Gunosy, Inc. · TSE:6047
Gunosy — Q3 FY2026/5 Earnings Presentation
69 slides from Gunosy's earnings presentation, May 31, 2026
Slide 1: FY2026/5 Financial Results for Q3
FY2026/5 Financial Results for Q3 株 式 会社 Gu n os y 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 Q3 Summary P 03 2. Business Overview by Portfolio P 18 3. FY2026/5 Full-Year Forecast and Mid-Term Financial Goals P 38 4. ESG Initiatives P 41 5. Company Profile P 47 6. Business Segments Overview P 54 (C) Gunosy Inc. All Rights Reserved. 2
Slide 3: Overall Picture and FY2026/5 Q3 Summary
Overall Picture and FY2026/5 Q3 Summary (C) Gunosy Inc. All Rights Reserved. 3
Slide 4: FY2026/5 Q3 Results Highlights
FY2026/5 Q3 Results Highlights FY2026/5 Q3 Results Full-Year Progress vs. Revised Plan YoY Net sales 4,986 Million yen 77.3％ 107.7％ Operating profit 237 Million yen 94.8％ -355 Million yen EBITDA 347 Million yen 86.8％ -247 Million yen Summary • Our portfolio company slice continues to grow steadily,
Slide 5: Key Strategic Investment | slice – Business Overview
Key Strategic Investment | slice – Business Overview As a digital bank with a deposits-led model, slice continues to expand its business. It has established a distinctive position in the industry by balancing innovation and discipline, and is making steady progress toward mid- to long-term corporate
Slide 6: Key Strategic Investment slice – Appointment of Founder Rajan Bajaj as CEO
K ey S trategic In ves tm en t s lic e – App ointmen t of F oun der R aja n B aja j as C E O slice has received approval from the RBI (regulatory authority) for the appointment of its founder, Rajan Bajaj, as Managing Director and CEO. This marks a significant milestone in the industry, demonstratin
Slide 7: Key Strategic Investment | slice: Evolution into a digital bank
K ey S tr at egic Inv est ment | sl ice: Evol uti on i nto a di git al ban k Pr ogr essing the tr ansition to a digital bank t hr ough the int roduction of a digit al-led customer acquisition model and the renewal of core banking syst ems. Moving into a pr ofitabilit y phase that balances gr owth an
Slide 8: 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 banks as a digital bank. Comparison vs. Competitors Unique positioning Fintech Bank slice Provides selective finan
Slide 9: FY2026/5 Group Portfolio Strategy and Q3 Summary
F Y 2026/5 G rou p P ortfolio S tra teg y a nd Q3 S um m a ry In response to the downside in the business environment, we aim to achieve the revised full-year forecast through cost control. In parallel with conducting asset management for slice, we will strengthen the overall business toward achievi
Slide 10: FY2026/5 Q3 Results — Net Sales and Operating Profit by Portfolio
FY20 26 /5 Q3 Res ul ts — Net Sales an d Operati ng Pr ofit by Por tfoli o The Core Cash Ar ea was imp ac ted b y m ar ke t con di tio ns , w it h act ive us er n um ber s t re nd ing sof t . GH is carefully assessing title r elease timing t o maximize future monetization potential. FY2026/5 Q3 Port
Slide 11: Core Cash Area | Response to Changes in the Business Environment
Core Cash Area | Response to Changes in the Business Environment We recognize changes in search traffic dynamics as a structural shift that requires a mid- to long-term response. In response, we are advancing both offensive and defensive measures in parallel, while aiming to maintain stable cash-flo
Slide 12: Medium-Term Financial Guidance | As of FY2027/5
Medium-Term Financial Guidance ｜As of FY2027/5 The basic story for achieving EBITDA for FY2027/5 remains unchanged The Domestic Media Business continues to underperform. We will maintain the company-wide profit level by offsetting this through cost control via DX initiatives and growth in the Overse
Slide 13: 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 14: 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 gro
Slide 15: 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 16: 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 17: 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 18: Business Overview by Portfolio: Core Cash Area
Business Overview by Portfolio Core Cash Area (C) Gunosy Inc. All Rights Reserved. 18
Slide 19: Core Cash Area | Portfolio Sales
Core Cas h Area | Portfolio Sales Performance has tr ended in a downside scenar io due to a soft domest ic media market envir onment, which was fact or ed into the Revised Plan (2H). To maint ain and str engt hen C/F generation capability over the medium to long t er m, we ar e implement ing measur
Slide 20: Core Cash Area | Portfolio EBITDA
C ore C a s h Area ｜P ortfolio E B IT D A Core Cash Area generated 928 million yen in EBITDA in FY2026/5 Q3. Looking toward FY2027/5, we will maintain and strengthen profit-generation capabilities through overseas expansion of G8 and cost optimization driven by digital transformation. H ig hlig hts
Slide 21: Business Overview by Portfolio: Cash-Flow Accretive M&A Area
Business Overview by Portfolio Business Overview by Portfolio Cash-Flow Accretive M&A Area (C) Gunosy Inc. All Rights Reserved. 21
Slide 22: 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 23: 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 24: 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 25: 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 new titles and upfront investment in advertising and promotion are impacting results, with profit contribution projected from th
Slide 26: Business Overview by Portfolio: High-Growth Option Area
Business Overview by Portfolio Business Overview by Portfolio High-Growth Option Area (C) Gunosy Inc. All Rights Reserved. 26
Slide 27: 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 28: slice | Business Scale Expansion – Deposit Growth
slice | Bu siness Scale Ex pansion – Deposit Growt h Th e m ont h ly n umb er of new acc oun t op en ings h as bee n main tai ned a t app r oxima tel y 400,000, to or exceeding the net customer additions of HDFC, India' s largest private bank. Acco rdi ng ly , the deposit balance (Deposit) has conti
Slide 29: slice | Business Scale Expansion – AUM Growth
slice | Bu siness Scale Ex pansion – AUM Growt h Following t he public r elease of cr edit cards, st able gr owth has continued, and AUM growth is expected to continue within the scope of financial safety. Based on abundant funds raised Response to Stable growth primarily through Credit Card Busines
Slide 30: slice | Profitability Status — Gross Revenue and Revenue Efficiency
s lice | P rofit abili ty Stat us — Gros s Rev en ue an d Rev en ue Effi cienc y Following t he mer ger , profitability per AUM has been largely maintained. Gr oss Revenue is expected t o continue gr owing in line wit h the growth in AUM, which ser ves as a leading indicator. Gross Revenue (Total In
Slide 31: slice | Profitability Status: Debt Profile and Cost of Funds
s l i c e | P r o f i t a b i l i ty S ta t u s : D e b t P ro f i l e a n d C o s t o f F unds A s dep os it s in c rea s ed f ol l ow i ng t he mer g er, th e f u nd in g st ru c tu re ha s b een sh i ft in g f r om hi g h-i nte res t bo r ro w in gs t o l ow er -c o st de po si ts . A s a r esu l
Slide 32: slice | Gross Profit Trend and P&L Structure
slice | Gross Prof it Trend and P&L S tru ct ure Su pp or t ed by imp r oved Reven ue Eff ic ienc y a nd A UM e xpan sion , Gro ss Pr o fit h as sh ow n st ead y efficient P&L structure that effectively controls cost increases has been established, r esult ing in continued incr eases in EBITDA ( *1)
Slide 33: 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 34: 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 35: Game8 | SC Business – Progress
G a me8 | S C * B us ines s – P rogres s (*) Store & Commerce Following the enforcement of the “Act on Promotion of Competition for Specified Smartphone Software (the “Smartphone Competition Promotion Act”), our unique positioning in Japan is gaining renewed recognition. We are making steady progres
Slide 36: New Business | IR Hub Progress Update
N ew B us ines s | IR H u b P rogres s U pd ate Established a product-led growth model in which a continuous cycle of “customer issues → product improvement → proposals” drives growth. Ongoing feature enhancements continue to increase user value, with cumulative contracts reaching several dozen comp
Slide 37: 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 38: FY2026/5 Full-Year Forecast and Mid-Term Financial Goals
FY2026/5 Full-Year Forecast and Mid-Term Financial Policy FY2026 Full-Year Forecast and Mid -Term Financial Goals (C) Gunosy Inc. All Rights Reserved. 38
Slide 39: Medium-Term Financial Guidance | As of FY2027/5
Medium-Term Financial Guidance ｜As of FY2027/5 The basic story for achieving EBITDA for FY2027/5 remains unchanged The Domestic Media Business continues to underperform. We will maintain the company-wide profit level by offsetting this through cost control via DX initiatives and growth in the Overse
Slide 40: 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 41: ESG Initiatives
ESG Initiatives ESG Initiatives (C) Gunosy Inc. All Rights Reserved. 41
Slide 42: 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. 42
Slide 43: 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 44: 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 45: 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 46: 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 47: Company Profile
Company Profile Company Profile (C) Gunosy Inc. All Rights Reserved. 47
Slide 48: Mission: Optimally deliver information to people around the world
MISS ION Optimally deliver information to people around the world （C） Gunosy Inc. All Rights Reserved. 48
Slide 49: 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 50: 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 51: 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 52: 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 53: 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 54: Business Segments Overview
Business Segments Overview (C) Gunosy Inc. All Rights Reserved. 54
Slide 55: Breakdown of Net Sales
Breakdown of Net Sales *1 Group-wide net sales remained flat quarter-on-quarter. Others GH Game8 ADNW *2 Gunosy Ads (Million yen) 2,400 192 168 194 153 457 295 451 142 203 244 420 280 36 31 390 295 271 29 32 35 29 1,600 257 369 381 470 254 445 40 201 295 227 247 26 264 201 168 456 501 572 634 140 11
Slide 56: Cost Structure
Cost Structure We will continue our cost control policy to ensure efficient business operations across the Group. (Million yen) Ad network costs Server expenses Personnel expenses Rent expenses on land and buildings Advertising expenses Revenue sharing *1 Others *2 GH costs 2,400 2,187 2,176 2,135 2
Slide 57: 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 58: 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 59: 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. Advertising clients remained diversified across multiple segments, continuing to support stable bus
Slide 60: 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 61: Game8 | Key KPIs
Game8 | Key KP Is St rong per for mance of over seas media offset the deterior ating mar ket envir onment for domestic media. KPIs r emained st eady, alt hough t her e was some volat ility depending on t he st at us of game titles. page views RPM Remained steady, although there was some volatility M
Slide 62: 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 63: 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 64: 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 65: 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 66: 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 67: 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 68: 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 69: 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