Infcurion, Inc. · TSE:438A
Infcurion — Q2 FY2025 Earnings Presentation
77 slides from Infcurion's earnings presentation, Nov 12, 2025
Slide 1: Financial Results for Q2 FY2025
Financial Results for Q2 FY2025 November 12, 2025 Infcurion, Inc. ©2025 Infcurion, Inc.
Slide 2: Executive Summary: Highlights for Q2 FY2025 (Cumulative)
Executive Summary Highlights for Q2 FY2025 (Cumulative) Both Net Sales and Gross Profit are Progressing Smoothly Toward Full-Year Forecasts • Net sales increased by 28.7% and gross profit increased by 38.9%, compared to the same period last year • Exceeded the mid-term targets of 25% net sales growt
Slide 3: Contents
1. Business Overview 4 2. Summary of Financial Results for Q2 FY2025 12 3. Segment Results 26 Contents 4. Business Highlights 30 5. Growth Strategy 37 6. Appendix 49 ©2025 Infcurion, Inc.
Slide 4: 1. Business Overview
1. Business Overview ©2025 Infcurion, Inc.
Slide 5: Accomplish the Infeasible, Starting from Payments
1. Business Overview 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 6: Providing Next-gen Payment Infrastructure through Open Platform
1. Business Overview Our Value Proposition Providing Next-gen Payment Infrastructure through Open Platform Next-Gen Payment and Financial Services Development International Card Issuance Building Original Pay Platform Payment Solutions for Invoice Payment DX Platform Businesses ©2025 Infcurion, Inc.
Slide 7: Enabler Business Model That Embeds Payment and Financial Functions
1. Business Overview Business Overview Enabler Business Model That Embeds Payment and Financial Functions into Service Providers Across All Industries Payment Enabler Service Providers B2B Payment Market 1 Card Issuance Financial Institutions 1,160 Tn Platform Invoice Payment JPY Platform Retail Com
Slide 8: Business Segments
1. Business Overview Business Segments Infcurion Enables Business Transformation Through Payment Innovations Merchant Platform Payment Platform Business Business Consulting Business An AI-native, cloud-based payment platform that enables financial The key enabler of retail From concept to launch, in
Slide 9: Competitive Advantage 1: Leading Position Covering the Entire Payment Domain
1. Business Overview Competitive Advantage 1: Leading Position Covering the Entire Payment Domain • Building a low-cost, end-to-end seamless payment platform by covering the entire payment lifecycle. • Maximizing customer value through a superior model compared to the traditional multi-intermediary
Slide 10: Competitive Advantage 2: Flexible and Lightweight Open Platform
1. Business Overview Competitive Advantage 2: Flexible and Lightweight Open Platform • Our full-cloud & API-native platforms enable rapid deployment of payment infrastructure at low cost • Any business, from enterprise to startups, can now be a FinTech with our modern platform Conventional Siloed Le
Slide 11: Competitive Advantage 3: A Proven Growth Model Built on Consulting & Product Synergy
1. Business Overview Competitive Advantage 3: A Proven Growth Model Built on Consulting & Product Synergy • A sustainable, organic growth model built on deep payment and domain expertise - delivering high-impact solutions and evolving through real-world feedback. Accelerating Land & Expand with a Co
Slide 12: 2. Summary of Financial Results for Q2 FY2025
2. Summary of Financial Results for Q2 FY2025 ©2025 Infcurion, Inc.
Slide 13: Revenue Structure
2. Summary of Financial Results for Q2 FY2025 Revenue Structure • Our group's net sales is divided into "flow revenue," "stock revenue," and "consulting revenue" depending on the revenue type. • Usage-based stock revenue, charged according to processed transaction value and number of transactions, c
Slide 14: Consolidated Financial Results Summary
2. Summary of Financial Results for Q2 FY2025 Consolidated Financial Results Summary FY2025 FY2024 FY2025 2Q 2Q Increase/ Full-year Unit: JPY Million Rate of Change Progress Rate Cumulative Cumulative Decrease Forecast Net Sales 4,279 3,325 +953 +28.7% 9,000 47.5% Gross Profit 1,962 1,413 +549 +38.9
Slide 15: Segment Performance Summary
2. Summary of Financial Results for Q2 FY2025 Segment Performance Summary FY2025 FY2024 FY2025 2Q 2Q Increase/ Full-year Unit: JPY Million Rate of Change Progress Rate Cumulative Cumulative Decrease Forecast Segment Revenue 4,279 3,325 +953 +28.7% 9,000 47.5% Payment Platform 2,101 1,653 +447 +27.1%
Slide 16: Sales and Profit Change Analysis (Year-on-Year)
2. Summary of Financial Results for Q2 FY2025 Sales and Profit Change Analysis (Year-on-Year) • The year-on-year increase/decrease in each revenue and expense item, from net sales through operating income Year-on-Year Change (2Q Cumulative) (Figures in parentheses indicate year-on-year change rate)
Slide 17: Progress of Business Performance
2. Summary of Financial Results for Q2 FY2025 Progress of Business Performance • Progress toward the full-year gross profit forecast is a solid 45.7%, compared to 44.3% at the same time last year. • Cumulative growth rate for Q2 reached 38.9%, outperforming the full-year forecast of 34.8%. We contin
Slide 18: Trends in Net Sales
2. Summary of Financial Results for Q2 FY2025 Trends in Net Sales • The Payments segment is driven by the accumulation of usage-based stock revenue alongside the growth of B2B GTV, as well as development sales related to "Trunk." • Merchant segment performance grew, driven by large-scale deployment
Slide 19: Trends in Gross Profit
2. Summary of Financial Results for Q2 FY2025 Trends in Gross Profit • Consolidated gross profit for the 2Q cumulative period increased by 38.9% year on year, as the gross profit margin improved by 3.4 points compared to the same period last year • Gross profit margin continues to improve due to a d
Slide 20: Trends in SG&A Expenses
2. Summary of Financial Results for Q2 FY2025 Trends in SG&A Expenses • SG&A expenses increased by 14.3% year-on-year due to active recruitment of personnel, mainly development engineers. • Our high operating leverage drives a continual decrease in SG&A ratio to net sales. SG&A Expenses SG&A-to-Net
Slide 21: Trends in EBITDA
2. Summary of Financial Results for Q2 FY2025 Trends in EBITDA • EBITDA saw a substantial increase of JPY 368 million year over year. • We aim for accelerated EBITDA growth through strong net sales expansion and a mainly fixed cost structure. EBITDA +368M EBITDA Margin (Unit: JPY million) (Unit: %)
Slide 22: Management KPI: BtoB GTV (Gross Transaction Value)
2. Summary of Financial Results for Q2 FY2025 Management KPI: BtoB GTV (Gross Transaction Value) • B2B GTV is propelled by the rapid increase in processed transaction value, fueled by the expansion of companies using Xard and the growing number of Winvoice partner companies • While the third quarter
Slide 23: Management KPI: Number of Payment Platform Client Companies
2. Summary of Financial Results for Q2 FY2025 Management KPI: Number of Payment Platform Client Companies • The number of Payment Platform client companies steadily increased, up 55.8% year-on-year. Number of Payment Platform Client Companies (Unit: Companies) YoY +55.8% 86,597 77,561 70,036 62,237
Slide 24: Balance Sheet Status
2. Summary of Financial Results for Q2 FY2025 Balance Sheet Status • Accounts receivable from temporary advances are projected to increase, driven by Winvoice transaction volume growth • We intend to maintain a stable capital structure based on a balance sheet adjusted to exclude temporary advances
Slide 25: Trends in Number of Employees
2. Summary of Financial Results for Q2 FY2025 Trends in Number of Employees • Building an organizational structure where proprietary products and consulting act as a powerful, self-reinforcing flywheel, enabled by flexible and optimal personnel deployment across business units and job functions. Dev
Slide 26: 3. Segment Results
3. Segment Results ©2025 Infcurion, Inc.
Slide 27: Payment Platform Business
3. Segment Results Payment Payment Platform Business • Stock revenue has increased to 82.9%, propelled by the rise in BtoB GTV from Xard and Winvoice, which drives overall segment revenue growth. • Segment loss recorded due to upfront investment, including proactive talent recruitment to support bus
Slide 28: Merchant Platform Business
3. Segment Results Merchant Merchant Platform Business • Segment revenue and segment profit both increased year on year, driven by major projects involving the introduction of payment terminals in the mobility industry and sales recognition from the development of our acquiring system. Segment Reven
Slide 29: Consulting Business
3. Segment Results Consulting Consulting Business • Both segment revenue and profit remained stable, supported by continued orders from high-repeat clients Segment Revenue +6.4% Segment Profit (Unit: JPY million) (Unit: JPY million) +71.6% 794 324 746 716 612 189 143 132 FY2022 2Q FY2023 2Q FY2024 2
Slide 30: 4. Business Highlights
4. Business Highlights ©2025 Infcurion, Inc.
Slide 31: 'Xard' Expands to B2C Market
4. Business Highlights Payment ‘Xard’ Expands to B2C Market • First B2C rollout of 'Xard': Supporting Hokkoku Bank new debit card service 'one paretto'. • Leveraging our technical foundation developed in the corporate (B2B) card domain, we are expanding our business into the 300-trillion-yen B2C pay
Slide 32: Addition of New Services and Features to 'Xard'
4. Business Highlights Payment Addition of New Services and Features to ‘Xard’ • New services and features to be rolled out sequentially on next-generation card issuance platform ‘Xard’ • By expanding use cases and enhancing service offerings, we aim to accelerate growth in B2B GTV, which drives our
Slide 33: Partner Base of Winvoice Is Steadily Expanding
4. Business Highlights Payment Partner Base of Our Invoice and Payment Platform, ‘Winvoice,’ Is Steadily Expanding • Our business partners are steadily increasing on the Winvoice billing and payment platform, leading to higher processed transaction value and driving B2B GTV growth Winvoice Partners
Slide 34: Provided Mobile Payment Platform for JR West's 'Wesmo!'
4. Business Highlights Payment Provided Mobile Payment Platform for JR West's New Payment Service, 'Wesmo!' • JR West launched 'Wesmo!' in May 2025 as a new service following ICOCA and J-WEST Card, and provided our platform for this service. • A highly scalable platform designed for future developme
Slide 35: Introducing Cashless Payment Solutions on Taxi Rear-Seat Tablets
4. Business Highlights Merchant Introducing Cashless Payment Solutions on Taxi Rear-Seat Tablets • Planning to provide cashless payment solutions for over 70,000 taxi rear-seat tablets nationwide, operated by GO • Adopted as a built-in payment terminal optimized for "self-operation," allowing passen
Slide 36: Promoting Joint Business Initiatives with the SMBC Group
4. Business Highlights Promoting Joint Business Initiatives with the SMBC Group • Launched “Trunk”—our first collaboration with the SMBC Group. A comprehensive digital financial service for SMEs, enabling business account opening, business card issuance, and streamlined accounting operations • Furth
Slide 37: 5. Growth Strategy
5. Growth Strategy ©2025 Infcurion, Inc.
Slide 38: Mid-Term Financial Target
5. Growth Strategy Sustainable High Growth with 50% BtoB GTV Growth and Growth Margin Exceeding 50% Mid-Term Financial Target B2B GTV CAGR 50％ C. CAGR C.25％ Consolidated Growth Target Revenue Consolidated Gross Profit CAGR 30％+ 50％+ Consolidated Gross Profit Margin Profitability 15％+ Target Consolid
Slide 39: Mid-Term Financial Target by Segment
5. Growth Strategy Mid-Term Financial Target by Segment （JPY Million） CAGR: 35%+ Achieving High Growth Correlated with GTV Payment Platform 3,659 Strong growth in recurring, GTV-linked 2,575 revenues driven by Xard and Winvoice Business Expansion of the B2B space through strategic FY2023 FY2024
Slide 40: Evolving Revenue Model Through Growing Value-Based Transactions
5. Growth Strategy Evolving Revenue Model Through Growing Value-Based Transactions • Leveraging a solid foundation of highly repeatable consulting and stable flow revenue, the accelerated growth of usage-based recurring revenue linked to increasing GTV is expected to drive future business growth Gro
Slide 41: EBITDA Target: High Operating Leverage Unlocks Accelerated Growth
5. Growth Strategy EBITDA Target: High Operating Leverage Unlocks Accelerated Growth • We aim to achieve rapid EBITDA growth through a predominantly fixed-cost structure. High GTV and Top-Line Growth Growth Image of Revenue / Expenses / EBITDA Revenue Client Target Broader Value- Expansion added Off
Slide 42: Japan's Cashless BtoC Market: Poised for Growth
5. Growth Strategy Japan’s Cashless BtoC Market: Poised for Growth • Despite lagging behind other countries, Japan’s cashless payment penetration has now reached 40%. With an 80% adoption target in sight, momentum continues to accelerate. Cashless Payment Penetration by Country (2022)1 Cashless Paym
Slide 43: Untapped Potential of Corporate Cards in B2B Payments
5. Growth Strategy Untapped Potential of Corporate Cards in B2B Payments • Despite Japan’s massive B2B transactions, corporate card usage accounts for less than 1% of total volume Corporate Card Usage and Share Domestic B2B Transaction Market (by Value) in B2B Transactions Corporate Card Transaction
Slide 44: GTV Growth Acceleration
5. Growth Strategy A Growth Strategy to Sustain Long-Term Corporate Value • Driving sustainable GTV growth and profitability through customer expansion and deeper value delivery GTV Growth Acceleration 1 Customer Acquisition 2 Service Offering Expansion Expanding Customer Base Driven by a Scaling Ca
Slide 45: Unlocking Modern Payments for Every Business
5. Growth Strategy 1 Unlocking Modern Payments for Every Business • Any business now can be a FinTech with our modern platform. The shift of legacy to modern is our next growth engine. Payments Industry / Financial Sector Financial Institutions （Banks, Card Companies, Transforming Every Regional Fin
Slide 46: Two Engines of Growth: Enterprise and SaaS
5. Growth Strategy 1 Two Engines of Growth: Driving Sustainable Scaling with Enterprise and SaaS Access to a Vast Customer Base Self-Sustaining Client Growth Driven by strong demand for legacy-to-modern migration Client expansion fuels growth across GTV and users Traditional Enterprises High-Growth
Slide 47: Boosting Platform Value by Broadening Capabilities
5. Growth Strategy 2 Boosting Platform Value by Broadening Capabilities • Our evolving card platform boosts customer satisfaction and engagement, strengthening our competitive advantage. • A unified issuing solution enables broader client reach and improved margins. Examples of Feature Expansion: Is
Slide 48: Strategic Co-Development of 'Trunk' with SMBC Group
5. Growth Strategy 3 Strategic Co-Development of “Trunk” with SMBC Group • Launched “Trunk”—our first collaboration with the SMBC Group. A comprehensive digital financial service for SMEs, enabling business account opening, business card issuance, and streamlined accounting operations • Further expa
Slide 49: 6. Appendix
6. Appendix ©2025 Infcurion, Inc.
Slide 50: Appendix 1 Quarterly Performance Trends
Appendix 1 Quarterly Performance Trends ©2025 Infcurion, Inc. 50
Slide 51: Net Sales Trends by Segment
Appendix 1. Quarterly Performance Trends Net Sales Trends by Segment Net Sales by Segment (Unit: JPY million) YoY +33.8% 2,286 2,161 Payment Platform YoY 1,995 1,992 Merchant Platform 1,853 Consulting 1,708 1,617 1,134 +22.6% 1,041 1,361 1,023 967 1,318 1,246 1,256 1,209 982 1,103 728 925 1,080 604
Slide 52: Net Sales Trends by Revenue Category
Appendix 1. Quarterly Performance Trends Net Sales Trends by Revenue Category Net Sales by Revenue Category (Unit: JPY million) YoY +33.8% 2,286 2,161 Flow Revenue YoY Stock Revenue 1,995 1,992 1,853 Consulting Revenue 1,708 1,617 1,184 +42.5% 1,361 1,321 1,005 982 1,318 859 1,246 1,256 1,209 831 1,
Slide 53: Trends in Gross Profit
Appendix 1. Quarterly Performance Trends Trends in Gross Profit Gross Profit 55.9% Margin 51.5% 50.8% 48.2% 46.1% 46.2% 44.1% 44.4% 44.4% 44.6% 43.2% 42.0% 40.3% Gross Profit 33.3% YoY +44.7% (Unit: JPY million) 1,098 1,102 921 854 860 737 761 651 604 556 524 537 487 417 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2
Slide 54: Trends in SG&A Expense
Appendix 1. Quarterly Performance Trends Trends in SG&A Expense SG&A Expense SG&A-to-Net Sales Ratio (Unit: JPY million) (Unit: %) Personnel Expenses Outsourcing Expenses R&D Expenses Recruitment Expenses Advertising Expenses Others 919 864 73.2% 852 835 70.5% 808 825 814 68.7% 758 749 729 740 61.4%
Slide 55: Trends in EBITDA
Appendix 1. Quarterly Performance Trends Trends in EBITDA EBITDA (Unit: JPY million) 307 YoY x11 258 124 109 54 63 22 -61 -68 -177 -219 -262 -306 -492 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2022 FY2023 FY2024 FY2025 ©2025 Infcurion, Inc. Note: Figures prior to the fiscal year 2024 are unaudited
Slide 56: Trends in B2B GTV (Gross Transaction Value)
Appendix 1. Quarterly Performance Trends Trends in B2B GTV (Gross Transaction Value) B2B GTV YoY +71.6% (Unit: JPY 100 million) 907 620 599 486 465 349 326 304 129 131 95 88 68 38 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2022 FY2023 FY2024 FY2025 ©2025 Infcurion, Inc. 56
Slide 57: Payment Platform Business
Appendix 1. Quarterly Performance Trends Payment Payment Platform Business Segment Revenue YoY +22.6% Segment Profit (Unit: JPY million) (Unit: JPY million) 90 1,134 1,041 1,023 Flow Revenue 982 967 10 10 925 Stock Revenue -9 -45 728 719 -81 -82 668 604 644 733 658 560 867 -141 708 -173 498 495 -177
Slide 58: Merchant Platform Business
Appendix 1. Quarterly Performance Trends Merchant Merchant Platform Business Segment Revenue YoY +81.2% Segment Profit (Unit: JPY million) (Unit: JPY million) 217 763 733 183 Flow Revenue 619 Stock Revenue 569 108 503 512 464 453 79 421 324 407 271 390 214 351 351 214 32 343 329 323 122 136 132 96 9
Slide 59: Consulting Business
Appendix 1. Quarterly Performance Trends Consulting Consulting Business Segment Revenue YoY +7.3% Segment Profit (Unit: JPY million) (Unit: JPY million) 402 406 386 384 388 169 366 370 361 358 345 349 154 335 314 297 117 102 103 97 92 91 76 77 66 56 48 31 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 1Q
Slide 60: Appendix 2 Overview of Infcurion
Appendix 2 Overview of Infcurion ©2025 Infcurion, Inc. 60
Slide 61: Company Overview
Appendix 2. Overview of Infcurion Company Overview Company Name Infcurion, Inc. Headquarter 7F MFPR Kojimachi Building, 5-7-2 Kojimachi, Chiyoda-ku, Tokyo Establishment May 1, 2006 Representative Hiroki Maruyama, President and CEO Capital Stock 100 million yen (as of the end of March 2025) Number of
Slide 62: From Advisor to Enabler: The Evolution of Infcurion's Business Domains
Appendix 2. Overview of Infcurion From Advisor to Enabler: The Evolution of Infcurion’s Business Domains Through steady expansion, we now provide full-stack solutions that drive embedded finance forward. Full-cloud acquiring system (in development) Foundation of Infcurion 2006 2011 2018 2021 2023 20
Slide 63: Infcurion at a Glance (FY2024)
Appendix 2. Overview of Infcurion Infcurion at a Glance（FY2024） Sales Gross Profit EBITDA c. 7.2Bn c. 3.2Bn c. 0.19Bn (YoY +22.9％) (YoY +16.9％) (Turned profitable) Transaction Volume # of companies using the Payment Platform 2 (BtoB GTV 1) c. 218.2Bn 70,036 (YoY +55.1％) (YoY +115.5％) Note: *1 The to
Slide 64: Leadership Team Driving Japan's Cashless Transformation
Appendix 2. Overview of Infcurion Leadership Team Driving Japan’s Cashless Transformation Director and Executive Officer, External Director COO Served as the Head of Japan's TMT After joining JCB as a new graduate, Sector at Morgan Stanley and currently he was responsible for formulating serves as C
Slide 65: Business Segments
Appendix 2. Overview of Infcurion Business Segments Payment Platform Business Merchant Platform Business Sales 3-year CAGR Sales 3-year CAGR JPY 3,659MM +44.2% 28.0% JPY 2,006MM +10.1% Embedding payment and financial Consolidated Sales Promoting cashless and digitalization for functions into any bus
Slide 66: Payment Platform Business
Appendix 2. Overview of Infcurion Payment Platform Business • By connecting and embedding our payment and financial solutions built on the cloud via APIs into the services of financial institutions and businesses, we enable them to incorporate card issuance and cashless payment functions into their
Slide 67: Merchant Platform Business
Appendix 2. Overview of Infcurion Merchant Platform Business • Provide a platform to businesses to promote cashless and digital transactions in stores, which is an indispensable element to expand the cashless society • By launching the acquiring system, in addition to payment terminals, payment appl
Slide 68: Consulting Business
Appendix 2. Overview of Infcurion Consulting Business • Established a solid position as a firm in the payment and financial domain through 20 years of experience, knowledge, and deep expertise • Demonstrates synergy through aerial product development utilizing a broad perspective gained from consult
Slide 69: Appendix 3 Service Offerings
Appendix 3 Service Offerings ©2025 Infcurion, Inc. 69
Slide 70: Next-generation Card Issuance Platform
Payment Platform Recipient of the 2023 GOOD DESIGN AWARD Next-generation Card Issuance Platform Xard is a next-generation card issuance platform that allows for easy and low-cost issuance of tailor- made JCB/Visa cards. Through diverse issuance formats, it caters to the various needs of Fintech firm
Slide 71: Payment Platform Business: Xard
Payment Platform Business: Xard Next-generation card issuance platform that allows for easy and low-cost issuance of tailor-made JCB/Visa cards Corporate card issuer Original card Card user • Integrate card issuance functions quickly and • Widely usable at JCB/Visa affiliated merchants cost-effectiv
Slide 72: Invoice Payment Platform
Payment Platform Invoice Payment Platform Winvoice is an invoice payment platform that enables businesses to integrate card payment for invoices into their services quickly and cost-effectively. It caters to the various needs of Fintech firms, financial institutions, SaaS providers, and web service
Slide 73: Payment Platform Business: Winvoice
Payment Platform Business: Winvoice An invoice payment platform that enables businesses to build card payment for invoices into your services Seller Buyer • Wants to reduce the risk of uncollected receivables Invoice issuance • Managing a large volume of invoices is from clients challenges cumbersom
Slide 74: Mobile Payment Platform
Payment Platform Mobile Payment Platform Wallet Station is a service designed to build a company's original Pay system. It offers a one-stop solution for essential features such as QR code payments, user management, and value/point issuance needed to realize “Original Pay.” Provided via API, it can
Slide 75: Payment Platform Business: Wallet Station
Payment Platform Business: Wallet Station A one-stop solution to realize “Original Pay” including QR code/point payments and charge function Business Operator (Store) Original Pay Consumer • Building customer loyalty through effective • Cashless payments and seamless shopping marketing experience th
Slide 76: Merchant Payment Solution
Merchant Platform Merchant Payment Solution Introducing 'Anywhere’, a payment solution that offers payment devices, applications, and payment centers in a one- stop package. With expertise in payment and technological capabilities, we build flexible payment environments tailored to the business’s ne
Slide 77: Notice: Excerpt translation of the original Japanese document
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. ©2025 Infcurion, Inc.