PayPay Corporation · NASDAQ:PAYP
PayPay — FY2025 Q4 Earnings Presentation
28 slides from PayPay's earnings presentation, May 2026
Slide 1: Earnings Presentation Q4 2025
Earnings Q4 Presentation 2025
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer Cautionary Note Regarding Forward-Looking Statements and Financial Guidance This presentation contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve
Slide 3: Disclaimer: Non-IFRS Financial Measures and Key Metrics
Disclaimer Non-IFRS Financial Measures and Key Metrics This presentation includes financial information prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS”). This presentation also includes non-IFRS financial information, which shou
Slide 4: CEO Message
CEO Message
Slide 5: Growth and Profitability: Rule of X
Rule of X = 56 (27+29) Growth Profitability +27% 29% Revenue / Growth Adj. EBITDA Margin1 (JPY bn) (YoY) 381 + 17% 299 20% 27% 255 + 201 8% -2% FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 1. Adjusted EBITDA Margin is a non-IFRS measure. See the appendix for reconciliations of non-IFRS financial measures
Slide 6: Earnings Overview
Earnings Overview Revenue Less Transaction Cost1 Total Revenue Adjusted EBITDA3 (RLTC) (JPY bn) (JPY bn) (JPY bn) 76% 78% 20% 29% Full Year Full Year 380.7 Full Year Margin2 Margin3 Growth +27% Full Year Growth +30% 296.4 Full Year Growth +89% 111.1 299.1 102.2 Q4 227.2 78.9 Q4 28.6 Q4 78.6 Q3 59.2
Slide 7: Growth of Our Two Business Pillars
Growth of Our Two Business Pillars Revenue Mix1 Revenue Growth (YoY) Payment Segment Fin. Service + 28% Loan interest income, Financial Service Segment Securities investment gains, Payment (Interest)2 Remittance fees, etc. + Transaction fees, etc. 41% Fin. Service + Payment (Interest)2 Transaction f
Slide 8: Our First Step of Redefining Finance
Our First Step of Redefining Finance PayPay Merchant- Exclusive Loan 40k+ cumulative uses o/w 0.03% defaulted (Since Apr. 2026) PayPay Funding (Since Mar. 2024) Data-Driven Lending Data Accumulation in 1 Min, 2 Taps1 1. Invited merchants can review the offered terms in PayPay for Business and comple
Slide 9: Japan's #1 Financial Platform - Powered by Data
Japan’s #1 Financial Platform - Powered by Data Identity-Verified Users1,2 App Ranking by MAU4 Share of Cashless Transactions5 41M 20% YouTube Credit Cards (33% of 26 issuers 8 Japan’s pop.3) Largest Bank A Google 43.5bn (Google/Google Maps/Google Chrome/Gmail) Other LINE Bank B QRs Cashless Transac
Slide 10: Financial Highlights
Financial Highlights
Slide 11: FY2025 Full Year / Q4: Earnings Highlights
FY2025 Full Year / Q4: Earnings Highlights Topline Growth: Revenue up +27% FY / +30% Q4 (YoY) Consolidated Profitability Surge: Adj. EBITDA1 +89% FY / +104% Q4 (YoY). Margin2 expanded to 29% (FY) / 28% (Q4) driven by significant operating leverage Take Rate Expansion: Reached 1.65% (+0.05%pt Q
Slide 12: Selected Topics in FY2025 Q4
Selected Topics in FY2025 Q4 (mn) 【Key Upcoming Measure】 Safer Platform: Registered 73 eKYC-ed users 68 Revision of 1 Users Point Reward Terms 40M+ eKYC Users 41 exceeded 40M 35 eKYC-ed Users To be limited to eKYC-ed users 24Q4 25Q4 (from June 2026) Top Class CY2025 Net Adds +2.9 2 Credit Card Net A
Slide 13: Total Revenue
Consolidated Payment Financial Service Total Revenue Total Transaction Cost Rate 24.7% 22.8% YoY+30% 102.2 78.6 21.2 (JPY bn) Financial Service 14.6 82.2 Payment 64.7 Elimination Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2024 FY2025 12
Slide 14: Operating KPI: Payment Segment GMV & Take Rate
Consolidated Payment Financial Service Operating KPI | Payment Segment GMV & Take Rate 2.23% 2.29% Gross T/R 1.60% 1.65% Net T/R (JPY tn) YoY+23% 5.0 4.1 1.0 PayPay Card 0.8 PayPay 1.2 Credit 0.9 QR PayPay 2.8 2.3 Balance Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2024 FY2025 13
Slide 15: Operating KPIs: PayPay MTU
Consolidated Payment Financial Service Operating KPIs | PayPay MTU PayPay MTU (Last month of each relevant period) Payment Segment Monthly GMV per MTU 56% 21 54% 20 (mn) (Quarterly average) 22.0 21.8 21.6 21.4 Payment Segment 21.2 21.0 20.8 20.6 Monthly 20.4 20.2 20.0 Transaction 19.8 41 19.6 YoY+11
Slide 16: Operating KPIs: PayPay Card
Consolidated Payment Financial Service Operating KPIs | PayPay Card # of Active Cards Issued Credit Card Financing Balance (mn) Mar 2025 (JPY bn) 535 Started proprietary credit model; YoY+23% 600,000.0 improved approval rate Aug 2024 Launched YoY+22% 16.9 Cash Advance 434 “Multiple PayPay Cards” Ins
Slide 17: Operating KPIs: PayPay Card Credit Quality
Consolidated Payment Financial Service Operating KPIs | PayPay Card – Credit Quality Net Charge-offs Rate Delinquency Rate & Provision Rate Stage 3 Stage 1 4% 95% (Non-performing: 3+ months past due1) (Not overdue) 0.58% Provision rate: 57% Provision rate: 1% March 2026 Credit Card JPY1.3T Receivabl
Slide 18: Operating KPIs: Financial Service Segment
Consolidated Payment Financial Service Operating KPIs | Financial Service Segment # of Bank Deposit Accounts # of Securities Accounts (Accounts/ mn) YoY+12% 10.0 (Accounts/ mn) 1.73 YoY+26% 9.0 1.37 End of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 End of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2024 FY2025 FY2024 FY2025 17
Slide 19: Operating KPIs: PayPay Bank
Consolidated Payment Financial Service Operating KPIs | PayPay Bank Deposits Loans NPL: 0.2% 2.3 (JPY tn) (JPY tn) YoY+23% 1.24 YoY+34% 1.8 0.06 Business 0.93 0.27 Consumer 0.04 0.23 0.91 Mortgage 0.66 End of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 End of Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2024 FY2025 FY2024 FY2025 18
Slide 20: Balance Sheet (Simplified)
Consolidated Payment Financial Service Balance Sheet Balance Sheet (Simplified) FY2024 Q4 FY2025 Q4 (JPY tn) 7.6% Cash / G’tee deposits 0.4 Equity 2.5% Ratio Cash / Securities 1.7 G’tee deposits 0.6 Deposits 3.0 Securities 1.1 Deposits 2.4 21.5% 14.9% Q4 Adj. ROE (Annualized) Loans, 0.6 advances to
Slide 21: Adjusted EBITDA
Consolidated Payment Financial Service Adjusted EBITDA1 (Margin1) 28.0% 28.6 17.8% YoY+104% (JPY bn) 14.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY2024 FY2025 20 1. Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS measures. See the appendix for reconciliations of non-IFRS financial measures to their nearest
Slide 22: FY2026 Guidance
Consolidated Payment Financial Service FY2026 Guidance (JPY bn) FY2026 Q1 FY2026 Full Year Total Revenue 103 – 105 454 – 462 Adjusted EBITDA1 30.5 – 32.5 134.5 – 140.5 1. Adjusted EBITDA Margin is a non-IFRS measure. See the appendix for reconciliations of non-IFRS financial measures to their neares
Slide 23: Appendix
Appendix _
Slide 24: Adjusted EBITDA & Adjusted EBITDA Margin
Non-IFRS Financial Measures and Reconciliations Adjusted EBITDA & Adjusted EBITDA Margin (JPY mn) FY2024 FY2025 FY2024 Q4 FY2025 Q4 (Full Year) (Full Year) (3 Months) (3 Months) Profit for the Year (Period) 39,157 117,810 10,200 14,473 Income Tax Expense (Benefit) (4,196) (37,865) (3,040) 4,363 Shar
Slide 25: Glossary
Glossary The total of PayPay Balance GMV, PayPay Credit GMV and PayPay Card GMV, excluding the GMV of Payment Segment GMV cancelled transactions PayPay App GMV (or QR GMV) The total of PayPay Balance GMV and PayPay Credit GMV, excluding the GMV of cancelled transactions GMV of payments made using Pa
Slide 26: Glossary
Glossary Calculated by dividing the number of MTU during the last month of each relevant period by the total Active Rate number of registered users at the end of each relevant period Calculated by dividing the total Quarterly GMV for PayPay Balance, PayPay Credit, and PayPay Card by Payment Segment
Slide 27: Glossary
Glossary The total number of PayPay Bank regular savings accounts as of the end of the month, for both Number of PayPay Bank Deposit Accounts individual and corporate accounts, excluding closed accounts and fixed deposit accounts The cumulative total number of PayPay Securities comprehensive securit
Slide 28: PayPay
p>) PayPay