Slide 1: Q2 2026 Earnings Presentation
Q2 2026 Earnings Presentation August 13, 2026
Slide 2: Disclaimer
DISCLAIMER FO RWARD -LO O KING STATEMENTS IMPO RTANT INFO RM ATION REGARD ING SECURITIES This presentation contains forward-looking statements, including estimates, targets, outlooks, Of the securities issued by the Company, only its common shares are listed on a financial instruments strategic plans
Slide 3: Table of Contents
TABLE OF CONTENTS 1 Q2 2026 Financial Results 2 Bitcoin Treasury 3 Market Environment 4 Vision: Bitcoin Native Financial Platform 5 Metaplanet Securities 6 Credit and Capital Structure 7 BitBonds 3
Slide 4: Q2 2026 Financial Results
M METAPLANET Q2 2026 Financial Results
Slide 5: Metaplanet Highlights
METAPLANET HIGHLIGHTS 1H 2025 1H 2026 Bitcoin Holdings 13,350 BTC 43,000 BTC (as of June 30, 2025) (as of June 30, 2026) Capital Raised ¥187.8 B ¥580.2 B+ (Cumulative through June 30, 2025) (Cumulative through June 30, 2026) Number of Shareholders 128.1k 243.7k (as of June 30, 2025) (as of June 30,
Slide 6: Operating Results and Bitcoin Valuation Impact
OPERATING RESULTS AND BITCOIN VALUATION IMPACT (JPY in millions) Profit (loss) including Bitcoin Operating Results valuation gains/losses (1) 1H 2025 1H 2026 YoY 1H 2025 1H 2026 Revenue 2,116 4,944 +133.7% Ordinary Profit (Loss) 10,565 (182,874) Profit (loss) attributable Operating Profit 1,409 3,331 +1
Slide 7: Segment Results Overview
SEGMENT RESULTS OVERVIEW (JPY in millions) 1H 2025 1H 2026 Bitcoin- Bitcoin- Corporate & Corporate & Related Hotel Business Consolidated Related Hotel Business Consolidated Other Other Operations⁽¹⁾ Operations⁽¹⁾ Total Revenue 1,904.0 212.2 — 2,116.2 4,742.8 201.8 — 4,944.6 Total Cost of Revenues 23
Slide 8: 1H 2026 Accounting BTC Valuation Gain/Loss and Impact on BTC NAV
1H 2026 ACCOUNTING BTC VALUATION GAIN/LOSS AND IMPACT ON BTC NAV (For reference) Based on BTC price as of August 12, 2026 (JPY in billions) 1H 2026 B/S uses closing rate BTC Acquisition Cost 99.7 Valuation Loss BTC Price Impact Since FX Adjustment(1) End-June 2026 (184.2) 12.5 24.9 8/12/2026 BTC NAV
Slide 9: Forecast and 1H 2026 Progress
FORECAST AND 1H 2026 PROGRESS (JPY in millions) Revenue Operating Profit FY2025 Year-End Actual 8,905 6,287 FY2026 Year-End Forecast 16,000 11,400 H1 2026 Results (Progress Rate) 4,944 (30.9%) 3,331 (29.2%) YoY +133.7% +136.3% (Note) Due to the volatility of Bitcoin prices, it is difficult to accurate
Slide 10: Bitcoin Treasury
M METAPLANET Bitcoin Treasury
Slide 11: Historical Bitcoin Holdings
HISTORICAL BITCOIN HOLDINGS 43,000 Current Bitcoin Holdings(1) 40,177 43,000 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 (Note) (1) As of June 30, 2026 11
Slide 12: Bitcoin Holdings - Publicly Listed Companies
BITCOIN HOLDINGS - PUBLICLY LISTED COMPANIES 1 Strategy 840,447 2 Twenty One Capital 43,514 3 43,000 4 MARA Holdings, Inc. 35,577 5 Bitcoin Standard 30,021 Treasury Company 6 Bullish 24,300 7 Strive 20,167 8 SpaceX 18,712 The Company ranks third worldwide among publicly listed companies in 9 17,311
Slide 13: BTC Per Share Trend
BTC PER SHARE TREND +6.6% +11.9% +2.8% BTC per 1,000 Effective +33.0% 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 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 13
Slide 14: Q2 2026 BTC Gain & BTC ¥ Gain
Q2 2026 BTC GAIN & BTC ¥ GAIN Beginning 40,177 BTC Holdings 2,823 43,000 × 6.6% BTC Yield ＝ BTC Gain 2,637 BTC Gain 2,637 × 40,177 ¥9,523,104 BTC Price ＝ BTC ¥ Gain (in ¥25,116 millions) 3/31/2026 Q2 2026 6/30/26 BTC Holdings BTC Acquired BTC Holdings (Note) (1) BTC Yield is calculated as the growth
Slide 15: Market Environment: Yields, Real Deposit Rates, & Japan's Corporate Bond Market
Market Environment Yields, Real Deposit Rates, & Japan’s Corporate Bond Market
Slide 16: Inflation Erodes the Value of Cash & Deposits
INFLATION ERODES THE VALUE OF CASH & DEPOSITS Inflation has returned, but C P I（ A L L IT E M S , Y o Y ） ( 2) deposit rates have failed +1.7% to keep pace with rising prices, gradually eroding the purchasing power of P O L I C Y R A TE / 10 - Y E A R JG B Y I E LD ( 3) the ¥1,126(1) trillion in cash
Slide 17: Where Household Financial Assets Are Held
WHERE HOUSEHOLD FINANCIAL ASSETS ARE HELD ¥1,126T Remains Parked in Cash and Deposits — Less Than 1% Currently Flows into Corporate Bonds Cash & deposits ¥1,126T ($7.13T) ¥20T JGBs & FILP bonds ($126.6B) ¥10T <1% Corporate bonds as a share of Corporate bonds ($63.3B) household financial assets (Note)
Slide 18: Corporate Bond Share in Japan's Bond Market
CORPORATE BOND SHARE IN JAPAN’S BOND MARKET 81% 5% 6% 8.5% ■ JGBs & FILP Bonds ~¥1,150.1T (~$7.28T) ■ Local Government Bonds ~¥65.4T (~$414B) ■ Other ~¥88.1T (~$558B) ■ Financial and Nonfinancial Corporations ~¥121.9T (~$772B)（~8.5%） Market Gap Corporate bonds account for only ~8.5% of the domestic b
Slide 19: Reference: Developed-Market High-Yield & Credit Market Size
REFERENCE: DEVELOPED-MARKET HIGH-YIELD & CREDIT MARKET SIZE While markets have developed in the U.S. and Europe, the Japanese market still has substantial growth potential U.S. High-Yield Bonds ~$1.8T U.S. Leveraged Loans ~$1.5T U.S. Private Credit ~$1.4T Euro-Denominated High-Yield Bonds ~$0.5T Jap
Slide 20: Our Market Opportunity
OUR MARKET OPPORTUNITY Capturing Domestic Demand for Yield Attract domestic yield-seeking capital to expand our yen funding base Advancing the Yen-Denominated High-Yield Market Offer new yen-denominated high-yield investment options to retail, corporate, and institutional investors in Japan 20
Slide 21: Vision: Bitcoin Native Financial Platform
Vision: Bitcoin Native Financial Platform
Slide 22: Two National Currents, One Platform
TWO NATIONAL CURRENTS, ONE PLATFORM Integrating Digital Assets Into Finance REGULATION TAX · INDIVIDUAL TAX · CORPORATE SETTLEMENT Amended FIEA enacted; 20% separate taxation on Qualifying crypto assets Regulation-compliant yen crypto regulation is designated crypto assets exempt from year-end stabl
Slide 23: Vision Overview
VISION OVERVIEW Metaplanet is moving beyond being just a Bitcoin treasury company and into its next phase PHASE I PHASE II BUILD ING NO W Bitcoin Treasury Operations Bitcoin Native Financial Platform Multiple touch points with users and BALANCE SHEET & INCOME GENERATION GATEWAY investors through med
Slide 24: The Vertically Integrated Platform
THE VERTICALLY INTEGRATED PLATFORM Bitcoin.jp / Ventures ● LIVE · BUILDING GATEWAY Media & distribution BTC venture ecosystem: custody, payments, lending & more Metaplanet Securities ● LIVE MARKETPLACE Private-placement fixed income – own & third-party issuances, including high yield, with secondary
Slide 25: Metaplanet Securities
METAPLANET SECURITIES”
Slide 26: What Is Metaplanet Securities?
WHAT IS METAPLANET SECURITIES? A Fully Online Corporate Bond Platform Connecting Corporate Funding Needs with Investor Demand Issue Type I FIBO Sell Companies seeking to Yield-seeking investors issue corporate bonds ① Issuance review & proposed terms Listed or unlisted, issuers of ② Private-placemen
Slide 27: Corporate Bond Platform: Track Record
CORPORATE BOND PLATFORM: TRACK RECORD 2019 2021 2026 Siiibo Founded Type I FIBO Registration Joined the Metaplanet Group “Siiibo” Platform Launched Renamed Metaplanet Securities ISSUERS SUPPORTED BOND ISSUES SUPPORTED 40+ 100+ Private-placement bond issuers From structuring to redemption (Note) Meta
Slide 28: New Achievement & Next Phase
NEW ACHIEVEMENT & NEXT PHASE NEW ACHIEVEMENT NEXT PHASE | PHASE 2 Began issuing yen-denominated Tokenization bonds (BitBonds) Joint study on BTC-underpinned credit products, SC Issuer: Metaplanet Inc. settlement and distributions, and security-token rights Private Placement Agent: Metaplanet Securit
Slide 29: Building a Corporate Bond Market in Three Stages
BUILDING A CORPORATE BOND MARKET IN THREE STAGES PHASE 1 PHASE 2 PHASE 3 IN PROGRESS UNDER CONSIDERATION DEVELOPMENT TARGET Issue Use of SCs and STs A Tradable Market New Corporate Bond Faster, More Frequent Enable Secondary Trading Investment Opportunities Interest Payments Issue corporate bonds Ex
Slide 30: Credit and Capital Structure
Credit and Capital Structure
Slide 31: Balance Sheet & Financial Soundness
BALANCE SHEET & FINANCIAL SOUNDNESS Equity Ratio Other Assets⁽¹⁾ Debt ¥8.7B ¥77.3B Warrants ¥0.6B 81.4% MERCURY Preferred Stock (Notional Amount) ¥23.6B Coverage(2) BTC NAV Common Equity (Reference) 4.1x ¥409.5B ¥316.7B Net Assets Total Debt + Preferred ¥100.9B Total Assets Debt & Net Assets (Note)
Slide 32: Capital Structure Seniority & Asset Coverage
CAPITAL STRUCTURE SENIORITY & ASSET COVERAGE Notional Amount Cumulative Coverage(1) Senior Credit Facility ¥67.5B ¥67.5B 6.1x Unsecured Senior Notes ¥8.0B ¥75.5B 5.4x Other Liabilities(2) ¥1.8B ¥77.3B — MARS Preferred Stock — — — MERCURY Preferred Stock ¥23.6B ¥100.9B 4.1x Junior Common Equity — — —
Slide 33: Asset Coverage: Peer Comparison
ASSET COVERAGE: PEER COMPARISON Unsecured Senior Notes 5.4x MERCURY Preferred Stock 4.1x Strategy STRF 12.9x Strategy STRC 3.7x Strategy STRD 3.0x Metaplanet Strategy (Note) Coverage is a reference metric calculated by dividing BTC NAV as of June 30, 2026 by the aggregate notional amounts and simila
Slide 34: Resilience to Bitcoin Price Declines
RESILIENCE TO BITCOIN PRICE DECLINES 1.0x = Level at which BTC NAV equals total liabilities + notional preferred stock outstanding 4.1x 2.8x 2.0x 1.0x June 30, 2026 BTC −30% BTC −50% BTC −75% ¥9.52M ¥6.67M ¥4.76M ¥2.35M ($60.3K) ($42.2K) ($30.1K) ($14.9K) (Note) USD amounts presented in this documen
Slide 35: BitBonds
BitBonds Establishment of a New Corporate Bond Issuance Program — Full-Scale Entry into Japan’s Bond Market
Slide 36: Building a Recurring Bond Issuance Program
BUILDING A RECURRING BOND ISSUANCE PROGRAM Balance sheet value grows JPY Denominated Senior Bond Issuance A New Funding Pillar as BTC appreciates Alongside Common Equity BitBonds PAYMENT CAPACITY FUNDING Toward a Permanent Balance Sheet Funding Base BTC Holdings Issuer: Metaplanet Inc. Operating Cas
Slide 37: BitBonds Overview
BITBONDS OVERVIEW Designed as a yen-denominated fixed-rate bond Currency Interest Priority of claims ¥ % ↑ Yen-denominated Fixed-rate Senior to equity Funding, interest payments and Coupon set at issuance and fixed Specific rights and priority vary by redemption are all in JPY through maturity series I
Slide 38: Coupon Distribution of JPY Retail Corporate Bonds
COUPON DISTRIBUTION OF JPY RETAIL CORPORATE BONDS NEWLY ISSUED IN THE LAST 3 MONTHS Coupon 6% BitBonds 4% Simple 2% Average: 2.24% 0% 0 1 2 3 4 5 Domestic publicly offered retail corporate bonds: full universe (May–July 2026; original maturity of 5 years or less) Original maturity (years) (Note) The
Slide 39: Expanding Investment Options
EXPANDING INVESTMENT OPTIONS AMPLIFIED YIELD METAPLANET COMMON BitBonds STOCK Equity exposure to our Bitcoin strategy JPY fixed-rate senior debt based on the Company’s creditworthiness (The Company’s common stock directly reflects changes in the value of the Bitcoin held by the Company) (Fixed interes
Slide 40: Secure the Future with Bitcoin
SECURE THE FUTURE WITH BITCOIN metaplanet.jp @Metaplanet