Ceres Inc. · TSE:3696
Ceres — Q2 2026 Earnings Presentation
54 slides from Ceres's earnings presentation, Aug 13, 2026
Slide 1: Q2 and H1 FY2026 Results
Q2 and H1 FY2026 Results August 13, 2026 CERES INC. (TSE Prime Market: 3696) Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.
Slide 2: 01. Consolidated Results Summary 02. Results by Segment Mobile Service Business
01. Consolidated Results Summary 02. Results by Segment Mobile Service Business Financial Service Business APPENDIX 2
Slide 3: 01. Consolidated Results Summary
01. Consolidated Results Summary 3
Slide 4: Executive Summary of H1 FY2026 Results
Executive Summary of H1 FY2026 Results • Point business revenue increased 60% YoY, driven by strong financial-sector advertising Net sales ¥18.76 billion • Financial Service sales were 2.3x the prior-year level, driven by strong performance in labol’s invoice factoring business. YoY ＋18.4％ • DX was
Slide 5: Condensed Income Statement (H1)
Condensed Income Statement (H1) H1 FY2026 H1 FY2025 YoY (Millions of yen) Net sales 18,764 15,854 +18.4% Gross profit 8,277 6,851 +20.8% © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 SG&A expenses 5,975 5,389 +10.9% Operating profit 2,302 1,461 +57.5% Ordinary profit 1,968 1,068 +84.2% Pro
Slide 6: Segment Information (H1)
Segment Information (H1) ◼ Mobile Service sales excluding DX increased 44.0% YoY, while operating profit rose 60.0%, driven by significant sales and profit growth in the Point business. ◼ Financial Service sales increased YoY and profitability improved, as labol nearly doubled sales and turned profi
Slide 7: Segment Information (H1)
Segment Information (H1) Net sales Operating profit H1 H1 H1 H1 YoY YoY (Millions of yen) FY2026 FY2025 FY2026 FY2025 Consolidated 18,764 15,854 +18.4% 2,302 1,461 +57.5% Mobile Service Business 17,438 15,263 +14.2% 3,550 2,780 +27.7% © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 Point 15,
Slide 8: Factors Affecting Operating Profit and Ordinary Profit (H1)
Factors Affecting Operating Profit and Ordinary Profit (H1) Operating Profit (¥millions) H1 FY2025 1,461 • Significant profit Point 1,964 growth at Moppy D2C ▲506 • Weak Pitsole sales ▲599 © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 DX • Consolidated through Q2 in the prior year Mercury
Slide 9: Condensed Income Statement (Q2)
Condensed Income Statement （Q2） Q2 FY2026 Q2 FY2025 YoY Q1 FY2026 QoQ (Millions of yen) Net sales 9,242 8,168 +13.2% 9,521 -2.9% Gross profit 3,847 3,556 +8.2% 4,429 -13.1% © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 SG&A expenses 3,276 2,954 +10.9% 2,698 +21.4% Operating profit 571 601
Slide 10: Segment Information (Q2)
Segment Information （Q2） ◼ Mobile Service sales excluding DX increased 41.0% YoY and operating profit rose 32.1%, driven by continued strong performance in financial-sector advertising in the Point business. ◼ Financial Service sales increased 60.0% YoY, driven by strong performance at labol, while
Slide 11: Segment Information (Q2)
Segment Information（Q2） Net sales Operating profit Q2 Q2 Q2 Q2 YoY YoY (Millions of yen) FY2026 FY2025 FY2026 FY2025 Consolidated 9,242 8,168 +13.2% 571 601 -5.0% © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 Mobile Service Business 8,555 7,740 +10.5% 1,229 1,240 -0.9% Point 7,260 4,551 +5
Slide 12: Factors Affecting Operating Profit and Ordinary Profit (Q2)
Factors Affecting Operating Profit and Ordinary Profit (Q2) Operating Profit (¥millions) Q2 FY2025 601 • Significant profit 662 growth at Moppy Point • Weak Pitsole sales D2C • Inventory valuation loss: ▲289 approx. ¥200 mn ▲309 • Consolidated through © 2026 CERES Inc. All Rights Reserved.｜Ticker Co
Slide 13: Revision of earnings forecasts
Revision of earnings forecasts FY2026 FY2026 FY2026 Change from Revised Forecast Revised Forecast (Millions of yen) (July 30) (June 25) Initial Forecast Initial Forecast Net sales 37,000 35,700 35,700 +3.6% Operating profit 3,700 2,800 2,800 +32.1% © 2026 CERES Inc. All Rights Reserved.｜Ticker Code
Slide 14: Revision of earnings forecasts (by segment)
Revision of earnings forecasts (by segment) Net sales Operating profit FY2026 Compared to the FY2026 Compared to the (Millions of yen) Forecast 予想 Initial Forecast Initial Forecast Forecast 予想 Initial Forecast Initial Forecast 37,000 35,700 3,700 2,800 © 2026 CERES Inc. All Rights Reserved.｜Ticker C
Slide 15: Progress Against Revised Full-Year Forecasts
Progress Against Revised Full-Year Forecasts ◼ The Point business continued to outperform expectations, driven by stronger-than-expected demand for financial-sector advertising. H1 results significantly exceeded the forecast, while the H2 forecast remains unchanged. ◼ Although D2C and Mercury are pe
Slide 16: Shareholder Returns
Shareholder Returns FY2022 FY2023 FY2024 FY2025 FY2026 Annual Dividend per 60 yen 80 yen 20 yen 20 yen (including a ¥20 commemorative 90 yen Share dividend) (including a ¥20 special dividend) *1 Total dividends ￥ 227 mn ￥ 228 mn ￥ 690 mn ￥ 923 mn ￥ 1,039 mn © 2026 CERES Inc. All Rights Reserved.｜Tic
Slide 17: Use of Proceeds from Sale of bitbank Shares
Use of Proceeds from Sale of bitbank Shares ◼ Planned sale of bitbank shares for approx. ¥8.6bn, generating approx. ¥7.4bn in after-tax cash proceeds ◼ Proceeds to fund growth investments, with approx. half allocated to shareholder returns Cash Proceeds Allocation of Proceeds EBITDA Target under MTM
Slide 18: Condensed Balance Sheet
Condensed Balance Sheet End-Q2 FY2026 FY2025 Change Major factors （Millions of yen） 24,881 25,777 Cash and deposits: -2,808 Current assets (62.4%) (68.7%) -896 Operational investment securities: +989 Accounts receivable-trade: +810 14,983 11,726 Goodwill: +2,782 (SQUIZ +2,923) © 2026 CERES Inc. All
Slide 19: Condensed Cash Flow Statement
Condensed Cash Flow Statement H1 FY2026 H1 FY2025 Breakdown of FY2026 (Millions of yen) Profit before income taxes: 4,620 Depreciation/Amortization of goodwill: 493 Cash flows from operating activities 78 1,319 Provision for point card certificates: 1,058 Sales of shares of associates: -2,760 © 2026
Slide 20: Medium-Term Management Plan 2030 (FY2026-2030)
Medium-Term Management Plan 2030 (FY2026-2030) Net Sales EBITDA ROE © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 ￥ 60bn ￥ 12bn 15％ CAGR CAGR Average ROE FY2025-2030 FY2025-2030 FY2021-2025 15.1％ 17.4％ 15.2％ Maintain a high Prioritize EBITDA to Sustain an ROE growth trajectory. enhance cas
Slide 21: Illustrative Business Portfolio under the Medium-Term Management Plan 2030
Illustrative Business Portfolio under the Medium-Term Management Plan 2030 ◼ Net sales are expected to grow through above-market growth in the Point business and revenue expansion in D2C and Financial. ◼ EBITDA growth will be driven by steady profit expansion in Point and D2C, while Financial is exp
Slide 22: 02. Results by Segment
02. Results by Segment Mobile Service Business Financial Service Business 22
Slide 23: Business Structure of the Mobile Service Segment
Business Structure of the Mobile Service Segment ◼ Building a vertically integrated model that seamlessly connects Media, D2C, and Agency (Advertising) capabilities within the Group, leveraging highly competitive media assets. Advertisers Agency Media Members Point © 2026 CERES Inc. All Rights Reser
Slide 24: Mobile Service Business Performance
Mobile Service Business Performance ◼ Strong performance in the Point business and the contribution from SQUIZ from Q2 drove growth, with net sales excluding DX increasing 41.0% YoY. ◼ Improved margins lifted operating profit in the Point business to 1.7x the prior-year level, while operating profit
Slide 25: Mobile Service Business Strategy: Vertically integrated Model
Mobile Service Business Strategy: Vertically integrated Model ◼ Strengthen competitive advantage by closely integrating Group businesses and expanding direct transactions with advertisers ◼ Accelerate growth through new business development and M&A aligned with the vertically integrated model Vertic
Slide 26: Point Site Business Model
Point Site Business Model ◼ Performance-based advertising model under which advertising fees are received from advertisers after conversions are approved. ◼ A portion of the advertising fees is returned to members as points, while convenient redemption options enhance member satisfaction. Advertiser
Slide 27: Point Performance
Point Performance ◼ Sales in the Point Media business increased 1.6x YoY, driven by sustained strong demand for financial-sector advertising and the contribution from Point Income. ◼ Although the gross profit margin was temporarily weighed down by a timing mismatch in cost recognition following the
Slide 28: Moppy Performance
Moppy Performance ◼ Net sales increased 42.9% YoY, driven by higher advertising budgets among financial-sector advertisers and steady growth in active members. ◼ Gross profit increased to 1.7x the prior-year level, as a higher AD.TRACK ratio and market share gains strengthened bargaining power with
Slide 29: Point Site Topics
Point Site Topics ◼ Rising domestic interest rates are intensifying competition for retail customers in financial services, particularly among banks. ◼ Demand for advertising on point sites is expected to grow over the medium term, as their performance-based model enables advertisers to track custom
Slide 30: Growth in AD.TRACK Transaction Volume
Growth in AD.TRACK Transaction Volume ◼ Stronger integration with Moppy and Point Income drove AD.TRACK transaction volume to a record high in H1 FY2026. ◼ Further strengthen our competitive advantage through closer integration with our owned media, enhanced sales capabilities, and expanded advertis
Slide 31: D2C Business Model
D2C Business Model ◼ D2C is a model in which consumer insights are directly reflected in product development, and products are delivered directly to customers. ◼ In one-time sales, profit is generated from a single transaction. In subscription-based sales, costs are incurred upfront, with profitabil
Slide 32: D2C Performance
D2C Performance ◼ Sales of core product Pitsole remained weak amid delays in product development. The business also recorded approx. ¥200 mn in inventory valuation losses and other charges, as well as approx. ¥110 mn in goodwill amortization. ◼ SQUIZ, an online medical consultation service, was cons
Slide 33: D2C Business Strategy
D2C Business Strategy ◼ Expand the SKU portfolio through product development and M&A, while building competitive products into strong brands to drive medium- to long-term growth. ◼ Reach new customers by extending sales channels beyond our core e-commerce sites and online marketplaces to include ret
Slide 34: 02. Results by Segment
02. Results by Segment Mobile Service Business Financial Service Business 34
Slide 35: Financial Service Performance
Financial Service Performance ◼ Amid continued weakness in the crypto asset market, Mercury recorded an operating loss of ¥260 mn, while a ¥170 mn share of loss from bitbank was recognized under the equity method. ◼ labol’s sales nearly doubled YoY as its user base continued to grow. The company is
Slide 36: Revenue Structure for Crypto Asset Exchange
Revenue Structure for Crypto Asset Exchange ◼ Operating revenue comprises spread income, asset management service revenue, and valuation gains and losses on crypto assets. ◼ Continue proactive investment to grow the user base and expand the range of crypto assets handled—key drivers of revenue growt
Slide 37: Mercury and bitbank Performance
Mercury and bitbank Performance ◼ Mercury added two additional crypto assets to its staking service and is seeking registration as an Electronic Payment Instruments Service Provider. ◼ bitbabk‘s earnings reflected through Q3; sale of our shares in bitbank to optimize the Group’s consolidated risk pr
Slide 38: Mercury Business Strategy
Mercury Business Strategy ◼ Aim to build a comprehensive crypto asset management platform by diversifying asset management services. ◼ Seek to become the industry’s second registered Electronic Payment Instruments Service Provider, in anticipation of wider stablecoin adoption in Japan. Crypto asset
Slide 39: labol Performance Trends and Business Strategy
labol Performance Trends and Business Strategy ◼ Unique users of the invoice factoring service continued to increase steadily, driving strong GMV growth; marketing efforts will be strengthened to acquire new users. ◼ Enhance AI-based screening accuracy to improve user satisfaction while maintaining
Slide 40: bitbank's Contribution to Consolidated Earnings
bitbank’s Contribution to Consolidated Earnings ◼ Against cumulative investment of approx. ¥1.8 bn, the stake is scheduled to be sold for approx. ¥8.6 bn in October 2026, generating expected extraordinary income of approx. ¥6.8 bn on a non-consolidated basis. ◼ Cumulative profit contribution from 20
Slide 41: APPENDIX
APPENDIX @CERES 41
Slide 42: Mission, Vision, and Values
Mission, Vision, and Values ◼ As we mark our 20th anniversary, we have redefined our Mission, Vision, and Values as the foundation for our next stage of growth. ◼ In an era of rapid change, we will continue to evolve and pursue new opportunities to achieve sustainable growth and long-term value crea
Slide 43: Profile
Profile Company Name CERES INC. Established January 28, 2005 Location Shibuya Sakura Stage Shibuya Tower, 21st Floor 1-1 Sakuragaokacho, Shibuya-ku, Tokyo © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 Fiscal Year December 31 Capital ¥ 2,212 million (As of June 30, 2026) Representative Sato
Slide 44: History
History DX • Transferred all shares held by the Company in YUMEMI Inc. Sales Financial 2025 • DINETTE and MENSIS joined the Group, and the Point Income business was acquired Made CyberBuzz, Inc. (TSE Growth Market) an equity-method affiliate 37.0bn • Mercury registered as a Crypto Asset Exchange Ser
Slide 45: Business Overview
Business Overview ◼ Ceres builds a sustainable business portfolio by combining businesses with different growth profiles. ◼ The Company promotes business selection and concentration while strengthening its high-margin, vertically integrated model. Segment Operating company Service Mobile Service Bus
Slide 46: Sustainability Targets
Sustainability Targets ◼ Sustainability initiatives are progressing steadily while receiving stronger external recognition. ◼ Toward 2030, we aim to advance to the next stage by strengthening our internal framework and enhancing disclosure. Achievements through June 2026 2030 Target © 2026 CERES Inc
Slide 47: Quarterly Sales
Quarterly Sales (Millions of yen) +13.2% 12,000 (YoY) 200% 9,521 9,242 © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 9,000 647 8,168 693 150% 7,488 7,686 430 7,391 7,066 162 6,777 6,718 467 547 6,433 449 6,414 6,072 205 447 168 550 6,000 99 100% 8,882 8,555 7,523 7,740 5,974 6,574 6,275 6,
Slide 48: Quarterly EBITDA
Quarterly EBITDA (Millions of yen) 3,500 50% 3,079 2,800 © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 40% 2,100 37.7% -69.8% 30% 1,762 (YoY) 1,350 1,400 1,255 1,314 20% 21.1% 17.6% 929 18.7% 18.5% 700 566 591 479 482 10% 345 10.1% 8.4% 8.4% 5.7% 6.3% 6.5% 0 0% -15 -0.2% -700 -10% Q3 Q4 Q1
Slide 49: Quarterly Operating Profit
Quarterly Operating Profit (Millions of yen) 2,100 40% 1,731 1,750 © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 30% 1,400 -5.0% 1,050 (YoY) 20% 860 798 713 700 618 601 18.2% 571 481 11.2% 10% 382 10.6% 10.7% 390 350 270 98 8.8% 7.4% 7.5% 1.5% 6.2% 5.6% 5.3% 4.4% 0 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 50: Quarterly Ordinary Profit
Quarterly Ordinary Profit (Millions of yen) 2,000 40% 1,561 © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 1,500 30% 1,140 1,153 -43.1% (YoY) 1,000 20% 715 754 17.0% 483 15.4% 500 454 16.4% 407 10% 352 11.8% 281 203 8.8% 7.1% 6.4% -71 4.6% 3.8% 4.4% 0 3.3% 0% -1.1% -500 -10% Q3 Q4 Q1 Q2 Q3
Slide 51: Quarterly SG&A Expenses
Quarterly SG&A Expenses (Millions of yen) +10.9% 4,000 (YoY) 3,276 2,954 3,000 2,848 2,868 2,811 2,785 2,763 816 2,698 © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 2,572 2,579 2,529 470 519 564 2,434 719 645 406 51 499 51 780 145 51 770 122 73 92 92 51 668 51 51 578 95 43 51 94 2,000 135
Slide 52: Number of Employees
Number of Employees (People) 750 670 670 669 678 614 615 615 80 83 84 83 © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 600 77 78 81 +22.2% 153 153 151 159 (YoY) 126 125 131 450 391 353 351 360 320 81 80 81 83 300 76 411 412 437 433 435 436 207 403 171 178 169 150 161 83 102 101 99 103 0 Q3
Slide 53: Quarterly Earnings
Quarterly Earnings Quarterly Sales FY2024 FY2025 FY2026 (Millions of yen) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Net sales 7,066 7,488 7,686 8,168 6,414 7,391 9,521 9,242 Mobile Service Business 6,619 7,022 7,523 7,740 5,872 6,853 8,882 8,555 © 2026 CERES Inc. All Rights Reserved.｜Ticker Code 3696 Point 3,473 3,92
Slide 54: Contact Information
Contact Information CERES INC. Address : 21st Floor, Shibuya Sakura Stage SHIBUYA Tower, 1-1 Sakuragaokacho, Shibuya-ku, Tokyo 150-6221, Japan Telephone number: +81 03-6455-3756 URL: https://ceres-inc.jp/ir/inquiry/ Email: ir-info@ceres-inc.jp Notes Regarding Forward-Looking Statements • The earning