Infcurion, Inc. · TSE:438A
Infcurion — Q2 FY2026 Earnings Presentation
87 slides from Infcurion's earnings presentation, Nov 10, 2026
Slide 1: Quarterly Financial Results for Q2 FY2026
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. Quarterly Financial Results for Q2 FY2026 November 10,
Slide 2: Contents
1. Q2 FY2026 Highlights 03 2. Consolidated Results Overview 08 Contents 3. Segment Results Overview 19 4. Business Topics 25 5. Appendix 32 ©2026 Infcurion, Inc.
Slide 3: 1. Q2 FY2026 Highlights
1. Q2 FY2026 Highlights ©2026 Infcurion, Inc.
Slide 4: Executive Summary: All Segments Profitable in H1
1. Q2 FY2026 Highlights Executive Summary (Cumulative figures through Q2 unless otherwise specified) 2.2x (¥241.1B) • The Number of Payment Platform Client Companies*2 grew 46% YoY, B2B GTV*1 Up steadily building the baseline for B2B GTV. • Xard use for supplier payments and Winvoice adoption by lar
Slide 5: B2B GTV / Number of Payment Platform Client Companies
1. Q2 FY2026 Highlights B2B GTV / Number of Payment Platform Client Companies • B2B GTV expanded 2.2x YoY, fueled by expanding service coverage, new client onboarding, and strong performance of existing clients' card businesses. 3,500 +45.7% 142,000 B2B GTV / Payment Platform Client Companies 126,13
Slide 6: Consolidated Revenue YoY Breakdown by Revenue Category
1. Q2 FY2026 Highlights Consolidated Revenue | YoY Breakdown by Revenue Category (Q2 Cumulative) • Usage-based stock revenue drove consolidated revenue alongside strong B2B GTV growth. • While flow and consulting revenue declined YoY after a strong prior year, this was factored into the initial fore
Slide 7: Segment Profit Status (Q2 Cumulative)
1. Q2 FY2026 Highlights Segment Profit Status (Q2 Cumulative) • Stock revenue accumulation advanced the earnings-structure transition in Payment Platform, and all segments achieved profitability in H1. • Merchant Platform and Consulting declined YoY against a strong prior year, but baseline profit r
Slide 8: 2. Consolidated Results Overview
2. Consolidated Results Overview ©2026 Infcurion, Inc.
Slide 9: Revenue
2. Consolidated Results Overview Revenue • Revenue grew 14.8% YoY as strong Payment Platform growth absorbed Consulting resource shifts and the Merchant Platform decline. • Stock revenue rose on strong B2B GTV, while flow revenue absorbed the decline following prior-year pull-forward demand for term
Slide 10: Gross Profit
2. Consolidated Results Overview Gross Profit • Gross profit increased 20.4% YoY and margin improved 2.2 percentage points, driven by Payment Platform revenue growth and profitability gains. • Stock revenue profitability rose alongside B2B GTV expansion, tracking toward our mid-term target of a 50%+
Slide 11: SG&A
2. Consolidated Results Overview SG&A • Personnel expenses rose due to reinforced development capacity from engineer recruitment in the prior year and organizational strengthening following our listing last October. • In FY2026, SG&A expenses excluding Winvoice variable costs are expected to remain
Slide 12: SG&A Expenses Quarterly Trends
2. Consolidated Results Overview SG&A Expenses | Quarterly Trends • SG&A excluding variable costs linked to Winvoice transaction value (WV Fees) has stayed below ¥1.0B since Q3 of the prior fiscal year. SG&A Expenses (Quarterly) (Unit: JPY Million) 68.7% 70.5% 61.4% 45.1% 43.9% 45.8% 47.2% 45.2% 44.
Slide 13: EBITDA
2. Consolidated Results Overview EBITDA • Q2 cumulative EBITDA declined, reflecting the absence of high-value-added projects recorded in the prior-year period. • Supported by rising stock revenue and cost optimization via AI, EBITDA transitioned into a recurring profitability phase. EBITDA EBITDA Ma
Slide 14: Trends in Number of Employees
2. Consolidated Results Overview Trends in Number of Employees • We executed cross-segment talent allocation dynamically, establishing a group structure driven by proprietary products and consulting in tandem. • Across the Group, we advanced cost optimization through AI integration while focusing ne
Slide 15: Balance Sheet Status
2. Consolidated Results Overview Balance Sheet Status • End-September balance sheet showed higher cash and short-term borrowings from timing gaps between Winvoice receivable collection and loan repayment. • Net debt-to-equity remained in a net cash position, ensuring financial soundness. Balance She
Slide 16: Group Security Framework for Increasingly Sophisticated Threats
2. Consolidated Results Overview Infcurion Group's Security Framework for Increasingly Sophisticated Threats and Business Expansion Our Group's Basic Approach to Security Background Built multilayered defenses combining intrusion prevention, early detection, and rapid recovery Sophistication of AI-D
Slide 17: Consolidated Financial Results Summary
2. Consolidated Results Overview Consolidated Financial Results Summary • Consolidated results progressed as planned; Q2 cumulative growth temporarily fell below mid-term targets due to lower flow and consulting revenue after a strong prior year. • Advancing projects, including Sumitomo Mitsui Card
Slide 18: Segment Performance Summary
2. Consolidated Results Overview Segment Performance Summary • Payment Platform offset the YoY declines in Merchant Platform and Consulting after a strong prior year, driving consolidated revenue growth. • Payment Platform achieved Q2 cumulative profitability, aiming to demonstrate operating leverag
Slide 19: 3. Segment Results Overview
3. Segment Results Overview ©2026 Infcurion, Inc.
Slide 20: Payment Platform Business
3. Segment Results Overview Payment Payment Platform Business • Usage-based stock revenue drove performance with B2B GTV expansion; stock ratio rose to 48.8%, advancing improvement of the earnings structure. • Achieved Q2 cumulative segment profitability, evolving into a growth driver leading the Gr
Slide 21: Payment Platform Business Stock Marginal Profit
3. Segment Results Overview Payment Payment Platform Business | Stock Marginal Profit • Stock Marginal Profit—reflecting net stock contribution excluding B2B GTV variable costs—grew 73.6% YoY. • Working to improve the marginal profit ratio by expanding Xard features and transitioning Winvoice acquir
Slide 22: Merchant Platform Business
3. Segment Results Overview Merchant Merchant Platform Business • The decline following prior-year pull-forward demand for taxi payment terminals weighed on flow revenue and segment profit. • Meanwhile, stock revenue rose on an increased active terminal count, continuing the transition toward a stab
Slide 23: Consulting Business
3. Segment Results Overview Consulting Consulting Business • Segment revenue and profit declined due to intra-group resource shifts, including personnel transfers to scale products, alongside higher intersegment transactions from large cross-segment projects. Segment Revenue Segment Profit (Loss) -3
Slide 24: Consulting Business Performance Analysis and Strategic Initiatives
3. Segment Results Overview Consulting Consulting Business | Performance Analysis and Strategic Initiatives • Strengthening talent foundations through Group synergy and proactively expanding into new AI-era domains to prepare for returning to a growth trajectory next fiscal year Consulting Business
Slide 25: 4. Business Topics
4. Business Topics ©2026 Infcurion, Inc.
Slide 26: Q2 Progress: Expanding Xard Client Base
4. Business Topics Q2 Progress | Expanding Xard Client Base, with Pipeline for H2 and Beyond Growing Steadily Tech Companies Established an Unrivaled Market Position as Card Infrastructure for SaaS Companies SaaS Companies Announced Announced Announced in Q1 in Q2 in Q2 Financial Growing demand for
Slide 27: SaaS Companies: Xard Penetrates as Card Foundation
4. Business Topics Payment SaaS Companies | Xard Penetrates as Card Foundation, Expanding Share with TOKIUM and freee • Xard penetrated as card infrastructure across major SaaS providers in expense, accounting, and billing, winning new adoption by TOKIUM and freee (ETC). • Expanding market share by
Slide 28: Financial Institutions: Easy-to-Adopt Model
4. Business Topics Financial Institutions | An Easy-to-Adopt Model, Even for Institutions on Legacy Systems • Tailored gateways enable access to our AI-compatible shared platform while minimizing impact on existing systems. • The revenue model combines flow revenue from gateway consulting and develo
Slide 29: Retail & B2B Companies: Issuer Partnership Model
4. Business Topics Payment Retail & B2B Companies | Expanding into Markets with Vast Customer Bases via the Issuer Partnership Model • Under the Issuer Partnership Model, a partner issuer assumes credit and funding responsibilities while the client offers the card under its own brand, substantially
Slide 30: Retail & B2B: Pharmaceutical Wholesale Market Payment Solutions
4. Business Topics Payment Retail & B2B | Deploying Payment Solutions in ¥9T+ Pharmaceutical Wholesale Market • Built a payment service linking pharma wholesalers and manufacturers with Alpharia and Sumitomo Mitsui Card using Winvoice. • Reaching a ¥9T market with solutions resolving industry-wide c
Slide 31: SMEs & End Users: Payment Platform Role Expands Amid AI and DX
4. Business Topics SMEs & End Users | Role of Our Payment Platform Expands Amid AI and DX Evolution • Our partner companies sustained steady growth amid rising awareness of AX (AI transformation) and DX. • With advancing generative AI, corporate card usage is expanding as companies seek to balance p
Slide 32: 5. Appendix
5. Appendix ©2026 Infcurion, Inc.
Slide 33: Appendix Financial Supplementary Data
Appendix Financial Supplementary Data ©2026 Infcurion, Inc. 33
Slide 34: Revenue Structure
Financial Supplementary Data Revenue Structure • Our Group's revenue is categorized into Flow Revenue, Stock Revenue, and Consulting Revenue according to revenue model. • Stock revenue is subdivided into Usage-Based Stock Revenue linked to transaction values and volumes, and Fixed Stock Revenue from
Slide 35: YoY Changes in Revenue and Profit
Financial Supplementary Data YoY Changes in Revenue and Profit YoY Change (Q2 Cumulative) ( ) indicates YoY % change Flow Revenue • Sumitomo Mitsui Card development projects contributed, offsetting the decline following prior-year pull-forward demand for payment terminals (Unit: JPY Million) Other S
Slide 36: Revenue (by Segment)
Financial Supplementary Data | Quarterly Financial Trends Revenue (by Segment) Revenue by Business Segment YoY +9.0% (Unit: JPY Million) 2,674 Consulting 2,551 2,491 YoY 365 2,419 Merchant 2,286 318 230 -40.6% 2,161 278 Payment 1,995 1,992 388 386 1,853 736 617 568 -25.6% 1,708 402 406 603 1,617 358
Slide 37: Revenue (by Revenue Category)
Financial Supplementary Data | Quarterly Financial Trends Revenue (by Revenue Category) Revenue by Category YoY +9.0% (Unit: JPY Million) 2,674 Consulting Revenue 2,551 2,491 YoY 365 2,419 Flow Revenue 2,286 318 230 -40.6% 2,161 278 Stock Revenue 1,995 1,992 388 386 1,853 1,708 402 406 1,617 1,250 1
Slide 38: Gross Profit
Financial Supplementary Data | Quarterly Financial Trends Gross Profit Gross Profit (Unit: JPY Million) 50.8% 51.2% Gross Profit Margin 48.2% 48.1% 49.0% 46.1% 46.2% 47.2% 44.1% 44.4% 44.4% 44.6% 43.2% 40.3% YoY +10.7% 1,370 1,226 1,220 1,098 1,102 1,142 921 854 860 761 604 651 487 537 Q1 Q2 Q3 Q4 Q
Slide 39: SG&A
Financial Supplementary Data | Quarterly Financial Trends SG&A SG&A Expenses (Unit: JPY Million) 68.7% 70.5% 61.4% SG&A to Revenue Ratio 45.1% 45.8% 47.2% 45.2% 44.5% 43.9% 41.4% 40.0% 40.9% 38.3% 37.4% 43.7% 39.5% 40.5% 39.7% 39.1% 40.6% 38.2% 36.6% 37.2% 1,224 1,203 1,093 1,109 229 205 ■ WV Fees*1
Slide 40: Operating Profit
Financial Supplementary Data | Quarterly Financial Trends Operating Profit Operating Profit (Unit: JPY Million) 289 YoY -51.1% 226 145 113 110 96 45 48 11 22 -78 -230 -271 -315 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 ©2026 Infcurion, Inc. Note: Figures for FY2024 and ea
Slide 41: EBITDA
Financial Supplementary Data | Quarterly Financial Trends EBITDA EBITDA (Unit: JPY Million) 307 YoY -39.0% 258 183 157 124 109 83 63 54 22 -68 -219 -262 -306 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2023 FY2024 FY2025 FY2026 ©2026 Infcurion, Inc. Note: Figures for FY2024 and earlier are unaudited
Slide 42: Payment Platform Business
Financial Supplementary Data | Quarterly Financial Trends Payment Payment Platform Business Segment Revenue YoY +49.2% Segment Profit (Unit: JPY Million) (Unit: JPY Million) 72 1,693 44 1,615 1,572 1,536 10 10 Flow Revenue Stock Revenue -9 -2 -13 814 1,134 -45 872 819 YoY +117M 1,041 1,023 839 982 -
Slide 43: Payment Platform Business Stock Marginal Profit
Financial Supplementary Data | Quarterly Financial Trends Payment Platform Business Stock Marginal Profit Payment Platform Business Stock Marginal Profit (Unit: JPY Million) YoY +111.6% 878 Stock Revenue 752 742 Stock Marginal Profit 697 YoY +65.6% 545 458 456 469 415 337 329 316 308 290 244 255 216
Slide 44: Merchant Platform Business
Financial Supplementary Data | Quarterly Financial Trends Merchant Merchant Platform Business Segment Revenue Segment Profit (Unit: JPY Million) (Unit: JPY Million) YoY -25.6% 763 217 733 736 YoY -76.4% 183 Flow Revenue 619 617 Stock Revenue 603 569 568 143 503 512 464 429 453 108 292 252 324 204 42
Slide 45: Consulting Business
Financial Supplementary Data | Quarterly Financial Trends Consulting Consulting Business Segment Revenue Segment Profit (Unit: JPY Million) (Unit: JPY Million) YoY -45.4% 169 402 406 YoY -40.6% 386 384 388 154 370 151 361 358 365 345 349 318 117 278 112 108 102 103 97 230 91 92 77 66 48 Q1 Q2 Q3 Q4
Slide 46: Appendix Overview of Infcurion
Appendix Overview of Infcurion ©2026 Infcurion, Inc. 46
Slide 47: Overview of Infcurion
Overview of Infcurion Overview of Infcurion Company Name Infcurion, Inc. Establishment May 1, 2006 Representative Hiroki Maruyama, President and CEO MFPR Kojimachi Bldg. 7F, 5-7-2 Kojimachi, Chiyoda-ku, Tokyo Headquarters 102-0083 Capital Stock ¥1,461 million (as of March 2026) Number of 388 (as of
Slide 48: Leadership Team
Overview of Infcurion Leadership Team Director and Executive Officer, Vice President, COO External Director Takenori Kida Ryusuke Shigetomi Co-founder / Head of Business Operations Blackstone Group Japan K.K. Representative Director and Chairman Key Experience JCB Co., Ltd. Director and Executive Of
Slide 49: Accomplish the Infeasible, Starting from Payments.
Overview of Infcurion Our Mission Accomplish the Infeasible, Starting from Payments. Bringing fintech to every corner of the economy - as the enabler of change in payments Manufacturing Construction Retail Infrastructure Mobility Telecommunication Food & Beverage Service B2B Saas domain B2C domain P
Slide 50: Infcurion's Value Proposition
Overview of Infcurion Infcurion's Value Proposition Delivering Next-Generation Payment Infrastructure as an Open Platform Next-Gen Payment and Financial Services Development International Card Issuance Building Original Pay Platform Payment Solutions for Invoice Payment DX Platform Businesses ©2026
Slide 51: Infcurion's Distinctive Strengths: Market Size
Overview of Infcurion Infcurion's Distinctive Strengths Reaching a vast market by embedding our solutions with service providers across every industry Service Providers Market Size Financial Institutions B2B Payment Market *1 Retail Companies ¥1,193 Trillion SaaS Companies B2C Payment Market *2 ¥353
Slide 52: Infcurion's Distinctive Strengths
Overview of Infcurion Infcurion's Distinctive Strengths Providing a low-cost payment platform that seamlessly connects the entire payment process end-to-end Card Issuance Merchant Management Provision of Payment Methods Payment Provision of Goods and Services (Payment Platform) B2B Buyer Suppliers (
Slide 53: From Advisor to Enabler: Evolution of Business Domains
Overview of Infcurion From Advisor to Enabler: The Evolution of Infcurion’s Business Domains Starting with consulting, we have evolved into a full-stack payment enabler through phased expansion of our business domains Modernization for major financial institutions Infcurion founded Launched consulti
Slide 54: Business Overview
Overview of Infcurion Business Overview Delivering payment solutions essential to business transformation Payment Platform Merchant Platform Consulting Next-generation Card Invoice Payment Platform Merchant Payment Payment & Finance Issuance Platform Platform Consulting Mobile Payment Platform Next-
Slide 55: Competitive Advantage 1: Leading Position Across Payment Value Chain
Overview of Infcurion | Competitive Advantages Competitive Advantage 1: Leading Position Across the Entire Payment Value Chain A low-cost payment platform that seamlessly connects end-to-end by covering the entire payment spectrum B2C payment B2B Payment <Multilayered Payment Structure> Stores Selle
Slide 56: Competitive Advantage 2: Flexible & Lightweight Open Platform
Overview of Infcurion | Competitive Advantages Competitive Advantage 2: Flexible & Lightweight Open Platform An open platform that connects all businesses to payments <Conventional Industry Structure> <Infcurion's System Architecture> Inefficient structure, vertically siloed Providing all payment fu
Slide 57: Competitive Advantage 3: Consulting & Product Synergy
Overview of Infcurion | Competitive Advantages Competitive Advantage 3: A Proven Growth Model Built on Consulting & Product Synergy A land-and-expand model where consulting and products work in tandem. Product Delivery Business System Data Project Service Strategy Development Design Analytics Manage
Slide 58: Transforming Our Revenue Structure by Expanding Stock Revenue
Overview of Infcurion | Business Model Transforming Our Revenue Structure by Expanding Stock Revenue A revenue model where winning flow revenue builds recurring stock revenue Driving high growth on both stock and flow fronts Usage-based stock revenue tied to high B2B GTV growth drives by winning pro
Slide 59: Appendix Mid-Term Financial Target and FY2026 Policy
Appendix Mid-Term Financial Target and FY2026 Policy ©2026 Infcurion, Inc. 59
Slide 60: Mid-Term Financial Target
Mid-Term Financial Target and FY2026 Policy Mid-Term Financial Target Consolidated Results Segment Revenue Mid-Term Mid-Term FY2024 Financial Target FY2024 Financial Target 50% 35% Payment B2B GTV ¥218.2 billion CAGR* Approx. Platform ¥3,659 million CAGR Over Revenue ¥7,174 million CAGR Approx. 25%
Slide 61: Progress on Mid-Term Financial Target (Consolidated)
Mid-Term Financial Target and FY2026 Policy Progress on Mid-Term Financial Target (Consolidated) FY26 includes upfront costs to build FY25 significantly beat initial forecasts teams for large projects FY26 growth planned in line with mid-term targets (FY24 baseline) Cost structure to be optimized in
Slide 62: Progress on Mid-Term Financial Target (by Segment)
Mid-Term Financial Target and FY2026 Policy Progress on Mid-Term Financial Target (by Segment) Exceeding mid-term targets Maximize group revenue with Payment Platform synergy and driving consolidated Leverage acquiring system to improve profitability growth Expand products by redeploying consult
Slide 63: External Environment: B2C Cashless Market Trends in Japan
Mid-Term Financial Target and FY2026 Policy External Environment: B2C Cashless Market Trends in Japan The government has set a target of achieving a 65% cashless payment ratio by 2030, with the aim of reaching 80% in the near future. Government‘s Future Target *2 Trends in Domestic Cashless Payment
Slide 64: External Environment: B2B Corporate Card Payment Market
Mid-Term Financial Target and FY2026 Policy External Environment: The B2B Corporate Card Payment Market Corporate card transaction volume in Japan's B2B commercial market is less than 1%, representing a market with enormous growth potential. Bank transfers Japan's corporate card ratio is account for
Slide 65: External Environment: AI-Driven Change Makes Modernizing Financial Infrastructure Rational
Mid-Term Financial Target and FY2026 Policy External Environment: AI-Driven Change Makes Modernizing Financial Infrastructure Rational Rapid AI Advances Intensify the Pressure to Modernize Legacy Infrastructure: Modern Infrastructure: Spiraling Maintenance Costs Lowering the Barrier to Migration Leg
Slide 66: External Environment: Update Since Mid-Term Strategy
Mid-Term Financial Target and FY2026 Policy External Environment: Update Since Mid-Term Strategy AI's rapid progress is a major catalyst, speeding the transition from legacy systems to embedded Fintech. Payments & Financial Services Financial Institutions (Banks, Card Companies, Regional Institution
Slide 67: Modernizing Japan's Payment Backbone
Mid-Term Financial Target and FY2026 Policy Modernizing Japan's Payment Backbone Leading the SaaS × Fintech Intersection NEXT Japan's Core Payment Infrastructure With over 100,000 clients & B2B GTV growing 13x in 3 Now powering the core payment infrastructure years, our dominant market position in S
Slide 68: Deepening the Alliance with SMBC Group
Mid-Term Financial Target and FY2026 Policy Deepening the Alliance with SMBC Group Participating in Sumitomo Mitsui Card’s next- generation corporate platform powered by “Xard.” NEXT Positioned as a core component of the SMBC Group’s main infrastructure (Ongoing phased expansion into other business
Slide 69: FY2026 Initiatives: B2B GTV Growth Strategy
Mid-Term Financial Target and FY2026 Policy FY2026 Initiatives: B2B GTV Growth Strategy (Expanding Clients × Improving Take Rate) Scaling B2B GTV by expanding customer base and enhancing value proposition Payment Infrastructure Payment Gateway Business Wallet Issuing Acquiring PSP Merchant Domain Bu
Slide 70: Issuing: Expanding Our Service Areas and Capabilities
Mid-Term Financial Target and FY2026 Policy 1 Issuing: Expanding Our Service Areas and Capabilities By expanding our service areas and functions, Sequentially we aim to grow our customer base, driving higher GTV and releasing improved take rates Receivables Mgmt & new features AI Fraud Collection De
Slide 71: Introducing Axios: A Fully Cloud-Native Acquiring Platform
Mid-Term Financial Target and FY2026 Policy 2 Introducing Axios: A Fully Cloud-Native Acquiring Platform • Launched a full-cloud acquiring platform with CCI Group using Visa solutions • Japan’s first to support deposit-backed stablecoin processing, offering high flexibility and significantly lower i
Slide 72: Expanding Use Cases by Centralizing B2B Billing & Payments
Mid-Term Financial Target and FY2026 Policy 3 Expanding Use Cases by Centralizing B2B Billing & Payments • Building an end-to-end B2B payment ecosystem, starting with Winvoice • Capturing all inter-business transactions to drive GTV growth via broader use cases Evolving into a comprehensive platform
Slide 73: Strategic Allocation of Capital and Resources
Mid-Term Financial Target and FY2026 Policy Strategic Allocation of Capital and Resources • IPO funds and free cash flow generation provide cash for strategic investments • To boost long-term value, we'll pursue growth investments (organic + M&A), with annual reviews linking strategy to capital allo
Slide 74: Appendix Strategy for the Era of AI and Digital Currency
Appendix Strategy for the Era of AI and Digital Currency ©2026 Infcurion, Inc. 74
Slide 75: Evolution of Payment Methods and Future Challenges
Strategy for the Era of AI and Digital Currency Evolution of Payment Methods and Future Challenges Urgent Need to Build Digital Currency Infrastructure and Integrate It with Existing Cashless Payments to Serve the Emerging Economic Sphere Emerging Payment Methods Digital Currency (Stablecoins, Token
Slide 76: Realization Stages and Market Outlook for Agentic Commerce
Strategy for the Era of AI and Digital Currency Realization Stages and Market Outlook for Agentic Commerce Agentic commerce is expected to expand rapidly worldwide. Diverse commerce scenarios will unfold depending on how AI agents engage, from assistive to autonomous modes. Realization Stages of Age
Slide 77: Real-World Adoption of Agentic Commerce and Digital Currency
Strategy for the Era of AI and Digital Currency Real-World Adoption of Agentic Commerce and Digital Currency Digital Currencies Will Spread with Agentic Commerce, Driving Cashless Infrastructure to Adapt to AI As diverse payment scenarios coexist, Infcurion drives evolution toward AI × digital curre
Slide 78: Joint Exploration with DCP in Digital Currency
Strategy for the Era of AI and Digital Currency Initiated Joint Exploration with DCP in Digital Currency for the AI-Agent Era Signed MOU for Real-World Implementation of On-Chain Finance Powered by Tokenized Deposits*1 Related Products Joint Exploration Focus Areas Aiming to embed Xard into the DCJP
Slide 79: Requirements for Payment Systems in the AI Era
Strategy for the Era of AI and Digital Currency Requirements for Payment Systems in the AI Era / Infcurion Value Proposition Infcurion Platform Optimized for the AI Era Requirements in the AI Era Features Provided by Infcurion All capabilities delivered via open APIs, enabling real-time connection
Slide 80: Infcurion's Payment Platform for the AI Era
Strategy for the Era of AI and Digital Currency Infcurion's Payment Platform for the AI Era The more AI penetrates the front end, the more critical AI-optimized payment infrastructure becomes. AI unlocks greater value from rich proprietary payment data, driving a flywheel of expanding value creation
Slide 81: Integrated Payment Infrastructure Encompassing Digital Currencies
Strategy for the Era of AI and Digital Currency Deliver an Integrated Payment Infrastructure Encompassing Digital Currencies Evolving into Integrated Payment Infrastructure Tailored for the AI & Digital Currency Era Aiming to build AI-optimized mechanisms across processing and transaction controls,
Slide 82: Appendix Glossary & Industry Structure
Appendix Glossary & Industry Structure ©2026 Infcurion, Inc. 82
Slide 83: Glossary (Company-related)
Glossary & Industry Structure Glossary (Company-related) B2B GTV Total value of business-to-business (B2B) payments processed through our Group's flagship products, Xard and (Gross Transaction Value) Winvoice. A key indicator of our share and growth potential in the B2B payment market. Payment Platf
Slide 84: Glossary (IT & Business)
Glossary & Industry Structure Glossary (IT & Business) A portmanteau of "finance" and "technology" Fintech Refers to technological innovation in financial engineering that fuses finance and information technology, and the businesses built around it Embedded Finance Non-financial businesses embedding
Slide 85: Glossary (Card Industry)
Glossary & Industry Structure Glossary (Card Industry) International Brands Credit card brands accepted worldwide, such as Visa, Mastercard, and JCB A business that issues credit cards to cardholders and manages their accounts. Issuer The operations covering card issuance, debit-information manageme
Slide 86: Cashless Payment Industry Structure (Credit Card Example)
Glossary & Industry Structure Cashless Payment Industry Structure (Credit Card Example) Complex Structure of the Credit Card Industry in Japan Brand Membership Agreement Brand Membership Agreement International Card Brands Brand Fees Brand Fees Interchange Fees Acquirers Issuers Merchant acquisition
Slide 87: ©2026 Infcurion, Inc.
©2026 Infcurion, Inc.