Slides
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Investor Presentation NASDAQ: CNCK February 2026
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@2026 Coincheck Group N.V. 2 No Solicitation, Forward-Looking Statements, and Non-IFRS Financial Measures No Offer or Solicitation This presentation is for informational purposes only and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities. Cautionary Statement Regarding Forward-Looking Statements This presentation contains “forward-looking statements” of Coincheck Group N.V. (“Coincheck Group” or the “company”) within the meaning of U.S. federal securities laws. These forward- looking statements relate to plans or expectations regarding future or potential financial performance, business relationships, business strategies, and/or other plans, expectations or goals regarding the company’s business, including but not limited to potential benefits that may be provided by synergies the company may seek to create between or among its subsidiaries. Many of these forward-looking statements assume that the closing of the acquisition agreement pursuant to which the company is to acquire nearly 100% beneficial ownership of 3iQ Corp. will be completed as and when anticipated, about which there can be no assurance given. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances of any kind, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. Any statements that speak to goals, aims or expectations of any kind about matters to, or which may occur, after the date of this presentation are, and should be read and viewed as, forward-looking statements, including the entire content of this presentation after the section which covers financial results (i.e., matters including and following the discussion of the pending 3iQ acquisition). These forward-looking statements are based on information available as of the date of this presentation and our management’s current expectations, forecasts, assumptions, plans and beliefs, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside of the company’s control. Accordingly, forward-looking statements should not be relied upon as representing the company’s views as of any subsequent date. The company does not undertake any obligation to update, add or to otherwise correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, or the company changing its mind about its plans or strategies, except as may be required under applicable securities laws. You are cautioned not to place undue reliance on these forward-looking statements, which, speak only as of the date of this presentation. Actual results, future events or performance may be materially different from those expressed or implied by these forward- looking statements. These risks and uncertainties include, but are not limited to, the following matters and issues: (a) the 3iQ acquisition will close as planned; (b) the company’s subsidiaries, Coincheck, Aplo, Next Finance and 3iQ (assuming that acquisition closes), will be successful as anticipated, or at all, create or benefit from intercompany synergies, and/or be able to identify and have valuable third-party business relationships to grow their businesses and success (both business-to-customer—B2C – and business-to-business-to-customer – B2B2C); (c) the price of crypto assets and volume and profitability of transactions on company platforms; (d) the development, utility and usage of crypto assets; (e) changes in economic conditions and consumer sentiment in Japan and other jurisdictions where the company operates or seeks to operate; (f) cyberattacks and security breaches on company platforms or systems; (g) investor demand for any particular crypto asset or to have crypto assets managed by a third party; (h) adverse changes to any laws or regulations in Japan, Canada, the Netherlands or Europe generally, or the United States, or the company’s failure to comply with any laws or regulations; (i) administrative sanctions, including fines, or legal claims if the company is found to have offered services in violations of the applicable laws or to have violated international sanctions regimes; (j) the company’s ability to compete in a highly competitive industry; (k) the company’s ability to introduce new products and services, including in digital asset management; (l) any interruptions in services provided by third-party service providers; (m) the status of any particular crypto asset as a “security” in any relevant jurisdiction; (n) obligations to comply with the laws, rules, regulations, and policies of a variety of jurisdictions as the company expands activities outside of Japan, including Aplo timely obtaining its EU MiCA license and 3iQ maintaining in good order its regulatory licenses and registrations in Canada and any other jurisdictions in which they are required; (o) the success, or lack thereof, of the company’s upcoming management transition, and (p) other risk factors discussed in the company's Report on Form 20-F filed with the U.S. Securities and Exchange Commission (SEC) on July 30, 2025. Any forecasts and estimates regarding the company’s industry and markets are based on sources the company believes to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results or the ability to grow and manage growth profitably.
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@2026 Coincheck Group N.V. 3 No Solicitation, Forward-Looking Statements, and Non-IFRS Financial Measures (continued) Any part of this presentation concerning possible future commercial relationships between the company and Monex Group (or a Monex Group company) are potential aims under consideration at this juncture in time. Monex Group, as Coincheck Group’s majority owner, is a related party under applicable securities and other conflicts-of-interests laws, and should any commercial relationship or transaction between a Coincheck Group company and a Monex Group company be considered in the future, such relationship or transaction would need to be handled appropriately to address and mitigate potential conflicts of interest. Non-IFRS Financial Measures This presentation includes certain financial measures not prepared in accordance with IFRS, which constitute “non-IFRS financial measures” as defined by the rules of the SEC. The non-IFRS financial measures are EBITDA and Adjusted EBITDA. We believe that EBITDA and Adjusted EBITDA enhance an investor’s understanding of the company’s financial and operating performance from period to period, because by excluding certain items that may not be indicative of recurring core operating results the company believes that EBITDA and Adjusted EBITDA provide meaningful supplemental information regarding financial and operating performance. In addition, the company believes EBITDA and Adjusted EBITDA are measures commonly used by investors to evaluate other companies in the industry. However, there are limitations to the use of these non-IFRS financial measures as analytical tools and they should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies.
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@2026 Coincheck Group N.V. Agenda 1. Business Highlights 3. Coincheck Group Following the 3iQ Acquisition 4. Management Transition 2. Financial Results 5. Appendix
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1. Business Highlights NASDAQ: CNCK
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@2026 Coincheck Group N.V. Coincheck Group, N.V. $24.4m Gross margin -1% QoQ $9.1m Adjusted EBITDA -6% QoQ 6 Business Highlights Note: Figures as of as of 12/31/2025, in JPY converted to USD based on exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025. 1: Acquisition subject to certain conditions and procedures, with completion expected in calendar Q2 2026. For further details, please refer to the official press release issued by Coincheck Group. 2: For customer transactions at Marketplace Coincheck is always the counterpart and its compensation is in the form of a price spread. The spread we set is generally in a range of 0.1% to 5.0% of the transaction’s asset value. M&A Activity & Coincheck, Inc. 2.48m Verified Accounts Announced acquisition1 of 3iQ a pioneer in regulated crypto ETFs and institutional digital asset investment management. +2% QoQ $559m Marketplace Trading volume -7% QoQ $6.0b Assets Under Custody -20% QoQ 3.25% Marketplace Average Spread2 -8 bps QoQ
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2. Financial Results NASDAQ: CNCK
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@2026 Coincheck Group N.V. 14.7 4.6 -2.5 9.5 9.1 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 749.0 586.5 392.4 603.8 559.1 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 8 Coincheck Group FY 2026 Q’3 Update Note: Figures in JPY converted to USD based on exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025; Coincheck FY ends 3/31; 1Adjusted EBITDA is a non-IFRS metric. Please refer to “Adjusted EBITDA Reconciliation” slide for a reconciliation to its most comparable IFRS metric. -25% YoY Marketplace Trading Volume (in USD million) Number of verified accounts (Coincheck, Inc.) (in million) Gross Margin (in USD million) Adjusted EBITDA1 (in USD million) 2.20 2.29 2.35 2.42 2.48 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 +13% YoY 30.6 22.6 17.2 24.8 24.4 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 -20% YoY -39% YoY
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@2026 Coincheck Group N.V. 9 Robust Financial Model with High Incremental Profitability Note: Figures in JPY converted to USD based on exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025; Coincheck FY ends 3/31; 2 FY23 reflects only EBITDA; EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are non-IFRS metrics. Please refer to the company disclosures for a reconciliation to their most comparable IFRS metric 4.3% 4.3% (0.2%) 1.7%3.6% 1.5% Adjusted EBITDA(1)(2) (USD million; in %) Gross Margin1 (USD million; in %) 2.8% 1.1%2.8% 1.0%
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@2026 Coincheck Group N.V. 10 Coincheck Group Results for FY 2024, 2025, & 2026 Q3 ($M) FY24 FY25 % YoY FY26 Q2 FY26 Q3 % QoQ Revenue $1,429 $2,445 71% $849 $915 8% Cost of sales $1,369 $2,358 72% $824 $890 8% Net Profit (Loss) $12.55 -$91.44 (830%) $2.26 $2.58 14% EBITDA1 $22.46 -$80.40 (458%) $7.17 $7.36 3% Adj. EBITDA1,2 $24.06 $36.43 52% $9.48 $9.10 (4%) Note: Figures in JPY converted to USD based on exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025; Coincheck FY ends 3/31; 1 EBITDA and Adjusted EBITDA are non-IFRS metrics. Please refer to Adjusted EBITDA Reconciliation slide for a reconciliation to their most comparable IFRS metric; 2 Adjusted EBITDA figure, which excludes listing fees and professional fees in connection with the reverse capitalization.
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3. Coincheck Group Following the 3iQ Acquisition NASDAQ: CNCK
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@2026 Coincheck Group N.V. 12 Coincheck Group Overview 1: Acquisition subject to certain conditions and procedures, with completion expected in calendar Q2 2026. For further details, please refer to the official press release issued by Coincheck Group. 1 Coincheck Group operates a diversified set of crypto-asset businesses spanning retail access, institutional investment management , and institutional infrastructure. Leading Japanese Crypto Exchange Leveraging Japan’s premier digital asset gateway, Coincheck, to capture the mass-market transition into the on-chain economy. Global Institutional Asset Manager 3iQ is driving global AUM growth by engineering the industry’s sophisticated, regulated investment solutions for institutional capital. Institutional Infrastructure Next Finance Tech and Aplo support securing the financial stack through a high-performance infrastructure layers 1
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@2026 Coincheck Group N.V. 13 Coincheck Group Growth Strategy Coincheck Group is engineered to accelerate the convergence of traditional and digital finance. Through a globally distributed group structure, Coincheck Group now brings institutional business development capabilities and experienced teams able to land and expand client relationships across regions New Distribution channels EXPANDLAND Product and Service offerings Illustrative and not exhaustive 7 consecutive years of #1 app downloads and 2.5m verified accounts. Strategic partnership with mercoin1. Global institutional distribution team with proven track record in acquiring new channels •Coincheck Staking for retail customers launched Jan 2025 •Institutional client services launched March 2025 Illustrative As newly acquired capabilities are integrated over time, Coincheck Group intends to evolve initial distribution access into broader, multi-service relationships by expanding use cases and service depth across channels. The “Expand” phase reflects a transition from initial access to broader, multi-service engagement over time. 1: Strategic partnership announced in Aug. 2025 with implementation targeted for the first half of 2026 subject to certain conditions. 2: Acquisition of 3iQ is subject to certain conditions and procedures, with completion expected in Q2 2026. For further details, please refer to the official press release issued by Coincheck Group. 2 Institutional crypto prime brokerage and execution platform Staking and blockchain infrastructure capabilities in Japan
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@2026 Coincheck Group N.V. 14 Strengthening Institutional Infrastructure Through Group Capabilities •Cross-functional capability alignment : Trading, staking, asset management, and crypto infrastructure •Most visible in institutional use cases where group capabilities are complementary across products, access, and channels •Extended across the Monex Group ecosystem 1: Acquisition subject to certain conditions and procedures, with completion expected in calendar Q2 2026. For further details, please refer to the official press release issued by Coincheck Group. 2: Illustrative and non-exhaustive. This slide reflects a conceptual view of potential synergies and is subject to regulatory, operational, and transaction-closing considerations. Ongoing discussions Recent strategic acquisitions reinforce Coincheck Group’s institutional service capabilities. Collaboration with Monex Group will enhance synergies. Illustrative Intra-Group Synergies2Institutional Capability Reinforcement Group Capabilities Prime brokerage and execution Staking and yield infrastructure Institutional trading and custody support Asset Management •Uniquely positioned for institutional crypto adoption Leveraging global ETF and institutional investment experience alongside local market leadership •Integrated institutional capability stack Exchange access, custody, staking, and investment management capabilities aligned for the Japanese market Institutional Use Cases in Japan 1 Monex Group (Tokyo Stock Exchange Prime: 8698) is the major shareholder of Coincheck Group with 80.3%3 Ownership. It has established TradFi distribution and product capability in Japan
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@2026 Coincheck Group N.V. 15 Supportive Japan environment underpins growth Growth of crypto accounts in Japan over the past eight years 2023 Stablecoin Legislation Implementation of fiat-backed stablecoin legislation, followed by megabank development of institutional-grade infrastructure for corporate and cross- border settlements 2024 NISA Launch of permanent tax-exempt investment system for long-term asset building Continued supportive backdrop domestically reaffirms prospects for continued growth 2026 Domestic Assets Transfer Proposed FSA rules to ring-fence domestic crypto assets and limit overseas transfers during exchange failures 2026 Crypto Tax Reform Active proposals seek to reclassify crypto gains to a flat 20%, aligning crypto taxation with other financial assets 2026 FIEA reclassification Planned FIEA reclassification of cryptocurrencies as financial products to drive market adoption 2028 Investment Trust Act Amendment FSA to amend Investment Trust Act to include cryptocurrencies, enabling crypto ETF trading through standard brokerage accounts Source: JVCEA stats as of December 31 2025.
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@2026 Coincheck Group N.V. A leading Japanese Crypto Exchange
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@2026 Coincheck Group N.V. 2.48m 18％ ✔ Japan is the 4th largest global economy ($4t GDP)4 but only 11%3 of Japanese population owns crypto (vs. 17%5 of US population), reflecting the nascency of the Japanese market ✔ Japan’s thoughtful crypto regulatory model is designed around protecting the consumer 17 Japan Crypto Market Landscape 1: Source: Statistics Bureau of Japan, as of March 2025. 2: Source: Japan Securities Dealers Association, as of September 2025. 3: Source: JVCEA, as of December 2025. 4: Source: World Bank, as of 2024. 5: Source: Morning Consult, as of July 2025. Figures are rounded. 6: Source: JVCEA, as of December 2025. 7: As of Dec-31, 2025. Total accounts in Japan6 Total customer assets under custody6 $26.4b Total assets 2.5m 13.8m 123m Japan Population1 Japan Crypto Community3 Coincheck Number of Verified Accounts7 Japan’s crypto penetration rate remains low with high growth potential 30% 5-year CAGR +39% 5-year CAGR 13.8m accounts $6b 23％ Japan Securities Accounts2 40.1m
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@2026 Coincheck Group N.V. 18 Coincheck at a Glance Note: Figures in JPY converted to USD based on the exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025. Coincheck FY ends 3/31; 1: As of 12/31/2025; 2: Does not include NFTs deposited by customers; 3: LTM figures represent 12 months ended Dec-2025 4: Based on cumulative download rankings for domestic crypto asset trading apps. Period: Jan 2019–Dec 2025. Source: AppTweak. Broad Product Set: Providing direct access to the global crypto economy ✔ A leading Japanese crypto platform ✔ Dedicated marketplace for retail customers, including crypto and NFTs ✔ Exchange platform for professional traders ✔ ETH staking reward program ✔ Robust spread-based business model with potential for high incremental profitability ✔ Registered with Japan’s Financial Service Agency and operating under self- regulatory body JVCEA ✔ Thorough yet seamless KYC and AML procedures and onboarding Strong track record of growth and “first crypto account” status $2.1b LTM Dec-2025 Marketplace trading volume3 36 Currencies1 2.48m Verified accounts1 $6b Assets under custody1,2 7.93m+1 No. 14 domestic market share for 7 consecutive years 49% Of users are under 401
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@2026 Coincheck Group N.V. 3.8 2.4 1.4 1.0 0.9 0.9 0.8 1.7 3.3 1.6 3.5 3.9 2.8 3.0 2.1 7 4 2 3 3 5 8 10 8 6 11 7 6 8 6 3 7 11 15 1st - 3rd month 4th - 6th month 7th - 9th month 10th month - 24th month 19 Marketing Expenses Adjusted to Market Conditions Coincheck optimizes marketing spend to reflect market conditions while maintaining the acquisition of high-quality customers. We target a 12-month payback on marketing customer acquisition costs and have, for the past 10 quarters, consistently achieved payback within three months. Revenue generated from verified users during each quarter (Right Bar) Marketing cost for customer acquisition (Left Bar)1 (Million USD) Source: Company information Note: Figures in JPY converted to USD based on exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025. Coincheck FY ends 3/31. 1: MCC and revenue in the table above also includes items that are recognized as deductions from sales for accounting purposes. 2022 2023 2024 2025 44.2 54.9 53.0 37.9 33.8 25.8 23.7 20.2 41.8 39.7 35.7 41.6 45.8 43 39 Cost per acqusition (USD) Q1Q1 Q3 Q1 Q3 Q1 Q3 Q3Q2 Q4 Q4 Q4Q2 Q2 Q2
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@2026 Coincheck Group N.V. Global Institutional Asset Manager
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@2026 Coincheck Group N.V. 21 3iQ: Services Overview Investment Funds •Single- and multi-asset digital asset investment funds offered via 3iQ’s Managed Account Platform (QMAP) •Regulatory-compliant across multiple global jurisdictions •Access to liquid, prominent digital assets •TSX-listed digital asset ETFs, including BTC, ETH, SOL, and XRP •Discretionary digital asset investment management solutions delivered via QMAP •Designed for institutional-grade access and strategy diversification •Supports managed accounts and tailored portfolio strategies within the digital asset ecosystem •Outsourced digital asset investment advisory services for institutional clients •Coverage across asset allocation, program design, and manager due diligence •Custom indexing, treasury management, and white-label sub-advisory solutions delivered through QMAP ✔ Leading global digital asset investment manager with a long operating track record ✔ Headquartered in Ontario, Canada ✔ Regulated asset management platform with global institutional reach ✔ Pioneer in exchange-listed crypto investment products and staking-enabled structures ✔ Broad institutional-grade product suite spanning ETFs, managed accounts, and alternative strategies & Investment Management Advisory & Bespoke Solutions 1: Acquisition subject to certain conditions and procedures, with completion expected in calendar Q2 2026. For further details, please refer to the official press release issued by Coincheck Group. 3iQ is a leading global institutional digital asset investment manager with over US$1.1bn in AUM across ETFs, managed accounts, and multi-asset funds
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@2026 Coincheck Group N.V. 22 3iQ: Established Institutional Presence Across Global Markets Notes: Acquisition subject to certain conditions and procedures, with completion expected in calendar Q2 2026. 1: AUM and AUA (Assets Under Advisory) data as of 12/31/2025. 2: Figures reflect active products only and exclude certain legacy or discontinued funds (including QGCF, Alt Yield Private Client Fund, and Coindesk 20 Fund). 3.Canadian ETF Awards 4.Wealth Professional Awards 5. Digital Commonwealth Awards 6. MENA WealthBreafing Awards 3iQ brings an established, institutionally credible platform with diversified products, global reach, and a proven track record across market cycles AUM and AUA Mix by Product / Fund (USD million)1,2 Recent Awards Best Bitcoin ETF Issuer ($100m+) ETF Express Canadian ETF Awards 3 2025 Fund Manager Innovator of the Year Wealth Professional Awards 4 2025 Best Digital Asset Investment Manager Digital Commonwealth Awards 5 2025 Best Digital Asset Offering MENA WealthBriefing Awards 6 2025 $98 $156 $84 $209 $381 $142 $43 XRPQ SOLQ ETHQ BTCQ QBTC: CEF QETH: CEF QMAP $1,113
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@2026 Coincheck Group N.V. Institutional Infrastructure
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@2026 Coincheck Group N.V. 24 Accelerating Staking Capabilities and Scale ✔ Blockchain infrastructure and staking service provider ✔ Headquartered in Tokyo, Japan ✔ Only domestic provider of staking services in Japan ✔ Next Finance Tech will continue to operate as a global provider of blockchain infrastructure, delivering services to individual and institutional clients worldwide Illustrative flow Buy ETH Lock ETH via Coincheck Receive Staking Rewards ✔ Coincheck launched its staking service in January 2025 and currently supports ETH ✔ While staking is currently conducted via a third-party staking platform provider, Coincheck expects to transition to Next Finance Tech in CY2026 ✔ Coincheck, along with the node operator used, retains approx. 30% in total service fees. The remainder of rewards (additional ETH) is distributed to customers & Coincheck Staking flow Acquisition enhances Coincheck Staking product and offers staking platform services to cryptocurrency marketplace providers
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@2026 Coincheck Group N.V. 25 Next Finance Tech Initiatives Next Finance x Coincheck Prime Next Finance x Circle Next Finance x Coincheck To expand recurring revenue from the $6bn1 in client assets managed by Coincheck, the company will transition to Next Finance’s staking platform service in 2026 Coincheck launched a comprehensive service, Coincheck Prime, offering one-stop support for corporate clients in strategy formulation for crypto treasury business, crypto asset trading, management and operation, and IR support2 Next Finance Tech has been officially designated as a Node-as-a-Service (NaaS) provider for the Canton Network, enabling it to manage node operations for other participants. Implementation in CY26 1:As of December 31, 2025. 2: Press release dated October 28, 2025; Coincheck Group acquired Next Finance Tech, a crypto staking platform service provider, in April 2025. Next Finance is exploring avenues to enhance revenue opportunities, including with affiliates of Monex Group and third parties & & &
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@2026 Coincheck Group N.V. 26 Aplo: Institutional Prime Brokerage Capabilities & The acquisition of Aplo, a digital asset prime brokerage serving institutional investors, marks Coincheck Group’s first expansion overseas and strengthens the Group’s institutional service offering. Aplo is headquartered in France, operates under France’s AMF registration and the MiCA regulatory framework, and serves clients globally Prime Brokerage & Execution Advanced Trading & Liquidity Access Integrated Institutional Platform •Digital asset prime brokerage for institutional investors •Conflict-free execution model with no proprietary trading •Access to aggregated liquidity across multiple trading venues, and staking from custody •Smart order routing and execution algorithms designed to optimize trade execution •Ability to trade across a broad universe of digital assets, including synthetic pairs •Single platform integrating trading, custody, and reporting •API and GUI access supporting institutional operational requirements •Designed to support scalable institutional trading operations
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4. Management Transition NASDAQ: CNCK
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@2026 Coincheck Group N.V. Management Transition Pascal St-Jean to become Executive Director and CEO of CCG as of April 1, 2026. With management focus on: 1 customer acquisition 2 product development 3 cross platform synergies 4 building out institutional capability in Japan Pascal St-Jean currently serves as the Chief Growth Officer of Coincheck Group (since November 2025) and the CEO of 3iQ Corp (since April 2024.) A serial entrepreneur and veteran of hyper-growth strategy, Pascal founded and successfully exited two companies in the disruptive technology sector before entering digital finance. His operational expertise extends to the broader market, where he has served as an early investor and strategic advisor to numerous firms recognized on The Globe and Mail’slist of Canada’s Top Growing Companies. At 3iQ, Pascal navigated the firm through the "crypto winter," and FTX collapse, delivering world-first staking ETFs and architecting the company’s strategic sale to Monex Group. A "Forty Under 40" recipient and frequent speaker at major industry events like Consensus and SALT, Pascal brings a proven history of scaling high-performance organizations to his leadership of Coincheck Group. As the CEO of Coincheck Group, he will focus on the convergence of Traditional Finance (TradFi) and the digital asset economy. In this role, he is driving Coincheck’s expansion by capitalizing on its dominant position in the high- growth Japanese market, while unlocking deep cross-group synergies with 3iQ’s regulated asset management infrastructure to fuel global scale.
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5. Appendix NASDAQ: CNCK
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@2026 Coincheck Group N.V. 30 Appendix 1 : Adjusted EBITDA Reconciliation ($M) FY24 FY25 Q’2 26 Q’3 26 Net Profit (Loss) $12.6 $(91.4) $2.3 $2.6 (+) Income Tax Expenses (Benefits) 5.6 6.3 3.5 2.5 Profit (Loss) before Income Taxes 18.1 (85.2) 5.8 5.1 (+) Interest Expense — 0.2 0.2 0.4 (+) Depreciation & Amortization 4.3 4.6 1.2 1.9 EBITDA $22.5 $(80.4) $7.2 $7.3 (+) Transaction Expenses excluding Listing Expense 1.6 29.3 1.0 1.3 (+) Listing Fees — 87.5 — — (+) Change in fair value of warrant liability — — (0.7) (1.6) (+) Share-based compensation — — 2.0 2.0 Adj. EBITDA 24.1 36.4 9.5 9.1 Note: : Figures in JPY converted to USD based on exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025; Coincheck FY ends 3/31. Figures are rounded.
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@2026 Coincheck Group N.V. 31 Appendix 2 - Pro Forma Financials Note: Amounts in USD Million. Source: 3iQ provided financials, CNCK public filings, FactSet. 1: Pro Forma revenue is CNCK “Gross Profit” plus 3iQ gross revenue. 2: EBITDA adjustments for CNCK include transaction and listing expenses, change in fair value of warrant liability and share-based compensation, and after Bonus expense for 3iQ. 107.80 108.63 12ME 12/31/2024 12ME 12/31/2025 46.54 25.82 12ME 12/31/2024 12ME 12/31/2025 -80.71 1.89 12ME 12/31/2024 12ME 12/31/2025 US$ in Millions Revenues1 Adjusted EBITDA2 Net Income Pro Forma Financials TTM (Jan –Dec 2025) Coincheck Group + 3iQ combined
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@2026 Coincheck Group N.V. 32 Appendix 3 : 3iQ Historical Financials 12.50 16.62 9ME 12/31/2024 9ME 12/31/2025 4.32 4.16 9ME 12/31/2024 9ME 12/31/2025 2.54 1.45 9ME 12/31/2024 9ME 12/31/2025 Source: 3iQ provided financials. Note: 3iQ financials in USD Million based on exchange rate of 1.3712 CAD per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025. 3iQ Financials Revenues EBITDA Net Income 16.19 21.20 12ME 12/31/2024 12ME 12/31/2025 4.01 5.18 12ME 12/31/2024 12ME 12/31/2025 2.45 1.73 12ME 12/31/2024 12ME 12/31/2025 US$ in Millions
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@2026 Coincheck Group N.V. Appendix 4 : Coincheck Crypto Asset Balance Stability Crypto asset balances at Coincheck by the number of tokens remain stable. Fluctuations in AUM denominated in JPY primarily reflect crypto price movements and FX effects, rather than changes in underlying customer holdings. The actual assets held in our top three cryptocurrencies in terms of token numbers have remained broadly stable over the past five quarters, underscoring continued customer engagement and confidence in core crypto assets despite market volatility. 6.88 5.15 6.05 7.22 5.69 -17.31% -21.17%Total Crypto AUM (USD Billion)1 Note: The top three currencies (BTC, ETH, XRP) constitute on average 95% of all the CAUM. In USD Billion based on exchange rate of 156.8 JPY per 1.00 USD reported by the Federal Reserve Bank of New York as of 12/31/2025. YoY % QoQ %