Gmo Payment Gateway, Inc. · TSE:3769

Gmo Payment Gateway — Q2 FY2026 Earnings Presentation

57 slides from Gmo Payment Gateway's earnings presentation, May 15, 2026

  1. Slide 1: Financial Results Briefing for Q2 FY2026

    Financial Results Briefing for Q2 FY2026 OP exceeded plans by 4%; making steady progress towards ¥100.0 bn by FY2030 or FY2031 May 15, 2026 85th 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 May 15, 2026. Note that the contents are subject to change without prio

  3. Slide 3: Agenda

    Agenda 1. Earnings Summary 2. Growth Strategy 3. Sustainability and Financial Strategy 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 Q2 OP grew 26.9% YoY and exceeded the 1H plan by 4.0% 1H FY2026 Q2 FY2026 1H FY2025 1H FY2026 （¥ mil） % YoY Guidance Actual Actual Actual (achievement %) (% YoY) 44,131 23,592 Revenue 40,757 46,084 +13.1% (104.4%) (+15.3%) 29,650 15,335 Gross profit 27,540 30,500

  6. Slide 6: 1.2 TRX Value/Volume and Revenue Excluding Impact of Specific Merchant

    1.2 TRX Value/Volume and Revenue Excluding Impact of Specific Merchant (Q2) Adjusted online GMV grew at approx. double the market driven by large-scale merchants Consol. online TRX value and volume, spread and fee revenues excluding special factors (impact of specific merchant) (¥ trn) (million TRX)

  7. Slide 7: 1.3 Waterfall Chart of Consol. Revenue (1H)

    1.3 Waterfall Chart of Consol. Revenue (1H) Revenue growth rate exceeded plans by 4.8%pts thanks to FG’s recurring-model revenue and strong overseas Consol. GMO-PG*2 GMO-PS*2 Overseas*2 Consol. （% YoY） GMO-FG*1 GMO-EP*2*3 GMO-RP*2*3 （¥ bn） +16.2% +9.6% +6.4% +11.9% +70.3% +32.6% +13.1% ¥46.0 bn 460

  8. Slide 8: 1.4 Drivers of OP Growth (Q2)

    1.4 Drivers of OP Growth (Q2) Payment domain OP increased 4-fold over 6 years thanks to the feedback effect from value-added domain OP of each consolidated subsidiary (Q2)* 1. Improved profitability of payments (¥ mil) Q2 FY2026 Payment domain GMO-PG non-consolidated Consol. OP ・Stock-type business

  9. Slide 9: 2. Growth Strategy

    2. Growth Strategy Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 9

  10. Slide 10: 3.1 Drivers to Achieve OP ¥100.0 bn in FY2030 or FY2031

    3.1 Drivers to Achieve OP ¥100.0 bn in FY2030 or FY2031 Initiatives progressing for each drivers/factors towards OP ¥100.0 bn Payment Domain* Value-Add domain* FY2030 or FY2031 FY2025 Market Share Profitability OP target OP expansion expansion improvement ¥100.0 bn ＝ 30.0bn× 1.6 × 1.6 × 1.1 ＋ 15.0bn

  11. Slide 11: 2.2.1 Market Expansion

    2.2.1 Market Expansion (excerpt from FY2025 financial results briefing material) EC & Cashless Market forecast to expand by1.6x Market sizes of EC & cashless payment markets*1 2020 2025 2030-31 METI announced the METI announced the cashless cashless payment amount payment amount on Mar. 2026 ¥86 trn

  12. Slide 12: 2.2.2 Market Expansion

    2.2.2 Market Expansion Contribute to market expansion by driving cashless migration in infrastructure domain Cashless (incl. EC) market and penetration rate (announced March 2026)*1 Market trends and our initiatives （¥ trn） Cashless payment ratio (incl. EC) 2025 QR code payment amount up 23.9% YoY C

  13. Slide 13: 2.3.1 Share Expansion

    2.3.1 Share Expansion (excerpt from FY2025 financial results briefing material) Online GMV*1 grew twice as fast as the market; CP exceeded market growth by 9%pts. GMO-PG consolidated transaction value share of EC & cashless payment market*2 FY2020 FY2025 FY2030 to FY2031 GMO-PG consol. TRX value sha

  14. Slide 14: 2.3.2 Share Expansion: Large-scale Projects

    2.3.2 Share Expansion: Large-scale Projects by GMO-PG Consolidated Progress in acquiring new large projects for online and CP Online payment (GMO-PG/GMO-PS) and CP payment (GMO-FG) large-scale projects: Projects with firm indication Size NEW (Customer‘s Large commercial Airline B NEW Large commercia

  15. Slide 15: 2.3.3 Share Expansion: Life-Supporting Infrastructure Facility

    2.3.3 Share Expansion: Life-Supporting Infrastructure Facility Using cashless to support infrastructure surround train station GMV share of cashless payment market (incl. EC)*1*2 Product offering to commercial facilities and expansion in adoption （¥ trn） Product Domestic SC annual Cashless payment m

  16. Slide 16: 2.3.4 Share Expansion: Fraud Detection Using AI

    2.3.4 Share Expansion: Fraud Detection Using AI Improve authorization rate*1 using accumulated date, thereby improving merchant’s revenue which expands GMO-PG’s GMV Case examples of authorization rate improvements using fraud detection service Forter *2 Travel Agent Co. X Utility Co. Y Retailer Co.

  17. Slide 17: 2.4 Profitability Improvement

    2.4 Profitability Improvement SG&A ratio* declines by 4.2%pts in a single year by scale leverage and AI usage Consol. SG&A to revenue ratio (quarterly trend) (¥ mil) AI use initiatives Revenue 24,000 SG&A expense ・Productivity improvement of engineers while securing quality 50.0% SG&A ratio ・Enable

  18. Slide 18: 2.5 Value-Added Domains

    2.5 Value-Added Domains Progress on track to achieve OP ¥15.0 bn by FY2030 or FY2031 Feedback to payment domain/strengthen MOAT OP of value-added domain: actual and target (¥ mil) New FY2030 or FY2031 businesses OP target Investments Investments 150 Value-added domain ¥15.0 bn 30% growth trajectory

  19. Slide 19: 2.6 GMO-PG Non-consolidated: Online Payment

    2.6 GMO-PG Non-consolidated: Online Payment Building up pipeline to for FY2027/FY2028 to achieve mid-term target Pipeline progress for FY2027/FY2028 (projects beyond proposal submission) Issues and Responses (¥ mil) FY2030 or FY2031 Issue ・SME domain growth rates underperform GMO-PG non-consol. reve

  20. Slide 20: 2.7 GMO-EP: Online Payment

    2.7 GMO-EP：Online Payment Revenue grew 13.7% driven by expansion of fincode byGMO GMO-EP revenue (quarterly trend) Progress during 1H (¥ mil) EP payment +13.7% ・Boosting stock revenue from initiatives on rate revision YoY fincode byGMO 1,500 EP ・Strengthen sales of credit card payment of invoices pa

  21. Slide 21: 2.8 GMO-PS: Payment After Delivery

    2.8 GMO-PS：Payment After Delivery OP increased 64.7% from decrease in credit costs; building pipeline to return to growth GMO-PS revenue and OP (Q2) GMO-PS OP margin trend (quarterly) (¥ mil) Revenue from new domains % YoY 25% OP margin OP margin quarterly average Revenue from existing domains OP av

  22. Slide 22: 2.9 Consolidated GMO-FG: CP Payment

    2.9 Consolidated GMO-FG：CP Payment Stacking up projects of commercial facilities and restaurant to achieve net increase of 60～70K IDs annually Consol. GMO-FG revenue by business model*1 (1H) Project pipeline and increasing IDs Continually adding （10,000 IDs） (¥ mil) Stock projects to reach Fee ■ Acq

  23. Slide 23: 2.10.1 Global: Earnings Summary for MSB and Payment Business

    2.10.1 Global: Earnings Summary for MSB and Payment Business Revenue increased 56.5% from building up prime credit portfolio Revenue & OP (Q2) Loan balance (Mar-year end) New loans executed (Q2 FY2026) (¥ mil) (¥ mil) 1,000 % YoY % YoY * +56.5% +67.8% ・Partnered with long-established US MSB financia

  24. Slide 24: 2.10.2 Global: Structural Approach of MSB

    2.10.2 Global: Structural Approach of MSB (Overseas Lending) Loss ratio controlled to 0.5% through multiple layers of risk mitigation Credit management of overseas lending • Structuring by team of financial experts • Optimize to each region’s legal systems/business practices and Features of security

  25. Slide 25: 2.10.3 Global: Strategic Purpose

    2.10.3 Global：Strategic Purpose A “Circular FinTech R&D” that strengthens the domestic business and generates revenue Feedback FinTech Mid- to long-term： expertise Enter overseas TAMs Japan’s No.1 Strengthen Moat PSP Foster FinTech players Mid- to long-term： Business expertise and Formation of FinTe

  26. Slide 26: 3. Sustainability and Financial Strategy

    3. Sustainability and Financial Strategy Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 26

  27. Slide 27: 3.1 Sustainability

    3.1 Sustainability Convert environmental value to low-cost funds to feedback into mainline business to drive growth The sustainability feedback loop Selected to the highest-ranked A List for the first time in the CDP Improve Climate Change Report 2025 environmental value Only 877 or around 4% of cor

  28. Slide 28: 3.2 Financial Strategy

    3.2 Financial Strategy Financial strategy that supports the PSP/FinTech business Financial strategy based on balancing 3 aspects Interest bearing debt (incl. corporate bonds) (¥ mil) Straight Sustainability Capital Depth: risk-taking capacity bond loan 80,000 74,012 ・Balance retained earnings and sh

  29. Slide 29: 3.3 Major Consolidated Financial Indicators

    3.3 Major Consolidated Financial Indicators*1 Managing businesses while balancing profitability, capital efficiency and capital base 2015 2018 2021 2025 2026 Third party allotment Issued Euro Yen CB Euro Yen CB Issued First Ever Sustainable Loan Raised ¥8.0bn Raised ¥17.5 bn Raised ¥21.1 bn Straight

  30. Slide 30: 3.4 Consolidated Balance Sheet

    3.4 Consolidated Balance Sheet Funded the increase in MSB-related assets using sustainability loan Assets Liabilities and Equity (¥ mil) (¥ mil) ※・Liquidity necessary for payment processing business 451,535 451,535 ・Standby funds for investment/lending ・Funds for CB redemption 406,800 406,800 400,00

  31. Slide 31: 3.5 FinTech Related Asset (Quarterly)

    3.5 FinTech Related Asset (Quarterly) FinTech related asset （¥ mil） 80,000 % YoY 70,000 Early 60,000 Payment +32.9% 50,000 40,000 Overseas lending 30,000 +67.8% 20,000 GMO Payment 10,000 After Delivery +6.5% 0 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

  32. Slide 32: 3.6 Capital Efficiency

    3.6 Capital Efficiency (excerpt from FY2025 financial results briefing material) ROIC improved by 1.4%pts, ROE by 1.0%pts from improved capital efficiency across businesses and on a consolidated basis Annual trend of ROE*1／ROIC*2／WACC 33.8% Jul. 2025 Euro Yen CB 35.0% ROE *1 Straight bond Due June 2

  33. Slide 33: 4. Financial Highlights and Reference Materials

    4. Financial Highlights and Reference Materials Copyright (C) 1995 GMO Payment Gateway, Inc. All Rights Reserved. 33

  34. Slide 34: 4.1 Waterfall Chart of Consol. Revenue (Q2)

    4.1 Waterfall Chart of Consol. Revenue (Q2) Revenue exceeded plans by 6.6%pts driven by GMO-FG’s recurring-model revenue and strong overseas Consol. GMO-PG*2 GMO-PS*2 Overseas*2 Consol. （% YoY） GMO-FG*1 GMO-EP*2*3 GMO-RP*2*3 （¥ bn） +24.9% +10.0% +7.3% +13.7% +76.2% +34.9% +15.3% 240 ¥23.5 bn Others

  35. Slide 35: 4.2.1 Waterfall Chart for Consol. OP and Pre-tax Profit (Semi-annual)

    4.2.1 Waterfall Chart for Consol. OP and Pre-tax Profit (Semi-annual) OP increased 22.7% from absence of one-time expense last year and higher personnel costs, etc. OP waterfall chart* Pre-tax profit waterfall chart* （¥ mil） （¥ mil） % YoY +22.7% % YoY +19.8% OP growth is 23.0% YoY excluding impact o

  36. Slide 36: 4.2.2 Waterfall Chart for Consol. OP and Pre-tax Profit (Q2)

    4.2.2 Waterfall Chart for Consol. OP and Pre-tax Profit (Q2) OP increased 26.9% from absence of one-time expense in Q2 FY2025 and higher personnel costs, etc. OP waterfall chart* Pre-tax profit waterfall chart* （¥ mil） （¥ mil） % YoY +26.9% % YoY +23.1% OP growth is 20.0% YoY adjusting for one-time e

  37. Slide 37: 4.3.1 Consolidated CoS and SG&A Ratio (Quarterly)

    4.3.1 Consolidated CoS and SG&A Ratio (Quarterly) CoS ratio fluctuates depending on revenue mix (¥ mil) 23,592 24,000 22,491 22,000 21,496 50.0% 20,295 20,462 20,245 19,588 20,000 18,313 18,096 40.9% 17,785 18,000 38.5% 16,546 40.0% 15,641 16,118 37.0% 36.6% 36.0% 16,000 34.7% 33.6% 14,813 35.1% 37.

  38. Slide 38: 4.3.2 CoS/SGA Ratio of GMO-PG & GMO-EP (Quarterly)

    4.3.2 CoS/SGA Ratio of GMO-PG & GMO-EP (Quarterly) CoS ratio trending stably for online payment business (¥ mil) 16,000 50.0% 13,837 14,000 13,302 13,079 12,533 12,539 12,161 12,000 11,449 40.0% 40.7% 36.6% 10,511 10,681 35.6% 10,158 34.2% 10,000 9,564 9,083 9,219 9,177 34.1% 29.4% 29.9% 8,498 7,977

  39. Slide 39: 4.4 Consolidated Revenue and Operating Profit (Quarterly)

    4.4 Consolidated Revenue and Operating Profit (Quarterly) Consolidated revenue Consolidated operating profit （¥ mil） （¥ mil） 30,000 12,000 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 FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026 * Figures fo

  40. Slide 40: 4.5 Consolidated EBITDA and EBITDA Margin (Quarterly)

    4.5 Consolidated EBITDA* and EBITDA Margin (Quarterly) （¥ mil） FY2024 FY2025 12,000 100.0% ¥28,534 mil ¥35,261 mil 11,288 90.0% 10,000 9,581 80.0% 9,142 9,016 8,946 8,157 70.0% 8,000 7,633 7,720 60.0% 6,594 6,588 6,289 47.8% 6,000 50.0% 45.2% 44.1% 42.7% 42.6% 41.7% 41.6% 4,932 40.2% 38.0% 37.1% 40.

  41. Slide 41: 4.6.1 Consolidated Cash Flow Statement

    4.6.1 Consolidated Cash Flow Statement 1H FY2026 (¥mil) Operating CF ： +18,957 （¥ mil） Pretax profit +18,867 50,000 Deprec. & Amort. +2,077 Inventory －1,221 Trade/other receivables －7,043 40,000 Advances paid －13,845 Accrued revenue －2,832 Trade/other payables +1,298 Accrued expenses +2,182 30,000 D

  42. Slide 42: 4.6.2 Major Factors Affecting Consolidated Cash Flow Statement

    4.6.2 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

  43. Slide 43: 4.7.1 Revenue by Business Model

    4.7.1 Revenue by Business Model Fee revenue grew 18.8% excluding impact of a specific merchant % YoY Factors* (¥ mil) 46,084 1H FY2025 1H FY2026 40,757 +21.4% +16.2% ＋ Overseas lending 40,000 Spread ＋ CP payment 19,587 － Payment after Delivery － Online payment 16,852 30,000 ＋ Remittance service +16.

  44. Slide 44: 4.7.2 Consolidated Revenue by Business Model (Quarterly)

    4.7.2 Consolidated Revenue by Business Model (Quarterly) (¥ mil) 10,000 9,771 9,815 9,029 9,000 8,464 8,387 8,459 8,000 7,424 7,222 6,988 6,889 7,000 6,461 6,503 6,555 6,265 6,324 6,171 6,088 6,057 6,025 5,990 6,000 5,702 5,297 5,415 5,267 5,292 5,093 5,000 4,773 4,430 4,257 4,311 3,945 4,000 3,840

  45. Slide 45: 4.8.1 Consolidated Segment Performance (Semi-annual)

    4.8.1 Consolidated Segment Performance (Semi-annual) Money Service Business segment revenue grew 16.8% due to contribution from overseas lending Segment revenue* Segment profit/loss* % YoY % YoY (¥ mil) 1H FY2025 1H FY2026 (¥ mil) 1H FY2025 1H FY2026 +12.9% +13.1% +21.0% +22.7% +26.2% +5.7% 20,000 +

  46. Slide 46: 4.8.2 Consolidated Segment Performance (Q2)

    4.8.2 Consolidated Segment Performance (Q2) Money Service Business segment revenue grew 16.8% due to contribution from overseas lending Segment revenue* Segment profit/loss* % YoY (¥ mil) % YoY (¥ mil) Q2 FY2025 Q2 FY2026 Q2 FY2025 Q2 FY2026 +11.7% +15.3% +18.1% +26.9% +18.6% +9.3% 10,000 +25.6% －5.

  47. Slide 47: 4.9 FinTech Revenue and Profits (Quarterly)

    4.9 FinTech Revenue and Profits (Quarterly) FinTech revenues and profit （¥ mil） % YoY 5,000 +6.5% ＋65.0% 4,000 ＋12.1% 3,000 ＋7.0% 2,000 ＋38.8% 1,000 0 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 25/4Q 26/1Q 26/2Q GMO Payment After Delivery*1 Remittance service Overs

  48. Slide 48: 4.10.1 GMO-PG Non-Consol. Performance (Quarterly)

    4.10.1 GMO-PG Non-Consol. Performance (Quarterly) Revenue grew 10.0% from the impact of cycling through of the contribution from a large merchant and the specific merchant impact GMO-PG non-consolidated revenue & OP (quarterly)*1 % YoY （¥ mil） Merchandise EC revenue Q1 FY2026 Q2 FY2026 Non-merchandi

  49. Slide 49: 4.10.2 Performance of GMO-EP, GMO-PS and GMO-FG (Quarterly)

    4.10.2 Performance of GMO-EP, GMO-PS and GMO-FG (Quarterly) EP was in line, PS’ existing merchants decelerated, FG exceeded plans GMO-EP (quarterly) *1*2 GMO-PS (quarterly)*2 Consol. GMO-FG (quarterly)*3 (% YoY） 2026/1Q 2026/2Q (% YoY） 2026/1Q 2026/2Q (% YoY） 2026/1Q 2026/2Q Revenue +10.2% +13.7% Re

  50. Slide 50: 4.11 BaaS Support and CP Payment Revenues

    4.11 BaaS Support and CP Payment Revenues Ginko Pay base system & processing PF revenue (Q2)*1 Consol. GMO-FG revenue by business model (Q2)*2 （¥ mil） ■ Ginko Pay base system % YoY % YoY 3,000 % YoY 3,500 ■ Acquiring support (processing PF) ■ Issuing PF (processing PF) Total Initial Recurring-model*

  51. Slide 51: 4.12.1 Operating Stores, TRX Volume and Value

    4.12.1 Operating Stores, TRX Volume and Value Consol. TRX value reaches approx. ¥23.2 trn for the past 12 months Operating TRX Volume*2*3 TRX Value*2 Stores*1*2/IDs*2 End-Q2 FY2026 Q2 FY2026 Past 12 months Q2 FY2026 Past 12 months - 2.10 bn 8.69 bn ¥5.8 trn ¥23.2 trn Consol. % YoY - －1.1% +7.0% +7.4

  52. Slide 52: 4.12.2 Waterfall Chart of Consol. TRX Value (1H FY2026)

    4.12.2 Waterfall Chart of Consol. TRX Value (1H FY2026) Consol. TRX value grew 15.3% excluding impact from specific merchant CP Online payment GMO-PG －1.8% Consol. +6.7% payment Market stats*1 +7.1% （% YoY） （¥ trn） Non-merchandiseEC Merchandise EC GMO-PG +21.0% －9.0% x.x +15.4% Market stats*1 - +8.0

  53. Slide 53: 4.12.3 Waterfall Chart of Consol. TRX Value (Q2)

    4.12.3 Waterfall Chart of Consol. TRX Value (Q2) Consol. TRX value grew 16.2% excluding impact from specific merchant CP Online payment GMO-PG +0.5% Consol. +7.4% payment Market stats*1 +7.2% （% YoY） （¥ trn） Non-merchandise EC Merchandise EC GMO-PG +18.8% －6.4% x.x +17.2% Market stats*1 - +8.9% +5.8

  54. Slide 54: 4.12.4 Distribution of Major Sectors

    4.12.4 Distribution of Major Sectors 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 Q2 FY2026) proportion The size of the circle represents the TRX value 25% 20%

  55. Slide 55: 4.13.1 Profitability Improvement

    4.13.1 Profitability Improvement (excerpt from FY2025 financial results briefing material) Aim for 5%pt. OP margin uplift from the three strategies (×1.1) Take rate of spread revenue* CoS and SGA to revenue ratio OP margin & OP per employee (¥ mil) Online payment (GMO-PG, GMO-EP) 60% Cost of Sale ra

  56. Slide 56: 4.13.2 Value-Added Domains

    4.13.2 Value-Added Domains (excerpt from FY2025 financial results briefing material) Expand OP from value-added domain to ¥15.0 bn in FY2030 to FY2031 Operating profit target of the value-added domain FY2020 FY2025 FY2030 to FY2031 CAGR CAGR OP Total ¥0.1 bn* 105% Total ¥3.0 bn* 30% Total ¥15.0 bn B

  57. Slide 57: Thank You Very Much

    Thank You Very Much GMO Payment Gateway, Inc. (3769; Tokyo Stock Exchange Prime) Please contact the IR Department for inquiries or requests for 1-on-1 interviews using the email address or telephone number shown below: TEL ： +81-3-3464-0182 E-mail ： ir-contact@gmo-pg.com IR Website URL https://www.g

GMO Payment Gateway — Q2 FY2026 Earnings Presentation on 6ix