Coincheck Group N.v. · NASDAQ:CNCK
Coincheck — Q3 2026 Earnings Presentation
33 slides from Coincheck's earnings presentation, Feb 12, 2026
Slide 1: Investor Presentation
NASDAQ: CNCK Investor Presentation February 2026
Slide 2: No Solicitation, Forward-Looking Statements, and Non-IFRS Financial Measures
No Solicitation, Forward-Looking Statements, and Non-IFRS Financial Measures No Offer or Solicitation This presentation is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Cautionary Statement Regarding Forward-Looking
Slide 3: No Solicitation, Forward-Looking Statements, and Non-IFRS Financial Measures (continued)
No Solicitation, Forward-Looking Statements, and Non-IFRS Financial Measures (continued) Any part of this presentation concerning possible future commercial relationships between the company and Monex Group (or a Monex Group company) are potential aims under consideration at this juncture in time. M
Slide 4: Agenda
Agenda 1. Business Highlights 2. Financial Results 3. Coincheck Group Following the 3iQ Acquisition 4. Management Transition 5. Appendix @2026 Coincheck Group N.V.
Slide 5: 1. Business Highlights
NASDAQ: CNCK 1. Business Highlights
Slide 6: Business Highlights
Business Highlights Coincheck Group, N.V. Coincheck, Inc. M&A Activity -1% QoQ +2% QoQ -7% QoQ $ 24.4m 2.48m $559m & Marketplace Trading Gross margin Verified Accounts volume -6% QoQ -20% QoQ -8 bps QoQ $ 9.1m $6.0b 3.25% Announced acquisition1 of 3iQ a Assets Marketplace pioneer in regulated crypto
Slide 7: 2. Financial Results
NASDAQ: CNCK 2. Financial Results
Slide 8: Coincheck Group FY 2026 Q3 Update
Coincheck Group FY 2026 Q’3 Update Number of verified accounts (Coincheck, Inc.) Marketplace Trading Volume (in million) (in USD million) +13% -25% YoY YoY 749.0 2.48 2.42 586.5 603.8 2.35 559.1 2.29 2.20 392.4 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Gross Margin Adjusted EBITDA1
Slide 9: Robust Financial Model with High Incremental Profitability
Robust Financial Model with High Incremental Profitability Gross Margin1 Adjusted EBITDA(1)(2) (USD million; in %) (USD million; in %) 4.3% 4.3% 3.6% 2.8% 2.8% (0.2%) 1.7% 1.5% 1.1% 1.0% Note: Figures in JPY converted to USD based on exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Re
Slide 10: Coincheck Group Results for FY 2024, 2025, & 2026 Q3
Coincheck Group Results for FY 2024, 2025, & 2026 Q3 ($M) FY24 FY25 % YoY FY26 Q2 FY26 Q3 % QoQ Revenue $1,429 $2,445 71% $849 $915 8% Cost of sales $1,369 $2,358 72% $824 $890 8% Net Profit (Loss) $12.55 -$91.44 (830%) $2.26 $2.58 14% EBITDA1 $22.46 -$80.40 (458%) $7.17 $7.36 3% Adj. EBITDA1,2 $24.
Slide 11: 3. Coincheck Group Following the 3iQ Acquisition
NASDAQ: CNCK 3. Coincheck Group Following the 3iQ Acquisition
Slide 12: Coincheck Group Overview
Coincheck Group Overview Coincheck Group operates a diversified set of crypto-asset businesses spanning retail access, institutional investment 1 management , and institutional infrastructure. Leading Japanese Crypto Exchange Leveraging Japan’s premier digital asset gateway, Coincheck, to capture th
Slide 13: Coincheck Group Growth Strategy
Coincheck Group Growth Strategy Coincheck Group is engineered to accelerate the convergence of traditional and digital finance. Through a globally distributed group structure, Coincheck Group now brings institutional business development capabilities and experienced teams able to land and expand cli
Slide 14: Strengthening Institutional Infrastructure Through Group Capabilities
Strengthening Institutional Infrastructure Through Group Capabilities Recent strategic acquisitions reinforce Coincheck Group’s institutional service capabilities. Collaboration with Monex Group will enhance synergies. Institutional Capability Reinforcement Illustrative Intra-Group Synergies2 Group
Slide 15: Supportive Japan environment underpins growth
Supportive Japan environment underpins growth Growth of crypto accounts in Japan over the past eight years 2023 Stablecoin Legislation 2026 Domestic Assets Transfer 2026 FIEA reclassification Implementation of fiat-backed stablecoin legislation, followed by megabank Proposed FSA rules to ring-fence
Slide 16: A leading Japanese Crypto Exchange
A leading Japanese Crypto Exchange @2026 Coincheck Group N.V.
Slide 17: Japan Crypto Market Landscape
Japan Crypto Market Landscape Japan’s crypto penetration rate remains low with high growth Total accounts in Japan6 potential 123m Japan Population1 2.48m Japan Securities Accounts2 30% 13.8m accounts 18％ 5-year CAGR 40.1m 13.8m Japan Crypto Community3 2.5m Coincheck Number of Verified Accounts7 Tot
Slide 18: Coincheck at a Glance
Coincheck at a Glance Broad Product Set: Providing direct access to the global Strong track record of growth and “first crypto crypto economy account” status ✔ A leading Japanese crypto platform ✔ Dedicated marketplace for retail 2.48m $6b customers, including crypto and NFTs Assets under Verified a
Slide 19: Marketing Expenses Adjusted to Market Conditions
Marketing Expenses Adjusted to Market Conditions Coincheck optimizes marketing spend to reflect market conditions while maintaining the acquisition of high-quality customers. We target a 12-month payback on marketing customer acquisition costs and have, for the past 10 quarters, consistently achieve
Slide 20: Global Institutional Asset Manager
Global Institutional Asset Manager @2026 Coincheck Group N.V.
Slide 21: 3iQ: Services Overview
3iQ: Services Overview 3iQ is a leading global institutional digital asset investment manager with over US$1.1bn in AUM across ETFs, managed accounts, and multi-asset funds • Single- and multi-asset digital asset investment funds offered via 3iQ’s Managed Account Platform (QMAP) & • Regulatory-compl
Slide 22: 3iQ: Established Institutional Presence Across Global Markets
3iQ: Established Institutional Presence Across Global Markets 3iQ brings an established, institutionally credible platform with diversified products, global reach, and a proven track record across market cycles AUM and AUA Mix by Product / Fund Recent Awards (USD million)1,2 $43 $98 Best Bitcoin Fun
Slide 23: Institutional Infrastructure
Institutional Infrastructure @2026 Coincheck Group N.V.
Slide 24: Accelerating Staking Capabilities and Scale
Accelerating Staking Capabilities and Scale Acquisition enhances Coincheck Staking product and offers staking platform services to cryptocurrency marketplace providers Coincheck Staking flow Illustrative flow & Lock ETH Buy ETH Receive Staking Rewards via Coincheck ✔ Blockchain infrastructure and st
Slide 25: Next Finance Tech Initiatives
Next Finance Tech Initiatives Coincheck Group acquired Next Finance Tech, a crypto staking platform service provider, in April 2025. Next Finance is exploring avenues to enhance revenue opportunities, including with affiliates of Monex Group and third parties Next Finance x Coincheck Next Finance x
Slide 26: Aplo: Institutional Prime Brokerage Capabilities
Aplo: Institutional Prime Brokerage Capabilities The acquisition of Aplo, a digital asset prime brokerage serving institutional investors, marks Coincheck Group’s first expansion overseas and strengthens the Group’s institutional service offering. Aplo is headquartered in France, operates under Fran
Slide 27: 4. Management Transition
NASDAQ: CNCK 4. Management Transition
Slide 28: Management Transition
Management Transition Pascal St-Jean to become Executive Director and CEO of CCG as of April 1, 2026. With management focus on: 1 customer acquisition 2 product development 3 cross platform synergies 4 building out institutional capability in Japan Pascal St-Jean currently serves as the Chief Growth
Slide 29: 5. Appendix
& Coincheck Group NASDAQ: CNCK 5. Appendix
Slide 30: Appendix: Adjusted EBITDA Reconciliation
Appendix 1 : Adjusted EBITDA Reconciliation ($M) FY24 FY25 Q’2 26 Q’3 26 Net Profit (Loss) $12.6 $(91.4) $2.3 $2.6 (+) Income Tax Expenses (Benefits) 5.6 6.3 3.5 2.5 Profit (Loss) before Income Taxes 18.1 (85.2) 5.8 5.1 (+) Interest Expense — 0.2 0.2 0.4 (+) Depreciation & Amortization 4.3 4.6 1.2 1
Slide 31: Appendix: Pro Forma Financials
Appendix 2 - Pro Forma Financials US$ in Millions Pro Forma Financials TTM (Jan –Dec 2025) Coincheck Group + 3iQ combined 107.80 108.63 Revenues1 12ME 12/31/2024 12ME 12/31/2025 46.54 25.82 Adjusted EBITDA2 12ME 12/31/2024 12ME 12/31/2025 1.89 Net Income 12ME 12/31/2024 12ME 12/31/2025 -80.71 Note:
Slide 32: Appendix: 3iQ Historical Financials
Appendix 3 : 3iQ Historical Financials US$ in Millions 3iQ Financials 21.20 16.62 16.19 12.50 Revenues 9ME 12/31/2024 9ME 12/31/2025 12ME 12/31/2024 12ME 12/31/2025 5.18 4.32 4.01 4.16 EBITDA 9ME 12/31/2024 9ME 12/31/2025 12ME 12/31/2024 12ME 12/31/2025 2.54 2.45 1.73 1.45 Net Income 9ME 12/31/2024
Slide 33: Appendix: Coincheck Crypto Asset Balance Stability
Appendix 4 : Coincheck Crypto Asset Balance Stability Crypto asset balances at Coincheck by the number of tokens remain stable. Fluctuations in AUM denominated in JPY primarily reflect crypto price movements and FX effects, rather than changes in underlying customer holdings. The actual assets held