Mercari, Inc. · TSE:4385

Mercari — Q4 2026 Earnings Presentation

52 slides from Mercari's earnings presentation, Aug 5, 2026

1. Slide 1: Presentation Material FY2026.6

   mercari Presentation Material FY2026.6

2. Slide 2: Table of Contents

   Table of Contents 1 FY2026.6 Summary/Progress Toward Mid-Term Policy for FY2027.6 2 FY2026.6 Financial Overview Financial Results Presentation Material 3 FY2027.6 Financial Forecast/Business Objectives 4 Capital Policy 5 Appendix 2

3. Slide 3: FY2026.6 Summary/Progress Toward Mid-Term Policy for FY2027.6

   FY2026.6 Summary/ Progress Toward Mid-Term Policy for FY2027.6 3

4. Slide 4: Achievement Status of Consolidated Business Forecast

   1 Achievement Status of Consolidated Business Forecast ■ Achieved the forecast revised upward in Q3 for both revenue and core operating profit1 to reach record-high results ■ Revenue returned to double-digit growth for the first time since FY2023.6 Revenue Core Operating Profit (Billion JPY) (Billion J

5. Slide 5: FY2026.6 Summary

   1 FY2026.6 Summary ● Make preparations for FY2027.6 Business Objectives ● Essentially aim for top-line growth that will lead to increased profits at the Start of FY2026.6 ● Expand businesses centered around Group synergy Returned to Double-Digit Established the Revenue Base Financial Results Presenta

6. Slide 6: 1-Year Progress Since AI-Native Declaration

   1 1-Year Progress Since AI-Native Declaration ■ Through the AI Task Force, we have completed the foundation for our AI-Native transformation and have now shifted to a value creation phase Productivity Boosts Owing to AI-Native Business Results and Structure Behind Transformation Value Creation Promo

7. Slide 7: Future Direction of AI-Native Transformation

   1 Future Direction of AI-Native Transformation ■ With the previous CTO1 appointed to CHRO and CAIO (Chief AI Officer), we will establish an integrated AI and HR framework and redesign workflows and organizational structures based on AI agents, accelerating product transformation and organizational ref

8. Slide 8: Progress Toward Mid-Term Policy for FY2027.6

   1 Progress Toward Mid-Term Policy for FY2027.6 ■ Made steady progress on the FY2027.6 mid-term policy and achieved core operating profit for a second year in FY2026.6 ■ Also anticipate achieving target revenue, and aim for further growth of revenue and core operating profit Aim essentially for top-lin

9. Slide 9: FY2027.6—Mid-Term Objectives of Main Businesses

   1 FY2027.6—Mid-Term Objectives of Main Businesses (This content was originally released in the FY2024.6 Q4 Summary; it was updated partially in FY2025.6 Q4) Group-wide Mid-Term Objectives ■ Work with external partners to realize an ecosystem ■ Promote global expansion by growing our US business and

10. Slide 10: Group Mission

    1 Group Mission Financial Results Presentation Material Circulate all forms of value to unleash the potential in all people 10

11. Slide 11: FY2026.6 Financial Overview

    FY2026.6 Financial Overview 11

12. Slide 12: Achievement Status of Consolidated Results Forecast and Guidance for each Business

    2 Achievement Status of Consolidated Results Forecast and Guidance for each Business Consolidated Forecast at start of Latest forecast1 Results period Revenue 200.0–210.0B JPY 220.0B JPY or more 229.2B JPY Financial Results Presentation Material Core Operating Profit 28.0–32.0B JPY 40.0B JPY or more

13. Slide 13: Consolidated Results (Full Year)

    2 Consolidated Results (Full Year) Revenue Core Operating Profit1 (Billion JPY) (Billion JPY) +19% +60% YoY YoY Financial Results Presentation Material 13 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc.

14. Slide 14: Consolidated Results (Quarterly)

    2 Consolidated Results (Quarterly) ■ As planned, in Q4 we made investments for future growth and saw a QoQ drop in core operating profit Revenue Core Operating Profit1 (Billion JPY) (Billion JPY) +28% YoY Financial Results Presentation Material +23% YoY 14 1. Core operating profit is defined as IFRS ope

15. Slide 15: Marketplace—Summary

    2 Marketplace—Summary ■ While prioritizing enhancing the product’s core experience, also emphasize strengthening crossborder transactions to lay the foundation for FY2026.6 accelerating GMV growth in FY2027.6 and beyond Business 期初の事業方針 ■ Aim for GMV growth rate of +5–10% YoY and core operating profi

16. Slide 16: Marketplace—Results (Full Year)

    2 Marketplace—Results (Full Year) GMV1/MAU2 Revenue3 Core Operating Profit4/Margin GMV (Billion JPY) (Billion JPY) (Billion JPY) MAU (Million users) Core operating profit Core operating margin +5% +6 ppts Financial Results Presentation Material YoY +16% YoY YoY +15% +41% YoY YoY 1. Aggregate transacti

17. Slide 17: Marketplace—Results (Quarterly)

    2 Marketplace—Results (Quarterly) ■ Further to the low bar set in the previous fiscal year (FY2025.6 Q4: +2% YoY), the GMV growth rate landed at an exceptionally high level, hitting +26% YoY due to the combined effect of Super Mercari Market Days and favorable results in Entertainment & Hobbies categ

18. Slide 18: Marketplace—Results (Quarterly)

    2 Marketplace—Results (Quarterly) ■ Compared to Q3, during which we did not hold any large promotional campaigns, in Q4, core operating profit1 margin dropped QoQ due to marketing strategies like Super Mercari Market Days and active investment for future growth in FY2027.6 and beyond Core Operating P

19. Slide 19: Initiatives for Creating a Safe & Secure Marketplace and the Results

    2 Initiatives for Creating a Safe & Secure Marketplace and the Results ■ In FY2026.6, we promoted a rapid succession of initiatives while leveraging AI, which had a concrete impact on our results and contributed greatly to significant GMV growth Main Initiatives Results ■Expand user support and compe

20. Slide 20: Fintech—Summary

    2 Fintech—Summary FY2026.6 ■ Establish the foundation to become a product that is Business chosen by users for all payment/credit use cases Objectives ■ Aim for core operating profit1 of 5.0–7.5B JPY Financial Results Presentation Material In addition to an increase in transaction value on Mercari as

21. Slide 21: Fintech—Results (Full Year)

    2 Fintech—Results (Full Year) Revenue Core Operating Profit1 (Billion JPY) (Billion JPY) +29% +102% YoY YoY Financial Results Presentation Material 21 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. Starting in FY2026.6 Q1, discontinued adjustments base

22. Slide 22: Fintech—Results (Quarterly)

    2 Fintech—Results (Quarterly) Revenue Breakdown of Revenue (Billion JPY) (Billion JPY) +44% Others1 YoY Payment Credit2 Financial Results Presentation Material +57% YoY 1. Includes revenue of Mercoin, Inc., bank withdrawal fees, expiration and seizure of sales balance, and Mercard reissuance fees, e

23. Slide 23: Fintech—Results (Quarterly)

    2 Fintech—Results (Quarterly) ■ As planned, advertising costs1 increased significantly due to our strengthening of investments to acquire Mercard holders and expand Merpay user segments Core Operating Profit2 Advertising Costs (Billion JPY) (Billion JPY) Financial Results Presentation Material +70% Yo

24. Slide 24: Fintech—Expansion of Credit Balance

    2 Fintech—Expansion of Credit Balance ■ Continued to achieve both credit balance1 growth and high collection rates2 as a result of appropriate risk assessment and gradual expansion of credit limits resulting from the Group’s original AI credit model, as well as the steady growth of Mercard Credit Ba

25. Slide 25: US—Summary

    2 US—Summary ■ Continue to break even while aiming for positive full-year FY2026.6 GMV growth YoY by enhancing the product’s core Business experience and distinguishing ourselves from our Objectives competitors by using category-specific strategies Financial Results Presentation Material In addition

26. Slide 26: US—Results (IFRS / Full Year)

    2 US—Results (IFRS1 / Full Year) GMV2/MAU3 Revenue Core Operating Profit4 GMV (Million USD) (Billion JPY) (Billion JPY) MAU (Million users) Financial Results Presentation Material +4% YoY +107% +12% YoY YoY +11% YoY 1. Adopted IFRS in FY2024.6 and disclosed IFRS numbers for FY2023.6 as well to enable

27. Slide 27: US—Results (Quarterly)

    2 US—Results (Quarterly) GMV1/MAU2 Revenue Core Operating Profit3 GMV (Million USD) (Billion JPY) (Billion JPY) MAU (Million users) Financial Results Presentation Material +4% YoY +21% +15% YoY YoY 1. Aggregate transaction value after adjusting for cancellations 27 2. Quarterly average number of regi

28. Slide 28: FY2027.6 Financial Forecast/Business Objectives

    FY2027.6 Financial Forecast/ Business Objectives 28

29. Slide 29: FY2027.6 Consolidated Financial Forecast

    3 FY2027.6 Consolidated Financial Forecast ■ We aim to balance ongoing high growth with investment for mid- to long-term growth, while maintaining the top-line growth that will lead to increased profits ■ In consideration of the uncertainty of one-year investment plans, for core operating profit, we w

30. Slide 30: FY2027.6 Business Objectives

    3 FY2027.6 Business Objectives ■ In the final fiscal year of our current mid-term plan, aim to deliver on the FY2027.6 guidance and medium-term goals through strategic policies and initiatives Consolidated 連結 Guidance Policy/Major Initiatives ● Balance ongoing high growth with investment for mid- to l

31. Slide 31: Marketplace—Business Objectives

    3 Marketplace—Business Objectives Objectives ● Aim to maintain a high GMV growth rate by focusing on strengthening crossborder transactions while continuing to enhance the product’s core experience Financial Results Presentation Material ● Aim for GMV growth rate of +10–15% YoY and core operating pr

32. Slide 32: Marketplace—Increasing Time Spent on App by Enhancing Entertainment Value

    Marketplace—Increasing Time Spent on App by 3 Enhancing Entertainment Value ■ Aim for sustainable growth through increasing both MAU1 and time spent on the app by enhancing the entertainment value of the product, in addition to continuous enhancements to the core user experience Increasing MAU Incre

33. Slide 33: Marketplace—Expanding Crossborder Transactions

    3 Marketplace—Expanding Crossborder Transactions ■ Aim to grow direct crossborder transactions1 in Taiwan, Hong Kong, and the US, while also expanding the service to other countries and regions ■ Strengthen partnerships with B2C companies, such as Suruga-ya, to expand inventory of items in Entertain

34. Slide 34: Marketplace—Major Investment Areas

    3 Marketplace—Major Investment Areas ■ Looking toward mid- to long-term growth, we will carry out proactive investments to enhance marketing and further strengthen the foundation of Mercari’s core user experience Core Product Experience Marketing/New Initiatives ■ Strengthen our CS structure ■ Stren

35. Slide 35: Fintech—Business Objectives

    3 Fintech—Business Objectives Objectives ● Leverage partnerships and enhance the user experience to seamlessly connect payment, credit, and all other features, aiming for sustainable growth of Financial Results Presentation Material transaction value and credit; aim to expand everyday use and create

36. Slide 36: Fintech—Credit Growth Through Increasing Transaction Value and Building Trust

    3 Fintech—Credit Growth Through Increasing Transaction Value and Building Trust Increasing Total Transaction Value Building Further Trust ■ The widespread adoption of Mercard1 and Mercard ■ Create opportunities to build trust using Mercard Gold2 has contributed to the total transaction value by rele

37. Slide 37: US—Business Objectives

    3 US—Business Objectives Objectives ● Continue to break even while aiming for a full-year GMV growth rate of 10% or higher YoY by enhancing the product’s core experience Financial Results Presentation Material ● Find a winning strategy to achieve strong growth in the mid-to-long term Enhancing the P

38. Slide 38: US—Strengthening the Foundation for Future Growth

    3 US—Strengthening the Foundation for Future Growth ■ On July 1, 2026, former Mercari, Inc. (US) Vice President of Growth Jeff LeBeau was appointed as Chief Executive Officer of Mercari, Inc. (US) ■ The new CEO will take charge of everyday business management and decision-making, while the previous C

39. Slide 39: Capital Policy

    Capital Policy 39

40. Slide 40: First Purchase of Treasury Shares

    4 First Purchase of Treasury Shares Background ● As a result of efforts to enhance profitability of not just Marketplace, but Fintech and US, and strengthen Mercari Group’s revenue base, we achieved positive retained earnings in FY2026.6 both on a consolidated basis and for Mercari, Inc. on a non-con

41. Slide 41: Revision of Executive Compensation Policy to Realize Disruptive Growth

    4 Revision of Executive Compensation Policy to Realize Disruptive Growth ■ The Compensation Committee has resolved to introduce performance stock units (PSUs) as mid- to long-term incentives for executive officers. ■ This policy change sets achieving a market capitalization of at least 2T JPY as a pe

42. Slide 42: Appendix

    Appendix 42

43. Slide 43: Board of Directors Structure

    5 Board of Directors Structure ■ Appointing Independent Directors with a wealth of knowledge and experience in a variety of areas to realize a transparent and highly diverse organization ■ In September 2025, established the Lead Independent Director1 role to further enhance the independence and stre

44. Slide 44: Governance Structure (Independent Directors)

    5 Governance Structure (Independent Directors) Financial Results Presentation Material Kazuhiko Toyama Makiko Shinoda Shiho Konno Lead Independent Chair of the Chair of the Audit Director Compensation Committee Chair of the Nominating Committee Committee Background • Boston Consulting Group • The Lo

45. Slide 45: Governance Structure (Independent Directors)

    5 Governance Structure (Independent Directors) Financial Results Presentation Material Takuya Mayumi Umezawa Kikka Hanazawa Kitagawa Background • Joined the Tokyo office of Tohmatsu & Co. (currently Deloitte • General Manager, Itochu Fashion System Co., Ltd. New York office • Director of Rakuten Data

46. Slide 46: Governance Structure (Independent Directors)

    5 Governance Structure (Independent Directors) Financial Results Presentation Material Kumi Fujisawa Masahiro Kotosaka Background • Joined McKinsey & Company, Inc. • Joined KOKUSAI Investments Trust Management Co., Ltd. • Associate Professor of College of Business Administration, Ritsumeikan • Joine

47. Slide 47: Business Segments

    5 Business Segments ■ Starting FY2026.6, we moved MVNO from Marketplace to a new segment under Japan Business1 called “Other Bets,” established based on nature of profitability Japan Business Financial Results Presentation Material Marketplace Fintech Other Bets US Other Adjustments C2C Payment MVNO

48. Slide 48: Approach to Capital Allocation

    5 Approach to Capital Allocation (Excerpt from FY2025.6 Q4 Presentation Materials) ■ Alongside our transition to a phase of profit growth, we expect retained earnings to become positive in FY2026.6 if progress goes according to our plans Financial Results Presentation Material Internal Reserve Levels

49. Slide 49: Major Itemization of Consolidated BS

    5 Major Itemization of Consolidated BS ■ We will continue to leverage various methods of financing and appropriately control our balance sheet to build a sound financial foundation Mainly bonds and asset CB + borrowings Convertible bonds and long-term segregation to safeguard user 54.9B JPY borrowings

50. Slide 50: Fintech—Liquidation of Receivables

    5 Fintech—Liquidation of Receivables ■ Expanding and diversifying financing in sync with the growth of our credit services centered on non-recourse receivable liquidation FY2026.6 Review Other funds used In FY2026.6, we carried out the following Financial Results Presentation Material initiatives to

51. Slide 51: Marketplace—Cost Composition (Quarterly)

    5 Marketplace—Cost Composition (Quarterly) (Billion JPY) Financial Results Presentation Material 1 1. Outsourcing expenses, depreciation, land rent etc. 51

52. Slide 52: Disclaimer

    Disclaimer This material is compiled for the purpose of providing information only, and is not intended to solicit readers to purchase securities in Mercari. The forward-looking statements, including the financial results forecast, contained in these materials have been prepared based on information

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