Gmo Payment Gateway, Inc. · TSE:3769

Gmo Payment Gateway — Q3 FY2025 Earnings Presentation

52 slides from Gmo Payment Gateway's earnings presentation, Aug 8, 2025

  1. Slide 1: Financial Results Briefing for Q3 FY2025

    Financial Results Briefing for Q3 FY2025 Aim for OP ¥100.0 bn by fulfilling the 3 management prerequisites August 8, 2025 82nd 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 August 8, 2025. Note that the contents are subject to change without pr

  3. Slide 3: Agenda

    Agenda 1. Earnings Summary 2. Growth Strategy 3. Sustainability 4. 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 Revenue progress vs. guidance is 73.2% but all profit lines are ahead of plan FY2025 Cumu. Q3 Cumu. Q3 Q3 FY2025 （¥ mil） % YoY Guidance FY2024 Actual FY2025 Actual （% YoY） （% progress） 83,377 20,245 Revenue 54,196 61,002 +12.6% 1.3.1 (73.2%) (+11.9%) 52,319 13,779

  6. Slide 6: 1.2 Tackling Our Challenges

    1.2 Tackling Our Challenges Measures deployed to tackle challenges at consolidated subsidiaries Challenges Measures to benefit from next FY and beyond ・Emergence of negative impact of a certain ・Growth strategy to achieved OP ¥100.0 bn 2.2.1 merchant from Q4 and FY2026 GMO-PG ・Incurred one-time expe

  7. Slide 7: 1.3.1 Waterfall Chart of Consol. Revenue (Cumu. Q3)

    1.3.1 Waterfall Chart of Consol. Revenue (Cumu. Q3) Consol. revenue growth sluggish at 12.6% due to initial revenue decline of 21.7% (GMO-FG) Consol. GMO-PG*3 GMO-PS*3 Consol. Overseas*3 Consol. （% YoY） GMO-FG*1*2 GMO-EP*1*3 （¥ bn） －3.0% +20.1% +7.0% +13.0% +34.2% +12.6% 61 ¥61.0 bn 60 Other Underpe

  8. Slide 8: 1.3.2 Trend of Revenue Growth (Quarterly)

    1.3.2 Trend of Revenue Growth (Quarterly) Stable growth continues for revenue excluding GMO-FG’s initial and a specific merchant Consol. revenue proportion and % YoY growth rates (quarterly trend) （% YoY） （¥ mil） GMO-FG's initial revenue (left axis) 25,000 Terminal sales －32.5% 40.0% Revenues from s

  9. Slide 9: 1.3.3 Waterfall Chart for Consol. OP and Pre-tax Profit (Cumu. Q3)

    1.3.3 Waterfall Chart for Consol. OP and Pre-tax Profit (Cumu. Q3) OP grew 20.1% and ahead of plans from revenue increase and improvement in margins OP waterfall chart*1 Pre-tax profit waterfall chart *1 （¥ mil） （¥ mil） % YoY +20.1% % YoY +9.4% GP SGA Other Other OP Financial Financial Equity Gain o

  10. Slide 10: 1.4.1 GMO-PG Non-Consol. Performance (Quarterly)

    1.4.1 GMO-PG Non-Consol. Performance (Quarterly) Non-consol. revenue grew 18.6% led by the 38.0% growth in Money Service Business GMO-PG non-consolidated revenue & OP (quarterly) *1 % YoY （¥ mil） Merchandise EC revenue Q3 FY2024 Q3 FY2025 Non-merchandise EC revenue % YoY 12,000 BaaS Support revenue

  11. Slide 11: 1.4.2 Performance of GMO-EP, GMO-PS and GMO-FG (Quarterly)

    1.4.2 Performance of GMO-EP, GMO-PS and GMO-FG (Quarterly) EP’s growth recovers, PS’ growth rate bottoms out and FG’s recurring-model revenue growth Consol. GMO-EP (quarterly)*1*2 GMO-PS (quarterly)*2 Consol. GMO-FG (quarterly)*1*3 (% YoY) Q3 FY2024 Q3 FY2025 Q3 FY2024 Q3 FY2025 Q3 FY2024 Q3 FY2025

  12. Slide 12: 1.5 Capital Efficiency (Annual Trend)

    1.5 Capital Efficiency (Annual Trend) Issued ¥20.0 bn corporate bond in July; continue to maintain capital efficiency above WACC Annual trend of ROE*1／ROIC*2／WACC 35.0% ROE *1 33.8% Jul. 2025 Euro Yen CB Straight bond Due June 2026 ROIC *2 Jun. 2021 Gain on sale of equity ¥20.0 issued Raised ¥20.0 b

  13. Slide 13: 2. Growth Strategy

    2. Growth Strategy Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 13

  14. Slide 14: 2.1 Management Target

    2.1 Management Target Towards the latter stage of phase 3 on the path to achieve OP ¥100.0 bn Operating profit (actual) and management targets （¥ bn） Mgmt. target 100 2025 ¥100.0 bn OP (actual) 90 GMO Enpay joins OP (target) 2018 GMO-PG group 80 GMO-RP 2024 joins GMO-PG 70 Obtained acquiring group l

  15. Slide 15: 2.2.1 Management Prerequisites

    2.2.1 Management Prerequisites Management prerequisites to achieve OP ¥100.0 bn Growth strategies required 1. Grow at double the expected growth rate of the EC market 2.2.2 2.2.3 2. Drive business alliances with large corporations 2.2.4 3. Business expansion beyond the PSP* domain 2.2.5 * PSP stands

  16. Slide 16: 2.2.2 Growth Strategy: Grow at double the expected EC market growth rate

    2.2.2 Growth Strategy: Grow at double the expected growth rate of the EC market Aim to grow at double the market’s growth rate through the 3 initiatives EC market & EC payment sector revenue growth Initiatives & outcome in the target markets (new/existing) （¥ trn） （¥ bn） 80 1. Efficient marketing of

  17. Slide 17: 2.2.3 Business alliances with large corporations ①

    2.2.3 Growth Strategy: Business alliances with large corporations ① Strengthen ecosystem by spawning value-added services from customer needs Credit Card payment Multi- Expansion of reference applications Payment Early Credit Payment card CP EPCO / SMS payment GASCO payment Payment Chain reaction of

  18. Slide 18: 2.2.4 Business alliances with large corporations ②

    2.2.4 Growth Strategy: Business alliances with large corporations ② Lateral expansion of reference applications to large enterprises Collaboration with Target market large enterprises Initiatives & applications TAM (2025) TAM (around 2030) Railway operators Make inroads into Mobility domain 2016~ La

  19. Slide 19: 2.2.5 Business expansion beyond the PSP domain

    2.2.5 Growth Strategy: Business expansion beyond the PSP* domain Established unique position through system development and financial services Initiatives to expand business domain in the credit card industry VISA/Mastercard licenses obtained American Express International Corporate card holders Bra

  20. Slide 20: 2.3 PL Contribution from Leveraging AI

    2.3 PL Contribution from Leveraging AI OP contribution increasing from cost controls; accelerate AI deployment to drive revenue PL contribution Use case OP contribution from AI use Revenue GMO-EP fincode byGMO is MCP compatible 2.5 Revenue increase GMO-RP Medical institution management % YoY Cost of

  21. Slide 21: 2.4.1 Non-consolidated GMO-PG

    2.4.1 Non-consolidated GMO-PG Accelerate revenue growth by targeting industry top companies and strengthening MSB services Non-consolidated GMO-PG: new & existing client revenue breakdown (cumu. Q3) Non-consolidated GMO-PG MSB revenue (Cumu. Q3) （¥ mil） Acquisition period （¥ mil） % YoY 2025 4,000 Ex

  22. Slide 22: 2.4.2 Non-consolidated GMO-PG: Supporting industry top players

    2.4.2 Non-consolidated GMO-PG: Supporting industry top players Supporting the DX/cashless migration of beverage industry Use case of cashless app for vending machines TRX volume in food & beverage*4 (monthly trend) Provided comprehensive payment service “Jihanpi” from March 2025 to SUNTORY BEVERAGE

  23. Slide 23: 2.5.1 Consolidated GMO-EP: Online payment (SMEs)/Medical DX

    2.5.1 Consolidated GMO-EP: Online payment (SMEs)/Medical DX Accelerate client’s growth through solutions conducive to AI- native times Consol. GMO-EP revenue (quarterly) Focus initiatives （¥ mil） % YoY Payment service for start-ups and non-merchandise sectors Revenue fincode byGMO TRX value +12.4% 1

  24. Slide 24: 2.5.2 GMO-EP: fincode byGMO MCP compatible

    2.5.2 GMO-EP: First ever domestic PSP to make fincode byGMO MCP compatible*1*2 Updated payment infrastructure to the AI-native age ・Onboarding and operating payment functions through natural communication with AI Raise value-add with MCP servers ・Dynamic interaction with external services that to dr

  25. Slide 25: 2.6 GMO-PS: Payment After Delivery/BNPL

    2.6 GMO-PS: Payment After Delivery/BNPL Drive customer acquisition through collaboration with GMO-PG and partner strategy GMO-PS revenue and operating profit (Q3) ・Acquire platformers through joingt-sales activities with （¥ mil） % YoY GMO-PG 3,000 New domain revenue ・Add atokara to GMO-PG’s onlilne

  26. Slide 26: 2.7 Consolidated GMO-FG: CP Payment

    2.7 Consolidated GMO-FG：CP Payment Recurring-model revenue up 35.9% from contribution of high- volume merchant Consol. GMO-FG revenue by business model*1(quarterly) Potential of focus areas and 2033 Target of active IDs （¥ mil） % YoY （’000 units) Focus areas Potential 2033 target 5,000 Inital －32.5%

  27. Slide 27: 2.8.1 Global: Earning Summary

    2.8.1 Global: Earning Summary Revenue grew 28.8% from loan increases to prime borrowers and expanded usage of remittance service Revenue and Operating profit (Q3) Loan balance (End June) Earnings highlight （¥ mil） % YoY （¥ mil） % YoY Executed loan increase to Overseas several borrowers +28.8% +20.0%

  28. Slide 28: 2.8.2 Global: Loan Strategy

    2.8.2 Global: Loan Strategy Promoting cashless migration overseas through lending Feedback loop between payment and lending (BNPL) Working capital for BNPL Expand cashless in local markets Expand lending GMO-PG BNPL Provider business Lending Payment Expertise on ROI Generating business Expanding BNP

  29. Slide 29: 3. Sustainability

    3. Sustainability Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 29

  30. Slide 30: 3. Sustainability: External Evaluation

    3. Sustainability: External Evaluation Received multiple accreditations by pursuing sustainability management ESG Indices CDP Supplier Engagement Assessment June 2025 Selected for 3 years Highest rating A running*1 Supplier Engagement Leader • Evaluates how effectively corporate engage with June 202

  31. Slide 31: 4. Financial Highlights and Reference Materials

    4. Financial Highlights and Reference Materials Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 31

  32. Slide 32: 4.1.1 Consolidated Balance Sheet

    4.1.1 Consolidated Balance Sheet Increase in merchant deposits and MSB related assets due to scaling up of business Assets Liabilities and Equity (¥ mil) Cash (¥ mil) corresponding to 400,000 deposits received 400,000 from merchants 368,134 368,134 344,702 344,702 300,000 292,346 300,000 292,346 135

  33. Slide 33: 4.1.2 Major Consolidated Financial Indicators (Annual Trend)

    4.1.2 Major Consolidated Financial Indicators*1 (Annual Trend) 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% 400 Raised ¥17.5 bn Euro Y

  34. Slide 34: 4.2.1 Consolidated Revenue and Operating Profit (Quarterly)

    4.2.1 Consolidated Revenue and Operating Profit (Quarterly) Consolidated revenue Consolidated operating profit （¥ mil） （¥ mil） 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 FY2022 11,857 12,201 12,897 13,341 FY2022 4,116 4,159 4,511 3,461 FY2023 14,813

  35. Slide 35: 4.2.2 Waterfall Chart of Consol. Revenue (Q3)

    4.2.2 Waterfall Chart of Consol. Revenue (Q3) GMO-FG’s initial revenue declined 32.5% causing consol. revenue to increase by 11.9% Consol. GMO-PG*3 GMO-PS*3 Consol. Overseas*3 Consol. （% YoY） GMO-FG*1*2 GMO-EP*1*3 （¥ bn） －4.7% +18.6% +7.8% +12.4% +29.4% +11.9% ¥20.2 bn 20 Other 19 Payment After Deli

  36. Slide 36: 4.3 BaaS Support and EF

    4.3 BaaS Support and EF*1 Processing PF revenue up 39.5% from growth of issuing support BaaS support service revenue*2(Q3) Progress of processing PF projects % YoY Est. revenue size (3-levels) ■ Ginko Pay base system ■ Acquiring support (processing PF) FY2025 ■ Issuing support (processing PF) Total

  37. Slide 37: 4.4.1 Revenue by Business Model (Cumu. Q3)

    4.4.1 Revenue by Business Model (Cumu. Q3) Stock and spread revenues grew over 20% % YoY Factors* (¥ mil) 61,002 Cumu. Q3 Cumu. Q3 60,000 FY2024 FY2025 54,196 Spread +15.6% +20.0% ＋ Online payment (GMO-PG) ＋ Overseas lending 50,000 25,311 ＋ CP payment － Payment after Delivery 21,101 40,000 － Online

  38. Slide 38: 4.4.2 Consolidated Revenue by Business Model (Quarterly)

    4.4.2 Consolidated Revenue by Business Model (Quarterly) （¥ mil） 8,464 8,387 8,459 8,000 7,424 7,222 6,988 6,889 7,000 6,265 6,324 6,057 6,025 6,171 5,990 6,088 6,000 5,702 5,371 5,415 5,296 5,297 5,267 5,292 5,093 5,000 4,731 4,773 4,311 4,430 4,257 3,840 2,408 3,098 4,000 2,764 3,536 2,922 3,595 3

  39. Slide 39: 4.5.1 Consol. Segment Performance (Cumu. Q3)

    4.5.1 Consol. Segment Performance (Cumu. Q3) MSB segment grew 26.9% from normalization of credit related costs Segment revenue* Segment profit/loss* % YoY % YoY (¥ mil) Cumu. Q3 Cumu. Q3 (¥ mil) Cumu. Q3 Cumu. Q3 FY2024 FY2025 FY2024 FY2025 +15.3% +12.6% +21.8% +20.1% 60,000 +27.7% +25.6% 24,000 +34

  40. Slide 40: 4.5.2 Consol. Segment Performance (Q3)

    4.5.2 Consol. Segment Performance (Q3) Payment Processing Business grew 19.7% YoY excluding initial revenue Segment revenue* Segment profit/loss* % YoY % YoY Q3 FY2024 Q3 FY2025 Q3 FY2024 Q3 FY2025 +9.4% +11.9% +21.1% +18.4% (¥ mil) (¥ mil) 20,000 +16.5% +24.5% 9,000 +0.3% +44.3% 8,000 +13.3% +17.6%

  41. Slide 41: 4.6.1 FinTech Related Asset (Quarterly Trend)

    4.6.1 FinTech Related Asset (Quarterly Trend) FinTech related asset （¥ mil） 140,000 120,000 % YoY +20.0% 100,000 80,000 60,000 +10.1% 40,000 20,000 +7.3% 0 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 End-Q2 End-Q3 FY2021 FY2022 FY2022 FY2022 FY20

  42. Slide 42: 4.6.2 FinTech Revenue and Profits (Quarterly Trend)

    4.6.2 FinTech Revenue and Profits (Quarterly Trend) FinTech revenues and profit （¥ mil） % YoY 4,000 +10.6% ＋29.8% 3,000 ＋31.8% 2,000 ＋7.4% ＋12.7% 1,000 0 21/4Q 22/1Q 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 GMO Payment After Delivery*1 Remittance service Ov

  43. Slide 43: 4.7.1 Consolidated CoS and SG&A Ratio (Quarterly Trend)

    4.7.1 Consolidated CoS and SG&A Ratio (Quarterly Trend) Cost of sales ratio fluctuates depending on revenue mix (¥ mil) 20,295 20,462 20,245 20,000 19,588 18,313 18,096 17,785 50.0% 18,000 16,546 16,118 15,641 16,000 40.9% 14,813 38.5% 40.0% 37.5% 12,201 37.2% 37.0% 14,000 12,897 36.6% 36.0% 34.6% 1

  44. Slide 44: 4.7.2 CoS/SGA Ratio of GMO-PG & GMO-EP (Quarterly Trend)

    4.7.2 CoS/SGA Ratio of GMO-PG & GMO-EP (Quarterly Trend) CoS ratio trending stably for online payment business (¥ mil) 12,533 12,539 12,161 12,000 11,449 50.0% 10,681 10,511 10,158 10,000 41.2% 40.7% 9,564 9,083 9,219 9,177 40.0% 8,498 36.6% 35.6% 7,906 7,977 34.2% 34.1% 8,000 7,682 7,122 32.5% 32.9

  45. Slide 45: 4.8.1 Operating Stores, TRX Volume and Value

    4.8.1 Operating Stores, TRX Volume and Value Consol. TRX value reaches approx. ¥21.3 trn for the past 12 months Operating TRX Volume*2*3 TRX Value*2 Stores*1/IDs*2 End-Q3 FY2025 Q3 FY2025 Past 12-mnth Q3 FY2025 Past 12-mnth - 2.29 bn 8.50 bn ¥5.4 trn ¥21.3 trn Consolidated % YoY - +22.9% +19.9% +16.

  46. Slide 46: 4.8.2 Waterfall Chart of Consol. TRX Value (Cumu. Q3)

    4.8.2 Waterfall Chart of Consol. TRX Value (Cumu. Q3) Online GMV grew 22.4% excluding the local govt. project CP Online payment GMO-PG +10.9% Consol. +18.3% payment *1 Market stats +7.5% （% YoY） Non-merchandise EC Merchandise EC （¥ trn） GMO-PG +31.8% +12.0% +8.5% Market stats*1 - +10.3% +5.4% Other

  47. Slide 47: 4.8.3 Waterfall Chart of Consol. TRX Value (Q3)

    4.8.3 Waterfall Chart of Consol. TRX Value (Q3) Online GMV grew 20.8% excluding the local govt. project CP Online payment GMO-PG +8.1% Consol. +16.1% payment *1 Market stats +9.4% （% YoY） Non-merchandise EC Merchandise EC （¥ trn） GMO-PG +29.7% +7.5% +9.6% Market stats*1 - +11.3% +7.8% Other non- Mer

  48. Slide 48: 4.8.4 Distribution of Major Sectors (Q3 FY2025)

    4.8.4 Distribution of Major Sectors (Q3 FY2025) 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 Q3 FY2025) proportion The size of the circle represents the TRX valu

  49. Slide 49: 4.9.1 Consolidated Cash Flow Statement (Cumu. Q3 FY2025)

    4.9.1 Consolidated Cash Flow Statement (Cumu. Q3 FY2025) Cumu. Q3 FY2025 (¥ mil) （¥ mil） 50,000 Operating CF ： +34,018 Pretax profit +23,938 Deprec. & Amort. +2,870 Trade and other receivables －2,054 40,000 Advances paid －2,738 Accrued revenues －2,550 Accrued expenses +2,800 30,000 Deposits received

  50. Slide 50: 4.9.2 Major Factors Affecting Consolidated Cash Flow Statement

    4.9.2 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

  51. Slide 51: 4.10 Consolidated EBITDA and EBITDA Margin (Quarterly)

    4.10 Consolidated EBITDA* and EBITDA Margin (Quarterly) （¥ mil） 10,000 100.0% 9,142 9,016 9,000 90.0% 8,157 8,000 7,720 80.0% 7,633 7,000 70.0% 6,594 6,588 6,289 5,853 6,000 5,657 60.0% 4,932 5,000 50.0% 45.2% 44.1% 42.7% 41.7% 4,042 40.2% 38.2% 37.4% 38.0% 4,000 37.1% 40.0% 33.6% 30.3% 30.6% 3,000

  52. Slide 52: 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

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