Metaplanet Inc. · TSE:3350
Metaplanet — Q3 2026 Earnings Presentation
33 slides from Metaplanet's earnings presentation, Nov 13, 2026
Slide 1: Q3 2026 Earnings Presentation
Q3 2026 Earnings Presentation November 13, 2026
Slide 2: Disclaimer (1/2)
DISCLAIMER (1/2) FORWARD-LOOKING STATEMENTS This presentation contains forward-looking statements, including estimates, targets, outlooks, strategic plans and statements regarding the future performance of Metaplanet Inc. (the “Company”). These statements are based on information and assumptions ava
Slide 3: Disclaimer (2/2)
DISCLAIMER (2/2) NO OFFER OR SOLICITATION This presentation has been prepared as supplementary explanatory material to the Company’s Consolidated Financial Results for the Nine Months Ended September 30, 2026 and does not constitute an offer, solicitation or invitation to subscribe for, purchase, se
Slide 4: Table of Contents
TABLE OF CONTENTS 1 Q3 2026 Financial Results 2 Bitcoin Treasury 3 Phase II: Bitcoin Native Financial Platform 4 Superplanet: Access to U.S. Capital Markets 5 New Earnings Engine: Net Interest Income Strategy Creditworthiness: Demonstration of 6 Liquidity and Financial Soundness 4
Slide 5: Q3 2026 Financial Results
M METAPLANET Q3 2026 Financial Results
Slide 6: Metaplanet Highlights
METAPLANET HIGHLIGHTS 9M 2025 9M 2026 Bitcoin Holdings 30,823 BTC 44,000 BTC (as of Sep 30, 2025) (as of Sep 30, 2026) Capital Raised ¥505.2 B ¥582.1 B (Cumulative through Sep 30, 2025) (Cumulative through Sep 30, 2026) Number of Shareholders 212.6 k 240.8 k (Reference: as of Oct 31, 2025) (as of Se
Slide 7: Operating Results and Impact of Bitcoin Valuation and Sale Gains/Losses
OPERATING RESULTS AND IMPACT OF BITCOIN VALUATION AND SALE GAINS/LOSSES (JPY in millions) Profit (loss) including Bitcoin Operating Results valuation and sale gains/losses(1) 9M 2025 9M 2026 YoY 9M 2025 9M 2026 Revenue 4,517 5,895 +30.5% Ordinary Profit (Loss) 23,229 (27,572) Profit (loss) Operating P
Slide 8: Segment Results Overview
SEGMENT RESULTS OVERVIEW (JPY in millions) 9M 2025 9M 2026 Bitcoin- Bitcoin- Hotel Corporate & Hotel Corporate & Related Consolidated Related Consolidated Business Other Business Other Business(1) Business(1) Total Revenue 4,214.2 303.4 — 4,517.6 5,610.6 284.6 — 5,895.3 Total Cost of 15.1 45.3 — 60.
Slide 9: (Reference) 9M 2026 Accounting BTC Valuation and Sale Gain/Loss and Impact on Underlying BTC NAV
(REFERENCE) 9M 2026 ACCOUNTING BTC VALUATION AND SALE GAIN/LOSS AND IMPACT ON UNDERLYING BTC NAV (Reference) Reflects BTC price (JPY in billions) as of November 12, 2026 B/S uses closing rate Valuation H1 2026 Q3 2026 Q3 2026 BTC Price Impact Since Loss End-September 2026 BTC BTC Sale BTC FX Adjustme
Slide 10: Revised Full-Year Forecast and 9M 2026 Results
REVISED FULL-YEAR FORECAST AND 9M 2026 RESULTS (JPY in millions) Revenue Operating Profit FY2025 Year-End Actual 8,905 6,287 FY2026 Initial Forecast 16,000 11,400 FY2026 Revised Forecast 6,500 3,000 9M 2026 Results 5,895 3,476 YoY +30.5% +26.5% (Note) Due to the volatility of Bitcoin prices, it is d
Slide 11: Bitcoin Treasury
M METAPLANET Bitcoin Treasury
Slide 12: Historical Bitcoin Holdings
HISTORICAL BITCOIN HOLDINGS 43,000 44,000 Current Bitcoin Holdings(1) 40,177 44,000 BTC 30,823 35,102 13,350 4,046 1,762 141 399 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 (Note) (1) As of September 30, 2026. 12
Slide 13: Bitcoin Holdings - Publicly Listed Companies
BITCOIN HOLDINGS - PUBLICLY LISTED COMPANIES 1 Strategy 850,364 2 44,000 3 Twenty One Capital 43,514 4 Strive 43,153 5 Bullish 22,000 6 MARA Holdings, Inc. 20,415 7 SpaceX 18,712 8 Coinbase Global, Inc. 18,000 The Company ranks second worldwide Trump Media & among publicly listed companies in 9 15,6
Slide 14: BTC per Share Trend
BTC PER SHARE TREND +11.3%(1) +6.6% +2.8% BTC per 1,000 +11.9% +33.0% Effective Diluted Shares +129.4% +95.6% +309.8% +41.7% 0.000619 0.000878 0.003598 0.007039 0.016151 0.021489 0.024049 0.024731 0.026355 0.029331 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 (Note) (1) The Q3 2026 BT
Slide 15: Q3 2026 BTC Gain & BTC ¥ Gain
Q3 2026 BTC GAIN & BTC ¥ GAIN +1,000 44,000 43,000 Beginning BTC Holdings 43,000 × 11.3% BTC Yield(1) = 4,855 BTC Gain(2) × ¥13,150,812 BTC Price = ¥63,849 BTC ¥ Gain (in millions)(3) 6/30/2026 Q3 2026 9/30/2026 BTC Holdings Net BTC Acquired(4) BTC Holdings (Note) (1) BTC Yield is calculated as the
Slide 16: Phase II: Bitcoin Native Financial Platform
Phase II: Bitcoin Native Financial Platform
Slide 17: From Bitcoin Treasury to Financial Platform
FROM BITCOIN TREASURY TO FINANCIAL PLATFORM Bitcoin Treasury Key initiatives Key initiatives Strategic BTC acquisition BTC financial products BTC Yield generation Digital securities sales Target state Income generation Bitcoin Native through options Custody infrastructure Financial Platform Net inte
Slide 18: BTC Holdings + Recurring Earnings Power → Higher Enterprise Value
BTC HOLDINGS + RECURRING EARNINGS POWER → HIGHER ENTERPRISE VALUE Stack Flow Reinvest Grow BTC Treasury Cash Flow Engine Turn Cash Flow into BTC Maximize BTC per Share Metaplanet (TSE) Bitcoin Income Generation Superplanet (Nasdaq) NII Strategy • Fund bond interest and Compound preferred dividends G
Slide 19: Capital Allocation Policy Overview (As Further Revised)
CAPITAL ALLOCATION POLICY OVERVIEW (AS FURTHER REVISED) Capital Raising (Liability and Capital Side) Asset Allocation (Asset Side) Permanent equity capital Bitcoin 85–90% ● Perpetual preferred stock ● Common stock of total assets (guideline) Credit facility Held long term as the core treasury reserv
Slide 20: Superplanet: Access to U.S. Capital Markets
Superplanet: Access to U.S. Capital Markets
Slide 21: Superplanet: Investment Overview and Closing Timeline
SUPERPLANET: INVESTMENT OVERVIEW AND CLOSING TIMELINE Investment Interest Listing 2,100 BTC Approx. 95.7% Nasdaq: SLE + US$2.5 million of voting rights (to be changed to SUPA) (estimate as of August 18) August 18, 2026 October 16, 2026 Q4 2026 Board resolution and execution Approved at SLE’s stockho
Slide 22: Superplanet: U.S. Bitcoin Treasury Platform
SUPERPLANET: U.S. BITCOIN TREASURY PLATFORM 1 2 3 Raise capital Acquire and Increase BTC per in the U.S. accumulate Bitcoin share Through the forms most Proceeds deployed principally Plans to publish its own BTC- accretive to BTC per share, into the acquisition of Bitcoin per-share metric such as pe
Slide 23: U.S. Digital Credit: Demand and Market Size
U.S. DIGITAL CREDIT: DEMAND AND MARKET SIZE Demand: notional outstanding Market size: compared with U.S. markets ~US$14.4B Digital credit as a share of listed preferred securities: ~8% Formed in less than two years since first ~US$1.8T high-yield and unrated bonds: ~0.8% issuance Supply: only two on
Slide 24: Superplanet's Edge in a Two-Issuer Market
SUPERPLANET’S EDGE IN A TWO-ISSUER MARKET Strength: Support from Metaplanet as controlling shareholder (planned) Metaplanet Superplanet Investment (at closing, planned) Cash flow 2,100 BTC + US$2.5 million Bitcoin 2,100 BTC Future capital raising U.S. capital Balance sheet After closing Senior Variab
Slide 25: Superplanet Standalone Capital Structure and Consolidated NAV Coverage
SUPERPLANET STANDALONE CAPITAL STRUCTURE AND CONSOLIDATED NAV COVERAGE Illustrative Scenario: If Superplanet issues perpetual preferred stock equal to 100% of its BTC NAV and acquires Bitcoin, the standalone amplification ratio rises, while the consolidated ratio remains lower than standalone, leavi
Slide 26: New Earnings Engine: Net Interest Income Strategy
New Earnings Engine: Net Interest Income Strategy
Slide 27: Net Interest Income Strategy
NET INTEREST INCOME STRATEGY Invest non-dilutive funding in yield assets and turn the margin into recurring income Asset yield Net Interest Margin Cost of capital Preferred securities, etc. BitBonds issued mainly by Bitcoin Credit facility treasury companies and others Perpetual preferred stock, etc
Slide 28: Cost of Capital Advantage
COST OF CAPITAL ADVANTAGE Why the Company believes it can raise capital at a lower cost than many issuers Access to Access to U.S. Funding capacity Low yen interest investors in Japan capital markets supported by rates Bitcoin holdings Proprietary issuance Substantial BTC holdings Yen funding carrie
Slide 29: Creditworthiness: Demonstration of Liquidity and Financial Soundness
Creditworthiness: Demonstration of Liquidity and Financial Soundness
Slide 30: Balance Sheet & Financial Soundness
BALANCE SHEET & FINANCIAL SOUNDNESS Other Assets(1) Debt ¥22.5B ¥114.3B Warrants ¥0.6B MERCURY Equity Ratio 80.9% Preferred Stock ¥23.6B BTC NAV Common Equity ¥578.6B (Reference) Total Debt + Preferred Net Assets ¥462.7B ¥137.9B Total Assets Debt & Net Assets (Note) (1) Consolidated total assets les
Slide 31: Demonstrating Liquidity: Sale and Reacquisition of Bitcoin
DEMONSTRATING LIQUIDITY: SALE AND REACQUISITION OF BITCOIN Purpose Demonstrate that Bitcoin can be converted into cash when needed, supporting a better assessment of the Company’s creditworthiness Confirmed that BTC roughly equal to the outstanding balance (net of cash, etc.) can be converted into c
Slide 32: Credit Quality: Two Pillars — Repayment Capacity and Earnings Power
CREDIT QUALITY: TWO PILLARS — REPAYMENT CAPACITY AND EARNINGS POWER Demonstrated Expanding Repayment capacity Earnings power Ability to sell Bitcoin and Capacity to generate recurring convert it into cash as required yield (income and cash flow) Sold Bitcoin roughly equal to outstanding Bitcoin Inco
Slide 33: metaplanet.jp @Metaplanet IR inquiries
metaplanet.jp @Metaplanet IR inquiries: metaplanet.jp/en/ir-contact