3Q FY2023
Financial Results
Supplementary
document

INV Inc.

Copyright© INV Inc. All Rights Reserved

Summary［Apr.-Dec. 2022］

Copyright© INV Inc. All Rights Reserved

1Financial Results ｜Apr. 2022 – Dec. 2022
Operating revenue increased due to higher demand for FX trading, but incomes declined due
to in investment partnership losses and higher SG&A expenses as a result of increased
personnel, aggressive advertising for new services and business expansion.
Unit : millions of yen

YOY

FY2022

FY2023

1Q-3Q(4-12,2022)

1Q-3Q(4-12,2022)

Increase/Decrease
Ratio

Operating revenue

3,749

4,462＋19.0％

Net operating revenue

3,667

4,184

＋14.1％

Operating income

666323(51.4 ％)Ordinary income

946

228(75.8 ％)Net income

610106(82.6 ％)Copyright© INV Inc. All Rights Reserved2

Financial results by segment｜Apr. 2022 – Dec. 2022
The domestic financial services business became a decline in profits due to the release of
new services and aggressive advertising, while the overseas financial business grew toaccount for more than 40% of total Group sales due to business expansion.
Unit : millions of yen

Domestic
FinancialBusiness

Overseas
FinancialBusinessYOY

FY2022

FY2023

1Q-3Q(4-12,2022)

1Q-3Q(4-12,2022)

Increase/Decrease
Ratio

Net
operatingrevenue

2,350

2,351＋0.0 ％Operatingincome455

93(79.5%)

Net
operating
Revenue

1,370

1,941＋41.7％

Operatingincome233309+32.7 ％

*Overseas finance business has a closing date of the end of December, so the figures for 1Q to 3Q are actual results for the period Jan 1 2022 to Sept 30 2022.
Copyright© INV Inc. All Rights Reserved

3

Operating revenue breakdown｜ Apr. 2022 – Dec. 2022
Financial revenue increased significantly due to the impact of rising interest rates in the US.
Trading incomes and commissions received remained strong due to increased trading in theforeign exchange market.
Unit : millions of yen

3,749
339
108662

4,462
364
536
852

Other operating revenue
YOY +7.2%
Financial revenue
YOY +395.2%
Commission received
YOY ＋28.7%

Copyright© INV Inc. All Rights Reserved

2,639

2,709

1Q-3Ｑ

1Q-3Ｑ

FY2022

FY2023

Net trading income
YOY ＋2.7%

4Operating revenue｜Quarterly results
Unit : millions of yen

1,553
116
54

1,088
85
25
214

1,069

1,636

1,120

1,101

129
86

123
57

219

209

97
10
162

1,177
1,019
107
16

240

115
37

1,408

1,423

1,402

134

108

122

99
250

101
282

200

132
309

Other operating revenue

124
275

294

222

Commission received
1,143

762

799

１Ｑ

２Ｑ
FY2021

Copyright© INV Inc. All Rights Reserved

685

709

672

３Ｑ

４Ｑ

１Ｑ

Financial revenue

824

２Ｑ

３Ｑ
FY2022

924

929

879

900

４Ｑ

１Ｑ

２Ｑ

３Ｑ

Net trading income

FY2023

5

Operating expenses breakdown｜Apr. 2022 – Dec. 2022
Total SG&A expenses increased by 28.6% year-on-year to JPY 3,860 million. Personnel costs
increased due to business expansion. System-related costs and marketing costs increased
with the release of new service “MAiMATE”.
Unit : millions of yen

3,000
337
111
248
438

3,860
314
169
439
553

Depreciation
YOY +51.3%

872

Marketing cost
YOY +76.8%

676

1,187

Copyright© INV Inc. All Rights Reserved

Other expenses
YOY (6.8%)

1,510

1Q-3Ｑ

1Q-3Ｑ

FY2022

FY2023

Trading related expenses
YOY ＋26.2%
Equipment costs
YOY +29.0%Personnel expenses
YOY ＋27.2%

6

Operating expenses Quarterly results
Unit : millions of yen

1,017
80
63
109
144300

1,074
74
46

991

187
128

75
47
86

100
3695

125

141

144

277

319

324

365

335

１Ｑ

２Ｑ

３Ｑ

４Ｑ

FY2021

Copyright© INV Inc. All Rights Reserved

991

95
45
102

256

313

964

218

963

1,197

1,209

1,045

96
56

101
56

133

124

130

37
72

172

167

102
37
80

1,269
106
54

170

106
58

138
206

179

156

137

1,380

303
269

280

288

396

388

402

１Ｑ

２Ｑ

３Ｑ
FY2022

477

473

470

４Ｑ

１Ｑ

２Ｑ

Depreciation
Marketing costs

241

216Other expenses

566

Trading related expenses
Equipment costs

３Ｑ

Personnel expenses

FY2023

7Factors changes in ordinary income｜Apr. 2022 – Dec. 2022
Ordinary income decreased by JPY 717 million year-on-year. Of this, a decrease of 368 million
yen in investment partnership gains/losses had a significant impact, accounting for 50% ofthe total.

Unit : millions of yen

946

Operating
Income/loss

Results

342 down

Changes
Investment
partnershipgains/losses

368 down

Other External
gains/losses

5 DOWN

Copyright© INV Inc. All Rights Reserved228

1Q-3Q

1Q-3Q

FY2022

FY20238

Consolidated guarantee deposits received
Amount of guarantee deposits received is 94,57 billion yen.

94.5
billion yen

Unit : millions of yen
92,38279,707

79,21578,05474,076

1Q

2Q

3Q

4Q

FY2018

Copyright© INV Inc. All Rights Reserved

1Q

2Q

3Q

FY2019

4Q

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023

93Q FY2022
Results[Oct.-Dec. 2022]

Copyright© INV Inc. All Rights Reserved

10Year-on-Year｜3Q financial results｜Oct.2022 – Dec.2022
Net operating revenue was at the same level as in the same period of the previous year, but
income decreased due to personnel, advertising and system-related costs for additional
functions, with the aim of expanding the revenue base in the future.
Unit : millions of yen

YoY

FY2022

FY2023２Q(7-9,2022)

3Q(10-12,2022)

Increase/Decrease
Ratio

Operating revenue

1,553

1,636

＋5.4 ％Net operating revenue

1,511

1,511

＋0.0 ％

Operating income

465

130(71.9 ％)Ordinary income

407167(59.0 ％)Net income

26192(64.6 ％)Copyright© INV Inc. All Rights Reserved

11Year-on-Year｜3Q operating revenue breakdown｜Oct.2022 –Dec.2022
Unit : millions of yen

1,553
116
54240

1,636
132
309294

Financial revenue
YoY +472.0%
Commission received
YoY ＋22.6%

1,143
900

Copyright© INV Inc. All Rights Reserved

Other operating revenue
YoY +14.4%

３Ｑ

３Ｑ

FY2022

FY2023

Net trading income
YoY (21.3%)

12

Year-on-Year｜3Q operating expenses breakdown｜Oct.2022-Dec.2022
1,380

Unit : millions of yen

106
58

1,045

138

133

206

3772

156

303

241402Copyright© INV Inc. All Rights Reserved566

３Ｑ

３Ｑ

FY2022

FY2023

Other expenses
YoY (20.2%)
Depreciation
YoY +53.2%
Marketing cost
YoY +90.4%
Trading related expenses
YoY +31.7%
Equipment costs
YoY +25.8%
Personnel expenses
YoY ＋40.8%

13

Quarter-on-Quarter｜ 3Q financial results｜Oct.2022 – Dec.2022
Revenues increased due to strong foreign exchange market. Also, The fund loss of 43 million

yen recorded in the 2Q turned into a profit in the 3Q, and a fund investment gain of 32 million
yen was recorded, resulting in a significant increase in income.
Unit : millions of yen

QoQ

FY2022

FY2023２Q(7-9,2022)

3Q(10-12,2022)

Increase/Decrease
Ratio

Operating revenue

1,402

1,636＋16.7％

Net operating revenue

1,350

1,511

＋11.9％

Operating income

80130＋62.9％

Ordinary income

20167＋724. 2％

292＋4373 . 9％

Net income

Copyright© INV Inc. All Rights Reserved

14Quarter-on-Quarter｜3Q operating revenue breakdown｜Oct.2022 –Dec.2022
Unit : millions of yen

1,636
1,402
122132309124275

294

Other operating revenue
QoQ ＋8.6%
Financial revenue
QoQ +147.5%
Commission received
QoQ +7.0%

Copyright© INV Inc. All Rights Reserved

879

900２Ｑ

３Ｑ

FY2023

FY2023

Net trading income
QoQ +2.3%

15

Quarter-on-Quarter｜3Q operating expenses breakdown｜Oct.2022-Dec.2022
Unit : millions of yen

1,269
106
54
170

1,380
106
58138
206

Other expenses
QoQ ＋0.5%

303

Depreciation
QoQ +6.6%

179

Marketing costs
QoQ -18.7%

288

470

Copyright© INV Inc. All Rights Reserved

566

Trading related expenses
QoQ +14.7%
Equipment costs
QoQ +5.4%２Ｑ

３Ｑ

FY2023

FY2023

Personnel expenses
QoQ +20.4%

16

Domestic
Financial BusinessHighlight
Segment results

Copyright© INV Inc. All Rights Reserved

17

Domestic financial business segment

Financial results by segment｜3Q｜Oct. 2022- Dec. 2022
Revenues fell due to a decline in OTC CFD trading as a result of the fall in US equities,

which reached new highs the previous year. Profits fell as SG&A expenses increased due tohigher equipment and fixtures costs following the release and aggressive advertising.

Unit : millions of yen

YoYFY2022

FY2023

3Q(10-12,2022)

3Q(10-12,2022)

Increase/Decrease
Ratio

Net operating revenue

975761(21.9%)

Operating expenses

622

752

＋20.9％

Operating income3528(97.5%)

Copyright© INV Inc. All Rights Reserved

18

Domestic financial business segment

Net operating revenue breakdown｜ Oct. 2022- Dec. 2022

Unit : millions of yen

975
73
127

761
65
186

Other operating revenue
YoY (11.1%)
Commission received
YoY +46.5%

801
621

Net trading income
YoY (22.5%)
Other financial costs

Copyright© INV Inc. All Rights Reserved(25)(48)３Q

３Q

FY2022

FY2023*Excluding inter-segment adjustments

19Domestic financial business segment

Operating expenses breakdown｜ Oct. 2022- Dec. 2022
752

Unit : millions of yen

622
8165
39
129

24
6887

76
166

200

Other expenses
YoY (19.9%)
Depreciation
YoY +63.1%
Marketing costs
YoY +90.4%
Trading related expenses
YoY ＋14.8%

Copyright© INV Inc. All Rights Reserved

205

229

３Q

３Q

FY2022

FY2023Equipment costs
YoY +20.7%
Personnel expenses
YoY ＋11.7%

20

Domestic financial business segment

Net operating revenue and operating income｜ Apr. 2022- Dec. 2022
Net operating revenue was at the same level as in the same period of the previousyear and operating profit was -79.5% of the previous year's level.

Unit : millions of yen

Net operating revenue

2,350

975

2,351

Operating income

455
Third quarter

761

Second quarter

352

First quarter

763
748

93
627

825

137

282(34)
FY

FY

FY

FY

2022

2023

2022

2023

Copyright© INV Inc. All Rights Reserved

21

Domestic financial business segment

Net operating revenue and operating income quarterly results
975

Unit : millions of yen

771

765

700

768

748

735

825

763

761

627

Net operating revenue
Operating income

352

48

1065

２Q

３Q
FY2021

Copyright© INV Inc. All Rights Reserved

82

４Q

１Q

28(1)

(34)

(54)
１Q

137

２Q

３Q
FY2022

４Q

１Q

２Q

３Q

FY202322

Domestic financial business segment

Amount of guarantee deposits received Quarterly results

Unit : millions of yen

84,157

81,32774,382

69,20570,302OTC FX

70,100Tri-auto-FX / MAiMATE

CFD

Tri-auto ETF

Exchange FX
Click 365

Number of accounts

503,330 accounts
1Q

2Q3Q

4Q

FY2018

Copyright© INV Inc. All Rights Reserved

1Q

2Q

3Q

FY2019

4Q

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

*As of Dec. 31, 2022

FY202323

Overseas
Financial businessHighlight
Segment results

Copyright© INV Inc. All Rights Reserved

24Overseas financial business segment

Financial results by Segment｜3Q｜ Jul. 2022- Sep. 2022
Net operating revenue on a quarterly basis reached a record high due to higher transaction

volumes, particularly in foreign exchange, and higher interest income due to higher interest
rates and a depreciation of the yen.

Unit : millions of yen

YoY

FY2022

FY20233Q(7-9,2022)

3Q(7-9,2022)

Increase/Decrease
Ratio

Net operating revenue

544

758＋39.3 %Operating expenses

431

636＋47.6 %Operating income

113

121+7.5 ％As the financial year ends at the end of December, the third quarter is the actual period from 1 July to 30 September 2022.

Copyright© INV Inc. All Rights Reserved25Overseas financial business segment

Net operating revenue breakdown ｜ Jul. 2022- Sep. 2022
Unit : millions of yen

758
67544

108

Other operating revenue
YoY +58.6%

42112

Commission received
YoY (4.2%)
587395(17)Copyright© INV Inc. All Rights Reserved

Net trading income
YoY +48.7%
Other financial costs

(77)

３Q

３Q

FY2022

FY2023*Excluding inter-segment adjustments

26

Overseas financial business segment

Operating expenses breakdown ｜ Jul. 2022- Sep. 2022
636

Unit : millions of yen

41
188431
51
13
489

127

103

Depreciation
YoY +35.9%
Marketing costs
YoY +91.2%

75336
196

Copyright© INV Inc. All Rights Reserved

Other expenses
YoY (20.6%)

Trading related expenses
YoY +43.7%
Equipment costs
YoY +37.3%

３Q

３Q

FY2022

FY2023

Personnel expenses
YoY +71.2%

27

Overseas financial business segment

Net operating revenue and operating income ｜ Jan. 2022- Sep. 2022
Net operating revenue increased by 41.7% and operating income by 32.7%.
Net operating revenue
Unit : millions of yen

1,370

Operating income

309

1,941

758

233

121

113

544

77

596

586

72

First quarter

109

FY

FY

FY

FY2022

2023

2022

2023

Copyright© INV Inc. All Rights Reserved

Second quarter

47415

409

Third quarter

28

Overseas financial business segment

Net operating revenue and operating income quarterly results
758

Unit : millions of yen

544

321

302

7１Q

42２Q

Copyright© INV Inc. All Rights Reserved

Net operating revenue
Operating income

317

43３Q

FY2021

596

415

409

348

558

586

16４Q

72

１Q

113

118

47２Q

３Q
FY2022

４Q

109

１Q

77２Q

121

３Q

FY202329

Overseas financial business segment

Amount of guarantee deposits received Quarterly results

230

218

Unit : millions of yen

164
137
114

98

1Q

2Q

3Q4Q

FY2018

1Q

2Q

3Q

FY2019

4Q

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023※海外金融事業は決算日が12月末日のため数値は３ヶ月前の値となり、第３四半期は2022年９月30日時点の預かり証拠金残高となっています。
Copyright© INV Inc. All Rights Reserved

30

ROE
Shareholder
returnCopyright© INV Inc. All Rights Reserved31Return on equity-ROE
Return on equity of 3Q of FY2023 is 1.2%
7.4%

7.2%

7.2%

6.4%

1.2%

1.3%
0.3%
１Q

２Q

３Q
FY2021

0.6%
４Q

0.4%
１Q

２Q

３Q

４Q

FY2022

１Q0.2%
２Q

３Q

FY2023

Quarterly ROE is calculated by annualizing the average value of quarterly net income.
Copyright© INV Inc. All Rights Reserved32

Shareholder returns
38 yen of dividends per share is planned for the Fiscal year ending March 31, 2023
Dividend yield 5.0%
※Dividend yield is calculated at the closing price of “760”yen on 30 Dec. 2022

Results and forecast

Dividend policy
Our basic policy is to return profits to shareholders in an appropriatemanner in line with performance, while maintaining stable shareholder
returns.

Dividends

FY2021

FY2022

FY2023

Half period(yen)18.0 ※3

18.0

19.0

Year -end(yen)

19.0

24.0

Total(yen)

37.0

42.0

We plan to distribute surplus cash dividends twice a year, at the interim
and at the end of the year, whichever is higher.

Net income

60

808

Total Dividends

217

246

・Consolidated dividend payout ratio 30%

Payout ratio

359.6%

30.5%

・DOE of 2% annually

ROE

0.6%

7.2%

DOE

2.0%

2.2%

Dividend yield ※2

5.2%

4.6%

Note ) Dividends for the FY 2023 are forecast and not guaranteed.

Copyright© INV Inc. All Rights Reserved

19.0

forecast

38.0

Forecast※2 : 配当利回りは各年度末日の終値で算出※3 : 2021年3月期中間はインヴァスト証券株式会社での配当実績

33

OurMission/Vision

Copyright© INV Inc. All Rights Reserved

34

Mission
PurposeMaking the world a better place.
Our mission is to create the solutions for the people of the world to navigate the financial
obstacles in each of their life plans, and to provide the support for ambitious, aspiring
people so that even more of them can seize opportunities for prosperity.
We aim to help build a better world using finance as a means to make people happy.

VisionOur Goal

Creating financial solutions with global user base of 10 million by 2025.
Our goal is to make the world a better place by providing people all around the world withfinancial solutions that make their lives happier. We will grow into a global company with a
global customer base, which employs exceptional human resources from around the world
who fulfill their responsibilities as true professionals in order to turn our vision into reality.
As the first step in our vision, we will create financial solutions with a global user base of 10
million by 2025.

Copyright© INV Inc. All Rights Reserved35

Management Strategies to Achieve ”Vision” in STAGE２

1STAGE2017 to 2019
Improve profitabilityof existing business2020 to 2022

C o n ti n u e d b u s i n e s s g r o w th

Create new business

Investment
Period2STAGE

Pursue group synergies

3STAGE2023 to 2025
Become a global company with10 million users worldwide

Development
PeriodGrowthPeriodManagement Strategies （STAGE2 : From 2020 to 2022年）
1 Continued Growth

Domestic Financial Business: Concentrate management resources on priority businesses. (Tri-Auto, MAiMATE)
Overseas Financial Business: Aim to become a top-class global market player in the prime brokerage market.
R&D and technology-based product and service sophistication.
Becoming a holding company structure in October 2020.

2 Group Synergies

Establishment of a flexible, speedy, and agile structure for the execution of strategies such as the launch of
new businesses Diversify business portfolio (increase ratio of investment advisory, real estate finance, etc.)
Creating synergies on a global basis (group IT management, streamlining of business processes etc.)
Execute M&A in addition to the growth of each subsidiary.

3 OtherEnhancement of corporate brand value. (IR/PR)
Recruitment of excellent people who can cope with global expansion and reinforcement of the humanresource base of the organization.

Copyright© INV Inc. All Rights Reserved36Company Profile

Copyright© INV Inc. All Rights Reserved

CompanyName

INV Inc.

Head Office

1-5-6, Higashi-Nihonbashi, Chuo-ku, Tokyo, 103-0004, Japan

President
CEOTakeshi Kawaji

Established

October 1 ,2020

Capital

500 million yen

BusinessActivities

Management of group companies and new business developmentMainSubsidiaries

Invast Securities, Invast Financial Services, Invast Capital management

Securities
CodeTokyo Stock Exchanges Standard7338

37

This document is an excerpt translation of the Japanese original prepared for reference purposes.
In the case of any discrepancy between the translation and the Japanese original , the latter shall prevail.
The information contained in this material is intended to provide information on the Group's business and

免責事項
Disclaimer

is not intended as a solicitation for investment. It is not intended as a solicitation to invest.

The information contained in this document contains forward-looking statements.
Because forward-looking statements are subject to various risks and uncertainties actual results may
differ materially from those contained in or suggested by such forward-looking statements. implied bysuch forward-looking statements.

While every effort has been made to ensure the accuracy of the information contained in this document.
However, it is information that can be provided at that time, and no guarantee is made as to its completeness,accuracy, applicability, or usefulness.

The user is solely responsible for making decisions based on the information.
The Company assumes no responsibility whatsoever for any decisions made based on information.

Copyright© INV Inc. All Rights Reserved38