Infcurion, Inc. · TSE:438A
Infcurion — Q3 FY2025 Earnings Presentation
72 slides from Infcurion's earnings presentation, Feb 13, 2026
Slide 1: Financial Results for Q3 FY2025
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. Financial Results for Q3 FY2025 February 13, 2026 Infcu
Slide 2: Contents
1. Executive Summary 03 2. Summary of Financial Results 06 Contents 3. Segment Results 18 4. Business Highlights 22 5. Appendix 27 ©2026 Infcurion, Inc.
Slide 3: Highlights for Q3 FY2025 (Cumulative)
1. Executive Summary Highlights for Q3 FY2025 (Cumulative) Revenue and Profit Tracking Ahead of Initial Full-Year Forecasts • Driven by increasing stock revenue from B2B GTV and flow revenue from mobility sector terminal sales, revenue and gross profit rose by 34.3% and 47.0% respectively • EBITDA r
Slide 4: Revision of Full-Year Earnings Forecast
1. Executive Summary Revision of Full-Year Earnings Forecast • Driven by strong B2B GTV growth and an accelerated terminal rollout in the mobility sector, we have raised our full-year guidance to reflect performance tracking ahead of plan. Previous Forecast Revised Forecast Year-on-Year (YoY) Full-y
Slide 5: 4Q Outlook
1. Executive Summary 4Q Outlook • Gross profit is expected to remain strong, driven by the steady accumulation of B2B GTV amid rising demand for B2B payment solutions • For 4Q, we anticipate recording temporary expenses for product feature development, organizational strengthening, and marketing ini
Slide 6: 2. Summary of Financial Results
2. Summary of Financial Results ©2026 Infcurion, Inc.
Slide 7: Revenue Structure
2. Summary of Financial Results Revenue Structure • Infcurion's net sales is divided into "flow revenue," "stock revenue," and "consulting revenue" depending on the revenue type. • Usage-based stock revenue, charged according to processed transaction value and number of transactions, continues to dr
Slide 8: Consolidated Financial Results Summary
2. Summary of Financial Results Consolidated Financial Results Summary FY2025 FY2024 FY2025 Full-year Forecast (Revised) Increase/ Revised Unit: JPY Million 3Q Cumulative 3Q Cumulative Rate of Change Progress Rate Decrease Forecast Net Sales 6,954 5,178 +1,775 +34.3% 9,400 74.0% Gross Profit 3,333 2
Slide 9: Segment Performance Summary
2. Summary of Financial Results Segment Performance Summary FY2025 FY2024 FY2025 Full-year Forecast (Revised) Increase/ Revised Unit: JPY Million 3Q Cumulative 3Q Cumulative Rate of Change Progress Rate Decrease Forecast Segment Revenue 6,954 5,178 +1,775 +34.3% 9,400 74.0% Payment Platform 3,674 2,
Slide 10: Sales and Profit Change Analysis (Year-on-Year)
2. Summary of Financial Results Sales and Profit Change Analysis (Year-on-Year) • The year-on-year changes in each revenue and expense item, from net sales through EBITDA Year-on-year change (3Q Cumulative) (Figures in parentheses indicate year-on-year change rate) Consulting +55 (Unit: JPY Million)
Slide 11: Trends in Net Sales
2. Summary of Financial Results Trends in Net Sales • Payment Platform: Accelerating growth driven by expanding stock revenue (via B2B GTV) and development revenue from "Trunk" • Merchant Platform: Strong performance resulting from the accelerated deployment of payment terminals in the mobility sect
Slide 12: Trends in Gross Profit
2. Summary of Financial Results Trends in Gross Profit • Driven by a 4.1 percentage point improvement in gross profit margin, 3Q cumulative gross profit rose 47.0% YoY • Gross profit margin improved, fueled by lower cost ratios in stock revenue Gross Profit & Gross Profit Margin (% of Net Sales) COG
Slide 13: Trends in SG&A Expenses
2. Summary of Financial Results Trends in SG&A Expenses • Revenue sharing expenses linked to Winvoice GTV growth were offset by disciplined SG&A management, keeping the SG&A ratio stable • SG&A expenses increased by 31.3% YoY, primarily due to strategic human capital investment and accelerated hirin
Slide 14: Trends in EBITDA
2. Summary of Financial Results Trends in EBITDA • EBITDA reached 505 million, up 427 million from the same period last year • EBITDA margin expanded to 7.3% (+5.8 points YoY), reflecting a consistent upward trend in profitability EBITDA EBITDA Margin (% of Net Sales) (Unit: JPY Million) +542.6% (Un
Slide 15: Trends in B2B GTV and Number of Payment Platform Client Companies
2. Summary of Financial Results Trends in B2B GTV and Number of Payment Platform Client Companies • B2B GTV surged in 3Q, driven by seasonal demand for large-scale inventory procurement, with cumulative volume surpassing ¥300 billion • The number of Payment Platform Client Companies grew steadily, u
Slide 16: Balance Sheet Status
2. Summary of Financial Results Balance Sheet Status • Strengthened financial stability through a ¥2.6 billion capital raise via the IPO on the TSE Growth Market • Accounts receivable related to temporary advances are expected to increase alongside Winvoice GTV growth Balance Sheet Summary as of the
Slide 17: Trends in Number of Employees
2. Summary of Financial Results Trends in Number of Employees • Building an organizational structure where proprietary products and consulting act as a powerful, self-reinforcing flywheel, enabled by flexible and optimal personnel deployment across business units and job functions. Development Engin
Slide 18: 3. Segment Results
3. Segment Results ©2026 Infcurion, Inc.
Slide 19: Payment Platform Business
3. Segment Results Payment Payment Platform Business • Stock revenue doubled YoY, driven by B2B GTV expansion in Xard and Winvoice; a key driver of segment revenue growth • 3Q bottom line turned positive at ¥44M. Transitioning to a stock-revenue-based model to target early full-year profitability. S
Slide 20: Merchant Platform Business
3. Segment Results Merchant Merchant Platform Business • Segment revenue and profit grew YoY, driven by the pull-forward of a major payment terminal rollout in the mobility industry and development revenue from acquiring systems Segment Revenue Segment Profit (Loss) +47.4% (Unit: JPY Million) 2,118
Slide 21: Consulting Business
3. Segment Results Consulting Consulting Business • Consistent segment revenue growth, anchored by high-repeat client orders • A concentration of high-yield projects and optimized consultant utilization led to a significant temporary margin uplift +5.0% Segment Revenue Segment Profit (Loss) (Unit: J
Slide 22: 4. Business Topics
4. Business Topics ©2026 Infcurion, Inc.
Slide 23: Powering Trunk with Winvoice: Card Payment Capabilities Now Integrated
4. Business Topics Payment Powering Trunk with Winvoice: Card Payment Capabilities Now Integrated • Launched invoice digitization and card payment capabilities powered by Winvoice on "Trunk," a comprehensive digital financial service for corporations provided by SMBC Group Accounting and Payments Ac
Slide 24: Product Roadmap: Trunk Feature Releases
4. Business Topics Payment Product Roadmap: "Trunk" Feature Releases Feature Release Roadmap Infcurion’s products will be sequentially integrated in alignment with the expansion of the "Trunk" platform FY2026 and beyond January 19, 2026 May 26, 2025 Corporate Accounts & Cards New Features Flexible F
Slide 25: Partner Base of Winvoice Is Steadily Expanding
4. Business Topics Payment Partner Base of Our Invoice and Payment Platform, ‘Winvoice,’ Is Steadily Expanding • Adoption is progressing beyond horizontal SaaS into vertical SaaS targeting specific industry segments • Boosting industry productivity by embedding card payments into traditional busines
Slide 26: Scaling B2B GTV: Transforming Payments into Business Infrastructure
4. Business Topics Payment Scaling B2B GTV: Transforming Payments into Business Infrastructure • B2B GTV is experiencing explosive growth, driven by rising operational expenditures (such as procurement) and expanding adoption by large enterprises • Market potential is expanding as SaaS providers piv
Slide 27: 5. Appendix
5. Appendix ©2026 Infcurion, Inc.
Slide 28: Appendix Quarterly Performance Trends
Appendix Quarterly Performance Trends ©2026 Infcurion, Inc. 28
Slide 29: Net Sales Trends by Business Segment
Appendix. Quarterly Performance Trends Net Sales Trends by Business Segment Net Sales by Business Segment (Unit: JPY Million) YoY +44.4% 2,674 Payment Platform Merchant Platform YoY 2,286 Consulting 2,161 1,995 1,992 1,853 +60.1% 1,708 1,572 1,617 1,134 1,041 1,361 1,023 967 1,318 1,246 1,256 1,209
Slide 30: Net Sales Trends by Revenue Category
Appendix. Quarterly Performance Trends Net Sales Trends by Revenue Category Net Sales by Revenue Category (Unit: JPY Million) YoY +44.4% 2,674 Flow Revenue Stock Revenue YoY 2,286 Consulting Revenue 2,161 1,995 1,992 +45.4% 1,250 1,853 1,708 1,617 1,184 1,318 1,361 1,321 1,005 982 1,246 1,256 859 1,
Slide 31: Trends in Gross Profit
Appendix. Quarterly Performance Trends Trends in Gross Profit Gross Profit (Unit: JPY Million) 55.9% 51.5% 50.8% 51.2% 48.2% 46.1% 46.2% Gross Profit Margin 44.1% 44.4% 44.4% 44.6% 43.2% (% of Net Sales) 42.0% 40.3% 1,370 33.3% YoY +60.4% 1,098 1,102 921 854 860 737 761 651 604 556 524 537 487 417 1
Slide 32: Trends in SG&A Expenses
Appendix. Quarterly Performance Trends Trends in SG&A Expenses SG&A Expenses (Unit: JPY Million) 73.2% 68.7% 70.5% 59.0% 61.4% 57.8% 53.2% SG&A Ratio 45.1% 43.9% 45.8% 40.0% 41.4% 40.9% (% of Net Sales) 37.4% 38.3% 1 WV Fees Others Advertising Expenses Recruitment Expenses 1,224 Outsourcing Expenses
Slide 33: Trends in EBITDA
Appendix. Quarterly Performance Trends Trends in EBITDA EBITDA (Unit: JPY Million) YoY +47.0% 307 258 183 124 109 54 63 22 -61 -68 -177 -219 -262 -306 -492 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2022 FY2023 FY2024 FY2025 ©2026 Infcurion, Inc. Note: Figures prior to FY2024 are unaudited. 33
Slide 34: Payment Platform Business
Appendix. Quarterly Performance Trends Payment Payment Platform Business Segment Revenue Segment Profit (Unit: JPY Million) YoY +60.1% (Unit: JPY Million) 1,572 90 YoY +337.8% 44 Flow Revenue 10 10 Stock Revenue 1,134 -9 819 1,041 1,023 -45 982 967 925 -81 -82 -141 728 719 668 -177 -173 -178 604 644
Slide 35: Merchant Platform Business
Appendix. Quarterly Performance Trends Merchant Merchant Platform Business Segment Revenue YoY +43.7% Segment Profit (Unit: JPY Million) (Unit: JPY Million) YoY +341.8% 217 763 733 736 183 Flow Revenue 619 143 Stock Revenue 569 108 503 512 464 429 453 79 421 324 407 271 390 214 351 351 214 32 343 32
Slide 36: Consulting Business
Appendix. Quarterly Performance Trends Consulting Consulting Business Segment Revenue Segment Profit (Unit: JPY Million) (Unit: JPY Million) YoY +47.0% YoY +2.1% 169 402 406 386 384 388 154 370 151 366 361 358 365 345 349 335 314 297 117 102 103 97 92 91 76 77 66 56 48 31 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Slide 37: Appendix Company Overview
Appendix Company Overview ©2026 Infcurion, Inc. 37
Slide 38: Company Overview
Appendix. Company Overview Company Overview Company Name Infcurion, Inc. Headquarter 7F MFPR Kojimachi Building, 5-7-2 Kojimachi, Chiyoda-ku, Tokyo Establishment May 1, 2006 Representative Hiroki Maruyama, President and CEO Capital Stock 100 million yen (as of the end of March 2025) Number of Employ
Slide 39: Accomplish the Infeasible, Starting from Payments.
Appendix. Company Overview Our Mission Accomplish the Infeasible, Starting from Payments. Bringing fintech to every corner of the economy - as the enabler of change in payments. Manufacturing Construction Retail Infrastructure Mobility Telecommunication Food & Beverage Service B2B Saas domain B2C do
Slide 40: Providing Next-gen Payment Infrastructure through Open Platform
Appendix. Company Overview Our Value Proposition Providing Next-gen Payment Infrastructure through Open Platform Next-Gen Payment and Financial Services Development International Card Issuance Building Original Pay Platform Payment Solutions for Invoice Payment DX Platform Businesses ©2026 Infcurion
Slide 41: Business Overview
Appendix. Company Overview Business Overview Enabler Business Model That Embeds Payment and Financial Functions into Service Providers Across All Industries Payment Enabler Service Providers B2B Payment Market 1 Card Issuance Financial Institutions 1,193 Tn Platform Invoice Payment JPY Platform Reta
Slide 42: From Advisor to Enabler: The Evolution of Infcurion's Business Domains
Appendix. Company Overview From Advisor to Enabler: The Evolution of Infcurion’s Business Domains Through steady expansion, we now provide full-stack solutions that drive embedded finance forward. Full-cloud acquiring system (in development) Foundation of Infcurion 2006 2011 2018 2021 2023 2024 2025
Slide 43: Leadership Team Driving Japan's Cashless Transformation
Appendix. Company Overview Leadership Team Driving Japan’s Cashless Transformation Director and Executive Officer, External Director COO Served as the Head of Japan's TMT After joining JCB as a new graduate, Sector at Morgan Stanley and currently he was responsible for formulating serves as Chairman
Slide 44: Infcurion at a Glance (FY2024)
Appendix. Company Overview Infcurion at a Glance (FY2024) Sales Gross Profit EBITDA c. 7.2Bn c. 3.2Bn c. 0.19Bn (YoY +22.9％) (YoY +16.9％) (Turned profitable) Transaction Volume # of companies using the Payment Platform 2 (B2B GTV 1) c. 218.2Bn 70,036 (YoY +55.1％) (YoY +115.5％) Note: *1 The total tra
Slide 45: Business Segments
Appendix. Company Overview Business Segments Infcurion Enables Business Transformation Through Payment Innovations Merchant Platform Payment Platform Business Business Consulting Business An AI-native, cloud-based payment platform that enables financial The key enabler of retail From concept to laun
Slide 46: Competitive Advantage 1: Leading Position Covering the Entire Payment Domain
Appendix. Company Overview Competitive Advantage 1: Leading Position Covering the Entire Payment Domain • Building a low-cost, end-to-end seamless payment platform by covering the entire payment lifecycle. • Maximizing customer value through a superior model compared to the traditional multi-interme
Slide 47: Competitive Advantage 2: Flexible and Lightweight Open Platform
Appendix. Company Overview Competitive Advantage 2: Flexible and Lightweight Open Platform • Our full-cloud & API-native platforms enable rapid deployment of payment infrastructure at low cost • Any business, from enterprise to startups, can now be a FinTech with our modern platform Conventional Sil
Slide 48: Competitive Advantage 3: A Proven Growth Model Built on Consulting & Product Synergy
Appendix. Company Overview Competitive Advantage 3: A Proven Growth Model Built on Consulting & Product Synergy • A sustainable, organic growth model built on deep payment and domain expertise - delivering high-impact solutions and evolving through real- world feedback. Accelerating Land & Expand wi
Slide 49: Appendix Market Environment
Appendix Market Environment ©2026 Infcurion, Inc. 49
Slide 50: Cashless Payment Ratios in Major Country
Appendix. Market Environment Cashless Payment Ratios in Major Country • While the share of cashless payments in Japan is steadily increasing, overall adoption still lags behind other major markets. Cashless Payment Ratios by Major Countries (2022)* 99.0% 83.5% 75.9% 65.6% 64.2% 61.9% 56.4% 51.2% 47.
Slide 51: B2C Cashless Market Trends in Japan
Appendix. Market Environment B2C Cashless Market Trends in Japan • The Cashless Promotion Council, led by the Ministry of Economy, Trade and Industry (METI), has released new indicators to more accurately measure the domestic cashless payment ratio • The government has reaffirmed its commitment to e
Slide 52: Untapped Potential of Corporate Cards in B2B Payments
Appendix. Market Environment Untapped Potential of Corporate Cards in B2B Payments • Despite Japan’s massive B2B transactions, corporate card usage accounts for less than 1% of total volume Corporate Card Usage and Share Domestic B2B Transaction Market (by Value) in B2B Transactions Corporate Card T
Slide 53: Social Challenges in Japan's Cashless Transition
Appendix. Market Environment Social Challenges in Japan's Cashless Transition • Japan’s payment industry is characterized by structural inefficiencies, with individual providers operating proprietary systems and networks • The sector is expected to shift toward industry-wide optimization, leveraging
Slide 54: Industry Structure of Cashless Payments: Credit Card Case Study
Appendix. Market Environment (Reference) Industry Structure of Cashless Payments: Credit Card Case Study • Complex Structure of the Credit Card Industry in Japan Brand Membership Brand Membership Agreement International Card Brands Agreement VISA / MasterCard / AMEX / DINERS / JCB, etc. Brand Fees B
Slide 55: Appendix Med-term Financial Targets and Growth Strategy
Appendix Med-term Financial Targets and Growth Strategy ©2026 Infcurion, Inc. 55
Slide 56: Medium-term management targets
Appendix. Medium-term management targets Sustainable High Growth with 50% B2B GTV Growth and Growth Margin Exceeding 50% Mid-Term Financial Target B2B GTV CAGR 50％ C. CAGR C.25％ Consolidated Growth Target Revenue 30％+ Consolidated Gross Profit CAGR 50％+ Consolidated Gross Profit Margin Profitability
Slide 57: Mid-Term Financial Target by Segment
Appendix. Medium-term management targets Mid-Term Financial Target by Segment （JPY Million） CAGR: 35%+ Achieving High Growth Correlated with GTV Payment Platform 3,659 Strong growth in recurring, GTV-linked 2,575 revenues driven by Xard and Winvoice Business Expansion of the B2B space through st
Slide 58: Evolving Revenue Model Through Growing Value-Based Transactions
Appendix. Medium-term management targets Evolving Revenue Model Through Growing Value-Based Transactions • Leveraging a solid foundation of highly repeatable consulting and stable flow revenue, the accelerated growth of usage-based recurring revenue linked to increasing GTV is expected to drive futu
Slide 59: EBITDA Target: High Operating Leverage Unlocks Accelerated Growth
Appendix. Medium-term management targets EBITDA Target: High Operating Leverage Unlocks Accelerated Growth • We aim to achieve rapid EBITDA growth through a predominantly fixed-cost structure. High GTV and Top-Line Growth Growth Image of Revenue / Expenses / EBITDA Revenue Client Target Broader Valu
Slide 60: A Growth Strategy to Sustain Long-Term Corporate Value
Appendix. Growth Strategy A Growth Strategy to Sustain Long-Term Corporate Value • Driving sustainable GTV growth and profitability through customer expansion and deeper value delivery GTV Growth Acceleration 1 Customer Acquisition 2 Service Offering Expansion Expanding Customer Base Driven by a Sca
Slide 61: Unlocking Modern Payments for Every Business
Appendix. Growth Strategy 1 Unlocking Modern Payments for Every Business • Any business now can be a FinTech with our modern platform. The shift of legacy to modern is our next growth engine. Payments Industry / Financial Sector Financial Institutions （Banks, Card Companies, Transforming Every Regio
Slide 62: Two Engines of Growth: Enterprise and SaaS
Appendix. Growth Strategy 1 Two Engines of Growth: Driving Sustainable Scaling with Enterprise and SaaS Access to a Vast Customer Base Self-Sustaining Client Growth Driven by strong demand for legacy-to-modern migration Client expansion fuels growth across GTV and users Traditional Enterprises High-
Slide 63: Boosting Platform Value by Broadening Capabilities
Appendix. Growth Strategy 2 Boosting Platform Value by Broadening Capabilities • Our evolving card platform boosts customer satisfaction and engagement, strengthening our competitive advantage. • A unified issuing solution enables broader client reach and improved margins. Examples of Feature Expans
Slide 64: Strategic Co-Development of Trunk with SMBC Group
Appendix. Growth Strategy 3 Strategic Co-Development of “Trunk” with SMBC Group • Launched “Trunk”—our first collaboration with the SMBC Group. A comprehensive digital financial service for SMEs, enabling business account opening, business card issuance, and streamlined accounting operations • Furth
Slide 65: Appendix Business Overview
Appendix Business Overview ©2026 Infcurion, Inc. 65
Slide 66: Payment Platform Business
Appendix. Business Overview Payment Platform Business • By connecting and embedding our payment and financial solutions built on the cloud via APIs into the services of financial institutions and businesses, we enable them to incorporate card issuance and cashless payment functions into their servic
Slide 67: Merchant Platform Business
Appendix. Business Overview Merchant Platform Business • Provide a platform to businesses to promote cashless and digital transactions in stores, which is an indispensable element to expand the cashless society • By launching the acquiring system, in addition to payment terminals, payment applicatio
Slide 68: Consulting Business
Appendix. Business Overview Consulting Business • Established a solid position as a firm in the payment and financial domain through 20 years of experience, knowledge, and deep expertise • Demonstrates synergy through aerial product development utilizing a broad perspective gained from consulting, a
Slide 69: Wallet Station Mobile Payment Platform
Appendix. Business Overview Payment “Wallet Station” Mobile Payment Platform • A comprehensive platform providing all essential components for "Brand Pay," from 2D code and loyalty point payments to digital topping-up features B2B Businesses User Features Store Integration Payments Payment Code Paym
Slide 70: Xard Next-Gen Card Issuing Platform
Appendix. Business Overview Payment “Xard” Next-Gen Card Issuing Platform • A cloud-based solution for effortless and low-cost issuance of international brand cards Service Providers Client Companies Key Benefits for Corporates (Example: Accounting SaaS) Zero Reimbursements: Open API Integration U
Slide 71: Winvoice Invoice Payment Platform
Appendix. Business Overview Payment “Winvoice” Invoice Payment Platform • A platform that enables businesses to integrate credit card payment functionality for invoices into their own services quickly and cost-effectively Benefits for Buyers (Payors) Bank Transfers Traditional Invoice Issuance Imp
Slide 72: Notice: excerpt translation of original Japanese document
Notice: This document is an excerpt translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between this translated document and the original Japanese document, the latter shall prevail. ©2026 Infcurion, Inc.