Gmo Payment Gateway, Inc. · TSE:3769

Gmo Payment Gateway — Q1 FY2026 Earnings Presentation

58 slides from Gmo Payment Gateway's earnings presentation, Feb 12, 2026

  1. Slide 1: Financial Results Briefing for Q1 FY2026

    Financial Results Briefing for Q1 FY2026 Q1 results in line with plans; initiatives progressing towards OP target of ¥100.0 bn February 12, 2026 84th Investor Meeting

  2. Slide 2: Safe Harbor Statement for Forward Looking Statements

    Safe Harbor Statement for Forward Looking Statements The contents of this document is based on generally recognized economic and social conditions, as well as certain assumptions judged to reasonable by GMO Payment Gateway as of February 12, 2026. Note that the contents are subject to change without

  3. Slide 3: Agenda

    Agenda 1. Earnings Summary 2. AI Related Topics 3. Growth Strategy 4. Sustainability 5. Financial Highlights and Reference Materials Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 3

  4. Slide 4: 1. Earnings Summary

    1. Earnings Summary Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 4

  5. Slide 5: 1.1 Summary of Consolidated Results

    1.1 Summary of Consolidated Results Q1 results in line: revenue grew 10.8%; OP grew 18.0% Progress ratio FY2026 Guidance （¥ mil） Q1 FY2025 Q1 FY2026 % YoY 1H guidance vs. full year vs.1H 93,235 24.1% Revenue 20,295 22,491 +10.8% 44,131 51.0% 62,052 24.4% Gross profit 13,618 15,164 +11.4% 29,650 51.1

  6. Slide 6: 1.2 TRX Value/Volume and Revenue Excluding Special Factors

    1.2 TRX Value/Volume and Revenue Excluding Special Factors TRX value up 16.0%, TRX volume up 21.5% and fee revenue grew 19.4% Consol. TRX value and volume, spread and fee revenues excluding special factors (Specific merchant & Local government project) (¥ trn) (million TRX) Consol. online TRX volume

  7. Slide 7: 1.3 Waterfall Chart of Consol. Revenue

    1.3 Waterfall Chart of Consol. Revenue Consol. Revenue grew 10.8% or 2.7% higher than plans from GMO-FG and strong overseas performance Consol. GMO-PG*2 GMO-PS*2 Overseas*2 Consol. （% YoY） GMO-FG*1 GMO-EP*2*3 GMO-RP*2*3 （¥ bn） 23 +7.8% +9.3% +5.5% +10.2% +64.5% +30.2% +10.8% ¥22.4 bn Others 22 Payme

  8. Slide 8: 2. AI Related Topics

    2. AI Related Topics Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 8

  9. Slide 9: 2.1 The Three Moats Against AI

    2.1 The Three Moats Against AI Entry barriers are multi-layered structure of financial infrastructure, payment methods and regulatory compliance 1. Value proposition in a multi-layer 3. Continuous compliance with industry structured 2. Diverse payment methods* multiple regulations Contracting, techn

  10. Slide 10: 2.2 AI Use Case

    2.2 AI Use Case OP per employee increased driven by revenue growth and margin improvements by leveraging AI Track record of AI adoption Nos. of partners (employees) and OP per employee GMO-PG Payment development document that （Nos. of employees） （¥ mil） utilizes LLM deep search & AI search Nos. of p

  11. Slide 11: 3. Growth Strategy

    3. Growth Strategy Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 11

  12. Slide 12: 3.1 Drivers to Achieve OP ¥100.0 bn in 2030 or 2031

    3.1 Drivers to Achieve OP ¥100.0 bn in 2030 or 2031 Initiatives progressing for each drivers/factors towards OP ¥100.0 bn Payment Domain* Value-Add domain* FY2030 or FY2031 FY2025 Market Share Profitability OP target OP expansion expansion improvement ¥100.0 bn ＝ 30.0bn× 1.6 × 1.6 × 1.1 ＋ 15.0bn * P

  13. Slide 13: 3.2 Strategies on Market Expansion and Share Expansion

    3.2 Strategies on Market Expansion and Share Expansion Accelerating the three strategies for market expansion and share expansion 3 Strategies Market Expansion Market Share Expansion 1. New New business in issuing BaaS Sports event Industry penetration 3.4.3 businesses domain Support viewing app DX

  14. Slide 14: 3.3.1 Market Expansion: Tax Refund Market

    3.3.1 Market Expansion: Tax Refund Market Create new TAMs by amendments to laws and deregulation present opportunities to enter markets Illustration of TAM and TRX value trends (annual) Tax refund market Nov. 2026 Strategic alliance with J&J Tax Free Corp. Revision to tax free (major operator of tax

  15. Slide 15: 3.3.2 Market Expansion: BtoB Market

    3.3.2 Market Expansion: BtoB Market Driving alliances and product enhancement to enter the BtoB market Invoice Card Pay byGMO (GMO-PG) GMO B2B Pay On Credit (GMO-PS) fincode byGMO (GMO-EP) Promoting partner collaboration Collaborate with sector-specific Sep 2025 NEW platformers Onboarded business ca

  16. Slide 16: 3.4.1 Share Expansion: Large-scale project pipeline

    3.4.1 Share Expansion: Consol. GMO-PG’s large-scale project pipeline Progressing to win new large-scale customers in online and CP markets New project pipeline for online payment (GMO-PG & GMO-PS) and CP payment (GMO-FG) (at the stage of informal acceptance or higher) Size (Customer’s Online annual

  17. Slide 17: 3.4.2 Share Expansion: Re-Bundling Strategy

    3.4.2 Share Expansion: Re-Bundling Strategy Cross selling multiples products to wholesale food platformer Example of product cross-selling to wholesale food platformer (at the stage of informal acceptance or higher) NEW To be released from Q3 FY2026 and onwards Value proposition to customer 付 加 CP p

  18. Slide 18: 3.4.3 Share Expansion: Target Sectors in Non-Merchandise Domain

    3.4.3 Share Expansion: Target Sectors in Non-Merchandise Domain Gain industry share by establishing industry know-how and platforms Market size of sporting event viewing app (GMV)*1 and revenues*2 Market size of Hometown Tax (GMV)*3 and revenue*4 (¥ trn） (¥ trn） 1.5 Reason for acquiring customer 5-y

  19. Slide 19: 3.4.4 Share Expansion: Railway Service Sector

    3.4.4 Share Expansion: Railway Service Sector Comprehensive support to railway operators, the local infrastructure providers Railway domain Retail & Real estate domains Mar 2026 Online and CP GMV for railway-affiliated travel agent Start of mobility payment for transit services by 11 railway operato

  20. Slide 20: 3.5 Value-Added Domains

    3.5 Value-Added Domains Steady revenue growth of 30% driven by the global business with a 74% OP margin Revenue from value-added domains (Q1) % YoY Factors （¥ mil） 3,000 25/1Q 26/1Q ■ GMO enpay ■ Salary FinTech ■ GMO-RP ■ BaaS support 2,500 Total +33.4% +30.3% ■ Global No. of operating facilities in

  21. Slide 21: 3.6 GMO-PG Non-consolidated: Online Payment

    3.6 GMO-PG Non-consolidated : Online Payment Initiatives underway to build up project pipeline to build up in 2H to return to growth from next FY onwards GMO-PG non-consol. Revenue (annual) Challenges and responses （¥ mil） 2030-31 Challenge ・Merchandise EC growth on par with market 120,000 Revenue t

  22. Slide 22: 3.7 GMO-EP

    3.7 GMO-EP Revenue increased 10.2% from launch and expansion of fincode byGMO GMO-EP revenue (quarterly) Progress of fincode byGMO （¥ mil） fincode byGMO revenue +10.2% +200.7% YoY %YoY ・Engineer oriented 1,500 product design ・Domestic support 23/1Q 24/1Q 25/1Q 26/1Q system Released services to impro

  23. Slide 23: 3.8 GMO-PS

    3.8 GMO-PS Completed acquisition of multiple large-scale projects by leveraging strength of PSP×Payment After Delivery GMO-PS: revenue and OP (Q1) GMO-PS: operating profit margin (quarterly trend) Revenue from new domains （¥ mil） % YoY 25% OP margin Revenue from existing domain 1-yr average OP margi

  24. Slide 24: 3.9 GMO-FG Consolidated: CP Payment

    3.9 GMO-FG Consolidated: CP Payment Building up pipeline for next FY and beyond mainly in lifestyle- related domains GMO-FG Consolidated: revenue by business model*1 (quarterly trend) Project pipeline and No. of IDs 2033 Continuously （10,000 IDs） （¥ mil） Stock % YoY increasing no. of IDs Fee ■ Acqui

  25. Slide 25: 3.10.1 Global: Earnings Summary for MSB and Payment Business

    3.10.1 Global: Earnings Summary for MSB and Payment Business Within reach of medium-term OP target ¥4 bn to ¥5 bn by penetrating further into priority countries (USA/India) Revenue and OP (Q1) Loan balance (End-Dec) Loan interest rate and loss ratio （¥ mil） （¥ mil） 1,000 % YoY % YoY Building up prim

  26. Slide 26: 3.10.2 Global: Minority investments

    3.10.2 Global: Minority investments Preemptive moves into infrastructure technologies of Agentic Payment (data protection x connectivity) to gain foothold of AI×EC (Agentic Commerce) Minority stake into VGS ＝ Fastest technological transfer into Japanese market and secure business opportunity Externa

  27. Slide 27: 4. Sustainability

    4. Sustainability Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 27

  28. Slide 28: 4.1 Sustainability: External Evaluation

    4.1 Sustainability: External Evaluation Selected to Corporate A List for the First Time in the CDP Climate Report CDP Climate Report 2025 (released Dec 2025) Factors behind the score ① Targets aligned with international standards Previous Current (2024) (2025) B A SBTi certified GHG emission reducti

  29. Slide 29: 4.2 Sustainability: Integrated Report

    4.2 Sustainability: Integrated Report Issued FY2025 Integrated Report FY2025 Integrated Report (only available in Japanese language) https://www.gmo-pg.com/news/pdf/20260212_gmo_pg_ir_integrated_report.pdf Key contents ・Message from the Top ・Our Sustainability Management ・Ecosystem ・Track Record and

  30. Slide 30: 5. Financial Highlights and Reference Materials

    5. Financial Highlights and Reference Materials Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 30

  31. Slide 31: 5.1.1 Consolidated Balance Sheet

    5.1.1 Consolidated Balance Sheet Increase in deposits received and MSB related assets due to scaling up of business Assets Liabilities and Equity (¥ mil) ※・Liquidity necessary for (¥ mil) payment processing business ・Standby funds for investment/lending 443,764 443,764 ・Funds for CB redemption 406,8

  32. Slide 32: 5.1.2 Major Consolidated Financial Indicators

    5.1.2 Major Consolidated Financial Indicators*1 Managing businesses while balancing profitability, capital efficiency and capital base J-GAAP IFRS Third party allotment Issued Euro Yen Euro Yen CB Due 2026 Raised ¥8.0bn CB Due 2023 Raised ¥21.1 bn （¥ bn） 45% 45 Raised ¥17.5 bn Euro Yen CB Due 2023 4

  33. Slide 33: 5.1.3 Capital Efficiency

    5.1.3 Capital Efficiency ROIC improved by 1.4%pt, ROE by 1.0%pt from improved capital efficiency across businesses and on a consolidated basis Annual trend of ROE*1／ROIC*2／WACC 33.8% Jul. 2025 Euro Yen CB 35.0% ROE *1 Straight bond Due June 2026 ROIC *2 Gain on sale of equity ¥20.0 issued Raised ¥20

  34. Slide 34: 5.2 Waterfall Chart for Consol. OP and Pre-tax Profit

    5.2 Waterfall Chart for Consol. OP and Pre-tax Profit (Annual) Gross profit exceeded plans by 3.4%, OP was in line and pretax profit exceeded plans by 7.5% OP waterfall chart* Pre-tax profit waterfall chart* （¥ mil） （¥ mil） % YoY +18.0% % YoY +16.2% GP SGA Other Other OP Financial Financial Equity i

  35. Slide 35: 5.3.1 Consolidated CoS and SG&A Ratio (Quarterly)

    5.3.1 Consolidated CoS and SG&A Ratio (Quarterly) CoS ratio fluctuates depending on revenue mix (¥ mil) 22,491 22,000 21,496 20,295 20,462 20,245 50.0% 19,588 20,000 18,313 18,096 17,785 18,000 40.9% 16,546 38.5% 16,118 40.0% 15,641 37.0% 16,000 36.6% 36.0% 14,813 35.1% 33.4% 34.7% 33.6% 37.2% 33.3%

  36. Slide 36: 5.3.2 CoS/SGA Ratio of GMO-PG & GMO-EP (Quarterly)

    5.3.2 CoS/SGA Ratio of GMO-PG & GMO-EP (Quarterly) CoS ratio trending stably for online payment business (¥ mil) 14,000 13,302 13,079 12,533 12,539 50.0% 12,161 12,000 11,449 10,681 40.7% 10,511 10,158 40.0% 10,000 9,564 9,083 9,219 9,177 35.6% 7,906 36.6% 8,498 34.1% 34.2% 32.0% 8,000 7,977 32.9% 3

  37. Slide 37: 5.4 Consolidated Revenue and Operating Profit (Quarterly)

    5.4 Consolidated Revenue and Operating Profit (Quarterly) Consolidated revenue Consolidated operating profit （¥ mil） （¥ mil） 30,000 12,000 25,000 10,000 20,000 8,000 15,000 6,000 10,000 4,000 5,000 2,000 0 0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026 * Figures fo

  38. Slide 38: 5.5 Consolidated EBITDA and EBITDA Margin (Quarterly)

    5.5 Consolidated EBITDA* and EBITDA Margin (Quarterly) （¥ mil） FY2024 FY2025 12,000 100.0% ¥28,534 mil ¥35,261 mil 90.0% 10,000 9,581 80.0% 9,142 9,016 8,946 8,157 70.0% 8,000 7,633 7,720 60.0% 6,594 6,588 6,289 5,853 6,000 50.0% 45.2% 44.1% 42.7% 42.6% 41.7% 41.6% 4,932 40.2% 37.4% 38.0% 37.1% 40.0

  39. Slide 39: 5.6.1 Consolidated Cash Flow Statement

    5.6.1 Consolidated Cash Flow Statement Q1 FY2026 (¥ mil) （¥ mil） Operating CF ： +16,755 50,000 Pretax profit +8,815 Deprec. & Amort. +1,019 Inventory －1,004 Trade/other receivables －3,177 40,000 Advances paid －11,820 Accrued revenue －8,874 Trade/other payables +1,808 30,000 Accrued expenses +8,418 D

  40. Slide 40: 5.6.2 Major Factors Affecting Consolidated Cash Flow Statement

    5.6.2 Major Factors Affecting Consolidated Cash Flow Statement Related liabilities & assets Impact from business expansion Payment Processing Business Sales proceeds of Deposits received merchants under the Liability Operating CF (liability) Representative Contract Yearly fluctuations can be large a

  41. Slide 41: 5.7.1 Revenue by Business Model

    5.7.1 Revenue by Business Model Fee revenue grew 19.3% excluding impact of a specific merchant % YoY Factors* (¥ mil) 22,491 Q1 FY2025 Q1 FY2026 20,295 ＋ Overseas lending 20,000 Spread +21.1% +15.4% ＋ CP payment 9,771 － Payment after Delivery － Online payment 8,464 ＋ Remittance service ＋ CP payment

  42. Slide 42: 5.7.2 Consolidated Revenue by Business Model (Quarterly)

    5.7.2 Consolidated Revenue by Business Model (Quarterly) (¥ mil) 10,000 9,771 9,029 9,000 8,464 8,387 8,459 8,000 7,424 7,222 6,988 6,889 7,000 6,461 6,503 6,265 6,324 6,057 6,025 6,171 5,990 6,088 6,000 5,702 5,415 5,296 5,297 5,267 5,292 5,093 5,000 4,773 4,311 4,430 4,257 3,840 2,408 3,098 4,000

  43. Slide 43: 5.8 Consolidated Segment Performance

    5.8 Consolidated Segment Performance Money Service Business segment revenue grew 16.9% from growth of remittance service and overseas lending Segment revenue* Segment profit/loss* % YoY % YoY (¥ mil) Q1 FY2025 Q1 FY2026 (¥ mil) Q1 FY2025 Q1 FY2026 +14.1% +10.8% +24.4% +18.0% +34.8% +2.2% +7.3% +0.6%

  44. Slide 44: 5.9.1 FinTech Related Asset (Quarterly)

    5.9.1 FinTech Related Asset (Quarterly) FinTech related asset （¥ mil） 160,000 % YoY 140,000 +51.5% 120,000 100,000 80,000 +14.9% 60,000 40,000 20,000 +4.5% 0 End-Q2 End-Q3 End-Q4 End-Q1 End-Q2 End-Q3 End-Q4 End-Q1 End-Q2 End-Q3 End-Q4 End-Q1 End-Q2 End-Q3 End-Q4 End-Q1 FY2022 FY2022 FY2022 FY2023 FY

  45. Slide 45: 5.9.2 FinTech Revenue and Profits (Quarterly)

    5.9.2 FinTech Revenue and Profits (Quarterly) FinTech revenues and profit （¥ mil） % YoY 5,000 +11.8% ＋52.3% 4,000 ＋23.2% 3,000 ＋5.2% 2,000 ＋27.4% 1,000 0 22/2Q 22/3Q 22/4Q 23/1Q 23/2Q 23/3Q 23/4Q 24/1Q 24/2Q 24/3Q 24/4Q 25/1Q 25/2Q 25/3Q 25/4Q 26/1Q GMO Payment After Delivery*1 Remittance service Ov

  46. Slide 46: 5.10.1 GMO-PG Non-Consol. Performance (Quarterly)

    5.10.1 GMO-PG Non-Consol. Performance (Quarterly) Revenue grew 9.3% from the impact of cycling through of contribution from a large merchant and a specific merchant GMO-PG non-consolidated revenue & OP (quarterly)*1 % YoY （¥ mil） Merchandise EC revenue Q1 FY2025 Q4 FY2025 Q1 FY2026 Non-merchandise E

  47. Slide 47: 5.10.2 Performance of GMO-EP, GMO-PS and GMO-FG (Quarterly)

    5.10.2 Performance of GMO-EP, GMO-PS and GMO-FG (Quarterly) EP was in line, PS’ existing merchants decelerated, FG exceeded plans GMO-EP (quarterly) *1*2 GMO-PS (quarterly)*2 Consol. GMO-FG (quarterly)*3 (% YoY） 2025/Q1 2025/Q4 2026/Q1 2025/Q1 2025/Q4 2026/Q1 2025/Q1 2025/Q4 2026/Q1 Revenue +8.4% +9

  48. Slide 48: 5.11 BaaS Support and CP Payment Revenues

    5.11 BaaS Support and CP Payment Revenues Ginko Pay base system & processing PF revenue (Q1)*1 Consol. GMO-FG revenue by business model (Q1)*2 （¥ mil） ■ Ginko Pay base system % YoY % YoY 3,000 % YoY 3,000 ■ Acquiring support (processing PF) ■ Issuing support (processing PF) Total Initial Recurring-m

  49. Slide 49: 5.12.1 Operating Stores, TRX Volume and Value

    5.12.1 Operating Stores, TRX Volume and Value Consol. TRX value reaches approx. ¥22.8 trn for the past 12 months Operating TRX Volume*2*3 TRX Value*2 Stores*1/IDs*2 End-Q1 FY2026 Q1 FY2026 Past 12 months Q1 FY2026 Past 12 months - 2.08 bn 8.71 bn ¥6.0 trn ¥22.8 trn Consol. % YoY - －1.6% +11.9% +6.0%

  50. Slide 50: 5.12.2 Waterfall Chart of Consol. TRX Value (Q1 FY2026)

    5.12.2 Waterfall Chart of Consol. TRX Value (Q1 FY2026) Consol. TRX value grew 19.0% excluding specific merchant & local government project CP Online payment GMO-PG －4.1% Consol. +6.0% payment Market stats*1 +7.0% （% YoY） （¥ trn） Non-merchandise EC Merchandise EC GMO-PG +23.1% －13.2% x.x +17.0% Mark

  51. Slide 51: 5.12.3 Waterfall Chart of Consol. TRX Value (revised Q4 FY2025)

    5.12.3 Waterfall Chart of Consol. TRX Value (revised Q4 FY2025) Consol. TRX value grew 22.6% excluding impact from specific merchant and local government contract CP Online payment GMO-PG +3.2% Consol. payment Market stats*1 +10.0% +12.0% （% YoY） （¥ trn） Non-merchandise EC Merchandise EC GMO-PG +27.

  52. Slide 52: 5.12.4 Waterfall Chart of Consol. TRX Value (revised FY2025)

    5.12.4 Waterfall Chart of Consol. TRX Value (revised FY2025) Consol. TRX value grew 22.2% excluding impact from specific merchant and local government contract CP Online payment GMO-PG +9.6% Consol. +16.9% payment Market stats*1 +8.1% （% YoY） Non-merchandise EC Merchandise EC （¥ trn） GMO-PG +30.8% +

  53. Slide 53: 5.12.5 Distribution of Major Sectors

    5.12.5 Distribution of Major Sectors Balance both stability and growth through sector diversification Revenue share by industry (vertical axis) & Revenue growth rate (horizontal axis)* Revenue (Based on actual figures for Q1 FY2026) proportion The size of the circle represents the TRX value 25% 20%

  54. Slide 54: 5.13.1 Market Expansion

    5.13.1 Market Expansion (excerpt from FY2025 financial results briefing material) EC & Cashless Market forecast to expand by1.6x Market sizes of EC & cashless payment markets*1 2020 2025 2030-31 Merchandise EC Non-merchandise EC CP payment ¥86 trn ×1.6 ¥141trn ×1.6 ¥226trn OMO*2 USA 16% EC penetrati

  55. Slide 55: 5.13.2 Share Expansion

    5.13.2 Share Expansion (excerpt from FY2025 financial results briefing material) GMO-PG market share to expand to 25% GMO-PG consolidated transaction value share of EC & cashless payment market* FY2020 FY2025 FY2030 to FY2031 GMO-PG consol. TRX value share 6.9% ×2.2 15.5% ×1.6 25% GMO-PG consol. Pee

  56. Slide 56: 5.13.3 Profitability Improvement

    5.13.3 Profitability Improvement (excerpt from FY2025 financial results briefing material) Aim for 5%pt. OP margin uplift from the three strategies (×1.1) Take rate of spread revenue* CoS and SGA to revenue ratio OP margin & OP per employee (¥ mil) Online payment (GMO-PG, GMO-EP) 60% Cost of Sale ra

  57. Slide 57: 5.13.4 Value-Added Domains

    5.13.4 Value-Added Domains (excerpt from FY2025 financial results briefing material) Expand OP from value-added domain to ¥15.0 bn in FY2030 to FY2031 Operating profit target of the value-added domain FY2020 FY2025 FY2030 to FY2031 CAGR CAGR OP Total ¥0.1 bn* 105% Total ¥3.0 bn* 30% Total ¥15.0 bn B

  58. Slide 58: Thank You Very Much

    Thank You Very Much GMO Payment Gateway, Inc. (3769; Tokyo Stock Exchange Prime) For inquiries or requests for 1-on-1 interviews, please contact the IR Department, Corporate Value Creation Strategy Division, at the telephone number below: TEL ： +81-3-3464-0182 E-mail ： ir-contact@gmo-pg.com IR Websi

GMO Payment Gateway — Q1 FY2026 Earnings Presentation on 6ix