Gunosy, Inc. · TSE:6047

Gunosy — Q2 FY2026/5 Earnings Presentation

71 slides from Gunosy's earnings presentation, January 2026

Slide 1: FY2026/5 Financial Results for Q2
FY2026/5 Financial Results for Q2 株式会社 Gu nosy Gunosy Inc. TSE 東証Prime プライ (6047) ム（証券コード：6047）
Slide 2: INDEX
INDEX 1. Overall Picture and FY2026/5 Q2 Summary P 03 2. Business Overview by Portfolio P 16 3. FY2026/5 Full-Year Forecast and Mid-Term Financial Goals P 41 4. ESG Initiatives P 48 5. Company Profile P 54 6. Business Segments Overview P 61 （C） Gunosy Inc. All Rights Reserved. 2
Slide 4: FY2026/5 Q2 Results Highlights
FY2026/5 Q2 Results Highlights FY2026/5 Q2 Results Full-Year Progress vs. Plan YoY Net sales 3,279 Million yen 41.6％ 106.6％ Operating profit 70 Million yen 9.1％ -295 Million yen EBITDA 141 Million yen 15.3％ -226 Million yen Summary • Our portfolio company slice continues to scale strongly and has en
Slide 5: Key Strategic Investment | slice – Business Overview
Key Strategic Investment ｜slice – Business Overview As a digital bank with a deposits-led model, total assets have reached approximately 100 billion yen. A business model that balances growth and profitability has been established, and the company is making steady progress toward mid- to long-term e
Slide 6: Key Strategic Investment | slice – KPI Overview
Key Strategic Investment ｜slice – KPI Overview Achieving well-balanced operations across profitability, liquidity, and capital soundness. Key KPI Status (as of Sep 2025) KPI Status KPI Overview and Assessment Deposit 66.2 billion yen • Total deposits; indicator of funding capacity and business stabi
Slide 7: Key Strategic Investment | Credit Rating — Outlook Upgraded
Key Strategic Investment ｜Credit Rating — Outlook Upgraded slice has received an investment grade rating of “BBB- / Positive” from India’s leading credit rating agency. Its financial soundness as a banking institution has been recognized by external rating agencies. Rating Rationale Summary slice ha
Slide 8: FY2026/5 Revision of Full-Year Outlook
FY 2026/5 Revision of Full-Year Outlook The initial full-year plan is now expected to follow a downside case amid heightened business environment volatility. As a result, the operating profit target for the fiscal year has been revised downward to 250 million yen. (Million yen) FY2026/5 FY2026/5 Ini
Slide 9: Medium-Term Financial Guidance | As of FY2027/5
Medium-Term Financial Guidance ｜As of FY2027/5 The path to achieving EBITDA for FY2027/5 remains unchanged. Due to multiple external factors, achieving the mid-term financial goals ahead of schedule in the current fiscal year has become difficult. However, for FY2027/5 — the original target year — w
Slide 10: FY2026/5 Q2 Results — Net Sales and Operating Profit by Portfolio
FY2026/5 Q2 Results — Net Sales and Operating Profit by Portfolio The Core Cash Area was impacted by market conditions, with active user numbers trending soft. GH is carefully assessing title release timing to maximize future monetization potential. FY2026/5 Q2 Portfolio Details (Million yen) Net sa
Slide 11: FY2026/5 Group Portfolio Strategy and Q2 Summary
FY2026/5 Group Portfolio Strategy and Q2 Summary While business performance is currently trending on the downside, we assess that the fundamental cash- flow generation capability remains unchanged. In parallel with conducting asset management for slice, we will strengthen the overall business toward
Slide 12: Shareholder Return Policy | FY2026/5 Shareholder Return Policy
Shareholder Return Policy ｜FY2026/5 Shareholder Return Policy In addition to implementing a shareholder return of 4% of consolidated shareholders’ equity, exceeding the base DOE policy of 3%, we plan to increase dividends by adding a special dividend equivalent to 1% DOE, backed by slice’s strong gr
Slide 13: Defining the Group Portfolio
Defining the Group Portfolio The Group portfolio is divided into three areas to realize shareholder value creation through both stability and growth. Divided into three portfolios to ensure both the strengthening of stable cash flow and growth over the medium to long term. 1 2 3 Cash-Flow Accretive
Slide 14: Future Cash Flow Projections by Portfolio and Concept for Enhancing Shareholder Value
Future Cash Flow Projections by Portfolio and Concept for Enhancing Shareholder Value Enhance shareholder value by expanding EBITDA through the Core Cash Area and M&A, while strengthening new growth drivers and shareholder returns. Flywheel for Enhancing Future Cash Flow Projections by Portfolio Sha
Slide 15: Capital Allocation and Shareholder Return Policy by Portfolio
Capital Allocation and Shareholder Return Policy by Portfolio We set targets for expected outcomes and capital efficiency for each portfolio and manage invested capital appropriately. We have clarified our policy of reflecting the results in shareholder returns, aiming to enhance shareholder value.
Slide 17: Core Cash Area | Portfolio Sales
Core Cash Area ｜Portfolio Sales A core segment underpinning the Group’s stable cash generation. Although performance has trended in a downside case due to a soft media market environment, the Core Cash Area’s fundamental cash-flow generating capability remains intact, with recovery expected in FY202
Slide 18: Core Cash Area | Portfolio EBITDA
Core Cash Area ｜Portfolio EBITDA The Core Cash Area generated 583 million yen in EBITDA in FY2026/5 Q2. Looking toward FY2027, we will strengthen profit-generation capabilities through overseas expansion of G8 and the promotion of digital transformation. Highlights (FY2026/5 Q2) Portfolio EBITDA Tre
Slide 20: M&A | Immediate Investment Focus
M&A｜Immediate Investment Focus Our fundamental policy is to pursue M&A that strengthens our value chain in areas expected to generate stable cash flow. Areas for Allocating Available Cash for Investment Existing Business Periphery New Business Short- to Medium-Term Allocation Priorities Stable Marke
Slide 21: M&A | Financial Guidelines
M&A｜Financial Guidelines To promote M&A, we have established financial guidelines to prevent excessive risk-taking. By adhering to these guidelines, we aim to execute M&A that balances improved capital efficiency with financial stability. Guidelines on Financial Risk The maximum investment amount du
Slide 22: G Holdings (GH) | Results and Key Evaluation Points
G Holdings (GH)｜ Results and Key Evaluation Points Highly evaluated for its repeatable business model that delivers stable cash flow and strong capital efficiency. Through M&A, Gunosy achieved both stable cash flow generation across the Group and entry into growth areas such as anime and manga IP. A
Slide 23: G Holdings (GH) | Progress Summary
G Holdings (GH)｜Progress Summary Advancing development toward maximizing long-term revenue, while carefully assessing optimal release timing for each title. Development of each title is progressing smoothly, with earnings contribution expected from next fiscal year onward. Titles Scheduled for Futur
Slide 25: High-Growth Option Area | Capital Allocation Status
High-Growth Option Area｜Capital Allocation Status Strategically and flexibly allocate capital to areas with strong mid- to long-term growth potential. Capital investments are made in slice, SC (store & commerce) business, IR Hub, and others, based on timing and growth potential. Capital Allocation (
Slide 26: slice: Business Metrics as of End-September 2025 - Highlights
slice: Business Metrics as of End-September 2025 - Highlights As of the end of September 2025, slice’s total assets reached 94.6 billion yen. Half-year revenue totaled 10.7 billion yen, with net profit turning positive at 730 million yen, reflecting sustained strong growth momentum. FY2026 1H Financ
Slide 27: slice | Business Scale Expansion – Deposit Growth
slice｜Business Scale Expansion – Deposit Growth The number of new account openings has increased to approximately 400K per month, comparable to or exceeding HDFC, India’s largest private bank, in terms of net customer additions. Accordingly, the deposit balance (Deposit) has continued to grow at an
Slide 28: slice | Business Scale Expansion – AUM Growth
slice｜Business Scale Expansion – AUM Growth After the public release of the credit card in August, growth accelerated. It is expected to continue supporting AUM growth going forward. Response to Rapid growth through marketing investments based guidelines Stable growth primarily Merger Credit card re
Slide 29: slice | Post-Merger Profit Model Overview
slice ｜Post-Merger Profit Model Overview Following the transition to a banking institution, the business model has shifted from an AUM-driven model to a dual-driver model of AUM growth × yield enhancement. The expansion of low-cost Deposits is improving spreads, resulting in a significant increase i
Slide 30: slice | Profitability Status — Gross Revenue and Revenue Efficiency
slice｜Profitability Status — Gross Revenue and Revenue Efficiency Profitability per AUM has remained largely stable after the merger. Gross Revenue is expected to continue growing in line with the increase in AUM, which serves as a leading indicator. Gross Revenue (Total Income) Revenue Efficiency p
Slide 31: slice | Profitability Improvement – Debt Profile and Cost of Funding
slice｜Profitability Improvement – Debt Profile and Cost of Funding As deposits increased following the merger, the funding structure has been shifting from high-interest borrowings to lower-cost deposits. As a result, the overall cost of funding has declined as expected. Debt Profile Cost of Funding
Slide 32: slice | Gross Profit Trend and P&L Structure
slice | Gross Profit Trend and P&L Structure Supported by improved yields and AUM expansion, Gross Profit has shown steady growth. Alongside this, an efficient P&L structure that effectively controls cost increases has been established, resulting in continued increases in EBITDA (*1) and pretax prof
Slide 33: slice | Unique Positioning
slice | Unique Positioning By blending fintech startup culture with banking business capabilities, slice has achieved a differentiated positioning relative to both fintech companies and traditional banks. Comparison vs. Competitors Unique positioning Fintech Bank slice Provides selective financial P
Slide 34: slice | Impact of Unique Positioning on Business Metrics
slice ｜Impact of Unique Positioning on Business Metrics slice’s unique positioning as a digital bank has significantly contributed to improvements in key business metrics. Impact on BS Items Impact on PL Items Leveraging broad banking service offerings to create diversified revenue Strong brand appe
Slide 35: slice | Future Growth Outlook
slice ｜Future Growth Outlook With continued accumulation of profits and additional funding to strengthen the capital base, maintaining the current unique positioning is expected to support both sound and rapid business scale expansion. Future Growth Expectations Future Current status Deploy capital
Slide 36: slice | Shareholding Status
slice | Shareholding Status Even after the merger, Gunosy has maintained a shareholding of over 12.65% on a fully diluted basis. As the key external shareholder, we continue to support slice’s mid- to long-term growth and maintain a strong relationship. Our shareholdings Maintaining status as the As
Slide 37: Game8 | Changes in the SC Business Environment
Game8 ｜Changes in the SC Business Environment The “Act on Promotion of Competition for Specified Smartphone Software (the “Smartphone Competition Promotion Act”)” took effect in December. We believe this has further increased the importance of G8’s strengths in off-game user acquisition and user tra
Slide 38: Game8 | SC Business Potential
* Game8 ｜SC Business Potential (* SC: Store and Commerce) By operating both game media and payment services in-house, we enable seamless integration that preserves the user experience. We expect strong potential for future expansion of the payment business, leveraging a unique positioning that remai
Slide 39: New Business | IR Hub Progress Update
New Business ｜IR Hub Progress Update A product-driven growth cycle — identifying user pain points, improving the product, and proposing solutions — has taken hold. Continuous feature enhancements are steadily increasing product value, leading to a repeatable expansion in the number of companies adop
Slide 40: Digital Transformation Initiatives | Driving Competitiveness and Sustainable Growth
Digital Transformation Initiatives | Driving Competitiveness and Sustainable Growth We are promoting corporate transformation through digital technologies, including the active use of LLMs, to drive productivity improvements in existing businesses and create new business opportunities. Promoting com
Slide 42: FY2026/5 Revision of Full-Year Outlook (Reproduced from page 8)
FY2026/5 Revision of Full-Year Outlook (Reproduced from page 8) The initial full-year plan is now expected to follow a downside case amid heightened business environment volatility. As a result, the operating profit target for the fiscal year has been revised downward to 250 million yen. (Million ye
Slide 43: Full-Year FY2026 Plan Revision — Portfolio Details
Full-Year FY2026 Plan Revision — Portfolio Details The Core Cash Area continues to generate stable cash flows; however, performance for the fiscal year is trending toward the downside scenario. GH has entered a pre-launch investment phase for new titles, and Operating Profit is expected to remain in
Slide 44: Medium-Term Financial Guidance | As of FY2027/5
Medium-Term Financial Guidance ｜As of FY2027/5 The path to achieving EBITDA for FY2027/5 remains unchanged. Due to multiple external factors, achieving the mid-term financial goals ahead of schedule in the current fiscal year has become difficult. However, for FY2027/5 — the original target year — w
Slide 45: Shareholder Return Policy
Shareholder Return Policy Reflecting the earnings outlook and the growth potential of slice, we determined that a balance between stable shareholder returns and business growth can be achieved. We aim to maintain a stable dividend with a DOE of 3% or higher, while targeting a DOE of 5% over the long
Slide 46: Shareholder Return Policy | FY2026/5 (Reproduced from page 12)
Shareholder Return Policy ｜FY2026/5 Shareholder Return Policy (Reproduced from page 12) In addition to implementing a shareholder return of 4% of consolidated shareholders’ equity, exceeding the base DOE policy of 3%, we plan to increase dividends by adding a special dividend equivalent to 1% DOE, b
Slide 47: Efforts to Maintain Prime Market Listing
Efforts to Maintain Prime Market Listing We will continue to drive performance improvement and enhance shareholder returns to meet the tradable share market capitalization requirement, while steadily preparing for a smooth transition to the Standard Market as a safety net. Compliance Status as of FY
Slide 49: Key ESG Initiatives
Key ESG Initiatives Designing appropriate governance with a focus on group 1 management Designing and operating board agendas to enhance 2 management precision Operating media with a commitment to providing a safe 3 advertising experience （C） Gunosy Inc. All Rights Reserved. 49
Slide 50: Designing Appropriate Governance for Group Management
1 Designing Appropriate Governance for Group Management Establishing an organizational management framework capable of supporting full-scale group management. We will continue to update our governance framework through constructive dialogue with capital markets. Key Committees in Group Management Bo
Slide 51: Designing and Operating Board Agendas
2 Designing and Operating Board Agendas To enhance board effectiveness, we ensure that key management agendas are discussed regularly. Each fiscal year, we conduct evaluations of board effectiveness and review the operational efficiency of the board. Board Meeting Schedule Number of Sessions Example
Slide 52: Media Management Designed to Ensure a Safe Advertising Experience
Media Management Designed to Ensure a Safe Advertising 3 Experience By establishing an ad review framework that ensures checks and balances between ad sales and ad review functions, we aim to implement governance that provides a safe advertising experience. Gunosy Business Game8 Company Gunosy Busin
Slide 53: Media Management Designed to Ensure a Safe Advertising Experience (Continued)
3 Media Management Designed to Ensure a Safe Advertising Experience (Continued) Game8 has launched “Game8 for Kids” to enhance advertising quality and provide game walkthrough information that minors can use safely and with confidence. Examples of Game8 for Kids Initiatives Revising difficult kanji
Slide 56: Management Team
Management Team The management structure for FY2026/5 is as follows. Representative Director and Chairman, Representative Director Director and Chief Director and Chief Director Group Chief Executive Officer (CEO) and President Operating Officer (COO) Financial Officer (CFO) Shunsuke Tatsuyuki Ryuic
Slide 57: Company History
Company History June 2016 April 2021 “Newslite” (formerly “au Service Today” NewsPass) released released November 2012 July 2018 Established Gunosy Inc. in Established Gunosy Capital and Roppongi, Minato-ku, Tokyo started investment business 2012 2015 2016 2017 2018 2019 2021 2022 2025 April 2015 De
Slide 58: Growth Image
Growth Image Increase corporate value through growth of existing businesses and development of new businesses Aim for group-wide growth with a market High-Growth Option capitalization of 100 billion yen as a medium- Area to long-term target Accretive M&A Cash-Flow Area Core Cash Area Established （C）
Slide 59: Overview of Gunosy Inc.
Overview of Gunosy Inc. Basic Information Representative Director and Chairman, Company name: Gunosy Inc. Officers: Group Chief Executive Officer (CEO), Shinji Kimura Representative: Shinji Kimura Representative Director and President, Kentaro Nishio Kentaro Nishio Director and Chief Operating Offic
Slide 60: From “Gunosy Way” to “Gunosy Pride”
From “Gunosy Way” to “Gunosy Pride” The concept of "Gunosy Way", which had been defined as a milestone for Gunosy to follow, was redesigned as "Gunosy Pride“, which inherits the original thoughts and concepts. 1 “Triple win” philosophy Benefit the customer, the user, and the world. Benefit yourself,
Slide 62: Breakdown of Net Sales
Breakdown of Net Sales *1 Group-wide net sales remained flat quarter-on-quarter. Others GH Game8 ADNW Gunosy Ads *2 (Million yen) 2,400 192 168 194 153 457 295 451 420 142 203 244 36 390 295 271 280 31 35 1,600 257 369 381 29 32 254 470 445 40 201 227 247 26 264 201 168 456 501 572 634 140 119 586 5
Slide 63: Cost Structure
Cost Structure We continue to maintain our cost control policy to enable efficient Group operations. (Million yen) Ad network costs Server expenses Personnel expenses *1 Rent expenses on land and buildings Advertising expenses Revenue sharing *2 2,400 Others GH costs 2,135 2,085 2,187 2,176 2,080 2,
Slide 64: Business Model of Our Media Business
Business Model of Our Media Business We source content from external media (“content partners”) and provide services to users free of charge. Revenue is generated from advertisers through the sale of advertising space used to deliver ads to users. Provide content Content partner ¥ *1 Browse content
Slide 65: Media Business | Progress Summary of Gunosy's Key KPIs
Media Business｜Progress Summary of Gunosy's Key KPIs Sales/DAU has recovered from the previous quarter’s temporary dip, which remained within normal volatility ranges. While the advertising market continues to trend downward, despite a slight decline in DAUs, we believe the service’s underlying cash
Slide 66: Gunosy | Total Number of Active Users (MAU) and Advertising Industry Breakdown
Gunosy｜Total Number of Active Users (MAU) and Advertising Industry Breakdown In addition to continued control of advertising expenses, the downsizing of NewsLite also contributed to a decrease in MAU, which remained within the expected range. Advertising clients remained diversified across multiple
Slide 67: Game8 | Business Model
Game8｜Business Model Gate8 Inc. develops its business around monetizing advertising revenue through game walkthrough media services. The company provides a wide range of marketing solutions by employing diverse advertising strategies, including writing game walkthrough articles. Users Clients Provid
Slide 68: Game8 | Key KPIs
Game8｜Key KPIs Both domestic and international media businesses remained stable. While KPIs are subject to title mix volatility, overall performance remained solid and resilient. PVs RPM Although affected by title mix volatility, Maintained high profitability. page views remained steady. Q1 Q2 Q3 Q4
Slide 69: slice | Business Model
slice｜Business Model A financial services business based in India, known for its intuitive, digital-first design that has gained strong support among younger users. Following the merger with NESFB, the company has expanded its range of financial services, including the acceptance of deposits as a li
Slide 70: slice | Company History
slice｜Company History slice was founded in 2015. Since 2019, cumulative investment from Gunosy has exceeded ¥3 billion. In October 2024, the merger with NESFB was completed. 2015 Jun GaragePreneurs Internet Pvt Ltd., the About slice operator of slice, established Transforming the financial experienc
Slide 71: slice | Positive Business Impact from License Changes
slice｜ Positive Business Impact from License Changes Following the merger, slice is now able to offer a wider array of financial services, including deposit accounts and credit cards. At the same time, the merger is expected to contribute to improved capital efficiency through lower borrowing costs

Gunosy — Q2 FY2026/5 Earnings Presentation on 6ix

Gunosy — Q2 FY2026/5 Earnings Presentation

Slide 1: FY2026/5 Financial Results for Q2

Slide 2: INDEX

Slide 3: Overall Picture and FY2026/5 Q2 Summary

Slide 4: FY2026/5 Q2 Results Highlights

Slide 5: Key Strategic Investment | slice – Business Overview

Slide 6: Key Strategic Investment | slice – KPI Overview

Slide 7: Key Strategic Investment | Credit Rating — Outlook Upgraded

Slide 8: FY2026/5 Revision of Full-Year Outlook

Slide 9: Medium-Term Financial Guidance | As of FY2027/5

Slide 10: FY2026/5 Q2 Results — Net Sales and Operating Profit by Portfolio

Slide 11: FY2026/5 Group Portfolio Strategy and Q2 Summary

Slide 12: Shareholder Return Policy | FY2026/5 Shareholder Return Policy

Slide 13: Defining the Group Portfolio

Slide 14: Future Cash Flow Projections by Portfolio and Concept for Enhancing Shareholder Value

Slide 15: Capital Allocation and Shareholder Return Policy by Portfolio

Slide 16: Business Overview by Portfolio: Core Cash Area

Slide 17: Core Cash Area | Portfolio Sales

Slide 18: Core Cash Area | Portfolio EBITDA

Slide 19: Business Overview by Portfolio: Cash-Flow Accretive M&A Area

Slide 20: M&A | Immediate Investment Focus

Slide 21: M&A | Financial Guidelines

Slide 22: G Holdings (GH) | Results and Key Evaluation Points

Slide 23: G Holdings (GH) | Progress Summary

Slide 24: Business Overview by Portfolio: High-Growth Option Area

Slide 25: High-Growth Option Area | Capital Allocation Status

Slide 26: slice: Business Metrics as of End-September 2025 - Highlights

Slide 27: slice | Business Scale Expansion – Deposit Growth

Slide 28: slice | Business Scale Expansion – AUM Growth

Slide 29: slice | Post-Merger Profit Model Overview

Slide 30: slice | Profitability Status — Gross Revenue and Revenue Efficiency

Slide 31: slice | Profitability Improvement – Debt Profile and Cost of Funding

Slide 32: slice | Gross Profit Trend and P&L Structure

Slide 33: slice | Unique Positioning

Slide 34: slice | Impact of Unique Positioning on Business Metrics

Slide 35: slice | Future Growth Outlook

Slide 36: slice | Shareholding Status

Slide 37: Game8 | Changes in the SC Business Environment

Slide 38: Game8 | SC Business Potential

Slide 39: New Business | IR Hub Progress Update

Slide 40: Digital Transformation Initiatives | Driving Competitiveness and Sustainable Growth

Slide 41: FY2026/5 Full-Year Forecast and Mid-Term Financial Goals

Slide 42: FY2026/5 Revision of Full-Year Outlook (Reproduced from page 8)

Slide 43: Full-Year FY2026 Plan Revision — Portfolio Details

Slide 44: Medium-Term Financial Guidance | As of FY2027/5

Slide 45: Shareholder Return Policy

Slide 46: Shareholder Return Policy | FY2026/5 (Reproduced from page 12)

Slide 47: Efforts to Maintain Prime Market Listing

Slide 48: ESG Initiatives

Slide 49: Key ESG Initiatives

Slide 50: Designing Appropriate Governance for Group Management

Slide 51: Designing and Operating Board Agendas

Slide 52: Media Management Designed to Ensure a Safe Advertising Experience

Slide 53: Media Management Designed to Ensure a Safe Advertising Experience (Continued)

Slide 54: Company Profile

Slide 55: Mission: Optimally deliver information to people around the world

Slide 56: Management Team

Slide 57: Company History

Slide 58: Growth Image

Slide 59: Overview of Gunosy Inc.

Slide 60: From “Gunosy Way” to “Gunosy Pride”

Slide 61: Business Segments Overview

Slide 62: Breakdown of Net Sales

Slide 63: Cost Structure

Slide 64: Business Model of Our Media Business

Slide 65: Media Business | Progress Summary of Gunosy's Key KPIs

Slide 66: Gunosy | Total Number of Active Users (MAU) and Advertising Industry Breakdown

Slide 67: Game8 | Business Model

Slide 68: Game8 | Key KPIs

Slide 69: slice | Business Model

Slide 70: slice | Company History

Slide 71: slice | Positive Business Impact from License Changes