuracy/ execute on pipeline projects 98.9% 103.2% 100.5% 96.7% 80.8% Revenue 103.7%OP Revenue Revenue Revenue Revenue *1 Figures are GMO-FG non-consolidated. *2 Figures are taken from GMO-FG’s consolidated financial results. *3 Figures are for fincode byGMO. *4 Figures show % YoY. *5 Recurring-model revenue is the sum total of stock, fee and spread and excludes initial which mostly consists of terminal sales.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 8 ROIC improved by 1.4%pt, ROE by 1.0%pt from improved capital efficiency across businesses and on a consolidated basis *1 ROE = Net profit attributable to owners of parent / Equity attributable to owners of parent *2 ROIC = NOPAT (OP×(1－effective tax rate)) / Invested capital(Interest bearing debt + total equity) 20.1% 33.8% 15.0% 19.2% 20.2% 11.2% 10.1% 10.3% 11.6% 13.0% 5.5% 6.1% 6.8% 7.6% 8.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% FY2021 FY2022 FY2023 FY2024 FY2025 ROE ROIC WACC Annual trend of ROE*1／ROIC*2／WACC 1.4 Capital Efficiency *1 *2 20% Gain on sale of equity method investment ¥16.9 bn Jul. 2025 Straight bond ¥20.0 issued Credit rating: A- Euro Yen CB Due June 2026 Raised ¥20.0 bn WACC Reduce cost of equity ・Reduce correlation with earnings through consolidated management ・ESG initiatives ・Continuous enhancement of IR activities ・Disciplined use of financial leverage ROE*1 Aim to improve above the 20% ROE ROIC*2 Main above-WACC level ・Business model of secularly improving profit margin ・Evaluate by business and investment item Pursue profit growth to be higher than growth in equity capital WACC：Adopting part 5-year monthly averaged calculated using CAPM.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 9Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 9 2. FY2026 Earnings Guidance
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 10 Revenue guided to increase 13.0%, OP guided to increase 20.1% Earnings Guidance for FY2026 2. FY2026 Earnings Guidance (¥ mil) FY2025 Actual FY2026 Guidance % YoY Revenue 82,499 93,235 +13.0% Gross Profit 55,495 62,052 +11.8% Operating Profit 31,340 37,639 +20.1% Pre-tax Profit 31,911 36,119 +13.2% Profit Attributable to Owners of Parent 21,829 23,406 +7.2% Dividend Per share (Payout ratio) ¥144 (50.0%) ¥170 (55.1%) +¥26 (+5.1%)
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 11Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 11 3. Growth Strategy
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 12 Value-Add domain*Payment Domain* 3.1 Next Milestone of OP ¥100.0 bn in FY2030 or FY2031 Drivers to achieve OP ¥100.0 bn * Payment domain covers GMO-PG non-consol. (excluded BaaS support, Salary Fintech services), GMO-EP non-consol., and GMO-PS, GMO-FG consol. Value-added domain covers: BaaS support, global, GMO-RP, Salary FinTech, GMO Enpay, etc. 3.2.1 3.2.2 3.2.3 30.0bn 3.2.4 ¥100.0 bn 1.6 15.0bn1.11.6× × × ＋＝ Market expansion Share expansion Profitability improvement FY2025 OP FY2030 or FY2031 OP target
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 13 EC & Cashless Market forecast to expand by1.6x *1 Figures are GMO-PG estimates calculated by referencing Ministry of Economy, Trade and Industry’s “2024 Ratio of Cashless Payment Among the Total Amount Paid by Consumers Calculated”. *2 OMO: Online Merges with Offline *3 Ministry of Health, Labor and Welfare’s “Analysis of the Labour Economy 2022 Challenges in Promoting Labour Mobility Through Support for Worker’s Proactive Career Development” *4 Figures for 2020 and 2025 are excerpts from Japan National Tourism Organization’s Visitor Arrivals in Japan (Dec. 2024 and annual estimates). Figures for 2030 are excerpted from The New Tourism Nation Promotion Basic Plan by the Ministry of Land, Infrastructure, Transport and Tourism. Market sizes of EC & cashless payment markets*1 3.2.1 Market Expansion Inbound*4 EC penetration rate Working age population*3 10% 72.0 mil 37.0 mil 12%～ 69.0 mil 60.0 mil Merchandise EC CP payment OMO*2 ×1.6 2020 2025 2030 to 2031 8% 74.0 mil 32.0 mil ¥141 trn ¥226 trn¥86 trn (2019) Non-merchandise EC ×1.6 USA 16% UK 27%
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 14 GMO-PG market share to expand to 25% * Figures are GMO-PG estimates calculated by referencing Ministry of Economy, Trade and Industry’s “2024 Ratio of Cashless Payment Among the Total Amount Paid by Consumers Calculated”. GMO-PG consolidated transaction value share of EC & cashless payment market* 3.2.2 Share Expansion ¥86 trn ¥226 trn GMO-PG consol. Peers 6.9% ¥141 trn 15.5% Majority of newly acquired customers are switch-ins from competitors FY2030 to FY2031FY2020 FY2025 25%×1.6×2.2 EC & Cashless payment market GMO-PG consol. TRX value share
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 15 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Online payment (GMO-PG, GMO-EP) Consol. 31.7% 32.7% 39.0% 29.6% 0% 10% 20% 30% 40% 50% 60% FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Cost of Sale ratio SG&A ratio 31.4% 38.0% 0.0% 30.0% 60.0% 0 10 20 30 40 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 OP per employee (left axis) OP margin (right axis) Aim for 5%pt. OP margin uplift from the three strategies (×1.1) * Figures for online payment (GMO-PG, GMO-EP) is calculated by dividing spread revenue for online payments at GMO-PG and GMO-EP, by the online payment transaction value from merchants under the representative contracts for GMO-PG and GMO-EP. Figures for “Consol.” is calculated by dividing consolidated spread revenue by consolidated transaction value. Spread revenue for online payment is the value of merchant discount rate after deducting the amount paid to payment method providers (i.e. net amount). Take are of spread revenue* OP margin & OP per employeeCoS and SGA to revenue ratio 3.2.3 Profitability Improvement Maintain take rate level by strengthening market position Leverage operating leverage by scaling up businesses Improve productivity through AI deployment (¥ mil) ¥36.0 mil ¥17.0 mil
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 16 Expand OP from value-added domain to ¥15.0 bn in FY2030 to FY2031 * Figures are before allocating corporate expenses. Operating profit target of the value-added domain 3.2.4 Value-Added Domains Total ¥0.1 bn* FY2030 to FY2031FY2020 FY2025 OP Total ¥3.0 bn* Total ¥15.0 bn105% CAGR BaaS Support Global GMO-RP BaaS Support Global GMO-RP GMO Enpay Beyond the PSP domainSalary FinTech Less than ¥0.1 bn Over ¥1.0bnFrom ¥0.1~¥1.0bn 30% CAGR ＋ BaaS Support Global GMO-RP GMO Enpay Salary FinTech
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 17 Aim for revenue over ¥110.0 bn for the combined 3 business areas GMO-PG non-consol. revenue target*1 3.3.1 GMO-PG Non-consolidated FY2025 2026年 2027年 2028年 2029年 FY2030 to FY2031 Revenue target for FY2030-FY2031 ¥110.0 bn~ Expand industry- specific PFs Increase number of customer acquisitions Shift to large customer segment Establish revenue pillar ・BaaS support ・BtoB Target market Merchandise EC*2 ¥15 trn Broader EC*3 ¥60 trn Corporate card market*4 ¥6 trn ・Expand into BtoB domain Invoice Card Pay revenue ¥0.4 bn ・Advanced pipeline management and sales structure Progress during FY2025 Travel Power&Gas Healthcare Real Estate Tax Insurance Education 3.7 Payment system market *1 Before consolidated adjustments. *2 Based on Ministry of Economy, Trade and Industry’s, “FY2023 E-Commerce Market Survey.” *3 Figures are GMO-PG estimates calculated by referencing the BtoC EC market taken from Ministry of Economy, Trade and Industry’s, “FY2023 E -Commerce Market Survey” and various statistics relate d to the target markets. *4 Figures are GMO-PG estimates calculated by referencing Yano Research Institute Ltd.’s “Final Report on the FY2023 Project to Improve the Commercial Transaction and Service Environment” regarding private sector research project on the promotion of credit card payment data used in corporate accounting operations. ・Service wins to top tier companies and expand adoption within each vertical: utility, entertainment, food & beverage etc. FY2025 Revenue (actual) ¥44.5 bn
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 18 Support merchant’s revenue growth by improving authorization rates* through data accumulation * Credit card authorization rate is the ratio of of payment transactions that are ultimately approved (i.e. successful transactions) to the total number of payment requests made. 3.3.2 GMO-PG Non-Consol.: Pursue Further Share Gain From Strengthening Competitive Advantage Onboarded Forter to the flagship payment service Consol. transaction volume 8.69 bn transactions Collaborate with international brands and acquiror Accumulate industry-specific expertise Reference application Eco-system Comprehensive capability Consol. transaction value ¥21.8 trn Accumulate payment data Improve authorization rate* Improve fraud detection using AI Increase revenue Increase nos. of merchants Increase GMV5.16.3 5.16.2 5.16.1
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 19 *1 Before consolidated adjustments. *2 Figures are GMO-PG estimates by referencing Ministry of Economy, Trade and Industry’s “Results of FY2024 E-Commerce Market Survey” 0 16,000 FY2025 列1 列5 列2 列3 列4 FY2030 to FY2031 GMO-EP non-consol. revenue target*1 3.4 GMO-EP Non-Consolidated ¥27 trn*2 ・Payment service targeting non-merchandise startups fincode byGMO revenue increased 453.7% YoY ・Build strategic partners to address each industry ・Expand into BtoB domain by enhancing product functionalities ・Expand footprint by leveraging PG group synergy Food & beverage RetailDigital content ・fincode byGMO made MCP compliant, the first for a domestic PSP Target market PSP business Financial-related business Progress during FY2025 Revenue target for FY2030-FY2031 ¥15.0 bn~ Comprehensive FinTech solutions Expand strategic partners Enter BtoB domains Lower dependence on merchandise CtoC BtoB FY2025 Revenue (actual) ¥5.7 bn Aim for revenue over ¥15.0 bn by expanding non-merchandise and financial-related services in FY2030 to FY2031 Accomo- dation, Transport Education ・Launch of ”M‘s PayBridge,” the BtoB payment PF together with Mizuho Bank
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 20 0 37,000 FY2025 列1 列5 列2 列3 列4 FY2030 to FY2031 Aim for revenue over ¥32.0 bn from expanding BNPL & B2B Pay On Credit in FY2030 to FY2031 GMO-PS revenue target*1 3.5 GMO-PS ・Alliances with business operators with management ・Unlock new revenue streams by expanding points of monetization ・Buildout next-generation AI-driven credit screening PF GMO Payment After Delivery, etc. atokara GMO B2B Pay On Credit, etc. Target market ・GMO B2B Pay On Credit revenue increased 79.9% YoY ・Low and stable default rates ・Strengthened synergy with PG group through reorganization Progress during FY2025 ¥40 trn*2 BtoBBtoC CP Multi-product portfolio Multi-level monetization model Collaborate with major platformers Advanced credit management FY2025 Revenue (actual) ¥11.2 bn *1 Before consolidated adjustments. *2 Figures are GMO-PG estimates by referencing Ministry of Economy, Trade and Industry’s “Results of FY2024 E-Commerce Market Survey” Revenue target for FY2030-FY2031 ¥32.0 bn~
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 21 Aim for OP over ¥5.0bn in FY2030 by expanding nos. of IDs and ARPU GMO-FG consol. OP target*1 3.6 GMO-FG Consolidated: CP Payments Target market*2 *1 Figures are taken from GMO-FG’s consolidated financial results. *2 Figures are GMO-FG estimates calculated by referencing Yano Research Institute's "2024 Edition: Current Situation and Future Forecast of the Domestic Cashless Payment Market," "2024 Edition: Current Situation and Future Forecast of Online Payment Service Providers," and "Survey on the Digital Marketing Market (2024)," and Fuji Chimera Research Institute Co., Ltd.'s "2025 Future Outlook for the Digital Transformation Market: Market Edition" FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2031 FY2032 FY2033 Core payment Payment operation DX Payment enhancement ・Major customer acquisitions (4 out of 5 of top TRX value customers are new acquisitions) Recurring-model revenue up 31.6% YoY ・Listed on TSE Prime market strengthened organization ・Acquired mobile order business Released digital restaurant byGMO OP target for FY2033 ¥10.0 bn~ OP target for FY2030 ¥5.0 bn~ Core payment ¥261 trn 2030 (est.) Payment operation DX ¥9 trn Payment Enhancement ¥1 trn FY2025 ¥2.2 bn ・Expand merchants (IDs) in daily goods domain ・Increase ARPU by strengthening solution assets ・Drive labor-saving trend (self checkout, mobility, IoT) Progress during FY2025
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 22 Aim for revenue over ¥12.0 bn by building new revenue model in 2030 to 2031 BaaS support revenue target* 3.7 BaaS Support (Value-Added Domain) * Before consolidated adjustments. 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 FY2030-FY2031 (¥ mil) ・Expansion of credit card issuing support Revenue target for FY2030-FY2031 ¥12.0 bn~ CAGR 53% CAGR 24% ・Buildout new revenue model by utilizing brand license Progress during FY2025 ・Issuing support revenue up 37.3% YoY ・Expansion of branded prepaid issuing ・Penetrating verticals with QR-code issuing system ・Advancing cooperation with international brands
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 23 0 1,000 2,000 3,000 4,000 5,000 2025年 2026年 2027年 2028年 2029年 2030-31年 0 300 600 900 1,200 1,500 2020年 2021年 2022年 2023年 2024年 2025年 Aim for OP of ¥4.0bn～¥5.0 bn through the three initiatives in FY2030 to FY2031 Global operating profit* 3.8 Global (Value-Added Domain) Actual Target FY2030 to FY2031 ¥4.0-¥5.0 bn (conservative plan)FY2025 ¥1.5 bn CAGR 53% CAGR 19% Lending Strengthen priority countries of India and USA while expanding into other countries Investment Equity investment into new solution that has TAM expanding potential (¥ mil) (¥ mil) Advance business collaboration Strengthen business collaboration with borrowers Lending Balance ¥29.4 bn (up 56% YoY) Avg. interest rate 11% Progress during FY2025 Asia payment Revenue up 60% YoY (revenue contribution from remittance service to Big Tech) * Figures are before consolidated adjustments. FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030-FY2031
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 24 Aim for revenue over ¥9.0 bn in the three value-added domains in 2030 to 2031 *1 Figures are before consolidated adjustments. *2 Figures for medical FinTech are referenced from ¥Ministry of Health, Labour and Welfare’s FY 2023 Outline of Scope and Estimates for National Medical Care Expenditure. Figures for medical DX are referenced from Yano Research Institute Ltd.’s “Medical Information Systems Market in Japan 2024” . Figures for reservation management SaaS are GMO -PG estimates using market statistics. *3 Figure is calculated by multiplying the expenditure per household with the number of total households by referencing Natio nal Institute of Population and Social Security Research’s “Population Statistics (2022)” and Ministry of Internal Affairs and Communication’s “Family Income and Expenditure Survey.” *4 Japan Consumer Credit Association’s report on the survey of consumption patters for the realization of cashless society (N omura Research Institute, Ltd.) GMO-RP GMO EnpaySalary FinTech 3.9 GMO-RP/Salary FinTech/GMO Enpay (Value-Added Domains) ・Expand to veterinarians and dentist ・Enable “reservation+α” by upstream/downstream expansion ・Unlock synergies with GMO-PG (feedback into payment business) ・Promote DX of salary process ・Salary paid by digital money ・Spot work remittance ・Expand scope of salary remittance Nursery/ Education market ¥5 trn*3 DX + new industry Credit card & E-money penetration 0～5%*4 ・Unlock synergies with GMO-PG (local govt. and large enterprises, etc.) ・Create new Create new monetization streams ・Revenue*1 52% YoY ・Monthly basis positive profit ・Revenue*1 46% YoY ・API integration with Office attendance SaaS Salary prepayment market ¥1.2 trn Salary market Reservation management SaaS ¥48.0 bn*2 Medical DX ¥300.0 bn*2 Medical FinTech ¥5.9 trn*2 ・Revenue*1 36% YoY ・Raised equity & reorganization Progress during FY2025 Initiatives Target market
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 25Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 25 4. Sustainability
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 26 ・FY2024 Two consecutive years of zero GHG emissions (Scope 1&2) ・Estimated to achieve net zero GHG emissions (Scope 1&2) in FY2025*1 Advancing sustainability management Received numerous accreditations from external evaluation organizations Environment GovernanceSocial 4. Sustainability: Summary NEW New achievements during Q4 (Jul. to Sep. 2025) Inclusion into ESG indices 3 consecutive years*3 Selected for 2 consecutive years*2 Jun 2025 Jun 2025 Jun 2025 Aug 2025 Received Net Zero Certification Jul 2025 May 2024 Mar 2025 3 years in a row Sep 2024 Jun 2024 Aug 2024 NEW NEW Sep 2025 NEW Active engagement through IR activities ・ Overseas IR roadshows ・Total number of companies engaged Approx. 640 companies Approx. 810 companies FY2024 FY2025 Jun 2025 1 time 2 times FY2024 FY2025 3 consecutive years*3 4 consecutive years*3 *1 Preliminary view before a third party certification. *2 FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that GMO Payment Gateway, Inc. has been independently assessed according to the FTSE4GOOD criteria, and has satisfied the requirements to become a constituent of the FTSE4GOOD Index Series, FTSE Blossom Japan Index and FTSE Blossom Japan Sector Relative Index. *3 The inclusion of GMO Payment Gateway, Inc. in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of GMO Payment Gateway, Inc. by MSCI or any of its affiliates. The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 27Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 27 5. Financial Highlights and Reference Materials
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 28 5.1.1 Consolidated Balance Sheet 94,804 105,819 116,177 22,992 24,670 26,20729,350 33,255 23,31219,763 19,849 39,85128,203 28,413 33,792 97,231 132,694 167,458 0 100,000 200,000 300,000 400,000 End-Q4 FY2023 End-Q4 FY2024 End-Q4 FY2025 Equity MSB related Borrowings Bonds Other Deposits received 14,916 18,400 14,571 103,132 108,557 128,408 40,639 43,689 43,780 133,658 174,053 220,040 0 100,000 200,000 300,000 400,000 End-Q4 FY2023 End-Q4 FY2024 End-Q4 FY2025 Investment related MSB related Other Cash & Equivalent Prov. for doubtful accounts －3,886 *1 *2 *3 －4,638 27.8% (47.2%) 292,346 344,702 *2 －4,616 406,800 Equity ratio*4 31.6% (47.3%) 29.9% (48.5%) ※・Liquidity necessary for payment processing business ・Funds for investment/lending ・Funds for CB redemption ※ 292,346 344,702 406,800 Increase in deposits received and MSB related assets due to scaling up of business Assets Liabilities and Equity (¥ mil) (¥ mil) Cash corres- ponding to deposits received *1 Securities classified under investment securities and investment accounted for under the equity method. *2 MSB Related Asset: Lease assets, short term loans, advances paid and accrued revenue (net of provision for doubtful accounts) . MSB Related Liabilities: Accrued expenses. *3 Nearly all of the deposits received consists of temporary deposits received from merchants under the representative contract and merchants using the rem ittance service. *4 Equity ratio presents the proportion of equity attributable to owners of parent and is calculated by dividing total assets with equity attributable to owners of parent. The figures in the parentheses present the adjusted equity attributable to owners of parent ratio and is calculated by divid ing total assets less deposits received with equity attributable to owners of parent. *5 Some figures are shown in net amounts of financial assets and liabilities.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 29 5.1.2 Major Consolidated Financial Indicators*1 8.5% 14.1% 20.2% 27.8% 38.0% 0 5 10 15 20 25 30 35 40 45 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Total assets Return on asset using pretax profit (ROA) Adj. return on asset using pretax profit (Adj. ROA) Return on equity using profit attributable to owners of parent (ROE) Ratio of total equity attributable to owners of parent to total assets (equity ratio) Operating profit margin J-GAAP IFRS *2 Managing businesses while balancing profitability, capital efficiency and capital base Third party allotment Raised ¥8.0bn Issued Euro Yen CB Due 2023 Raised ¥17.5 bn Euro Yen CB Due 2026 Raised ¥21.1 bn Euro Yen CB Due 2023 Fully converted ROE baseline *1 Figures from FY2018 are based on IFRS standards. For figures before FY ending September 2017 are based on J -GAAP standards. As such, total assets refers to assets, equity refers to net assets and total equity attributable to owners of parent to total assets refers to equity ratio, return on total assets using profit attributable to owners of parent refers to ordinary profit to assets ratio, and return on equity using profit attributable to owners of paren t (ROE) refers to net profit to equity ratio. *2 Under IFRS, profit before taxes is used as the numerator and total assets excluding deposits received is used as the denom inator. Under J-GAAP, ordinary profit is used as numerator and assets excluding deposits received is used as the denominator. （¥ bn）
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 30 5.2.1 Waterfall Chart of Consol. Revenue (Annual) 68 70 72 74 76 78 80 82 0 Others Non-merchandise EC +20.2% Growth of travel/ticket (+21.8%), Hometown tax, etc Consol. GMO-FG*1*2 BaaS support +24.7% Payment After Delivery Growth deceleration for merchants in a particular sector GMO-PG*3 GMO-PS*3 Consol. GMO-EP*1*3 FY2024 FY2025 ¥82.4 bn Initial －24.6% Shift towards terminal-free in SME domain +11.8% Consol. +13.1%+7.3%+18.7%－4.2% MSB +32.0% Recurring-model*4 +31.6% Contribution of high-volume merchant Overseas*3 +38.1% Merchandise EC +17.0% Underperformed plans ¥73.7 bn GMO-FG’s initial revenue declined 24.6% causing consol. revenue to increase by only 11.8% （% YoY） （¥ bn） *1 Consol. GMO-FG includes GMO-FG and GMO-CAS. Consol. GMO-EP includes GMO-EP and GMO-RP. *2 Figures are taken from GMO-FG’s consolidated financial results. *3 Figures are before GMO-PG’s consolidation adjustments. *4 Recurring-model revenue is the sum total of stock, fee and spread and excludes initial which mostly consists of terminal sales.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 31 5.2.2 Waterfall Chart of Consol. Revenue (Q4) 18 19 20 21 22 0 Others Non-merchandise EC +18.3% Growth of Hometown tax, etc. BaaS support +24.4% Payment After Delivery Growth deceleration for merchants in a particular sector GMO-PG*3 GMO-PS*3 Q4 FY2024 Q4 FY2025 ¥19.5 bn ¥21.4 bn Initial －32.0% Shift towards terminal-free in SME domain +9.7% MSB +23.6% Recurring-model*4 +36.3% Contribution of high-volume merchant +49.2% Merchandise EC +14.0% +13.3%+8.4%+14.8%－7.3% GMO-FG’s initial revenue declined 32.0% causing consol. revenue to increase by only 9.7% （% YoY） （¥ bn） Consol. GMO-FG*1*2 Consol. GMO-EP*1*3 Overseas*3 Consol. *1 Consol. GMO-FG includes GMO-FG and GMO-CAS. Consol. GMO-EP includes GMO-EP and GMO-RP. *2 Figures are taken from GMO-FG’s consolidated financial results. *3 Figures are before GMO-PG’s consolidation adjustments. *4 Recurring-model revenue is the sum total of stock, fee and spread and excludes initial which mostly consists of terminal sales.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 32 24/4Q 営業利益 粗利（増減） 販管費（増減） その他の収益（増減） その他の費用（増減） 25/4Q 営業利益 OP waterfall chart*1 Pre-tax profit waterfall chart*1 5.3 Waterfall Chart for Consol. OP and Pre-tax Profit (Annual) FY2024 OP FY2025 OP SGA increase －1,191 GP increase +7,391 OP increase +6,152 Financial expense increase －36 25,187 31,340 27,504 31,911 % YoY +24.4% （profit impact） ・ One-time expense in Q2 －1,028 mil FY2024 Pretax profit FY2025 Pretax profit ・ Interest received decrease －345 mil ・ Increase in interest expense －134 mil ・ Increase in losses on inv. partnership ＋166 mil Financial income decrease －297 Equity method profit increase +217 Other revenue decrease －25 ・CoS ratio decline +1,710 mil ・Revenue increase +5,681 mil Other expense increase －22 % YoY +16.0% Gain on sales of affiliate decrease －1,629 （profit impact） ・ Portion of gain from sale of 2C2P shares in Q3 FY2022*2 －1,629 mil OP grew 24.4% despite one-time expense booked in Q2 （¥ mil）（¥ mil） *1 The “+” and “-” sign denote the direction of the impact to operating profit and pretax profit. *2 Recorded a gain on sales of a portion of the transfer value held in an escrow account as certain conditions have been fulfill ed as set forth in the share transfer agreement. (Please refer to timely disclosure material on April 18, 2022)
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 33 5.4.1 Consolidated CoS and SG&A Ratio (Quarterly Trend) 11,857 12,201 12,897 13,341 14,813 15,641 16,546 16,118 17,785 18,313 18,096 19,588 20,295 20,462 20,245 21,496 3,684 4,021 4,469 4,487 5,022 5,823 6,374 5,913 6,238 6,593 6,033 6,816 6,677 6,539 6,465 7,321 4,108 4,075 3,959 5,460 4,743 4,618 4,570 5,960 5,799 4,976 5,280 7,175 6,476 5,934 5,694 6,317 31.1% 33.0% 34.7% 33.6% 33.9% 37.2% 38.5% 36.7% 35.1% 36.0% 33.3% 34.8% 32.9% 32.0% 31.9% 34.1% 34.6% 33.4% 30.7% 40.9% 32.0% 29.5% 27.6% 37.0% 32.6% 27.2% 29.2% 36.6% 31.9% 29.0% 28.1% 29.4% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 22,000 22/1Q 22/2Q 22/3Q 22/4Q 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q 24/2Q 24/3Q 24/4Q 25/1Q 25/2Q 25/3Q 25/4Q Revenue Cost of Sales SG&A CoS ratio SGA ratio Cost of sales ratio fluctuates depending on revenue mix (¥ mil)
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 34 5.4.2 CoS/SGA Ratio of GMO-PG & GMO-EP (Quarterly) 7,682 7,906 7,977 8,498 9,083 9,219 9,177 9,564 10,158 10,511 10,681 11,449 12,161 12,533 12,539 13,079 1,483 1,616 1,553 1,711 1,696 1,822 1,794 2,001 1,936 2,192 2,138 2,475 2,534 2,634 2,733 3,024 2,495 2,603 2,345 3,462 2,755 2,796 2,447 3,501 3,462 2,722 3,190 3,920 4,330 3,136 3,125 3,442 19.3% 20.5% 19.5% 20.1% 18.7% 19.8% 19.6% 20.9% 19.1% 20.9% 20.0% 21.6% 20.8% 21.0% 21.8% 23.2% 32.5% 32.9% 29.4% 40.7% 30.3% 30.3% 26.7% 36.6% 34.1% 25.9% 29.9% 34.2% 35.6% 25.0% 24.9% 26.3% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 22/1Q 22/2Q 22/3Q 22/4Q 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q 24/2Q 24/3Q 24/4Q 25/1Q 25/2Q 25/3Q 25/4Q Revenue Cost of Sales SG&A CoS ratio SGA ratio SGA ratio 1-yr moving average CoS ratio trending stably for online payment business (¥ mil) * Figures presented are before consolidation adjustments
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 35 5.5 Consolidated Revenue and Operating Profit (Quarterly) * Figures for consolidated revenue and operating profit for FY2026 are based on guidance. 1Q 2Q 3Q 4Q FY2023 14,813 15,641 16,546 16,118 FY2024 17,785 18,313 18,096 19,588 FY2025 20,295 20,462 20,245 21,496 FY2026 Guidance 21,889 22,241 23,705 25,398 0 5,000 10,000 15,000 20,000 25,000 30,000 FY2023 FY2024 FY2025 FY2026 Guidance 1Q 2Q 3Q 4Q FY2023 5,090 5,260 5,671 4,290 FY2024 5,830 6,822 6,866 5,668 FY2025 7,254 8,059 8,130 7,895 FY2026 Guidance 8,559 9,510 10,097 9,471 0 2,000 4,000 6,000 8,000 10,000 12,000 FY2023 FY2024 FY2025 FY2026 Guidance Consolidated revenue Consolidated operating profit 0 （¥ mil） （¥ mil）
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 36 5.6 Consolidated EBITDA* and EBITDA Margin (Quarterly) * Figures are the sum of operating profit and depreciation. 5,657 5,853 6,289 4,932 6,594 7,633 7,720 6,588 8,157 9,016 9,142 8,946 38.2% 37.4% 38.0% 30.6% 37.1% 41.7% 42.7% 33.6% 40.2% 44.1% 45.2% 41.6% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q 24/2Q 24/3Q 24/4Q 25/1Q 25/2Q 25/3Q 25/4Q EBITDA EBITDA margin FY2023 ¥22,731 mil FY2024 ¥28,534 mil FY2025 ¥35,261 mil （¥ mil）
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 37 5.7.1 Consolidated Cash Flow Statement (Annual) Pretax profit +31,911 Deprec. & Amort. +3,920 Trade/other receivables －9,415 Advances paid －5,261 Accrued revenue －171 Accrued expenses +1,337 Deposits received +34,753 Other finan. liabilities ＋1,314 Income taxes paid －6,865 -10,000 0 10,000 20,000 30,000 40,000 50,000 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Operating CF Investing CP Financing CP FCF Investing CF ： －7,328 FCF ： +46,430 FY2025 (¥ mil) Cash & cash equivalents ： 220,040 Acq. of intangibles －3,368 Purchase of inv. securities －2,178 Purchase of equity method inv. －500 Distributions from inv. partnerships +738 Acq. of subsidiary shares －1,718 Financing CF ： －1,242 Net chg. in ST borrowings －11,400 LT borrowings +2,350 Repayment of LT borrowings ー998 Bond issuance +19,911 Bond redemption ー200 Acq. of subsidiary’s treasury shares ー499 Dividends paid －9,399 Operating CF ： +53,759 Mainly Money Service Business* FCF is calculated as the sum-total of Operating CF and Investing CF. Only major items of the cash flow statement are shown on this page. （¥ mil）
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 38 5.7.2 Major Factors Affecting Consolidated Cash Flow Statement Related liabilities & assets Impact from business expansion Payment Processing Business Sales proceeds of merchants under the Representative Contract Deposits received (liability) Yearly fluctuations can be large as annual TRX value of trillions of yen can be carried over to the following year Money Service Business Accrued revenue (asset) Advances paid (asset)Early Payment service Payment After Delivery service Accrued expense (liability) Liability Operating CF Asset Asset Liability Operating CF Operating CF Operating CF
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 39 12,398 9,497 11,505 13,796 21,356 24,864 28,525 34,340 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 FY2024 FY2025 Initial Stock Fee Spread 5.8.1 Revenue by Business Model (Annual) ＋ Online payment (GMO-PG) ＋ Overseas lending ＋ CP payment － Payment after Delivery － Online payment (GMO-EP) ＋ Remittance service ＋ CP payment － Payment after Delivery － Online payment (GMO-PG) ＋ BaaS Support ＋ CP payment ＋ Medical Innovation byGMO － CP payment Factors* +20.4% +19.9% －23.4% +16.4% +16.3% +22.1% +8.7% +20.2% % YoY FY2024 FY2025 73,785 82,449 Spread revenues grew over 20% (¥ mil) Spread Fee Stock Initial * The “+” and “-” denotes a growth rate higher or lower than the consolidated revenue growth of 11.8%, respectively.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 40 1,484 1,678 2,166 2,005 2,260 3,015 3,536 2,591 2,984 3,392 2,658 3,363 2,653 2,616 1,866 2,361 1,851 1,947 2,037 2,080 2,237 2,288 2,408 2,487 2,719 2,764 2,922 3,098 3,187 3,369 3,595 3,644 3,149 3,278 3,395 3,840 4,257 4,311 4,430 4,773 5,093 5,267 5,292 5,702 5,990 6,088 6,324 6,461 5,371 5,296 5,297 5,415 6,057 6,025 6,171 6,265 6,988 6,889 7,222 7,424 8,464 8,387 8,459 9,029 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 22/1Q 22/2Q 22/3Q 22/4Q 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q 24/2Q 24/3Q 24/4Q 25/1Q 25/2Q 25/3Q 25/4Q Initial Stock Fee Spread 5.8.2 Consolidated Revenue by Business Model (Quarterly) (¥ mil)
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 41 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 24/累4Q 25/累4Q 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 24/累4Q 25/累4Q Money Service Business segment OP grew 31.7% from growth of remittance service and overseas lending * Figures for consolidated revenue and consolidated operating profit are after inter-segment eliminations. The “+” denote a YoY growth and the “-” sign denote a YoY decline for segment revenue figures. Segment revenue* Segment profit/loss* 5.9.1 Consol. Segment Performance (Annual) +29.4% +19.5% +49.2% +24.0% +11.9% +18.1% +31.7% +24.4% +31.3% +16.7% +16.8% +17.0% +10.3% +16.6% FY2024 FY2025 % YoY +16.9% +11.8% + Remittance service + Overseas lending + BPSP - GMO Payment After Delivery FY2024 FY2025 % YoY FY2024 FY2025 Payment Enhancement Business 1,509 1,766 Money Service Business 16,462 19,188 Payment Processing Business 55,927 61,677 Total 73,785 82,499 FY2024 FY2025 Payment Enhancement Business 373 418 Money Service Business 4,104 5,407 Payment Processing Business 25,214 29,779 OP (after eliminations) 25,187 31,340 (¥ mil) (¥ mil) + Online payment (GMO-PG) + Online payment (GMO-EP) + CP recurring-model - CP initial + Remittance service + GMO Payment After Delivery + Overseas lending + Online payment (GMO-PG) + CP recurring-model - One-time expense
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 42 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 24/4Q 25/4Q 0 5,000 10,000 15,000 20,000 24/単4Q 25/単4Q Payment Processing Business revenue grew 19.0% YoY excluding initial revenue Segment profit/loss* 5.9.2 Consol. Segment Performance (Q4) Q4 FY2024 Q4 FY2025 % YoY Q4 FY2024 Q4 FY2025 % YoY +16.8% +19.4% +77.2% +32.1% －28.8% +25.2% +50.2% +39.3% +40.6% +23.0% +15.4% －3.4% +8.0% +17.2% +21.5% +9.7% Q4 FY2024 Q4 FY2025 Payment Enhancement Business 95 67 Money Service Business 852 1,280 Payment Processing Business 6,075 7,605 OP (after eliminations) 5,668 7,895 Q4 FY2024 Q4 FY2025 Payment Enhancement Business 445 429 Money Service Business 4,263 4,996 Payment Processing Business 14,910 16,101 Total 19,588 21,496 Excl. initial revenue +21.2% +19.0% (¥ mil) (¥ mil) + Remittance service + Overseas lending + BPSP - GMO Payment After Delivery + Online payment (GMO-PG) + CP recurring-model - CP initial + Remittance service + Overseas lending - GMO Payment After Delivery + Online payment (GMO-PG) + CP recurring-model Segment revenue* * Figures for consolidated revenue and consolidated operating profit are after inter-segment eliminations. The “+” denote a YoY growth and the “-” sign denote a YoY decline for segment revenue figures.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 43 5.10.1 FinTech Related Asset (Quarterly Trend) 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 End-Q1 FY2022 End-Q2 FY2022 End-Q3 FY2022 End-Q4 FY2022 End-Q1 FY2023 End-Q2 FY2023 End-Q3 FY2023 End-Q4 FY2023 End-Q1 FY2024 End-Q2 FY2024 End-Q3 FY2024 End-Q4 FY2024 End-Q1 FY2025 End-Q2 FY2025 End-Q3 FY2025 End-Q4 FY2025 GMO Payment After Delivery Early Payment service Overseas lending Other*1 *2 +0.1% +20.1% +56.0% FinTech related asset （¥ mil） *1 The figures for GMO Payment After Delivery related assets (accrued revenue) are after deduction of provisions for doubtful accounts. *2 The figures for “Other” is the sum total of Domestic lending, B2B factoring, finance lease, Condo Pay and Instant Salary byGMO. %YoY
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 44 5.10.2 FinTech Revenue and Profits (Quarterly Trend) 0 1,000 2,000 3,000 4,000 5,000 22/1Q 22/2Q 22/3Q 22/4Q 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q 24/2Q 24/3Q 24/4Q 25/1Q 25/2Q 25/3Q 25/4Q GMO Payment After Delivery Remittance service Overseas lending Early Payment service Instant Salary byGMO Invoice Card Payment byGMO Other Segment profit ＋8.0% +17.7% ＋19.1% ＋45.2% ＋50.2% *1 *2 FinTech revenues and profit （¥ mil） *1 Includes the impact of commission rate revisions to reflect the increase in CVS payment agency cost for Payment after Delivery from September 2022. *2 The figures for “Other” is the sum total of Domestic lending, BtoB factoring, finance lease, B2B AR Guarantee, B2B Payment Guarantee, Condo Pay and e-pay sugumo %YoY
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 45 0 2,000 4,000 6,000 8,000 10,000 12,000 23/4Q 24/1Q 24/2Q 24/3Q 24/4Q 25/1Q 25/2Q 25/3Q 25/4Q 百万 Merchandise EC revenue Non-merchandise EC revenue BaaS Support revenue MSB revenue Other/Payment enhancement OP Revenue grew 14.8% in Q4 and 18.7% for FY2025 due to the impact of a specific merchant GMO-PG non-consolidated revenue & OP (quarterly)*1 5.11.1 GMO-PG Non-Consol. Performance (Quarterly) 2-yr CAGR +18.1% Revenue*1 +14.8% +18.7% BaaS support*3 +24.4% +24.7% Online payment +16.8% +19.1% Merchandise EC +14.0% +17.0% Apparel +3.5% +11.1% Food/beverage +25.7% +19.9% Cosmetic/Health food +4.6% +12.4% Others +16.5% +19.2% Non-merchandise EC +18.3% +20.2% Digital content/telecom +7.7% +12.4% Utility +12.3% +10.6% Travel/ticket +13.6% +21.8% Others +29.3% +28.8% Money Service Business +23.6% +32.0% Remittance service +19.1% +26.8% Early Payment service +17.7% +18.6% Invoice Card Pay byGMO +4133.6% +9068.9% Instant Salary byGMO*4 ー18.0% +46.0% Others ー8.2% ー1.3% Q4 FY2025 % YoY Q4 FY2025 +14.8% FY2025 Other/Payment enhancement －11.9% －0.8% （¥ mil） *1 Figures for revenue and operating profit are before consolidation adjustments. *2 EC market figures are categorized into merchandise and non -merchandise using the Internet expenditure amount per household ba sed on Ministry of Internal Affairs and Communication’s “Family Income and Expenditure Survey.” *3 Figures for BaaS Support present the sum total of Ginko Pay and Processing PF. *4 The revenue figures for some of the scheme is presented on a gross basis and not on a net basis from Q1 FY2024. The % YoY figures are calculated excluding this impact.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 46 0 100,000 200,000 300,000 400,000 500,000 0 1,000 2,000 3,000 4,000 5,000 6,000 Revenue (left axis) Active ID (right axis) OP contribution expands from each company: GMO-EP +14.8%, GMO-PS +12.9% and GMO-FG +45.6% (full-year) Consol. GMO-EP (quarterly)*1*2 Consol. GMO-FG (quarterly)*1*3GMO-PS (quarterly)*2 5.11.2 Performance of GMO-EP , GMO-PS and GMO-FG (Quarterly) 0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 0 500 1,000 1,500 2,000 Revenue (left axis) TRX value EP non-consol. revenue up 9.6% (FY2025) from growth of payment service to startups RP revenue up 36.1% (FY2025) from expanding footprint of reservation SaaS Revenue impact from merchants in a specific sector Default rates are low & stable (but writebacks of doubtful account reserves declined YoY) Initial revenue down 24.6% (FY2025) due to shift of SMEs to terminal-free Recurring-model*4 revenue up 31.6% (FY2025) （ID） Revenue +13.3% +13.1% OP +15.7% +14.8% Revenue +8.4% +7.3% OP +53.6% +12.9% Revenue －7.3% －4.2% OP +262.4% +45.6% Q4 FY2025 FY2025Q4 FY2025 FY2025Q4 FY2025 FY2025 0 10 20 30 40 50 60 70 80 90 100 0 1,000 2,000 3,000 Revenue (left axis) TRX value +61.2% +9.1% +16.8% (% YoY) （¥ mil） （¥ mil） （¥ mil） *1 Consol. GMO-EP includes GMO-EP and GMO-RP (formerly GMO Medical Reservation Technology). Consol. GMO -FG includes GMO-FG, GMO-CAS and GMO Data. *2 Figures are before GMO-PG’s consolidation adjustments. *3 Figures are taken from GMO-FG’s consolidated financial results. Figures up to FY2024 are based on JGAAP, figures from FY2025 are based on IFRS standards. *4 Recurring-model revenue is the sum total of stock, fee and spread and excludes initial which mostly consists of terminal sales.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 47 Improved at each subsidiary and at the consolidated level OP at consolidated subsidiaries* 5.11.3 Improved Profitability at Consolidated Subsidiaries * Figures for revenue and operating profit are before consolidation adjustments. 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 GMO-PG GMO-EP consol. GMO-PS GMO-FG consol. Global (¥ mil) Global GMO-FG consol. GMO-PS GMO-EP consol. GMO-PG OP margin FY2020 FY2025 Consol. 31% 38% - －5pt +6pt －8pt +13pt change +7pt - 55% 17% 12% 9% 15% 62% 54% 36% 49%
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 48 5.12 BaaS Support and CP Payment Revenues (Annual) Recurring-model*3 +31.6% ■ Initial ■ Stock ■ Fee ■ Spread 0 2,000 4,000 6,000 8,000 10,000 FY2024 FY2025 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 FY2024 FY2025 Initial －24.6% Spread +16.6% Fee +41.8% Stock +21.3% % YoY % YoY Ginko Pay base system & processing PF revenue*1 Consol. GMO-FG revenue by business model*2 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Ginko Pay base system Acquiring support (processing PF) Issuing support (processing PF) Processing PF +36.7% Ginko Pay －29.6% Total +24.7% FY2025 % YoY （¥ mil） *1 Figures include revenue received from business operators other than financial institutions for Ginko Pay and Processing PF. *2 Figures are taken from GMO-FG’s consolidated financial results. *3 Recurring-model revenue is the sum total of stock, fee and spread and excludes initial which mostly consists of terminal sales.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 49 Revenue increased by 35.7% from increased lending by prime borrowers and increase usage of remittance service Revenue and Operating profit (Annual) Loan balance (End September) 5.13 Global: Earnings Summary 0 500 1,000 1,500 2,000 2,500 FY2024 FY2025 (¥ mil) Asia Payment +60.4% Asia MSB +37.8% US MSB +26.9% OP +51.1% Revenue Operating profit +35.7% %YoY 0 5,000 10,000 15,000 20,000 25,000 30,000 End September 2024 End September 2025 (¥ mil) US +74.1% +56.0% Indonesia －83.2% India +32.6% Singapore +631.5% Philippines +416.3% %YoY Thailand Executed on March 2025 Increase in Q4
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 50 20.1% 17.1% 9.4% 21.5% 14.1% 11.7% 11.9% 9.7% 18.1% 19.1% 18.5% 20.1% 19.6% 18.8% 19.3% 19.5% 0.0% 10.0% 20.0% 30.0% 40.0% 0 5,000 10,000 15,000 20,000 25,000 24/1Q 24/2Q 24/3Q 24/4Q 25/1Q 25/2Q 25/3Q 25/4Q GMO-FG's initial revenue (left axis) Revenues from specific merchant (left axis) Revenue excl. GMO-FG's initial and the specific merchant (left axis) Consol. revenue growth rate (right axis) Growth rate of revenue excl. GMO-FG's intial and specific merchant (right axis) Consol. revenue proportion and % YoY growth rates (quarterly trend) 5.14 Trend of Revenue Growth (Quarterly) Active IDs +16.8% * Terminal sales －32.0% Stable growth continues for revenue excluding GMO-FG’s initial and a specific merchant （% YoY） Consol. revenue excl. terminal and specific merchant* Consol. revenue Revenue from specific merchant * Adjusted for FG’s initial revenue for the entire period, and for Q1 to Q4 FY2025 for the specific merchant. （¥ mil）
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 51 5.15.1 Operating Stores, TRX Volume and Value Operating Stores*1/IDs*2 TRX Volume*2*3 TRX Value*2 End-Q4 FY2025 Q4 FY2025 FY2025 Q4 FY2025 FY2025 Consol. - 2.17 bn 8.69 bn ¥5.5 trn ¥21.8 trn % YoY - +9.5% +17.4% +11.4% +16.5% Online 163,890 stores 1.79 bn 7.30 bn ¥3.1 trn ¥13.1 trn % YoY +4.7% +5.0% +13.8% +1.9% +8.6% CP*2 438,563 IDs 0.38 bn 1.38 bn ¥2.3 trn ¥8.7 trn % YoY +16.8% +37.4% +41.0% +27.9% +30.8% Consol. TRX value reaches approx. ¥21.8 trn for the past 12 months Proportion of representative contracts in online TRX value*4： Approx. 50% *1 The standards for calculating the number of operating stores has been revised from Q4 FY2023. Figures exclude an operating st ores of a specific merchant and fincode byGMO. If included, operating stores would be 782,780 (up 13.5% YoY). *2 The number of IDs are GMO-FG’s figures and include terminal-free active IDs and exclude GMO-PG’s GMO Cashless Platform. CP transaction volume and value includes GMO-PG’s CP payment (GMO Cashless Platform). *3 Transaction volume is calculated based on fee revenue standards, which in the case of online consist of multiple (1 to 3) transactions pe r payment of a single authorization (tentative sales proceeds) or actual sales proceeds, and one transaction per payment in the case of CP. *4 Annual average is shown in 5% increments.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 52 17.0 18.0 19.0 20.0 21.0 22.0 5.15.2 Waterfall Chart of Consol. TRX Value (Annual) GMO-FG Utility：－8.1% GCP*2 Online payment GMO-PG +8.6% Consol. +16.5% +6.9% +10.2% +12.8% +6.4% Non-merchandise EC Merchandise EC GMO-PG +30.8% - Market stats*1 +8.1% ¥18.7 trn 0 FY2024 FY2025 ¥21.8 trn GMO-PS GMO-EP GMO-PG Market stats*1 Consol. TRX value grew 21.8% excluding impact from specific merchant and local government contract CP payment （% YoY） （¥ trn） *1 EC Market figures are categorized into merchandise and non -merchandise using the Internet expenditure amount per household ba sed on Ministry of Internal Affairs and Communication’s “Family Income and Expenditure Survey.” CP Payment market is based on Ministry of Economy, Trade and Industry’s “Survey of Selected Service Industries” and this su rvey has ended as of December 2024. *2 GMO Cashless Platform. Excl. ①～② impact: Consol. TRX value +21.8% Online payment +15.7% Non-merchandise EC +17.3% Merch- andise Other non- merchandise ②Impact of local govt. project (limited revenue impact) Travel/ticket Growth of major travel agent, etc. Digital content/telecom Growth of GMP and major retail chain operator, etc. Increased transaction from higher terminal sales ①Impact from in-housing by a specific merchant
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 53 4.0 4.5 5.0 5.5 5.15.3 Waterfall Chart of Consol. TRX Value (Q4) GMO-FG Utility：－16.8% GCP*2 Online payment GMO-PG +1.9% Consol. +11.4% －5.8% +10.2% +23.0% +9.8% GMO-PG +27.9% - Market stats*1 +10.0% ¥4.9 trn 0 Q4 FY2024 Q4 FY2025 ¥5.5 trn GMO-PS GMO-EP Consol. TRX value grew 22.2% excluding impact from specific merchant and local government contract CP payment （% YoY） （¥ trn） GMO-PG Market stats*1 Non-merchandise EC Merchandise EC Other non-merchandise Merch- andise ②Impact of local govt. project (limited revenue impact) Travel/ticket Growth of major travel agent, etc. Digital content/telecom ①Impact from in-housing by a specific merchant Growth of GMP and major retail chain operator, etc. Increased transaction from higher terminal sales *1 EC Market figures are categorized into merchandise and non -merchandise using the Internet expenditure amount per household ba sed on Ministry of Internal Affairs and Communication’s “Family Income and Expenditure Survey.” CP Payment market is based on Ministry of Economy, Trade and Industry’s “Survey of Selected Service Industries” and this su rvey has ended as of December 2024. *2 GMO Cashless Platform. Excl. ①～② impact: Consol. TRX value +22.2% Online payment +18.1% Non-merchandise EC +15.7%
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 54 0% 5% 10% 15% 20% 25% 30% 0% 10% 20% 30% 40% 50% Revenue share by industry (vertical axis) & Revenue growth rate (horizontal axis)* 5.15.4 Distribution of Major Sectors (Q4 FY2025) Apparel CtoC Balance both stability and growth through sector diversification Revenue proportion Revenue growth (% YoY) (Based on actual figures for Q4 FY2025) The size of the circle represents the TRX value Memberships/ services Digital content/ telecom Food/ beverage Home delivery/ newspaper Utility Travel/ ticket Insurance Cosmetic/ health food Daily goods/ office supplies * Composed from TRX value by sector for the PG Multi-payment service.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 55 5.16.1 Competitive Advantage ①: PG Multi-Payment Service Acclaimed by large customers; all-round capability resulting in majority of new customers switching into our service OpenAPI-type ・Onboards global standard for connectivity method ・Cut cost of adding new payment method to one-tenth* * Based on GMO-PG survey. Anti-fraud measures and improved authorization rate ・Improved fraud detection accuracy by onboarding Forter ・Contribute to maintaining and/or improving authorization rate Customer Support on par with international standards ・Industry specific sales headcount of over 300 ・First among PSPs to receive international certification for HDI support center
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56Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. Lateral expansion of reference applications to large enterprises * Figures presented is the sum total of each market. Broader EC figures are calculated by multiplying with past 5-yr CAGR. 5.16.2 Competitive Advantage ②: Business Alliances with Large Corporations Total ¥180 trn* TAM (2025) TAM (around 2030) ¥112 trn ¥60 trn ¥271 trn ¥129 trn ¥32 trn¥6 trn ¥1.4 trn ¥56 trn ¥1 trn ¥500 trn* 2023~ BtoB (corporate cardholders) 2021~ BtoE 2025~ BtoB (wholesale) 2016~ CP cashless 2006~ Broader EC Cashless migration of large-scale facilities Penetration of industry-specific application in infrastructure sectors Intercompany payment platform ”M's PayBridge” BPSP ”Invoice Card Pay byGMO” Salary prepayment “Instant Salary byGMO” Collaboration with large enterprises Mizuho Bank American Express Sumitomo Mitsui Banking Corporation Electric power / gas Make inroads into Mobility domainRailway operators Initiatives & applications Large commercial facilities - Beverage makers QR/barcode payment for bricks-and-mortar stores ”GMO Cashless Platform” Retail/fast food Target market UC Card Approx.
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 57 Strengthen ecosystem by spawning value-added services from customer needs Expansion of reference applications Credit card SMS payment EPCO / GASCO Prepaid card Debit card Credit Card acquiring House cardCredit card issuing Financial institutions & business operators Digital Billing Salary prepayment GMO Cashless Platform Credit Card payment Multi- Payment Early Payment CP payment BPSP Remittance Processing PF Payment After Delivery Chain reaction of value creation 5.16.3 Competitive Advantage ③: Ecosystem
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Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 58 Thank You Very Much GMO Payment Gateway, Inc. (3769; Tokyo Stock Exchange Prime) For inquiries or requests for 1-on-1 interviews, please contact the IR Department, Corporate Value Creation Strategy Division, at the telephone number below: TEL ： +81-3-3464-0182 E-mail ： ir-contact@gmo-pg.com IR Website URL https://www.gmo-pg.com/en/ir/