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mercari Presentation Material FY2026.6
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Table of Contents Financial Results Presentation Material FY2026.6 Summary/Progress Toward Mid-Term Policy for FY2027.61 2 FY2026.6 Financial Overview 3 FY2027.6 Financial Forecast/Business Objectives 4 Capital Policy 5 Appendix 2
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3 FY2026.6 Summary/ Progress Toward Mid-Term Policy for FY2027.6
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Achievement Status of Consolidated Business Forecast 4 1 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. (Billion JPY) Revenue Core Operating Profit (Billion JPY) ■ Achieved the forecast revised upward in Q3 for both revenue and core operating profit1 to reach record-high results ■ Revenue returned to double-digit growth for the first time since FY2023.6 (at start of period) (Q3 upward revision) (at start of period) (Q3 upward revision) 229.2 44.1220.0 or more200.0–210.0 192.6 27.5 40.0 or more 28.0‐32.0 +60% YoY +19% YoY Financial Results Presentation Material
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FY2026.6 Summary 5 1 Returned to Double-Digit Growth of Revenue Established the Revenue Base of the Group US Business Objectives at the Start of FY2026.6 ● Make preparations for FY2027.6 ● Essentially aim for top-line growth that will lead to increased profits ● Expand businesses centered around Group synergy Enhancements to the core product experience resulted in GMV increase of 15% YoY Marketplace Increased both income and profit for all three main businesses to achieve record-breaking profit Future Challenges Further create and expand Group synergy Accelerate GMV growth rate in the US Expansion of payments outside Mercari resulted in an increase in revenue of 29% YoY Fintech Accelerate MAU1 growth Continued to break even, while GMV increased 11% YoY 1. Quarterly average number of registered users who browsed our service (app or web) at least once during a given month, both domestically and internationally (Note: Does not include crossborder transactions performed through overseas partner sites) Improved productivity with company-wide investment in AI, contributing to the enhancement of the revenue base Balanced strengthening investment in focus areas and planting seeds for future growth with decisions to withdraw from business areas based on priorities and impact of investment Financial Results Presentation Material
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1-Year Progress Since AI-Native Declaration1 1. The percentage of Group employees (excluding employees on leave, employees with confirmed resignations, and Kashima Antlers employees) who use any of the major AI tools (ChatGPT, Gemini, Claude, Cursor, LiteLLM, and Notion AI) as of January 31, 2026 2. Calculated by assuming a 100% AI tool utilization rate among employees (as of January 31, 2026) and applying a work-reduction rate achieved by adopting AI for applicable tasks 3. Per-engineer development output in Mercari Group, calculated separately for FY2024.6 and FY2026.6, by dividing the number of code changes in each year by the number of engineers employed at that time 4. Established in October 20255. Formulated in March 2026 ■ Through the AI Task Force, we have completed the foundation for our AI-Native transformation and have now shifted to a value creation phase 6 Promoting AI Usage and Improving Productivity Product and Business Results ● We have achieved a state where 100% of employees use AI tools1. Currently, we are holding an initiative called “AI Agent Day” where engineers and non-engineers alike create AI agents designed to solve issues faced during daily work, thereby further improving employees’ AI abilities. ● Productivity improvements reached approximately 495,000 hours out of an estimated 1 million-hour potential. We have also identified a further 770,000 hours of potential improvements through work process transformation premised on AI2. ● Average development output per engineer has increased 7.6 times compared to before adopting AI (FY2024.6)3. ● Contributed to business outcomes through AI adoption in our products and AI-Native transformation of our development processes ○ Improved recommendation accuracy for search and home screen ○ Increased listing completion rate through AI Listing Support feature, which uses AI to make suggestions ○ Further established a safe and secure transaction environment through enhanced fraud monitoring utilizing AI ○ Built and added features to the Mercari Mobile service in a short period of time with smaller teams using AI-first development ● Automated video ad creative production using AI, winning multiple industry awards, such as gold and silver prizes in the YouTube Works Awards ● Balanced the speed of our AI-Native transformation and ensured safety through establishing a dedicated AI governance organization4 and formulating the Mercari Group AI Usage Policy5 Productivity Boosts Owing to AI-Native Transformation Business Results and Structure Behind Value Creation Financial Results Presentation Material Speed and Safety
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Future Direction of AI-Native Transformation1 7 ■ With the previous CTO1 appointed to CHRO and CAIO (Chief AI Officer), we will establish an integrated AI and HR framework and redesign workflows and organizational structures based on AI agents, accelerating product transformation and organizational reform ● Accelerate development of a proprietary AI model based on Mercari's own data and use cases; introduce a model developed through initiatives2 selected for GENIAC3 into our search and recommendation features, further enhancing the user experience ● Enhance CS capabilities through AI; build mechanisms that let users resolve issues without needing to contact customer support, and employ AI agents to handle inquiries to improve response speed and enable multilingual support ● Further strengthen early automated detection and removal of fraudulent activity; build a safe and secure usage environment by improving authenticity appraisal quality and processing efficiency, among other measures ● Advance development of AI features, such as a shopping agent, to deliver AI-centric user value ● Expand AI agent development across the entire organization, including non-engineering divisions, completely establishing an environment where AI agents collaborate across all business domains ● Roll out a company-wide “AI Pods” development style, where members in small teams transcend organizational roles and handle the entire development process, from defining specs to QA and release, enabling more projects and accelerating new business creation and new AI-based user experiences ● In addition to strengthening AI-based decision support, redesign AI implementation and evaluation systems as a single, integrated effort, including delegating authority to frontline teams and renewing approval processes, thereby accelerating business execution ● Employ AI for business reviews conducted by the risk management division and build a system that achieves both review quality assurance and faster turnaround times 1. Official title: Vice President, CTO (Japan Business) 2. Research and development of a foundation model for achieving high-precision AI search and recommendation based on Generative Retrieval technology, leveraging over 4 billion listing data points (data unique to the secondary distribution market) from the marketplace app Mercari, and led by Mercari’s in-house R&D organization R4D 3. A national project led by the Ministry of Economy, Trade and Industry (METI) and the New Energy and Industrial Technology Development Organization ("NEDO"), titled 'Development Project for the Enhancement of Post-5G Information and Communications Systems/Development of Competitive Generative AI Foundation Models (GENIAC) Product Innovation Organizational Reform Financial Results Presentation Material
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1. CAGR from FY2024.6 2. Following the transition to IFRS as of FY2024.6, disclosure is conducted based on IFRS beginning with the business results for FY2023.6. 3. In the event an opportunity arises for significant growth that will contribute to the future growth of the company, a temporary loss may be incurred resulting from making a flexible investment, but the company will explain the investment if this occurs. Prioritize high top-line growth Consciously balance growth and profitability Aim essentially for top-line growth associated with increased profitability Revenue: Double-digit CAGR growth1 Core operating profit: CAGR of 25% or higher (Billion JPY) 35.7 51.6 76.2 106.1 147.0 171.9 187.4 192.6 27.5 18.816.7 5.1 -4.4 -12.1 -19.3 -3.7 229.2 44.1 Progress Toward Mid-Term Policy for FY2027.61 ■ Made steady progress on the FY2027.6 mid-term policy and achieved core operating profit for a second year in FY2026.6 ■ Also anticipate achieving target revenue, and aim for further growth of revenue and core operating profit (achieved in FY2026.6) Financial Results Presentation Material 8
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1 Marketplace Fintech US ■ In addition to the stable growth of C2C, lead the market with high growth of crossborder transactions and B2C - Enhance the product’s core experience - Redesign UI/UX using AI/LLMs - Crossborder transactions/B2C - Ads ■ Expand Group synergy ■ Lift core operating profit to 10B JPY or more and establish Fintech as the second pillar of Mercari Group - Expand payments and credit balance focused on the loyalty program - Maintain and enhance AI credit accuracy and collection rates - Expand usage situations and types of cryptoassets ■ Establish an independent position by distinguishing our product clearly ■ Realize sustainable growth while essentially continuing to break even - Enhance the product’s core experience - Use AI to innovate our UI/UX - Differentiate Mercari from our competitors with category-specific strategies Objectives Objectives Objectives Focus Areas Focus Areas Focus Areas Group-wide Mid-Term Objectives ■ Work with external partners to realize an ecosystem ■ Promote global expansion by growing our US business and strengthening crossborder transactions ■ Create a borderless organization where talent from all over the world can thrive and strengthen I&D ■ Create an AI-Native company FY2027.6—Mid-Term Objectives of Main Businesses (This content was originally released in the FY2024.6 Q4 Summary; it was updated partially in FY2025.6 Q4) 1.Removed the items regarding the on-demand work business in accordance with the discontinuation of the Mercari Hallo service 9 Financial Results Presentation Material
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10 Circulate all forms of value to unleash the potential in all people Group Mission1 Financial Results Presentation Material
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11 FY2026.6 Financial Overview
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Achievement Status of Consolidated Results Forecast and Guidance for each Business 2 12 Guidance at start of period Latest guidance2 Results Marketplace GMV growth rate +3–5% YoY +5–10% YoY +15% YoY Core Operating Profit 32.0–36.0B JPY 35.0–39.0B JPY 42.9B JPY Fintech Core Operating Profit 5.0–7.5B JPY 9.1B JPY US GMV growth rate Positive YoY growth +11% YoY Core Operating Profit Break even 2.0B JPY Forecast at start of period Latest forecast1 Results Revenue 200.0–210.0B JPY 220.0B JPY or more 229.2B JPY Core Operating Profit 28.0–32.0B JPY 40.0B JPY or more 44.1B JPY Consolidated Per Business 1. Results forecast revised upward in the FY2026.6 Q3 financial results 2. Guidance revised upward in the FY2026.6 Q3 financial results (Guidance for Fintech and US remains unchanged from the start of FY2026.6) Financial Results Presentation Material
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1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. 13 2 +60% YoY +19% YoY Consolidated Results (Full Year) Revenue Core Operating Profit1 (Billion JPY)(Billion JPY) Financial Results Presentation Material
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Consolidated Results (Quarterly) Revenue Core Operating Profit1 (Billion JPY) (Billion JPY) +23% YoY 14 +28% YoY ■ As planned, in Q4 we made investments for future growth and saw a QoQ drop in core operating profit 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. 2 Financial Results Presentation Material
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期初の事業方針 MAU surpassed 24M, and the GMV growth rate for the full year was +15% YoY, returning to double-digit growth for the first time since FY2023.6. Following the upward climb of top-line growth, core operating profit significantly surpassed the guidance from the start of FY2026.6, landing at 42.9B JPY (+41% YoY) and further reinforcing the revenue base. Marketplace—Summary For the focus area of crossborder transactions, we saw strong demand in Entertainment & Hobbies categories, with GMV growing steadily to 112.2B JPY (approximately 9% of total GMV). We also made progress with our initiatives for future growth with such things as launching direct crossborder transactions in the US through the new global app in addition to expanding our inventory through a partnership with Suruga-ya. By enhancing the product’s core experience centered on building a safe and secure transaction environment, we established a foundation that balances the growth of the number of users, unit prices, and frequency of use. With this as a base, we have created a positive cycle of creating and maintaining GMV growth momentum through large-scale marketing initiatives such as Super Mercari Market Days. 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. 2 FY2026.6 Business Objectives ■ While prioritizing enhancing the product’s core experience, also emphasize strengthening crossborder transactions to lay the foundation for accelerating GMV growth in FY2027.6 and beyond ■ Aim for GMV growth rate of +5–10% YoY and core operating profit1 of 35.0B–39.0B JPY Note: Guidance shown here is the figures adjusted in Q2 (Guidance at the start of FY2026.6: GMV growth rate of +3–5% YoY; core operating profit of 32.0–36.0B JPY) 15 Financial Results Presentation Material
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2 1. Aggregate transaction value after adjusting for cancellations (includes transaction value of Mercari NFT) 2. Quarterly average number of registered users who browsed our service (app or web) at least once during a given month, both domestically and internationally. (Note: Does not include crossborder transactions performed through overseas partner sites) 3. The business results of Mercari Hallo are included starting in FY2025.6 Q4 (The Mercari Hallo service was discontinued on December 18, 2025) 4. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. GMV1/MAU2 +41% YoY +5% YoY +15% YoY +6 ppts YoY Marketplace—Results (Full Year) +16% YoY GMV (Billion JPY) MAU (Million users) (Billion JPY) (Billion JPY) Core operating profit Core operating margin Core Operating Profit4/MarginRevenue3 16 Financial Results Presentation Material
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Marketplace—Results (Quarterly) 1. Aggregate transaction value after adjusting for cancellations (includes transaction value of Mercari NFT) 2. Quarterly average number of registered users who browsed our service (app or web) at least once during a given month, both domestically and internationally. (Note: Does not include crossborder transactions performed through overseas partner sites) 3. The business results of Mercari Hallo are included starting in FY2025.6 Q4 (The Mercari Hallo service was discontinued on December 18, 2025) GMV1/MAU2 Revenue3 (Billion JPY) +26% YoY +5% YoY +24% YoY GMV (Billion JPY) MAU (Million users) 2 ■ Further to the low bar set in the previous fiscal year (FY2025.6 Q4: +2% YoY), the GMV growth rate landed at an exceptionally high level, hitting +26% YoY due to the combined effect of Super Mercari Market Days and favorable results in Entertainment & Hobbies categories 17 Financial Results Presentation Material
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Marketplace—Results (Quarterly) Core Operating Profit/Margin (Billion JPY) Core operating profit Core operating margin Profit and Cost Composition 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. 2. Outsourcing expenses, depreciation, land rent, etc. 2 +24% YoY +0 ppts YoY 2 ■ Compared to Q3, during which we did not hold any large promotional campaigns, in Q4, core operating profit1 margin dropped QoQ due to marketing strategies like Super Mercari Market Days and active investment for future growth in FY2027.6 and beyond 18 Financial Results Presentation Material
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2 Initiatives for Creating a Safe & Secure Marketplace and the Results Results ■ The rate of inquiries related to transactions dropped; made steady progress on enhanced compensation and appraisal features - Compared to two years ago, the rate of inquiries related to transactions5 dropped from 0.49% to 0.35% - Of the transactions that ended in compensation under the full coverage support program, the percentage of transactions in which users were compensated within 48 hours improved from last year’s figure of 40.1% to 92.6% - The number of items Safe Appraisal was used on was nearly triple YoY, demonstrating its contribution to anti-counterfeiting measures ■ In FY2026.6, we promoted a rapid succession of initiatives while leveraging AI, which had a concrete impact on our results and contributed greatly to significant GMV growth Main Initiatives ■ ■ Started offering full coverage support program1 ■ Started offering anonymous returns service ■ Started offering feature for receiving sales balance without waiting for rating ■ Established the Mercari Appraisal Center2, and waived appraisal cost for items over a certain price3 ■ Updated our Marketplace Principles4 to better address items that could significantly impair the safety and security of the marketplace, and newly applied them to expanded an range of products ■ Made eKYC mandatory for high-priced items ■ Used AI to create fraud detection scores and tightened account restriction 1. Program that compensates users for the purchase price or sales profit of an item in the event a dispute occurs involving a transaction on Mercari, provided certain conditions are met. 2. Established the Mercari Appraisal Center, which is operated by Mercari, in September 2025. Previously, we provided appraisal services in collaboration with external parties. 3. Free for Sneaker and Fashion category items priced 100,000 JPY or higher and trading card category items priced 150,000 JPY or higher. 4. Established a policy to address items considered likely to significantly impair safety and security, including banning listings, at Fifth Advisory Board meetings held in July and September 2025. 5. Percentage of the total number of transactions that raised an inquiry (e.g., defective or undelivered items) (described in the Transparency Report as the “transaction dispute rate”). Expand user support and compensation Authentication and rule management Enhance fraud prevention and security 19 Financial Results Presentation Material
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In addition to an increase in transaction value on Mercari associated with favorable GMV growth on the marketplace, a steady increase in the acquisition of Mercard holders and the expansion of usage situations contributed to the growth of transaction value outside of Mercari. As a result, credit balance2 reached 358.1B JPY (+44% YoY), and revenue landed at 65.1B JPY (+29% YoY). Fintech—Summary 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. 2. Merpay Deferred Payment (lump-sum payment, fixed-amount payment, or installment payment) and Smart Money credit balance at the end of the quarter (excludes debt converted into bankruptcy reorganization debt) 3. As of June 30, 2026 4. As of March 31, 2026 5. On December 18, 2025, Mercari launched a new service, in partnership with Minna Bank, Ltd., that allows users to withdraw their Mercari sales balance (or Merpay balance) quickly and without service fees. 6. On June 8, 2026, Mercari began providing a service, in partnership with Coincheck, Inc., that allows users to trade 12 different cryptoassets, such as Shiba Inu and Dogecoin, on the Mercari app. FY2026.6 Business Objectives The Fintech business made steady progress, with Mercard reaching 6.32M cards issued3 and 4M cryptoasset trading accounts opened4. The expansion of features that leverage our partnerships also saw progress, such as the provision of a BaaS feature5 and the increase in the cryptoassets we handle resulting from our partnership with Coincheck, Inc.6 We also moved forward with building a foundation to become a product that is chosen by users for all payment/credit use cases. ■ Establish the foundation to become a product that is chosen by users for all payment/credit use cases ■ Aim for core operating profit1 of 5.0–7.5B JPY 2 20 Enhanced profitability with the steady growth of credit to significantly surpass our initial guidance and achieve a core operating profit of 9.1B JPY (+4.6B JPY YoY) even as we conducted active investments. Financial Results Presentation Material
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Fintech—Results (Full Year) Revenue Core Operating Profit1 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. Starting in FY2026.6 Q1, discontinued adjustments based on internal transactions between Marketplace and Fintech; accordingly, stopped disclosure of adjusted core operating profit. We will continue to disclose adjusted figures in our data sheet. 2 21 +29% YoY +102% YoY (Billion JPY) (Billion JPY) Financial Results Presentation Material
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Fintech—Results (Quarterly) Revenue Breakdown of Revenue (Billion JPY) Others1 Payment Credit2 1. Includes revenue of Mercoin, Inc., bank withdrawal fees, expiration and seizure of sales balance, and Mercard reissuance fees, etc. 2. The annual effective interest rate for new credit of fixed-amount payment was revised to 18% effective January 1, 2025. The annual effective interest rate for new credit of installment payment (three installments or more) was also revised to 18% effective January 1, 2026. 2 22 +44% YoY +57% YoY (Billion JPY) Financial Results Presentation Material
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Fintech—Results (Quarterly) (Billion JPY) (Billion JPY) 1. In addition to advertising expenses for such things as TV commercials and online advertising, the cost of free points, including regular point-back rewards, are also included in advertising costs. 2. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. Starting in FY2026.6 Q1, discontinued adjustments based on internal transactions between Marketplace and Fintech; accordingly, stopped disclosure of adjusted core operating profit. We will continue to disclose adjusted figures in our data sheet. 2 23 +70% YoY ■ As planned, advertising costs1 increased significantly due to our strengthening of investments to acquire Mercard holders and expand Merpay user segments Core Operating Profit2 Advertising Costs Financial Results Presentation Material
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+45% YoY Fintech—Expansion of Credit Balance Credit Balance and Collection Rates (Billion JPY) 1. Merpay Deferred Payments (lump-sum payment, fixed-amount payment, or installment payment) and Smart Money credit balance at the end of the quarter (excludes debt converted into bankruptcy reorganization debt). 2. Weighted average rate of the quarterly cumulative collections completed within the past 11 months compared to the amount of Merpay Deferred Payments (lump-sum payment, fixed-amount payment, and installment payment) and Smart Money billed in the past 11 months (excludes bankruptcy reorganization debt). 3. Installment payment (two-installment payment only) can be used without incurring fees, so credit balance is disclosed together with lump-sum payment, which does not generate interest income. However, installment payment of three or more installments does generate interest income, and therefore, credit balance is disclosed together with fixed-amount payment. +44% YoYSmart Money Lump-sum payment/installment payment (2 installments)3 Fixed-amount payment/installment payment (3 or more installments)3 11-month collection rates 2 24 ■ Continued to achieve both credit balance1 growth and high collection rates2 as a result of appropriate risk assessment and gradual expansion of credit limits resulting from the Group’s original AI credit model, as well as the steady growth of Mercard Financial Results Presentation Material
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US—Summary ■ Continue to break even while aiming for positive full-year GMV growth YoY by enhancing the product’s core experience and distinguishing ourselves from our competitors by using category-specific strategies In addition to the combined effect of enhancing the product’s core experience and carrying out effective marketing initiatives, such as category-specific CRM measures and shipping discount promotions, we successfully captured strong demand in Entertainment & Hobbies categories, and we achieved double-digit GMV growth for the full year. By maintaining disciplined investment, even as we implemented these marketing initiatives, core operating profit1 landed at 2.0B JPY. FY2026.6 Business Objectives 2 25 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. The effects of steady product initiatives led to faster-than-expected results, which allowed us to achieve our guidance. We established a foundation for positive GMV growth while continuing to break even. Financial Results Presentation Material
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Financial Results Presentation Material 2 +4% YoY +11% YoY +12% YoY US—Results (IFRS1 / Full Year) +107% YoY RevenueGMV2/MAU3 Core Operating Profit4 GMV (Million USD) MAU (Million users) (Billion JPY) (Billion JPY) 1. Adopted IFRS in FY2024.6 and disclosed IFRS numbers for FY2023.6 as well to enable YoY comparisons 2. Aggregate transaction value after adjusting for cancellations 3. Quarterly average number of users who browsed our service (app or web) at least once during a given month; graph compares the averages for Q4 of each fiscal year 4. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. 26
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US—Results (Quarterly) 2 27 +21% YoY +4% YoY +15% YoY Revenue (Billion JPY)GMV (Million USD) MAU (Million users) GMV1/MAU2 Core Operating Profit3 (Billion JPY) 1. Aggregate transaction value after adjusting for cancellations 2. Quarterly average number of registered users who browsed our service (app or web) at least once during a given month 3. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. Financial Results Presentation Material
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28 FY2027.6 Financial Forecast/ Business Objectives
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FY2027.6 Consolidated Financial Forecast 3 29 Revenue Core Operating Profit ■ We aim to balance ongoing high growth with investment for mid- to long-term growth, while maintaining the top-line growth that will lead to increased profits ■ In consideration of the uncertainty of one-year investment plans, for core operating profit, we will disclose the minimum value, with revisions considered as necessary based on our performance in the first half of the fiscal year ■ We expect to achieve the mid-term policy for FY2027.6 and will aim for further growth +13–27% YoY +2% or more YoY JPY260.0–290.0B JPY or more45.0B (Billion JPY) (Billion JPY) 3-year CAGR (FY2025.6– FY2027.6) +12–16% 3-year CAGR (FY2025.6– FY2027.6) +34% or more Financial Results Presentation Material
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FY2027.6 Business Objectives 1. Core operating profit is defined as IFRS operating profit excluding other income/expenses, etc. 2. Consumers overseas sign up for Mercari and purchase items through the global app, which supports local languages and currencies; the app offers inspections of all items by Mercari to ensure quality before overseas shipment, as well as a consistent UX where all processes from payment to package tracking are available in the app 3. Envisioning break-even based on IFRS core operating profit 連結 Revenue 260.0–290.0B JPY Policy/Major Initiatives ● Balance ongoing high growth with investment for mid- to long-term growth ● Essentially aim for top-line growth that will lead to increased profits ● Promote a shift toward AI-Native with AI agents as a foundation GMV growth rate: +10–15% YoY Core operating profit: 45.0B JPY or more Guidance Policy/Major Initiatives - Enhance the product’s core experience - Increase time spent on the app by enhancing entertainment value - Expand direct crossborder transactions2 Core operating profit: 10.0B JPY or more Guidance Policy/Major Initiatives GMV growth rate: +10% or more YoY Continue to break even3 Guidance Policy/Major Initiatives Consolidated Marketplace Fintech US Guidance Core operating profit1 45.0B JPY or more 3 ■ In the final fiscal year of our current mid-term plan, aim to deliver on the FY2027.6 guidance and medium-term goals through strategic policies and initiatives - Expand user demographics and promote app usage - Continuously accumulate credit balance premised on appropriate risk management - Release more app features by leveraging partnerships - Enhance the product’s core experience - Increase the average purchase amount 30 Financial Results Presentation Material
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Marketplace—Business Objectives 3 ● Aim to maintain a high GMV growth rate by focusing on strengthening crossborder transactions while continuing to enhance the product’s core experience ● Aim for GMV growth rate of +10–15% YoY and core operating profit of 45.0B JPY or more Objectives Enhancing the Product’s Core Experience Crossborder Transactions Drive continuous enhancements to the product’s core experience leveraging AI; invest in building a stronger product foundation by strengthening the CS structure and expanding the authentication feature Focus on Entertainment & Hobbies categories such as anime and comics and capture global demand by expanding direct crossborder transactions1 to more countries and regions and enhancing UI/UX 1. Consumers overseas sign up for Mercari and purchase items through the global app, which supports local languages and currencies; the app offers inspections of all items by Mercari to ensure quality before overseas shipment, as well as a consistent UX where all processes from payment to package tracking are available in the app Enhancing Entertainment Value Aim to increase time spent on the app and usage frequency by boosting the entertainment value of the user experience through initiatives such as an auction feature and evolving the app into one that users want to use every day 31 Financial Results Presentation Material
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3 Marketplace—Increasing Time Spent on App by Enhancing Entertainment Value Increasing MAU Increasing Time Spent on App ■ The cumulative number of Mercari users exceeds 60M2, and there is significant potential to increase MAU by activating infrequent users ■ Will promote acquisition of new users and expansion overseas through crossborder transactions, in addition to activating existing users ■ There is also significant potential to increase the time users spend on the app; will aim to shift from a purpose-specific service to a place people visit for fun ● Will increase entertainment value through initiatives such as an auction feature and enhancing the discovery/search experience ■ Aim for sustainable growth through increasing both MAU1 and time spent on the app by enhancing the entertainment value of the product, in addition to continuous enhancements to the core user experience MAU Approx. 24M Cumulative number of users Approx. 60M Number of users active in the past year3 Approx. 35M Latent users 1. Quarterly average number of registered users who browsed our service (app or web) at least once during a given month, both domestically and internationally (Note: Does not include crossborder transactions performed through overseas partner sites) 2. Total number of registered users who browsed our service (app or web) at least once between July 2013 and June 2026 (excluding users who have been suspended, etc.) 3. Total number of registered users who browsed our service (app or web) at least once between July 2025 and June 2026 (excluding users who have been suspended, etc.) 32 Financial Results Presentation Material
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3 Marketplace—Expanding Crossborder Transactions Enhancing Direct Crossborder Transactions ■ In FY2026.6 Q4, we released Mercari global app in the US, an extremely promising market; will take on this market as the core of our future growth ■ Will accelerate global expansion by expanding Mercari global app to at least 50 countries and regions by 2028 and at least 100 in the mid-to-long term ■ Aim to grow direct crossborder transactions1 in Taiwan, Hong Kong, and the US, while also expanding the service to other countries and regions ■ Strengthen partnerships with B2C companies, such as Suruga-ya, to expand inventory of items in Entertainment & Hobbies categories, which are in high demand Crossborder GMV Grew by approx. 19x in the past 4 years (Billion JPY) 1. Consumers overseas sign up for Mercari and purchase items through the global app, which supports local languages and currencies; the app offers inspections of all items by Mercari to ensure quality before overseas shipment, as well as a consistent UX where all processes from payment to package tracking are available in the app 2. Launched direct crossborder transactions in August 2024 ■ The crossborder business has grown significantly in a short period of time, with a GMV of 112.2B JPY in FY2026.6 (approx. 9% of Marketplace’s overall GMV) ■ In Taiwan2, the percentage of direct crossborder transactions now exceeds the percentage of transactions made through partner sites, indicating steady growth 33 Financial Results Presentation Material
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3 Marketplace—Major Investment Areas Core Product Experience Marketing/New Initiatives ■ Strengthen our CS structure ● Expand our CS structure to balance business growth and higher user satisfaction in FY2027.6, while promoting AI use in the mid-to-long term ■ Enhance authentication ● Consider initiatives such as expanding the categories eligible for the Safe Appraisal service ■ Proactively hire selected AI-Native talent ● Secure talent to support business growth ■ Strengthen Super Mercari Market Days ● Maximize our growth momentum on a foundation of enhancements to the core experience ■ Carry out regular marketing initiatives ● Boost awareness of our safety and security-related initiatives ● Carry out creative/CRM measures leveraging AI ■ Carry out local marketing for our direct crossborder transaction service ● Carry out promotions to enhance local brand recognition and activate transactions, mainly in the US ■ Carry out new initiatives ● Release M Department1, which carries professionally authenticated brand-name items and refurbished items ■ Looking toward mid- to long-term growth, we will carry out proactive investments to enhance marketing and further strengthen the foundation of Mercari’s core user experience 1. Released on July 14, 2026, as an e-commerce site independent from the Mercari app 34 Financial Results Presentation Material
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Fintech—Business Objectives 3 ● Leverage partnerships and enhance the user experience to seamlessly connect payment, credit, and all other features, aiming for sustainable growth of transaction value and credit; aim to expand everyday use and create opportunities for credit ● Aim for a core operating profit of 10.0B or more Objectives Increasing Total Transaction Value In addition to adding basic product features and redesigning the payment experience, work to enhance the convenience of cryptoasset transactions, expand user demographics, and boost usage frequency to increase total transaction value Enhance credit building by increasing the users eligible for credit through the Group’s unique AI credit model, which is based on usage history and behavioral data from Mercari and Merpay Build Further Trust 35 Financial Results Presentation Material
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3 Fintech—Credit Growth Through Increasing Transaction Value and Building Trust Building Further Trust Increasing Total Transaction Value 1. Launched on November 8, 2022 2. Launched on March 17, 2025 ■ The widespread adoption of Mercard1 and Mercard Gold2 has contributed to the total transaction value increasing 2.2 times over three years ■ Will work to increase total transaction value further by expanding basic features for the promotion of everyday use, enhancing the user experience of receiving points for making continued payments, and expanding the varieties of cryptoassets available for trading ■ Create opportunities to build trust using Mercard by releasing a card for payments using balance and points and expanding the range of eligible users ■ While expanding the range of users eligible for credit, implement gradual expansion of credit limits with appropriate risk assessment based on the Group’s original AI credit model ■ Drive the sophistication of risk management through efforts such as continuous evolution of the Group’s original AI credit model Launch of Mercard Grew by approx. 2.2x in the past three years 36 Financial Results Presentation Material
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● Continue to break even while aiming for a full-year GMV growth rate of 10% or higher YoY by enhancing the product’s core experience ● Find a winning strategy to achieve strong growth in the mid-to-long term Objectives Driving Bigger Baskets US—Business Objectives3 Through initiatives such as enhancing the bundle purchase feature, aim to increase the average purchase amount per transaction and drive the activation of transactions across categories Enhancing the Product’s Core Experience Aim to activate transactions by continuing to work on UI/UX updates that leverage AI and enhancement of CS/fraud prevention measures 37 Financial Results Presentation Material
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Financial Results Presentation Material US—Strengthening the Foundation for Future Growth3 ■ On July 1, 2026, former Mercari, Inc. (US) Vice President of Growth Jeff LeBeau was appointed as Chief Executive Officer of Mercari, Inc. (US) ■ The new CEO will take charge of everyday business management and decision-making, while the previous CEO Shintaro Yamada will focus on establishing the mid- to long-term strategy for the US business’s disruptive growth as Mercari Group CEO Continuously Improving the Product’s Core Experience Driving Bigger Baskets ■ Continue to improve UI/UX and enhance fraud prevention measures, aiming for a product that is incredibly easy to use ● Promotion of purchases ○ Enhancing the bundle purchase feature ○ Expanding item return services ○ Expanding shipping insurance ● UI/UX improvements ○ Enhancing personalization ● Trust and safety ○ Enhancing identity verification and expanding fraud prevention measures ■ Aim to drive bigger baskets through initiatives such as enhancing the bundle purchase feature, while keeping low-price-range items at our core ■ Activate transactions across categories, rather than in specific categories such as Fashion and Entertainment & Hobbies 38
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39 Capital Policy
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First Purchase of Treasury Shares 4 ● As a result of efforts to enhance profitability of not just Marketplace, but Fintech and US, and strengthen Mercari Group’s revenue base, we achieved positive retained earnings in FY2026.6 both on a consolidated basis and for Mercari, Inc. on a non-consolidated basis ● Based on our approach to capital allocation disclosed previously, and given the current relatively low stock price level, we have decided to carry out purchases of treasury shares in addition to other investments to achieve our mid-term objectives for FY2027.6 and long-term growth ● Going forward, we will flexibly consider additional purchases of treasury shares, taking into account the relative benefits compared to growth investments as well as our financial situation, stock price levels, and other factors ● Total number of shares to be purchased: Up to 4M shares ○ Percentage of the total number of issued shares (excluding treasury shares): 2.4% ● Total purchase price of shares: Up to 10B JPY ○ Purchase to end upon reaching the upper limit of total number of shares or total purchase price ● Method of purchase: Open-market purchase on the Tokyo Stock Exchange based on a discretionary trading agreement ● Scheduled cancellation date: November 12, 2026 ● From August 6, 2026, to October 30, 2026 Background Details of Purchase Purchase Period Financial Results Presentation Material 40
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Financial Results Presentation Material Revision of Executive Compensation Policy to Realize Disruptive Growth4 ■ The Compensation Committee has resolved to introduce performance stock units (PSUs) as mid- to long-term incentives for executive officers. ■ This policy change sets achieving a market capitalization of at least 2T JPY as a performance condition, aligning executive compensation with shareholder value and encouraging risk-taking for disruptive growth ■ Performance Conditions for PSUs Within five years of the PSU grant date1, the company's market capitalization shall be at least 2T JPY for a period of 60 consecutive business days (if this performance condition is not met, no stock shall be delivered) ■ When Shares Vest Number of shares to be delivered: 898,970 shares (0.544% of total shares granted, of which the Representative Executive Officer and CEO is granted 0.5%) Total issue price: Approx. 4.1B JPY (calculated estimate based on the TSE closing price on the business day preceding the grant date) Total value of stock compensation realized upon achieving 2T JPY: Approx. 10.9B JPY (of which the Representative Executive Officer and CEO is granted the equivalent of approx. 10B JPY) ■ PSUs are granted based on the role and expected responsibilities of each executive position ■ Mid- to long-term incentives for the Representative Executive Officer and CEO consist exclusively of PSUs to reinforce commitment to enhancing corporate value ■ Incentives are a granted on an ad hoc basis, aimed at driving disruptive growth, and annual grants are not anticipated New Policy Representative Executive Officer and CEO In place of previous RSUs and phantom stock, only PSUs will be granted Executive Officers Awards will primarily consist of existing RSUs and phantom stock, with PSUs granted on a limited basis Current Policy (Until FY2026.6) ■ The policy includes the following two mid- to long-term compensation incentives: · Restricted stock units (RSUs) · Phantom stock 1. July 29, 2026 41
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42 Appendix
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Financial Results Presentation Material 5 1. Selected by internal voting among Independent Directors, the Lead Independent Director takes the role of leading the administration, etc. of the Independent Directors’ executive sessions and facilitating the enhancement of collaboration and building of relationships between Independent Directors. If necessary, this role also includes collecting the opinions of Independent Directors and holding discussions with the Chairperson of the Board of Directors, the Representative Executive Officer and CEO, and executive officers. 12 Directors Directors (4) Shintaro Yamada Representative Executive Officer and CEO Fumiaki Koizumi President / CEO of Kashima Antlers F.C. Co., Ltd. Takuya Kitagawa Shiho Konno Chair of the Audit Committee Makiko Shinoda Chair of the Compensation Committee Kumi FujisawaMayumi Umezawa Kikka Hanazawa Masahiro Kotosaka Independent Directors (8) Sayaka Eda Executive Officer, Senior Vice President of Corporate, and CFO Mayumi Tochinoki ■ Appointing Independent Directors with a wealth of knowledge and experience in a variety of areas to realize a transparent and highly diverse organization ■ In September 2025, established the Lead Independent Director1 role to further enhance the independence and strengthen the highly effective supervision of the Board of Directors Kazuhiko Toyama Lead Independent DirectorChair of the Nominating Committee Board of Directors Structure 43
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Financial Results Presentation Material 44 5 Makiko Shinoda Chair of the Compensation Committee • Audit and Supervisory Board Member of Yahoo Japan Corporation (currently LY Corporation) • Auditor of Advanced Softmaterials Inc. (currently ASM Inc.) • Member of the Committee on Realization of a Gender-Equal Society at the Japan Federation of Bar Associations (current position) • Auditor of Japan Corporate Governance Network • Shiho Konno Habataki Law Office, Lawyer (current position) • Outside Director of Watami Co., Ltd. • Outside Director of Kakaku.com, Inc. • Outside Director of Alfresa Holdings Corporation • Outside Audit & Supervisory Board Member of Shinsei Bank, Limited (currently SBI Shinsei Bank, Limited) • Outside Director of Monex Group, Inc. • Outside Director of LIXIL Corporation (current position) • Outside Audit & Supervisory Board Member of Pegasus Tech Holdings, Inc. (current position) Shiho Konno Chair of the Audit Committee Background Kazuhiko Toyama Lead Independent DirectorChair of the Nominating Committee • Professional knowledge and deep experience in I&D, sustainability, finance, etc. • Boston Consulting Group • Representative Director and President of Corporate Directions Inc. • Executive Managing Director and COO of Industrial Revitalization Corporation of Japan • Representative Director, CEO of Industrial Growth Platform, Inc. • Outside Director of Panasonic Corporation (currently Panasonic Holdings Corporation) • Outside Director of Tokyo Electric Power Company Holdings, Inc. • Chairman of General Incorporated Association Japan Association of Corporate Directors (current position) • Outside Director of Kuroda Precision Industries Ltd. • Chairman & CEO of Japan Platform of Industrial Transformation, Inc. (current position) • Extensive knowledge and deep insight in the areas of management and corporate governance • Deep experience in promoting innovation to solve social issues • Specialized expertise in the areas of corporate legal affairs and corporate governance • Extensive knowledge and profound insight in the areas of risk management and compliance Reasons for Selection as Independent Directors • The Long-Term Credit Bank of Japan, Limited (currently SBI Shinsei Bank, Limited) • McKinsey & Company, Inc. • Novartis Pharma K.K. • Head of Finance of Nestlé Nutrition K.K. (currently Nestlé Health Science) • Director & CFO of Tokyo Itoi Shigesato Office (currently Hobonichi Co., Ltd.) • Director of YeLL Inc. (current position) • Director (Audit and Supervisory Committee Member) of M3, Inc. (current position) Governance Structure (Independent Directors)
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Financial Results Presentation Material 45 5 Mayumi Umezawa • Specialized expertise in the fields of finance and accounting • Profound insight into the fields of risk management, compliance, and corporate governance • Joined the Tokyo office of Tohmatsu & Co. (currently Deloitte Touche Tohmatsu LLC) • Umezawa Accountant Office (currently Mayumi Umezawa CPA Office) (current position) • Joined McDonald’s Company (Japan), Ltd. • Finance Manager of Disney Store Department at The Walt Disney Company (Japan) Ltd. • Director of Accounting Labo (currently Accounting Labo Co., Ltd.) (current position) • Outside Audit & Supervisory Outside Director (Audit and Supervisory Committee Member) of Retty Inc. • Supervisory Director of Japan Hotel REIT Investment Corporation • Outside Director of Wellness Communications Corporation • Outside Director (Audit and Supervisory Committee Member) of ROYAL HOLDINGS Co., Ltd. (current position) • General Manager, Itochu Fashion System Co., Ltd. New York office • Vice President of Marketing, Cygne Designs, Inc. • CEO of CYGNE INTERNATIONAL • Director of Strategic Planning, Link Theory Holdings Co., Ltd • CEO of VPL • President of Fashion Girls for Humanity (current position) • Co-founder of Yabbey • Director of Columbia University (current position) Kikka Hanazawa • Extensive experience in business management, primarily in the US, tackling social issues through businesses • Profound expertise in the field of sustainability Takuya Kitagawa • Director of Rakuten Data Marketing, Inc. • Co-founder and Director, Public Interest Well-being for Planet Earth Foundation (current position) • Managing Executive Officer, Chief Data Officer of Technology Division of Rakuten, Inc. • President and Director of QuEra Computing (current position) • Representative Director, President of QuEra Computing Inc. Japan, Inc. (current position) • Expert knowledge in technology areas such as AI and data science • Extensive experience and profound insight in AI and data usage for business creation and social issue resolution Background Governance Structure (Independent Directors) Reasons for Selection as Independent Directors Financial Results Presentation Material
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Financial Results Presentation Material 46 5 • Joined McKinsey & Company, Inc. • Associate Professor of College of Business Administration, Ritsumeikan University • Outside Director of Appirits Inc. • External Audit & Supervisory Board Member of Uzabase, Inc. • Outside Corporate Auditor of RAKSUL INC. • External Director of Euglena Co., Ltd. (current position) • External Director (Audit & Supervisory Committee member) of Uzabase, Inc. • Outside Director (Audit & Supervisory Committee Member) of RAKSUL INC. • Outside Director (Audit & Supervisory Committee Member) of SRE Holdings Corporation (current position) • Professor of Faculty of Policy Management, Keio University (current position) • Extensive experience in corporate management and expertise in business strategy • Profound expertise and insight into the fields of risk management, compliance, and corporate governance Masahiro Kotosaka • Joined KOKUSAI Investments Trust Management Co., Ltd. • Joined Schroder Investment Management (Japan) Limited • Representative Director of IFIS JAPAN LTD. • Vice Chair of the Investment Trusts Association, Japan • Governor of the Japan Securities Dealers Association (current position) • Outside Director of The Shizuoka Bank, Ltd. • Representative Director of SophiaBank • Outside Director of the Board of Toyota Tsusho Corporation • Outside Director, Member of the Board of Creek & River Co., Ltd. • Outside Director of CellSource Co., Ltd. • Outside Director of Net Protections Holdings, Inc. • Chairperson of Institute for International Socio-Economic Studies (current position) • Outside Director of Shizuoka Financial Group, Inc. (current position) • Outside Director of Toyota Motor Corporation (current position) Kumi Fujisawa • Extensive experience in promoting innovation to address social issues • Extensive expertise and profound insight in global business, corporate governance, and other fields Background Reasons for Selection as Independent Directors Governance Structure (Independent Directors) Financial Results Presentation Material
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Financial Results Presentation Material 47 5 Business Segments Japan Business Marketplace US Other Fintech Adjustments Other Bets 1. Renamed Japan Region to Japan Business in FY2026.6 Q1 ■ Starting FY2026.6, we moved MVNO from Marketplace to a new segment under Japan Business1 called “Other Bets,” established based on nature of profitability C2C (Mercari) Crossborder B2C (Mercari Shops) Payment (Merpay) Credit (Merpay) Crypto (Mercoin) C2C (Mercari) Kashima Antlers India Center of Excellence Company-wide expenses Consolidated adjustments MVNO (Mercari Mobile) Financial Results Presentation Material
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Financial Results Presentation Material 48 5 Approach to Capital Allocation (Excerpt from FY2025.6 Q4 Presentation Materials) ■ Alongside our transition to a phase of profit growth, we expect retained earnings to become positive in FY2026.6 if progress goes according to our plans Internal Reserve Levels ■ Gradually build up equity capital with the expansion of Fintech and other businesses to ensure stable financing capabilities ■ Boost financing efficiency by enhancing external ratings, etc. and prioritize debt financing for the funds necessary for the credit business Capital Allocation Priorities ■ For cash other than internal reserves, compare the following options and prioritize carrying out capital allocation that will contribute to long-term profit growth 1. Growth investment in existing businesses and new businesses (including M&As) 2. Investment in Mercari, centered around stock buybacks ■ For shareholder returns, prioritize stock buybacks over dividends from the perspective of maintaining flexibility to make quick decisions Financial Results Presentation Material
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Financial Results Presentation Material 49 Major Itemization of Consolidated BS Cash on hand and in banks 184.0B JPY Trade and other receivables 363.9B JPY Deposits received 264.1B JPY Other: 92.0B JPY Total equity 137.4B JPY CB + borrowings 54.9B JPY Other: 58.8B JPY Total assets at end of FY2026.6 Q4: 726.6B JPY Borrowings from liquidating receivables 211.2B JPY Of borrowings, non-recourse2 financing 177.2B JPY Of receivables, credit receivable balance 358.1B JPY 1. Within current assets, under other financial assets, 56.5B JPY corresponds to segregated assets in trust, and 30.0B JPY corresponds to government bonds pledged as collateral 2. A method of financing in which the amount collected from the credit is the only source of repayment, and the repayment obligation is not borne by Mercari Mainly bonds and asset segregation to safeguard user funds With regard to preservation of user funds, we act in accordance with laws regarding funds transfer services, etc., and as a replacement for the deposits of funds carried out previously, we pledged government bonds as collateral in FY2025.6 Q4 and carried out asset segregation in FY2026.6 Q2 from the perspective of generating interest. We have also concluded a guarantee contract for security deposits for providing funds transfer services with financial institutions. Credit balance from Merpay’s credit services Mainly credit from transactions within Mercari, items under “Trade accounts receivable”, items under “Allowance for doubtful accounts”, etc. Funds financed by liquidating receivables Liquidated lump-sum payment, fixed-amount payment, and installment payment (three installments or more) receivables for Merpay Deferred Payments, as well as Merpay Smart Money receivables. Our policy is to mainly carry out non-recourse financing. Convertible bonds and long-term borrowings Long-term borrowings, including convertible bonds but excluding funds financed by liquidating receivables In September 2024, purchased approximately 21B JPY worth of the total 50B JPY euro-yen denominated convertible bonds issued in July 2021 (25B JPY maturing in 2026, 25B JPY maturing in 2028) In July 2026, completed redemption of the remaining 13.3B JPY worth of bonds due in 2026 Mainly Mercari sales balance (including US) and wallet balance from users adding funds from banks Government bonds pledged as collateral1 30.0B JPY Segregated assets in trust1 56.5B JPY 5 ■ We will continue to leverage various methods of financing and appropriately control our balance sheet to build a sound financial foundation Financial Results Presentation Material
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Financial Results Presentation Material As of June 30, 2026 50 Fintech—Liquidation of Receivables Receivable credit Financing carried out within range of the maximum amount Carrying out non-recourse financing with ratings; simultaneously carrying out supplemental financing within range of the maximum amount until we reach a certain level of credit balance Other funds used Liquidation of lump-sum payment receivables Max. 50.0B JPY In FY2026.6, we carried out the following initiatives to solidify our financing structure in sync with the growth of our credit services. ■ By expanding liquidation to include installment payment (three installments or more) receivables, secured a financing method for installment payment, which continues to grow ■ Began liquidation of Merpay Smart Money receivables, enabling non-recourse1 financing for all major credit services; diversified risks by financing from different arrangers/investor groups for each service Liquidation of fixed-amount payment/ installment payment (three installments or more) receivables 117.9B JPY (External rating acquired) + Max. 34.0B JPY Liquidation of Smart Money receivables Max. 50.0B JPY (External rating acquired) Financing carried out within range of the maximum amount FY2026.6 Review 5 1. A method of financing in which the amount collected from the credit is the only source of repayment, and the repayment obligation is not borne by Mercari ■ Expanding and diversifying financing in sync with the growth of our credit services centered on non-recourse receivable liquidation Financial Results Presentation Material
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Financial Results Presentation Material Marketplace—Cost Composition (Quarterly) 1 5 (Billion JPY) 1. Outsourcing expenses, depreciation, land rent etc. 51 Financial Results Presentation Material
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Financial Results Presentation Material Disclaimer This material is compiled for the purpose of providing information only, and is not intended to solicit readers to purchase securities in Mercari. The forward-looking statements, including the financial results forecast, contained in these materials have been prepared based on information gathered at the time of its preparation and certain assumptions deemed reasonable by Mercari and are not in any way intended as a commitment to future implementation. Actual financial results may differ from our future outlook due to various factors such as changes in economic conditions, changes in the competitive landscape, and trends in the services we offer. Also note that information contained herein has not been audited or reviewed by an independent certified public accountant or audit corporation, and includes financial information based on past financial statements or accounting documents as well as management figures not based on financial statements or accounting documents. This document is an English translation of the original Japanese language document and has been prepared solely for reference purposes. No warranties or assurances are given regarding the accuracy or completeness of this English translation. In the event of any discrepancy between this English translation and the original Japanese language document, the original Japanese language document shall prevail in all respects. The FY2027.6 Q1 financial results are scheduled to be released at 15:30 or later on November 12, 2026. 52