Financial Results Briefing for 1Q FY2024
Increase in the number of active terminals contributes to the expansion of recurring-type sales.
Acquired pipeline beyond next FY by promoting vertical expansion

15th IR Presentation

February 14, 2024
GMO Financial Gate, Inc.
(Ticker: 4051, TSE-Growth)

https://gmo-fg.com/

Copyright 2024 GMO Financial Gate, Inc.

Cautionary Note Regarding Presentation Materials

The content of these presentation materials is based on generally
recognized economic and social conditions, as well as assumptions
judged to reasonable by GMO Financial Gate as of February 14, 2024
Note that presentation material content is subject to change without priornotice in response to changes in the business environment or other
unforeseen circumstances

Copyright 2024 GMO Financial Gate, Inc.

2

Meeting
AgendaMain Agenda

1. Summary of Financial Results for 1Q FY2024
2. KPI
3. Business Highlights
4. Growth Strategy and Progress
Supplemental Agenda
5.

Financial Information, Investment and Shareholder Return Policies

6.

ESG Initiatives (Details)

7.

Appendix

Copyright 2024 GMO Financial Gate, Inc.

Summary of Financial Results for 1Q FY2024

1
Copyright 2024 GMO Financial Gate, Inc.

1.1 1Q FY2024 Summary
Revenue was in-line with full-year targets, while profit exceeded forecast

Quantitative

1Q FY2024 P 6‐Revenue : ¥4.49 bn (YoY +37.6%) Progress towards 1H forecast 48.8%、 Progress towards full-year forecast 23.4%‐Operating Profit : ¥0.48 bn (YoY +71.9%) Progress towards 1H forecast 65.5%、 Progress towards full-year forecast 34.4%
Revenue by Business Model P 8‐Initial revenue : ¥2.91 bn (YoY +31.3%) ‐Recurring-Model revenue : ¥1.58 bn (YoY +51.0%)
KPI P 11-13‐Transaction Volume (Number of Transactions): 0.16 bn (YoY +55.7%)‐GMV : ¥ 1.45 tn (YoY+57.4%)‐Number of Active Terminals (1Q): 326 K (YoY +107 K、 YoY +49.5%)

Qualitative

Business
Topics• Increase in the no. of terminals in operation and the shift to cashless transactions led to expansion of recurringtype sales and higher margins P 7
P 23• Several large corporation pipelines through “Vertical” expansion will lead to profitability beyond next fiscal year
• IoT terminals increase due to increase in self service terminals which led to higher business performance P 27•(1) Materiality Identification. (2) Obtained a B score in the first CDP response. Promote PJ with the aim of
ESG

Organization

Topicsobtaining an A in the future. P 29•
Transitioned to a company with an audit committee system. Special committee also established to further
governancestrengthen governance structure. P 48
Copyright 2024 GMO Financial Gate, Inc.

5

1.2 Summary of Financial Results
Steady expansion of recurring-model revenue led to higher gross profit margins.
Significant year-on-year growth in profit at each stage. Steady expansion of each KPI（mn yen）

1Q FY2023

YoY

1Q FY2024

Forecast
FY2024 1st half
（Full-year）

Progresstowards forecast

Revenue

3,267

4,496

+37.6%

9,208(19,200)

48.8%(23.4%)

Gross profit

843

1,271

+50.7%

2,421(5,095)52.5%(24.9%)

Operating profit

282

485

+71.9%

740(1,410)65.5%(34.4%)

Profit attributable to owners ofparent170

290+70.5%

472
(859)

61.4%
(33.8%)KPI（YoY）

Number of active terminal

Transaction Volume

Transaction Value (GMV)（1Q FY2024 Only）（1Q FY2024 Only）（1Q FY2024 Only）

326,072

c. 164.3mn

c. ¥ 1,455bn（+49.5%）（+55.7%）（+57.4%）

Copyright 2024 GMO Financial Gate, Inc.

6

1.3 Major Topics Regarding Financial Results
Mid-small to Large-lot deals and an increase in the number of active terminals contributed to sales
growthProfit margins increased due to an increase in recurring-type sales and a change in the composition ofterminals sold
（mn yen）

5,000

Revenue（YoY+37.6％）

4,500
4,000

◼ Gross Profit(＋) Revenue growth(＋) Steady expansion of highly profitable recurring model revenue(＋) Rise in composition of high-margin terminal sales compared to stera terminal

3,500
3,000

4,496

2,500
2,000

◼ Revenue(＋) Initial: Large-lot projects for JTB and accumulation of small and medium-sized projects(＋) Recurring: Increased revenue due to an increase in the number of active terminals(＋) Recurring: Continued inbound recovery, steady acquisition of merchants with strong
holiday sales

3,267

Gross Profit（YoY+50.7％）

1,500
1,000

1,271
500

◼ Operating Profit(＋) Steady growth in revenue and gross profit(－) Continued investments (human resources, IT, etc.)
necessary for future growth
Operating Profit（YoY+71.9％）

843
282

0
1Q FY2023 売上高1Q FY2024

1Q FY2023
1Q FY2024
売上総利益

Copyright 2024 GMO Financial Gate, Inc.

485

1Q FY2023
営業利益1Q FY20247

1.4 Revenue by Business Model (YoY)
Stock and fee led the increase in recurring model revenue composition
Spread, at CAGR+25% has made a decent start(mn yen)

1Q FY2023

1Q FY2024(Composition %)(Composition %)YoY

Initial2,220(67.9%)

2,915(64.8%)+31.3％

Recurring-Model

1,047(32.1%)

1,581(35.2%)+51.0％

Stock

259(8.0%)

387(8.6%)+49.2％

Fee

519(15.9%)

853(19.0%)+64.1％

Spread268(8.2%)

340(7.6%)+27.2％

Total Revenue

3,267

4,496

+37.6％

Copyright 2024 GMO Financial Gate, Inc.

8

1.5 Revenue by Business Model (Quarterly)
Initial: Steady increase from the average of past years' results, due in part to large-lot projects.
Recurring: Steady quarterly growth due to an increase in the number of active terminals
Initial Revenue

Recurring Revenue（mn yen）（mn yen）

4,000

2,000
Avg QoQ for each FY

1,800

3,461

3,500

2,915

2,905

3,000

2,778

1,682
1,525

1,581

1,600

1,375
1,277

1,200

2,220

1,047

1,000

921
841

1,790

800

1,454 1,643

1,500

Spread

1,400

1,927

2,000

Fee

2,529

2,500
2,136

Stock

686 683

1,291

1,103
1,000
626

693

400

558

500

465
200

450

0

0
1Q
FY20

2Q
FY20

3Q
FY20

4Q
FY20

1Q
FY21

2Q
FY21

3Q
FY21

4Q
FY21

1Q
FY22

2Q
FY22

3Q
FY22

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

853

242
250

643

239 217495
363 367 333

391

1Q
FY20

4Q
FY20

430 427

315

299

268

569

600

855

268

1,091

203

434

340

519

693

539

361
185
193 181261 259
179
183
177 179 124
149
99
101
334 366 387
74 70 80 79
259 283244
229
206
182 185
110 117 128 132 135 145 160
2Q
FY20

Copyright 2024 GMO Financial Gate, Inc.

3Q
FY20

1Q
FY21

2Q
FY21

3Q
FY21

4Q
FY21

1Q
FY22

2Q
FY22

3Q
FY22

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

9

KPI

2
Copyright 2024 GMO Financial Gate, Inc.

2.1 Initial Revenue and Number of Active Terminals
No. of active terminals increased steadily – due to increase in initial sales, net increase in the number ofoperating terminals increased( ) : Excluding, for Japan Post
+27.2
+25.5
(+20.2)+39.3
298.8(+20.0)Initial revenue（mn yen）
Number of active terminals （thousands）

326.0

273.2

+15.8
+18.6

+15.7
+19.2
+14.5

+4.9

+11.2

+11.3

150.0
134.0

+10.7
114.7

3,461

99.1
74.1

79.1

2,529

2,136

51.6

1,525
693

1Q
FY20

2Q
FY20

855
450

465

3Q
FY20

4Q
FY20

2,915

2,905

88.4

62.9

626

199.5

164.5

+19.2
+9.3

218.1

183.7

+15.9
+15.5

233.9

1Q
FY21

1,682

1,454

1,643

1,927

2,220

1,103

2Q
FY21

3Q
FY21

4Q
FY21

1Q
FY22

2Q
FY22

3Q
FY22

Copyright 2024 GMO Financial Gate, Inc.

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

11

2.2 Consolidated KPI（Number of active terminals）
Increase in the number of manned terminals, especially in stera, continues to drive the overall increasein the number of active terminals.
Steady expansion of unmanned terminal installations
1Q FY2024
YoY＋107.8 K、YoY+49.5%（Thousand）

400

Manned terminal

Unmanned terminal

Sold by others
QoQ ＋27.2 K

1Q FY2023
YoY＋68.1 K、YoY+45.4%

350

326.0
298.8

300

273.2

1Q FY2022
YoY＋61.5 K、YoY+69.6%

250

218.1
183.7

200

134.0

150

100

51.6
50

0

62.9

74.1

79.1

17.0

17.3

26.9

28.8

88.4
18.8

99.1
18.8

19.0

18.6

11.7
23.5

25.6

27.6

30.2

32.9

39.5

48.4

1Q
FY20

2Q
FY20

3Q
FY20

4Q
FY20

1Q
FY21

2Q
FY21

3Q
FY21

54.1

47.6
45.8
246.7
199.5

40.1

4Q
FY21

1Q
FY22

Unmanned terminal (IoT)+9.9 K(+20.0%)

57.1

44.2

88.3

(+3.9%)

52.3

42.4

75.2

59.4

19.5

+0.7 K

49.5

33.9

61.6

18.8

19.3

Sold by others

19.1

19.1

19.2

18.9

19.2

31.8

9.9
16.0

30.0

114.7

150.0

164.5

199.5

233.9

19.9

YoY

101.3

2Q
FY22

118.7

3Q
FY22

132.7

4Q
FY22

Copyright 2024 GMO Financial Gate, Inc.

149.4

1Q
FY23

222.2

+97.2 K(+65.1%)

162.7

2Q
FY23

3Q
FY23

4Q
FY23

Manned terminal

1Q
FY24

12

2.3 Consolidated KPI (Quarterly Transaction volume / GMV)
Steady growth of more than 50% YoY in both transaction volume and GMV
Number of transaction volume

Transaction value (GMV)（100 mn yen）

（mn）

16,000

YoY +55.7%

180

YoY +57.4%
14,000150
12,000120

10,000
8,000

90

6,000
60
4,000
30

2,000
0

0

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21 FY22 FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21 FY22 FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24

Transaction volume(10 K)
Transaction value(GMV)（¥100 mn）(Reference) Average
Settlement Price (¥）

1Q
FY21

2Q
FY21

3Q
FY21

4Q
FY21

1Q
FY22

3Q
FY22

3Q
FY22

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

2,682

2,774

3,848

4,913

6,497

6,292

8,237

9,224

10,553

10,804

13,026

14,43816,431

2,328

2,361

3,141

3,810

5,251

5,161

6,658

7,530

9,242

9,459

10,842

11,93014,552

8,680

8,510

8,163

7,755

8,082

8,203

8,084

8,163

8,758

8,756

8,323

8,263

8,856

Copyright 2024 GMO Financial Gate, Inc.

13

Business Highlights

3
Copyright 2024 GMO Financial Gate, Inc.

3.1 Merchant Industry
Hotel/travel sales grew due to the contribution of large-lot member stores.
Expanding installation of terminals for various business categories such as amusement (movie theaters,
karaoke, etc.), drugstores, chain restaurants, etc
Expanded

Post office

Expanded

Drug store(medicine/cosmetics)

One dollar shop

Expanded
Publictransportation(Train/bus etc.)

Store scale：Large

Chain restaurant

Electronics
chain-retailers

Supermarket

IoT
Parking lot

Expanded

Clothing/
Sporting goods

Amusement

IoT Mobility

High inboundtourism demand
NeutralOne-stop service proposals
with alliance partners

Retailers/
Shopping Centerof Railway
company

Largecommercial
facility/shopping
centerExpanded

Administrative
institutions(City office /Police station/
Drivers’ license agency)

Stadiums/Sports
spectator
facilities••

Low unit
price

•

IoT

IoT

Vending

checkout machine

Hotel/Travel

Action Plan•

Introduction of selfcheckout registers
IoT POS / Center linkage••

POS point linkage
Provision of DX services tobusiness partners

Solutions for the mass
marketProvision of DX services tobusiness partners•

Sales strategies byindustry/ individualcompany
Proposals in collaboration
with business partners•

GMO Card System(consolidated subsidiary)High unit
price
Medical / Clinic

Expanded
Educational
institutions(Stores/Cafeterias
in University/High
School)Service/
LeisureExpanded

Small restaurant

stera pack
(For SMEs)
Store scale : Small
Copyright 2024 GMO Financial Gate, Inc.

Fine dining/High-end retailstera pack
(For SMEs)
15

3.2 Transaction Trends by Industry (1Q)

： High inbound tourism demand

Growth in transactions due to holiday sales season in addition to continued inbound recovery
Merchant Ａ

Merchant C

Transaction Volume

Transaction Volume

Banquetneeds

Transaction Value (GMV)

Chainrestaurant

Transaction Value (GMV)
Transitioned
steadilySupermarket

COVID19 Headwinds/Inbound-related industries

Merchant B

Transaction Volume

Continuation of recovery
trend

Transaction Value (GMV)

Hotel/Travel

800,000

Merchant D

700,000

Drug store
Pharmacy

600,000
500,000

23/12

23/11

23/9

23/10

23/8

23/7

23/6

23/5

23/4

23/3

23/2

23/1

22/12

22/11

22/10

22/9

22/8

22/7

22/6

22/5

22/4

22/3

22/2

22/1

21/12

21/11

21/10

21/9

21/8

21/7

23/12

23/11

23/10

23/9

23/8

23/7

23/6

23/5

23/4

23/3

23/2

23/1

22/12

22/11

22/9

22/10

22/8

22/7

22/6

22/5

22/4

22/3

22/2

22/1

21/12

21/11

21/10

21/9

21/8

COVID19 Headwinds/Inbound-related industries
Transaction Volume
Transitioned
steadilyTransaction Value (GMV)(Medicine/
Cosmetics)

400,000
300,000
200,000

Copyright 2024 GMO Financial Gate, Inc.

23/12

23/11

23/9

23/10

23/8

23/7

23/6

23/5

23/4

23/3

23/2

23/1

22/12

22/11

22/10

22/9

22/8

22/7

22/6

22/5

22/4

22/3

22/2

22/1

21/12

21/11

21/10

21/9

0
21/8

23/12

23/11

23/10

23/9

23/8

23/7

23/6

23/5

23/4

23/3

23/2

23/1

22/12

22/11

22/10

22/9

22/8

22/7

22/6

22/5

22/4

22/3

22/2

22/1

21/12

21/11

21/10

21/9

21/8

21/7

100,000
21/7

21/7(Izakaya)16

3.3 Top 30 ranked merchants (GMV basis)
Transportation and logistics-related ranked first. Five new clients ranked in the top 30
Hotel and travel-related businesses continue to grow at a high rate
1Q FY2023
Gentlemen's Clothing Store A
Super Market A
Sporting Goods Store A
Toy Store A
Drug Store B
Hundred-yen Store A
Automobile, Auto Accessory Store A
Hotel/Travel A
Hotel/Travel B
Drug Store A
Super Market B
Restaurant A
Pet Shop A
Medical/Clinic A
Super Market C
Apparel A
Sporting Goods Store B
Automobile, Auto Accessory Store B
Super Market D
Drug Store C
Apparel B
Gentlemen's Clothing Store B
Automobile, Auto Accessory Store C
Jewelry Store A
Apparel C
Super Market E
Hotel/Travel C
Gentlemen's Clothing Store C
Wholesale Electronics Store A
Musical Instrument Store A

1Q FY2024

Subtotal of top 30 GMV¥ 176.2 bn
Top 30 ratio: 19.1％（¥100mn）

0

100

200

Transportation/Logistics A
Gentlemen's Clothing Store A
Hotel/Travel A
Super Market A
Sporting Goods Store A
Hundred-yen Store A
Hotel/Travel B
Toy Store A
Drug Store B
Automobile, Auto Accessory Store A
Restaurant A
Drug Store A
Super Market B
Apparel D
Sporting Goods Store C
Hotel/Travel D
Department Store A
Pet Shop A
Apparel C
Apparel A
Super Market D
Super Market C
Medical/Clinic A
Sporting Goods Store B
Hotel/Travel E
Bookstore A
Drug Store C
Hotel/Travel E
Real Estate A
Hotel/Travel F

300

Copyright 2024 GMO Financial Gate, Inc.

New

Increase from 1Q FY2023
Decrease from 1Q FY2023

Subtotal of top 30 GMV
NewNew¥ 241.4 bn(YoY +65.2 bn, YoY+37.0%)
Top 30 ratio ：16.6％
New

5 new clients※Merchants with no transactionin the same period of theprevious year

New

New
（¥100mn）

0

100

200

300

17

3.4 Comparison to Market Growth (November YoY)
Market growth is at +11%YoY while GMO FG GMV is at +60% YoY
Growth continues above macro statistics
Market GMV (Transaction value of credit card payment)
全体（左軸）All (left axis)(tn yen)Nov 2022

Nov 2022

Nov 2023

小売（左軸）
Hotel/inn (left axis)

10

GMO-FG GMV

YoY +11%

飲食店（右軸）Retailers (left axis)
旅館・ホテル（右軸）Restaurants (left axis)

Nov 2023(100 mn yen) (100 mn yen)
6,000
8,000

YoY +60%

7,000
5,000

8
6,000
4,000

5,000

6

4,000
同YoY
+10%

4

3,000

3,000

同YoY
+18%

2,000

2,000

同YoY
+11%

Copyright 2024 GMO Financial Gate, Inc.

23/12

23/11

23/10

23/09

23/08

23/07

23/06

23/05

23/04

23/03

23/02

23/01

22/12

22/11

22/10

22/09

22/08

22/07

22/06

22/05

22/04

22/03

22/02

22/01

21/12

21/11

21/10

21/09

21/08

21/07

21/06

21/05

21/04

21/03

21/02

21/01

20/12

20/11

20/10

20/09

20/08

20/07

20/06

20/05

20/04

20/03

20/02

20/01

0

19/12

0

1,000

19/11

23/12

23/11

23/10

23/09

23/08

23/07

23/06

23/05

23/04

23/03

23/02

23/01

22/12

22/11

22/10

22/09

22/08

22/07

22/06

22/05

22/04

22/03

22/02

22/01

21/12

21/11

21/10

21/09

21/08

21/07

21/06

21/05

21/04

21/03

21/02

21/01

20/12

20/11

20/10

20/09

20/08

20/07

20/06

20/05

20/04

20/03

20/02

20/01

19/12

19/11

0

19/10

1,000

19/10

2

18

3.5 Settlement Platform which Grows with its Merchants
GMO-FG GMV grew at +57.4% YoY for 4Q, +24.2%YoY for existing merchants
Merchants grew with GMO-FG’s settlement platform
GMV Growth Rate
（100 mn yen）

15,000

Newly acquired
merchants
Existing
merchants

Growth of
GMV overall
Growth of GMV fromexisting merchants

Overall +53.09 bn(YoY+57.4%)

14,552
3,073

12,0009,000

Existing +22.36 bn（YoY+24.2％）

6,000

11,478

9,242
3,000

0

1Q FY2023

1Q FY2024*Existing merchants are calculated as the number of merchants in the same period of the previous year. Existing merchants increase in “the number ofpayment terminals” and “new store openings” are also considered as existing growth.

Copyright 2024 GMO Financial Gate, Inc.

19

Growth Strategy and Progress

4
Copyright 2024 GMO Financial Gate, Inc.

4.1 Image of rise in Revenue & Operating Profit
Market Share Expansion Phase: focus on sales/activation of payment terminals and revenue will be
fluctuated.
Margin Increase Phase: recurring revenue will increase due to increase in active terminals which willcontribute to operating profit growth
Increase of Market Share

Revenue
Number of Active Terminals

Rise in Profit Margin

Revenue: Increase at a CAGR of 25% or more, although the extent of increase will vary fromperiod to period
Operating profit: Continue to grow 25% or more every fiscal year

Operating Profit

Sales may fluctuate significantly from period to period

Copyright 2024 GMO Financial Gate, Inc.

Active terminals willstack up each FY

21

4.2 Mid-term Financial Plan
Mid-term plan created at IPO has progressed ahead of schedule – a new five-year plan has been created
to promote operating profit of 5bn yen in 2030
Operating Profit Growth Curve
Action Plans(operating profit: bn yen)

60

50

Mid to long term strategy

1Acquire multi-industry/high-growth enterprises bylaunching next-generation multipayment terminals

2

Expand IoT payments by supporting contactless (tap) andunattended payments

ベーストレンド
Base trend

1.業務DX支援
1. Digitalization support

2.transit
2. Transit

3. Tap toto pay/SME
3.Tap
Pay/SME

4. Large commercial
4.大型商業施設/SC

5. IoT alliance
5.IoTアライアンス

facility/shopping center

breakdown

3 Acquire large scale merchants through expansion of（GMV:50tn)

5.0 bn+40

GMV(右軸)GMV (right axis)

alliances with QR, points, etc.

4 Increase added value by strengthening processing center40

3.5 bn+functions30
Continued implementation at Public
transport, large commercial
facilities/shopping center

30

Start IoT
settlementbusiness

10

Make GMO-CAS
a subsidiary tostrengthenbusiness as a
whole

20

Start tap to pay(terminal-lesssettlement)

20

Start ofstera
service
Establish GMO
Data for stera
data processing
centerYoY +25%
growth

1.5 bn+
1.4 bn+Start transit
services
Expand mobile
terminals

10

0

0
2016

2017

2018

2019

2020
IPO

2021

2022

2023

2024

Copyright 2024 GMO Financial Gate, Inc.

2025

2026

2027

2028

2029

2030

22

4.3 Vertical Expansion

Action plans： 1

2

3

Accelerate business expansion with large corporate groups by providing a variety of tailor-made services- expanding profit opportunities by applying this to other large corporate groups
Expansion into
other industries

IT support

DX support(merchant
application)

Multi-acquiring
connection

5 Real estate
4

B社

HotelsNew

Data download
CRM integration

DX support(merchantsettlement)

Vertical integration

C社

Revenue /ProfitExample of solution
assetsLarge
corporategroupsUseability
improvement

32026～ Company C(Large commercial
New2025～ Company B facility chain C)

Large commercial
facility/SC

New
SupportApp

Point
integration

2024～ Company A(Large commercial
facility chain A)

2
Restaurants

Customized
support5
4
3(Large commercial
facility chain B)

2

A社

1

1
RetailFY20242024/9期

FY20252025/9期

FY20262026/9期

FY20282027/9期

FY20292028/9期

Timeframe
Commercial
facility /shopping center

Stadium
Facilities

Public Service
Institution

Vending
machine

Parking lot
EV meterLaundry

Amusement

TravelWholesale

Real Estate

Office/School

Medical/Welfare

Hotel/Inn

Bus/Railway

Restaurant

Retailer

Expansion incustomer industry

Horizontal integration (1. Payment terminal, 2. Processing center, 3. PSP service)
Copyright 2024 GMO Financial Gate, Inc.

23

4

Action plans： 1
4.4 Profit Contribution from Vertical Expansion
Pipelines from mainly large corporations have piled up steadily

2

3

Image of pipelines from vertical expansion
Digitalization
業務DX支援supportLarge commercial
facility/shopping
大型商業施設/SCcenterIoT alliance
IoTアライアンス

Expansion

New

5

Large commercial
facility chain C

Company B

Large commercial
facility chain B

Company A

Large commercial
facility chain A

ImplementationRealestate4

HotelsNew

Large
corporategroups21Company C

3Large commercial
facility/SC

Restaurants

Company B

Origination

New

RetailCompany A
FY2024FY2025

Copyright 2024 GMO Financial Gate, Inc.

FY202624

4

4.5 Expansion of Payment Platforms - Mobility Domain

1

Action plans

23With the recent increase in the number of foreign visitors to Japan, mobility payments in urban areas areon the rise - provided services to 90 enterprises as of Dec. 2023. Experimental implementation isscheduled to start with Tokyo Metro from 2024
Implementation at Public Transportation Institutions(no. of institutions)

December 2023：90 institutions*(28 prefectures)

Leading public transporation
institutions in Kansai region

100

Number of Tourists and Mobility Settlements

YoY+51 institutions

90
New

80

88

85

Hankyu

90

150
50
21/3
21/4
21/5
21/6
21/7
21/8
21/9
21/10
21/11
21/12
22/1
22/2
22/3
22/4
22/5
22/6
22/7
22/8
22/9
22/10
22/11
22/12
23/1
23/2
23/3
23/4
23/5
23/6
23/7
23/8
23/9
23/10
23/11
23/12

69

65

Osaka
Metro

60

200

0

67

Hanshin(ten thousand people)

250

100

82

New

70

Number of Tourists
300

Source: Compiled by Japan National Tourism Organization (JNTO) from "Number of Foreign Visitors to Japan

New

Numbers of Mobility Settlements

Kintetsu

50

47

Nankai

40
34

30

30
20

16

Number of mobility introduction
cases in GMO-FG platform

15*including pre-launched cases

8

Copyright 2024 GMO Financial Gate, Inc.

23/12

23/11

23/10

23/09

23/08

23/07

23/06

23/05

23/04

23/03

23/02

23/01

22/12

22/11

22/10

22/09

22/08

22/07

22/06

22/05

22/04

22/03

22/02

22/01

23/12

23/11

23/10

23/09

23/08

23/07

23/06

23/05

23/04

23/03

23/02

23/01

22/12

22/11

22/10

22/09

22/08

22/07

22/06

22/05

22/04

22/03

22/02

22/01

21/12

21/11

21/10

21/09

21/08

21/07

21/06

21/05

21/04

21/03

21/02

21/01

20/12

20/11

20/10

20/09

4
20/08

20/07

22

14

5

2

1

25

12

9

10

Kyushu Transportation B
Kyushu Transportation D

31

24

21

0

Kansai Transportation A
Kyushu Transportation C
Others39

25

4

4.6 Expanding use of contactless NFC payment

Action plans

1

2

3

The percentage of credit touch payments at our processing center is on an upward trend. Growing
awareness of the convenience of NFC is driving the future spread of credit touch in the mobility field
Credit and debit payments at our centers / Proportion of payment methods

NFC IC

Insert IC

Swipe

1.6%

1.6%

1.5%

100.0%
2.3%

2.2%

2.1%

2.0%

2.0%

1.9%

1.8%

1.6%

1.5%

1.6%

1.6%

1.5%

1.5%

1.6%

1.5%

1.5%

1.3%

66.5%

72.8%

68.3%

63.1%

70.1%

64.9%

71.4%

30.2%

32.0%

33.6%

35.5%

28.3%

23/8

23/9

23/10

23/11

23/12

90.0%
80.0%
70.0%
60.0%
87.9%

87.1%

86.2%

85.4%

84.5%

83.6%

82.8%

81.7%

80.1%

78.5%

77.5%

75.9%

74.5%

50.0%
40.0%

YoY+18.8pt
30.0%
20.0%
10.0%
9.7%

10.7%

11.7%

12.6%

13.5%

14.5%

15.4%

16.7%

22/5

22/6

22/7

22/8

22/9

22/10

22/11

22/12

19.9%

21.0%

24.0%

25.6%

18.3%

22.6%

27.1%

23/1

23/2

23/3

23/4

23/5

23/6

23/7

0.0%

Copyright 2024 GMO Financial Gate, Inc.

26

4

4.7 Progress in IoT/Unattended Payment

Action plans

1

2

3

4

Supporting the transition from traditional to unmanned terminal (IoT) payments
Expanding business pipelines based on track record with major merchants
IoT terminal incorporation into the market

Track record and business pipelines
Track record

IoT/unattended payment
Merchant needs
・Labor saving
・Cashless payment needs
・Inbound demand・Retail shops in office buildings
・Installment sales act
・Infectious disease prevention

75
70
65

1 100-yen shops

1
Self payment
machine1
3

Fast food chain

1 Supermarket
32

1 Drug-store

2 Coin parking

3

Parking lot
adjustment
machineHotel/Golf
on-site payment
machine60 Traditional payment scene

Pipeline

2 Parking system company
Automatic payment

59.4

3 machine

57.1
54.1

55

52.3
49.5

Face to facepayment50

47.6

Parking lot
adjustment
machine(cash only)

45

45.8
44.2
42.4
40.1

40 Manned
register

33.9(thousands
35of terminals)

30

28.8

31.8
30.0

25
4Q FY20

1Q FY212Q FY213Q FY214Q FY211Q FY222Q FY223Q FY224Q FY22

1Q FY23

2Q FY23

Copyright 2024 GMO Financial Gate, Inc.

3Q FY23

4Q FY23

1Q FY24

2Q FY24

3Q FY24

4Q FY2427

4.8 Expanding ESG Initiatives
Continuous promotion of ESG initiatives to improve corporate value – will continue to enhance
disclosure related to human capital and improve ESG score for multiple institutions
To Do’s

ESG Initiative Roadmap

Promote MSCI score acquisition/improvement project

Corporate value
Present

Project LaunchedCompilation ofIntegrated Report• Promote project with external consultants to improve MSCI score• Since the scoring is a relative evaluation, we aim to improve the level of
disclosure with consideration for other companies in the same industry.
New

FTSE Score Acquisition/Improvement Project LaunchedNewEnhanced disclosureof human capital

CDP score
improvement project

done

Earned “B” score

FTSE score acquisition/improvement project launched

CDP first response
done

Skill matrix creation

done• Visualize issues with the assumption that they will be subject to scoring in thenear future• Started considering countermeasures

HP/Sustainability pagedone

GHG calculation/
Voluntary disclosure certification/SCOPE 1-3
of ESG initiatives

done

Timeframe

IPO

2020

2021

2022

2023

CDP score improvement project• Earned B score in 2023
• Will strive to earn A score by implementing external consultants

done

Non-fossil certificate
acquisition started

The SBT (Science Based Targets) Secretariat carries out certification after comparing
the levels required by the Paris Agreement with the greenhouse gas emission
reduction targets set by each company.
Project launched to reduce greenhouse gases and data verification continued by thirdparty verification organization
New

New

Identification of ESG materiality••

MSCI Score Acquisition/Improvement Project Launched

done

done

SBT Certification (Science
Based)Start preparations

Project launched for SBT certification (Science Based Targets)

2024

2025

Creation of Integrated Report

Formed Project Team• We plan to create an integrated report from the perspective of enhancing
information disclosure in order to promote management that involves more
stakeholders.

Copyright 2024 GMO Financial Gate, Inc.

28

4.9 ESG-related topics (Materiality Identification/CDP Score B earned)(1) Identified materiality. (2) Received a "B" in CDP, focusing on prime companies, exceeding the industry
average, the Asian average, and the global average. Aiming for "A" in the future, and aiming to improve
the score of low evaluation items.
ESG Materiality
Materiality

Infrastructur

Provide safe and secure face-to-Social Responsibility

1 e & Security face cashless payment
infrastructure

Decarboniza
Provide environmentally friendly
tion &
2 Environmen payment terminalst3

BusinessInnovation

CDP Score: B earned
Contribution to SDGs

What is CDP
Non-government organization for global warming countermeasures. Sends out aquestionnaire to leading companies around the world on topics such as greenhousegas emissions, business risks and opportunities due to climate change, and evaluatescompanies' responses to climate change issues based on their responses. Ratings are
given in 8 stages: A, A-, B, B-, C, C-, D, D- (B rating is third from the top
B ScoreA score of "B" is considered to be at the management level, and indicates that thecompany has been evaluated as “taking coordinated action on climate issues”- While our industry average, regional average, and global average are "C", we are a
TSE growth market company and has a "B" score that exceeds these standards- We will continue to strive to enhance disclosed information and aim to obtain an A
score

Incorporate technologicaladvancements

Senior Management

Establish climate changerelated goals

4

Human
Resources
Human
Rights

5 Governance

Secure highly specialized humanresources and strengthen
investment in their training

Visualizing CO2 emissions
in supply chain from all
terminal manufactures*(As is: only from main
terminals)

Establish a fair and equitable
governance structure

Copyright 2024 GMO Financial Gate, Inc.

Create business
opportunities
that lead to CO2
reduction

For details, refer to See the release "February 13, 2024 CDP 'Climate Change Report 2023' Receives 'B'
Score Rating“ URL:https://gmo-fg.com/news/20240213_cdpsucoanintei.pdf

29Supplemental Information
Financials, Investment /Shareholder Returns

5
Copyright 2024 GMO Financial Gate, Inc.

5.1 Profit & Loss
Gross profit margin improved significantly due to sales increase and composition change
Achieved significant increase in profits at each stage despite increasing SG&A

(thousands of yen)

1Q FY2023

YoY

1Q FY2024

Revenue

3,267,719

4,496,898+37.6%

Cost of goods sold

2,424,177

3,225,866+33.1%

Gross profit

843,542

1,271,031+50.7%

SG&A

560,764

785,032+40.0%

Operating profit

282,777

485,998+71.9%

Ordinary profit

282,444

483,098+71.0%

Profit attributable to ownersof parent

170,388

290,453+70.5%

Copyright 2024 GMO Financial Gate, Inc.

31

5.2 Revenue by business model (Quarterly)
Initial sales will fluctuate to around 3 bn yen per quarter depending on large-lot terminal orders
Continued high growth is driven by fee（ mn yen）

1Q
FY21

2Q
FY21

3Q
FY21

4Q
FY21

1Q
FY22

2Q
FY22

3Q
FY22

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

Initial

855

1,103

1,525

1,682

1,454

1,643

2,136

1,927

2,220

2,905

3,461

2,529

2,915

Recurring-Model

430

427

495

569

686

683

841

921

1,047

1,091

1,277

1,375

1,581

Stock

135

145

160

182

185

206

229

244

259

283

334

366

387

Fee

101

99

149

183

261

259

361

434

519

539

643

693

853

Spread

193

181

185

203

239

217

250

242

268

268

299

315

340

Total

1,286

1,531

2,020

2,252

2,141

2,327

2,978

2,849

3,267

3,997

4,738

3,905

4,496

Copyright 2024 GMO Financial Gate, Inc.

32

5.3 Changes in Revenue Composition and Changes in Gross Profit Margin
Gross profit margin has bottomed out – had been on a downward trend due to changes in sales
composition
Gross profit margin improved significantly in the first quarter due to expansion of recurring sales andchanges in the sales composition of terminals
Decrease in gross profit rate due to increase in initial revenue and stera composition ratio in initial

Initial

18.0%
7.6%
11.2%

46.6%

17.0%
6.6%

Stock

15.9%

Fee

20.9%
9.3%

16.4%

15.0%

7.9%

10.2%

11.1%

Spread
11.9%
6.5%
9.5%

Gross profit margin
9.2%

9.0%

7.4%

8.2%

7.9%

8.1%

12.2%
8.7%

10.6%

9.4%

8.4%

8.5%

8.2%

11.1%

12.1%

15.3%

15.9%

8.9%

7.7%

8.6%

7.9%

67.7%

67.9%

6.3%

13.5%

13.6%

7.1%

7.1%

8.1%

7.6%

17.8%

19.0%

9.4%

8.6%

73.0%

64.8%

28.3%

24.4%

25.7%

15.4%

37.4%

36.3%

33.5%

74.7%

75.5%
65.3%

67.9%

70.6%

28.2%

26.1%

71.8%

66.5%
57.5%

72.1%

54.4%

26.1%

22.8%

24.3%
Decrease in composition
ratio of initials

1Q
FY20

6.7%

43.6%
47.7%

63.3%

11.2%

Gross profit margin fluctuates around 25% depending on revenue composition

2Q
FY20

3Q
FY20

4Q
FY20

1Q
FY21

2Q
FY21

3Q
FY21

4Q
FY21

1Q
FY22

2Q
FY22

29.3%

25.8%

72.7%

22.6%

Sales of highly profitable Decrease in composition
consumables increased
ratio of initials

Concentrated sales of highly
profitable consumables

3Q
FY22

Copyright 2024 GMO Financial Gate, Inc.

4Q
FY22

1Q
FY23

64.8%

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

33

5.4 Balance sheet
Building up merchandise levels for future terminal sales for strong future demand
Secured liquidity on hand by implementing long-term loans with an eye on interest rate trends
End of 1Q FY2024（thousands of yen）

Cash and cash equivalents(37.6%)

Current liabilities

3,297,503◼ NoteMerchandise ：¥ 3.07 bn
Increase of ¥0.68 bn from the end of the previous 4Q
No problems with stock up

3,897,840
Non-current liabilities

Merchandise (Payment terminal)

2,042,893

3,077,193
Other current assets

1,555,536

Total net assets(48.5%)

5,036,444

Current liabilities ：¥ 3.29 bn
Increased by ¥0.69 bn from the end of the previous 4Q
mainly due to accounts payableNon-current liabilities ：¥ 2.04 bn
Additional long-term loans of ¥0.5 bn

Non-current assets

1,846,270

Asset

Total liabilities
and net assets

Cash and cash equivalents：¥ 3.89 bn
Decreased by ¥0.11 bn from the end of the previous 4Q
mainly due to an increase in merchandise despite additionalborrowings
Copyright 2024 GMO Financial Gate, Inc.

34

5.5 Balance sheet (Quarterly)
4Q
FY21

1Q
FY22

2Q
FY22

3Q
FY22

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

QoQ

YoY

Cash andcash
equivalents

3,434

1,425

1,618

2,231

2,519

1,720

2,190

2,779

4,015

3,897

-117

+2,177

Merchandise

1,615

2,177

2,523

1,545

1,507

2,511

3,131

2,733

2,396

3,077

+681

+565

Others

741

868

1,007

884

990

1,527

1,520

1,412

1,093

1,555

+462

+28

Non-current assets

1,347

1,409

1,445

1,497

1,622

1,567

1,651

1,692

1,757

1,846

+89

+278

Total assets

7,136

5,879

6,593

6,157

6,638

7,326

8,493

8,617

9,262

10,376+1,114+3,051

Current liabilities

2,720

1,538

2,135

1,575

1,929

2,801

3,221

2,114

2,604

3,297

+692

+496

Non-current liabilities

40

37

33

30

39

39

540

1,540

1,541

2,042

+501

+2,003

Net Asset

4,376

4,304

4,425

4,552

4,671

4,485

4,732

4,962

5,115

5,036

-79

+551

Total liabilities and net assets

7,136

5,879

6,593

6,157

6,638

7,326

8,493

8,617

9,262

10,376+1,114+3,051（mn yen）

Current
assetsAsset

Liabilities

Copyright 2024 GMO Financial Gate, Inc.

35

5.6 Consolidated KPIs（Number of Active Terminal）
The number of operating terminals is steadily increasing, driven by manned terminals, while number ofunmanned terminals continues to increase due to the trend of self-service and labor saving（thousand）

1Q
FY21

2Q
FY21

3Q
FY21

4Q
FY21

1Q
FY22

2Q
FY22

3Q
FY22

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

Manned

39.5

48.4

61.6

75.2

88.3

101.3

118.7

132.7

149.4

162.7

199.5

222.2

246.7

30.0

31.8

33.9

40.1

42.4

44.2

45.8

47.6

49.5

52.3

54.1

57.1

59.4

Sold by others

18.8

18.8

19.0

18.6

19.2

18.9

19.2

19.1

19.1

18.8

19.5

19.3

19.9

Total

88.4

99.1

114.7

134.0

150.0

164.5

183.7

199.5

218.1

233.9

273.2

298.8

326.0

Unmanned(IoT)

Copyright 2024 GMO Financial Gate, Inc.

QoQ
(%)

YoY
(%)

+24.4

+97.2

(+11.0％)(+65.1％)

+2.2

+9.9

(+4.0％)(+20.0％)

+0.5

+0.7

(+2.8％)(+3.9％)+27.2+107.8(+9.1％)(+49.5％)36

5.7 Revenue growth rate in 1st Half & 2nd Half
Due to the initial delivery timing of terminals for initial revenue, there is a difference in thegrowth rate between first half and the second half.
Revenue growth of over 20% is expected for the full year
Revenue balance between 1H and 2H (FY2023 vs FY2024)（mn yen）

FY2023 (actual)

25,000

FY2024 (Plan)
YoY+20.7％

20,00015,000

YoY+26.7％

YoY+15.6％

10,00019,20015,909

5,000

9,208
7,264

9,991

8,644

0
1H

2H

Copyright 2024 GMO Financial Gate, Inc.

Full year37

5.8 Capital Allocation Policy
Aim to achieve continuous business growth in accordance with the investment funding policy andcapital allocation policy
Investment Source Funding Policy⚫

Priority of investment resources
Interest-bearing debt, (3) Equity

Capital Allocation Policy(1) Operating cash flow, (2)⚫

Priority will be given to business investment and growthinvestment in accordance with our business strategy, while atthe same time, we will continue to provide a certain level ofshareholder returns.

Business Investment(1) Operating Cash Flow
Leverage operating CF from continuous profit growthBusiness investment to implement market share expansion strategy(2) Favorable sub liabilities, etc.
Flexibly consider the use of interest-bearing debt in accordance with ourinvestment policy based on our financial condition, market environment, andinterest rate levels

Growth Investments
Strategic investments in preparation for profit margin increase strategy(3) Equity
We will make a comprehensive evaluation of the stock price level, market
environment, financial condition, and other factors. and financial conditions,etc., and consider capital procurement to realize continuous business growththrough investment. Consider capital procurement to achieve sustainablebusiness growth through investment based on a comprehensive assessmentof stock price levels, market environment, financial conditions, etc.

Shareholder Returns
Stable and continuous dividend payments while securing internal reserves forbusiness and growth investments to support continuous business growth

Copyright 2024 GMO Financial Gate, Inc.

38

5.9 Investment Policy
Proactive business investment to execute "market share expansion strategy" necessary for medium tolong-term operating profit growth of +25% YoY
Growth investment

Business investment
・Investments in data centers, terminal development, and internal
systems
Main
Investment
TargetBasic
Investment
Policy・Investment in human resources (organizational enhancement, hiring,
performance-linked compensation, etc.)
・Development investment for IoT (mobility), touch settlement intransportation systems (trains, buses, etc.), and labor-saving/selfsupport

・In principle, business investments are made within the budgetedframework based on the assumption that the profit plan will beachieved, and additional investments are made according to theprogress of actual performance.

・Support for cashless transactions in the area of small and medium-sized
merchants
・New business related to money services/payment
・Data service/marketing support business・Building alliances (business alliances, capital tie-ups, etc.)

・Careful verification of business profitability and growth potential
・Start lean and small
・Expand investment limits in phases where return on investment is
expected

Copyright 2024 GMO Financial Gate, Inc.

39

5.10 Shareholder Return Policy
Aiming to increase corporate value through business growth while providing stable and continuous
dividends simultaneously
Basic Policy on Shareholder Returns
Increase in corporate value

Stable and continuous dividends

・Aim to increase market capitalization over the medium tolong term through continuous business growth
To increase net income attributable to shareholders throughbusiness growth in revenue (CAGR 25%) and operating
profit (+25% YoY or more) . Increase net income attributable
to shareholders through business growth・Stable and continuous dividend payments
Aim for shareholder returns of 50% or more while
ensuring capital needs and internal reserves to support
business growth (currently in place).

Copyright 2024 GMO Financial Gate, Inc.

40

Supplemental Information
ESG Initiatives (Details)

6
Copyright 2024 GMO Financial Gate, Inc.

6.1 (Reposted) Expanding ESG Initiatives
Continuous promotion of ESG initiatives to improve corporate value – will continue to enhance
disclosure related to human capital and improve ESG score for multiple institutions
To Do’s

ESG Initiative Roadmap

Promote MSCI score acquisition/improvement project

Corporate value
Present

Project LaunchedCompilation ofIntegrated Report• Promote project with external consultants to improve MSCI score• Since the scoring is a relative evaluation, we aim to improve the level of
disclosure with consideration for other companies in the same industry.
New

FTSE Score Acquisition/Improvement Project LaunchedNewEnhanced disclosureof human capital

CDP score
improvement project

done

Earned “B” score

FTSE score acquisition/improvement project launched

CDP first response
done

Skill matrix creation

done• Visualize issues with the assumption that they will be subject to scoring in thenear future• Started considering countermeasures

HP/Sustainability pagedone

GHG calculation/
Voluntary disclosure certification/SCOPE 1-3
of ESG initiatives

done

Timeframe

IPO

2020

2021

2022

2023

CDP score improvement project• Earned B score in 2023
• Will strive to earn A score by implementing external consultants

done

Non-fossil certificate
acquisition started

The SBT (Science Based Targets) Secretariat carries out certification after comparing
the levels required by the Paris Agreement with the greenhouse gas emission
reduction targets set by each company.
Project launched to reduce greenhouse gases and data verification continued by thirdparty verification organization
New

New

Identification of ESG materiality••

MSCI Score Acquisition/Improvement Project Launched

done

done

SBT Certification (Science
Based)Start preparations

Project launched for SBT certification (Science Based Targets)

2024

2025

Creation of Integrated Report

Formed Project Team• We plan to create an integrated report from the perspective of enhancing
information disclosure in order to promote management that involves more
stakeholders.

Copyright 2024 GMO Financial Gate, Inc.

42

6.2 (Reposted) ESG-related topics (Materiality Identification/CDP Score B earned)(1) Identified materiality. (2) Received a "B" in CDP, focusing on prime companies, exceeding the industry
average, the Asian average, and the global average. Aiming for "A" in the future, and aiming to improve
the score of low evaluation items.
ESG Materiality
Materiality

Infrastructur

Provide safe and secure face-to-Social Responsibility

1 e & Security face cashless payment
infrastructure

Decarboniza
Provide environmentally friendly
tion &
2 Environmen payment terminalst3

BusinessInnovation

CDP Score: B earned
Contribution to SDGs

What is CDP
Non-government organization for global warming countermeasures. Sends out aquestionnaire to leading companies around the world on topics such as greenhousegas emissions, business risks and opportunities due to climate change, and evaluatescompanies' responses to climate change issues based on their responses. Ratings are
given in 8 stages: A, A-, B, B-, C, C-, D, D- (B rating is third from the top
B ScoreA score of "B" is considered to be at the management level, and indicates that thecompany has been evaluated as “taking coordinated action on climate issues”- While our industry average, regional average, and global average are "C", we are a
TSE growth market company and has a "B" score that exceeds these standards- We will continue to strive to enhance disclosed information and aim to obtain an A
score

Incorporate technologicaladvancements

Senior Management

Establish climate changerelated goals

4

Human
Resources
Human
Rights

5 Governance

Secure highly specialized humanresources and strengthen
investment in their training

Visualizing CO2 emissions
in supply chain from all
terminal manufactures*(As is: only from main
terminals)

Establish a fair and equitable
governance structure

Copyright 2024 GMO Financial Gate, Inc.

Create business
opportunities
that lead to CO2
reduction

For details, refer to See the release "February 13, 2024 CDP 'Climate Change Report 2023' Receives 'B'
Score Rating“ URL:https://gmo-fg.com/news/20240213_cdpsucoanintei.pdf

436.3 ESG Initiatives / Environment
In the provision of our payment platform, we promote business operations that consider environmental
impact．Working to reduce CO₂ emissions related to our businessSpecific Efforts

Environment Related Data
Our Supply Chain⚫
⚫

Provide electronic storage services for sales slips to reduce
the number of receipts (paper rolls)⚫

Use of environmentally friendly materials for payment
terminal components⚫

Reuse of payment terminals returned by merchants as
replacement terminals (refurbished terminals) in the event ofmalfunctions, etc.

SCOPE 3downstream

GMO-FG

upstream

Recycled paper is used for receipts (paper rolls) used ateach payment terminal.

SCOPE 1SCOPE 2

Procurement, Manufacturing and
FuelElectricity use
Distribution
Combustion
payment
terminal

Sales ofroll paper

Supply chain CO₂ emissions-

SCOPE 3Use and disposal
Payment
terminal
Disposal

Office,Settleme
Payment
nt Centers
Terminal Use

FY2022

FY2023SCOPE 1 (t-CO2)00

SCOPE 2 (t-CO2)

105

0

SCOPE 3 (t-CO2)

13,927

19,388

Electricity consumption for SCOPE 1
and 2 (kwh)

231,210

200,949* The subject companies are GMO Financial Gate, GMO Card Systems, and GMO Data, a consolidated group of companies.
* Data for SCOPE 1 and 2 will be verified by a third-party verification organization in the future.
* SCOPE 3 (September 2023) will be updated as soon as data verification by a third-party verification organization is completed.
*Achieved virtually 100% renewable energy by using renewable energy equivalent to SCOPE 1 and 2 electricity consumption.

Copyright 2024 GMO Financial Gate, Inc.

44

6.4 ESG Initiatives / Social
Aiming for sustainable growth by hiring excellent human resources and enhancing various systems
that contribute to improving the capabilities of all partners* in order to create corporate value and solve
social issues*Employees are referred to as partners
Initiatives⚫

Social Related Data

Human Resource Development and Welfare System•

Career design system ： System to provide advice and support on careerdevelopment•

360-degree multidimensional evaluation system ： A system that allows
partners to evaluate their supervisors without a name.

•⚫

Countermeasures to the falling birthrate ： Financial benefits and special
exceptions for work at various stages of marriage, childcare, etc.

Work-style reform•

Promote a telework work system that takes into consideration the safety of
executives and employees•

Promotion of maternity and paternity leave•

Encouraging shorter working hours for childcare

FY2022

FY2023

124

148(Breakdown) Number of employee partners

96

108

(Breakdown) Number of temporary partners

28

40

Percentage of women among employee partners

22.8

32.4

Percentage of women in management partners

14.3

13.6

Average years of service

3y 7m

3y 10mAverage age

40.9

42.7

Turnover rate

9.5

4.6

Number of Partners**Number of partners" covers the consolidated corporate group GMO Financial Gate, GMO Card Systems, and GMO Data.

•

Providing post-retirement reemployment opportunities•

Providing an hourly annual leave system, etc.

⚫

Employment of the Disabled•

Inclusivity of diverse employees, creating a better workplace*Number of partners" is the total number of regular employees, rehired employees, contract employees, and seconded
employees (excluding employees seconded from our group to outside the group, but including employees seconded
from outside the group to our group) .
*Number of temporary partners" is the average total number of part-timers and temporary employees during the past year.
* Figures for "Ratio of women among employee partners" and "Ratio of women among management partners" are for"employee partners.
* Average years of service, average age, and turnover rate are non-consolidated figures for GMO Financial Gate.
* From the fiscal year ending September 2023, contracted and dispatched partners will be excluded from the calculationof the turnover rate.

Copyright 2024 GMO Financial Gate, Inc.

45

6.5 ESG Initiatives / Governance
Focus on enhancing corporate governance by establishing a decision-making structure that responds
quickly and appropriately to changes in the business environment, a fair, transparent, and efficientbusiness execution structure
Specific Efforts••

Governance Related Data

Transition to a company with an audit and supervisory committee：External
directors account for more than 1/3 of the Board of Directors, eliminating decisionmaking that would create a conflict of interest with shareholders.

Outside Directors/Female Directors

Establishment of a special committee ： Strengthen the governance of theboard of directors and protect the interests of minority shareholders

Number of independent outside directors (%)

FY2023

Number of directors

72(28.6%)
1(14.3%)

Number of female directors (%)*Number and percentage of directors expected to be in office as of 12/14/2023

Attendance rate at Board of Directors Meetings (FY2023)
Times Held

17 times

Held/
Percentage

Sugiyama

AoyamaFukuda

Tamai

Koide

Asayama

ShimamuraPresident andRepresentative
Director

Board Member

Board Member

Board Member

Board Member

17

17

17

14

17

17

17

100％

100％

100％

100％

100％

100％

100％

Times
Attendedattendancerate

Independent
Independent
Outside Director Outside Director*Directors in office as of the date of submission of this document (12/14/2023)*For directors appointed during the term, indicate the number and rate of attendance since their appointment.

Board of Statutory Auditors FY2023
Number of times
implemented

13

Number oftimes/percentage

Nagasawa

Ozawa

IinumaIndependent Outside
Corporate Auditor

Independent Outside
Corporate Auditor

AuditorTimes Attended

14

14

14

Attendance Rate

100％

100％

100％

IR Activities

FY2022

FY2023Financial Results Briefing

44Number of 1-on-1 meetings
Group meetings sponsored by brokerage
firms

267

232

3

3

Copyright 2024 GMO Financial Gate, Inc.

46

6.6 ESG Initiatives / Board of Directors
Governance structure built around technology and financial background
Internal Director (Managing Director)
Kentaro Sugiyama ／President and Representative Director
Worked in the systems industry for 14 years with clients in the financial industry;joined GMO-FG in May 2017 after having worked for GMO-PG since 2014; became
President and Representative Director in December

Akio Aoyama ／Director, General Manager, Solution Partner Division
Worked in the systems industry for 21 years with clients in the financial industry;joined GMO-FG in April 2018; became Director in December 2018, responsible for
Solution Partner Division; President and Representative Director of GMO Data sinceAugust 2019

Tomonaga Fukuda ／Director, General Manager, IT Platform Division

Independent External Director
Nao Shimamura ／External Director (Audit and Supervisory Committee Member)Engaged in legal practice in the legal industry for 15 years; appointed as an outside
director in September 2019 (appointed as an outside director because he has theknowledge and experience to make decisions on important management matters of theCompany and to supervise the execution of business operations in an accurate and fairmanner).

Rie Asayama ／External Director (Audit and Supervisory Committee Member)Engaged in finance-related business for 36 years at a major banking group; appointed
outside director in December 2021 (appointed as outside director because of her
experience in promoting diversity and as executive vice president of a general businesscompany).

18 years in the systems industry, working with clients in the financial industry; joined
GMO-FG in September 2019, appointed as Director in December 2020, in charge of
the IT Platform Division

Takayoshi Nagasawa／
External Director (Audit and Supervisory Committee Member)

Tomoki Tamai ／Director, General Manager, Corporate Support Division

36 years in the systems industry, working with clients in the financial and distribution
industries; appointed as an auditor in December 2016 (appointed as an outside director
as a member of the audit committee to strengthen the internal control system and to audit
the directors' execution of their duties); concurrently serving as an auditor of GMO Data
from August 2019Engaged in sales and corporate affairs at major banks and operating companies;
joined GMO-FG in August 2021; appointed Director in December 2022; in charge ofCorporate Support Division

Director concurrently serving as GMO-PG
Tatsuya Koide ／ Director
35 years in the systems industry, working with clients in the public andmanufacturing industries Joined GMO-PG in September 2021, also serving as
Director of GMO-FG Appointed Senior Executive Officer of GMO-PG in December
2021

Satoru Ozawa／
External Director (Audit and Supervisory Committee Member)
46 years in the systems industry, working with clients in the corporate management andbanking industries; appointed as an auditor in December 2016 (appointed as an outside
director as an audit committee member to strengthen the internal control system and toaudit the directors' execution of their duties).
Definition of notation
GMO-FG: GMO Financial Gate, GMO-PG: GMO Payment Gateway* Describes directors in office as of December 18, 2023.

Copyright 2024 GMO Financial Gate, Inc.

47

6.7 ESG Initiatives / Executive Skills Matrix
Appointment of human resources that contribute to the enhancement of corporate value as directors,
with a view to building a system that enables the Board of Directors to function effectively.

* GMO-ism is the collective name for the company motto and company precepts that express the "Spirit Venture Declaration" and "55-Year Plan," the unchanging goals of the GMO Internet Group, as well as "Executive
Principles" and "Laws of Victory.
* Describes directors in office as of December 18, 2023.

Copyright 2024 GMO Financial Gate, Inc.

48

Supplemental Agenda
Appendix

7
Copyright 2024 GMO Financial Gate, Inc.

GMO-FG Business Domain

Business Model

GMO-FG is focusing on offline payment（リアル店舗決済 ＋ IoT決済）

Company nameBusiness
Domain

GMO Financial Gate
(Payment at Brick & Mortar + IoT)

GMO Payment Gateway(EC)

Payment by passing card/QR codeover the reader

Payment by entering credit card
information in PC / mobile phone

Payment terminal

EC (terminal is unnecessary)

Payment
methodMedium• Physical hardware network• Proprietary programming code specifications• Regulation

Copyright 2024 GMO Financial Gate, Inc.

50

Gross profit composition ratio

Business Model

Growth in recurring revenue leads to steady profitability baseComposition by Product Category (Revenue and Gross Profit)（mn yen）

18,000Initial
イニシャル

Recurring
リカーリング型

15,90916,00014,000

4,792

Recurring 30%

11,116

Initial 70%

12,000

10,295
10,000
3,132
8,000

7,089

6,000

1,923

Recurring 30%

Recurring 27%

3,905
4,000

7,162
5,166

2,000

Initial 73%

0

Revenue
売上

2,768

2,020
1,080

Recurring 53%

940

Initial 47%

Gross Profit
売上総利益2021/9期
FY2021

Initial 70%

Revenue
売上1,759

Recurring 64%

1,009

Initial 36%

Gross Profit
売上総利益

FY20222022/9期
Copyright 2024 GMO Financial Gate, Inc.

Revenue
売上2,730

Recurring 70%

1,175

Initial 30％

Gross Profit
売上総利益
FY20232023/9期

51

Revenue Models: Financial Gate vs. Payment Gateway

Business Model

Initial revenue in offline payment is tend to be fluctuate because of its seasonality of terminal delivery

Revenue

Revenue

１Q

２Q

３Q

４Q

Time

１Q

１Q

２Q

３Q

４Q

Initial Revenue（Terminal Sales・Software Development）

Initial Revenue（Initial Set up Fee, etc…）

Recurring-Model Revenue（Stock, Fee, Spread）

Stock, Fee, Spread Revenue

Copyright 2024 GMO Financial Gate, Inc.

１Q

Time

52

Three Biz Models Over a Single, One-Stop Platform

Business Model

One-stop platform covering all settlement processes between merchants and acquirers
Consumer

Merchants

FG

Various
Payment
Methods

Terminals

1
Payment
Terminal

Various Payment
Methods

Acquirers

Terminal Sales
Business

Credit Card Issuer

Flow Revenue

Bank
Payment
Terminals

Payment Scene

2

RetailRestaurants

Service

Mobility

Payment
Processing

Payment Processing
Business

Payment
Processing

E-Money Vendors

Recurring Revenue

etc

Points Vendors
Purchase

IoT

Vending Machines/
Coffee Machines
Checkout Machines(Country Club/
Hotel)

3
Acquiring
Business

Comprehensive
Clearing

Clearing

QR Code Payment
Vendors

Recurring Revenue

Metered Parking
etc
EV Meter

Copyright 2024 GMO Financial Gate, Inc.

53

Recurring-Model Revenue Expansion Originating From Terminal Sales

Business Model

Recurring-model revenue grows with flow model revenue which is mainly coming form the sales of
payment terminals

Revenue Model

3 Business

Flow Model
Revenue① Terminal
Sales
Business

Recurring-Model
Revenue

4 Types of Revenue%(1Q FY2024)

Initial

64.8％

Stock

8.6％

Fee

19.0％

Spread7.6％② Payment
Processing
Business③ Acquiring
Business

Copyright 2024 GMO Financial Gate, Inc.

54

Players in offline cashless payment setting

Business Model

Sales activity to merchants/Clearing of merchant transaction
offlinePayment Processing
CenterMerchants

Offline market
POS vendor

Terminal manufacturer
Domestic makerOverseas maker

Processing center (CCT)

Payment
Network

Domestic network

Acquirer

International network

Card company
Bank etc

Legacy POS
Mobile POS

Vending machine manufacturers /Self checkout register manufacturers

Financial
Institutions

Payment Brand

ASP center (POS)
E-money center

Code payment gateway

Int’l card brandE-money
Domestic code payment
Foreign code payment

Acquiring Partner
Mobile POS

Our monetization points
Initial Revenue
Stock Revenue※Activation of payment terminals～Connect to our processing center

Alliance partner

Fee Revenue※Booked in stock revenue occasionally depending on contract type※Excluding roll paper sales

Copyright 2024 GMO Financial Gate, Inc.

Spread Revenue

55

CCT (Credit Center Terminal, ⇒Card company-owned terminal)

Business Model

CCT(Credit Center Terminal)
It is a terminal name authorized by the information processing center (CCT Center) designated by the Japan Credit Card
Association (JCCA) and operated in accordance with the guidelines, etc., established by the JCCA. A single card company
owns the terminal on behalf of another card company and lends it to a merchant for installation. Multiple card companies
jointly use the terminals and pay usage fees to the card companies that installed themMerchants
From the installing cardcompany Loaned/provided
terminals

CCT rental and provision

Installed card company
Owns the terminals andbear the associated costs

Agreement
Terminal Application
DLL Information※
Information Processing

Merchant
Information
Terminal usage
Usage Fee Settlement
fee(Settlement)
Data Provision
Japan Credit Cards
Association(JCCA)

Agreement

Center(CCT Center)
GMO-FG, INFOX, etc.

DLL Information

Carpooling Card Company A

Merchant information sharing

Carpooling Card Company B

Terminal usage fee (payment)

Carpooling Card Company C※DLL (down line loading) information
Information used to link the terminal identification number to the merchant number.
In CCT, the terminal identification number is issued by the card company that installed the terminal identification number.

Copyright 2024 GMO Financial Gate, Inc.

Pay usage fees to installed credit cardcompanies according to terminal usage
according to the use of the terminal

56

Merchant POS (Merchant-owned terminals)

Business Model

Merchant POS
In general, POS (Point of Sales) is a generic term for a service that provides information on sales performance trends such as
the date, time, quantity, and price of products sold, but in the credit industry, the term merchant POS is customarily used torefer to all terminals capable of processing credit card transactions that are not CCT terminals. In a merchant POS, themerchant itself owns the terminal, prepares the card payment environment, and makes a separate contract with the credit
card company. While this requires more time and effort on the part of the merchant, it also allows for a more flexible designthat is not bound by the JCCA (Japan Credit Card Association) guidelines
Merchants
Own terminal

Agreement

Merchants pay roll paper cost andelectronic receipt storage cost

Japan Credit Cards
Association(JCCA)

Contracted
credit cardcompany A

DLL Information※

Agreement
Information Processing Center(merchant POS centers)
GMO-FG, INFOX, etc.

Agreement
Contracted
credit cardcompany C

Contracted
credit cardcompany B※ DLL (down line loading) information
Information used to link the terminal identification number to the merchant number.
In merchant POS, the terminal identification number is issued by the merchant.

Copyright 2024 GMO Financial Gate, Inc.

57

Leveraged Growth Model

Business Model

Fee and spread revenue are expanding with the market /growth in membership merchants

Leveraged Growth
N＋1
Recurring revenue

N
Recurring revenue

Recurring-Model Revenue
SpreadLinking with the growth of
TAM / membership merchants

Fee

Recurring-Model
Revenue before N-1

Stock
1Q
1Q

2Q
2Q

3Q
3Q

NN期

4Q
4Q

1Q
1Q

2Q
2Q

3Q
3Q

N+1
N+1期

4Q
4Q

1Q
1Q

2Q
2Q

3Q
3Q

Linking with the number ofaffiliated merchants

4Q
4Q

N+2
N+2期

Stock
N-1期（ストック）Fee
N-1期（フィー）SpreadN-1期（スプレッド）

N期（ストック）
Stock

N期（フィー）Fee

N期（スプレッド）SpreadStock
N+1期（ストック）

Fee
N+1期（フィー）SpreadN+1期（スプレッド）

Copyright 2024 GMO Financial Gate, Inc.

58

Difference between the number of terminals sold and the number of active terminals

Business Model

Initial revenue = Number of terminals sold × Average selling price per terminal + Accessory sales + Development sales
Number of active terminals = Number of terminals that have processed payment at least once in the quarter
Image of quarterly balance in“Terminals sold" and "new active terminals”

Time lag between terminal sales and activation
Terminal sales(Initial Revenue)

Start of activation(Recognition of recurring-model revenue begins)Start ofactivation

Terminal A

There is a time lag between the time of terminal sales and the time of activation.
The time lag varies depending on the contract, terminal model, and other factors.

N+2months

New active terminals : disclosed⇒Unrelated to average terminal selling price

Recurring-model revenue

Start ofactivation

Terminal C
N+1month

Number of units sold : notdisclosed⇒Needed for average terminal
unit price calculation

Recurring-model revenue

Start ofactivation

Terminal B
N

Depending on the timing of projects,
there are quarters in which thenumber of active terminals exceeds
the number of terminals sold.

Number of terminals soldNumber of new active terminals

Recurring-model
revenueN+over six months

・Even if a company sells terminals, it will not generate recurring revenue unless the terminals are in
operation. We place importance on the number of active terminals, which is the source of recurring
revenue, and disclose it as a KPI.
・Initial sales ÷ increase in the number of active terminals" ≠ average unit price per terminal

Randomquarter

Randomquarter

Randomquarter

Randomquarter

Randomquarter

Randomquarter

Randomquarter

Randomquarter・Sales and capacity utilization both rise and fall each quarter, depending on the project, and are
not completely linked.
・However, there are also quarters in which "utilization > sales" due to simultaneous utilization oflarge projects, etc.
・However, there are also quarters when "utilization exceeds sales" due to large projects going
into operation simultaneously, etc.

Copyright 2024 GMO Financial Gate, Inc.

59

Details on each revenue ①

Business Model

InitialContent

Payment terminal
sales

Revenue from Payment terminals purchased from terminal manufacturers, and then confirm
certain measures of payment methods that each merchant needs to accept.

Softwaredevelopment

Software development that meets customers needs such as widening acceptable payment
measures and adding point-payment functionality

Stock

Content
It is a service that provides merchants with their daily sales data that go through ourprocessing center. We charge it as monthly fixed fee

Points＆QR

It is a service to add point/QR payment app to the terminals merchants have. We charge it asmonthly fixed fee

Mobile SIM

Digitalization
Assistance
Processing(Monthly fixed fee
model)• Terminal Selling Price × Units Sold
✓ More than 10 types of terminals✓ Price range is from about ¥30K up to ¥100K• Number of Deals × Ordered value

Data sharing

Rental(Mobile terminal)

Revenue Model✓ Since software development is tailor made typerevenue, deal size and margin vary from time totime

Revenue Model• Number of contracts × Service Price
It is a service to rent mobile type terminals that enable merchants to use them in wirelesssetting. We charge it as monthly fixed fee✓ Service price is around ¥500 to ¥1K per
terminal per month

It is a SIM card fee to use mobile type terminals. We charge it as monthly fixed fee
Revenue from settlement data transferred to merchants, registration changes, assistancewhich leads to back office support for clients

It is a processing fee based on monthly fixed rate
*Basically, it is defined as “Fee” revenue when it comes to the case we charge as Pay As You Go billing, not fixed rate

• Number of contracts × Monthly
Fixed Fee
✓ Monthly fixed fee will varydepending on the size of contract
etc..

Generally, the economics of services above vary depend on merchants. And there are services that some merchants do not apply
Copyright 2024 GMO Financial Gate, Inc.

60

Details on each revenue ②

Business Model

Fee

Content

Processing

It is a fee we charge toward monthly transaction volume based on the rate per transaction

Sales ofroll paper

This is a sales of roll paper that is used with payment terminals at stores

Revenue Model• TRX Volume× Processing Fee• Number of Order × Price of Roll Paper

Electronic storageof sales receipts

Optional service to store vouchers electronically, sales to be billed based on the number ofpayment transactions subject to the contract

Spreadcontent

Acquiring（Settlement agent）✓ Processing fee is about ¥2 to ¥3 pertransaction

We charge spread fee (α) towards clearing amount to merchants
We received indicator rate (N) from acquirers, then we acquire merchants instead ofacquirers with the new rate (N+α＝merchant fee)

Copyright 2024 GMO Financial Gate, Inc.

✓ The price range of roll paper is about ¥130 to¥200.

• Number of settlement processes subject
to contract x unit processing fee✓ Unit processing fee is about ¥1 per transaction

Revenue Model

GMV of Agent Contract
×
Spread fee we charge (about 0.3～0.4%)

61

Fee ARPU (Fee revenue divided by Transaction volume)

Business Model

Strengthening electronic slip storage services in anticipation of a paperless society in the future.
Although there is a possibility of offsetting paper roll sales in the future, currently it is a factor that
increases the unit price of fee◼ Fee ARPU（Fee revenue divided by Transaction volume）

6.00

Low
5.50

Image of linkage ratio to the number oftransaction volume

High

5.19
4.92
5.00

4.94
4.81

4.71

③
②
①

4.39

4.50

4.03
4.00

5.00

3.87

3.78

4.12

3.74

3.59

Electronic voucher storage fee

Growing trend of subscriptions

Roll paper sales
Processing fee
Number of transaction volume

3.50*Length is an image and does not reflect actual numbers or scale

3.00
1Q
FY21

2Q
FY21

3Q
FY21

4Q
FY21

1Q
FY22

2Q
FY22

3Q
FY22

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

Copyright 2024 GMO Financial Gate, Inc.

62

Number of Employees(Consolidated basis)

Business Model

Plans a net increase of 15 to 20 employees per fiscal year to achieve the management benchmarks.
Assumed composition of work force is approximately 40% sales, 40% systems, and 20% administration

Plan to hire 15-20 people (consolidated basis) each fiscal year
Planned
Sales
SystemSales：can build alliances andpromoteTalents who solutions to merchants'
issues.

Administration

108

112

96

System：Talents who can promote strategies
to leverage digital technologies.

81
58

Administration：
Talents who can promote theestablishment of an advanced
management system in line withbusiness expansion.
FY2020
20/9期末21/9期末FY2021

FY2022
22/9期末FY202323/9期末1Q
24/9期1Q末

24/9期末FY2024E

30/9期末FY2025 E

FY2024

Copyright 2024 GMO Financial Gate, Inc.

63

Concept of Spread revenue ratio to GMVBusiness Model

Our total GMV is the sum of ①and ②below. Spread revenue is generated only in the case of ②Agent
contract. Since ① also contributes significantly to GMV, the linkage between total GMV and Spreadrevenue tends to decline
1①Direct contract

InitialMainly large merchants

The merchant discount rate (aka MDR) is deducted fromthe sales clearing. Remittance of sales amount without
MDR from acquirers to merchants is taken place.

Merchants

Stock

Acquirers

Use ofterminals

2②Agent contract

Enjoyable revenue

Directly acquiring

Fee

Payment processing

Acquiring

Offer a reimbursement rate

Mainly small medium merchants

Our
Spread revenue (B)Settlement of the amount(A-B) after deduction of
our agent fee

InitialStock

Remittance of sales
amount(A) after
deduction of the“reimbursement rate”

Fee

SpreadMerchants

Acquirers
Use ofterminals

Payment processing
Copyright 2024 GMO Financial Gate, Inc.

64

Relationship between number of active terminals & stock revenue

Business Model

In addition to the increase in the number of active terminals, revenue opportunities for Stock revenue
will increase, but the status of subscriptions to paid services will differ depending on the needs/demandof merchants
Terminals we are offering

Merchants（Acquisition opportunity image of Stock revenue）
Stock Revenue
Non-Stock Revenue

Floor-Standing Model

Mobile Modelmerchant B
merchant A

Embedded Model

POS Model

merchant C

The status of subscriptions to paid services that
contribute to recurring revenue varies depending on
the type of merchants and terminals

merchant D
merchant F
merchant E
Copyright 2024 GMO Financial Gate, Inc.

65

Monetization by Payment Method

Business Model

We operate different business models according to payment method as a cashless platformer. Growthin each payment method contributes to our growth as well
Flow model revenue① Initial

Recurring model revenue➁ Stock③ Fee④ Spread

Credit・China Union Pay・J-debit＊
E-money＊

QR code

＊
Point

＊

House point・House E-money＊
Duty exemptionーーー*There is no "processing fee" that constitutes Fee revenue because the transaction is
not processed at our processing center, but the paper rolls consumed inconjunction with the transaction contribute to the increase of Fee revenue.

Copyright 2024 GMO Financial Gate, Inc.

66

Revenue Model by Merchant SizeBusiness Model

We mainly acquire medium- to large-sized merchants through alliances with major financial institutions.
We mainly acquire small merchants (=long tail segment) through our subsidiaries◼ Revenue model related to the size of merchant◼ Four types of revenue model① Initial

Terminal sales, Softwaredevelopment, Initial registration
fee, etc…

➁ Stock

Monthly recurring revenue,
communication fee of terminals, etc…

③ Fee

Processing revenue related to TRX
volume, Receipt paper sales, etc…

④ Spread

Commission fee based on TRX value

①

①

①

Large

➁

③

Medium

➁

③

Small

➁

③

④

④

④
：Main revenue stream

Copyright 2024 GMO Financial Gate, Inc.

：Realization of therevenue varies fromcontract to contract67

Medium-Term Strategy Acquiring major merchants by focusing on alliances

Business Model

Meeting customer needs through enhanced credit payment functions and alliances with QR / points
vendors

CreditJ-debitE-moneyHouse points

QR codeDuty exemption

Common Points

Terminals we offer

Floor-Standing Model

Mobile Model

Embedded Model

POS Model

Cashless Platform

Copyright 2024 GMO Financial Gate, Inc.

68

TRX-increase through cashless penetration

Business Model

TRX volume & value tend to go up in a few months to six months after the merchants introduced
cashless payment for the first time
◼ Merchant A（Tokyo） Monthly TRX trend
TRX Volume

TRX Value

Merchant

Cash only ⇒ Introduce cashless
payments
N
N月

N+1
N+1月

N+2
N+2月

N+3
N+3月

N+4
N+4月

N+5
N+5月

◼ Merchant B（Miyagi）Monthly TRX trend
TRX Volume

Consumer（Successful experience⇒change in payment method）

TRX Value

Merchant
N
N月

N+1
N+1月

N+2
N+2月

Recognize convenience

N+3
N+3月

N+4
N+4月

TRX volume/value
per terminal will increase◼ Merchant C（Wakayama）Monthly TRX trend
TRX Volume

TRX Value

Recurring-Model revenue
will increase
N

N月

N+1

N+1月

N+2

N+2月

N+3

N+3月

N+4

N+4月

Copyright 2024 GMO Financial Gate, Inc.

69

TAM(Total Addressable Market)

Market Environment

Transaction Value of cashless (face-to-face) payment is expanding rapidly, as the value of IoT /Unattended◼ Offline Transaction value in Japan
Private sector final
consumption expenditure in
Japan (includes cash
payments)◼ Potential market value of IoT/Unattended
Potential market size for
IoT/Unattended (our prediction)¥296 tn*2(2022)* Due to the spread of coronavirus infection
Dropped to the same level as during the Lehman shock¥30 tn*3(2020)¥128 tn*1(2025)¥0.5
tn¥89 tn*1(2022)GMO Financial Gate Transaction value
in IoT/Unattended business

¥4.1
tn

Market foroffline cashless (face-to- face)payments

GMO Financial Gate TRX value(FY2023 Actual)◼ One of the measures to achieve a leap in operating income:Expand IoT/Unattended business driven by contactless payment(touch payment) and unattended registers(*1) Based on "Trends in the Breakdown of Cashless Payment Amounts and Ratios (2010-2022)" by the Ministry of Economy, Trade and Industry and "Actual Conditions and Future Forecasts of the Domestic Cashless Payment Market in 2022" by Yano Research Institute Ltd.
(*2) Excerpted from "Composition of Final Consumption Expenditures by Household Type" in "FY2020 National Accounts" by the Cabinet Office.
(*3) Based on the "Breakdown of Domestic Household Final Consumption Expenditure" by the Cabinet Office, Japan Vending Machine Manufacturers Association, and Japan Parking Business Association's "Survey on the Coin-operated (pay-by-the-hour) Automobile Parking
Market," etc. The potential market size of unattended parking facilities is calculated based on the market size of buses/rail ways, hotels/inns, amusement, vending machines, and parking lots/EVs, which are the areas where IoT/Unattended is expected to grow in the future.

Copyright 2024 GMO Financial Gate, Inc.

70

Growth trend of domestic offline cashless market

Market Environment

The market for offline cashless payments is currently ¥89 tn, four times larger than the
online market. Cashless penetration is expected to rise driven by government-led cashlesspolicies(tn yen)
Offline cashless market size (Left axsis)

Cashless penetration rate (Right axsis)

Online cashless market size (Left axsis)

80%

80％

140
127.7

70%

Long-term

116.3

120

60%

105.7
100

88.3

80

50%

74.3

40％

36.0%

66.5

40%

32.5%

60

30%
29.7%

40

20

20%
19.3

20.7

22.7

23.0

24.3

25.7
10%

0

0%
2020(actual)2021(actual)2022(actual)2023(Estimate)2024(Estimate)2025(Estimate)

Source: Cashless Roadmap 2023, PAYMENTS JAPAN; Yano Research Institute Ltd.

Copyright 2024 GMO Financial Gate, Inc.

71

Composition Ratio of Domestic Cashless Payment Methods

Market Environment

Even in an environment of significant growth in the proportion of QR codes, transaction value andvolume of credit continue to growTransaction Value
Composition

Transaction Volume
2019

2020

2021

2022

Credit

89.7%

86.8%

85.3%

84.5％

Debit

2.1%

2.5%

2.8%

E-money

7.0%

7.0%

QR code

1.2%

3.7%

2019

2020

2021

2022

Credit

60.7%

58.2%

55.3%

53.7%

2.9%

Debit

1.8%

2.2%

2.5%

2.5%

6.3%

5.5%

E-money

33.1%

27.1%

22.8%

19.9%

5.6%

7.1%

QR code

4.3%

12.4%

19.4%

23.9%

(tn yen)(100 mn)

Transaction value(absolute value)

120

CreditDebit

E-money

QR code100

80Composition

1.0
5.8
1.7

3.2
6.0
2.2

5.3
6.0
2.7

350
7.9
6.1
3.2

Transaction volume(absolute value)
Credit

Debit

70.4
49.0

200

73.4

74.5

QR code

250
8.2

27.2

60

40

E-money

300

81.0

93.8

150
100

20

50

62.3
3.8

59.2
5.3

58.8
57.4

7.7

6.5

114.2

127.0

139.4

2019

2020

2021

158.5

0

0
2019

2020

2021

2022

2022

Source: Cashless Roadmap 2022, Cabinet Office of Japan

Copyright 2024 GMO Financial Gate, Inc.

72

IoT/Unattended Market GrowthMarket Environment

The number of terminals is expected to be equal to or greater than the market for payment terminals inreal stores. Unattended market (= general term for vending/service machine market) is expected to
expand further due to changes in the external environment such as a decrease in the working
population◼ No of active IoT terminals
Net increase pace in 1Q was (+2,200 units) in QoQ andsales were strong. Sales are piling up every quarter.
Aiming for further acceleration in the future

4.5 mn◼ Push factors associated with changes in theexternal environment（Thousand）• Declining workforce• Labor-saving support

Unattended

Goods/
commodities

Tickets

Beverages/
sweet treats

MarketSelf-checkoutmachine(Golf/Hotel)• Obtaining inbound demand• Retailers moving into offices

40.1• Revision of the Pro-Sales Act• COVID-19

26.9

28.8 30.0

31.8

42.4

44.2 45.8

47.6

49.5

52.3

54.1

57.1

59.4

33.9

23.5
CoffeeMetered parking/
EV chargers

Self-checkout
registerCoin-operated
washing
machines

16.0

1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21 FY22 FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24

OfflineMarket

4 mn
Source: The Japan Vending System Manufacturers Association, Japan Ministry of Health Labor and Welfare, Yano Research Institute Ltd.

Copyright 2024 GMO Financial Gate, Inc.

73

Trends in the number of foreign visitors to Japan

Market Environment

After a rapid recovery from the post covid, number of visitors has gradually stabilized
Number of visiting foreigners (annually)

Our inbound-related industry merchants

（10K）

6,000

Aggressively cultivate merchants in related industries in
preparation for recovery of inbound demand

Government’s target
by 2030

6,000

5,000
4,000

Drug store
Hotel/Travel(medicine/cosmetics)

High-end retail/
Department
store

IoT
Vending machines/Selfcheckout machines

Service/
LeisureOne dollar
shopElectronics
chain-retailers

Medical /Clinic

3,000

3,000

Achieved in 2018

2,000
1,000

CY 2030

CY 2023

CY 2022

CY 2021

CY 2020

CY 2019

CY 2018

CY 2017

CY 2015

CY 20160

Publictransportation(Train/bus etc.)

Number of visiting foreigners (Monthly)

800,000（10K）

700,000

350

December 2024:
2.73 mn

300

Hotel/Travel
Merchant B

Transaction volume

600,000

Transaction value(GMV)

500,000

23/12

23/11

23/9

23/10

23/8

23/7

23/6

23/5

23/4

23/3

23/2

23/1

22/12

22/11

22/9

22/8

22/7

22/6

22/5

22/10

23/10

23/7

23/4

23/1

22/10

22/7

22/4

22/1

21/10

21/7

21/4

21/1

20/10

20/7

20/4

20/1

19/10

19/7

19/4

19/1

0

22/4

0

22/3

50

22/2

100,000

22/1

100

21/12

200,000

21/11

150

21/9

300,000

21/10

200

21/8

400,000

21/7

250*Source "Number of Foreign Visitors to Japan," Japan National Tourism Organization (JNTO)

Copyright 2024 GMO Financial Gate, Inc.

74

Our philosophy on growth strategies

Growth Strategy

Our growth strategy is based on the perspective of "a payment platform that provides value to society
as an infrastructure company supporting a cashless society”. We develop growth strategies focusing on“value creation”
growth strategy⚫ Market Share Expansion Strategy⇒Provision of multiple payment terminals, accumulation ofsolution assets through Vertical deployment⚫ Operating profit growth of +25% every fiscal year (Operating
profit 1.5 billion in FY2025, GMV ¥5 tn)

Value⚫ GMO Financial Gate pursues the value of existence⚫ Progressive, growth, profitability, immediacy, rationality, social,diversity

Mission⚫ We support value creation for our customers by demonstrating a highlevel of professionalism and encouraging them to take the initiative.
⚫ We will contribute to the progress and development of society throughour strong will to develop and create new markets and by conducting
our business with integrity, fairness and honesty.

VisionRevolutionizing Payments: Becoming the No. 1 Cashless Platformer that Transforms Society

Copyright 2024 GMO Financial Gate, Inc.

75

Strategy to Maximize Transaction Value

Growth Strategy

We created a new payment processing route with alliance partners. This route increases GMV, as theroute reduces costs to participating merchants and acquirers

Merchants

Restaurants

Conventional
Route

RetailAcquirersCompetitor/Peer Terminals
Processing
Center

Payment
Network

1

2
Credit Card
IssuerServices

MeteredParking/
EV Meters
etc・・・

Reduced costs toparticipating
merchants

New GMO FG
Route

Vending
Machines

Cost Reduction

Bank

compared to conventional routeg a t e w a y
Global payment network

Reduced costs toacquirers

Cost savings via new route leads toimproved competitive capability of alliance partners
Copyright 2024 GMO Financial Gate, Inc.

76

Strategy to Maximize Transaction Value

Growth Strategy

Due to cashless settlement penetration, TAM of our service scope has continuously
expanded – New process network alliance partner will contribute to GMV increase
Offline Cashless (face-to-face)Market (2025E)

Offline Cashless (face-to-face)Market (2022E)

GMV：¥128 tn/year

GMV：¥95 tn/year

Expansionof TAM

Continuous
GrowthAim to achieve
morethan 8x+α
GMV in toward 2030
with achieving
higher growth rate
than market.

Alliance partner
VJA (Visa Japan) Group, (*2)
including Sumitomo Mitsui
Card Company, Limited

GMV：¥32.7 tn/year(YoY+23.4%)

GMV：¥4.1 tn/year(YoY+68.6%)

Approx.

8x
2022

2030～2035(*1) Source: Cashless Roadmap 2019, PAYMENTS JAPAN; Current Status and Future Forecasts for Online Payment Service Providers, 2018, Yano Research Institute Ltd.
(*2) Source: VJA

Copyright 2024 GMO Financial Gate, Inc.

77

Expansion of stadium installation cases

Growth Strategy

Catching the wave of resumed economic activity, mobile vending at stadiums, which used to be cashonly, is steadily increasing
GMO SONIC 2024 (2024/1)

Sports spectator facilities, etc.

⚫ Establish a completely cashless payment environment⚫ Promoting cashless facilities at professional sports spectator
facilities, etc.
⚫ More and more facilities are going completely cashless
to reduce cash management costs, etc.
⚫ For spectators, the convenience of cashless payment, suchas "contactless" and "reduced waiting time," is high andcontributes to a successful experience.

Installation area

Sequential expansion

Copyright 2024 GMO Financial Gate, Inc.

78

Manned Terminal Topics

Growth Strategy

Although effect from large-lot orders in the previous fiscal year has leveled off, the high level of terminal
orders continued in the first quarter of this year
Number of active terminals (manned terminals)（thousand）

Number ofterminals

4Q
FY21

1Q
FY22

2Q
FY22

3Q
FY22

4Q
FY22

1Q
FY23

2Q
FY23

3Q
FY23

4Q
FY23

1Q
FY24

75.2

88.3

101.3

118.7

132.7

149.4

162.7

199.5

222.2

246.7

+13.1

+13.0

+17.3

+14.0

+16.6

+13.2

+36.8

+22.6

Renewal of terminals for JTB’s “credit one-stop business”

QoQ

YoY

(%)

(%)

+24.4

+97.2

(+11.0％)(+65.1%)+24.4

Forecast for FY2024

From the fourth quarter of the current fiscal year

JTB’s “credit one-stop business”：
JTB provides a card payment service for lodging and tourist facilities. In preparation
for the arrival of a full-fledged cashless society, the service provides strong support toaccommodations and tourist facilities in their efforts to go cashless in response to thechallenges such as diversifying payment methods, increasing fees, and improving
operational efficiency.

Growth rate of the number of terminals decreased in FY2024, however,accumulation of small to large pipelines will lead to increase in terminals
JTB

Japan Post

Large
Small (incl.
family owned)

Large
Small (incl.
family owned)

Medium ~ Large
Medium ~ Large

FY2023A
2023/9期
実績

Copyright 2024 GMO Financial Gate, Inc.

FY2024E
2024/9期
予想

79Improvements in Unmanned Terminals (IoT)

Growth Strategy

Unmanned Terminals (IoT) has strengthened alliance initiatives in multiple areas
Initiatives to monetize data is planned to materialize in the near future
Launched
To be released
Hotel/golf course self
checkout machine

Flow model business
Recurring modelbusiness

Parking lot
checkout machine

Flow model

2023
June

Progress

2024
Dec

Sep

Jan

Mar

June

Sep

Improved• Orders for successor units of installed payment
terminals (delivery of terminals in 3Q, installation
to start in 4Q)• Fees and spreads on existing terminals
remained steady• Introduction of new terminals

Improved• Commenced full-scale operations for a major
parking facility operator• Development of e-money and QR code
payments completed at several settlement
machine vendors• Plans to expand to outdoor checkout machines
outside of parking lots
• Complete cashless machines

Introduction of new terminals

Replacement of existing installed terminals

Fees and spread revenue from terminal operation
Expansion into comprehensive business
Commenced full-scale operations for a major
parking facility operator

Implementation of complete cashless machines

Commenced addition of QR code settlement

Recurring model

Ticket machine

Flow model

Recurring model

Digitalization
DX: Digitalization of parking tickets, planning to unify online reservationand payment settlement

Electronic money and QR codes
Development and certification
completed

Expansion of recurring earnings

Expansion into large scale ticket machine vendor

Self checkout register

Flow model• Received order for successor machine from amajor ticket vending machine vendor• Completed development of electronic money and
QR code payments• Introduction of new terminals

Implement new types of machine

Improved

Deployment in multiple smart stores

Recurring model

Plans for further expansion*No changes

Beverage and vending
machines/Coffee machines

Flow modelStarted installing new beverage vending machine vendors
Switchover installation of terminals for beverage vending machines at highway SAs

Recurring model

Began installing payment terminal-less QR payment for cold food vending machines
Settlement with employee ID card

Copyright 2024 GMO Financial Gate, Inc.

Improved• Installed terminals against self-checkoutmachines in 100-yen uniform stores and large
shopping malls.
• Plan to introduce the product to major
restaurants and other customers in the next
fiscal year and beyond• Started to introduce terminal-less payment
system (code payment on LCD (code payment
on LCD panel) at cold food vending machines.
• Installation of vending machines madeoverseas is growing• Payment with employee ID• Development of new cashless machines80Data Services in the IoT Domain

Growth Strategy

Started providing payment data service for merchandise vending machines, contributing to recurringmodel revenue. Supporting merchants' operational efficiency improvement and sophistication (DX)using data
IoT
Payment
terminals

Appropriate stock replenishment and cash
collection

Vending machine operator

payment processing

Start providing data sharing service to merchandise
vending machines for food service (ramen, gyoza, etc.)⇒Contribution to recurring-model
revenueAchieve efficient staffing andfood loss reduction

Vending
machinemanufacturer

DX Support

Provide payment data (sales
information)

Present

phase ２DX in member merchants

New

Provide payment data (sales information) to alliance partners⇒Strengthen marketing and increase revenue by using sales
information (product, season, region, etc.)

Provision of payment data (sales information) to vending machine
manufacturers⇒Improve operational efficiency by remotely managing inventory at an
appropriate level

phase 1
IoT payment/acquiring

Provision of IoT platform

Payment terminals (IoT)

Initial &recurringmodel

Payment Center

Recurring-Model
Revenue

Image of introduction

phase ３
DX in member merchants(sales improvement)

Time
Copyright 2024 GMO Financial Gate, Inc.

81

Unique Positioning

Competitive Advantage

End-to-end solutions via one-stop platform allows us to create alliances with many players in themarket◼ Solutions in Offline Payment Market
Customization(Customize Payment
Methods)

Adaptation of
Top-End POS
Register Models

Terminal
Settlement

ーー

Payment
Processing

Clearing/
Adjustment

Maintenance/
Support

FG

N
N社

Leading payment
大手決済ネット
network playerーー

ワーク事業者

R
R社

Major operating
大手事業会社
companyーー
Using their own registers only

P
P社

Leading payment
大手決済事業者
vendorーーーー

Copyright 2024 GMO Financial Gate, Inc.

82

Barriers to Entry （Regulations to be Followed）

Competitive Advantage

Many kinds of regulations exist in the face-to-face payment market depending on the payment method,
and the number of regulations are increasing. As payment methods become more diversified, thebarriers to entry become more challenging

Law

E-money
Regulation

Modified Partial
Revision of the
Installment Sales
Act

Brand Test
Credit Card
Regulation

Security Standard

PCI DSS
Global security standard in credit card industry
created by international big 5 credit card
brand, Visa, Mastercard, JCB, American
Express and Discover

Payment Center
Regulation

JCCA Certified
Center

EMV Test
International standard of IC Card created by
Europay, Mastercard and Visa

JCCA：Japan Credit Card Association

Copyright 2024 GMO Financial Gate, Inc.

83

Government Promotion of Cashless Payments

Industry Topic

METI announced its Cashless Vision policy in 2018, Japanese cashless market will expand in response
Impact on Business

Present

Casino (Integrated Resort) will start in Osaka

Osaka Expo

Issuance of new bank notes

expansion

Lifting the ban on digital salaries

My number point

My number point

Tokyo Olympic/Paralympic

My Number Point

Cashless Consumer Returns Policy

Implementation plan announced for the security ofcredit transactions (by the Council for credit
Transaction Security)

by METI）

Enforcement of Revised Installment Sales Act

Announcement of Cashless Vision（2

2

Apr 2029

Apr-Oct 2025

Jul 2024

Apr 2023

Jun 2022

Jan 2022

Jul-Sep 2021

Sep 2020

Jul 2020

Oct 2019

Jun 2018

Apr 2018

Copyright 2024 GMO Financial Gate, Inc.

Increasing demand for cashless terminals as merchants are
obligated to use credit card IC Expanding demand forcashless terminals as merchants become obligated to use
credit card ICConsumer redemption projects have resulted in Increase in
the amount of payments processed
With/after COVID, the Expanding Contactless and IoT
Payment Needs
Inbound Demand Leads to Expanding need for cashless
payment terminals Expansion of mobility payment needs
In line with the cost of adapting to the new banknotes
Stimulus to introduce cashless payment terminals
Expanding needs for small payments due to the spread of
terminal-less payment taps to pay/phones
Government Announces Policy of Going Completely
Cashless for Osaka Expo; Plan to install 1,000 terminals

Osaka IR to be Approved by Government, Targeting
Opening in Latter Half of 2029 Expanding demand forcashless terminals

84

New topic of credit card industry

Industry TopicIn response to a request from the Japan Fair Trade Commission, Visa, Mastercard, and UnionPay
announced their intention to disclose their interchange fee rates by the end of November
Breakdown of MDR（model case：AOV ¥5K SME merchant）

METI requires fee among credit card companies
Fee among credit card companies is
actually paid by merchants

Brand fee

3.5

Internation Brand fee
al Brands①Brand fee
0.05

3Fee among cardcompanies(Interchange fee)

2.5

2.3%

Card
company(Acquiring)

②IRF

Card
company(Issuing)

Billing
Reimbursing

Merchant fee

Billing

Reimbursing

Rate in longtail could
be higher than thisMerchants

1.5

Payment

Goods/Service
s

2.30

2

3.25

Billing➂Remittance fee④Network fee

1➄Acquiring fee

0.16

Consumers

0.14
0.5

0

Copyright 2024 GMO Financial Gate, Inc.

0.3

⑥Others

Our monetization points 0.3

85Initiatives for terminal-less payments

Industry Topic

Implemented various measures to prepare for future handset-less payments. Strengthening Initiatives in
the Mobility Domain and Beverage Vending Machines
Status of Our Efforts
Tap to Phone

NFC tagging touch payment

Dec 2021～
Started handling touch settlement of JCB at Nagaden-bus

Launched in FY2023
Aiming to provide services with major food manufacturers

NFC tag on vending machines

Dec 2020～
Launched handset-less NFC-touch payment service with Soft Space

Terminal-less

Automatic connection
to the internet byholding a smartphone

Select productNo app is needed

Pay with biometrics
Merchandise receipts

Settlement completed(Apple Pay, Google Pay)

High Security
Tap to Phone: Mobile payment service where merchants do not need to prepare cash registers and terminals for payments, and NFC-enabled devices can be used as payment reception terminals.
NFC: An abbreviation for Near Field Communication, a communication standard that can be communicated using contactless IC chips and simply by holding them over.
NFC tag: Tags that allow NFC-enabled devices and devices to perform various operations simply by holding up an NFC-enabled smartphone.

Copyright 2024 GMO Financial Gate, Inc.

86

Shareholder Structure

Company Profile

The ratio of foreign institutional investors increased again as a result of aggressive IR activities fordomestic and foreign institutional investors through 1-on-1 meetings and conference appearances
GMO-PG

Japanese
institutional investors

Other enterprises

Foreigninstitutional investors

Individuals

100%
90%
80%
70%
60%

13.2

15.1

12.8

12.6

21.9

18.5

23.5

23.1

8.1

1.5
6.3

1.7
7.7

1.4
5.6

1.8
5.8

59.7

57.1

57.1

56.7

56.7

End of September 2020

End of March 2022

End of September 2022

End of March 2023

End of September 2023

16.3

7.8
8.1

50%
40%

30%
20%
10%
0%

Copyright 2024 GMO Financial Gate, Inc.

87

Affiliated Companies

Company Profile

GMO-FG serves in offline face to face payment market as a consolidated subsidiary of GMO-PG

GMO INTERNET GROUP（Internet infrastructure business）

GMO PAYMENT GATEWAY（Online payment/Payment section of GMO internet group）

Consolidated

GMO EPSILON100%

GMO PAYMENT SERVICE

100%
Equitymethod40%

57.3%（Online payment/Longtail）（Online payment/Deferred payment）

SMBC GMO PAYMENT（Online/Offline payment/）

GMO FINANCIAL GATE

（Offline payment）

Consolidated

100%

51%

GMO CARDSYSTEMGMO DATA

Consolidated subsidiary

Sumitomo Mitsui Credit Card

（Offline payment/Longtail）（Payment processing center）

Copyright 2024 GMO Financial Gate, Inc.

49%

88

Company Profile

Company Profile■Company

GMO Financial Gate, Inc.（TSE Growth Ticker:4051）■Foundation■Address■Stock Capital■Major Shareholder■Board Member

September 1999
Humax Shibuya Building 7F, Shibuya Dogenzaka 1-14-6, Tokyo¥1,629 mn(end of December 2023)
GMO Payment Gateway, Inc.
Representative Director, President
Kentaro Sugiyama
Director
Akio Aoyama（Solution Partner Division Executive Manager）
Director
Tomonaga Fukuda（IT Platform Division Executive Manager）
Director
Tomoki Tamai（Corporate Support Division Executive Manager）
Director
Tatsuya Koide（GMO Payment Gateway, Inc. Chief Managing Executive Officer）
External Director
Nao Shimamura
External Director
Rie Asayama
External Director
Takayoshi Nagasawa
External Director
Satoru Ozawa■Auditing Firm
■Subsidiary

Ernst & Young ShinNihon LLC
GMO CARD SYSTEM, Inc. shareholding ratio:100％
GMO DATA, Inc.

■Businessshareholding ratio: 51.0% (Mitsui Card Company, Limited:49.0％）

Cashless payment infrastructure service (credit card, debit card, e-money etc.)

Floor-Standing Model

Mobile Model

Embedded Model

Copyright 2024 GMO Financial Gate, Inc.

POS Model（ As of February 14, 2024 ）89

Reference
Site nameURL

GMO Financial Gate

https://gmo-fg.com/

IRhttps://gmo-fg.com/ir/

Sustainability

https://gmo-fg.com/sustainability/

Recruitment information

https://gmo-fg.com/recruit/

GMO Financial Gate (English)

https://gmo-fg.com/en/

GMO Payment Gateway

https://www.gmo-pg.com/

Cashless Roadmap 2023

https://paymentsjapan.or.jp/publications/20230816_roadmap2023/

Selected Service Industry Current
Statistics Survey

https://www.meti.go.jp/statistics/tyo/tokusabido/index.html

Cashless payment ratio in 2022

https://www.meti.go.jp/press/2023/04/20230406002/20230406002.html

Statistics of foreign visitors to Japan

https://www.jnto.go.jp/statistics/data/visitors-statistics/
Copyright 2024 GMO Financial Gate, Inc.

90

Thank you

GMO Financial Gate, Inc.
(TSE Growth 4051)
IR web site URL

https://www.gmo-fg.com/ir/

Copyright 2024 GMO Financial Gate, Inc.