Gunosy, Inc. · TSE:6047

Gunosy — FY2025 Earnings Presentation

69 slides from Gunosy's earnings presentation, May 31, 2025

Slide 1: FY2025 Financial Results
FY2025 Financial Results 株式会社 G un o sy Gunosy Inc. TSE Prime 東証プ (6047) ライム（証券コード：6047）
Slide 2: INDEX
INDEX 1. Overall Picture and FY2025 Summary P 03 2. Group Portfolio Status P 09 3. Business Overview by Portfolio P 13 4. FY2026 Full-Year Forecast and Mid-Term Financial Goals P 36 5. ESG Initiatives P 43 6. Reference Material: Company Profile P 49 7. Business Segments Overview P 56 （C） Gunosy Inc.
Slide 4: FY2025 Full-Year Results Highlights
FY2025 Full-Year Results Highlights FY2025 Full-Year Results Progress Against Revised Full-Year YoY Forecast Net sales 6,098 Million yen 99.6％ 83.0％ Operating profit 575 Million yen 84.7％ + 505 Million yen Operating Profit (before M&A-related Expenses) 686 Million yen 101.0％ + 616 Million yen Summar
Slide 5: Achievements of FY2025 under the Mid-Term Management Strategy
Achievements of FY2025 under the Mid-Term Management Strategy As a result of implementing M&A to strengthen stable cash flow, we expect both revenue and profit to increase in FY2026. In addition to the full-scale launch of slice’s banking business, the SC (Store & Commerce) business advanced into fu
Slide 6: Redefining the Group Portfolio
Redefining the Group Portfolio The Group portfolio was reclassified to achieve shareholder value creation through both stability and growth. We aim to position the M&A area as part of the portfolio and establish a framework for further M&A execution following GH. Divided into three portfolios to ens
Slide 7: FY2026 Group Portfolio Strategy
FY2026 Group Portfolio Strategy We have identified expanding Group-wide EBITDA, supporting slice’s growth, and developing the SC business as key actions, to be achieved through stable cash flow generation from the Core Cash Area and the promotion of Cash-Flow Accretive M&A. FY2026｜Targets FY2026｜Key
Slide 8: FY2026 Full-Year Plan
FY2026 Full-Year Plan For FY2026, we plan a significant increase in both revenue and profit, driven by growth across all portfolios. EBITDA is expected to reach 927 million yen, achieving the Mid-Term Financial Goal (900 million yen) a year ahead of schedule. We also plan to update the FY2027 EBITDA
Slide 10: Former vs. Revised Portfolio Categories – Comparison Table
Former vs. Revised Portfolio Categories – Comparison Table To enhance group management and clarify the roles of each business, we reorganized the portfolio based on cash-generation capability and growth potential. Previous Portfolio New Portfolio Categories Categories Gunosy Businesses that generate
Slide 11: 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 12: Capital Allocation and Shareholder Return Policy by Portfolio
Capital Allocation and Shareholder Return Policy by Portfolio We manage capital allocation for each portfolio with specific targets for expected outcomes and capital efficiency. We are also committed to appropriately returning profits to shareholders, clearly defining this policy to drive shareholde
Slide 14: Core Cash Area | Portfolio Sales
Core Cash Area ｜Portfolio Sales A core segment underpinning the Group’s stable cash generation. Revenue from core media, which is central to this portfolio, has remained stable over the past three fiscal years. Highlights Portfolio Sales Trend Co re media *1 Non-core media *2 (JPY millions) 8,000 Re
Slide 15: Core Cash Area | Portfolio EBITDA
Core Cash Area ｜Portfolio EBITDA Generated 1,427 million yen in EBITDA from the Core Cash Area for FY2025. Achieved a stable foundation for cash flow generation through continuous cost improvements and strategic portfolio choices. Highlights Portfolio EBITDA Trend* EBITDA from the Core (JPY millions
Slide 16: Core Cash Area | Contribution to the Group
Core Cash Area ｜Contribution to the Group Cash flow generated by the Core Cash Area is allocated to common costs, new investments, and shareholder returns. The Core Cash Area serves as the backbone of the Group, providing a foundation that supports overall growth. Use of Generated Cash Flow (FY2025)
Slide 18: 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 19: 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 20: GH Holdings (GH) | First Strategic M&A Acquisition
GH Holdings (GH) | First Strategic M&A Acquisition The integration of GH marked the completion of a strategic M&A that strengthened the Group’s stable cash flow, enabled entry into high-growth potential areas (Japanese anime and manga IP), and is expected to generate synergies with Game8. Overview o
Slide 21: G Holdings (GH) | Achievements and Key Evaluation Points
G Holdings (GH) | Achievements and Key Evaluation Points As a fabless game publisher that maximizes the appeal of strong IP, GH delivers stable cash flow and high capital efficiency and is highly regarded for its repeatable business model. Business Model Past Game Titles Released Own Release Model F
Slide 22: G Holdings (GH) | Upcoming Releases and Future Plans
G Holdings (GH) | Upcoming Releases and Future Plans This fiscal year, we plan to launch 4–5 new titles based on popular IPs with broad fan bases. By combining in-house releases and sub-licensing models, we aim to achieve stable revenue and high capital efficiency. Two Announced Titles Scheduled for
Slide 23: G Holdings (GH) | Contribution to Group Operating Profit
G Holdings (GH) | Contribution to Group Operating Profit For FY2026, operating profit after goodwill amortization is expected to be 69 million yen, and EBITDA 213 million yen. Depending on the performance of new titles, upside potential is anticipated, contributing to the expansion of stable cash fl
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 | Post-Merger Business Summary
slice｜ Post-Merger Business Summary The number of monthly account openings has reached approximately 300,000, rivaling India’s largest private bank HDFC, with deposits growing at an annualized pace of about 2.5x. Credit card services will launch at the end of June, marking steady progress toward sig
Slide 27: slice | Name Change and Launch of Credit Card Service
slice｜Name Change and Launch of Credit Card Service At the end of June, we will launch an innovative credit card service centered on UPI. The name change to slice Small Finance Bank has also been completed, reinforcing the foundation for full-scale growth. UPI-Linked Credit Card Becoming India’s mos
Slide 28: slice | Business Scale Expansion – Deposit Growth
slice｜Business Scale Expansion – Deposit Growth The monthly number of new account openings is approximately 300,000, comparable to India’s largest private bank, HDFC. Accordingly, the deposit balance (Deposit) has grown at an annualized pace of about 2.5x following the merger. Deposit About Deposit
Slide 29: slice | Business Scale Expansion – AUM Growth
slice｜Business Scale Expansion – AUM Growth After a preparatory period for the merger, growth in AUM—one of the key KPIs—has resumed. With the launch of the credit card service at the end of June, further contribution to AUM growth is expected. Response to Rapid growth through marketing investments
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: Game8 | SC Business Overview
Game8｜SC Business Overview January 23, 2025, S8 Plus was established, launching both “S8 Shops” and “Game8 Store.” With the enforcement of the “Act on Promotion of Competition for Specified Smartphone Software,” S8 Plus has officially entered a newly opened, massive market worth over 2 trillion yen.
Slide 33: Game8 | SC Business Progress
Game8｜SC Business Progress The off-app payment service officially launched in April across multiple titles, including those operated by GH. 配当総額（C） Gunosy Inc. All Rights Reserved. 33
Slide 34: New Business | IR Hub
New Business ｜IR Hub The newly launched IR Hub is a disclosure support cloud designed to standardize and streamline IR operations. With mandatory English-language disclosure requirements for companies listed on the TSE Prime Market creating strong momentum, the number of companies adopting the produ
Slide 35: Digital Transformation Initiatives | Driving Competitiveness and Sustainable Growth
Digital Transformation Initiatives | Driving Competitiveness and Sustainable Growth Driving productivity improvement in existing businesses and the creation of new business opportunities through digital transformation. Promoting corporate transformation through digital technologies, including the ac
Slide 37: FY2026 Full-Year Plan (Reiterated)
FY2026 Full-Year Plan (Reiterated) For FY2026, we plan a significant increase in both revenue and profit, driven by growth across all portfolios. EBITDA is expected to reach 927 million yen, achieving the Mid-Term Financial Goal (900 million yen) a year ahead of schedule. We also plan to update the
Slide 38: FY2026 Full-Year Plan – Portfolio Details
FY2026 Full-Year Plan – Portfolio Details The Core Cash Area is expected to remain stable. For GH, we project an operating profit of ¥69 million and EBITDA of ¥213 million, with additional upside potential. Losses from new businesses are expected to decline as GMV expands. FY2026 Full-Year Plan – Po
Slide 39: Medium-Term Financial Goals: As of FY2027
Medium-Term Financial Goals: As of FY2027 Medium-Term Financial Goals: As of FY2027 Business Investment Operating ROIC IRR profit/EBITDA (on invested capital for existing 30% businesses) 900million yen 15% and over Update on Mid-Term Financial Goals as of FY2025 Year-End • EBITDA is expected to achi
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. The shareholder return policy targeting a stable dividend with a DOE of 3% or higher, a the future target
Slide 41: Shareholder Return Policy: FY2025 Shareholder Return
Shareholder Return Policy: FY2025 Shareholder Return In FY2025, Gunosy’s first year of dividends, the Board of Directors resolved to implement a shareholder return equivalent to 5% of consolidated shareholders’ equity. This includes the decision to pay a 4% dividend and repurchase 1% of shares. Divi
Slide 42: Efforts to Maintain Prime Market Listing
Efforts to Maintain Prime Market Listing We recognize retaining our Prime Market listing as a critical priority. We are strongly committed to improving performance and enhancing shareholder returns to meet the market capitalization requirement for tradable shares. Compliance Status as of FY2025 Refe
Slide 44: 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. 44
Slide 45: 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 46: 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 47: 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 48: 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 51: Management Team
Management Team The management structure for FY2026 is as follows. Newly appointed 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 T
Slide 52: 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 53: 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 54: Overview of Gunosy Inc. Basic Information
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 55: 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 57: Performance vs. FY2025 Consolidated Full-Year Forecast
Performance vs. FY2025 Consolidated Full-Year Forecast Before excluding one-time M&A expenses, operating profit met the revised forecast. Gunosy maintained full-year operating profitability, while Game8 achieved a record-high annual revenue. FY2025 Full-Year FY2025 Achievement (%) Results Revised Fo
Slide 58: Breakdown of Net Sales
Breakdown of Net Sales*1 Gunosy Ads sales declined QoQ, but total sales of core media, including Game8, remained stable. (See P14) Others Game8 ADNW Gunosy Ads *2 (JPY millions) 2,400 192 168 194 153 457 295 451 142 203 244 390 420 280 36 295 271 257 381 29 32 1,600 369 470 40 254 445 227 247 26 201
Slide 59: Cost Structure
Cost Structure We continue to implement cost control measures to ensure efficient business operations. “Others” temporarily increased in Q4 due to M&A-related expenses for GH. Others 2,400 Revenue sharing (JPY millions) 2,187 2,176 2,135 2,085 2,080 2,110 2,118 2,066 Advertising expenses 2,010 Rent
Slide 60: Business Model of Our Media Business
Business Model of Our Media Business We obtain content from external media (“content partners”) and offer the service to users free of charge. We provide advertising space to advertisers to serve ads to users, and we receive revenue from advertisers. Provide content Content partner ¥ *1 Browse conte
Slide 61: Media Business | Progress Summary of Gunosy's Key KPIs
Media Business｜Progress Summary of Gunosy's Key KPIs Sales/DAU declined but remained within the range of volatility, including sales factors. The DAU base is stable, and we believe our underlying cash flow generation capability remains fundamentally unchanged. Gunosy sales DAU *1 Sales/DAU YoY 98％ Q
Slide 62: Gunosy | Total Number of Active Users (MAU) and Advertising Industry Breakdown
Gunosy｜Total Number of Active Users (MAU) and Advertising Industry Breakdown Despite continued control of advertising expenses, we maintained MAU. Advertising clients are diversified across multiple segments, contributing to stable business operations. Media Business: Total Number of Active Users (M
Slide 63: Game8 | Business Model
Game8｜Business Model Gate8 Inc. develops its business around monetizing advertising revenue through game walkthrough media. The company provides a wide range of marketing solutions by employing diverse advertising strategies, including writing game walkthrough articles. Users Clients Provide 1 Provi
Slide 64: Game8 | Key KPIs
Game8｜Key KPIs Page views (PV) and RPM continued to perform well, and full-year revenue reached a record high. PVs RPM PV in Q3 ranked No.1 among domestic game Maintained high profitability media Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2024 FY2025 FY2024 FY2025 RPM (Revenue per Mille): Rev
Slide 65: 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 66: slice | Company History
slice｜Company History "slice" was founded in 2015. Since 2019, we have invested a cumulative total of more than 3 billion yen in slice. In October 2024, the merger process with NESFB was completed. 2015 Jun GaragePreneurs Internet Pvt Ltd., which About slice operates "slice" established Transforming
Slide 67: slice | Relationship Between slice and Gunosy
slice｜Relationship Between slice and Gunosy The dilution of shares due to the merger is limited. We will continue to maintain a strong relationship as a largest external shareholder. Our shareholdings Our relationship with slice • With the transition to the banking business, we have aimed Maintainin
Slide 68: 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
Slide 69: slice | Product Development Milestones after the Merger
slice｜Product Development Milestones after the Merger The initial focus is on developing consumer-oriented products that leverage slice’s brand strength. Subsequently, the company aims to expand its market presence by offering a full range of products as a digital-first bank. Current Focus Area Futu

Gunosy — FY2025 Earnings Presentation on 6ix

Gunosy — FY2025 Earnings Presentation

Slide 1: FY2025 Financial Results

Slide 2: INDEX

Slide 3: Overall Picture and FY2025 Summary

Slide 4: FY2025 Full-Year Results Highlights

Slide 5: Achievements of FY2025 under the Mid-Term Management Strategy

Slide 6: Redefining the Group Portfolio

Slide 7: FY2026 Group Portfolio Strategy

Slide 8: FY2026 Full-Year Plan

Slide 9: Group Portfolio Status

Slide 10: Former vs. Revised Portfolio Categories – Comparison Table

Slide 11: Future Cash Flow Projections by Portfolio and Concept for Enhancing Shareholder Value

Slide 12: Capital Allocation and Shareholder Return Policy by Portfolio

Slide 13: Business Overview by Portfolio: Core Cash Area

Slide 14: Core Cash Area | Portfolio Sales

Slide 15: Core Cash Area | Portfolio EBITDA

Slide 16: Core Cash Area | Contribution to the Group

Slide 17: Business Overview by Portfolio: Cash-Flow Accretive M&A Area

Slide 18: M&A | Immediate Investment Focus

Slide 19: M&A | Financial Guidelines

Slide 20: GH Holdings (GH) | First Strategic M&A Acquisition

Slide 21: G Holdings (GH) | Achievements and Key Evaluation Points

Slide 22: G Holdings (GH) | Upcoming Releases and Future Plans

Slide 23: G Holdings (GH) | Contribution to Group Operating Profit

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

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

Slide 26: slice | Post-Merger Business Summary

Slide 27: slice | Name Change and Launch of Credit Card Service

Slide 28: slice | Business Scale Expansion – Deposit Growth

Slide 29: slice | Business Scale Expansion – AUM Growth

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

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

Slide 32: Game8 | SC Business Overview

Slide 33: Game8 | SC Business Progress

Slide 34: New Business | IR Hub

Slide 35: Digital Transformation Initiatives | Driving Competitiveness and Sustainable Growth

Slide 36: FY2026 Full-Year Forecast and Mid-Term Financial Goals

Slide 37: FY2026 Full-Year Plan (Reiterated)

Slide 38: FY2026 Full-Year Plan – Portfolio Details

Slide 39: Medium-Term Financial Goals: As of FY2027

Slide 40: Shareholder Return Policy

Slide 41: Shareholder Return Policy: FY2025 Shareholder Return

Slide 42: Efforts to Maintain Prime Market Listing

Slide 43: ESG Initiatives

Slide 44: Key ESG Initiatives

Slide 45: Designing Appropriate Governance for Group Management

Slide 46: Designing and Operating Board Agendas

Slide 47: Media Management Designed to Ensure a Safe Advertising Experience

Slide 48: Media Management Designed to Ensure a Safe Advertising Experience (Continued)

Slide 49: Reference Material: Company Profile

Slide 50: Mission: Optimally deliver information to people around the world

Slide 51: Management Team

Slide 52: Company History

Slide 53: Growth Image

Slide 54: Overview of Gunosy Inc. Basic Information

Slide 55: From “Gunosy Way” to “Gunosy Pride”

Slide 56: Business Segments Overview

Slide 57: Performance vs. FY2025 Consolidated Full-Year Forecast

Slide 58: Breakdown of Net Sales

Slide 59: Cost Structure

Slide 60: Business Model of Our Media Business

Slide 61: Media Business | Progress Summary of Gunosy's Key KPIs

Slide 62: Gunosy | Total Number of Active Users (MAU) and Advertising Industry Breakdown

Slide 63: Game8 | Business Model

Slide 64: Game8 | Key KPIs

Slide 65: slice | Business Model

Slide 66: slice | Company History

Slide 67: slice | Relationship Between slice and Gunosy

Slide 68: slice | Positive Business Impact from License Changes

Slide 69: slice | Product Development Milestones after the Merger