Good afternoon, and welcome to the Coincheck Group Fiscal Year 2026 Fourth Quarter Earnings Conference Call covering the quarter ended March 31st, 2026. With us today are Pascal St-Jean, Chief Executive Officer, and Jason Sandberg, Chief Financial Officer. Before Pascal and Jason begin their prepared remarks, we'd like to remind everyone that the discussion today will include several forward-looking statements, including statements about plans, goals, expectations, and aspirations of the company. Such forward-looking statements are not guarantees of future performance or success, and actual results may and often do differ materially from those expressed or implied in the forward-looking statements. These differences may be driven by factors discussed in the company's filings with the SEC, which may be updated from time to time. The company undertakes no obligation to update its forward-looking statements except as may be required by law. Throughout this conference call, non-IFRS financial measures may be presented or discussed. Reconciliations of these non-IFRS financial measures to their most directly comparable IFRS financial measures appear in today's earnings press release, which is available on the company's investor relations website and on the SEC website. Finally, Coincheck Group's functional currency is the Japanese yen. During today's call, for your convenience, figures may be expressed in U.S. dollars using a translation from yen to U.S. dollars. Please see the company's earnings release issued earlier today for detail on how the currency translation was done. I would now like to turn the conference over to your first speaker, Pascal St-Jean. You may begin. Good afternoon, and thank you for joining us for our fiscal fourth quarter and year-end 2026 earnings call. This Q1 fiscal 2027 is my first quarter as CEO of Coincheck Group, and I'm truly excited about the opportunity to lead our company into its next stage of growth as we work to become one of the leading global crypto financial services company. Today, I wanna share an important evolution in our strategy. Our current thinking is to no longer view ourselves as a holding company with a collection of independent businesses, but rather to build one unified synergistic platform of products and solutions that serve both retail and institutional clients. We plan to build this platform on three connected initiatives. First, Japan Retail, the anchor of trust, liquidity, users, and brand. Second, the institutional platform, the bridge to higher quality revenue, broader capability, and strategic relevance. Third, on-chain innovation, the edge that extends future growth and long-term upside. Our strategic focus is clear. We will build comprehensive capabilities across custody, asset management, staking, trading, and execution, serving retail customers and institutional clients with the same level of excellence. The reason we're leaning into this now is that the question institutions are asking has fundamentally shifted. The boundaries between traditional financial services and digital assets are converging, and institutions of consequence are no longer asking if they should engage with digital assets. They're asking who they can trust to engage with at scale. The deliberate disciplined work we've been doing across regulation, infrastructure, and institutional capability is what makes Coincheck Group an answer to that question. You might ask, why is now the right time for this strategic shift? The answer is straightforward. Japan is entering a more constructive phase for digital assets. We're seeing meaningful progress on several fronts in Japan, potential tax reform, accelerated product development, and growing institutional participation in the market. This convergence of regulatory progress and market maturation creates a significant opportunity, and we believe Coincheck Group is uniquely positioned to capitalize on it. Let me explain why. First, we have a defensible consumer leadership in Japan. This matters because Japan is highly regulated, trust sensitive, and operationally demanding market. We've maintained our position as the number one downloaded crypto app in Japan for seven consecutive years. Our local relevance and strategic position is not easily replicated. Second, we've been deliberately building institutional capabilities through our strategic acquisition of 3iQ. 3iQ provides immediate institutional credibility, deep solution capabilities, and a meaningful AUM base. 3iQ's clients range from established Canadian banks to an Abu Dhabi-based sovereign wealth fund, the kind of institutional validation that opens doors globally. We're not just talking about strategy, we're executing on it. Two recent partnerships make this point very clear. In March, Dynamic Funds, a Scotiabank subsidiary, selected 3iQ as sub-advisor on their new Dynamic Multi-Crypto ETF listed on Cboe Canada. It's a tier one Canadian bank. They chose Coincheck Group's institutional capability to bring crypto exposure to their clients at scale. Today, we announce our strategic partnership with KDDI Corporation, one of Japan's largest telecommunications companies. KDDI is taking a 14.9% equity investment in Coincheck Group, and our Japanese subsidiary, Coincheck, Inc., has entered into a business alliance with KDDI that includes mutual customer referrals across both companies' ecosystems. Most of all, we're excited about what this partnership means for people in Japan. Millions of consumers gaining easier, more trusted access to digital assets through an institution they already know and rely on every day. These two partnerships are not isolated wins. They're a signal. Institutions are no longer asking if they should enter digital assets. They're asking who they should enter it with. Two months, two institutions, two markets, one platform of choice, Coincheck Group. Our land and expand strategy is also gaining traction more broadly. Our pipeline is growing as it reflects the same logic that drew KDDI and Scotiabank to us. Institutions want to partner with regulatory standing, infrastructure, and proven institutional capability, and that is a platform we're building. Let's dive a little deeper into our strategic roadmap. Japan is one of the world's most important regulated crypto markets. If we can demonstrate success here by deepening our retail leadership, building institutional relevance, and monetizing our platform through higher value products like staking, lending, custody, and over time, derivatives, we believe we can replicate this model in other markets around the world. Success in Japan proves our model works in a demanding, regulated environment. That proof becomes our competitive advantage as we look to expand globally. The fact that institutions like KDDI are choosing to enter digital assets through Coincheck Group is the strongest confirmation that the institutional bridge we're seeking to build is actually real. Now, let me be clear about our approach. This strategy is not built in one leap. It's built on a deliberate sequence. Let me talk about our three phases. In phase one, we've got to prove the model works. That means demonstrating tangible integration progress across our acquired businesses, showing real institutional traction in the market, deepening our platform capabilities in Japan, and making our recurring and non-trading revenue streams more visible to investors. In phase two, we scale what we already proven. The plan is to cross-sell across the platform, improve our revenue mix and operating leverage, and significantly increase the contribution from institutional and platform-style revenues. In phase three, we expand beyond our core. We will seek to extend this proven model into new markets, deepen monetization and product breadth, and broaden the group's strategic and valuation relevance on a global stage. As we close fiscal 2026 and look to the year ahead, let me leave you with a few key takeaways. One, our leadership position in Japan is real and defensible. Seven consecutive years as the number one crypto app downloaded in Japan is not luck. It's the result of operational excellence and deep customer trust. Two, our institutional strategy is deliberate, commercially meaningful, and has begun to be visibly proven. KDDI in Japan, Dynamic Funds and Scotiabank in Canada, and the pipeline behind both institutions are no longer asking whether to engage with digital assets. They're asking who they can trust to do it with, and they're choosing Coincheck Group. Three, our revenue quality should improve over time as we shift towards institutional and platform-style revenues while maintaining and growing our retail strength in Japan. I'm confident in our strategy. I'm excited about the opportunity ahead, and I'm committed to delivering value to our shareholders as we build Coincheck Group into the global platform of choice for digital finance. With that, I'll turn it over to our CFO, Jason Sandberg, for highlights of our financial results. Thank you. Thank you, Pascal. Let me take you through our fourth quarter fiscal 2026 performance. I will start with some year-over-year comparisons. Total revenue increased 4% to JPY 119.7 billion, or $752 million in the fourth quarter of fiscal 2026, up from JPY 114.6 billion or $720 million in the fourth quarter of fiscal 2025. For the fiscal 2026 full year, total revenue increased 25% to JPY 480.2 billion or $3 billion from JPY 383.3 billion or $2.4 billion in the fiscal 2025 full year. Growth was primarily driven by increases in transaction revenue, specifically institutional and revenue from cover counterparty transactions. Adjusted revenue for the fourth quarter of fiscal 2026 decreased 18% to JPY 2.9 billion or $18 million from JPY 3.5 billion or $22 million in the fourth quarter of fiscal 2025. The decrease was driven primarily by a decline in marketplace trading volume, partially offset by an increase in staking revenue of JPY 622 million or $3.9 million and investment management fee revenue of JPY 140 million or $900,000. We introduced adjusted revenue this quarter to provide a clearer view of our core transactional and fee-based business. For the fiscal 2026 full year, adjusted revenue decreased 8% to JPY 13.1 billion, or $82 million, from JPY 14.2 billion, or $89 million in the fiscal 2025 full year, driven primarily by a decline in marketplace trading volume, partially offset by an increase in staking revenue and investment management fee revenue. Our verified accounts increased 10% to 2.5 million accounts as of March 31st, 2026, up from 2.3 million accounts as of March 31st, 2025. Even though the quality of digital tokens held by customers remained relatively stable during the fiscal 2026 full year, customer assets decreased. Primarily due to the decline in the market price of crypto assets, including Bitcoin and XRP. Our assets under management were JPY 128.8 billion, or $810 million as of March 31st, 2026, due to the acquisition of 3iQ. Our marketplace trading volume decreased 29% to JPY 65.7 billion, or $413 million for the fourth quarter of fiscal 2026, down from JPY 92 billion or $578 million compared to the fourth quarter of fiscal 2025, and decreased 8% to JPY 309.6 billion, or $1.9 billion in the fiscal 2026 full year from JPY 337.5 billion, or $2.1 billion in the fiscal 2025 full year. Please note that fluctuations in marketplace trading volume are usually driven by crypto asset industry market volumes and conditions generally, and the size and level of trading activity at Coincheck specifically, as well as market price fluctuations in the crypto assets that are frequently traded. Our net loss was JPY 1.2 billion, or $7.6 million for the fourth quarter of fiscal 2026, compared to a net profit of JPY 642 million or $4 billion in the fourth quarter of fiscal 2025. The swing to a net loss was driven partially by a fourth quarter fiscal 2026 decline in marketplace trading volumes and an increase in selling general and administrative expenses, consisting mainly of, one, employee severance expenses of JPY 334 million, or $2.1 million, related primarily to the March 31st, 2026 departure of the company's former CEO. Two, professional fees of JPY 261 million, or $1.6 million, related to a potential transaction with which the company decided not to move forward. Three, capitalized software impairment costs of JPY 197 million, or $1.2 million, relating to a particular software development project. For the fiscal 2026 full year, net loss was JPY 1.8 billion or $11.5 million as compared to a net loss of JPY 14.35 billion or $90.2 million in the fiscal 2025 full year. Note the significant net loss in fiscal 2025 was primarily due to the transaction costs related to the public transaction. Turning now to adjusted EBITDA. We reported a loss of JPY 863 million, or $5.4 million in the fourth quarter fiscal 2026, compared to adjusted EBITDA income of JPY 719 million, or $4.5 million in the fourth quarter of fiscal 2025. The fiscal 2026 full year adjusted EBITDA decreased 61% to JPY 1.7 billion, or $10.5 million from JPY 4.3 billion or $26.9 million in the fiscal 2025 full year. These declines were related mainly to lower adjusted revenue, driven mostly by declines in marketplace trading volume and increased selling, general and administrative expenses, consisting mainly of the certain specific fourth quarter 2026 expenses. Now let's move on to our operating expenses. Our total selling, general, and administrative expenses increased to JPY 4.3 billion, or $27 million in the fiscal 2026 fourth quarter, compared to JPY 3.6 billion or $22.4 million in the fiscal 2025 fourth quarter due to several expenses, higher professional fees, and capitalized software impairment costs discussed earlier. We ended the fiscal 2026 fourth quarter with cash and cash equivalents of JPY 9.5 billion, or $59.5 million. In summary, the fourth quarter reflects a difficult market environment, but the strategic building blocks are in place. Growing accounts, institutional traction with KDDI and Scotiabank, and a full year of positive adjusted EBITDA. We look forward to updating you on our progress. With that, operator, please open the line for Q&A. We'll move first to Ed Engel with Compass Point. Hi. Thanks for taking the question and congrats, Pascal, for finishing your first full quarter as CEO. Just wanted to touch on Coincheck, I guess the tax reform over in Japan. Just kind of curious of where that legislation is kind of tracking here and whether there's still a chance it could happen in 2026. Thanks. Yeah. Thank you. Thank you for the comment. So far we operate on the original timeline that is proposed by the regulators in Japan and the politicians in general, which is basically the FIEA rule. The basically, you know, exchange and investment act that's coming in for crypto in 2027. After that, tax reform starting in 2028, primarily for crypto and crypto ETFs. You know, that may compress over time if progress gets made, but so far these are the guidelines we've been provided, and we operate towards that. In terms of our efforts in Japan, we see partnerships, you know, distribution and essentially the land grab happening this year. That's our focus. I think the deal with KDDI is just one example. Of course we're working on other things, this is the year where the land grab is in place in preparation for the regulatory change that's coming in the coming year. Great, thanks. Would that include, I guess, crypto ETFs in Japan, or could that still happen independently? I guess how are you guys gonna position yourselves, I guess for that opportunity? Yeah. They're both together on the tax reform side. In terms of the crypto regulation that's coming in this year, it's all the beginning of the positioning. In other words, the regulatory requirements, the, you know, the regulatory capital, et cetera. Right now, there's a lot of planning going ahead in Japan across the entire industry on the custody model, liquidity model, governance model for these ETFs. I could tell you I've been spending 60 of the past 120 days in Japan, not because we have a lot of work internally, it's because there's a lot of demand for discussions with, as you can imagine, a lot of the large institutions, as well as with regulators, and we are at the forefront of those discussions as a group. Our plan, as described in our press release as well as in our online presentation, is to tackle both the retail and the institutional market, which means the change in regulation coming for the exchanges and the changes coming, with the opening of the ETFs. We are planning for both. Great. One, just last one on housekeeping. Did you provide the average spread on the exchange for the fourth quarter? Yeah. We didn't have it in the earnings release. It was relatively consistent, quarter-over-quarter. We're still, you know, between 3.2% and 3.3%, for the quarter ended. Great. Thank you. We'll move next to Brett Knoblauch with Cantor Fitzgerald. Your line is open. Hi, guys. Thank you for taking my questions. I guess maybe to start on, you know, you wanna build a platform, I think, in the prepared remarks for the three initiatives. First question, you know, you guys have been kind of active, I feel like, kind of acquiring, you know, different businesses over the last year, kind of to build this platform. When would you expect maybe everything to come together and we would start seeing it in the financials? I know it's somewhat dependent on, you know, kind of the crypto markets and how those are trending. Just curious on the timing for kind of everything coming together. Then the third point was on kind of on- chain innovation. Could you maybe elaborate there? Like, what are you looking to do in terms of on- chain? Thank you. Yeah, absolutely. In terms of the platform, I think you're starting to see the results in the reported number as we add what we call engines like 3iQ, so we're diversifying revenue streams. In terms of some of the other companies we acquired, we acquired great companies that have technology and great individuals, and those integrations have already begun, whether it's utilizing Aplo's technology over at 3iQ on the hedge fund side or NFT staking capabilities for both engines. We see those as internal optimizers to increase margins as well as to deliver better services to clients. As we start, you know, gaining distribution deals like those that were announced to, you know, today, Scotiabank and KDDI and others in the future, you know, depending on what the customer needs, we are well-versed to be able to service those demands regardless of what they're looking for. Whether it is trade execution, whether it's staking in the future or asset management services, we could deliver all that. When we talk about a platform, want to be very clear, it's a financial platform, it's not a technology platform, but it's essentially delivering those services in a united way to our partners and potential distributors in different regions. In terms of it all coming together, it's happening in the background. We're starting to see optimization take place. In terms of that being seen in the numbers, I believe Jason reported, you know, some benefit of adding some of these companies when we were looking at, essentially how staking revenue and how asset management revenue has diversified the revenue mix. I could pass it to Jason to talk about that, but right before that, maybe I can answer your second question, which is on- chain innovation. I think what you see There are two things. There's tangible things right now, and then there's things we're trying to make sure we stay ahead of. In the press release with our partnership with KDDI, there are two angles to this. The first one is a distribution of our current capabilities. The second is a joint venture company that was created where we will be working together to create on- chain capabilities, you know, primarily through web3 wallets for the Japanese consumers. You can imagine what could be built on top of that. I'm not gonna forecast exactly what they are because we are developing them. Imagine, you know, a self-hosted, you know, retail wallet, you know, that can be distributed to the masses with the various types of products that can be developed on top of that. That's one example of making sure we stay, you know, on track of what your future retail and where future institutional demand would come from. The second is, you know, with our brand presence and our credibility and our size in Japan, you can imagine there's a lot of projects, foundations, as looking to come into Japan, as well as we are also very well connected globally with a lot of projects. You're seeing, you know, as you can see, trading volume derivatives on Hyperliquid, you're seeing a lot of things happening on- chain, you're seeing a lot of vault activity. All of these things when we talk about on- chain, it's that next generation edge, and we see ourselves being very well positioned to bring, you know, various types of partnerships into Japan, as well as to leverage our engineering capabilities to make sure that we stay ahead of the curve to deliver those services, there as well, and of course, into the future in different markets. As you start hearing us report on on-chain innovation, it has to do with those kind of opportunities, including potential tokenization. I know it's a lot, but these are tangible things we're working on in the background and that we're looking forward to announcing some future partnerships as they develop. I'll turn it to Jason to maybe talk about sort of the impact on revenue mix that we're already seeing. Sure. I mean, if you look through the press release that went out this morning, you can see just year-over-year and even quarter-over-quarter, a more diversified mix within revenue as we've added staking revenue year-over-year. Additional staking revenue through the acquisition of 3iQ. Then, of course, you know, one month of 3iQ, we also have investment management fee revenue coming from that merger as well. Perfect. Thank you, guys. Really looking forward to it. Thank you. Once more, that is star one for your questions. We'll move next to Alex Markgraff with KeyBanc Capital Markets. Your line is open. Thanks. Hey, guys. Appreciate you taking my questions. I wanted to maybe follow up on the KDDI partnership a little bit, just understand the scope of opportunity here more. Pascal, I know you just sort of commented on that, but the structure of it, I think, a bit unique as far as partnerships go with the ownership stake. Maybe just speak to the uniqueness of this opportunity. Jason, if there's any way to for us to think about the sort of economic structure of this between revenue sharing referrals and such, that'd be helpful. Thanks. I have a follow back to that. Absolutely. A big part of our, of our growth strategy, whether it is for retail in Japan or institutional, generally speaking, I think is very clear in these two partnerships that were announced. I think we see our capabilities as being very diversified for partnerships. Doesn't mean that we don't wanna continue growing, of course, our user base on the retail side. Our brand and our capabilities and our institutional capabilities drive very well for distribution. You know, phase one, as described with KDDI, is literally the beginnings of a cross-marketing opportunity. They are looking to get more and more into financial services, and they see crypto as being a prime source of those of what they wanna deliver to their clients. They chose Coincheck Group as sort of that prime partner. Phase one, it's really a business alliance where they will be referring customers to us, and I'll let Jason talk about what we can or can't share on the partnership revenue mix. It's a distribution deal, you know, that's powered by Coincheck Group's, you know, existing platform. You know, the phase two of that, which is more of the business alliance JV. We wanna make sure that we people understand the difference between the two. Phase one starts immediately. Phase two is more around developing new progressive technologies together that could service their growing user base. In terms of total user count, you know, they are one of the largest telcos in Japan, and so we are sitting on, you know, millions of potential prospects. I can't say how many we're targeting on day one, but essentially, they see finance as a key part of their growth as a whole company. We're very proud of this partnership. Of course, we'll be sharing more details as development and of that integration takes place in the coming quarters. Yeah. Alex, appreciate the question. Of course, as you might imagine, we haven't put out publicly, you know, the economics of the relationship and certainly haven't launched yet. Really, unable to share too much. Of course, as Pascal mentioned, we're pretty optimistic on the potential magnitude and number of users that exist at KDDI and what that offers up to us from Coincheck Group perspective. I know you had a question around the strategic allocation. As you can imagine, the conversations we're having within institutions, globally, you know, you've seen this in with other companies where, as you partner and as you know, this, the large distributor, you know, is gonna power and impact, you know, the company that's providing the services. This is often very standard, where essentially, you know, the distributor wants to play on both sides. We're very happy to add strategic, you know, institutional partners to the cap table when and where it makes sense. This one in the discussions made total sense for their presence and their vision that KDDI has in Japan, very much aligned with where we're going as a company. We were very happy to have those discussions and very proud of today's announcement. Got it. That's helpful. Thank you. Maybe just a follow-up, stepping back. Same topic, just sort of around customer growth or account growth. I guess, maybe just any perspective on how we should be thinking about account growth from here. Obviously a bit more challenging of a backdrop across the ecosystem, but you do have, you know, partnerships coming online, not just KDDI, but I think Mercoin as well. Just, I don't know, any thoughts as to how we should be thinking about the trajectory of account growth from here, given the backdrop and scaling of partnerships would be helpful. Thanks. Just kind of relative to 2026. I can't provide specific numbers. You can imagine these partnerships are new in the industry at large. You know, our strategic perspective is, again, I know I'm repeating the answer several times, but I think it's very important to drive the point, is that we're not letting go of our marketing efforts. I think we're, you know, again, we're number one downloaded crypto app for a reason. As the industry continues to expand and more and more institutions are looking to enter the space, they're looking for partners. We're calling this Crypto as a Service. That's one of multiple things. It's essentially providing our platform to others. We are very highly focused on these types of, call it partner referral and distribution deals. You know, Mercoin was announced last year, KDDI. There are others in the works, not just for retail trading, but for some of the other services that we have on our platform as well, which includes asset management, staking and execution. This is our main focus right now from a BD perspective, is lining up these types of partnerships, because they do have, you know, it's a, it's a one-to-one B2B relationship that leads to, you know, a high volume of potential B2B2C opportunities. We see, again, leveraging the brand and the trust that we have in Japan to execute those. Understood. Thank you, Pascal. Appreciate it. I show no further questions at this time. Thank you. This brings us to the end of today's meeting. We appreciate your time and participation.