Infcurion, Inc. · TSE:438A
Infcurion — Q1 FY2026 Earnings Presentation
46 slides from Infcurion's earnings presentation, Aug 12, 2026
Slide 1: Financial Results for Q1 FY2026
Financial Results for Q1 FY2026 August 12, 2026 Infcurion, Inc. ©2026 Infcurion, Inc.
Slide 2: Executive Summary: Q1 FY2026 Highlights
Executive Summary Q1 FY2026 Highlights • While we had budgeted conservatively for Merchant Platform and Consulting, Gross Profit Up 32.8% YoY anticipating a pullback from their Q1 FY2025 levels, usage-based stock revenue led consolidated results on higher-than-planned B2B GTV growth. Robust gross pr
Slide 3: Contents
1. Q1 FY2026 Financial Results 04 2. Segment Overview 15 Contents 3. Business Topics 21 4. Strategy for the Era of AI and Digital Currency 27 5. Appendix 34 ©2026 Infcurion, Inc.
Slide 4: 1. Q1 FY2026 Financial Results
1. Q1 FY2026 Financial Results ©2026 Infcurion, Inc.
Slide 5: Consolidated Financial Results Summary
1. Q1 FY2026 Financial Results Consolidated Financial Results Summary FY2026 FY2025 FY2026 Forecast Unit: JPY Million Q1 Q1 Change Change (%) Full-year Progress Revenue 2,419 1,992 +427 +21.4% 11,200 21.6% Gross Profit 1,142 860 +282 +32.8% 5,500 20.8% Gross Profit Margin 47.2% 43.2% +4.0p 49.1% Ope
Slide 6: Segment Performance Summary
1. Q1 FY2026 Financial Results Segment Performance Summary FY2026 FY2025 FY2026 Forecast Unit: JPY Million Q1 Q1 Change Change (%) Full-year Progress Segment Revenue 2,419 1,992 +427 +21.4% 11,200 21.6% Payment Platform 1,536 967 +570 +58.9% 7,600 20.2% Merchant Platform 603 619 -15 -2.5% 2,300 26.3
Slide 7: YoY Changes in Revenue and Profit
1. Q1 FY2026 Financial Results YoY Changes in Revenue and Profit YoY changes in revenue and expense items from revenue to EBITDA are as follows: YoY Change (Q1) ( ) indicates YoY % change (Unit: JPY Million) Flow Revenue Consulting Revenue • While terminal sales declined following prior-year pull- +
Slide 8: Revenue
1. Q1 FY2026 Financial Results Revenue • Stock revenue led overall top-line growth driven by sustained high growth in B2B GTV, while flow revenue from modernization projects and new client implementations also contributed. • Despite impacts from consultant resource shifts and prior-year pull-forward
Slide 9: Gross Profit
1. Q1 FY2026 Financial Results Gross Profit • Gross profit rose 32.8% YoY as gross profit margin improved by 4 percentage points YoY. • Profitability of stock revenue improved alongside B2B GTV expansion, continuing an upward trajectory toward our mid-term financial target of a 50%+ gross profit mar
Slide 10: SG&A
1. Q1 FY2026 Financial Results SG&A • Personnel expenses rose on prior-year investments to build out our development organization and to strengthen governance in connection with our listing. • Supported by AI-driven cost optimization, SG&A expenses excluding Winvoice variable costs are expected to h
Slide 11: EBITDA
1. Q1 FY2026 Financial Results EBITDA • With profitability improvements from stock revenue growth and cost optimization through AI adoption, EBITDA moved into a phase of consistent profitability. • We aim to reach our mid-term financial target of a 15% EBITDA margin ahead of schedule as operating le
Slide 12: Trends in B2B GTV & Payment Platform Client Company Base
1. Q1 FY2026 Financial Results Trends in B2B GTV & Payment Platform Client Company Base • B2B GTV grew 2.3x YoY, fueled by expanding service coverage, new implementations, and strong card business performance at client companies. 3,500 +50.2% B2B GTV / Payment Platform Client Companies 116,498 122,0
Slide 13: Trends in Number of Employees
1. Q1 FY2026 Financial Results Trends in Number of Employees • We flexibly execute optimal cross-segment talent allocation, establishing a Group structure where proprietary products and consulting reinforce each other. • We are investing aggressively in hiring and development to strengthen our capac
Slide 14: Balance Sheet Status
1. Q1 FY2026 Financial Results Balance Sheet Status • While accounts receivable related to Winvoice are expected to increase alongside B2B GTV expansion, we mitigate the balance sheet impact by accelerating the cash conversion cycle. Balance Sheet Overview (As of June 30, 2026) (Unit: JPY Million) W
Slide 15: 2. Segment Overview
2. Segment Overview ©2026 Infcurion, Inc.
Slide 16: Payment Platform Business
2. Segment Overview Payment Payment Platform Business • Usage-based stock revenue driven by B2B GTV growth led overall performance, while flow revenue from modernization projects and new Xard implementations also contributed. • Segment loss narrowed due to stock revenue profitability gains, advancin
Slide 17: Payment Platform Business: Stock Marginal Profit
2. Segment Overview Payment Payment Platform Business: Stock Marginal Profit • Stock Marginal Profit, which measures substantive stock revenue contribution excluding variable costs linked to B2B GTV, grew 84.0% YoY. • We are working to improve marginal profit margins by enhancing Xard functionality
Slide 18: Merchant Platform Business
2. Segment Overview Merchant Merchant Platform Business • While flow revenue declined due to prior-year pull-forward demand for payment terminals, stock revenue rose driven by an increasing number of active terminal IDs in the mobility sector and the launch of our acquiring system. We aim to shift t
Slide 19: Consulting Business
2. Segment Overview Consulting Consulting Business • Segment revenue and profit declined due to internal resource shifts to accelerate product growth, alongside an increase in intersegment transactions driven by large-scale cross-segment projects. Segment Revenue Segment Profit (Loss) (Unit: JPY Mil
Slide 20: Consulting Business: Performance Analysis and Action Plan
2. Segment Overview Consulting Consulting Business: Performance Analysis and Action Plan • We aim to further strengthen our talent base by hiring and developing top professionals through our unique Group model, where proprietary products and consulting reinforce each other. <Factors Behind Revenue D
Slide 21: 3. Business Topics
3. Business Topics ©2026 Infcurion, Inc.
Slide 22: Q1 Progress: Xard Client Base Growing Steadily
3. Business Topics Q1 Progress: Xard Client Base Growing Steadily Tech & SaaS Established an unrivaled market position in payment infrastructure for the SaaS NEW Companies industry. Growing demand for our platform as a Financial pr imar y s ys tem to r e place le gac y Institutions solutions. Operat
Slide 23: Expanding Service Coverage to Drive Full-Service Offerings
3. Business Topics Payment Expanding Service Coverage to Drive Full-Service Offerings that Support Card Business Entry • We are expanding service coverage sequentially to deliver full-service solutions that drastically reduce operational workload and risk in card issuance businesses. • As our first
Slide 24: Xard Adopted for HQ's Shokuji-hojyo HQ Employee Benefit Service
3. Business Topics Payment Xard Adopted as Infrastructure for HQ's "Shokuji-hojyo HQ" Employee Benefit Service • Spurred by the tax reform expanding the tax-free ceiling for meal subsidies, Xard was adopted for HQ's 'Shokuji-hojyo HQ.' • We provide card infrastructure to solve key compliance challen
Slide 25: Payment Infrastructure Adopted for Seven Bank's money ring
3. Business Topics Payment Infcurion Payment Infrastructure Adopted for Seven Bank's Parent-Child Educational Service "money ring" • We provided Xard and CharG for Seven Bank's new service combining an allowance-tracking app and prepaid card. • By integrating Xard's prepaid card issuance/management
Slide 26: Joint Exploration with DCP in Digital Currency for the AI-Agent Era
3. Business Topics Initiated Joint Exploration with DCP in Digital Currency for the AI-Agent Era Signed MOU for Real-World Implementation of On-Chain Finance Powered by Tokenized Deposits*1 Related Products Joint Exploration Focus Areas Aiming to embed Xard into the DCJPY infrastructure, enabling ca
Slide 27: 4. Strategy for the Era of AI and Digital Currency
4. Strategy for the Era of AI and Digital Currency ©2026 Infcurion, Inc.
Slide 28: Evolution of Payment Methods and Future Challenges
4. Strategy for the Era of AI and Digital Currency Evolution of Payment Methods and Future Challenges Urgent Need to Build Digital Currency Infrastructure and Integrate It with Existing Cashless Payments to Serve the Emerging Economic Sphere Emerging Payment Methods Digital Currency (Stablecoins, To
Slide 29: Realization Stages and Market Outlook for Agentic Commerce
4. Strategy for the Era of AI and Digital Currency Realization Stages and Market Outlook for Agentic Commerce Agentic commerce is expected to expand rapidly worldwide. Diverse commerce scenarios will unfold depending on how AI agents engage, from assistive to autonomous modes. Realization Stages of
Slide 30: Real-World Adoption of Agentic Commerce and Digital Currency
4. Strategy for the Era of AI and Digital Currency Real-World Adoption of Agentic Commerce and Digital Currency Digital Currencies Will Spread with Agentic Commerce, Driving Cashless Infrastructure to Adapt to AI As diverse payment scenarios coexist, Infcurion drives evolution toward AI × digital cu
Slide 31: Requirements for Payment Systems in the AI Era / Infcurion Value Proposition
4. Strategy for the Era of AI and Digital Currency Requirements for Payment Systems in the AI Era / Infcurion Value Proposition Infcurion Platform Optimized for the AI Era Requirements in the AI Era Features Provided by Infcurion All capabilities delivered via open APIs, enabling real-time connect
Slide 32: Infcurion's Payment Platform for the AI Era
4. Strategy for the Era of AI and Digital Currency Infcurion's Payment Platform for the AI Era The more AI penetrates the front end, the more critical AI-optimized payment infrastructure becomes. AI unlocks greater value from rich proprietary payment data, driving a flywheel of expanding value creat
Slide 33: Deliver an Integrated Payment Infrastructure Encompassing Digital Currencies
4. Strategy for the Era of AI and Digital Currency Deliver an Integrated Payment Infrastructure Encompassing Digital Currencies Evolving into Integrated Payment Infrastructure Tailored for the AI & Digital Currency Era Aiming to build AI-optimized mechanisms across processing and transaction control
Slide 34: 5. Appendix
5. Appendix ©2026 Infcurion, Inc.
Slide 35: Appendix: Quarterly Performance Trends
Appendix Quarterly Performance Trends ©2026 Infcurion, Inc. 35
Slide 36: Revenue Structure
Appendix. Quarterly Performance Trends Revenue Structure • Infcurion's revenue is split into "flow," "stock," and "consulting" revenue • Usage-based stock revenue (based on transaction value/volume) is the primary driver of sustained revenue growth Payment Merchant Consulting Platform Platform Consu
Slide 37: Revenue Trends by Business Segment
Appendix. Quarterly Performance Trends Revenue Trends by Business Segment Revenue by Business Segment YoY +21.4% (Unit: JPY Million) 2,674 Consulting 2,551 2,419 YoY 365 Merchant 2,286 318 2,161 278 -31.4% Payment 1,995 1,992 388 386 1,853 736 617 1,708 402 406 603 -2.5% 1,617 358 1,361 361 763 733
Slide 38: Revenue Trends by Category
Appendix. Quarterly Performance Trends Revenue Trends by Category Revenue by Category YoY +21.4% (Unit: JPY Million) 2,674 Consulting Revenue 2,551 2,419 YoY 365 Flow Revenue 2,286 318 2,161 278 -31.4% Stock Revenue 1,995 1,992 388 386 1,853 1,708 402 406 1,617 1,250 358 1,166 1,091 +11.1% 1,361 361
Slide 39: Trends in Gross Profit
Appendix. Quarterly Performance Trends Trends in Gross Profit Gross Profit (Unit: JPY Million) 50.8% 51.2% Gross Profit Margin 48.2% 48.1% 46.1% 46.2% 47.2% 44.1% 44.4% 44.4% 44.6% 43.2% 40.3% YoY +32.8% 1,370 1,226 1,098 1,102 1,142 921 854 860 761 604 651 487 537 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 40: Trends in SG&A Expenses
Appendix. Quarterly Performance Trends Trends in SG&A Expenses SG&A Expenses (Unit: JPY Million) 68.7% 70.5% 61.4% SG&A to Revenue Ratio 45.1% 45.8% 47.2% 45.2% 43.9% 41.4% 40.0% 40.9% 38.3% 37.4% 1,224 1,203 1,093 229 205 ■ WV Fees*1 110 852 835 876 ■ Other 808 825 814 156 145 168 758 729 749 740 1
Slide 41: Trends in EBITDA
Appendix. Quarterly Performance Trends Trends in EBITDA EBITDA YoY +31.7% (Unit: JPY Million) 307 258 183 124 109 83 63 54 22 -68 -219 -262 -306 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 FY2023 FY2024 FY2025 FY2026 ©2026 Infcurion, Inc. Note: Figures for FY2024 and earlier are unaudited. 41
Slide 42: Payment Platform Business
Appendix. Quarterly Performance Trends Payment Payment Platform Business Segment Revenue Segment Profit YoY +58.9% (Unit: JPY Million) (Unit: JPY Million) 1,615 1,572 1,536 44 Flow Revenue 10 10 Stock Revenue -9 -2 -13 1,134 872 819 -45 1,041 1,023 839 982 967 -82 925 -141 728 719 -173 -178 YoY +164
Slide 43: Payment Platform Business Stock Marginal Profit
Appendix. Quarterly Performance Trends Payment Platform Business Stock Marginal Profit Payment Platform Business Stock Marginal Profit (Unit: JPY Million) YoY +84.0% Stock Revenue Stock Marginal Profit 458 456 469 752 742 316 329 697 244 255 207 181 172 178 415 131 141 337 290 308 216 183 174 180 13
Slide 44: Merchant Platform Business
Appendix. Quarterly Performance Trends Merchant Merchant Platform Business Segment Revenue Segment Profit (Unit: JPY Million) YoY -2.5% (Unit: JPY Million) 763 217 YoY -47.0% 733 736 183 Flow Revenue 619 617 Stock Revenue 603 143 569 503 512 108 464 429 453 292 252 421 324 79 407 271 65 214 214 57 3
Slide 45: Consulting Business
Appendix. Quarterly Performance Trends Consulting Consulting Business Segment Revenue Segment Profit (Unit: JPY Million) (Unit: JPY Million) YoY -31.4% YoY -29.6% 169 402 406 386 384 388 154 370 151 361 358 365 345 349 318 117 278 112 108 102 103 97 91 77 66 48 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 46: ©2026 Infcurion, Inc.
©2026 Infcurion, Inc.